Thanks for the great tool you created! I should ignore the pop-up about, 'Deferred loans not counting', bc of the IDR waiver period, correct? Even though It uses that scary 'default' language. But is the tool correct for giving me 5 yrs forbearance credit on an expired 2016 "BK claim, active"? I thought BK credit was a no. Thanks!
Thank you for this video. It was extremely helpful. I'm doing PSLF and one of my loans is currently at 110 of 120 (from my undergraduate days) and my other loans from graduate school are currently at 77 of 120. I submitted before the PSLF waiver deadline, but I just realized that I have loans that could be consolidated still. My undergrad loans were considered back in 2010 and then I have 7 graduate unsub and sub loans worth 70k. When I log onto to my Student Gov account I see this: At least one of your loans is not a Direct Loan. If you’re interested in the Public Service Loan Forgiveness Program and/or certain income-driven repayment options, consider consolidating your loans. Does this mean if I consolidate my loans my graduate loans will reflect 110 of 120 also?
If one has just consolidated student loans to an IBR plan (other than SAVE), will one be able to see the effect of the payment count adjustment once that concludes this summer? Where will one be able to figure out the exact count? Or, will one only know if/when all 200/250 eligible payments are met completely? Asking b/c my loan data is less than clear on how many eligible payments I have made. But I do know I will not quite hit the threshold come end of summer.
Hello, if I have ffelp Stanford subsidized and Unsubsidized (15k) and ffelp consoldation(63k) origins loans from 1996. All in forberance/deferment/ and income based repayment since then. Are there any reasons I shouldn’t consolidate to direct loan for forgiveness? I contacted my services and they didn’t seem knowledgeable on how to forgiveness works and sets. Any information you can provide would be greatly appreciated. Thanks
I had a Perkins loan that I paid off before I consolidated my other loans. The Perkins loan pmts don’t overlap with the repayment of the other loans. Would the loan payments for the Perkins loan count?
After much careful reading from Mr. Tate, I can confidently say that the Perkins loan could have counted had you first consolidated it with the other loans, before payoff. That's assuming the other loans were federal direct loans or FFEL-eligible loans. And unfortunately, the Perkins loan won't qualify for any overpayment refund after the IDR waiver adjustment is made.
🌟Can you please do a video that helps to understand this example: I have all of my student loans through one service provider, Nelnet. I consolidated all of my loans with them when my repayment period started 6 months after I graduated. The consolidation took place around June or July of 2004 and is about when my student loan payments began. Given my loans are all consolidated with Nelnet, do I need to consolidate them again with the government? Or are they already in their system? Thank you for your time on this matter and for the educational videos you have created around the new IDR payment adjustment. They are quite helpful.
I really can't answer that question without looking at your loans. You may have FFEL Consolidated Loans or Direct Consolidated Loans. If they're Direct, you shouldn't need to do anything.
Is it required to have been employed at a qualifying employer to receive credit from the waiver? I have 88 qualifying payments just wondering if the waiver will add payments.
I've been wanting a one on one with you but I can't find the email where to sign up for an online appointment. I'm not sure how to go about it. Patricia Dersam
I have been in the IDR for about 7 years. AES is my student loan servicer. They just recently sent me a letter to my e-mail explaining that I need to consolidate my loans in order to get my loans forgiven. Is this true, or are they trying to trick me? I'm concerned--if I consolidate the two loans(in which I took out almost 20 years ago), and they are not forgiven, will I be ineligible for the IDR program in the future?
My school loan has been paid monthly since 2003. My loan company has changed from navient / Sallie mae now mohela. I have filled out the forgiveness paper work and have been told I dont qualify. I don't understand
What should be done if you have graduate and parent plus but if you consolidate, you can't do repaye or save or idr? It says you are not eligible. And the payments are crazy high if you do consolidate
Explore the double consolidation loophole. You can watch our videos explaining how that works or you can read this article: www.tateesq.com/learn/parent-plus-loan-double-consolidation-loophole Using that loophole will let you sneak into the SAVE Plan.
When Biden's loan forgiveness sign up 1st came up( referring to the $20,000 forgiveness plan.) I heard that if you signed up for THAT, then there was no need to do anything else; and the old loan would AUTOMATICALLY be FORGIVEN. Has that changed? Must we still join IDR forgiveness or the SAVE plan?
They're two different programs: Biden's $20k was struck down. The IDR Waiver is a different program. You may need to consolidate to max your relief under the waiver.
Usually depends on Congress, whose in the White House - more political than it should be. But in short, it's not going away anytime soon but may be modified over time.
Nelnet is a servicer with limited knowledge. You should subscribe, follow, and listen to Mr. Tate. Read his blogs and get his newsletter! He has a wealth of knowledge. I've learned much from him. He's allowed me to freely help so many others. Best wishes!
Thanks for the great tool you created! I should ignore the pop-up about, 'Deferred loans not counting', bc of the IDR waiver period, correct? Even though It uses that scary 'default' language. But is the tool correct for giving me 5 yrs forbearance credit on an expired 2016 "BK claim, active"? I thought BK credit was a no. Thanks!
Ooops! It was my math error! The Txt Tool lists the BK, but it DOES NOT CREDIT those months in BK. Thanks!
Thank you for this video. It was extremely helpful. I'm doing PSLF and one of my loans is currently at 110 of 120 (from my undergraduate days) and my other loans from graduate school are currently at 77 of 120. I submitted before the PSLF waiver deadline, but I just realized that I have loans that could be consolidated still. My undergrad loans were considered back in 2010 and then I have 7 graduate unsub and sub loans worth 70k. When I log onto to my Student Gov account I see this: At least one of your loans is not a Direct Loan. If you’re interested in the Public Service Loan Forgiveness Program and/or certain income-driven repayment options, consider consolidating your loans. Does this mean if I consolidate my loans my graduate loans will reflect 110 of 120 also?
People who consolidate before the end of the year can keep the credit they earned before consolidating. That's what the IDR Waiver is meant to do.
Thank you so much. This video was clear and concise and I was able to get real answers!! Following!
If one has just consolidated student loans to an IBR plan (other than SAVE), will one be able to see the effect of the payment count adjustment once that concludes this summer? Where will one be able to figure out the exact count? Or, will one only know if/when all 200/250 eligible payments are met completely? Asking b/c my loan data is less than clear on how many eligible payments I have made. But I do know I will not quite hit the threshold come end of summer.
Hello, if I have ffelp Stanford subsidized and Unsubsidized (15k) and ffelp consoldation(63k) origins loans from 1996. All in forberance/deferment/ and income based repayment since then. Are there any reasons I shouldn’t consolidate to direct loan for forgiveness? I contacted my services and they didn’t seem knowledgeable on how to forgiveness works and sets. Any information you can provide would be greatly appreciated. Thanks
I had a Perkins loan that I paid off before I consolidated my other loans. The Perkins loan pmts don’t overlap with the repayment of the other loans. Would the loan payments for the Perkins loan count?
After much careful reading from Mr. Tate, I can confidently say that the Perkins loan could have counted had you first consolidated it with the other loans, before payoff. That's assuming the other loans were federal direct loans or FFEL-eligible loans. And unfortunately, the Perkins loan won't qualify for any overpayment refund after the IDR waiver adjustment is made.
🌟Can you please do a video that helps to understand this example:
I have all of my student loans through one service provider, Nelnet. I consolidated all of my loans with them when my repayment period started 6 months after I graduated. The consolidation took place around June or July of 2004 and is about when my student loan payments began. Given my loans are all consolidated with Nelnet, do I need to consolidate them again with the government? Or are they already in their system?
Thank you for your time on this matter and for the educational videos you have created around the new IDR payment adjustment. They are quite helpful.
I have a similar question. I wish someone would answer you.
I really can't answer that question without looking at your loans.
You may have FFEL Consolidated Loans or Direct Consolidated Loans. If they're Direct, you shouldn't need to do anything.
Is it required to have been employed at a qualifying employer to receive credit from the waiver? I have 88 qualifying payments just wondering if the waiver will add payments.
I've been wanting a one on one with you but I can't find the email where to sign up for an online appointment. I'm not sure how to go about it. Patricia Dersam
Here's the link: www.tateesq.com/book-a-call
I have been in the IDR for about 7 years. AES is my student loan servicer. They just recently sent me a letter to my e-mail explaining that I need to consolidate my loans in order to get my loans forgiven. Is this true, or are they trying to trick me? I'm concerned--if I consolidate the two loans(in which I took out almost 20 years ago), and they are not forgiven, will I be ineligible for the IDR program in the future?
This is my exact question - thank you!
You likely have a privately held FFEL Loan. Those loans must be consolidated to get the credit toward forgiveness.
I tried using the tool but it only give me a summary (Open, closed, balance)
My school loan has been paid monthly since 2003. My loan company has changed from navient / Sallie mae now mohela. I have filled out the forgiveness paper work and have been told I dont qualify. I don't understand
What should be done if you have graduate and parent plus but if you consolidate, you can't do repaye or save or idr? It says you are not eligible. And the payments are crazy high if you do consolidate
Explore the double consolidation loophole. You can watch our videos explaining how that works or you can read this article: www.tateesq.com/learn/parent-plus-loan-double-consolidation-loophole
Using that loophole will let you sneak into the SAVE Plan.
When Biden's loan forgiveness sign up 1st came up( referring to the $20,000 forgiveness plan.) I heard that if you signed up for THAT, then there was no need to do anything else; and the old loan would AUTOMATICALLY be FORGIVEN. Has that changed? Must we still join IDR forgiveness or the SAVE plan?
They're two different programs: Biden's $20k was struck down. The IDR Waiver is a different program. You may need to consolidate to max your relief under the waiver.
Will this law stay in effect forever?
Usually depends on Congress, whose in the White House - more political than it should be. But in short, it's not going away anytime soon but may be modified over time.
Nelnet told me this doesn't work
Nelnet is a servicer with limited knowledge. You should subscribe, follow, and listen to Mr. Tate. Read his blogs and get his newsletter! He has a wealth of knowledge. I've learned much from him. He's allowed me to freely help so many others. Best wishes!