I have $160k+ and have been paying about 20 years, Consolidated to Direct loans, thought I qualified for PSFL, but time as a Healthcare worker was before 2007. Still waiting for my payment count and 1 time adjustment. Hoping Bidens new rules will help!!
My student loans were put in bankruptcy in 2005. Bankruptcy was discharged 2010. I understand that students are not automatically discharged. The trustee not paying them during bankruptcy. My question is, why did my student loans disappear from 2010 -2018? The loans repopulated in default with collection agency.
Save doesn’t work for my situation. It would quadruple my current payment (20k remaining balance, married/joint filer). Based on my calculations using your tool, I have 20 years of payment history with grad school included. So paying 1k on Save would have my loans complete in early 2026 (no forgiveness benefit). Its better for me to keep my low monthly payment on the standard plan and continue to overpay. I would pay interest but it would be minimal and I would be finished before 2026. I will definitely wait to see what happens with the IDR adjustment and see if that changes my opinion.
"When you have so many options out there, sometimes you don't have any options ... because you can't think through them." 🔥🔥🔥 Thank you for that quote though!
I am 65 and am living on social security. I have a Direct Consolidated loan of $116,000. My husband is retired too but has a 401k and retirement plan. I was an independent contractor and don’t have any other income but social security. My husband isn’t on the loan just me. I am currently on the income-contingent repayment plan. My social security is only $19,300 a year. What do I do to get this wiped out? I started playing this past year 2023 $222 a month. .
For many days, I have been trying to contact the Dept of Education, but I keep getting a message, "All representatives are currently answering other callers; call back later." I found your RUclips; praise God for that. I am sure many of us have questions. My question is this, what year do they cut off to qualify to apply for a loan. I heard a rumor that there were no loans before 2007; is that correct? I am looking at the years 1984-2000. Thanks!
You’re taking about the save program is a 20 to 25 yr loan then it’s forgiven. The person has to reapply every year, so my example 25 years will make it 24 years but then you have to reapply, so will it go back to 25 years? If the time resets every time I reapply I never get done with the loan.
It will still reset, but people who submit consolidation applications by April 30, 2024, will get retroactive credit under the one-time account adjustment.
@stanleytate once my consolidation app is completed with the "total" amount that was submitted which was an incorrect amount from the amount that was originally disbursed, will the new server take a look an investigated to see why they both were different numbers before the interest and will it be adjusted? This was my real total would be under 12,000? Or should I cancel the consolidation and have FFEL fix it first????please and thank you
SAVE is perfect for me, family of 1, 6 figure salary. This plus the PSLF will wipe out hundreds of thousands of debt burden in less than 10 years. I will have 4 degrees for the price of 1 ❤ People who are high earners need to work on reducing their AGI to get a lower payment due. Government pays the extra interest on SAVE so there’s no need to rush to pay it off early.
I have $160k+ and have been paying about 20 years, Consolidated to Direct loans, thought I qualified for PSFL, but time as a Healthcare worker was before 2007. Still waiting for my payment count and 1 time adjustment. Hoping Bidens new rules will help!!
My student loans were put in bankruptcy in 2005. Bankruptcy was discharged 2010. I understand that students are not automatically discharged. The trustee not paying them during bankruptcy. My question is, why did my student loans disappear from 2010 -2018? The loans repopulated in default with collection agency.
Save doesn’t work for my situation. It would quadruple my current payment (20k remaining balance, married/joint filer). Based on my calculations using your tool, I have 20 years of payment history with grad school included. So paying 1k on Save would have my loans complete in early 2026 (no forgiveness benefit). Its better for me to keep my low monthly payment on the standard plan and continue to overpay. I would pay interest but it would be minimal and I would be finished before 2026. I will definitely wait to see what happens with the IDR adjustment and see if that changes my opinion.
Why do you suggest reevaluating every year? You can switch between plans? Will that reset your number of payments before forgiveness?
"When you have so many options out there, sometimes you don't have any options ... because you can't think through them." 🔥🔥🔥 Thank you for that quote though!
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I am 65 and am living on social security. I have a Direct Consolidated loan of $116,000. My husband is retired too but has a 401k and retirement plan. I was an independent contractor and don’t have any other income but social security. My husband isn’t on the loan just me. I am currently on the income-contingent repayment plan. My social security is only $19,300 a year. What do I do to get this wiped out? I started playing this past year 2023 $222 a month.
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For many days, I have been trying to contact the Dept of Education, but I keep getting a message, "All representatives are currently answering other callers; call back later." I found your RUclips; praise God for that. I am sure many of us have questions. My question is this, what year do they cut off to qualify to apply for a loan. I heard a rumor that there were no loans before 2007; is that correct? I am looking at the years 1984-2000. Thanks!
Not a rumor. If you’re referring to the PSLF recount it’s Oct 2007, which is when the program began.
Very beneficial video, thanks for creating and sharing.
You’re taking about the save program is a 20 to 25 yr loan then it’s forgiven. The person has to reapply every year, so my example 25 years will make it 24 years but then you have to reapply, so will it go back to 25 years? If the time resets every time I reapply I never get done with the loan.
Thank you for this information. I signed up for the SAVE plan. Since it's after 12/31/2023, will my repayment clock reset if I consolidate my loans?
It will still reset, but people who submit consolidation applications by April 30, 2024, will get retroactive credit under the one-time account adjustment.
Thank you!@@stanleytate
@stanleytate once my consolidation app is completed with the "total" amount that was submitted which was an incorrect amount from the amount that was originally disbursed, will the new server take a look an investigated to see why they both were different numbers before the interest and will it be adjusted? This was my real total would be under 12,000? Or should I cancel the consolidation and have FFEL fix it first????please and thank you
Thank you explaining save and it's good for and not good for!!!
Will IDR consolidation increase your PSLF qualifying payments to the loan w/ the highest "PSLF eligible payments" listed on Mohela?
Applying for consolidation by April 30 can increase your PSLF credit. We explain all of that in this video: ruclips.net/video/vYaTczj8kP0/видео.html
Thank you! I used your loan summary tool and it was fantastic. I really appreciate it.
@@stanleytate
How do you sign up for a consult
You can book a 1:1 consult using this link: cal.com/studentloanstrategist/review-session
The mellifluous baritone stylings of Stanley Tate...
LOL!
SAVE is perfect for me, family of 1, 6 figure salary. This plus the PSLF will wipe out hundreds of thousands of debt burden in less than 10 years. I will have 4 degrees for the price of 1 ❤
People who are high earners need to work on reducing their AGI to get a lower payment due. Government pays the extra interest on SAVE so there’s no need to rush to pay it off early.
This is very helpful.