ooh thanks. they had asked for my most recent return but i think i can use that form.
― tehresa, Friday, 6 April 2012 00:46 (twelve years ago) link
Guys I need to reconsolidate (under my Federal Direct loan) but I don't know which repayment plan to choose. Anyone have pros/cons w/ the Income-Based Repayment and/or Income Contingent Repayment? They seem more appealing than the standard fixed-rate plan but I'm worried there's some aspect of this that I'm not considering.
― Time, a group with Jam and Lewis (Stevie D(eux)), Thursday, 19 April 2012 01:16 (twelve years ago) link
it's insane. my first bill came and said that in 6 days "$583" was due - my min payment!!!!! I called and told them in NO WAY could I pay that much a month let alone in 6 days. I logged onto myedu and did a income based payment and it said I could afford over $900 a month - who designed this freaking algorithm? As it is, living alone in So Cal is paycheck to paycheck - how is it they think I'm sitting on $900 each month?!! I had no choicebut to go with the increase every 2 years plan for 25 years. I'll pay TWICE as I borrowed and the best part? I'll be paying $675/month ages 63-65! let's hope my social security can cover it!!! For the next two years I'm at $192/month.
it's terrible. I couldn't afford to go to graduate even if I wanted to :( So much for a new(er) car any time soon. let's hope work is always just 7 miles away. such a flippin' bummer :(
― Jen Echo, Thursday, 19 April 2012 01:54 (twelve years ago) link
http://online.wsj.com/article/SB10001424052702304818404577350030559887086.html
― iatee, Thursday, 19 April 2012 02:17 (twelve years ago) link
Between the ages of 18 and 22, Jodi Romine took out $74,000 in student loans to help finance her business-management degree at Kent State University in Ohio.
jesus christ
― yologram (J0rdan S.), Thursday, 19 April 2012 03:05 (twelve years ago) link
I didn't think you could borrow that much for a BA
― Jen Echo, Thursday, 19 April 2012 04:35 (twelve years ago) link
For Stevie:
http://askheatherjarvis.com/forums/viewthread/215/
But I can summarize - you pretty much want IBR
― Grime Scene Investigation Unit (admrl), Thursday, 19 April 2012 04:55 (twelve years ago) link
Jen IBR is supposed to be 10-15% of your income. That's the point of INCOME-based repayment. Are you using the calculator right?
― Grime Scene Investigation Unit (admrl), Thursday, 19 April 2012 04:58 (twelve years ago) link
http://askheatherjarvis.com/forums/viewthread/2744/#961
― Grime Scene Investigation Unit (admrl), Thursday, 19 April 2012 05:01 (twelve years ago) link
This one?http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRCalc.jsp
― Grime Scene Investigation Unit (admrl), Thursday, 19 April 2012 05:02 (twelve years ago) link
I'm using the calculator at the myedaccount they ask my for my adjusted gross income monthly, gross monthly, martial status and family size. I'm single, never married, no kids, and decently above the median income for the US. It can be "up to 25%" and that's what I get socked with. I can't seem to find what "middle class" income is. According to Wiki I'm above "lower middle class". So with no mortgage, no family, they think it's more like 25% of my take-home that is available for paying this off. We SINKs really get the shaft. tax wise, too! Sadly, my rent is 1/2 of my take-home. Not rent and utilities, just rent where I think the rest of the country goes for like 1/3 of take home for rent and utilities. and i have low rent for where I live! still HALF of what I make.
anyways. I'm on the pay double over 25 years plan. and $192 for the next 2 years. I borrowed the max allowed 48k (maybe it was 46K) for a BA. so nope. can't even think about graduate school unless an employer is picking up that tab.
― Jen Echo, Thursday, 19 April 2012 05:33 (twelve years ago) link
apparently I could get a $10/month plan for my $6000 loan
― Kiarostami bag (milo z), Thursday, 19 April 2012 05:37 (twelve years ago) link
Haha my monthly payments are almost a quarter of your entire loan
― Memorial Highway (admrl), Thursday, 19 April 2012 05:43 (twelve years ago) link
Jen it sounds like you make too much money
― Memorial Highway (admrl), Thursday, 19 April 2012 05:44 (twelve years ago) link
and pay too much rent
― Memorial Highway (admrl), Thursday, 19 April 2012 05:45 (twelve years ago) link
I recommend you actually call the Fed and speak to them, they are surprisingly helpful. Although so few people-accountants included-seem to properly understand this shit. I guess there's a niche for someone there.
― Memorial Highway (admrl), Thursday, 19 April 2012 05:46 (twelve years ago) link
I did call them and this was the only way to get my payments to what I could afford now: $200 month (I pay another $75 for an non-fed student loan so $275/month total). With this plan I will pay 110K for 60K borrowed over 25 years. I'm very lucky to earn enough to pay this. It seems INSANE that I will end up paying double for my BA. Pretty insane a BA costs so much but I'm not trying to buck the system. Just like a family of 4 can't live on 25k. The assumption even 10-25% of your take home is available for one single debt is just nuts!
― Jen Echo, Thursday, 19 April 2012 14:45 (twelve years ago) link
Not anymore, lol =/ I think that assumption has actually become kind of normal now that student loans are starting to look a bit more like mortgages
― Memorial Highway (admrl), Thursday, 19 April 2012 16:41 (twelve years ago) link
http://www.lepoissonrouge.com/lpr_events/peoples-bailout/
― reggie (qualmsley), Friday, 9 November 2012 23:51 (eleven years ago) link
ATTN student loan experts:
I am repaying abt $12,000 of consolidated federal student loans under the Income Based Repayment plan, which I was eligible for when I was experiencing "partial financial hardship"
however due to new job I am no longer financially challenged. It's time for me to renew my IBR paperwork, and idk whether or not to keep IBRing it or go back to the standard repayment plan. Is IBR like this super special club that you never want to leave once yr in it? Are there any distinct advantages or disadvantages of going back to standard repayment?
― wooden treeshjips (Stevie D(eux)), Sunday, 8 September 2013 22:00 (ten years ago) link
When is the US going to get to grips with direct debit?― Ed (dali), Wednesday, April 30, 2003 9:41 AM (10 years ago) Bookmark Flag Post Permalink
lol
― caek, Sunday, 8 September 2013 22:17 (ten years ago) link
The ILX-shamefully-ignored INTERCEPT continuing to kick all kinds of varied news type ass, right down to the fab lead photo - check out those t shirts ILM-ers:
https://firstlook.org/theintercept/2015/05/04/bankruptcy-filing-shows-corinthian-colleges-secretly-funded-d-c-think-tanks-dark-money-election-efforts/
― Vic Perry, Monday, 4 May 2015 22:53 (eight years ago) link
this will end well
https://news.vice.com/story/betsy-devos-will-let-one-company-handle-all-federal-student-loans
― reggie (qualmsley), Monday, 29 May 2017 21:11 (six years ago) link
sounds good - monopolies laways work out well
― Violet Jax (Violet Jynx), Tuesday, 30 May 2017 13:27 (six years ago) link
Acting like there was accountability among the servicing companies because of competition seems sorta silly. These firms are basically like defense contractors or municipal waste companies or charter school operators. Replacing a cartel with a monopoly may not make much of a difference at all
― El Tomboto, Tuesday, 30 May 2017 14:02 (six years ago) link
I hope they will service me well
― Violet Jax (Violet Jynx), Tuesday, 30 May 2017 14:07 (six years ago) link
only the best people :)
https://www.insidehighered.com/quicktakes/2017/08/30/report-education-department-hires-enforcement-chief
― reggie (qualmsley), Wednesday, 30 August 2017 15:22 (six years ago) link
yes, finally -- there is way too much opportunity in america
https://www.cnbc.com/2018/02/12/trumps-budget-would-end-student-loan-forgiveness-program.html
― reggie (qualmsley), Tuesday, 13 February 2018 16:38 (six years ago) link
Why is that not a bigger story?
― Mr. Snrub, Tuesday, 13 February 2018 19:19 (six years ago) link
possibly because few people have successfully completed the PSLF program. it requires 10 years of qualifying monthly payments, and it wasn't a program until 2007, so only the very first wave of people who qualified for the program at the very beginning and then didn't miss a single payment in 10 years have made it through. speaking of...
i am also on the IBR plan, about 2.5 years down, 7.5 more to go. after all these months of payments, i still haven't even cut into the principle, so if i don't follow through to 10 years i'm screwed.
/indentured public servant
― 1986 tallest hair contest (Z S), Wednesday, April 4, 2012 1:38 PM (five years ago)
i'm sure i told my pathetic PSLF story on another thread, but i got completely screwed/screwed myself. Department of Education didn't come up with a process for PSLF participants to monitor their progress until around 2014 or so. when they did, i submitted my work history, expecting to be told that i had successfully completed about 5 of the 10 years worth of monthly payments, since i was in a qualifying job and a qualifying repayment program (IBR), and i had paid my student loans on time every month for the 5 years i'd been with the govt at the time. instead, after several months i received a response stating that i had only successfully completed around 2.5 of the 5 years. for almost a year straight, it turns out, i was autopaying a tiny amount less than the full monthly payment (for example, if i should have paid $500 in a month, my autopay would pay about $490). i have no idea why that happened. i signed up for autopay and to pay the full amount every month, and somehow that happened. as a result, NONE of those payments counted toward my 10 years. in addition to that, some early payments that i made were apparently not in a qualifying payment plan, so those didn't count either. anyway, long story short, after 5 years in PSLF and a huge portion of each paycheck going to the monthly payment, only half of them counted, meaning i would need to work 12.5 years instead of 10 years to get my loans forgiven.
― Karl Malone, Tuesday, 13 February 2018 19:35 (six years ago) link
HEY USA YOUR SYSTEM FUCKIN SUX
― illegal economic migration (Tracer Hand), Tuesday, 13 February 2018 19:45 (six years ago) link
Hey, I'm in the PSLF - thanks Trump!
I had heard actually they were going to stop new enrollee's into it but if you were already in it they would let you continue. The whole thig has been poorly run - why not just reimburse the laons after each year or something nto such a long period
― Dean of the University (Latham Green), Tuesday, 13 February 2018 20:56 (six years ago) link
https://www.reddit.com/r/StudentLoans/comments/7x1no5/i_received_pslf_forgiveness/
― Dean of the University (Latham Green), Tuesday, 13 February 2018 21:10 (six years ago) link
My wife was in income-based repayment and was making PSLF-qualied payments every month, and then we got married. Apparently I make too much money and we don’t qualify for income-driven repayments now, so she can no longer participate in PSLF. So now we’re on a thirty-year “graduated repayment” plan and we’ll still be paying these when we’re sixty. Yargh. Student loans suck!
― Mr. Snrub, Wednesday, 14 February 2018 07:16 (six years ago) link
hm i just realized i will be finished paying mine up at the end of trump's first term
― the late great, Wednesday, 14 February 2018 07:36 (six years ago) link
am i missing something though or does the loan forgiveness thing get it exactly backwards i.e. requires payments during the least lucrative stage of your career, and then lets you stop paying once you're most likely poised to make more money
― illegal economic migration (Tracer Hand), Wednesday, 14 February 2018 10:13 (six years ago) link
that s why the pslf should just pay you a payout at the end of each year not the whole term - its a stupid program but I hope it works out for me
― Dean of the University (Latham Green), Wednesday, 14 February 2018 13:17 (six years ago) link
Reviewing my posts over the years in this thread, I’m in a lot better position now. Mine are paid off and my wife’s are down to 112K. The best thing we did was consolidate with Sofi. Previously we had part private, part fed loans with varying interest rates. With Sofi we locked into 4.615% on a 10 year plan. This will end up saving us over 30K in interest. Current pay off date is July 2026, which seems like it is right around the corner.I was playing around with a loan calculator the other day to see how quickly we could pay it off if we paid a little extra each month. $100 extra would pay it off 8 months earlier and save 2K in interest. $200 extra a month would pay it off 15 months early and save $4k in interest. I feel like we are in control now instead of just barely chipping away at an obscene amount of debt.
― Jeff, Wednesday, 14 February 2018 14:25 (six years ago) link
I wonder how many people refinance their mortgage, pay off student loans in the refinance with cash out and then later go bankrupt and discharge the debt which was once non-dischargeable student loan debt
― Dean of the University (Latham Green), Wednesday, 14 February 2018 17:24 (six years ago) link
jeepers it's as if America wants to punish people who pursue higher education...
― omar little, Wednesday, 14 February 2018 17:26 (six years ago) link
Its gotten way out of hand
― Dean of the University (Latham Green), Wednesday, 14 February 2018 17:33 (six years ago) link
ask not what your country / community can do for you
― reggie (qualmsley), Wednesday, 14 February 2018 18:00 (six years ago) link
at least we can own guns!
― Dean of the University (Latham Green), Thursday, 15 February 2018 18:45 (six years ago) link
more pslf news
https://twocents.lifehacker.com/heres-whats-going-on-with-the-public-service-loan-forgi-1825113047
― Rabbit Control (Latham Green), Friday, 4 May 2018 15:40 (five years ago) link
https://www.marketwatch.com/story/this-government-loan-forgiveness-program-has-rejected-99-of-borrowers-so-far-2018-09-20
― | (Latham Green), Friday, 21 September 2018 14:15 (five years ago) link
Why can’t the Department of Education create a website out there where I can access my profile and see who my current employer is, whether that employer is public sector, what my loan type is, and how far along I am with PSLF? Do they make it this much of a pain in the ass on purpose, because they don’t really want loans to be forgiven?
― Mr. Snrub, Friday, 21 September 2018 15:14 (five years ago) link
Abrams recommends that borrowers hoping to avoid the shock of rejection after 10 years in public service file an Employment Certification Form every year. These forms, which borrowers fill out with the help of their employer and send off to their servicer for approval, are the only way for borrowers to know how close they are to having their loans forgiven under the program.
This is ridiculous.
― jmm, Friday, 21 September 2018 15:25 (five years ago) link
I think your best bet is to call them, and if you relly want good service, call them twice to make sure you didnt get one of the poorly trained csr's
― | (Latham Green), Friday, 21 September 2018 15:48 (five years ago) link
i got FUCKED by that program, and i did everything i could to play by the fucking rules
― Karl Malone, Friday, 21 September 2018 15:51 (five years ago) link
This is why people hate the federal government.
― Mr. Snrub, Friday, 21 September 2018 15:52 (five years ago) link