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Student Loan Scams / Re: Document Prep Solutions
Last post by TheCollegeInvestor - September 18, 2019, 01:30:46 pm
No matter what path you choose with your loans, make sure you understand what is actually happening. Refinancing your loans is a path for some, as well as simply changing your repayment plan. If you need a 20 year repayment plan, refinancing is likely NOT a good option.

As for whether you should do it yourself or use a third party, read this first: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/
Student Loan Scams / Document Prep Solutions
Last post by a1c2 - September 17, 2019, 06:26:28 pm
is it a scam?? I can't figure out if I am better off refinancing or going through this company to pay less for the next 20 years.. im financially in a position to pay more on my student loans and feel like going through them is giong to hurt my credit.

Has anyone heard of them?
General Discussion / Re: Student Loan Payments Affe...
Last post by TheCollegeInvestor - September 13, 2019, 08:48:31 am
It will slightly negatively impact your score - but it's due to the balance and credit utilization aspect.

Continuing to make on time payments, as well as layering in other credit (like a credit card, etc) with on time payments, will keep your credit score in the high 750+ range.

If you're below that, utilize a free service like Credit Karma and understand what other areas may be negatively impacting your score.

If your only debt is this student loan, that's the dominant factor right now. That will evolve over time.
General Discussion / Student Loan Payments Affect o...
Last post by sarahowens92 - September 12, 2019, 01:50:07 pm
Hello everyone!

I just graduated in December and have 45,000 of student loan debt. I would like to do an income-driven repayment plan but when I chose this plan it negatively affected my credit because the interest was higher than the payment and my debt was going up. I know that a lot of people choose this option and live a good life so how do I make low payments without it bringing my credit score down?

Thank you!
Ask a Question / Re: taxes hurt my wife's repay...
Last post by TheCollegeInvestor - September 11, 2019, 09:44:12 am
General Discussion / Re: re certifying through fedl...
Last post by James Strome - September 11, 2019, 02:58:25 am
Quote from: TheCollegeInvestor on April 24, 2019, 08:36:58 pmIf you use any alternative methods, like a paystub, they have to take into consideration the gross amount, not the net. It's the law. The reason is because they can't see your tax return to see what types of deductions you may have to lower your AGI. They just don't know if they exist with the alternative method.

And yes, you can resubmit your IBR plan request anytime, and you use your tax return. On the IBR certification form, box 1, check the box that says "I am submitting documentation early to have my income-driven repayment calculated early".

And stop submitting a paystub! Use your tax return.
Have you got the solution?
Ask a Question / taxes hurt my wife's repayment...
Last post by pchop606 - September 10, 2019, 09:21:29 pm
I am recently married and we filed our taxes jointly without considering how it would affect my wife's student loan repayment.

She is on income driven repayment and previously qualified for a much lower payment we could afford. 

Fast forward a year with my job and now they want us to pay +$400 monthly. which we can't afford with my debts as well.

is there anything we can do to get her payment lowered?
Student Loan Scams / Re: RePaye
Last post by TheCollegeInvestor - September 08, 2019, 12:04:52 pm
See our response in your other post.
Navigating Repayment / Re: Repayment
Last post by TheCollegeInvestor - September 08, 2019, 12:03:26 pm
We can't tell you anything about this company, but we have created a guide you can use yourself to judge whether you should use a third-party company to help with your student loans: What To Watch Out For When Using Third-Party Student Loan Companies.
Navigating Repayment / Re: Switching from IBR to Stan...
Last post by TheCollegeInvestor - September 08, 2019, 12:01:15 pm
When you say "standard plan", that isn't 20 years. That's the Extended plan: https://studentaid.ed.gov/sa/repay-loans/understand/plans/extended

IBR, which you said you're on, can also be 20 years.

If you consolidate, you reset the clock on IBR, but that's a foolish move because any balance on your loan is forgiven at the end of the repayment term. See this: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/

I think you should check your NSLDS file, make sure you understand exactly where you stand with your loans, and always realize when you speak to a representative at your loan servicer, they are simply a call center employee - not a financial planner. They will try to answer your question, but if you don't ask it correctly, they will likely give you information that isn't helpful.
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