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....
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