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Fedloan PSLF shenanigans

Started by Sfraine, May 26, 2017, 04:06:15 pm

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Sfraine

I have been in the PSLF program for 8 years, paying IBR. I finally certified my employment and got kicked to Fedloan servicing.  I received the annual recertification which stated that if I submitted income I would pay 763 but if I didn't I would pay 713 (what I have been paying for years). I was afraid to lose my eligibility for PSLF, so I sent in the income info and called. The person said I could save money and keep eligibility by kicking over to the standard plan (which I believed to be the 713). I know only the standard 10 year counts, so when i got the new 20 year repayment terms, I called. They told me that the previous person was wrong and to reapply for IDR. I received new repayment terms today showing payment terms of 2100 a month, paid off when my loans were to be forgiven. I submitted a complaint with CFPB. Why was i so stupid to call and listen to the people on the phone? Now I have delayed forgiveness and i was so close! I can't afford 2100 a month. I have two kids in daycare.  Any advice? I just want to give up on PSLF and refinance at this point.

TheCollegeInvestor

Immediately call and defer your loan. Then get on IBR again. You can apply online on StudentLoans.gov if you don't want to talk to people.

You might miss a few payments towards PSLF, but you'll still get there after 120 qualifying ones.

Sfraine

May 30, 2017, 07:51:27 am #2 Last Edit: May 30, 2017, 05:01:46 pm by Sfraine
So get this: I call to request a deferment and the person said that if I did that while the application was processing,  it would be denied,  as there is a question on the application asking if your loan is in forbearance or deferment.  She said she would suspend direct debit and any payment requested prior to the processing of the application is covered once the application goes through.  Holy hell. You never know if you can trust them or not,  but I don't want my app to be denied.