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91
Student Loan Forgiveness / Re: I am confused about repaym...
Last post by TheCollegeInvestor - January 08, 2019, 09:53:40 pm
The "best" plan is the one you can reasonably afford to never miss a payment - which will probably be PAYE, RePAYE, or IBR.  You can apply by calling your lender or going to StudentLoans.gov and selecting "Apply for Income Driven Repayment Plan".
92
Student Loan Forgiveness / Re: I am confused about repaym...
Last post by digitalSoup - January 08, 2019, 07:06:31 pm
Quote from: TheCollegeInvestor on January 08, 2019, 09:04:39 am
Correct - if your income is low enough, being on an income driven plan (IBR, PAYE, etc) can make your monthly payment legally $0 per month.

Check this out: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/


Ok so which plan is best and how hard is it to get on the plan?
93
Student Loan Forgiveness / Re: I am confused about repaym...
Last post by TheCollegeInvestor - January 08, 2019, 09:04:39 am
Correct - if your income is low enough, being on an income driven plan (IBR, PAYE, etc) can make your monthly payment legally $0 per month.

Check this out: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/
94
Student Loan Forgiveness / I am confused about repayment ...
Last post by digitalSoup - January 08, 2019, 07:57:52 am
Over the last six years I had been attending University of Phoenix online when it fit into my work and life schedule.  About a year ago I had to stop attending because my schedule just didn't allow it and after three months I got notice that I have to pay almost $600 a month.  I am the only income for a family of five so I already lived paycheck to paycheck.  I hadn't bee able to make a single payment because it would take me six months to get enough for one payment.  I went in today to see if I could get a lower payment and was this screen confuses me.  There are options where it says I don't have to pay!  Can anyone help me decipher this please?


http://i64.tinypic.com/a2snyx.png
95
General Discussion / Re: Mohela damaging my credit
Last post by TheCollegeInvestor - December 23, 2018, 08:37:18 am
Have you pulled your credit report on AnnualCreditReport.com and seen what the issue is?

Yes, your loan balance will rise (and that can be a negative on your credit report). However, your score shouldn't drop by 150+ points overnight unless you missed a payment or defaulted on a loan.

Haver you seen this guide: https://thecollegeinvestor.com/20604/student-loan-lender-messes-up-credit-report/
96
Navigating Repayment / Re: Does going into student de...
Last post by Bob1esq - December 22, 2018, 03:12:34 pm
I got BREAKING NEWS!  IBR now damages your credit.  This is a brand new change.  I cant get anyone to give me a straight answer why.  Before about one month ago, the interest was not reported as part of the principal balance on an IBR loan.  Well, ladies and gentlemen, it now is!  For me, this means that my credit report shows that my student loan debt jumped from 80 to 133k in one month, tanking my credit score from 800 to 625!  And for each month from here on my credit score will get lower.  Even though I am making all my IBR payments on time.  I am totally screwed for life.  Had I known this was going to happen, I never would have entered into the IBR program in the first place, or would have at least paid the interest.  But those bastards waited 8 years while my interest grew and grew and grew before they included interest on my credit report.  This is a dirty, sneaky intentionally planned trick, obviously designed to force me to make higher payments than I would have had I never entered into the IBR program in the first place.
97
General Discussion / Re: Income Based Repayments
Last post by Bob1esq - December 22, 2018, 12:01:28 am
I have an IBR plan.  IBR plans sound too good to be true because they are.  I was on an IBR plan serviced by mohela for the last 8 years.  During that time, interest balloned by 70k while I made my payments each month.  My credit score was over 800.  Then mohela decided it was going to report all the past due interest, tanking my credit by 150 points.  In other words, mohela set me up, got me to accrue a ton of interest based upon a promise of debt forgiveness and then damaged my credit.  I have been totally bamboozled.
98
General Discussion / Mohela damaging my credit
Last post by Bob1esq - December 21, 2018, 11:51:01 pm
 Mohela recently changed the way it was reporting my student loan, causing my near perfect credit score to drop by over 100 points.  Does anyone else have this problem?  Ironically I am on an income contingent repayment plan so the true amount I will pay on my student loan is far less than what is being reported.
99
Ask a Question / Re: Is Wells Fargo servicing f...
Last post by TheCollegeInvestor - December 18, 2018, 09:11:37 am
ACS is a loan servicer. Is this a private loan or a Federal FFEL loan?

It sounds like you consolidated, ACS/Conduent is your new loan servicer, and Wells Fargo should have marked the loan closed/paid, not charge off. I would dispute your credit reporting issue with Wells Fargo if this is the case. Here's a guide: https://thecollegeinvestor.com/20604/student-loan-lender-messes-up-credit-report/
100
Ask a Question / Is Wells Fargo servicing for A...
Last post by Alissacrook1 - December 17, 2018, 03:33:33 pm
I have a loan showing on my credit report as a charge off in 2012. Oddly, this is the same loan amount & month/day of origination as one that was paid off in consolidation. My question is, what is the relation between Wells Fargo and ACS/CES (Conduent)? Could this have been transferred to Wells Fargo but paid off to ACS/CES and the one never notified the other? If so, how do I fix it?
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