/r/StudentLoans

Photograph via snooOG

/r/StudentLoans: Reddit's hub for advice, articles, and general discussion about getting and repaying student loans.

Welcome to /r/StudentLoans, the largest and oldest reddit community for discussion, information, and assistance related to the topic of student loan debt. Please feel free to join the conversation, discuss experiences, or ask for help.


Rules:

1) No referral links/codes. Do not offer or ask for referral codes. Do not post your link/code here. Do not link to another site or subreddit where you have posted your referral link/code.

2) No spam, marketing, market research, or self-promotion. Even without referral links, advertising another site where you can get financial benefit (from ads, sales, or otherwise) is not allowed. This also includes market research and focus group-style testing of products and services. If you have good advice to share, then copy it here in full so that the community can benefit. (Exceptions may be made at the mods' discretion for bona fide non-profit groups and other particularly helpful resources.)

3) No crowdfunding. Do not request funding or co-signing of your debt. Do not offer to pay or co-sign another's debt here, regardless of method. This community is for advice and discussion, not to facilitate transfer of money.

4) No advocating default. As an advice community, our primary goal is helping people work to improve their situation through legal means, including honoring their valid contracts. Sometimes default is unavoidable, in which case we'll provide support and advice for managing it, but this is not the place to advocate intentional default or get advice about defaulting on purpose.

5) Do not post private details or direct contact information for loan servicer employees, ED employees, or anyone else that's not officially available.

6) Before posting any kind of survey, call for interviews, or request for personal information, get moderator approval. We'll want to know: a) who you are, b) what company/group/school you're with, c) what the purpose of the data collection is, d) how you'll protect respondents' privacy, and e) how the data collected will benefit the /r/StudentLoans community. Bona fide journalists, researchers, and non-profits are more likely to be approved; for-profit companies will be viewed more skeptically.

7) Comply with the principles of reddiquette and obey the site-wide rules. Mods will remove rude, offensive, unhelpful, off-topic, trollish, law-breaking, and other inappropriate content.

8) Users claiming to be professionals must be verified by the mods. Full explanation of this rule and the verification process here..


NOTES: The goal is to be unbiased and clear with news and information pertaining to student loans. Mods will be vigilant in ensuring personal opinion doesn't cloud the facts. While every attempt will be made by the mods to ensure the information provided and opinions voiced will be relevant and accurate, you should ALWAYS read the fine print for any loan you are considering.

You should never have to pay for help with your student loans. There isn't a person or entity on the planet that can get you a better deal, or access to a benefit or program, that you can't get yourself, for free, by working directly through your loan holder.

Most of the knowledge-base here is related to the United States. Questions from all around the world are welcome, but we suggest also asking in subreddits related to your school or nation/region if you don't get a prompt response here.


Useful links:

  • StudentAid.gov : Just about anything you'd want to know about the basics of federal financial aid, including student loans.
  • FSA Dashboard : Your Federal Student Aid account (formerly called NSLDS) is the U.S. Department of Education's official database for student aid. Your federal student loans will appear here and you can get information about their status and your loan servicer.
  • FAFSA : The Free Application for Federal Student Aid (FAFSA). The U.S. Department of Education (ED) is the largest provider of student financial aid in the nation. Submitting the FAFSA is the only way to get this aid.
  • Annual Credit Report.com : This site, mandated by the federal government, lets you pull your full credit reports from all three major bureaus for free, now once per week. (Your private student loans will appear here.) This pull does not impact your credit score.
  • /r/PSLF : Our sister sub specifically for the federal Public Service Loan Forgiveness program.
  • ED's Loan Simulator : Official calculator for federal loan repayment plans.

Subreddit specific links: - /r/personalfinance - /r/financialaid - /r/debtfree

/r/StudentLoans

438,966 Subscribers

0

how do i start the process of taking out student loans?

hello. i am about to start college in the fall and i currently have no idea how to start the process of taking student loans. is there a application i need to fill out? or will the school provide student loans? i have absolutely no idea. i am first gen and both of my immigrant parents did not attend college let alone finish elementary school so i have no clue. i don’t want to ask people i know in real life because i feel embarrassed.

please help me.

3 Comments
2024/03/24
01:37 UTC

1

FFEL Loans with 0% Interest

I was going through my loans for consolidation and noticed that 2 of my FFEL loans have 0% interest. They are both from 2006. I’m confused. Why are they no interest? Should I still consolidate them? I’ve been on IDR and I think they’ll be up for forgiveness in a couple years.

1 Comment
2024/03/24
00:07 UTC

1

Mohela sign in problem

Does anyone know how to get through with this? I can’t sign in on the website. My account fully transitioned last month and I’ve made a payment earlier this month. I had problems signing in when I made that payment, and I’m having those same issues again. When I put in my user and password it says “Please log in to access Make A Payment” I’m on the correct website. I don’t know why it’s giving me such a hard time

Before, I had the app and that’s how I made my payments. I don’t know why they took it away

0 Comments
2024/03/23
23:55 UTC

33

I have $179k in Student Debt both Private and Federal..what do I do?

Alrighty.. I will try to make this concise because I have no idea what my next step should be, my family is terrible with money and I don't know where to turn. (I will incude financial breakdown below)

Context: I am 27M with 170k in combined Private & Fed Student Loans. Although, this is no excuse I was the first person to ever go to college in my entire family and I had no clue what I was getting myself into. I went to a traditional state school and ended up getting my Masters (~18k) b/c I graduated during COVID and couldn't land a job for over a year. I currently make 82k/yr at my 9-5 and do side work for startup that brings in around 5k+ (depending on how much work) a year.

My Master's did open up doors (startup) and doubled my salary quickly. Paying for my Bachelors is what killed me, I had a bunch os Sallie Mae loans at 9-13% and was not even aware of this (my dad saw my cousin using Sallie Mae and basically did it for me). So, my entire undergrad I was getting whacked by interest..

I feel like I will never be able to get out of this debt and basically screwed up the rest of my life... I wouldn't consider myself bad with money just made the mistake of trying to get a "higher" education when I didn't know any better. I work Remote now and ended up moving back with parents to save a little more money but not sure how much longer I can stay here.

* I just moved back home from an expensive city which majority of monthly income was going to rent and loans..

I have no idea what to do.. do I try the snowball, do I refinance the larger loan to get a lower interest rate? Any strategies or am I screwed and just gotta roll with paying for rest of my life.

Career: I work in Healthcare (Business/Tech side) and can prob break 100k/yr if I stay with my company within the coming few years. I am always trying to learn and advance my skills in order to increase my income, but of course I could always fired and absolutley screwed.

Also, have been thinking about becoming a Military Officer (I'd be making similar salary rn) so I can take advantage of benefits, get lower interest rates on refinance, and use the PSFL to get my Fed Laon forgiven at the 10yrs. I could also join national guard for an extra $500/mo and get more leadership experience. (I always wanted to join military so I am aware of risks)

My Financial Breakdown:

Salary - 82k/yr

Side Hustle - ~5-10k/yr

Credit Card - No Debt, just use it for monthly expenses (gas, food, inurance, etc.)

401k - 3% match from employer

HSA - Just started health savings this year

Crypto - $10k, no i don't really actively invest I bought long ago and just left it there..

Savings - $10k

Car Loan (2013 Camry, 60kmiles gonna drive into the dirt)

Amount - $3,300

Interest - 5.22%

Payment - $200/mo

Private Student Loan (Nelnet) - These are the Sallie Mae I refinanced.. I DID NOT orginally pull this much $ out.. I worked part time through college as well, didn't just party and be a degen..

20 Year Fixed

Interest - 4.4%

Amount - $139k

Payment - $1,004/mo

Federal Student Loans: These are made up of a bunch of seperate small loans.

Total - $52k

Payment - $300ish/mo (on SAVE plan)

Unsubsidized:

$20k - 5.3%

$2k - 4.4%

$2k - 3.5%

$2k - 4.2%

$2k - 4.8%

$500 - 4.5%

Subsidized:

$5.5k - 4.8%

$5.5k - 4.2%

$3.4k - 4%

$3.4k - 3.8%

$4.5k - 4.2%

I wake up almost everyday regretting ever going to college.. I just want FREEDOM...

Sincerely grateful for any advice!

50 Comments
2024/03/23
23:29 UTC

0

Paid off student loans-missed forgiveness opportunity

Hey everyone, just wanted to share a personal milestone – I finally paid off my student loans in full under the 10-year repayment plan. I graduated in 2010, aiming to finish by 2020, but the pandemic threw a curveball. Opting for forbearance, I resumed payments last month and cleared the debt.

However, I recently learned some of my peers had their loans forgiven under pandemic programs. While I'm happy for them, I can't help but feel a pang of regret. Working in a non-profit for 13 years, I never considered forgiveness programs would benefit me. Now, I'm wondering if there's any way to backtrack and apply for a potential refund. Any advice or insights would be greatly appreciated – every bit helps, especially with family expenses.

Type of loans I had: Stafford - unsubsidized Stafford- subsidized Graduated PLUS

6 Comments
2024/03/23
23:16 UTC

1

Impact of Lump Sum Severance on IDR (SAVE) plan?

I am a casualty of a company reduction in force. I will receive a single lump sum payment as part of my severance package. (I have no option on repayment structure.) I am not eligible for state unemployment until the equivalent time for the payout has lapsed.

My final two student loans (in the six figures) are in repayment under the SAVE plan. I intend to self-certify or submit updated alternate documentation due to reduced ($0) income to reduce my monthly loan payment. I attempted to search for information on impacts of severance, but most seem to be about individuals receiving a more structured and prolonged settlement.

Does anyone know how a lump sum severance impacts repayment or can point me to a federal link/resource where this is addressed? I am uncertain if I can and should submit my update (a) as of my immediate effective date that I no longer have a job, (b) immediately after receipt of my single severance payment, or (c) only after the amount of time has lapsed for which the severance is intended to cover?

1 Comment
2024/03/23
22:32 UTC

1

Is it possible to use a Pell grant from 2014 ?

As I reviewed my FAFSA for my return to school, I discovered a $5645 Pell grant listed from a previous school I attended in 2014. Is there a way to access or utilize this grant, or has it already expired?

0 Comments
2024/03/23
22:10 UTC

2

Consolidation question

Some details on my loans. I am currently set to the extended repayment plan across 12 different sub and unsub direct loans. I have about $27k remaining on all of these loans. Some are still lingering from undergrad loan which began repayment in 2002. Some are from grad school which began repayment in 2009. Was in grad school from 2007-2009 so I was in deferment (not sure if this is the correct term) during that time for the undergrad loans.

So my question is: if I consolidate all of these direct loans into 1, does that start my payment counter from the oldest loan back in 2002, even if some are grad school? Also, is there a place to find how many payments I have made on these old loans? With all of the different rules on what months are counted or not counted its hard to calculate. I cannot find this on edfinancial webiste. I called them and 2 separate people said they do not have access to that information. I contacted studentaid.gov help line and they also could not help.

2nd question: with all of these variables, based on what I understand, it seems that the PAYE plan would be possibly the best option to enroll in since they give forgiveness after 20 years (240 payments), and not 25 years with the SAVE plan if you have grad school loans. Does this seem accurate?

Last question: Do I need to consolidate first, then apply to a repayment program, or do both at the same time? Not sure if that matters. I just dont want to lose my payment count by doing things in the wrong order.

Sorry for the wall of questions, but this stuff gets complicated and I want to make sure I'm doing the right thing before I go messing with my loans.

0 Comments
2024/03/23
21:40 UTC

1

Nelnet - Best way to allocate excess of one-time payment

I have 4 loans with different interest rates and want to make a big one-time payment towards the 2 loans with the highest interest rates, without advancing my due date or changing my standard monthly payment allocation moving forward. I know about the options on the 'Make a Payment' page to either pay by account or by group, and I know the 'Special Payment Instructions' page lets you specify percentages for how you want the excess money applied, and has a checkbox to choose not to advance the due date.

For my big one-time payment, I'm not sure whether to 1) pay by account, submit special payment instructions with excess allocation percentages, and check the box about not advancing my due date -- or 2) pay by group, listing specific amounts for each loan, and then request Nelnet not to advance my due date separately.

I'm worried that the special payment instructions could affect my future monthly payments -- I want to return to standard allocation once the big payment goes through, since all 4 loans will then be similar. I also know Nelnet's bad track record, and am hesitant to rely on their allocation process if I choose to pay by account with percentages specified.

Any advice on the best way to make this payment would be much appreciated!!!!

6 Comments
2024/03/23
21:35 UTC

0

Any Chance of Forgiveness?

I have $137,000 in student loans (88K subsidized; 49K unsubsidized), with undergrad loans taken from 1987-1992, and grad loans taken from 1992-2003. These both show as Direct Loans, serviced by EdFinancial, and I am not enrolled in a payment plan that I know of. I have never really paid on these, other than getting them out of default a few times over the years, They are currently in voluntary forbearance. All of my old loans were consolidated into these 2 loans in 2009. Crazily, the repayment end date shows as 2053, as if I am just getting started with these things... Is there any chance of forgiveness of anything in my situation? If so, what do I need to do? Thanks so much in advance for any pointers, I appreciate it!

1 Comment
2024/03/23
19:41 UTC

2

The SAVE plan and "Do not advance my due date more than one month, even though I'm paying more than the current amount due."

Does anyone know how making extra payments and advancing your due date works with the intrest subsidy supplied by the SAVE plan? To make the math easy, say that I have paid off all of the interest on my student loans and only have principle remaining, and I have a $50 monthly payment. Assume there is $100 in interest accruing monthly. Normally I pay $50 in interest and the other $50 is forgiven. If I make a single $100 payment on the date the monthly interest is waived with $50 going to intrest, and $50 going to principle, and advance the due date such that the following month's payment was $0, would the SAVE plan calculate the interest forgiven for the next month based on that $0 dollar payment and forgive it all?

0 Comments
2024/03/23
18:42 UTC

2

PSLF Help Please

I have a few questions considering I just got my loans transferred to Mohela. I’m currently working at a non profit organization. Before that I was a public school teacher, took a break to have kids, and now I have been employed with this company for a year.

  1. Why does my PSLF form say Eligibility Status End Date: 5/3/2024?

  2. A recent message regarding important account information says my Approved Employment End Date is 2/7/2024?

  3. If I get someone from the public school system to verify my previous employment will that go towards the PSLF program? Or will it not applied because I’m submitting after the fact.

I know I should probably call them, but seeing as it’s the weekend, this is going to drive me nuts. Any insight to all of these conflicting dates would be helpful.

5 Comments
2024/03/23
18:06 UTC

3

Going into repayment early while still in school to apply for SAVE

Hello there,

I've been speaking to Nelnet and StudentAid.gov and been trying to get information about applying to the SAVE program early for my wife. With tax season coming up I'm trying to decide if I should file separately (MFS) or file jointly (MFJ). My wife is in medical school and has 2 years left. I was told by StudentAid.net and Nelent that if we pay off one of the federal perkins loan (small loan) we can move from deferment to repayment status and apply for the SAVE plan. Can anyone share if they've done this while in school?

The benefits are we would have our interest subsidized where we won't accrue any and have a $0 payment for the next two years which should save us about 17k a year. The slight downside is by doing this we would file MFS so that we can prove that my wife has $0 in income but since I earn a high amount I would pay $10k in taxes this year.

Assuming next steps, For the next two years we would continue applying MFS until she graduates and then change from the SAVE plan to an IDR plan which will allow us to lock in lower income assumptions while she is in residency even though she might make more post residency. We will try to go with PSLF if her residency program or work after residency is a public service institution.

Does this all make sense and has anyone applied to SAVE early while still in school?

1 Comment
2024/03/23
17:45 UTC

6

contesting a judgement of student loans

In 1997 I was sued by loan servicer. Because I did not appear at my hearing, the judge ordered a default judgement against me. I was told that the loan servicer can renew the judgement every 10 years. My question is, at the next renewal process, can I contest the renewal?

Thanks

10 Comments
2024/03/23
17:39 UTC

2

Anyone know how to calculate the 12 years fixed payment on ICR?

The ICR payment calculation has this...

The lesser of

- 20% of your discretionary income, or

- the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income

Anyone have experience with the second scenario? How is a fixed payment over a fixed term adjusted for income? The only way I can think they'd do that is by raising the interest rate for those with a higher income. I'm sure I am missing something. Couldn't find anything more specific than the above.

4 Comments
2024/03/23
17:36 UTC

116

$155,000 debt forgiven

I want to share the success I had by applying for the total and complete disability student loan forgiveness program.

Today I received an email that my entire student loan was canceled because I met the requirements of being unable to make $17750 of earned income per year for the past 4 years and was expected to continue for another year totaling 60 consecutive months.

I had both PTSD and anxiety that was finally getting treated and then I had 4 abdominal surgeries over the past year that kept me from working.

I applied in January of this year by taking an application into my doctor and she and I talked. Then she filled it out truthfully and I wasn’t sure how the application was going to be treated.

The regulations have changed and you can now have a nurse practitioner, a PA, or a clinical psychologist complete the form.

The form: https://www.disabilitydischarge.com/

The debt is not taxed income, if you take out a student loan in the next 2-3 years your old student loan will be reinstated with interest. Income monitoring is not being monitored, meaning if you can go an make more than $17750 you will not be punished.

I shared this with all of you because someone shared it with me and without the information, I wouldn’t have gotten forgiven.

Best of luck to you all.

34 Comments
2024/03/23
17:26 UTC

2

Part-Time Student

I have been making student loan payments to Edfinancial since loan repayment started back in October last year.

As of February, I noticed my loan status updated to “In-School Deferment” since I only have subsidized loans left. They are no longer accruing interest.

I have been enrolled in an online masters program since August 2022. Should my loans not have accrued interest from August 2022 until now?

I took 3 credits every semester starting Fall 2022, but starting this semester (Spring 2024) I am now taking 6 credits.

Does deferment only kick in at 6 credits? What about the interest my loans accrued in Jan and Feb 2024 before interest stopped accruing? Should I be refunded the interest on my last payment in January since I was a part-time student?

Thanks in advance.

1 Comment
2024/03/23
17:20 UTC

2

Missed IDR cert date

I was on an IDR plan (payment of $167) and submitted my IDR certification for SAVE on 2/29 which actually brought my payment down to $0. While it was processing, my IDR plan “expired” and my payment jumped to almost $600.

MOHELA finally approved the plan and it starts in May for some reason, but I still and scheduled for the $600ish payment in April. Is there any way for me to adjust that (either on my new plan or old)?

I’ve been reading about how the IDR date was extended but my MOHELA account does not represent this. Has anyone got experience with this?

0 Comments
2024/03/23
17:13 UTC

2

Paying monthly towards the principal w/ SAVE v. Putting in a HYSA

Hi guys!

I hope all is well. I wanted some advice from people who have done this and their experience from it. Recently, I had a fellow redditor mention that rather than adding an additional payment to my loans, I should add the aditional payment to my HYSA of 4.35%.

I have roughly 15 federal loans with interest that ranges from 4.530% to 7.540%.

Would you pay off the lump sum every year? Or would you keep the interest compounding until there is no more SAVE program?

I’m new to this and would love to aggressively pay off my loans.

Thanks!

3 Comments
2024/03/23
17:04 UTC

3

Applied for SAVE last fall, still processing - what should we do?

My wife applied for the SAVE program in Sep/Oct last year. It's been "in process" ever since. We've been receiving forbearances, but apparently that's over and our first payment under the standard repayment is due in April.

I've called two or three times, but I keep being told that it's in processing and we just have to wait. Obviously something is wrong.

Any idea what we should do? Her loans are with Nelnet.

1 Comment
2024/03/23
16:31 UTC

2

When does interest on SAVE plan get paid on my loans?

Hi,

Although I am still in grad school, I have declined deferment and placed all of my direct subsidized and unsubsidized undergrad loans into repayment under the SAVE plan. I was even able to place a couple of direct grad loans into repayment.

I have a few questions:

  1. Why is it that my payments aren't due until March of 2025 if most of my loans are in repayment status?
  2. When does the government begin to pay the "left-over" interest on my loans? ("On the SAVE Plan, if you pay what you owe each month, your loans won’t grow due to unpaid interest. This is because any accrued interest not covered by your monthly payment won’t be added to your principal balance.")
  3. If my monthly payments next March (2025) are $0 because I have a low income, will the government pay all the interest that has accumulated since the payment pause ended in October 2023?

Thanks!

15 Comments
2024/03/23
16:28 UTC

0

Thinking of refinancing Sallie Mae loans, looking for advice

I currently have $26,452 in Sallie Mae loans. One loan $11,136 at 12.75% and another loan $15,316 at 15.25%. Interest rates are high and keep increasing. Between both loans I'm paying about $600 a month.

I also have federal loans totaling $30,054 with a monthly payment of $265 which I'm comfortable paying.

I make 84k/yr and live at home with my parents. Wondering if I should refinance my Sallie Mae loans with a company like SoFi or if I should just continue to attack them aggressively with each paycheck.

Any advice is much appreciated.

2 Comments
2024/03/23
15:43 UTC

4

In grad school…should I still apply for SAVE?

I owe about 50k student loans from undergrad (25k subs and 25k unsubs) that is on the PAYE plan. I have been making payments. I began graduate school Jan 2024 and am set to finish late next year, placing my loans on in school deferment. When I originally applied for PAYE, I was making 20k or so, so my payments were very low. I am now making 75k, and am increasing that 5-10k every year. Here is my question: should I apply for the SAVE plan? I am taking out loans for grad school but plan on paying on them while in school (even though they are in deferment) so payments are more manageable when I’m out.

I’m not sure if it is advantageous to change my payment plan because of my income increase and because everything is on in school deferment? I am really interested in the interest saving benefits of the SAVE plan, however. Any advice?

4 Comments
2024/03/23
14:18 UTC

0

My parents think that it’s ridiculous to pay for kid’s college- now I’m 60k in debt and annoyed

We come from a country where college is free, but we’ve been living in the US for some time. My parents say that because it’s my education I should be the one paying for it, which I do. Despite good grades I didn’t get much aid because I’m an only child and my parents make okay money- too much to qualify for anything federal/state besides loans. I thought I did everything right, went to a state school, stayed at home, worked part time, graduated STEM undergrad with 4.0. I still live with them, I saved $40k, payed some of the loans off (including their Parent PLUS). I still have $20k left. I also paid off my car at the same time that I’ve been paying off since high school (they also haven’t contributed to that, I had to take a car loan on a high % cause they didn’t want to help me and pay cash).

My parents don’t comprehend the idea of parents paying for child’s schooling or car. I know that’s not a requirement, but they like to boast about my college accomplishments and my wellpaying engineering job (I’m grateful for it, it allows me to make high monthly payments…) but they haven’t financially contributed to them at all. When I tell them that my friends graduated debt free and moved out already due to their parents help they get mad that I bring this up and that they do enough for me. It’s a rant but I am annoyed. Are you annoyed with your parents lack of investment in your education too?

46 Comments
2024/03/23
13:57 UTC

4

Tax Form 1099-C (Student Loan Debt Forgiveness)

I’m doing my tax prep online this weekend and need some advice.

My student loans (~$148K) were forgiven under the Biden Administration loan forgiveness program last Fall. The tax software is asking if I had any student loan forgiveness and is asking for the subsequent 1099-C form.

I live in California where the student loan forgiveness would not be subject to taxes (same with Federal).

Has anyone else received a 1099-C form when your loans were recently forgiven under the Biden Administration?

Thank you in advance for any assistance. 🤙

2 Comments
2024/03/23
13:38 UTC

18

Nelnet Reinstated a Loan That I Paid Off and Now Money Is Missing

I focus on one loan at a time to pay off completely while either paying the minimum or a little extra on the other ones. Since last year I paid off three loans. Let's call them A, B, and C. I paid off A in Oct, then B in December, and C in January.

A few days ago I went to go make a payment and was looking at the next loan I wanted to pay off completely when I saw that loan B had reemerged with $300 on it. Worst, it is accruing interest. called Nelnet to get the problem resolved, and they were useless. I sometimes make payments over the phone so that the money leaves my account immediately versus having to wait up to a week to see the money transferred out. This is what probably caused the problem because three employees informed me that when you pay with a debit card over the phone, you cannot see which loan the money reaches (sounds weird to me.) In the notes that were taken from my phone payments in December, it appears that I have several “reallocate funds to go to C '' statements, which I think also caused the issue. I made large payments multiple times that month but made sure that B was paid off before pursuing C. When first trying to make the final payment to C, the money was spread among all of my loans and not to C. The employee I talked to at the time said that it could be fix by reallocating the funds but it would take five to six weeks.

I told them, “No, I'll just make another payment to get C cleared.” That is what I did. Apparently that employee did not listen to me and submitted several requests anyway.

Five to six weeks later, B is back. I called to see what was up, and the employees said that they took money from B, which was already paid off, to pay off C. That does not make sense to me because my payments covered the amount plus interest for B and C, so nothing should have been taken from B to cover C. I even called to confirm their individual payoff amounts including the interest.

I kept asking “Where did the money go?” I also paid in advance enough to cover all of my student loans for February. I always pay extra on my student loans to give me some wiggle room in case of an emergency and to combat interest.

I am infuriated that they are claiming that B has a new balance because “not enough money” was being paid. How is that possible when I pay extra? The last person I talked to yesterday said that she could solve the problem by taking money from A to cover B, but I said “A is already paid completely off and has been since November. Why would you take money from a loan that is already paid off?”

She said, “Oops, let me delete that request.”

Are they even paying attention?

Since the amount is only $300, they are trying to push me to just pay it off, but I asked “What will prevent this from occurring again?”

Every person I talked to said, “Nothing, really.”

If this post seems confusing, it is because I am baffled as well. I received three “Congratulations, your loan is paid off” letters from A, B, and C that they will not honor.

During my last call I asked for them fix it and make sure that my three paid off loans are still paid off. I haven't paid extra on this month's bill yet because I am really unsure what they are doing with the money if a completely paid off loan can just reappear. I have all of my receipts, emails, and I have screenshots, I need some advice because this is stressing me out beyonce belief.

TLDR: I paid off three student loans, yet one was reinstated without notification. They somehow lost $300 and want me to pay it off instead of finding the money that I already paid.

12 Comments
2024/03/23
13:15 UTC

3

Should I consolidate?

I currently have ~32k in loans spread over 8 loans with 2 different providers (nelnet and mohela). I am paying 108 a month with mohela and 264 a month with nelnet. Doing the calculator on studentaid.gov and consolidating on the SAVE plan it estimates my monthly payment at 156 based on current income. I’m looking to pay the lowest monthly I can. Is there anything I should think about before consolidating before the new Apr30 deadline?

Income 71k married filing separately

2 Comments
2024/03/23
13:09 UTC

2

Duplicate Student Loans

Hello! I am in the process of trying to start buying a house. I was looking at my credit report and my student loans are being reported twice. I know this isn't uncommon from searching past questions. I was on hold with Mohela for 3 hours yesterday and unable to talk to anybody.

My lease is up soon and time is ticking so I really need to still start applying for a mortgage. My credit score hasn't been terribly affected by this duplication and the information is correct on studentaid.gov and Mohela sites.

I was wondering if anyone had applied for a mortgage with this issue unresolved and simply provided info from the site to prove that it's an error?

Or what else did you do to resolve the issue quicker? Thanks!

1 Comment
2024/03/23
12:43 UTC

4

Is a 20 - 25k student loan (per year) viable?

Theres only one school I like from my acceptances and my parents are helping me pay for college but this uni is out of their budget. Would it be better to go to worse school but start adulting with no debt or a school that's better for me with loan to pay off once i graduate? both the unis are in NYC so its only a 20k ish difference (I got some financial aid to the worse school) and at first I thought it could be manageable but the closer the decision is the more uncertain I am.

31 Comments
2024/03/23
12:36 UTC

1

re: ? beta/account review vs.and/or Consolidation

Does everyone get a one time review/adjustment/for payments or ONLY if you Consolidate to Direct Loan.

Asking bc a long time ago I responded to a beta program for one time review (not to consolidate just for count review). I never rec'd additional info only that my submission accepted and I didn't have to do anything else. I'm currently trying to figure out if good idea to consolidate.

0 Comments
2024/03/23
10:15 UTC

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