Post in Baby Blue
Got a letter from FedLoan Servicing stating that "We were unable to process your request. You may still have options."
After doing what the dude guy told me to do, I get this:
"We reviewed your income-Driven Repayment (IDR) plan form and denied your request for the following reasons:
Not Eligible Yet. Your student loans serviced by us are currently on a deferment or forbearance, but you provided conflicting information."
So I called. At 12:25 p.m. on 5/20/16 I talked to Quay. She said I skipped section 4A and left it blank. So I need to send a completed form. And then we talked some more and she said this needs to be recalculated. Because I don't make $55,000. She had no idea why my repayment was so high. So I was on hold for a while and she came back and told me that they think I made per week what my pay stub said I make every two weeks. So, even though the top of my pay stub has a two week period on it, they assumed it was for one week.
Morons.
She said she put it in IBR review and it was submitted today. She said I should hear something in 10-15 business days. This Quay person said that I should be paying $117/month. Second person to tell me it wasn't $400 worth.
So now, we wait....
Friday, May 20, 2016
Monday, May 9, 2016
After the Call May 2016
Post in Goldenrod
So, I called. And I have a lot to fill out and send into them tomorrow.
5/9/16 and called at 5:51 pm to 1-800-699-2908. Spoke to Nayleen #614636
I noticed that my account number is mostly 4s - 4 is one of my numbers in numerology. True story.
Prompt says I have to wait at least 8 minutes. I have time.
In the meantime I go online and look at my account - I see the payment history and all the interest is being paid but no principal. So all the payments I make are to them to make money and nothing on what I originally borrowed. Uh hu.
Interest will always accrue at 7.125%. They said on there that the equation is:
7.125% x my balance / # days in the year = the daily interest charged.
at 6:02 pm I got Nayleen, #614636. Oh yeah, I'm callin him out. I may not have the name right, but I got that number down pat.
1. I asked him how many qualifying payments I've made, minus of course, the one they just got, because there was not a bill with it, then it doesn't count towards the forgiveness. I have 12 payments out of 120. So I have 108 payments left that must have bills along with them.
2. I asked how are we gonna lower my payments? Found out that they think I make $54,000/year. When? How? And where is that money? I did send in two pay stubs to show them the decrease and they thought I had two county jobs. Morons. So I have to send another form and just ONE pay stub. Idiots. He did some calculation of some sort and mentioned sequence 71 - no idea what that means. But he came up with around $170/month. That's better than $464/month but it's not in stone.
3. What did they do last year to get that $118.60/month? Cause that was great. He said just submit the one pay stub with the application every year. Perhaps because I sent them the two they thought it was two jobs and I had the $464 a month to send them. Right. They go by gross income and family size. He couldn't get into my files for 2014 unfortunately to see what what calculated then.
4. I asked about Student Loan Direct and how they can get me 60% less on my payments - what are they telling them and how can I tell them the same thing to get a lower rate? He said that Student Loans Direct is a 3rd part company and they do the application for us and charge people a fee. They get a 0$ plan approved and pocket whatever fee they charge the client. That company charges money and keeps it and doesn't pay our loans.
5. I asked him how I can do this and not have a heart attack every year when they send me a bill for 1/2 of my take home. He said don't send in stuff early - wait for the notification letter from Fedloan Servicing and then apply with needed documents. Also, submit whichever is lower of the tax return or the pay stub.
In the end, I'm supposed to re-submit the income driven repayment form with a pay stub that is not more than 90 days old. The frequency of pay needs to be noted. And I'm to mark the third box on there stating I'm already in a repayment plan. There may be a different payment number after the re-calculation. He said once I get married if we file separately then the federal gov doesn't need his proof of income. If we file jointly, then yes, they need a copy of his pay stub and the payments will go up because they assume he is paying for household things while I pay for student loans. But this guy Nayleen said that "he's not responsible for paying your loans." He also mentioned a company named Great Lakes and I guess it's like Sallie Mae and probably just as bad.
So I feel better - I do. I'm not as stressed and this might come out ok. I have the application and copy of pay stub and the envelope ready to go.
I just gotta wait until my honey is awake to borrow a stamp....
So, I called. And I have a lot to fill out and send into them tomorrow.
5/9/16 and called at 5:51 pm to 1-800-699-2908. Spoke to Nayleen #614636
I noticed that my account number is mostly 4s - 4 is one of my numbers in numerology. True story.
Prompt says I have to wait at least 8 minutes. I have time.
In the meantime I go online and look at my account - I see the payment history and all the interest is being paid but no principal. So all the payments I make are to them to make money and nothing on what I originally borrowed. Uh hu.
Interest will always accrue at 7.125%. They said on there that the equation is:
7.125% x my balance / # days in the year = the daily interest charged.
at 6:02 pm I got Nayleen, #614636. Oh yeah, I'm callin him out. I may not have the name right, but I got that number down pat.
1. I asked him how many qualifying payments I've made, minus of course, the one they just got, because there was not a bill with it, then it doesn't count towards the forgiveness. I have 12 payments out of 120. So I have 108 payments left that must have bills along with them.
2. I asked how are we gonna lower my payments? Found out that they think I make $54,000/year. When? How? And where is that money? I did send in two pay stubs to show them the decrease and they thought I had two county jobs. Morons. So I have to send another form and just ONE pay stub. Idiots. He did some calculation of some sort and mentioned sequence 71 - no idea what that means. But he came up with around $170/month. That's better than $464/month but it's not in stone.
3. What did they do last year to get that $118.60/month? Cause that was great. He said just submit the one pay stub with the application every year. Perhaps because I sent them the two they thought it was two jobs and I had the $464 a month to send them. Right. They go by gross income and family size. He couldn't get into my files for 2014 unfortunately to see what what calculated then.
4. I asked about Student Loan Direct and how they can get me 60% less on my payments - what are they telling them and how can I tell them the same thing to get a lower rate? He said that Student Loans Direct is a 3rd part company and they do the application for us and charge people a fee. They get a 0$ plan approved and pocket whatever fee they charge the client. That company charges money and keeps it and doesn't pay our loans.
5. I asked him how I can do this and not have a heart attack every year when they send me a bill for 1/2 of my take home. He said don't send in stuff early - wait for the notification letter from Fedloan Servicing and then apply with needed documents. Also, submit whichever is lower of the tax return or the pay stub.
In the end, I'm supposed to re-submit the income driven repayment form with a pay stub that is not more than 90 days old. The frequency of pay needs to be noted. And I'm to mark the third box on there stating I'm already in a repayment plan. There may be a different payment number after the re-calculation. He said once I get married if we file separately then the federal gov doesn't need his proof of income. If we file jointly, then yes, they need a copy of his pay stub and the payments will go up because they assume he is paying for household things while I pay for student loans. But this guy Nayleen said that "he's not responsible for paying your loans." He also mentioned a company named Great Lakes and I guess it's like Sallie Mae and probably just as bad.
So I feel better - I do. I'm not as stressed and this might come out ok. I have the application and copy of pay stub and the envelope ready to go.
I just gotta wait until my honey is awake to borrow a stamp....
Pre-Phone Call May 2016
Post in Purple.
So, I'm about to call FedLoan Serving. I have papers all around me from 2014 and so on. I have a copy of my pay stub. I have a copy of the pay stub from 2014. I have figures written out that they have the interest and principal and I owe $70, 545.35. I have the definitions of the three pay back plans that would classify for the Forgiveness program. I have written down my questions:
1. How many qualifying payments have I made towards to forgiveness to date?
2. How are we going to lower my student loan payments?
3. What did you do last year to get them lowered?
4.. Student Loans Direct said they can get it lowered by 60% - how are they doing that with you?
So....I need to remember that the representative is just working there. I need to not fuss at them. I need to remember that. And there has to be a way for us not to go through this every year....
Here we go....
So, I'm about to call FedLoan Serving. I have papers all around me from 2014 and so on. I have a copy of my pay stub. I have a copy of the pay stub from 2014. I have figures written out that they have the interest and principal and I owe $70, 545.35. I have the definitions of the three pay back plans that would classify for the Forgiveness program. I have written down my questions:
1. How many qualifying payments have I made towards to forgiveness to date?
2. How are we going to lower my student loan payments?
3. What did you do last year to get them lowered?
4.. Student Loans Direct said they can get it lowered by 60% - how are they doing that with you?
So....I need to remember that the representative is just working there. I need to not fuss at them. I need to remember that. And there has to be a way for us not to go through this every year....
Here we go....
Tuesday, May 3, 2016
Researching Online
Post in Green
Researching the bad, and found -
https://www.nerdwallet.com/blog/loans/student-loans/how-to-spot-student-loan-scam/
Student debt relief companies have popped up because filling out the necessary paperwork can be complicated and time-consuming, says Smith of the National Consumer Law Center. But if you arm yourself with the right information, you’ll know how to ask the government for free help, and you won’t lose money on a scam that could be going toward your debt instead.
And then I found something helpful -
https://studentloanhero.com/featured/4-student-loan-relief-options-that-actually-work/#
Researching the bad, and found -
https://www.nerdwallet.com/blog/loans/student-loans/how-to-spot-student-loan-scam/
Student debt relief companies have popped up because filling out the necessary paperwork can be complicated and time-consuming, says Smith of the National Consumer Law Center. But if you arm yourself with the right information, you’ll know how to ask the government for free help, and you won’t lose money on a scam that could be going toward your debt instead.
And then I found something helpful -
https://studentloanhero.com/featured/4-student-loan-relief-options-that-actually-work/#
You are not alone and there are others out there that are going through the same things. You can read personal finance blogs, find communities on Facebook or Twitter, or even talk to your friends about your student loan debt. Here are some resources to get started:
- Join the conversation on Twitter, using #debt or #StudentDebtStress
Still researching...
A Call From Help
Today's post is bold -
So I got a call from a New York number, and I ain't got a lot of people in New York. Thems the people who are broke as anything trying to make it on Broadway. So, yeah, they're not calling me.
At any rate they left a message - it was E. Corr from Direct Student Loan Relief. The message says they work directly with FedLoan Servicing, and explained who FedLoan was. They said they heard that I was seeking help with my student loans and would try to help me qualify for the Forgiveness Program and get me on the IBR with 60% or more less payments per month.
My immediate thought -
I'm dealing directly with FedLoan Servicing. What deal do they have with FedLoan Servicing to get me 60% or less per month? What's the scam? Why can't I deal directly with FedLoan Servicing to lower my payments? What's the catch? What's the deal? Is this like Debt Consolidation where they call the people for me and magically there's a lower rate and I pay that company to pay all of the other companies off? Is that it?
I'm curious......
So I got a call from a New York number, and I ain't got a lot of people in New York. Thems the people who are broke as anything trying to make it on Broadway. So, yeah, they're not calling me.
At any rate they left a message - it was E. Corr from Direct Student Loan Relief. The message says they work directly with FedLoan Servicing, and explained who FedLoan was. They said they heard that I was seeking help with my student loans and would try to help me qualify for the Forgiveness Program and get me on the IBR with 60% or more less payments per month.
My immediate thought -
I'm dealing directly with FedLoan Servicing. What deal do they have with FedLoan Servicing to get me 60% or less per month? What's the scam? Why can't I deal directly with FedLoan Servicing to lower my payments? What's the catch? What's the deal? Is this like Debt Consolidation where they call the people for me and magically there's a lower rate and I pay that company to pay all of the other companies off? Is that it?
I'm curious......
Sunday, May 1, 2016
Notes from Maria
Notes in Red....
When I spoke to Maria, the representative at FedLoan Servicing, she said that the people who make up the magical amount that we must pay per month were sitting around her. They are "certified to do the processing." She said that this is done in a database, in a computer. She mumbled something about 7.125% and calculated the $308/month. So I guess I don't pay groceries or gas in my car or say the light bill. Right. So magically they came up with $118.60 last year, and even though my pay only increased by $50 a month, they came up with $400 a month. Sorry, $463 a month. From $118.60. I will check with them on Friday to see if the Application was sent for something other than IBR, since that's not gonna help, and if it isn't, I'll see if I can download and get this ball rolling for them to magically come up with something lower than $463/month.
When I spoke to Maria, the representative at FedLoan Servicing, she said that the people who make up the magical amount that we must pay per month were sitting around her. They are "certified to do the processing." She said that this is done in a database, in a computer. She mumbled something about 7.125% and calculated the $308/month. So I guess I don't pay groceries or gas in my car or say the light bill. Right. So magically they came up with $118.60 last year, and even though my pay only increased by $50 a month, they came up with $400 a month. Sorry, $463 a month. From $118.60. I will check with them on Friday to see if the Application was sent for something other than IBR, since that's not gonna help, and if it isn't, I'll see if I can download and get this ball rolling for them to magically come up with something lower than $463/month.
May Day Anfangen
I start today - in Blue.
It's been a battle since I graduated in 1997 to pay back student loans. I was with the government initially, then I consolidated and paid Sallie Mae, and now I'm with FedLoan Servicing. FedLoan Servicing was recommended by a close friend of mine who is also paying back her student loans. I will sit with her at some point and chat as to how she's coping with her rising cost of repayment plus keeping her bills paid. I will call her Sue.
I had a really, really good payment per month last year. For 12 months. It was perfect for my bills and other costs I had with my life. Now I'm hit with a $400/month bill, which is 1/2 my take home. I called and told them I can't pay this. The woman said she could lower it to $308, which is still too high. How can I go from paying $118.60 a month to $400??? That is my battle. My solution to this blog will finally be a way to make sure that every year my monthly payments are NOT half my paycheck and NOT outrageously high. That is the goal. I open the blog comments to anyone else who personally is dealing with paying back student loans and has found a way to find reasonable payments per month. That is the goal. The goal is not to battle every year for a reasonable price per month. There has to be a way.
There has to be.
I'm not the only person re-paying student loans to FedLoan Servicing.
I can't be.
And so....it starts....
It's been a battle since I graduated in 1997 to pay back student loans. I was with the government initially, then I consolidated and paid Sallie Mae, and now I'm with FedLoan Servicing. FedLoan Servicing was recommended by a close friend of mine who is also paying back her student loans. I will sit with her at some point and chat as to how she's coping with her rising cost of repayment plus keeping her bills paid. I will call her Sue.
I had a really, really good payment per month last year. For 12 months. It was perfect for my bills and other costs I had with my life. Now I'm hit with a $400/month bill, which is 1/2 my take home. I called and told them I can't pay this. The woman said she could lower it to $308, which is still too high. How can I go from paying $118.60 a month to $400??? That is my battle. My solution to this blog will finally be a way to make sure that every year my monthly payments are NOT half my paycheck and NOT outrageously high. That is the goal. I open the blog comments to anyone else who personally is dealing with paying back student loans and has found a way to find reasonable payments per month. That is the goal. The goal is not to battle every year for a reasonable price per month. There has to be a way.
There has to be.
I'm not the only person re-paying student loans to FedLoan Servicing.
I can't be.
And so....it starts....
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