I had FFEL loans for years that were held by Nelnet and had no idea as to why I wasn’t allowed to select my preferred IDR plan. Once the SAVE plan was created, I consolidated to a Direct Loan and everything worked out well. However, it’s unfortunate that no one at Nelnet ever explained the difference between an FFEL loan and a Direct Loan years ago.
THANK YOU SO MUCH!!! If you wouldn't have made this video I would of been in big trouble. I had been struggling and didn't meet any forgiveness guidelines. I couldn't afford the new monthly payments and Sloan was not budging. I called and tried to get help and couldn't get anywhere. I had been super stressed out and thought I might have to file bankruptcy. I found this video and was able to consolidate my loans from Sloan and get away from them. Now I can afford to pay my new monthly payment and still pay for my other bills. Thanks again so very very much!
This video was super informative about the new sloan switch. It also hit home just how screwed over I've been by this type of loan. Consolidating seems like the worst option ever though. I've been paying for 18 years on a 26k loan and the only consolidation option I'm eligible for I would start over on payment counts, owe 20k more from interest on the the 13k I've whittled it down to, it would be extended to 2038 from 2028 my payments would double; and the interest would go up to 9% from the 7% I'm at. NAH. I'm good. HARD. PASS. Also totally not my jaw hitting the ground in disbelief asking how this is supposed to be better and more beneficial lol Everything about this loan type is designed to screw you over. This is just a portion of one story of what life is like with this loan type. I do hope it's better for others. I'm getting there though and I hope everyone else is too :)
I would love to have an independant forensic auditor analyze the FELP loans and how they were handled by Navient/Sallie Mae - when you call Navient, they pretend they were never Sallie Mae, LOL
Thank you, Good Sir… after hours and hours of confusing research, your video succinctly answered my question. I have loans serviced by Sloan = I need to do the consolidation. Thank you thank you thank you!!
I just got transferred to SLOAN with my FFEL loan from NELNET. I was waiting to recertify with an IDR plan and they are saying I can apply for the SAVE plan. I saw your videos saying to consolidate my loan to be able to maybe receive forgiveness.. Not sure which route to take first~ apply for SAVE now or consolidate now? I am scared for my interest to go up... and get locked into it.
I did this in 2003. It was very helpful I had to do it again so I could sign up for the save program I don't know if the last twenty thousand I have and that will be forgiven However. I'm going to keep paying
I'm confused - my loans went to Sloan Servicing as well. But it says it's all paid up in full now. Is that legit? I never got a letter or an e-mail saying my loans were forgiven
I don’t know why your loans would be forgiven after moving to Sloan. The type of loans that moved to Sloan aren’t immediately eligible for loan forgiveness.
My loan was transferred from Nelnet to Sloan. I used the govt. payment calculator to estimate my payments for an IDL, and my payments went up by over $70. Is there an instance where it's not beneficial to consolidate?
I took out my loans a 3% they are now 8.5%. I have subsidized and unsubsidized staffords. In the past so many got screwed on consolidation. My loans are deferred (in school) Many who consolidated lost their in school protection. My original loans have a windfall clause that prohibit servicers/banks from make excessive profit. original loan 42K current total 146. I would say that could qualify as a windfall to say the least. Forever the interest remained the same then all of the sudden it jumped up rapidly. I think there is something fraudulent. What can be done?
So if FFEL loans are getting all the perks the other loans are, why are they not able to be, for example, discharged in bankruptcy? I mean I am 58 now and on disability and they expect me to make payments. With what I get a month, I can pay my rent and a bill for internet which is the only thing that passes for entertainment and maybe one other bill if I have enough left over. I don't go out to eat, don't drive except for my doctors appointments and things of that nature, hell, I can't even afford a haircut unless I am able to tuck at $20 over a couple of months. I was on the income driven repayment plan and didn't have to pay anything because I don't have anything to pay with so what options do I have? Let them screw me over and ruin what credit I do have? This was a huge mistake. I never should have taken out these loans. Hindsight is always 20/20.
You may have a FFEL Consolidated Loan. Borrowers who apply to consolidate those types of loans to the Education Department by April 30, 2024, can get past credit for time in repayment, forbearance, and deferment.
@@stanleytateThanks for your help, I consolidated and signed up for the SAVE program. My bill is going from $300 a month down to $100 a month. Unless of course it gets blocked by the haters … lol
i had great lakes , then nelnet , then sloan. when i heard the supreme court struck down the options i didnt bother. I found a email from nelnet saying i have a account with d/j i have a commercially held FFELP loan. I graduated from graduate school in 1998... I went into repayment then did forbearance for a while. Then i consolidated with great lakes. They promised a good interest rate but somehow screwed me out of in in 2008. I have been paying. If i have a Commercially held FFELP loan that originated in 2021 do i miss the graduate mark of 25 years? I made a payment initally way back then deffered that would have been in 1999. I signed up with FSA , Do i have to consolidate again to get any relief? does the newest Biden forgiveness help me at all?
I’d have to see your loans to know what you should do personally, but if you’re someone with commercially held FFEL loans today, you want to apply to consolidate by 4/30.
@@stanleytate you are all booked till April 30, can you squeeze me in anytime in the next week. I booked on your website for Tuesday, April 30, 2024 1:00 PM - 1:20 PM . I uploaded my TXT file to your portal. I can talk anytime. Let me know and ill book it asap. Question is do i have to choose a IDR to get forgiveness. Because if i choose IDR my payments double, and that would sting if i get no forgiveness. You deserve payment for your time. If its not worth it or i dont qualify its worth it for me to get closure and move on. I tried to post the info but youtube keeps deleting the post. I dont want to choose the wrong consolidation loan.
I wish they would make up their minds on what's coming of these loans and if they don't know give everyone so much off of what they owe to try to help.
I have three loans that =$13,000, and have not been able to pay in 15yrs, which has contributed to $7,000 worth of interest added. Now being transferred to Sloan seems even more bleak form being able to get out from under this debt. I was an idiot and understood nothing about what i was agreeing too with those loans!! Its just ridiculous, peoples lives didn't pan-out, the economy has exploded where people cant even afford to pay for basics...and the banks want to just keep piling on interest. Its disgusting! Single parents and normal waged people over 50 are just drowning.
I had FFEL loans for years that were held by Nelnet and had no idea as to why I wasn’t allowed to select my preferred IDR plan. Once the SAVE plan was created, I consolidated to a Direct Loan and everything worked out well. However, it’s unfortunate that no one at Nelnet ever explained the difference between an FFEL loan and a Direct Loan years ago.
THANK YOU SO MUCH!!! If you wouldn't have made this video I would of been in big trouble. I had been struggling and didn't meet any forgiveness guidelines. I couldn't afford the new monthly payments and Sloan was not budging. I called and tried to get help and couldn't get anywhere. I had been super stressed out and thought I might have to file bankruptcy. I found this video and was able to consolidate my loans from Sloan and get away from them. Now I can afford to pay my new monthly payment and still pay for my other bills. Thanks again so very very much!
My loans were moved from great lakes to nelent this year. with no rhyme or reason. I gave them zero permission. It's crazy, you control nothing.
This video was super informative about the new sloan switch. It also hit home just how screwed over I've been by this type of loan.
Consolidating seems like the worst option ever though. I've been paying for 18 years on a 26k loan and the only consolidation option I'm eligible for I would start over on payment counts, owe 20k more from interest on the the 13k I've whittled it down to, it would be extended to 2038 from 2028 my payments would double; and the interest would go up to 9% from the 7% I'm at. NAH. I'm good. HARD. PASS.
Also totally not my jaw hitting the ground in disbelief asking how this is supposed to be better and more beneficial lol
Everything about this loan type is designed to screw you over. This is just a portion of one story of what life is like with this loan type. I do hope it's better for others. I'm getting there though and I hope everyone else is too :)
I have been paying on my loans for 30 years
I would love to have an independant forensic auditor analyze the FELP loans and how they were handled by Navient/Sallie Mae - when you call Navient, they pretend they were never Sallie Mae, LOL
Thank you, Good Sir… after hours and hours of confusing research, your video succinctly answered my question. I have loans serviced by Sloan = I need to do the consolidation. Thank you thank you thank you!!
I just got transferred to SLOAN with my FFEL loan from NELNET. I was waiting to recertify with an IDR plan and they are saying I can apply for the SAVE plan. I saw your videos saying to consolidate my loan to be able to maybe receive forgiveness.. Not sure which route to take first~ apply for SAVE now or consolidate now? I am scared for my interest to go up... and get locked into it.
Because you have FFEL Loans, you're not eligible for SAVE. You would need to have Direct Loans. You can switch to a Direct Loan by consolidating.
I did this in 2003. It was very helpful
I had to do it again so I could sign up for the save program
I don't know if the last twenty thousand I have and that will be forgiven
However.
I'm going to keep paying
I still have not gotten any loan forgiveness
I'm confused - my loans went to Sloan Servicing as well. But it says it's all paid up in full now. Is that legit? I never got a letter or an e-mail saying my loans were forgiven
I don’t know why your loans would be forgiven after moving to Sloan. The type of loans that moved to Sloan aren’t immediately eligible for loan forgiveness.
@@stanleytatedisregard, I read that it's part of the transfer. I'll still be paying, it looks like
Thank you for this video💯🙏
My loan was transferred from Nelnet to Sloan. I used the govt. payment calculator to estimate my payments for an IDL, and my payments went up by over $70. Is there an instance where it's not beneficial to consolidate?
IDR
Well I missed the deadline. So what can I do now?
The deadline got extended to June 30th. So you still have time.
@@stanleytate 😮 thank you 🙏
@@stanleytate ok. Thanks!
Missed June 30th...now what?
I never got my email. Did Nelnet do this with eveyone? It sounds like maybe my loans were the specific type to get transferred.
If your loan starts with a D, like mine, then they got transferred to Sloan.
I took out my loans a 3% they are now 8.5%. I have subsidized and unsubsidized staffords. In the past so many got screwed on consolidation. My loans are deferred (in school) Many who consolidated lost their in school protection. My original loans have a windfall clause that prohibit servicers/banks from make excessive profit. original loan 42K current total 146. I would say that could qualify as a windfall to say the least. Forever the interest remained the same then all of the sudden it jumped up rapidly. I think there is something fraudulent. What can be done?
So if FFEL loans are getting all the perks the other loans are, why are they not able to be, for example, discharged in bankruptcy? I mean I am 58 now and on disability and they expect me to make payments. With what I get a month, I can pay my rent and a bill for internet which is the only thing that passes for entertainment and maybe one other bill if I have enough left over. I don't go out to eat, don't drive except for my doctors appointments and things of that nature, hell, I can't even afford a haircut unless I am able to tuck at $20 over a couple of months. I was on the income driven repayment plan and didn't have to pay anything because I don't have anything to pay with so what options do I have? Let them screw me over and ruin what credit I do have? This was a huge mistake. I never should have taken out these loans. Hindsight is always 20/20.
I swear I already did consolidate , but apparently not because I too got moved to Sloan. If I consolidate do I have to start all over?
You may have a FFEL Consolidated Loan. Borrowers who apply to consolidate those types of loans to the Education Department by April 30, 2024, can get past credit for time in repayment, forbearance, and deferment.
@@stanleytateThanks for your help, I consolidated and signed up for the SAVE program. My bill is going from $300 a month down to $100 a month. Unless of course it gets blocked by the haters … lol
i had great lakes , then nelnet , then sloan. when i heard the supreme court struck down the options i didnt bother. I found a email from nelnet saying i have a account with d/j i have a commercially held FFELP loan. I graduated from graduate school in 1998... I went into repayment then did forbearance for a while. Then i consolidated with great lakes. They promised a good interest rate but somehow screwed me out of in in 2008. I have been paying.
If i have a Commercially held FFELP loan that originated in 2021 do i miss the graduate mark of 25 years? I made a payment initally way back then deffered that would have been in 1999. I signed up with FSA , Do i have to consolidate again to get any relief? does the newest Biden forgiveness help me at all?
I’d have to see your loans to know what you should do personally, but if you’re someone with commercially held FFEL loans today, you want to apply to consolidate by 4/30.
@@stanleytate FFEL Consolidated (both COMMERCIAL) FFEL ConsolidatedDisbursement date>
@@stanleytate you are all booked till April 30, can you squeeze me in anytime in the next week. I booked on your website for Tuesday, April 30, 2024
1:00 PM - 1:20 PM . I uploaded my TXT file to your portal.
I can talk anytime. Let me know and ill book it asap. Question is do i have to choose a IDR to get forgiveness. Because if i choose IDR my payments double, and that would sting if i get no forgiveness. You deserve payment for your time. If its not worth it or i dont qualify its worth it for me to get closure and move on. I tried to post the info but youtube keeps deleting the post. I dont want to choose the wrong consolidation loan.
FFEL ConsolidatedDisbursement date>
Here is my info FFEL ConsolidatedDisbursement date>
I wish they would make up their minds on what's coming of these loans and if they don't know give everyone so much off of what they owe to try to help.
That is one solution. Unfortunately, it's not one they've adopted.
You are an angel ❤
I have never been in default
Why is my balance 0 after transferring
Because they probably closed out your account with your current servicer and created a new account with a balance with the new servicer.
@@stanleytatehave you hurd of people credit score dropping after this and by how much points
I have three loans that =$13,000, and have not been able to pay in 15yrs, which has contributed to $7,000 worth of interest added. Now being transferred to Sloan seems even more bleak form being able to get out from under this debt. I was an idiot and understood nothing about what i was agreeing too with those loans!! Its just ridiculous, peoples lives didn't pan-out, the economy has exploded where people cant even afford to pay for basics...and the banks want to just keep piling on interest. Its disgusting! Single parents and normal waged people over 50 are just drowning.
FIRST TO WATCH.
Why is Sloan sending me checks ????This seems fishy!!!!!!!!!!!!!!!!!!
Thanks for the informative review of the change. Way more informative than listening to a robot tell me about how Biden fucking lied.
start paying your loans with your 2nd amendment