Love your videos! Super helpful! Maybe you've covered this in other videos that I haven't seen yet, but one challenge I faced when my ICR repayment plan resulted in a zero monthly payment amount was that mortgage and credit card companies, upon seeing ZERO, divide my large loan balance by 10 and used that as my annual obligation, disqualifying me from credit. In this case $10/month is "less than" $0 !
The Education Department just pushed the deadline to take advantage of the IDR Waiver back. The new deadline is April 30, 2024. That means, you can still do the double consolidation loophole and the IDR Waiver. You can read more here: studentaid.gov/announcements-events/idr-account-adjustment
In 2022, I consolidated 6 ppl into one direct consol loan and now on a ICR3 pay plan with Mohela. Since I only have 1 loan now, it appears I can't do the loophole double consol. What if I applied for a small school loan for myself, could I then do the loophole providing enough time to do all this by the deadline in July 2025? I also have 12 years employ with the State of CA since 2007 but did not make consistent payments on the school loans. Could I still try the PSLF route and get the retro credit? Retired in 2019. Appreciate any feedback. Thxs
I recently submitted the initial paper Consolidation applications with Aidvantage and Mohela. Was this a bad idea? The loans were initially with Aidvantage as Direct Parent Plus Loans.
Yes. Unfortunately for us I did the application for our son’s Parent Plus loan and my husband is a 100% disabled vet but it can’t be forgiven because it’s in my name not his even though the only household income is his. So HIS income as a 100% disabled vet is expected to pay it back. Doesn’t seem right….like we fell through the cracks with this 😢
Help! I divided my PLUS loans held by Nelnet and sent two paper apps to Edfinancial and one to Aidvantage. Aidvantage processed the consolidation sent to them. Then Aidvantage processed the other two sent to Edfinancial, but kept those two instead of sending to Edfinancial as I requested by paper app through certified mail, so I now have two separate loans with Aidvantage. Can I still combine these two loans for the double consolidation loophole? Can I do it now or do I need to wait six months?
I was helping my mother apply for consolidation (co-sign for me) but the only option it gave me is ICR stating she’s not eligible for PAYE and IBR. The loan status is in repayment, does she need to do a fresh start?
@@stanleytate I spoke with department of education they told me that ICR is the only plan that qualifies under income driven repayment. I thought she would qualify at least for PAYE
My mom just retired last year as a public school art teacher in an low-income area after working for 38 years. She has a Parent Plus loan (cosigned) with me. If our parent plus loan want to be considered for PSLF, does she need to go back to a public service job? She was also forced to retire due to disability.
She can get credit for the payments and forbearance time she had before she retired, but she would need to return to work full-time with a nonprofit or government job to get her debt forgiven. There may be some other things she needs to do as well, but we'd have to look at the loans to know for sure.
@joemac5864 Yes, but you still need to be working in public service to get that 9-year credit for Public Service Loan Forgiveness (AKA PSLF credit), which could easily wipe out your federal student loans. You don't have to go back to the post office, but you do need to work at another public service job. Consider a public school in your neighborhood: cafeteria worker, maintenance, etc. You only need 1 more year working in public service to get those loans wiped out.10 is the magic number! Go find that gig and don't quit it until you get that letter saying your loans have been forgiven. Think of it as the best year you'd ever have! Best wishes!
That is not true. All payments need to be certified annually that they count towards the Program when you verify that you worked full-time as a public service employee. You cannot stop and then go back for just one month in claim all of those previous payments it does not work that way do not listen to that advice
I have read the rules, and I am in the program. every payment that is made just sits there on the list until your employment has been verified for the payment.. You must do this once a year. Any payments made while you were not currently employed by A qualified employer will be considered in eligible. You can leave and come back in but any payments made while you are not employed by a eligible employer do not count. End of story hard stop.
Love your videos! Super helpful! Maybe you've covered this in other videos that I haven't seen yet, but one challenge I faced when my ICR repayment plan resulted in a zero monthly payment amount was that mortgage and credit card companies, upon seeing ZERO, divide my large loan balance by 10 and used that as my annual obligation, disqualifying me from credit. In this case $10/month is "less than" $0 !
Very late to this, so it may not matter. I thought the PSLF only worked if you worked 10 years and made 10 years worth of required payments?
In the last option, does a BK affect your current job or future job apps.?
The Education Department just pushed the deadline to take advantage of the IDR Waiver back. The new deadline is April 30, 2024. That means, you can still do the double consolidation loophole and the IDR Waiver. You can read more here: studentaid.gov/announcements-events/idr-account-adjustment
excellent information
In 2022, I consolidated 6 ppl into one direct consol loan and now on a ICR3 pay plan with Mohela. Since I only have 1 loan now, it appears I can't do the loophole double consol. What if I applied for a small school loan for myself, could I then do the loophole providing enough time to do all this by the deadline in July 2025?
I also have 12 years employ with the State of CA since 2007 but did not make consistent payments on the school loans. Could I still try the PSLF route and get the retro credit? Retired in 2019. Appreciate any feedback. Thxs
I recently submitted the initial paper Consolidation applications with Aidvantage and Mohela. Was this a bad idea? The loans were initially with Aidvantage as Direct Parent Plus Loans.
Why would it be a bad idea?
Does 100% vet disable allow for loan forgivness
Yes.
Yes. Unfortunately for us I did the application for our son’s Parent Plus loan and my husband is a 100% disabled vet but it can’t be forgiven because it’s in my name not his even though the only household income is his. So HIS income as a 100% disabled vet is expected to pay it back. Doesn’t seem right….like we fell through the cracks with this 😢
@@stanleytate.
Do you have more detailed information on Disability discharge?
We have a detailed blog post to share with you: www.tateesq.com/learn/student-loan-forgiveness-disability
Help! I divided my PLUS loans held by Nelnet and sent two paper apps to Edfinancial and one to Aidvantage. Aidvantage processed the consolidation sent to them. Then Aidvantage processed the other two sent to Edfinancial, but kept those two instead of sending to Edfinancial as I requested by paper app through certified mail, so I now have two separate loans with Aidvantage. Can I still combine these two loans for the double consolidation loophole? Can I do it now or do I need to wait six months?
I think you may be fine. It sounds like you have two plans with two different account numbers.
Can you include the student loans in a bkp that was filed over a decade ago?
It's possible, depending on where you live, the facts of your cases, etc.
Well it looks like I will need to use the death strategy.
Can a parent consolidate the parent plus loan before student graduation?
Only if the PPL isn’t in deferment
I was helping my mother apply for consolidation (co-sign for me) but the only option it gave me is ICR stating she’s not eligible for PAYE and IBR. The loan status is in repayment, does she need to do a fresh start?
I'm not sure what your mother should do. I'd have to see her loans before I offer any advice.
@@stanleytate I spoke with department of education they told me that ICR is the only plan that qualifies under income driven repayment. I thought she would qualify at least for PAYE
Where's the link for the video on how to lower your student loan debt now? As, it didn't even show up when you point to it in the video....
My mom just retired last year as a public school art teacher in an low-income area after working for 38 years. She has a Parent Plus loan (cosigned) with me. If our parent plus loan want to be considered for PSLF, does she need to go back to a public service job? She was also forced to retire due to disability.
She can get credit for the payments and forbearance time she had before she retired, but she would need to return to work full-time with a nonprofit or government job to get her debt forgiven. There may be some other things she needs to do as well, but we'd have to look at the loans to know for sure.
Im a 100% disabled veteran total and permanent , can i apply for a parent plus loan for my daughter
You could. But if you're asking can you then get the loan discharged later due to your disability the answer is no.
@stanleytate can you send me a link please because I head different
@@stanleytate wait, why is the answer no? Does the loan forgiveness to that scenario only apply if the veteran is using the loan for himself?
Does being a mail man count as public service?
So long as you work for USPS.
@@stanleytate I did. Worked there for about 9 years
@joemac5864 Yes, but you still need to be working in public service to get that 9-year credit for Public Service Loan Forgiveness (AKA PSLF credit), which could easily wipe out your federal student loans. You don't have to go back to the post office, but you do need to work at another public service job. Consider a public school in your neighborhood: cafeteria worker, maintenance, etc. You only need 1 more year working in public service to get those loans wiped out.10 is the magic number! Go find that gig and don't quit it until you get that letter saying your loans have been forgiven. Think of it as the best year you'd ever have! Best wishes!
Just curious: have you been making payments to those loans during those 9 years at usps?
There is a law that protects senior social security.
News to me. There was a law introduced to protect Social Security Income from defaulted student loans, but that bill has yet to pass last I checked.
That is not true. All payments need to be certified annually that they count towards the Program when you verify that you worked full-time as a public service employee. You cannot stop and then go back for just one month in claim all of those previous payments it does not work that way do not listen to that advice
Read the rules. You absolutely can return to work for one month, make your final qualifying payment, and then quit.
I have read the rules, and I am in the program. every payment that is made just sits there on the list until your employment has been verified for the payment.. You must do this once a year. Any payments made while you were not currently employed by A qualified employer will be considered in eligible. You can leave and come back in but any payments made while you are not employed by a eligible employer do not count. End of story hard stop.