News: Welcome to the Beta launch of the Student Loan Debt Forum on The College Investor.

  • March 18, 2019, 04:51:19 PM

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Student Loan Forgiveness / Re: Student loans are 20-25 years old
« Last post by TheCollegeInvestor on March 04, 2019, 10:03:38 AM »
Depending on your repayment plan, your loans are forgiven after a period of time. However, it sounds like you're in default, so you're not making any progress to potential forgiveness.

You need to get out of default and then onto an income-driven repayment plan - which would likely see you payment be $0 per month given your low income.

Read this: https://thecollegeinvestor.com/20755/stopping-tax-offsets-due-student-loan-debt/

Then this: https://thecollegeinvestor.com/22174/student-loan-default/

Then this: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/
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Student Loan Forgiveness / Student loans are 20-25 years old
« Last post by Mamagigiluv74 on March 03, 2019, 10:37:44 PM »
Are student loans forgiven after so many years? I never completed or received a degree because I was misled by the school. My husband has been disabled for 10 years. Also, 2 of my 3 children are disabled. I havent been able to work because i have to take care of them. I lost my job last year. I contacted the collection agency to get out of default. They said my only option was to make 6 months of pymts. I cant afford 5 per month right now because the only income we have is 600 per month from my husbands SSI. So they took my income tax refund. I am devestated. I dont understand how they can do this on loans that old. They took 5500 from me 6 years ago. Now they took 6400. Any advice?
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Ask a Question / Re: My tax refund due to student loans
« Last post by TheCollegeInvestor on March 02, 2019, 04:20:55 PM »
If you're in default, you likely will see it offset (especially due to that notice on WMR). Read this: https://thecollegeinvestor.com/20755/stopping-tax-offsets-due-student-loan-debt/
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Ask a Question / My tax refund due to student loans
« Last post by Deemills0310 on March 02, 2019, 09:40:26 AM »
Hello, very new here and needed some advice, my state taxes were offset this year due to my university student loan. Should I expect my federal taxes to be offset as well? I used the check my refund status at IRS.gov and I had a note that read: “please note, your refund may be reduced due to child support.... so on and so forth” does everyone get this “note”? It says I should expect my refund by March 5, 2019 but the note is right after. I’m just looking for some answers, this is 4 days away in which I will wait to see what happens, but I’m really confused. Thanks
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Ask a Question / Re: how did it get to this point?
« Last post by TheCollegeInvestor on February 25, 2019, 05:38:51 PM »
This is why they haven't contacted you: https://www.forbes.com/sites/adamminsky/2019/02/25/the-dept-of-educations-loan-default-unit-is-in-disarray/

At the end of the day, as annoying as it is, it's still on you to be on top of it.

I would check everything and make sure you're good to go: https://thecollegeinvestor.com/19370/how-to-find-out-who-owns-your-student-loans/
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Ask a Question / Re: Navigating the Best Repayment Plan
« Last post by TheCollegeInvestor on February 25, 2019, 05:37:50 PM »
1. I'm not really sure if I have a chance at PSLF? I went to law school for one semester and left, proceeded to get a Masters and now work in advertising as a writer.

Remember, PSLF is not about your degree, but about your employer. If your employer is a non-profit, you can qualify. It doesn't sounds like you do right now, but that could change in the future.

2. I'm a woman haha, my husband doesn't have US income this year because he is foreign, but luckily, has no loans nor debt.

Great!

3. Kid free, dog friendly.

If this might change, it could lower your loan payment (since it's based on family size), but once again, in the future.

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Ask a Question / how did it get to this point?
« Last post by mill1690 on February 23, 2019, 09:47:11 PM »
Hey guys
So i thought i was paying on ALL of my loans for the past 10 years. I took out way too much in student loans when i was in college and i didnt even graduate but i thought my loans had been sold to a private loan company ( discover). I just got a letter from Alltran stating that I owe about 54k. Again I was young and didnt keep the best records of my finances. What im wondering now is how did it take them this long to get a hold of me. I have been paying on a subsidized loan for the past 2 years. If they knew how to contact me for that loan which was clearly through FAFSA how did it take almost 10 years for them to reach out about my un-subsidized loans?! The unsubsidized loans have accrued almost 14k in interest and 8k in fees. I can make the payments but i just didnt know about them! Is there anything I can do? I want to rehab the loans so my credit score isnt completely screwed but I just think its crazy that I have to incur all these fees when I simply wasnt getting the message! Any insight is helpful.
thanks
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General Discussion / Re: Great Lakes invoice looks like junk mail
« Last post by Mjmartinez on February 21, 2019, 09:48:02 AM »
How much is it to close this account?
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Ask a Question / Re: Navigating the Best Repayment Plan
« Last post by brefern20 on February 20, 2019, 10:19:33 AM »
Thanks for the quick reply it really helps!

1. I'm not really sure if I have a chance at PSLF? I went to law school for one semester and left, proceeded to get a Masters and now work in advertising as a writer.

2. I'm a woman haha, my husband doesn't have US income this year because he is foreign, but luckily, has no loans nor debt.

3. Kid free, dog friendly.


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Ask a Question / Re: Navigating the Best Repayment Plan
« Last post by TheCollegeInvestor on February 20, 2019, 09:48:26 AM »
The absolute best thing is to pay what you can afford and never miss a payment. I definitely wouldn't consolidate. If you told me you were on the standard 10 year plan and were paying more than the minimum comfortably, I'd say refinance and keep doing what you're doing. Especially since you're looking to be debt free in 12 years anyway.

However, as it stands with your income at $80k, you're not even projected to get loan forgiveness, as the loan will be totally paid off before 25 years (you can use this tool to play with yourself: https://studentloans.gov/myDirectLoan/repaymentEstimator.action#view-repayment-plans).

So, anyway, back to it - there's no magic bullet. Just pay as much as you possibility can as extra principal payments on your loans. That's how you'll do it. Honestly, you could probably do it in 5 years or less if you really tried. Pay until it hurts.

Do you have any shot at PSLF? Does your wife have income? Does she have loans too? Do you have kids?

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