Return to Main College Investor Site
21
General Discussion / Re: May be involved in a scam
Last post by TheCollegeInvestor - April 13, 2019, 03:16:00 pmWe don't help you decide on any type of service whether you should pay or not pay. But you might find this guide we created helpful in making your own decision: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/
22
Student Loan Forgiveness / Re: Teacher Loan Forgiveness
Last post by TheCollegeInvestor - April 13, 2019, 03:14:18 pmIt sounds like you're asking for Teacher Loan Forgiveness (TLF), but really wanting Public Service Loan Forgiveness (PSLF) - two different programs.
Based on what you wrote here, it sounds like you're on track for TLF - you're a special ed teacher at a title one school. After 5 years, that can qualify for you $17,500 in forgiveness.
PSLF is 10 years, any public service job. But it does require you to be on an income-driven plan.
Read this: https://thecollegeinvestor.com/19290/student-loan-forgiveness-for-teachers/
You can't go for both at the same time, but you can sequentially.
At this point, you need to to do some math. Should you stay another 2 years and get your $17,500 forgiven and then deal with the remaining balance. Or do you ignore the last 3 years and go change repayment plans to go for PSLF?
You also don't need to re-consolidate. You just change your repayment plan and certify your employment.
Read this: https://thecollegeinvestor.com/22857/public-service-loan-forgiveness/
Based on what you wrote here, it sounds like you're on track for TLF - you're a special ed teacher at a title one school. After 5 years, that can qualify for you $17,500 in forgiveness.
PSLF is 10 years, any public service job. But it does require you to be on an income-driven plan.
Read this: https://thecollegeinvestor.com/19290/student-loan-forgiveness-for-teachers/
You can't go for both at the same time, but you can sequentially.
At this point, you need to to do some math. Should you stay another 2 years and get your $17,500 forgiven and then deal with the remaining balance. Or do you ignore the last 3 years and go change repayment plans to go for PSLF?
You also don't need to re-consolidate. You just change your repayment plan and certify your employment.
Read this: https://thecollegeinvestor.com/22857/public-service-loan-forgiveness/
23
Student Loan Forgiveness / Teacher Loan Forgiveness
Last post by kpaulso - April 13, 2019, 02:17:20 pmGraduated college 12/16, Began working as SPED teacher in low income school and am still there ( in my 3rd consecutive yr)
Currently - Direct Consolidated Loan 240 payments, level payments. Current Balance ~$24,300
Direct loans with My Great Lakes - did a Direct loan consolidation early 2017. When the consolidation was said and done, it was a 20 yr loan. I was confused, thinking it was a 10 year (120 payments) so called MGL, where I was told all consolidated direct loans were 20 yr term. I don't even recall an option for 10 or 20 yrs when filling out the documents for the consolidation.
I have emailed MGL annually to verify i'm on the right track for the TLF, with direct consolidation loan. Each time they have replied back yes. Not once was the discussion/suggestion/warning of income based payment being needed brought up.
I have since discovered that, it seems, that not only the direct loan must be a 10 year plan and also paid with income driven payment plan. Is this correct? I guess I'm out of luck for the time I've already worked / paid thus far counting toward any loan forgiveness.
If so, what steps do I need to take to get on the right track?
First: Apply for Income Based repayment plan
Second: Apply for another direct reconsolidating loan for 10 yr? (which i'm not sure where to turn with MGL saying they only do 20yr )
I want to make sure I do the right order of things so I don't shoot myself in the wallet again....
Thanks for any help!
Currently - Direct Consolidated Loan 240 payments, level payments. Current Balance ~$24,300
Direct loans with My Great Lakes - did a Direct loan consolidation early 2017. When the consolidation was said and done, it was a 20 yr loan. I was confused, thinking it was a 10 year (120 payments) so called MGL, where I was told all consolidated direct loans were 20 yr term. I don't even recall an option for 10 or 20 yrs when filling out the documents for the consolidation.
I have emailed MGL annually to verify i'm on the right track for the TLF, with direct consolidation loan. Each time they have replied back yes. Not once was the discussion/suggestion/warning of income based payment being needed brought up.
I have since discovered that, it seems, that not only the direct loan must be a 10 year plan and also paid with income driven payment plan. Is this correct? I guess I'm out of luck for the time I've already worked / paid thus far counting toward any loan forgiveness.
If so, what steps do I need to take to get on the right track?
First: Apply for Income Based repayment plan
Second: Apply for another direct reconsolidating loan for 10 yr? (which i'm not sure where to turn with MGL saying they only do 20yr )
I want to make sure I do the right order of things so I don't shoot myself in the wallet again....
Thanks for any help!
24
General Discussion / May be involved in a scam
Last post by Peskygnat - April 13, 2019, 10:19:24 amHas any on heard of financial loan advisors? This is the company I am dealing with right now
They say they can get a dismissal of 18,000 all I have to do is give them 249.00 for 5 months then have to pay 32.00 a month till I get the remaining 8500 paid off. The also said I am now listed with nelnet which is an approved student loan company. They say we are now waiting for approval of the income sensitive repayment plan. They will contact me in 3 to 6 weeks and if it approved they will help me get into the nelnet account. Is this a scam? Or do I need to find a attorney to help me figure this out?
They say they can get a dismissal of 18,000 all I have to do is give them 249.00 for 5 months then have to pay 32.00 a month till I get the remaining 8500 paid off. The also said I am now listed with nelnet which is an approved student loan company. They say we are now waiting for approval of the income sensitive repayment plan. They will contact me in 3 to 6 weeks and if it approved they will help me get into the nelnet account. Is this a scam? Or do I need to find a attorney to help me figure this out?
25
General Discussion / National Legal Staffing Suppor...
Last post by CarolerKing - April 09, 2019, 11:31:22 amI recently ran across a lot of mixed reviews while researching random student loan companies. After a whole lot of searching I ran into National Legal Staffing Support. They had a whole lot of reviews that were actually quite positive. I noticed that this is very rare when it comes to student loan companies. They seem to help people find lawyers and attorneys rather then doing the work themselves so that they can legally fight for students with debt problems. I am very curious to see if anyone has used them and what their experience was. I would love to find a legit company to help me to get rid of my debt. I have been out of college for a couple of years and still have a large amount of debt. It seems like even with a degree people just aren't paying you enough to quickly get rid of those student loans.
26
Private Student Loans / Re: Unable to Refinance Privat...
Last post by NgocAnh94 - April 09, 2019, 12:59:32 am Student loan refinancing isn't for everyone -- if you refinance federal loans with a private lender
27
Student Loan Scams / Documents Done Right.. are the...
Last post by carolinek83 - April 04, 2019, 03:45:23 pmA company called Documents Done Right called me saying they could give me federal student loan forgiveness. I think they are definitely a scam since they tried to say I could make 6 payments in order to get the loan forgiveness, but I don't see any complaints against this company online anywhere. Has anyone else been contacted by this company?
28
Student Loan Scams / Academiahelp.us - Anyone heard...
Last post by Dreamspirit - April 04, 2019, 02:32:30 pm29
Student Loan Scams / Re: Government Debt Relief
Last post by TheCollegeInvestor - April 03, 2019, 04:59:21 amOnce again, these are third parties that will help you with your loan paperwork. Being a scam and being not necessary are two different things, so just educate yourself before moving forward with any option.
30
Private Student Loans / Re: Unable to Refinance Privat...
Last post by TheCollegeInvestor - March 28, 2019, 08:14:40 amBest advice is to wait six months and try again. During that time, work on boosting your credit score and maybe side hustle to earn more (and bring down the loan balance a bit).