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  • December 13, 2018, 11:05:57 AM

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Ask a Question / Re: Loan forgiveness for daycare providers
« Last post by TheCollegeInvestor on December 11, 2018, 09:04:08 AM »
There isn't anything specific for that. If you form a non-profit to provide daycare for your community, then you could potentially qualify for PSLF (you'd also need to change repayment plans and make sure you have the right loan type).

You might find this interesting:
Ask a Question / Loan forgiveness for daycare providers
« Last post by Jhartgrove on December 11, 2018, 06:47:11 AM »
I have $50,000 in student loan debt. I'm already in a graduated repayment plan but am wondering if there is a type of loan forgiveness for daycare owners in low income communities?
Student Loan Scams / Re: Kevin Mason Law Firm
« Last post by swamileoni on November 20, 2018, 01:49:31 PM »
Before anyone plans to sign a contract with GM Law / Kevin Mason / NLSS please google search ‘Kevin Mason Law Scam’.  He is currently being sued by multiple people.  Below is an affidavit of a whistle blower who worked for NLSS.  Very interesting document.

I was able to get out of my contract with them for a full 100% refund but not before Gregory Fishman and Jon Sabia left me very nasty voicemails.

I have personally spoke with Steve Hofer and he’s as genuine as it gets.  If you’re currently still under contract with these companies, please reach out to him.
Navigating Repayment / Re: REPAYE Questions
« Last post by TheCollegeInvestor on November 19, 2018, 06:37:28 AM »
I always use the repayment estimator on The reason for the gap is that it estimates your income will rise, and you'll pay off the loan in 138 months - before you receive any forgiveness.
Navigating Repayment / Re: REPAYE Questions
« Last post by carolb3 on November 17, 2018, 09:16:36 AM »
I'm wondering if Nelnet has the wrong information -- their site says you can choose from up to 20 years to repay if you're on an income-based repayment plan (see attached)? From the site, it says REPAYE is 138 months.
Navigating Repayment / Re: REPAYE Questions
« Last post by carolb3 on November 17, 2018, 08:58:52 AM »
Thanks for your reply. I used and $60 per month is the estimate they gave me (see attached). It does seem low. What site did you use? Was the $182 you used based on the REPAYE option? Thanks for your help!
Navigating Repayment / Re: REPAYE Questions
« Last post by TheCollegeInvestor on November 17, 2018, 07:46:27 AM »
The catch is the government is banking on you getting pay raises, which would raise your payment, which would in turn lower or eliminate the amount forgiven.

Your starting salary is $40,000, and it won't likely stay there.

When I did the math, I never saw a repayment at $60 per month (based on $28,000 loan and $40k income, and family size of 1 assuming you're single). It was $182 per month, and you had no projected forgiveness (meaning the loan would totally be paid off in 162 months).

If you stayed on the standard plan at $286, you'd pay the loan off 3 years earlier, and save about $6k in interest.
Navigating Repayment / REPAYE Questions
« Last post by carolb3 on November 16, 2018, 06:55:01 AM »

I have about $28,000 in subsidized/unsubsidized student loans. I graduated in May 2017 and will need to start paying them back in January 2019. I looked into the repayment options and am considering the REPAYE option. Currently, my income is $40,000 and they are estimating my monthly payment would be $60 (versus $286 which it is now).

I see that the loan could be forgiven in 20 years with consistent payments. I think it also says my monthly payment will never go above the original amount of $286.

I'm wondering what the catch is? As I understand it, it sounds like I would save money in the long run, as long as the loan is forgiven after 20 years. Does this option greatly decrease the amount I will have to pay back or am I missing something? Thank you for any help! Carol
Student Loan Scams / Clarity Solutions
« Last post by Stephanie on November 12, 2018, 07:20:49 PM »
Hi has anyone ever heard of Clarity Solutions? I feel so stupid but I just signed up to have them consolidate my loans and put me on the public service loan forgiveness program. The letter they gave me in the mail did not have their name on it,  just a link to the government website to get into my loans. For this reason I thought that it was the Department of Education. I didn't hesitate to give them my information. They quickly explained which program would be best for me, what would happen to my loans, and the timeline for forgiveness.

It was explained to me that I had to pay a portion of my debt up front before they could consolidate it (similar to a down payment with a mortgage is what he said). Again, not  realizing this is a third party I thought that sounded normal so I gave them my information to take automatic payments. Towards the end I realized it was a third party and began to get nervous. They sent me the forms, and they are the same forms that you can fill out yourself online FOR FREE. They did not take any money from my account yet because they put it in for the 23rd of each month. I am hoping I can call tomorrow to cancel.

Has this happened to anyone else? It seems to me that they are a legit company, they are just targeting people like me who did not look hard enough to find ways to consolidate without help. The advisor I spoke to answered all my questions, and truthfully I'd use them it that fee wasn't so high. I guess the upside is that I now have all the information I need to go do this on my own, provided that I am able to cancel what I just signed up for with them.
Student Loan Scams / Re: Legit?
« Last post by TheCollegeInvestor on November 11, 2018, 09:44:36 AM »
We've never heard of this firm, but that doesn't mean anything. Before working with any third party firm, fully understand what you're getting.

It's unclear what your friend may have done based on what you said. Did he refinance his loans? Did he change repayment plans? You need to be aware of your options and know what you're paying for.

Read this, it might help:
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