Its me Patrick. From this episode I take it because from what records and facts I have. I've been with Navent since June 24 2005. My wife and I have joint loan from what I gather Navent or Sallie Mae. I had trouble paying our loan in May or June 2005 So I was given forbearce. Our loan basically has been in the forbearance black hole for more then ten years. So I will be making a appointment for a consultation this month or my other choice is I can keep paying 320.00 a month
Joint loan? Hmm. The threshold issue is determining if your loans are federal or private. Up until 2006, married couples could do joint consolidated federal loans. However, if you took the loans out as a joint loan (or one cosigned), then they are probably private student loans.
You helped me be a little more exact. The correct my wife and I CONSOLIDATED our loans after graduation. 2006 with NAVENT I'm still on the hunt to track down if we are a federal loan or a private loan. The web site to register on the federal loan site will not allow me to register. A friend thinks it is because the computer knows with the information I am able to enter I am a private loan. My wife gets every month a paper statement from Navient does this give you a clue weather we are a federal or private loan? My statement is via Email.
I couldn't waite I read your last reply about I probably have a private loan. So do I still have a chance for any cancelation or am I still in the black hole of forbearance forever?
If you consolidated after graduation with your spouse's loans, that is almost certainly a joint consolidated loan (a.k.a an FFELP Joint Consolidated Loan). You should have a statement or be able to access something at StudentAid.gov that will say something like FFELP under loan type. Those are Federal Student Loans for purposes of this settlement and therefore are not eligible for cancellation. Also, the fact that the loans have been in continual forbearance, that isn't common for private student loans. Federal student loans can have rolling forbearances that can last for years, private loans don't.
I thought the term for also if they had continued to keep your loan in forbearance that was one of the things also if your loan was in forbearance and had been in there for numerous years
When I was reading the information that's come out it said it was all part of the same lawsuits I don't really know because I've seen it twice that wording and one prior and then again so I don't really know what they talked about the forbearance and them not putting it in like a cost-of-living are giving them different, and then the other one is where they just keep on letting you put it in forbearance forbearance and gaining interest
The forbearance issue doesn't result in any forgiveness. You may get a small payment (I don't recall the amount, but I think I mention it in this video or the Part II video).
So i have 3k left onn my private student loans. Its been on automatic payment for years. Ill just pay it off... hoowever my federal student loans amount to over 80k.. and been on constant forbearance. I attended from 2004 to 2008...
I had 57,000 federal loans that were taking on in 2006 and I live in Illinois and the school I was in was Apollo university Phoenix. I dont want no 250 bucks. Do I qualify for them to erase my loan. Also my loan has been stiing in forgiveness program for 8 years. I have no made no payments. They just be sitting in a forgiveness program. My loan was first by Sally may then transfer to navient.
This particular settlement won't cancel your federal student loans; this settlement is only cancelling private student loans. However, you might qualify for what is called "Borrower Defense" to repayment.
@@bankruptcybailout Yes, that is what I have it been like that for 8 years then last year got rejected and I applied it so I am still waiting. Do you help at all to make this process move faster so it can be forgiven?
There isn't a way to make it "move faster," but I do represent individuals in applying for "borrower defense." The application asks for a technical legal argument regarding state law, fraud, and the underlying facts. So, I help people determine if they are eligible and then draft the application.
@@jazminliz1 I can't discuss fees in an open forum. Fees are determined on a case-by-case basis after an initial consultation. However, the fee is in the low 4 figures range.
No. Not as part of this specific settlement. The federal government has forgiven loans for those who attended various for-profit schools. The question is whether your loans fall into that basket of loans.
So my art institute of Seattle loans from 1992 that have compounded to over $171K are out of this due to the year and that I live in Idaho now? Death is the only way out.
There is other possible relief for loans obtained to attend Art Insitute. I hate to say it, most of the relief doesn't go back that far to cover loans obtained in the 90s. You might have the option for "borrower defense" relief for any of your loans that are federal student loans.
First, you should clarify whether your loan is a federal or private loan. Federal loans are the ones most likely to be transferred, but federal loans are not being canceled under this agreement with Navient. However, if you have a private student loan that would otherwise qualify, the settlement agreement has provisions requiring Navient to reach out to those servicers to facilitate the cancellation.
What happens if my loan was in default but was showing current because I was in a chapter 13 bankruptcy? I recently just got out of my bankruptcy and navient started calling me immediately, then they applied a $20 payment on my loan resetting the statue of limitations.
That is a good question. If the loan was charged off according to the terms of this settlement prior to you filing bankruptcy and you otherwise meet the other timing requirements and criteria, then I believe you are still eligible. To really say, an attorney would need a detailed timeline of events.
So the loan has to be in default to qualify. Once again the govt goes after the people that actually try and do things the right way to the best of their ability.
I certainly understand the sentiment and sympathize. The legal point is that this settlement is a result of a lawsuit by states. So, there has to be a violation of state law. There is nothing inherently illegal about student loans. The gist of the claim is that Sallie Mae engaged in a type of predatory lending (lending to people they expected to or knew were high risk for default). As such, the relief can only be given to those that actually defaulted. Ipso Facto, those that didn't default weren't illicitly loaned money (at least, that is reasoning). Of course, the moral hazard is that some in the default class may be irresponsible and not bonafide victims. Then there are those that worked really hard to avoid defaulting but should get relief as well. In my experience representing student loan borrowers and debtors for 20 years, I have never encountered anyone who was flagrantly not paying. Some made some poor decisions, but they all tried to make it work but just couldn't.
Depends on what you need. Generally, those that are eligible are going to be notified. You would call Navient. However, it is unlikely that their front-end customer service would be much help.
I originally took out a government student loan in 2003 with Sallie Mae which was then a government loan but they sold it to Navient which is private. I had no idea when it happened. Now Navient told me bc it’s private, it can’t be forgiven. That’s crazy since it was an original government loan. I am going to hire a lawyer. I’ve been paying on it for almost 20 years.
Federal loans cannot just turn into private student loan on their own. You may have FFELP loans (which is likely given the time frame), which are the old style federal loans whereby the bank would lend the funds and the government guaranteed the loan. Those loans aren't private loans, but they are not "Direct" loans (Direct loans are lent directly by the Dept. of Education). The other possibility is that you did a refinance (not a consolidation). Although, that possibility is remote. I suspect there is something lost in translation. You can go to studentaid . gov and get an inventory of your federal student loans (including FFELP loans).
@@bankruptcybailout Thanks. I will look into this. I did not refinance and just applied like normal with student aid at the university. I remember getting a letter that said my loan has been sold to Navient. I didn’t think anything of it at the time. I appreciate your response!!
I am experiencing the same issue. I took out a government loan in 202 or 2003 with Sallie Mae and it was sold to Navient. I don't know what to do to see if I can qualify for a discharge. Also, I was not aware and also worth mentioning Navient representatives are not notifying borrowers of this discharge.
In 2019 Navient sent me a paper and offered to settle with me for $5,000. I owed $25,000. Ripped off from ITT Tech. They didnt teach us crap. when i told them i would no longer attend they still kept me in and said they disnt have the papers i signed. Ripped alot if people off.
I recieved postcard saying I would get back $450. I went to for profit college FIDM 2003-2005. I just started paying my loans back in Nov 2021. Will my loans be forgiven or since I started paying them I just have to keep paying them. 30K in debt. I kept doing forbearence since 2006. I live in CA
The loans have to have hit default status per the requirements. If the loans were in perpetual forbearance, they were never in default. Also, I suspect your loans are federal student loans. It would be exceedingly rare for private student loans to be in forbearance for 15+ years. The forgiveness discussed in this video is only for private student loans.
I live in IDAHO, but I LIVED in Burlington, Vermont for YEARS. All of My Loans were from Burlington Vermont and Goddard College in Burlington, VT and Plainsfield, VT. I was living there AT THE TIME when I went to school and was paying on the loans, but I now live in IDAHO. Do I still qualify??
The settlement agreement is pretty direct on this point. The borrower's last known address (with Navient) as of June 30, 2021, must be in a signatory state (one of the states participating in the settlement). It doesn't matter where you lived when you took out the loans, it doesn't matter where you lived when you went to school, etc. It only matters that your last known address as of June 30, 2021, is in one of the 38 participating states. Legally, that makes sense because it has to do with the jurisdiction of the state courts to grant relief. However, some people will get left out that probably shouldn't.
I think we all appreciate the moral hazard of the situation. I think we need to be charitable about it. In my experience, having represented struggling borrowers for 20 years, it is that life didn't really work out or something happened. That thing caused them not to pay; it wasn't really irresponsibility. As an aside, the legal point for why those that are not in default are not getting debt cancellation is that the underlying legal theory relates to predatory lending. Predatory lending is lending to people the lender knows or has good reason to know can't pay back the loan. Ipso facto, if the borrower is paying it back (even though that is a struggle), the loan wasn't predatory as to that borrower. The case the attorney generals of the states brought wasn't that strong. It actually would have been a tough case to win. I get that is of little consolation to you, but hopefully, the additional context helps.
My Sallie Mae loans were in default for years. Navient convinced me to refinance and now I'm current and playing good human. So I should have continued to ignore them and your telling me that it would have went away?
I can't speak to whether your prior loans would have been eligible for this forgiveness, but if you are not past due on your present loans, then those loans are not eligible for cancellation.
Why are they not including federal student loans through Navient because what they are describing they did is exactly what they did to me, basically recommending long-term forbearance as my only option, I had my loans consolidated in 03 for 18k my loans are now 48k.
The technical point is that this settlement is between Navient and individual states (38 states). The states have no jurisdiction or authority to mandate cancellation of federal student loans nor does Navient have independent authority to cancel federal student loans. Federal student loans are held (owned) by the U.S. Government.
My loans were sold to nelnet on 2/19. I rehabilitated my loans but they are 97000 from DeVry and was under Sallie Mae then Navient. They were in default with us Department of education for the time frame. My loans were with navient from 2009 to 2017. Do I qualify
I just got that form after I paid off a student loan debt and mine says $19,600! Can I hire an attorney to get me that full amount since there’s some kind of $2500 cap?! To Navient
I appreciate you explaining this. I see that my only option now is to declare bankruptcy. I've been in forbearance for years and my loan is double what I make annually. I did EVERYTHING Devry asked of me once I graduated and still couldn't find a job based on my degree. I'm currently working an admin job that allows me to pay the rent and bills but nothing more. It's a hot mess to say the least... I feel like an idiot because I probably should have stopped paying on the loans and defaulted like everyone else was doing. Oh well....
I am sorry to hear about your situation and that you don't qualify for this particular forgiveness option. You should still have an attorney that understands student loan issues review your situation and see what options if any, are available. Bankruptcy may be one option, but that is still a difficult and costly endeavor even with strong cases.
Unfortunately, the refinance with SOFI would cut you off from the Navient forgiveness. A refinance is not a transfer or sale of the debt, but a new debt.
I live in IDAHO, but I LIVED in Burlington, Vermont for YEARS. All of My Loans were from Burlington Vermont and Goddard College in Burlington, VT and Plainsfield, VT. I was living there AT THE TIME when I went to school and was paying on the loans, but I now live in IDAHO. Do I still qualify?? (And if NOT (Hopefully I DO), if I were to get RESIDENCY in VERMONT again *AFTER* the fact, would they still qualify to be WRITTEN OFF?
Unfortunately, that is correct. The company you have the loan with now is not a party to the lawsuit. Navient cannot cancel a loan it no longer owns. Sorry.
@@bankruptcybailout part of the lawsuit should be repaying the interest that accrued during the time of forbearance. Whether or not you refinanced with another company because they still have the records of the time you have the loan with them.
That is something you should put in a letter to your state's attorney general. It may not do any good, but it might help you get the frustration out of your system.
I really don't understand this whole thing. I think my situation is complicated. I was with Navient and I would ask for more affordable payments, they'd push me to forbearance. This lasted years and years. I was finally put on an income driven repayment, but the pandemic pause happened. Navient reported me as non payment during the pause and my credit score plummeted 30 points. They then told me to consolidate to Mohela, which I did. Suddenly there was the forgiveness announcement. I must also add that my for profit school ran a program that was supposed to boost your degree and made false promises. They suddenly closed the program and campus right after we all graduated. They reopened and no longer offer that program. All around scam. My question, did my consolidation ruin my chances for forgiveness?
It sounds like you have federal student loans. "Income driven repayment" is a feature of federal student loans. As such, the settlement discussed in this video doesn't apply. If you attended a for-profit school, you may be eligible for borrower defense forgiveness. You would apply for that through the Federal Dept. of Education. Depending on the school you attended and when, the Dept. of Education might already have made a finding regarding forgiveness.
The borrower's residency is established as of June 30, 2021. There are some caveats if the person is in the military or if the address is unavailable or unknown.
This sucks. They kept putting my loans into forbearance when I was unemployed. Prior to 2014. I scrounged just so they wouldn't go into total default... Plus their bill collectors would call 3 times a day. 🤦🏼♀️ I finally refinanced with another loan provider after a few years. Sallie Mae they said they couldn't. (Which was a lie) since graduation I have paid well over 70k in student loans for a degree that cost me 50k (roughly the original loan amount) and I still have 55k to go. How is this legal? Predatory lending. And somehow it's legal. 😢
So the fact that everyone was in a foreberence from 2020 up until now doesn't mean anything? I haven't had any money due since before the pandemic. I did pay a large amount toward my sum when the interest was taken away in 2020. Could I call Navinet and see if I qualify? I don't remember if I had any late payments in the timeframe you meantioned. Thanks for the video!
Only some private student loans are being canceled. It was primarily federal student loans that were put in pandemic forbearance. Some private student loans may have been put in a pandemic forbearance, but it was never required that they do so. You can try to call Navient, but I don't think front-line reps are prepared to verify one's eligibility. Navient is required to notify those that qualify by July 2022.
Ouch. Well, there are two other categories. You had a Sallie Mae Opportunity loan (don't ask, I don't have any information on what that is, I assume it was a specific program), or your FICO score at the time you took out the loan was below 670 if you attended a for-profit school or below 640 if you attended a non-profit school (how they will figure that out is a mystery). However, I suspect that most of the borrowers that are eligible will have attended one of the listed schools. Navient will be notifying eligible borrowers by July 2022.
I got my loan since 2005 or 2006 and have been in delinquent years after on and off. In 2021, I have been put on forbearance and is not on charge off status. Will I still be qualified?
I hope you get the forgiveness. However, the trigger date is June 30, 2021. As worded, the loans must be in past due or charge off status as of that date.
My husbands loans with Navient are Private. He owes about $16k that he took out back in 2012, and his father had to co-sign for it. He was threatened so many times when he wasn’t able to afford the monthly payments so he went into forbearance a few times. And he has lived in California since then. Does he qualify? He went to UTI for Diesel Technician.
I don't know off hand who owns UTI and I haven't seen it listed as one of the included schools. The loans have to have been lent by SallieMae/Navient (not just serviced by them), and the loans must be in past due status (212 days late) as of June 30, 2021. Navient is required to notified eligible borrowers by July, 2022.
Then the question is whether he is past due by 212 days (about 7-8 missed payments) and whether UTI is owned by one of the companies listed in the settlement.
@@bankruptcybailout he was past due a few times in the past. Not last year, but a few years ago. And we don’t know if UTI is part of this whole settlement.
I have a Navient loan from Sacramento state. I live in Ca. Its a fed loan and the loan is started not too long after I graduated after 2006-2007. I was advised from the beginning that if I worked for a federal govt that my loan would be forgiven. Well it has not….I currently worked for UCSF med center a federal entity since 2015….do I qualify for the forgiveness?? Thx
No federal loans qualify for forgiveness under this Navient settlement. You might qualify for public service loan forgiveness (that seems to be what you are referring to in your questions). However, not every position in the government qualifies and contractors for the government don't usually qualify.
Based on the settlement agreement, the eligible schools are based on the school you attended. You would have to determine if Western Career College was owned by one of the listed entities in the settlement agreement. However, the preliminary requirement is that the loans must have been originated (lent) by Sallie Mae, Navient or its subsidiaries.
I assume you are referring to unsubsidized loans. The term 'unsubsidized' is used in the context of the Federal Direct Loan program (or Stafford Loan program). The answer to your question is no. Federal student loans (subsidized, unsubsidized, PLUS, or consolidated) are NOT being canceled under this settlement with Navient. Only private student loans are canceled.
What if i DID have a loan by sallie mae (navient) and do meet requirements, BUT i already paid it off. Do i get reimbursed/refund???? If i still had that loan, i would definitely qualify for this forgiveness settlement.
Sorry no. If you paid off the loan, you do not get any sort of reimbursement. The logic (such that it is) is that the states are going after predatory loans. Predatory loans are loans made to borrowers who "almost certainly" can't pay them back. Ipso facto, if you paid off the loan, the loan was not predatory as to you. Granted, that sucks for those that busted their butt to pay off the loan.
*Navient is discharging private student loans for veterans at the 100% va disability rate. The only problem is that they are currently only servicing loans- not lending them. Loan lenders are so secretive regarding who their servicer(s) maybe that any 100% vets would have to hit the lottery to end up with them as their loan servicer. After months of digging & research there is zero Information via internet, about what lenders work with Navient as their servicer. And calling into various servicers or lenders; will get you entangled in the most passive aggressive & unfriendly conversation with representatives. They will refuse to answer any questions as if they're the mob and you're the FBI. If anyone has excess info consider youtube content or a post on reddit. To 100% Vets: you can receive both federal and private student loans simultaneously.*
There is no such thing as unsubsidized private student loans. Unsubsidized is a type of loan offered under the Federl Direct Loan program (or the prior Stafford Loan program).
In confused about the address situation. What if a person moved out of California to another state in 2020. Does that disqualify the person due to moving? Even though all the loans were in the state of California and applied to a school in California?
That is a good question: Eligibility is based on the borrowers' "last known address," not where the loans were originated. The reason being is that this settlement results from lawsuits filed by the attorney generals of 38 states. So, to be eligible for cancellation, the borrower has to reside currently in one of those states. The settlement agreement simply says that eligible borrowers last known address (presumably, the last known address Navient has on file) must be within one of the 38 states that is a signatory to the settlement agreement.
I don't have a way to say one way or the other. My reading is that the last known address is established as of June 30, 2021. Whatever Navient had as your last known address as of that date is going to dictate borrower eligibility.
AidVantage services federal student loans. Federal student loans are not being forgiven with this settlement with Navient. If your loans were transferred to AidVantage, that means those loans are federal loans.
The loans with aidvantage were not owned by navient, they are owned by the dept of education. Navient was just contracted to service a portion of those loans. So if you think you were in an agreement with navient for doe loans and they were transferred and you decide not to pay it, you’ll default eventually and that can be bad. Don’t do that lol
@@bankruptcybailout,My loans are being transferred to aidavantage as well. I have also been in forbearance forever. Navient is still showing a balance on my credit. They didn't mention moving my file to another company. I also notice that it is missing data. I went to school through phoenix and both phoenix and Navient was the worst thing that ever happen to me.
Ive gone through the criteria and I THINK that I qualify for forgiveness. Who can I call or email to find out for sure? Will Navient tell me that information? Should I contact the Attorney General of my state (NY)?
Navient has set up a webpage, but it doesn't include any way to determine specific eligibility. The settlement requires Navient to notify borrowers by July, 2022. I doubt front end customer reps at Navient have any way to tell you. For now, we are just in a wait and see.
Hello. Took a private loan in 2008 with a cosigner. Most years I have forbearance. I borrowed 20,000 been paying this as much as I can. I got this lowered down to 14k. But yearly I have delinquencies and the last 2 years of Covid had been horrible so it went back up to 19k again. My monthly payment is $355. Navient offered to lower to $135 (for principal) been paying that the last 3 months. Am I qualified?
Obviously, I can't say for certain. You still need to fall within one of the three categories designated for cancellation in addition to the "charge-off" status. Assuming your loans are private student loans and if there was a time in the last 7 years where you went didn't pay for eight months, then the loans might be in past due status. Then the question turns to whether you fit into one of the three categories designated for cancellation.
You could try calling Navient. I am not aware of any hotline. Ultimately, those that qualify will get notified by Navient once this settlement is approved.
I had taken out private loans in 2003 for a for profit art school that closed in 2015 due to misleading the students.Navient said I used up all my deferments and forbearances and fell over 7 months behind. Do I qualify for concellation considering this school closed in 2015 but withdrew in 2005.
School closure is not a basis for cancelling private student loans. Assuming the art school in question is one the named schools in this settlement, then your loans had to have gone into default (past due) status after June 30, 2014 (or further back if your state has a longer statute of limitations to sue for a debt). If your loans were in default prior to June 30, 2014, then this settlement will not cancel your loans.
Do you have to meet ALL conditions or just the timelines/charged off status? The only thing I don't fit into is the school category and my mother (co-signer) may have had a 630 credit score on our private student loans. My credit was obviously bad enough that I needed my mom to co-sign. Breakdown: $80,128.00 in private student debt from Sallie Mae (Originated 2008-2009) Attended a for-profit school (NOT LISTED as qualifying school) Charged off - Feb 2020 Delinquent - Aug 6 2020 Residence in Georgia as of Dec 2021 Last payments made Sept 2016 (within Statute of Limitations) Are my chances good?
Forbearance is forbearance. The trigger for forgiveness is delinquency in payments. Unfortunately, the settlement doesn't address forbearance. Those that are in forbearance and assuming the loans were not 8 months delinquent at some point, will not qualify for forgiveness. :(
Federal student loans were put into automatic, pandemic forbearance. This debt cancellation doesn't apply to federal student loans. Although private loan servicers may have also offered forbearances due to the pandemic that wouldn't have changed the status of loans already in charge-off or past due status.
I went to ITT Tech in 2007-2009. Was placed on a forbearance out of school. Didn't have a job for nearly 2 years and defaulted for probably longer than I've been positive. I saw in thier legal stuff, I live in California. Which for me defaulting totally would of hurt me... No way to find an apartment with bad credit out here. Plus this seriously would of hurt my wife as well. We do want to get a house... So I mean where does this leave me? When I saw the word(s) *Defaulted ON* I was like... Hold on here because they're claiming (they as in Navient ); they're the ones CHOOSING to do it instead of being forced which gives them power in HOW they do it. They fight dirty I really feel this is for them to save face. I have 0 money in retirement because of these loans. I'd like something back I've got nothing from going to that school , nor does my "Degree" count for anything. What do you think? Where am I in this?
Sorry to hear of your predicament. You likely need to sit down with an attorney to review your loan history. All I can do is reiterate the requirement for forgiveness in this settlement that the private student loan must have gone into charge-off status, which means delinquent payments for 8 billing cycles or 212 days, between June 30, 2014, and June 30, 2021.
I had private student loans from Art institute of Tampa in 2010 $90k that went into deferment a couple times because of variable interest rate now 148k. I stopped paying in march of 2019, Maryland has a 3 year statue of limitations but on my credit report went from default/charge off to collections again. If I remember correctly these private student loans were serviced by Sallie Mae then AES and to NCT but shows transworld now. Is there a website that has more info ?
I am not aware of any website set-up for this just yet. It sounds like your loans may be eligible if you resided in one of the 38 states that is participating in the settlement as of June 30, 2021. The loans had to have been originated by Sallie Mae.
Try to see if they're eligible because I know with navient they were also talking about the I graduate from graduate school in 2010 I paid off my undergraduate loans but not my graduate loans and for some reason I thought I was going to be part of the program with the forbearance for for some reason it looks like that was taken out but I do know it was some issues with them and if your loan has been for parents for like 34 years you could applied so I'm going to contact them and see what you're talking about but I'm I'm sick of these loan people wish you all the best keep us posted I'll keep you posted
I am thinking I should talk to a lawyer. My situation seems kind of complicated. I had private and federal loans consolidated and I don't remember how or why now but all under Navient until earlier this year I moved them to Direct Loans because under Navient I did not qualify for the freeze during the pandemic. I took out all of my loans between 2002 and 2007 and consolidated sometime between 2007 and 2009 I believe. I have been making payments however sever years ago I had go to go into forbearance for a while due to my husband at the time losing his job. I borrowed close to a total of probably 45k when it was said and done and minus the maybe 2 years total I have been making payments I was paying 330 a month before the pandemic. Now that I moved them my payments will.be 400 a month next time. So I really don't know because its like my loans were treated like federal loans.and private depending in the circumstances. I just am not sure.
Yes, you should speak to a lawyer. It is unlikely you (a) had private student loans or (b) that they were consolidated into Federal Loans. It has never been possible to consolidate private into federal. For starters, you should go to studentaid.gov and get an inventory of your loans. That is the Dept. of Education website and it can give an inventory of your "Federal Student Loans." One of the issues this settlement is addressing is the servicing of loans by Navient. The billing statements and payment applications were not always clear. That is especially the case if Navient was servicing both federal and private student loans.
@@bankruptcybailout thank you. Yeah I forgot to mention i did have a bankruptcy about 8 years ago. But yeah even though I have been paying for so long I still owe like 41K because of forbearance and interest on top of interest. When I was paying 330 a month only 30 of it was going to towards the principle.
I'm in the process of consolidating my federal loans with fed loans in order to participate in PSLF. The private loans is in good standing, fortunately, I didn't lose any income during the pandemic so I continued paying but I still don't know if I qualify for this! It doesn't sound like it!🤷🏾😩
If you were paying on the private loan, then you wouldn't qualify. The private loan must be in charge-off (past due) status as of June 30, 2021, to qualify. It sounds like your private loan is in good standing. Therefore, your loan won't be canceled.
@@bankruptcybailout That's a bummer but I figured so. I'm paying off this year. Started out at $15,000 now I'm down to my last $1000...They did me wrong but I'm proud that Im almost done! Thank you for responding!
Was wondering if anyone could tell me if I qualify. I attended ITT Tech in one of the states that begins with N. I was forced to drop out and ever since my life has been a living hell. I maxed out my forbearances on my private loans but I have had a spotty payment history. The last two years I've been making regular payments to them but it was never for the amount due and usually never on time. I don't have that kind of cash to shell out every month. I'm pretty sure I would fall into all the criteria for forgiveness. I want to hope but I am afraid of getting crushed by a technicality.
I hope you qualify. Your description is a bit too vague to say with any degree of certainty. For better or worse, this settlement agreement depends on how Navient has classified the status of your loan. What concerns me is that you say you "maxed out your forbearances." Private student loans don't really come with any set amount. Are you sure the loans are private?
@@bankruptcybailout Thanks for replying. I guess I'm just too uneducated about the whole subject but I've been told before that I could no longer take out any forbearances on my private loans (yes they are private) because the life of those loans had been extended? I've had a lot of interest compounded onto the principal. So much so that like I said in the above post I could no longer even make the minimum monthly payment. I can only pay what I can, when I can.
Then there is at least a chance. The question for you seems to be when or if your loans ever went into past due status (charge-off) and did that happen between June 30, 2014 and June 30, 2021.
If they aren’t private you still may be able to pursue the borrowers defense to repayment program. They do have to be direct loans with the dept of education, so make sure your loans are doe direct loans first, but itt loans have a high chances of discharge due to fraudulent activity from the school
This is so confusing. My loan payments weren't frozen during the pandemic. I took out direct loans throughout college and Navient told me my loan payments wasn't eligible for the Covid suspension. Meanwhile everyone around me still are getting their payments frozen. My loans were consolidated and moved from different servicers throughout the life of the loan. Meanwhile because I live in TX, I have little chance of loan forgiveness as result of this settlement. This is rigged.
It sounds like you have federal student loans (not private), although it is odd that they weren't put into COVID forbearance. Only certain private student loans are being canceled. However, if you reside in Texas, the issue is moot. Texas is not participating in this lawsuit. Sorry. If it helps at all, this settlement is not very far-reaching. Only about 66,000 people will have their loans forgiven. There are over 42 million student loan borrowers. Only about $1.8 billion of debt is being canceled, but there is nearly $1.7 trillion in total student loan debt.
Phone number? No. Your location is determined by your last known address with Navient. You will have to research who owns the school you attended and if it is on the list.
Its me Patrick. From this episode I take it because from what records and facts I have. I've been with Navent since June 24 2005. My wife and I have joint loan from what I gather Navent or Sallie Mae. I had trouble paying our loan in May or June 2005 So I was given forbearce. Our loan basically has been in the forbearance black hole for more then ten years. So I will be making a appointment for a consultation this month or my other choice is I can keep paying 320.00 a month
Joint loan? Hmm. The threshold issue is determining if your loans are federal or private. Up until 2006, married couples could do joint consolidated federal loans. However, if you took the loans out as a joint loan (or one cosigned), then they are probably private student loans.
You helped me be a little more exact. The correct my wife and I CONSOLIDATED our loans after graduation.
2006 with NAVENT I'm still on the hunt to track down if we are a federal loan or a private loan. The web site to register on the federal loan site will not allow me to register. A friend thinks it is because the computer knows with the information I am able to enter I am a private loan. My wife gets every month a paper statement from Navient does this give you a clue weather we are a federal or private loan? My statement is via Email.
I couldn't waite I read your last reply about I probably have a private loan. So do I still have a chance for any cancelation or am I still in the black hole of forbearance forever?
If you consolidated after graduation with your spouse's loans, that is almost certainly a joint consolidated loan (a.k.a an FFELP Joint Consolidated Loan). You should have a statement or be able to access something at StudentAid.gov that will say something like FFELP under loan type. Those are Federal Student Loans for purposes of this settlement and therefore are not eligible for cancellation.
Also, the fact that the loans have been in continual forbearance, that isn't common for private student loans. Federal student loans can have rolling forbearances that can last for years, private loans don't.
@@bankruptcybailout Thank you for all the information and pointing in a direction to follow-up on just this little helps alot.
That happened to me I was in forbearance for years
Sorry to hear that.
I thought the term for also if they had continued to keep your loan in forbearance that was one of the things also if your loan was in forbearance and had been in there for numerous years
That is a different issue.
When I was reading the information that's come out it said it was all part of the same lawsuits I don't really know because I've seen it twice that wording and one prior and then again so I don't really know what they talked about the forbearance and them not putting it in like a cost-of-living are giving them different, and then the other one is where they just keep on letting you put it in forbearance forbearance and gaining interest
The forbearance issue doesn't result in any forgiveness. You may get a small payment (I don't recall the amount, but I think I mention it in this video or the Part II video).
If my federal student loans were sent to collections is that what they are paying off?
No federal student loans, regardless of status, are being forgiven under the particular settlement discussed in this video.
So i have 3k left onn my private student loans. Its been on automatic payment for years. Ill just pay it off... hoowever my federal student loans amount to over 80k.. and been on constant forbearance. I attended from 2004 to 2008...
That isn't a question, but thank you for sharing :)
I had 57,000 federal loans that were taking on in 2006 and I live in Illinois and the school I was in was Apollo university Phoenix. I dont want no 250 bucks. Do I qualify for them to erase my loan. Also my loan has been stiing in forgiveness program for 8 years. I have no made no payments. They just be sitting in a forgiveness program. My loan was first by Sally may then transfer to navient.
This particular settlement won't cancel your federal student loans; this settlement is only cancelling private student loans. However, you might qualify for what is called "Borrower Defense" to repayment.
@@bankruptcybailout Yes, that is what I have it been like that for 8 years then last year got rejected and I applied it so I am still waiting. Do you help at all to make this process move faster so it can be forgiven?
There isn't a way to make it "move faster," but I do represent individuals in applying for "borrower defense." The application asks for a technical legal argument regarding state law, fraud, and the underlying facts. So, I help people determine if they are eligible and then draft the application.
@@bankruptcybailout so how much do you charge to do something like that or help?
@@jazminliz1 I can't discuss fees in an open forum. Fees are determined on a case-by-case basis after an initial consultation. However, the fee is in the low 4 figures range.
Is Puerto Rico qualify?
No, Puerto Rico is not part of this settlement.
So federal student loans don't get forgiven?
No. Not as part of this specific settlement. The federal government has forgiven loans for those who attended various for-profit schools. The question is whether your loans fall into that basket of loans.
Need help with Navient student loans
So my art institute of Seattle loans from 1992 that have compounded to over $171K are out of this due to the year and that I live in Idaho now? Death is the only way out.
There is other possible relief for loans obtained to attend Art Insitute. I hate to say it, most of the relief doesn't go back that far to cover loans obtained in the 90s. You might have the option for "borrower defense" relief for any of your loans that are federal student loans.
What if my loan got transferred to another company
First, you should clarify whether your loan is a federal or private loan. Federal loans are the ones most likely to be transferred, but federal loans are not being canceled under this agreement with Navient. However, if you have a private student loan that would otherwise qualify, the settlement agreement has provisions requiring Navient to reach out to those servicers to facilitate the cancellation.
What happens if my loan was in default but was showing current because I was in a chapter 13 bankruptcy? I recently just got out of my bankruptcy and navient started calling me immediately, then they applied a $20 payment on my loan resetting the statue of limitations.
That is a good question. If the loan was charged off according to the terms of this settlement prior to you filing bankruptcy and you otherwise meet the other timing requirements and criteria, then I believe you are still eligible. To really say, an attorney would need a detailed timeline of events.
So the loan has to be in default to qualify. Once again the govt goes after the people that actually try and do things the right way to the best of their ability.
I certainly understand the sentiment and sympathize. The legal point is that this settlement is a result of a lawsuit by states. So, there has to be a violation of state law. There is nothing inherently illegal about student loans. The gist of the claim is that Sallie Mae engaged in a type of predatory lending (lending to people they expected to or knew were high risk for default). As such, the relief can only be given to those that actually defaulted. Ipso Facto, those that didn't default weren't illicitly loaned money (at least, that is reasoning). Of course, the moral hazard is that some in the default class may be irresponsible and not bonafide victims. Then there are those that worked really hard to avoid defaulting but should get relief as well. In my experience representing student loan borrowers and debtors for 20 years, I have never encountered anyone who was flagrantly not paying. Some made some poor decisions, but they all tried to make it work but just couldn't.
My same exact thought
Who do we call to get more information?
Depends on what you need. Generally, those that are eligible are going to be notified. You would call Navient. However, it is unlikely that their front-end customer service would be much help.
I originally took out a government student loan in 2003 with Sallie Mae which was then a government loan but they sold it to Navient which is private. I had no idea when it happened. Now Navient told me bc it’s private, it can’t be forgiven. That’s crazy since it was an original government loan. I am going to hire a lawyer. I’ve been paying on it for almost 20 years.
Federal loans cannot just turn into private student loan on their own. You may have FFELP loans (which is likely given the time frame), which are the old style federal loans whereby the bank would lend the funds and the government guaranteed the loan. Those loans aren't private loans, but they are not "Direct" loans (Direct loans are lent directly by the Dept. of Education). The other possibility is that you did a refinance (not a consolidation). Although, that possibility is remote. I suspect there is something lost in translation. You can go to studentaid . gov and get an inventory of your federal student loans (including FFELP loans).
@@bankruptcybailout Thanks. I will look into this. I did not refinance and just applied like normal with student aid at the university. I remember getting a letter that said my loan has been sold to Navient. I didn’t think anything of it at the time. I appreciate your response!!
@@suncasa2224 If you go to studentaid.gov and the loans in question are not listed there, then they are private loans (and always have been).
I am experiencing the same issue. I took out a government loan in 202 or 2003 with Sallie Mae and it was sold to Navient. I don't know what to do to see if I can qualify for a discharge. Also, I was not aware and also worth mentioning Navient representatives are not notifying borrowers of this discharge.
@@milohigh3368 Yes, it’s upsetting but I don’t know what to do about it or who to talk to.
In 2019 Navient sent me a paper and offered to settle with me for $5,000. I owed $25,000. Ripped off from ITT Tech. They didnt teach us crap. when i told them i would no longer attend they still kept me in and said they disnt have the papers i signed. Ripped alot if people off.
I live in Colorado and went to Colorado Technical university. I got a check 260 today . For profit school would get forgiveness?
That just means your loans were federal student loans. Federal student loans were not cancelled under this specific settlement.
I recieved postcard saying I would get back $450. I went to for profit college FIDM 2003-2005. I just started paying my loans back in Nov 2021. Will my loans be forgiven or since I started paying them I just have to keep paying them. 30K in debt. I kept doing forbearence since 2006. I live in CA
The loans have to have hit default status per the requirements. If the loans were in perpetual forbearance, they were never in default. Also, I suspect your loans are federal student loans. It would be exceedingly rare for private student loans to be in forbearance for 15+ years. The forgiveness discussed in this video is only for private student loans.
Everybody qualifies if they know their laws and rights
I live in IDAHO, but I LIVED in Burlington, Vermont for YEARS. All of My Loans were from Burlington Vermont and Goddard College in Burlington, VT and Plainsfield, VT. I was living there AT THE TIME when I went to school and was paying on the loans, but I now live in IDAHO. Do I still qualify??
The settlement agreement is pretty direct on this point. The borrower's last known address (with Navient) as of June 30, 2021, must be in a signatory state (one of the states participating in the settlement). It doesn't matter where you lived when you took out the loans, it doesn't matter where you lived when you went to school, etc. It only matters that your last known address as of June 30, 2021, is in one of the 38 participating states. Legally, that makes sense because it has to do with the jurisdiction of the state courts to grant relief. However, some people will get left out that probably shouldn't.
Forbearance also counting as past due?
Generally, no. Payments in forbearance are not past due payments.
So if you pay on time no forgiveness...but if you don't pay them you do? I don't blame people for not paying their loans but why do I get screwed???
I think we all appreciate the moral hazard of the situation. I think we need to be charitable about it. In my experience, having represented struggling borrowers for 20 years, it is that life didn't really work out or something happened. That thing caused them not to pay; it wasn't really irresponsibility.
As an aside, the legal point for why those that are not in default are not getting debt cancellation is that the underlying legal theory relates to predatory lending. Predatory lending is lending to people the lender knows or has good reason to know can't pay back the loan. Ipso facto, if the borrower is paying it back (even though that is a struggle), the loan wasn't predatory as to that borrower. The case the attorney generals of the states brought wasn't that strong. It actually would have been a tough case to win. I get that is of little consolation to you, but hopefully, the additional context helps.
My Sallie Mae loans were in default for years. Navient convinced me to refinance and now I'm current and playing good human. So I should have continued to ignore them and your telling me that it would have went away?
I can't speak to whether your prior loans would have been eligible for this forgiveness, but if you are not past due on your present loans, then those loans are not eligible for cancellation.
@@bankruptcybailout Thanks for the reply!
Thanks for the info, my student loan has been 17,000 SINCE 2005 AND I'VE BEEN MAKING PAYMENT UNTIL JULY, 2019
Why Texas not included
That is a great question, and I don't know. You will need to write the Texas Attorney General.
Why are they not including federal student loans through Navient because what they are describing they did is exactly what they did to me, basically recommending long-term forbearance as my only option, I had my loans consolidated in 03 for 18k my loans are now 48k.
The technical point is that this settlement is between Navient and individual states (38 states). The states have no jurisdiction or authority to mandate cancellation of federal student loans nor does Navient have independent authority to cancel federal student loans. Federal student loans are held (owned) by the U.S. Government.
My loans were sold to nelnet on 2/19. I rehabilitated my loans but they are 97000 from DeVry and was under Sallie Mae then Navient. They were in default with us Department of education for the time frame. My loans were with navient from 2009 to 2017. Do I qualify
It sounds like you have federal student loans, so the answer is no. Only private student loans are being cancelled under this settlement with Navient.
I just got that form after I paid off a student loan debt and mine says $19,600! Can I hire an attorney to get me that full amount since there’s some kind of $2500 cap?! To Navient
I am not following what you are asking. If you paid off your student loan, there is nothing to cancel?
I appreciate you explaining this. I see that my only option now is to declare bankruptcy. I've been in forbearance for years and my loan is double what I make annually. I did EVERYTHING Devry asked of me once I graduated and still couldn't find a job based on my degree. I'm currently working an admin job that allows me to pay the rent and bills but nothing more. It's a hot mess to say the least... I feel like an idiot because I probably should have stopped paying on the loans and defaulted like everyone else was doing. Oh well....
I am sorry to hear about your situation and that you don't qualify for this particular forgiveness option. You should still have an attorney that understands student loan issues review your situation and see what options if any, are available. Bankruptcy may be one option, but that is still a difficult and costly endeavor even with strong cases.
Same here I was too afraid to ruin my credit. I actually just refinanced with Sofi, but know I didn't have over 7 months of missed payments.
Unfortunately, the refinance with SOFI would cut you off from the Navient forgiveness. A refinance is not a transfer or sale of the debt, but a new debt.
My husband filed bankruptcy, unfortunately it doesn't remove student loan debt
I live in IDAHO, but I LIVED in Burlington, Vermont for YEARS. All of My Loans were from Burlington Vermont and Goddard College in Burlington, VT and Plainsfield, VT. I was living there AT THE TIME when I went to school and was paying on the loans, but I now live in IDAHO. Do I still qualify?? (And if NOT (Hopefully I DO), if I were to get RESIDENCY in VERMONT again *AFTER* the fact, would they still qualify to be WRITTEN OFF?
So if you refinanced with another company (to get a better interest after being denied for refinancing with Navient) you don't qualify?
Unfortunately, that is correct. The company you have the loan with now is not a party to the lawsuit. Navient cannot cancel a loan it no longer owns. Sorry.
@@bankruptcybailout part of the lawsuit should be repaying the interest that accrued during the time of forbearance. Whether or not you refinanced with another company because they still have the records of the time you have the loan with them.
That is something you should put in a letter to your state's attorney general. It may not do any good, but it might help you get the frustration out of your system.
I really don't understand this whole thing. I think my situation is complicated. I was with Navient and I would ask for more affordable payments, they'd push me to forbearance. This lasted years and years. I was finally put on an income driven repayment, but the pandemic pause happened. Navient reported me as non payment during the pause and my credit score plummeted 30 points. They then told me to consolidate to Mohela, which I did. Suddenly there was the forgiveness announcement.
I must also add that my for profit school ran a program that was supposed to boost your degree and made false promises. They suddenly closed the program and campus right after we all graduated. They reopened and no longer offer that program. All around scam. My question, did my consolidation ruin my chances for forgiveness?
It sounds like you have federal student loans. "Income driven repayment" is a feature of federal student loans. As such, the settlement discussed in this video doesn't apply. If you attended a for-profit school, you may be eligible for borrower defense forgiveness. You would apply for that through the Federal Dept. of Education. Depending on the school you attended and when, the Dept. of Education might already have made a finding regarding forgiveness.
@@bankruptcybailout Thank you Sir!
Will they look at your current address or the one dated back on June 30, 2021 for eligibility?
The borrower's residency is established as of June 30, 2021. There are some caveats if the person is in the military or if the address is unavailable or unknown.
This sucks. They kept putting my loans into forbearance when I was unemployed. Prior to 2014. I scrounged just so they wouldn't go into total default... Plus their bill collectors would call 3 times a day. 🤦🏼♀️ I finally refinanced with another loan provider after a few years. Sallie Mae they said they couldn't. (Which was a lie) since graduation I have paid well over 70k in student loans for a degree that cost me 50k (roughly the original loan amount) and I still have 55k to go. How is this legal? Predatory lending. And somehow it's legal. 😢
So the fact that everyone was in a foreberence from 2020 up until now doesn't mean anything? I haven't had any money due since before the pandemic. I did pay a large amount toward my sum when the interest was taken away in 2020. Could I call Navinet and see if I qualify? I don't remember if I had any late payments in the timeframe you meantioned. Thanks for the video!
Only some private student loans are being canceled. It was primarily federal student loans that were put in pandemic forbearance. Some private student loans may have been put in a pandemic forbearance, but it was never required that they do so. You can try to call Navient, but I don't think front-line reps are prepared to verify one's eligibility. Navient is required to notify those that qualify by July 2022.
@@bankruptcybailout thanks
DANG Texas come on!!!
I fit every qualifier, except that I did not attend one of those listed schools. Is that a deal-breaker for qualifying?
Ouch. Well, there are two other categories. You had a Sallie Mae Opportunity loan (don't ask, I don't have any information on what that is, I assume it was a specific program), or your FICO score at the time you took out the loan was below 670 if you attended a for-profit school or below 640 if you attended a non-profit school (how they will figure that out is a mystery). However, I suspect that most of the borrowers that are eligible will have attended one of the listed schools. Navient will be notifying eligible borrowers by July 2022.
@@bankruptcybailout appreciate the response. I’m fairly positive that I had no credit score at that time.
I got my loan since 2005 or 2006 and have been in delinquent years after on and off. In 2021, I have been put on forbearance and is not on charge off status. Will I still be qualified?
I hope you get the forgiveness. However, the trigger date is June 30, 2021. As worded, the loans must be in past due or charge off status as of that date.
My husbands loans with Navient are Private. He owes about $16k that he took out back in 2012, and his father had to co-sign for it. He was threatened so many times when he wasn’t able to afford the monthly payments so he went into forbearance a few times. And he has lived in California since then. Does he qualify? He went to UTI for Diesel Technician.
I don't know off hand who owns UTI and I haven't seen it listed as one of the included schools. The loans have to have been lent by SallieMae/Navient (not just serviced by them), and the loans must be in past due status (212 days late) as of June 30, 2021. Navient is required to notified eligible borrowers by July, 2022.
@@bankruptcybailout yes, his loan was lent out Sallie in 2012, and then Navient took over.
Then the question is whether he is past due by 212 days (about 7-8 missed payments) and whether UTI is owned by one of the companies listed in the settlement.
@@bankruptcybailout he was past due a few times in the past. Not last year, but a few years ago. And we don’t know if UTI is part of this whole settlement.
I have a Navient loan from Sacramento state. I live in Ca. Its a fed loan and the loan is started not too long after I graduated after 2006-2007.
I was advised from the beginning that if I worked for a federal govt that my loan would be forgiven. Well it has not….I currently worked for UCSF med center a federal entity since 2015….do I qualify for the forgiveness?? Thx
No federal loans qualify for forgiveness under this Navient settlement. You might qualify for public service loan forgiveness (that seems to be what you are referring to in your questions). However, not every position in the government qualifies and contractors for the government don't usually qualify.
What if your school is no longer? I went to Western Career college and is now Carrington College? Thank you for this update!
Based on the settlement agreement, the eligible schools are based on the school you attended. You would have to determine if Western Career College was owned by one of the listed entities in the settlement agreement. However, the preliminary requirement is that the loans must have been originated (lent) by Sallie Mae, Navient or its subsidiaries.
@@bankruptcybailout Thank you! ❤
Are unsubsideded loans forgiven
I assume you are referring to unsubsidized loans. The term 'unsubsidized' is used in the context of the Federal Direct Loan program (or Stafford Loan program). The answer to your question is no. Federal student loans (subsidized, unsubsidized, PLUS, or consolidated) are NOT being canceled under this settlement with Navient. Only private student loans are canceled.
What if i DID have a loan by sallie mae (navient) and do meet requirements, BUT i already paid it off. Do i get reimbursed/refund???? If i still had that loan, i would definitely qualify for this forgiveness settlement.
Sorry no. If you paid off the loan, you do not get any sort of reimbursement. The logic (such that it is) is that the states are going after predatory loans. Predatory loans are loans made to borrowers who "almost certainly" can't pay them back. Ipso facto, if you paid off the loan, the loan was not predatory as to you. Granted, that sucks for those that busted their butt to pay off the loan.
@@bankruptcybailout thanks for response
*Navient is discharging private student loans for veterans at the 100% va disability rate. The only problem is that they are currently only servicing loans- not lending them. Loan lenders are so secretive regarding who their servicer(s) maybe that any 100% vets would have to hit the lottery to end up with them as their loan servicer. After months of digging & research there is zero Information via internet, about what lenders work with Navient as their servicer. And calling into various servicers or lenders; will get you entangled in the most passive aggressive & unfriendly conversation with representatives. They will refuse to answer any questions as if they're the mob and you're the FBI. If anyone has excess info consider youtube content or a post on reddit. To 100% Vets: you can receive both federal and private student loans simultaneously.*
Areunsubsideded loans private loans
There is no such thing as unsubsidized private student loans. Unsubsidized is a type of loan offered under the Federl Direct Loan program (or the prior Stafford Loan program).
What if loan originates in New York
Where the loan originates does not matter.
In confused about the address situation. What if a person moved out of California to another state in 2020. Does that disqualify the person due to moving? Even though all the loans were in the state of California and applied to a school in California?
That is a good question: Eligibility is based on the borrowers' "last known address," not where the loans were originated. The reason being is that this settlement results from lawsuits filed by the attorney generals of 38 states. So, to be eligible for cancellation, the borrower has to reside currently in one of those states. The settlement agreement simply says that eligible borrowers last known address (presumably, the last known address Navient has on file) must be within one of the 38 states that is a signatory to the settlement agreement.
@@bankruptcybailout So, if i move back to California and update my address again do i qualify?
I don't have a way to say one way or the other. My reading is that the last known address is established as of June 30, 2021. Whatever Navient had as your last known address as of that date is going to dictate borrower eligibility.
@@bankruptcybailout perfect!!! I updated my address in July 2021 so that means i qualify?
I hope so. :)
Thanks for the detailed explanation… what if Navient transferred your loan to Aidvantage? This just recently happened about 1 month ago.
AidVantage services federal student loans. Federal student loans are not being forgiven with this settlement with Navient. If your loans were transferred to AidVantage, that means those loans are federal loans.
@@jay2biochem That is not how it works with Federal Student loans.
The loans with aidvantage were not owned by navient, they are owned by the dept of education. Navient was just contracted to service a portion of those loans. So if you think you were in an agreement with navient for doe loans and they were transferred and you decide not to pay it, you’ll default eventually and that can be bad. Don’t do that lol
@@bankruptcybailout,My loans are being transferred to aidavantage as well. I have also been in forbearance forever. Navient is still showing a balance on my credit. They didn't mention moving my file to another company. I also notice that it is missing data. I went to school through phoenix and both phoenix and Navient was the worst thing that ever happen to me.
@@sabrinatai31 the loans being moved to AidVantage are federal student loans. Federal student loans are unaffected by this settlement.
Ive gone through the criteria and I THINK that I qualify for forgiveness. Who can I call or email to find out for sure? Will Navient tell me that information? Should I contact the Attorney General of my state (NY)?
Navient has set up a webpage, but it doesn't include any way to determine specific eligibility. The settlement requires Navient to notify borrowers by July, 2022. I doubt front end customer reps at Navient have any way to tell you. For now, we are just in a wait and see.
What about Florida.
I posted the list of participating states in the description. Florida is participating.
Florida is one of the states!
@@bankruptcybailout But I don't qualify for this loan forgiveness cause i have federal student loans. Bummer.😥😥😥
Sorry, but true. This cancellation is only for specific private student loans.
@@bankruptcybailout thanks for all your info.
Hello. Took a private loan in 2008 with a cosigner. Most years I have forbearance.
I borrowed 20,000 been paying this as much as I can. I got this lowered down to 14k. But yearly I have delinquencies and the last 2 years of Covid had been horrible so it went back up to 19k again.
My monthly payment is $355.
Navient offered to lower to $135 (for principal) been paying that the last 3 months.
Am I qualified?
Obviously, I can't say for certain. You still need to fall within one of the three categories designated for cancellation in addition to the "charge-off" status. Assuming your loans are private student loans and if there was a time in the last 7 years where you went didn't pay for eight months, then the loans might be in past due status. Then the question turns to whether you fit into one of the three categories designated for cancellation.
Is there a number to call to see if I qualify?
You could try calling Navient. I am not aware of any hotline. Ultimately, those that qualify will get notified by Navient once this settlement is approved.
Everyone that is qualified for the forgiveness will be contacted this June or July.
I had taken out private loans in 2003 for a for profit art school that closed in 2015 due to misleading the students.Navient said I used up all my deferments and forbearances and fell over 7 months behind. Do I qualify for concellation considering this school closed in 2015 but withdrew in 2005.
School closure is not a basis for cancelling private student loans. Assuming the art school in question is one the named schools in this settlement, then your loans had to have gone into default (past due) status after June 30, 2014 (or further back if your state has a longer statute of limitations to sue for a debt). If your loans were in default prior to June 30, 2014, then this settlement will not cancel your loans.
Do you have to meet ALL conditions or just the timelines/charged off status? The only thing I don't fit into is the school category and my mother (co-signer) may have had a 630 credit score on our private student loans. My credit was obviously bad enough that I needed my mom to co-sign.
Breakdown:
$80,128.00 in private student debt from Sallie Mae (Originated 2008-2009)
Attended a for-profit school (NOT LISTED as qualifying school)
Charged off - Feb 2020
Delinquent - Aug 6 2020
Residence in Georgia as of Dec 2021
Last payments made Sept 2016 (within Statute of Limitations)
Are my chances good?
You need to fall within one of three categories designated for cancellation in addition to timeline and charge off status.
What states qualify?
See the list in the description to the video. Also, you can Google that information.
What if I’ve been in forbearance for a long time ?
Forbearance is forbearance. The trigger for forgiveness is delinquency in payments. Unfortunately, the settlement doesn't address forbearance. Those that are in forbearance and assuming the loans were not 8 months delinquent at some point, will not qualify for forgiveness. :(
havent we all been in good standing since 2020 due to panademic
Federal student loans were put into automatic, pandemic forbearance. This debt cancellation doesn't apply to federal student loans. Although private loan servicers may have also offered forbearances due to the pandemic that wouldn't have changed the status of loans already in charge-off or past due status.
I went to ITT Tech in 2007-2009. Was placed on a forbearance out of school. Didn't have a job for nearly 2 years and defaulted for probably longer than I've been positive.
I saw in thier legal stuff, I live in California. Which for me defaulting totally would of hurt me... No way to find an apartment with bad credit out here. Plus this seriously would of hurt my wife as well.
We do want to get a house... So I mean where does this leave me? When I saw the word(s) *Defaulted ON*
I was like... Hold on here because they're claiming (they as in Navient ); they're the ones CHOOSING to do it instead of being forced which gives them power in HOW they do it.
They fight dirty I really feel this is for them to save face.
I have 0 money in retirement because of these loans. I'd like something back I've got nothing from going to that school , nor does my "Degree" count for anything.
What do you think? Where am I in this?
Sorry to hear of your predicament. You likely need to sit down with an attorney to review your loan history. All I can do is reiterate the requirement for forgiveness in this settlement that the private student loan must have gone into charge-off status, which means delinquent payments for 8 billing cycles or 212 days, between June 30, 2014, and June 30, 2021.
I had private student loans from Art institute of Tampa in 2010 $90k that went into deferment a couple times because of variable interest rate now 148k. I stopped paying in march of 2019, Maryland has a 3 year statue of limitations but on my credit report went from default/charge off to collections again. If I remember correctly these private student loans were serviced by Sallie Mae then AES and to NCT but shows transworld now. Is there a website that has more info ?
I am not aware of any website set-up for this just yet. It sounds like your loans may be eligible if you resided in one of the 38 states that is participating in the settlement as of June 30, 2021. The loans had to have been originated by Sallie Mae.
Try to see if they're eligible because I know with navient they were also talking about the I graduate from graduate school in 2010 I paid off my undergraduate loans but not my graduate loans and for some reason I thought I was going to be part of the program with the forbearance for for some reason it looks like that was taken out but I do know it was some issues with them and if your loan has been for parents for like 34 years you could applied so I'm going to contact them and see what you're talking about but I'm I'm sick of these loan people wish you all the best keep us posted I'll keep you posted
I am thinking I should talk to a lawyer. My situation seems kind of complicated. I had private and federal loans consolidated and I don't remember how or why now but all under Navient until earlier this year I moved them to Direct Loans because under Navient I did not qualify for the freeze during the pandemic. I took out all of my loans between 2002 and 2007 and consolidated sometime between 2007 and 2009 I believe. I have been making payments however sever years ago I had go to go into forbearance for a while due to my husband at the time losing his job. I borrowed close to a total of probably 45k when it was said and done and minus the maybe 2 years total I have been making payments I was paying 330 a month before the pandemic. Now that I moved them my payments will.be 400 a month next time. So I really don't know because its like my loans were treated like federal loans.and private depending in the circumstances. I just am not sure.
Yes, you should speak to a lawyer. It is unlikely you (a) had private student loans or (b) that they were consolidated into Federal Loans. It has never been possible to consolidate private into federal. For starters, you should go to studentaid.gov and get an inventory of your loans. That is the Dept. of Education website and it can give an inventory of your "Federal Student Loans."
One of the issues this settlement is addressing is the servicing of loans by Navient. The billing statements and payment applications were not always clear. That is especially the case if Navient was servicing both federal and private student loans.
@@bankruptcybailout thank you. Yeah I forgot to mention i did have a bankruptcy about 8 years ago. But yeah even though I have been paying for so long I still owe like 41K because of forbearance and interest on top of interest. When I was paying 330 a month only 30 of it was going to towards the principle.
I'm in the process of consolidating my federal loans with fed loans in order to participate in PSLF. The private loans is in good standing, fortunately, I didn't lose any income during the pandemic so I continued paying but I still don't know if I qualify for this! It doesn't sound like it!🤷🏾😩
If you were paying on the private loan, then you wouldn't qualify. The private loan must be in charge-off (past due) status as of June 30, 2021, to qualify. It sounds like your private loan is in good standing. Therefore, your loan won't be canceled.
@@bankruptcybailout That's a bummer but I figured so. I'm paying off this year. Started out at $15,000 now I'm down to my last $1000...They did me wrong but I'm proud that Im almost done! Thank you for responding!
You seem to be in a really good spot. Only $1000 to go, that is good to hear. You will get there.
@@bankruptcybailout Thank you...I will!
Was wondering if anyone could tell me if I qualify. I attended ITT Tech in one of the states that begins with N. I was forced to drop out and ever since my life has been a living hell. I maxed out my forbearances on my private loans but I have had a spotty payment history. The last two years I've been making regular payments to them but it was never for the amount due and usually never on time. I don't have that kind of cash to shell out every month. I'm pretty sure I would fall into all the criteria for forgiveness. I want to hope but I am afraid of getting crushed by a technicality.
I hope you qualify. Your description is a bit too vague to say with any degree of certainty. For better or worse, this settlement agreement depends on how Navient has classified the status of your loan. What concerns me is that you say you "maxed out your forbearances." Private student loans don't really come with any set amount. Are you sure the loans are private?
@@bankruptcybailout Thanks for replying. I guess I'm just too uneducated about the whole subject but I've been told before that I could no longer take out any forbearances on my private loans (yes they are private) because the life of those loans had been extended? I've had a lot of interest compounded onto the principal. So much so that like I said in the above post I could no longer even make the minimum monthly payment. I can only pay what I can, when I can.
Then there is at least a chance. The question for you seems to be when or if your loans ever went into past due status (charge-off) and did that happen between June 30, 2014 and June 30, 2021.
If they aren’t private you still may be able to pursue the borrowers defense to repayment program. They do have to be direct loans with the dept of education, so make sure your loans are doe direct loans first, but itt loans have a high chances of discharge due to fraudulent activity from the school
What about Va.
I posted the list of participating states in the description. Virginia is participating.
This is so confusing. My loan payments weren't frozen during the pandemic. I took out direct loans throughout college and Navient told me my loan payments wasn't eligible for the Covid suspension. Meanwhile everyone around me still are getting their payments frozen. My loans were consolidated and moved from different servicers throughout the life of the loan. Meanwhile because I live in TX, I have little chance of loan forgiveness as result of this settlement. This is rigged.
It sounds like you have federal student loans (not private), although it is odd that they weren't put into COVID forbearance. Only certain private student loans are being canceled. However, if you reside in Texas, the issue is moot. Texas is not participating in this lawsuit. Sorry. If it helps at all, this settlement is not very far-reaching. Only about 66,000 people will have their loans forgiven. There are over 42 million student loan borrowers. Only about $1.8 billion of debt is being canceled, but there is nearly $1.7 trillion in total student loan debt.
Could you point me to an attorney in las vegas?
Sorry, I don't know any specific student loan attorneys in Las Vegas.
Can your phone number count as contact also I went to Lincoln College of tech. I have never heard of Lincoln tech
Phone number? No. Your location is determined by your last known address with Navient. You will have to research who owns the school you attended and if it is on the list.