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Student Loan Forgiveness / Parent PLUS loan repayment wit...
Last post by heaven91 - July 17, 2019, 01:13:43 pm
My husband and I have several PLUS loans we took out to help our 3 children pay for college.  We have applied for Public Service Loan Forgiveness and been already approved.  However, Fedloan Servicing told us first we must consolidate all of our PLUS loans into one to have the eligible payments count towards the Public Service Loan Forgiveness program (120 payment plan).  I read on your site to NEVER CONSOLIDATE PARENT PLUS loans so now am concerned about what they told me at Fed Loans.  What do we do here?
Thank You!
General Discussion / Re: 1099-C
Last post by TheCollegeInvestor - July 16, 2019, 10:42:43 am
It's not your relatives that get a 1099-C, it's your estate. It depends on the loan type as well.

Read this: https://thecollegeinvestor.com/9675/student-loans-die/
General Discussion / 1099-C
Last post by Oldgold70 - July 16, 2019, 10:20:46 am
When a borrower dies and loan is discharged, do relatives get a 1099-C?
Private Student Loans / Re: Student Loans
Last post by TheCollegeInvestor - July 16, 2019, 09:36:03 am
First, read this guide on how to pay for college. Student loans are the last thing you want to get: https://thecollegeinvestor.com/21877/pay-for-college/

Second, when it comes to loans, the hierarchy should always be:
Federal Direct Subsidized -> Federal Direct Unsubsidized -> Private loans (only if the ROI of your college degree allows for it).

Borrowing too much to pay for college is the worst financial move you can make.

How to do it?

For Federal loans, you fill out the FAFSA, and you'll get an email from your college's financial aid office telling you that you can "accept these loans". Those are just Federal.

If you still need private loans (which should be rare for undergrad at a local state school), you just go to various banks and lenders and apply. Here's our recommended list: https://thecollegeinvestor.com/22108/best-private-student-loans/

Good luck!
Private Student Loans / Student Loans
Last post by ngadang2810 - July 16, 2019, 12:56:40 am
My cousin is about to start college in the fall at our local state school.  He was asking my advice on student loans.  I like to think I'm good with money, but I honestly have no idea what to tell him because its been so long since I was in college and also my parents paid for it (it was relatively cheap since I went to state school and lived at home)
I guess what I'm asking is, how does he go about getting private loans?  Is is like getting an auto loan from a bank where you look online at the best rates each bank has?  How does the approval process for loans work?  Sorry to be so vague, I just have no idea how these loans work but I hear everyday how awful private loans are and I don't want him to get scammed.
Thank you very much
Student Loan Scams / Re: First Fidelity Services- l...
Last post by TheCollegeInvestor - July 15, 2019, 11:50:02 am
Remember, you never have to pay to consolidate your loans - it's a free service you can do yourself. You can enlist the services of a third party company, but you never have to. If you do choose to work with them or anyone, make sure you read this first: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/
Student Loan Scams / First Fidelity Services- legit...
Last post by kbd - July 15, 2019, 11:21:36 am
I received a call from this company and they seemed legit. As they knew things about my loan and account. They continued to ask questions and talking to me about a loan assistance program, which they asked for information to see if I was eligible. Turns out I am, great right? They told me I was eligable to pay $240 for the first three months and then on the fourth month, and there after my minimum would be $0 or whatever I could afford. After transferring me to a couple different people, asking about my SSN and address, as well as having me sign a few documents I quickly shut them down and asked if I could have my account put on hold. I told them I needed to look at a few things and would call them back. Within one of the documents it said a fee of $720 for the consolidation, so I asked the guy on the phone what that fee was and he said it would be taken out as the $240 in the first three months. They sent me an email confirming that my account has been placed on hold/cancelled. I am afraid that they already have my information and that it might be too late. Within the cancellation email there was a billing department number and I called to verify I wont be charged, but I am still cautious. I was transferred to 4 different people in my 53 minute phone call and the number that popped up was the same area code as mine but the company location is in California ( I was trying to look them up while on the phone with them to see if they were a scam). Has anyone else experienced anything similar? Did I do the right thing by holding/cancelling my account?
Student Loan Scams / Re: Checklist To Avoid Student...
Last post by TheCollegeInvestor - July 14, 2019, 08:27:38 am
Here's what you need to know (it depends on your loan type): https://thecollegeinvestor.com/9675/student-loans-die/
Student Loan Scams / IBRP after death and relatives...
Last post by Oldgold70 - July 14, 2019, 07:24:29 am
I'm in a IBRP for 5 years now and am 70. Recently my health took a downward turn and I'm concerned about my daughters responsibility should I die. These were parent plus loans.
Does the IRS send relatives
a 1099-C when the loan is discharged?
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