I used Mr. Tate’s tool to see how long I would have towards forgiveness roughly I have about 21 years. I finished grad school so even with Save I would have a 25 year payment period. I used the financial aid tool on the student aid website to see how much my payment would be on Save. It was about $1100 with save. If I paid under save I pay $1100 and get no forgiveness. I only have 18k left. So I would pay it off before I got to 25 years. I wouldn’t make 25 years paying $1100. So I would rather pay it off and keep my low monthly payment under the standard plan of $250. It keeps my payment low if something happens, but I could make a larger payment if I want to..
* So what happens if this person Consolidates her loans and then doesn't get the one time adjustment? * Seems once you make this big decision and the one time adjustment doesn't work in your favor..your stuck in a bigger problem. Is this really a Government tactic :( ?? * Why is Consolidation so needed to even get considered??
You get the adjustment after you consolidate. Everyone with loans held by the Education department gets it. Consolidation is needed if your loans aren’t owned by the Education Department. It can also make sense if you have multiple federal loans with different repayment histories.
You said everyone whos loans are held by the ED but isnt it onky for the ones who qualifies? And what if the loans are in the hundred thousands and you were already in IBR for years with zero payment each month?@stanleytate
I'm on the SAVE plan and im not paying interest. I don't know when or if they'll start interest again. If I consolidate I'm afraid I'll have to start paying interest again. I'm afraid it's a bad deal and I only have a week left to decide, but I don't know what to do. I only owe 10,700 but im a custodian, so i dont make a whole lot. All 4 are federal and fixed rate, below 5%.
What about Gen X FELP borrowers that Navient steered towards Massive forebareance and their Interest balance is higher than principal and need the IDR adjustment?
@@kristykewl69 It is unbelievable, isnt it? Everytime I called Navient, they said "let's just put you in a forebearance" , NEVER even telling me there was an income based repayment option - my loans would have been paid off a decade ago or more! I am wondering what recourse we might have?
This was me for almost 3 years never knew about IDR and given my income at the time I would have had to pay nothing, I went back and reviewed all the communication I had from navient and they would send me a letter saying your next payment is due type yes if you want to go into forebearance… well of course I do, I’m out of work let me just do that…instead of hey you can get on IDR and this will go towards your payment count.
I dont understand the time variable. I heard in this video "forgiveness wont happen in 2 years for her". "Forgiveness wont happen in 5 years for him". What determines this these lengths in time? From what I'm hearing its different for different people. And in 2 or 5 years there is a chance that Biden wont be in office so what happens when the next republican decides to renig on all this?
I have several loans, undergrad and grad loans. They're all in various stages of PSLF with some over the 120 mark. I just completed my consolidation application (even though it quadrupled my monthly payment). I hope it was worth it. Do you know how PSLF is going to be affected since I applied before the April 30th timeline with all of my loans having different PSLF count amounts (nine loans between 77 and 125 confirmed payments)?
Thanks so much for this video. I just learned about the April 30 deadline late in the day on April 29. The website was so confusing and there seemed to be contradictory information in different parts of the website so I wasn't sure I would qualify for PSLF with the older loans. What I couldn't find anywher e was whether the 4/30 deadline was determined by Eastern time or the time zone where I'm located (PST). Online, it shows that my consolidation application was submitted on 4/30 but the PDF of my applicaition has 5/1 signature. Any idea whether I've missed the 4/30 deadline since it was after 4/30 EST?
Can you kindly advise me on this. My college came up on the predatory loan list and I filled out all of the necessary paperwork and heard nothing else back. DoI do? Thank you
What if I’m in the ICD Repayment Plan with Nelnet and the loan was transferred to Sloan Servicing and the are recommending me to do the Consolidation and ICDriven. I am single and a senior that has been reapplying for the I C Driven repayment plan over the years with a family of 4. So, I’m no exactly what to do. Should I reapply for the ICDriven plan or Consolidate?
I consolidated in 2012 and have other loans (direct and ffelp) that weren't included. Should I consolidate just those loans or consolidate everything into one? I'm concerned it would increase my rate, but not sure.