And I missed the deadline, I’m trying to figure out the best order to do things without messing up.

Since PSLF applications are paused while they do the IDR adjustment should I wait to consolidate my FFELP with my direct loans or can I start that process now?

Mohela transfered my wife's loans to their new system. I made a $1,500 additional payment a few days before the transfer on 3/13, I have the confirmation number. The transfer started on 3/15 and completed on 3/30. That $1,500 payment wasn't processed though.

I called them 3 times and they said it will take 30 days for pervious payments "not processed" to transfer. Not surprising, after 30 days it still didn't. Now they are saying 60 days.

I'm getting really irritated with this. That is $1,500 in limbo that isn't accounted for in their new system and interest is still being charged on that $1,500 since the 3/13 payment date.

My question is what did they even do during the 14 day transfer? What do I do now about the $1,500? Do I hire a lawyer? I am super frustrated with this.

Hey everyone,

I'm currently facing a dilemma regarding covering the remainder of my college tuition, and I could really use some advice. Here's the breakdown of my situation:

I'll be graduating from high school this June and have already committed to a college where most of my tuition is covered by scholarships and aid. However, I still have around $13k per year to pay. Initially, I was considering parent plus loans, but I realized that burdening my parents, who are already dealing with their own financial troubles, wouldn't be fair.

So, I've decided to explore other options, such as the institutional loan program offered by my college. However, I'm wondering if there are any other avenues I should be considering.

I want to take responsibility for my own finances and not add to my parents' stress, but I also want to ensure that I'm making the best decision for my future. Any advice or suggestions would be greatly appreciated. Thank you in advance!

I'm a hs senior and I've never taken a credit card before. I'm trying to take out a 6k private loan for one semester of college. Is there a way to get a 6k loan by myself? I'm not sure my mom is willing to cosign and I don't know her own credit score.

My son is a senior in HS and was accepted to a Maritime Academy out of state. He received $16,000 in federal financial aid and scholarships. This leaves about $40,000 a year to pay out of pocket. We don't have that. We have some savings as a rainy day, the roof caved in or we got laid off. But we're working class, live in a high cost of living area and we don't have savings for this or subsequent years. 1st of all, do we apply for loans 1 year at a time? 2nd, is it better to do parent plus or private student loans? Are we really going to have to go $240,000 in debt for his education? it's making me so anxious. When they say "average student loan debt" for a school is $27,000 does this mean we are outliers or are they using a different measurement?

I have $60,000 Direct Unsubsidized Consolidation Loan that's accruing interest everyday and I have about $80,000 in my rollover IRA. Should I use that to pay it all off? or go through a repayment plan? My goal is not limit the amount of having to pay accrued interest? What would be the best and beneficial route? Additional information in case this might help. I do work FT and make about $100K/yr. I do have other debts like mortgage that's about $325K and additional $20K loan for replacing my windows.

Hi guys, i am attending a private university for 18 months and it is 42k ugh but I know it will be worth it. I got 14k in student aid for a 5.49 unsubsidized loan and the other 26k will need to be with a private loan. Is this a smart idea to do? Or should i do all 42k in a private loan. Thanks! Sorry this is all so confusing to me, it’s my first time!

I have about $90,000 in private student loans and I’ve been paying them off biweekly for the last 2 years. I am looking for anything to reduce my interest and lower my monthly payments.

Does anyone know a broker that would be interested in helping me pay off my private student loans? Similar to going through a broker to buy car insurance. Not sure if this is possible or if others have done this but just trying to exhaust all my options.

Hi everyone, we got this message from our loan servicer (Ed Financial) yesterday. We did the parent plus double consolidation loophole and now just have the 1-direct consolidated loan, as a result of following all the steps the way we were told to. We watched all the YouTube videos, read all the articles we could find, NPR, and all the Reddit threads. We started this process in Jan 2024 and from all of the info we’ve been given, advised about we should qualify for SAVE now. We were told to reach out to a supervisor to elevate the issue so that is the next move.

My question is-can we directly mention the double consolidation loophole to the supervisor or what are we suppose to say to push for this to be approved?

Here is the letter we got below:

"Thank you for your recent income driven repayment plan request. Unforunately, your federal student loan is not eligible for an IDR.

Most Federal direct loans and family federal education loan program student loans are eligible for IBR (Income based Repayment) plan, but only FDLP loans are eligible for the Income contingent pay as you earn (PAYE), and Saving on Valuable education (SAVE) plan (formerly the REPAYE program) repayment plan. Federal Parent PLUS loans and Federal consolidated loans that paid off a parent PLUS loan before July 1, 2006 are not eligible for IDR. "

Hello! I was served today for old private student loans from 2007. The statute of limitations for kansas is 5 years, however, attached was judgement against me from 2017 (that I don't even remember receiving). Regardless, can they garnish wages after this long?

I saw where they received a lawsuit themselves in Sept 2017 for suing people without being able to validate the debt and for suing past the statute of limitations.

I'm barely getting by as it is just myself and my son whose disabled. I mostly just wanted to see what my options were?

I'm totally lost on what to expect with my student loans. I feel like I was baited into repaying when I should have just kept my mouth closed. Lost and confused. Need direction please help :(

I attended college from 2003-2007. My senior year I decided to try commuting to save money. Bad idea. Ended up dropping a class each semester with the intentions of finishing my last two courses the following year. I never went back, didn't graduate. I barely paid my student loans back. Some here and there. Defaulted. IRS took my tax refund a few times. Covid happened. And here we are.

I have a pretty decent job nowadays (78k with a minimum annual bonus of 5k) and just had my first kid a year ago. So I've been wanting to get my finances locked in for the family's future.

Heard about everyone's wonderful stories and decided to take action. I enrolled in the FRESH START program, got loans out of default, and now on the SAVE repayment plan.

Loan info as follows:

7 loans totaling 29k (including interest) all with EdFinancial All undergrad Direct Loans. 4 subsidized 3 unsubsidized. Just made my first payment about 3 weeks ago even though it wasn't due until 5/10/24. I thought I correctly researched consolidation benefits but now, I'm not sure. I decided against consolidating.

My current monthly payment is $255 and says my estimated time to pay off amount is 2035.

Any info would be greatly appreciated.

i haven’t even started university yet, but i received my financial aid package today and i’m still going to owe roughly 10k a year. i’m extremely stressed about this, and don’t know what to do. i’m envious because a family member went to the same school that i will be attending, but dropped out after their second year and doesn’t owe a single dime. i’m just frustrated.

I seem to qualify for the PSLF loan forgiveness but they say I haven't made enough payments but I can still consolidate. If I apply for consolidation, am I locked in or do I have to agree and sign first? I don't want to screw myself if I don't qualify and am then locked in at a higher interest rate or something. Thanks!

I all too recently(this friday) found out that in order to qualify for the SAVE program after enrolling in fresh start, Stafford FFEL loans and Perkins Loans in Default must be consolidated. The last date to apply for consolidation is tomorow April 30, which makes me very nervous as time is ticking away, they only verified my account this morning. I tried to follow the steps on StudentAid.gov to apply for consolidation but no loans were listed on their application tool, perhaps meaning they must be manually entered. When I checked on myeddept.ed.gov the long painful list of my loans in default were listed in granular amounts, it says they are held by "default resolution group." Although I am no stranger to data entry, and I do not resent this somewhat tedious task if it will improve my poor situation, I am nervous about making a mistake, and I have read elsewhere that if the loans were bought by the Dept. of Education they do no not need to be consolidated. If they are held by "Default Resolution Group", is this step even necessary to qualify for SAVE? Is this is why they were not listed automatically on their tool? Should I use the option to enter them manually and hope for the best? I do not want to find out that I am unable to qualify for SAVE after enrolling in Fresh Start because of the nature of these FFEL loans, it would be quite unfortunate in my situation. I have called all available numbers and the agent at default resolution group was unable to answer my question, time is running out for the consolidation deadline, and would greatly appreciate some guidance from someone with expertise or in a similar situation, thank you greatly for your time, I have health problems and trauma that have compounded this issue and would like to move forward with my life. I was lied to by a previous servicer that made me believe I would be arrested at any, didn't inform about the availabilty of IDR programs and made me believe my only option was a payment unaffordable to me. Had I known about IDR I would not be in this situation.

So, I messed up, I could not pay my student loans. Now they are threatening charge off tomorrow, I’m currently on hold to talk to their financial department to see if I qualify for assistance. But if that falls through, I’m gonna have to accept the charge off.

My 80yr old grandmother co-signed for me back in 2019 and I’m curious how much this will truly affect her? She is retired and renting a duplex, she doesn’t plan on buying another house before passing. I’m mainly worried about her, I can live with the credit hit but I am not sure how much this will actually affect her.

Thanks in advance for the comments🫡

I have old FFEL loans from the 90s that have been in default for years. The Debt Collective advised that people with old loans should consolidate so they could possibly have their loans forgiven, but they said the loans have to be consolidated by May 1st. The Debt Collective recommended consolidating, signing up for Fresh Start and requesting to be put on IDR and said consolidating would not affect Fresh Start, but when I called the Default Resolution Group they told me consolidating would harm my Fresh Start Benefits.

Default Resolution Group also told me they would not assist me in consolidating and they would not assist me in signing up for IDR. I was told that when I called to sign up for Fresh Start I would be assisted with IDR and told what my monthly payments would be. Now I'm totally confused and had to end the call with the Default Resolution Group without being helped at all because I'm afraid that I will be harmed either by consolidating or by signing up for Fresh Start. I have a recording of the call so I can prove what they said to me.

Please tell me what I should do. Is there someone else I can call when Default Resolution Group won't help? If I miss the deadline on May 1st it will be because Default Resolution Group mislead me. My life sucks as it is since my husband died, and now I'm having to deal with this awful system. How do people navigate this system where they lie to you and get away with it and their lies harm you in addition to the crushing debt that has already ruined your life?

Hello! I now have 150k in student loans through Sallie Mae, Bellco, and Aidadvantage with interest rates up to 12% through Sallie Mae.

Sallie Mae APR: highest is 14.625% Bellco APR: 15.24% Aidadvantage APR: 5%

They’re asking me to make payments of up to 1600 for all loan payments and that does not seem feasible with my salary at this moment. I’ve gone through some deferment while taking classes after I graduated but now I don’t know if I should refinance or consolidate my loans. I know that if I consolidate, I won’t be able to get loan forgiveness and I don’t know if I should do income driven repayment plans too. I need some guidance on what you guys did to get lower payments. Any recommendations would be greatly appreciated. Thank you!

Please help I am so confused-I have a consolidated commercial FFELP loan with Navient that dates back to 1994 with a balance of approximately 140,000 (accrued a lot of interest over the years) and then I have a smaller Direct loan with a balance of approximately 55,000 that are held by Aidvantage and they are 10-12 years old. I am wondering if I do the Direct Loan Consolidation for the one time account adjustment if I should combine these two or only do the FFELP. I am trying to understand if when the one time account adjustment is done, if the whole loan (both combined) will be given the adjustment based on the 30 year loan or how that works with an old loan like that and a newer loan in regard to the one time adjustment. I have called Dept of Ed, Navient and Aidvantage and no one can answer my questions, they don’t seem to know how that works. I am a nervous wreck and can’t sleep because like others, I am terrified of losing all of the years and starting over with a new loan. I don’t want to make things any worse than they already are, as you all know this is a huge weight on our shoulders. These are all undergraduate loans. Please can someone give advice? Congrats to all of you who have gotten forgiveness. I can’t even imagine how that feels. Thank you!

Sorry if this is the wrong place to ask. I’ve never had a student loan and have been working while going to school. I’m in my third year of a program with one more year to go and am completely ignorant about what it looks like to even apply for a loan. I want a loan/grant for the last year of my program, but I am also wondering if I can apply for a loan or grant to retroactively cover any of the previous years of my program? I’ve been just barely getting by and it would help to offset what I’ve paid out of pocket, including credit cards. I’m in BC. Thanks

title says it, recieved this in the mail today with “final notice” on the front

I thought loans didn’t need to be paid until after graduation? Im still a student what does this mean? Why is it hurting my credit so much (-60 points)

Im a newly immigrants and my wife is a student She tried signing for fafsa for second half and it requires my verification Fafsa said it takes 10 to 14 days and its been 20 and they still havent verified The school deadline is in a week and i doubt we will make it at this point They dont respect their timeline we didnt do it too late but because of the delay she can't submit her fafsa and meet the deadline all because of fafsa

My question is Is there a work around to no ssn spouse for us to meet the deadline at this point i have no hope for fafsa doing anything And i called support many times and they say nothing can be done

Please help if you have any idea

Backstory: Applied early to SLC England for a Loan for University, hadn’t realised that the process would be so complicated and that I would, in a years time from applying still not be given many updates or be finalised, recently been withdrawn from my University for them not receiving their dues in time, can’t really say anything against them for this since it was stated within their T&Cs.

Currently still waiting on SLC to give me an update on the final documents which I had sent to them, however, now I do not have much hope or care that much for the Loan or my Uni Course since life goes on and won’t wait for me and this issue that is probably nothing.

Wanted to ask the people here, what would be the best thing to do currently for me. I have spoken to many, their answers are all optimistic about the future, but I want an unbiased answer so that I can be prepared for when the situation jumps out the window.

Thank you for reading this and for any replies, means a lot getting help, another small question I had was, what are the chances of re-enrolment if that is even possible at this point.

My total amount borrowed on 2 direct loans was around 12k, and I have 3k left to pay. My loan was transferred twice, so three "servicers". I could afford to balance right now, that's not the point.

The point is, they don't have appropriate accounting controls in place. There's no explanation for these next two paragraphs, they don't, and never will, make sense. At what point can I just sue them. There has to some sort of fiduciary obligations, right?

Like one month I paid 500 on each loan, and they applied it to one loan and marked the other as a missed payment. My bank records show what loan each payment was supposed to go to. They're straight up missing some of the payments (no, I didn't get scammed). The dates are wrong. The balances are wrong.

I made a formal information request for all records on the loans and it's so messed. It starts out with a balance of 7k, goes down as I make payments, shoots up to $14k, stays there awhile, drops to 5k, drops again. It only lists payments on one loan and shows the other as paid off but no payments made. Nothing was forgiven, converted, etc. I owe the money and I have not changed anything besides setting up auto pay.

They locked my account so I couldn't make payments for almost a year during COVID relief, they leaked my private info, they missed deadlines on transferring my account, they mis-reported several things to the credit agencies.

Roll that all up, how is that not punishable? It's systematic negligence? Breach of duty? I've done a ton of research on this but I can't find legal options on it. If you can't keep accurate records of a debt, you shouldn't get to collect the debt.

I attended the Art Institutes in 2 locations that had their doors closed. I transfered to another school and it was the best. I saw an advertisement on Facebook about the Art Institute, to get my loans cleared.

Earliar today I received a call and they let me know about the Borrowers Defense Application. I don't mind repaying my loans, but if I do the application will I lose that degree. Will I lose all my college credit, just in case I want to get a higher degree.

The man that call is from Academic Couseling Solutions. My problem is that he said they would be charging my $1,000 ( $250 for 4 months) for someone to represent me. Is this something that sounds legit or should I just block this number. 🤔

Very confused and overwhelmed as I'm sure many of you are. I'm going to post my details here and some screenshots and I ask that if there's someone that understands this better than I do, if you can let me know if I've made the right move or if I need to reach out and complain to try to get something "fixed"? Everything should be in order as it has happened so far. Please let me know if I can provide any other info that may help.

Some background info:

As of this year, I know my remaining balances that I've been paying on were somewhere around $13-15K.

I have been paying on these for some time now. All my loans were actually due to have been paid off by last year (2023) until the pandemic hit and I lost my job in 2020 so hadn't been making payments for that period when they were stopped.

This is what it lists in my studentaid.gov profile:

12 Loans
2 Servicers
Total original amount awarded: $44,443

For reference on length of time paying for the oldest loans:

When I look at my loan breakdowns, I can see my oldest loans (that say Paid-in-Full by Consolidation now) and are from 2006-2008 had entered repayment in June 2011.

The next oldest loans state that LAST PAYMENT MADE ON 02/15/2024 and ENTERED REPAYMENT
07/06/2012 with REPAYMENT PLAN as Standard Repayment Plan (but they're also balance 0 as they say paid by consolidation as well)

Basically - it looks like everything has now been consolidated into these two loans that actually have balances:

Direct Consolidation Unsubsidized

$9,323
ENTERED REPAYMENT: 04/03/2024
REPAYMENT PLAN: Saving on a Valuable Education Plan (SAVE)
IDR ANNIVERSARY DATE: 04/16/2025

and

Direct Consolidation Subsidized

$4,092
NEXT PAYMENT DUE DATE: 05/15/2024
LAST PAYMENT MADE ON: N/A
ENTERED REPAYMENT: 04/03/2024
REPAYMENT PLAN: Saving on a Valuable Education Plan (SAVE)
IDR ANNIVERSARY DATE: 04/16/2025

__________

Timeline:

In mid-March, around the 13th I reached out to Nelnet in an effort to find out about my options as I had just lost my job again at the end of February. I was told that I should both consolidate my loans (which I already thought were consolidated in some manner but apparently not) and the Nelnet advisor told me she thought I may have my loans forgiven once I consolidated because I had been paying for 12 years or so on the oldest? She also said I should apply for SAVE so that my payment would go to $0 because of my unemployment so I went ahead and put both into motion and my Direct Consolidation loan application was received on 3/15.

2 days later on the 15th I was notified for each of my loans that my forbearance request was approved for each of them.

I also received this email on the 15th to review my consolidation details:

Thank you for selecting Nelnet to process and service your Direct Consolidation Loan. Your consolidation is scheduled to be completed (originated) on 04/03/2024.

At this time, we need you to review the important details in this notice and reply by the date below only if corrections are needed. Once your Direct Consolidation Loan is complete, you will not be able to remove any underlying loans from the consolidation loan. If no changes are needed, there is no action for you to take.

If changes are needed — for example, if you identify any errors (incorrect information, missing loans, etc.) or if you want to discontinue the consolidation process — please call us immediately at 866-426-6765.

You will receive a letter with the individual loan details of your Direct Consolidation Loan via postal mail.

Below is a summary of the loans being included in your consolidation:

Your Total Education Loan Indebtedness Summary
Consolidation interest rate
6.625%
Total amount included in this consolidation
$13,363.39
Number of loans included
8
Total amount not included in this consolidation
$0.00
Number of loans not included
0
We Will Consolidate Your Loans in 10 Business Days
If any changes are needed, please notify us by 4:30 p.m. (Central time) on 03/29/2024. After this time, we will proceed with your application, even if you do not contact us.

Your Repayment Plan Selection
You selected the Plan With The Lowest Monthly Payment Plan on your application. If you did not qualify for this repayment plan, we applied the next best repayment plan you do qualify for. After you receive notice that your consolidation loan is complete, you may log in to your Nelnet.studentaid.gov account to confirm your repayment plan. Your repayment plan will also be shown on your monthly billing statement. If you choose to change from the repayment plan you have been placed on, you may do so at any time (once you receive notice of your completed consolidation) by logging in to your Nelnet.studentaid.gov account. In your online account you can explore the different options available to you and apply.

Several repayment plans are available for Direct Consolidation Loans. If you are consolidating defaulted loans, you were previously notified that you are required to repay your new consolidation loan on an income-driven repayment (IDR) plan. Payments must be made no more than 20 days before or six days after your due date, and they must satisfy your regular monthly payment amount each month. If your regular monthly payment amount under an IDR Plan is $0, your first three consecutive, on-time payments must be at least $5 in order to meet the requirements of consolidating defaulted loans. Once you have made three consecutive, on-time payments, you’ll have the option to switch to any repayment plan you are eligible for...

On April 4th, I was notified that my Direct Consolidation Loan was complete.

We have finished processing your new Direct Consolidation Loan. On behalf of the U.S. Department of Education, we're here to make sure you have the best loan experience possible - we'll answer your questions, discuss your repayment options, and process your payments. We look forward to helping you in any way we can....

On April 5th, I received an email that had the subject: Your Direct Consolidation Loan Balance Has Been Adjusted and the email said:

Thank you once again for choosing Nelnet to service your loans. Your original loan servicer notified us that the amount we sent them to pay off your loans did not match the actual amount due. We have adjusted your balance accordingly, which may affect your monthly payment...

FWIW when I look at my Payment history in Nelnet it says:

Payment Date - 04/03/2024
Payment Amount - $13,411.40
Applied to Principal - $13,298.62
Applied to Interest - $112.78
Applied to Fees* - $0.00
Payment Type - Other

I also received a Income-Driven Repayment Annual Notice letter that day that said "As you requested, we applied or updated an income-driven repayment plan for your qualifying student loans."

We’re reaching out to you because your qualifying federal student loans have been placed on an income-driven repayment (IDR) plan as you requested.

Your IDR Plan Details
Your IDR Plan is effective on 05/15/24 for up to 12 months. Your monthly payment amount for your qualifying loans will be $0.00...

My dashboard in Nelnet is now showing as of today:

• Repayment status as SAVE
• Total balance as $13,440.58
• Accrued interest through April 13, 2024: $29.18
• Last Payment Received: $1,253.53 (April 3, 2024) (guessing this was from the consolidation)

On my studentaid.gov dashboard it lists loan information as of 04/03/2024:

Loan Types
4 Consolidation Loans: $13,415 (2 show as paid and the other 2 are the consolidation loans I detailed out at the beginning)
3 Subsidized Loans: $0
5 Unsubsidized Loans: $0
TOTAL BALANCE: $13,415

Should I have had more forgiven if any (I dont think I even had any forgiven)? What are the forgiveness years of payment? What is happening on or after 4/30 - is there a chance something will change with mine then? I just have no clue if I made the right move, if they messed anything up, or what's supposed to happen next. Thank you in advance!!

I have loans with AES and Sallie Mae, and it totals over $130k. I haven't began to pay Sallie Mae yet because with the varied rate (I know, dumb) I chose with AES I am drowning in their monthly payments. I know if I make only the monthly payments by the end of the life of the loans I will be paying between both companies an insane amount. I want reconsolidate but not sure where to go or what to do. I am in the national guard and want to get on their student loan forgiveness plan, but until I finish my degree (1 year left, life took many left turns my last year of college and ive turned much of it around since having to leave school) I won't be able to be eligible for Navy Federal to take them over and thus make them federal and be able to get into the program. I'm fine with working and paying off my debt. I do blue collar work now and am working to make things work out so I can finish my degree. At this point though, I feel like just working in the oil fields and making larger biweekly payments till it's all gone will be my only option. I have received letters from Earnest and other lenders talking about reconsolidating and "You've been pre-approved!", but I don't know if I should trust any of these and I doubt any of them will be able to get me in a spot to get on the guard's student loan forgiveness plan. Any advice?

EDIT: Another reason I want to reconsolidate is because AES started charging me while I was in OSUT and didn't have access to my phone despite that before leaving for training having told them I won't have access to my phone and will not be able to make regular payments in which they said everything was okay and that payments will pick up when I got home. Fast forward to 3 months in I'm told I'm 2 months late on payments and that AES doesn't care about my situation or any military orders and despite having limited phone time every week they wouldn't work with me to set up auto pay which I understand but it did put me in a desperate situation. Sallie Mae on the other hand was very helpful and worked with me on rates and were accommodating before I left for OSUT and told me there's a lot of room to work with if I were to go on deployment or to a military school. I'm not crying over my situation, just seeing if anyone can help me. My unit is deploying within my contract and I have been told about me personally being sent to a very tough school in the next year so I would like to find options and act on it before either of those happen first. Anybody in a similar situation and know what I can start doing?