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Everything posted by hodap2001

  1. You will need to check your credit bureau and NSLDS to determine the type of loan this is. Only Federal loans will give you a 6 month grace period after withdrawing or graduating. I don't normally hear of Institutional Loans offering this type of repayment - they usually start billing almost immediately. If this is an institutional debt, you may be able to work with them in correcting the credit reporting by settling the debt for less with the removal of adverse credit or just by paying it full. If this is a Federal Debt, it may be a little bit harder to correct since you are ultimately responsible for keeping the federal loan servicers apprised of any address changes, telephone changes, etc.
  2. Once you exit your bankruptcy proceeding, you should ask your Federal Loan Servicer to set you up on an Income Based Repayment Plan which is based upon your annual AGI and your household size. I assume this is what you're currently doing. Once you have an income based repayment plan in place, you will need to contact your federal loan servicer for the PSLF information and you will need to take the Employment Certification Form to your HR Office to have them validate that you work in an eligible industry which is eligible for PSLF. You will be required to renew this form on an annual basis. Please note that only the months of repayment in an eligible repayment plan will be counted towards PSLF. For more information, please visit StudentAid.gov.
  3. Hello OP, You can only re-consolidate your student loans if your current consolidation loan is under the former Federal Family Education Loan Program or FFELP. You can re-consolidate it into the William D. Ford Federal Director Loan Program (Direct Loan). You cannot reconsolidate a Direct Loan into another Direct Loan - it doesn't work like that. Since you have already used your one available Rehabilitation option, you are stuck paying the collection agency unless you can refinance it by a Private Student Loan Company which may require a co-signor or endorser on the loan in case you default again. I don't have any information about Public Health Loan Forgiveness, that may be a program special to your State or Employer. Good Luck to you!
  4. Technically, he didn't for work for Federal Student Aid. He worked for the Consumer Financial Protection Bureau (CFPB), but he was instrumental in creating some very good consumer friendly policies for student loan holders. His departure from the CFPB is a great loss, especially to those of us in the Financial Aid Industry.
  5. Since the CA is retained by the Community College, you will set-up repayment with the CA as it will be pretty simple.
  6. The tradelines could be removed if he has received Permanent Disability Discharge by the U.S. Department of Education. If he has a Provisional Disability Discharge, then no, the tradelines cannot be removed because there will be follow-up on the Provisional Disability Discharge.
  7. Since this is a private a student loan, the only other option I could recommend is to refinance the debt with another lender and apply for any type of forbearance from them. OR you can contact Sallie Mae to see if they can provide you a waiver until you graduate and they will most likely want verification of your in-school status and an expected graduation date. Good Luck!
  8. Since this is an institutional debt owed, you might be able to settle for less than what is owed; However, since community colleges are funded through the state, the Community College may have turned over this debt to the state so you could be paying the State of Michigan for this debt and the state might not settle for less. You should contact the school to see if this is still an institutional debt or been transferred to a State Debt - if this is a State Debt, they may be able to intercept your State Tax Refund. Good Luck!
  9. If you have adverse credit, you should request an appeal with the U.S. Department of Education and sometime they may override the adverse credit with supporting documentation or offer to have you include a co-borrower to the Graduate Plus Loan. If you are still unable to obtain a Graduate PLUS Loan, you should talk to your Financial Aid Offfice to see what other type of aid may be available to you. Good Luck!
  10. Lynn is absolutely correct. Legal - The US Dept. Of Ed and its assigned collectors can and will Institute an Administrative Wage Garnishment at any time without a Court Order. Theyre that powerful and they can and will intercept both Federal and State Federal Tax Returns and/or Social Security Benefit.
  11. First and foremost, you should contact the servicer of your defaulted student loans and tell them you want to begin repayment on them and that youre interested in Rehabilitation. They will go over your income and expenses and try to come up with a reasonable and affordable repayment plan for you. Good luck!
  12. If you have multiple accounts, it's possible you may have different due dates. Log in to your Nelnet.com account to view your most up-to-date account information. You can anytime to request to align the due dates on all of your loans to a date between the 1st and 28th of each month.
  13. Are these federal or private student loans?
  14. Its a scam! Stay far far away from them!!
  15. Any income based repayment plans for Federal Student Loans is always renewable every year so they can re-calculate your estimated monthly payment for the next year and I'm sorry that your account went delinquent. Federal Loan Servicers are required to perform Due Diligence by contacting you via e-mail, telephone, mail, and now I hear through Social Media. It is always important to ensure that your contact demographics are always up to date to ensure they can always get a hold of you so this won't happen again. My recommendation is to contact the collection agency to set-up repayment, but you should also find out if you're defaulted. Default occurs if you haven't made any payments for 180 days. If you are defaulted, you could be eligible for rehabilitation. If you are just delinquent, you can correct that by making payments to them. It doesn't sound like you're defaulted, but you should check and let us know. Good luck to you!
  16. FH Cann and Associates is a Collections Agency on behalf of the U.S. Department of Education -- if you are dissatisfied with their service, you should file a complaint with the Department at https://studentaid.ed.gov/sa/contact/feedback. This should help you out! Good Luck!
  17. The Federal Government does not serve litigation on a federal student loan debt that quickly, so the OP should check if this is a federal student loan or a private student loan. If this is a Federal Student Loan, then the only legal documents they would send him would be either a Wage Garnishment Notice or a Tax Offset Notice, but nothing related to going to court.
  18. Do you know any other information regarding the student loan? Is it a private student loan or is it a federally backed student loan? To confirm if it's a private student loan, the information would be available on your credit report and if it's a federal student loan, you can check by visiting NSLDS and you will need to create a User ID and Password to access your information. Federal student loans have no statute of limitations; however, private student loans do, so you will need to check the difference between loan types.
  19. So you have an insitutional debt or a state debt (depending if it was a public community college or university) - I would work with the CA agency and perform so type of settlement with an agreement to remove any negative credit remarks. I would send the proposal in writing that you will satsify this debt for $xxxx.xx amount of dollars with removal of negative credit remarks on my credit report (insert screen shot of negative credit remarks from CA). And see what they come back with. I would take this route first - the worst they could say is no or propose an alternative settlement.
  20. Was June your next scheduled payment due date prior to filing BK or did you file BK after June?
  21. It's so funny that you are quoting an article that is re-quoting from the Washington Post that I just referenced earlier; however, the FAKE News Student Loan Hero exaggerated the actual article, so I'm always skeptical of website that try to reference a real website with real news. (SMH). Your source citations needs some work. How is a 12.5% Income Based discretionary repayment better than a 10%? Explain that to me? The proposal would wreck havoc on every federal student loan borrower regardless of income.
  22. Isn't there a class action lawsuit pending somewhere in Federal court about these very things? Yes, there are several states suing on behalf of borrowers who took out Fraudulent loans at these for-profit institutions and the lack of government intervention in granting loan forgiveness that was eligible under the Obama Administration. People forget, that when a new Administration comes in, they revamp everything including PSLF. They're talking about consolidating all of the various repayment plan into one plan that is income based at 15% of your discretionary pay, in addition, to a one federal loan servicer for all loan borrowers and getting rid of the Subsidized Direct Loan, Perkins Loans, and Federal Work Study. The landscape is changing which is why I am being so optimistic on these loan forgiveness programs, because funding is being cut and there is nothing stopping it in the House or Senate. So when the OP says they're relying on it, I wouldn't guarantee it being available - there are just too many factors that I can't play down the risk and say "oh yeah, it'll still be there".
  23. It's easily locatable in the news, but since I'm a nice guy, here it is https://www.washingtonpost.com/local/education/trumps-first-full-education-budget-deep-cuts-to-public-school-programs-in-pursuit-of-school-choice/2017/05/17/2a25a2cc-3a41-11e7-8854-21f359183e8c_story.html?utm_term=.723a8789858c. In addition, you should also take a look at Secretary DeVos' budget which includes massive cuts to several programs. Also, the first batch of folks who would be eligible for Public Service Loan Forgiveness is coming due this October 2017 and it has been radio silent on whether this group will be granted their forgiveness. Also the other folks who have requested forgiveness under the Borrower Defense (i.e. Corinthian College, ITT Tech, etc) are stuck in limbo as well for forgiveness. So if you start connecting the dots and read in between the lines of the Administration, no one will be eligible for forgiveness until the Administration rewrites the Federal Regulations. Also, PHEAA has been sued by the State AG for their lack of record keeping in regards to PSLF....Like I said, I wouldn't count on it and I've advised my constituents of this.
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