It doesn't take 6 weeks. I applied in October of last year and I'm still waiting for a review and Aidvantage has resumed billing me while the determination is being made. So now it's back in forbearance and I'm in the endless cycle of billing me for the rest of my life. Though the loan was taken out 23 years ago. I'm told the determination will be made in the summer though I'm not holding my breath.
It takes about 6 weeks for people whose loans have been determined to be eligible for forgiveness immediately. Otherwise it will take until this summer or later to get updated on where you stand at with your progress toward loan forgiveness.
When will the adjustment determination be made? I consolidated my loans about 5 months ago and have yet to get a determination. In the meantime aidvantage is (of course) asking for payments. While I wait for a determination to be made. And it's my understanding that it is actually Aidvaantage that decides. In the meantime they (of course) returned me to forbearance.
OK, everyone keeps saying 20 years, but they are counting MONTHS. So it's 240 countable months to get to the "20 year" forgiveness mark? I graduated in 1994. I downloaded my history and used your tool. It shows I have 178 'countable' months/payments. I can see long gaps of 'white space' in the history. Some of theo white spaces are in times when i know I was making payments. I only borrowed $34k and now my balance is $78k. I checked with my bank, I have had the same checking account since 1989, they only have seven years of history. What to do?
Thanks, Andrew. What sucks for me is I am 66, only 13 years in on grad school loans (I am in the consolidation to SAVE plan process), have $171K in debt, and have no idea how I will pay that tax bomb when I am 78 years old...makes me think of the title of the M*A*S*H theme song...
I consolidated my two loans years ago and then defaulted. During first part of pandemic, I rehabilitated my loans, got assigned to Mohela. Currently in forbearance for SAVE plan, and they just re-submitted my IDR. They said it was cancelled last month because there was something submitted that said i was disabled. Which, I am not. The lady said must have been an error...? Do I try to consolidate again? I don't think i can.
Hello I need a consult on if it is worth me doing bankruptcy. I graduated five years ago but never got licensed and became homeless last year. I only have child support as my income now.
I am on track with PSLF and will reach forgiveness in about six months. I did have private loans but I paid those off because it is very unlikely that any forgiveness will be available for them. I can finally see the light at the end of the tunnel. Hopefully it’s not an oncoming train.
I really hope this can help older borrowers. We need more people retiring comfortably for us 30-somethings and younger to have a positive economic outlook. Don't forget to consolidate direct y'all 😊
I had a FFELP loan and I applied for consolidation. My loans were sitting with FSA but then I was told to apply for the PSFL because I work for a non profit organization. My loan is now with Mohela. Because Mohela is the servicer, does that mean that my loans that have been in repayment for over 20 years will be overlooked by the Biden one-time forgiveness?
I have a student loan fire 1,100. From 20 years ago. They blocked my bank accts. I Just received paperwork to fill out loan forgiveness. Will this wrote our
Does anyone have a sample letter to file a complaint for the possible overlook of my 20 plus old student FFELP Loans? They have been consolidated with student aid… Thanks in advance!
Is it customery for the student aid websie to make you wait a max of 3 days to verify who you are? Do you offer any services for individuals that need assistance?
Consolidating will add the outstanding interest to your principal balance, but it may lead you significantly closer to getting your loans forgiven. So it might be worth it.
@stanleytate - how do we know this is really going to happen? Is there a policy written? Just concerned everyone will consolidate and the counter will start over and the new count won't happen....
I feel you. That tile would be incredibly long though. That's why we clarify early on in the video. We have some videos coming for private student loan help.
I don't know if I'm going to get anything. My dates are all messed up. I graduated in 2002 was in a form of deferment most of the time and in 2014 I went back to school for my masters and my student loan went into student deferment for 2.5 years or so. Unfortunately I think those 2.5 years take me out of eligibility for qualifying for forgiveness. 😭
And I don’t mean that you Andrew shouldn’t tell us it takes six weeks. I’m talking about advantage. They told me it would take six weeks and it’s much longer than that already.
What if Biden loses re-election? Could the next Department of Education roll back all of the progress made towards account adjustments toward foregiveness?
The kicker is they just reject the consolidation.
It doesn't take 6 weeks. I applied in October of last year and I'm still waiting for a review and Aidvantage has resumed billing me while the determination is being made. So now it's back in forbearance and I'm in the endless cycle of billing me for the rest of my life. Though the loan was taken out 23 years ago. I'm told the determination will be made in the summer though I'm not holding my breath.
It takes about 6 weeks for people whose loans have been determined to be eligible for forgiveness immediately. Otherwise it will take until this summer or later to get updated on where you stand at with your progress toward loan forgiveness.
@@stanleytate thanks for the info.
I have given up on forgiveness. I have been in repayment for 30 years and still have not seen anything
It's been 29 years for me
how much do you pay a month?
What about the lawsuit against Idr?
When will the adjustment determination be made? I consolidated my loans about 5 months ago and have yet to get a determination. In the meantime aidvantage is (of course) asking for payments. While I wait for a determination to be made. And it's my understanding that it is actually Aidvaantage that decides. In the meantime they (of course) returned me to forbearance.
Advantage doesn’t decide. The review is done by the Education department. They will finish reviewing all borrowers’ accounts by this summer.
OK, everyone keeps saying 20 years, but they are counting MONTHS. So it's 240 countable months to get to the "20 year" forgiveness mark?
I graduated in 1994. I downloaded my history and used your tool. It shows I have 178 'countable' months/payments. I can see long gaps of 'white space' in the history. Some of theo white spaces are in times when i know I was making payments.
I only borrowed $34k and now my balance is $78k.
I checked with my bank, I have had the same checking account since 1989, they only have seven years of history. What to do?
Thanks, Andrew. What sucks for me is I am 66, only 13 years in on grad school loans (I am in the consolidation to SAVE plan process), have $171K in debt, and have no idea how I will pay that tax bomb when I am 78 years old...makes me think of the title of the M*A*S*H theme song...
I consolidated my two loans years ago and then defaulted. During first part of pandemic, I rehabilitated my loans, got assigned to Mohela. Currently in forbearance for SAVE plan, and they just re-submitted my IDR. They said it was cancelled last month because there was something submitted that said i was disabled. Which, I am not. The lady said must have been an error...? Do I try to consolidate again? I don't think i can.
As usual wonderful video, thank you!
Maybe you shouldn't be making the minimum payments. Those don't cover much more than the interest.
Thanks for Info. Knowledge is power
Thank you for this great video....what happens now that we are past April 2024? Can I still apply for the forgiveness program?
How can I get my history from Sallie Mae??
I used the tool and it says I have paid over 233 payments and have 44 months in forbearance but nelnet cannot get my undergrad and grad loans
Hello I need a consult on if it is worth me doing bankruptcy. I graduated five years ago but never got licensed and became homeless last year. I only have child support as my income now.
I just watch this and it's passed 04/30/24. will I still able to do this? I am with navient. and Nov 2025 will be is my 20yrs. please help ~
I am on track with PSLF and will reach forgiveness in about six months. I did have private loans but I paid those off because it is very unlikely that any forgiveness will be available for them. I can finally see the light at the end of the tunnel. Hopefully it’s not an oncoming train.
I have 2 years I think. Will the tool give me a date?
I really hope this can help older borrowers. We need more people retiring comfortably for us 30-somethings and younger to have a positive economic outlook. Don't forget to consolidate direct y'all 😊
I had a FFELP loan and I applied for consolidation. My loans were sitting with FSA but then I was told to apply for the PSFL because I work for a non profit organization. My loan is now with Mohela. Because Mohela is the servicer, does that mean that my loans that have been in repayment for over 20 years will be overlooked by the Biden one-time forgiveness?
I have a student loan fire 1,100. From 20 years ago. They blocked my bank accts. I Just received paperwork to fill out loan forgiveness. Will this wrote our
Does anyone have a sample letter to file a complaint for the possible overlook of my 20 plus old student FFELP Loans? They have been consolidated with student aid…
Thanks in advance!
Is it customery for the student aid websie to make you wait a max of 3 days to verify who you are? Do you offer any services for individuals that need assistance?
Yes. It can take 2 to 3 days for the FSA to match your SSN through the SSA.
Won’t the act of consolidating my Navient FFELloan to federal loan add significant interest and fees to the balance I already have?
Consolidating will add the outstanding interest to your principal balance, but it may lead you significantly closer to getting your loans forgiven. So it might be worth it.
@stanleytate - how do we know this is really going to happen? Is there a policy written? Just concerned everyone will consolidate and the counter will start over and the new count won't happen....
Yo
The title really should have FEDERAL in it.
I feel you. That tile would be incredibly long though. That's why we clarify early on in the video. We have some videos coming for private student loan help.
I don't know if I'm going to get anything. My dates are all messed up. I graduated in 2002 was in a form of deferment most of the time and in 2014 I went back to school for my masters and my student loan went into student deferment for 2.5 years or so. Unfortunately I think those 2.5 years take me out of eligibility for qualifying for forgiveness. 😭
And I don’t mean that you Andrew shouldn’t tell us it takes six weeks. I’m talking about advantage. They told me it would take six weeks and it’s much longer than that already.
What if Biden loses re-election? Could the next Department of Education roll back all of the progress made towards account adjustments toward foregiveness?
int going to happen
I don't believe it anymore
I have nelnet