Billion and billions of dollars have been pumped into these colleges. And the colleges continue to raise there own salaries and raise the cost of tuition. And you get brainwashed and indoctrinated to the point nobody will hire you.. especially when your job is being outsourced to people willing to work at a fraction of your pay.. well isn't that a surprise..
@KMarieLaVigna4 күн бұрын
my save plan says the forebearance ends in 10 days and a payment is due early september. Meanwhile, news states all save plan payments are in forebearance. why is my forebearance ending, a mistake?
@EscapeStudentLoanDebt4 күн бұрын
It would definitely be a mistake: the Dept. of Ed has issued multiple releases saying everyone on the plan is in forbearance right now. I would reach out to the loan servicer and if they're not responsive, reach out to the Ombudsman or file a complain with the Consumer Financial Protection Bureau
@catherinekuntz83067 күн бұрын
They dont count
@catherinekuntz83067 күн бұрын
My student loans are in forbearance until Nov.7th
@catherinekuntz83067 күн бұрын
Are the idr adjustments still in play
@timrodriguez1611 күн бұрын
Good stuff! Thanks
@alexandramccoy699812 күн бұрын
If I am on an extended graduate repayment plan, what would trigger this? I called Mohela and they said this interest has already been capitalized. It appears they have recalculated my payments due to the new webpage and capitalized the interest. This does not make any sense to me.
@Mage-mc7mz15 күн бұрын
There must be someone us public servants can sue, we’re trying to follow the rules and they’re still trying to hurt us.
@Lizbeth3696115 күн бұрын
So, to maximize getting FAFSA maximum coverage, it’s better if I wait to finish my bachelor degree before getting married ??? My boyfriend makes good money so will it be taken into account for FAFSA?
@lisagosweiler622217 күн бұрын
Awesome info. One thing though that may be helpful - if you look at the PSLF regs and on the new paper PSLF work cert application - it does say on Page 2 in bullets 2 and 3 that you only have to be working for the PSLF eligible employer when you apply for the forgiveness/discharge. You do not need to continue working there beyond the 120th month as long as you put your application in at that point. Which is great news for borrowers who want to move on to a different job while the discharge processes.
@EscapeStudentLoanDebt4 күн бұрын
I appreciate the correction! I misread the guidelines stating that you had to be there at time final form was submitted. I'm going to issue a correction in the video we drop tomorrow (Brenton)
@jenniferparrott826028 күн бұрын
Capitalized interest is a rip off. They raised the interest rate from what I signed when I consolidated my student loans. Their practices are illegal!
@brahmsytjhАй бұрын
Earlier today, I faxed Mohela a paper application to switch from SAVE to IBR since paused payments are no longer counting toward PSLF. I will reach my 120th month of certified employment under PSLF in August and have never seen student loan repayment in such a horrible state as it is now. It just screams election year politics and unfortunately the 8 million of us on SAVE are caught in the middle. Good luck to everyone else experiencing this nightmare!
@PromoCodeLadyАй бұрын
Capitalized interest is illegal when it comes to student loans. They are nuts. Not paying a dime to these scammers. My loans should have been over a long time ago.
@fawnmiller2757Ай бұрын
Hello and thank you for all the great information you provide, I do have a question though can you tell us more about the rehabilitation program with the federal government I know it is similar to the fresh start program but that will be fazing out soon and I don’t know exactly how the rehabilitation process works.
@jamd1jones79Ай бұрын
Thanks for all you do bro!
@instrinsicloveАй бұрын
That’s unfortunate that NONE of this is stated in the letter. Smh
@sagapoetic8990Ай бұрын
I have two questions -- I consolidated all my loans very recently. 1) My oldest loan dated to 2002 but it shows 2012 on Nelnet's site. The 2002 loan was set to sunset or however they call it this November. 2) My loans totaled well over the $10,000 for Save as I had grad and undergrad but I still applied to consolidate and for SAVE. How do I get Nelnet to fix the oldest loan date -- they referred me to the Department of Ed, which shows on their website but their phone lines are not working. Did I do the right thing have older and larger loans to both consolidate and choose SAVE? Thank you very much.
@EscapeStudentLoanDebtАй бұрын
You should be fine consolidating the older with the younger. I would download the NSLDS Data File from studentaid.gov to verify the right date for the loan and send that information to your servicer to ask why the dates don't match. You also always have the option of contacting the student loan ombudsman or Consumer Financial Protection Bureau for help in resolving disputes with servicers
@sagapoetic8990Ай бұрын
@@EscapeStudentLoanDebt Thank you very much -- it's very interesting what's been going on but so many complications unfolding, too.
@garrettbailey_Ай бұрын
I am currently doing the double consolidation loophole. I just finished consolidating my loans with two servicers and now I need to consolidate them together and apply for SAVE. Does this mean I only have until Sunday to do the final consolidation and apply for the SAVE program? Also thank you so much for your videos! They're SOO helpful!!
@EscapeStudentLoanDebtАй бұрын
We're glad you enjoy the videos, thanks for watching! The Department actually issued a statement this weekend saying they will still accept paper applications for the SAVE plan, although they're pausing online applications. They also are going to immediately put people who apply for the SAVE plan on paused payments. We're going to do an emergency podcast on this on Monday. Hope this helps!
@smlinceАй бұрын
Curious if you are reading, could you address if discretionary income's 'annual income' is the annual income versus adjusted gross income vs some other entity? Does recertification use total gross income or minus things like traditional 401k/HSA like for tax purposes? Thank you
@EscapeStudentLoanDebtАй бұрын
You have the option of telling your loan servicer your total annual income instead of your adjusted gross income, but I can't think of a reason why you would unless your income has decreased since the last time you filed taxes. Adjusted Gross Income is typically going to be lower than your total annual income, because things like pre-tax 401(k) contributions, HSA contributions and more will lower your Adjusted Gross Income. So you would typically want to use the Adjusted Gross Income from your previous tax return unless you've experienced a significant pay decrease.
@smlinceАй бұрын
@@EscapeStudentLoanDebt Great! So if I understand, AGI is the default everyone uses unless there is some odd exception, and therefore, I ought to dump as much as I can into a traditional 401k and HSA to get AGI as low as I can for BOTH tax and for federal student loan monthly obligation when I re-certify next Jan (first time since leaving residency), that way I have flexibility to go low on that each month next year (even though I intend to surpass it by a lot). We are on same page? Thank you!
@tincou76942 ай бұрын
If the loans have already fallen off my credit report - what would be the change in my report if I do fresh start?
@EscapeStudentLoanDebtАй бұрын
The biggest issue in that case is that the loans may have fallen off your report (which would likely mean you can't sign up for the program because you no longer have loans). But if the loans still exist, even if they're now out of default, you may still have a Defaulted status from the loans in the payment history section of your credit report. The Fresh Start program erases that status from your credit report.
@johnwork73292 ай бұрын
Does this remove collection fees that have been included in your balance?
@EscapeStudentLoanDebtАй бұрын
I would verify with your loan servicer, but typically, removing loans from defaulted status through a rehabilitation can reduce or eliminate the extra collection costs. I would think the Fresh Start program would as well, but since I don't see confirmation on the website, I don't want to tell you something that ends up being incorrect.
@jwilson36632 ай бұрын
Awesome video
@Terry-vy5ic2 ай бұрын
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? Reply
@EscapeStudentLoanDebtАй бұрын
My apologies for the delayed response! You still need to find a way to have them with different servicers to complete the loophole, but there's no need to wait six months. You can start the process over immediately, and I would encourage you to do so in order to get in before the deadline.
@steveroberts38122 ай бұрын
I have one, been the bane of my existence, divorced, other partner won't do anything (signing papers, etc), and has never made a payment. Made all the payments myself.
@EscapeStudentLoanDebtАй бұрын
Sorry to hear that, and our apologies for the delayed response. You can still go through the process of separation and then provide the student loan ombudsman proof that you have no reasonable way of getting your former spouse's consent to separate the loan and they should still process it for you. According to the language of the JCLSA, you can apply on your own to have the loan separated if, among other reasons, you 'are unable to reasonably access the other borrower’s loan information'. So I would follow the process laid out in the video using the link in the description and you should be able to get some help.
@lovelyduck23602 ай бұрын
I did the consolidation with ED financial and Aidvantage. I'm now trying to consolidate the two. The loan servicer that is left for me to consolidate with is Mohela. When I chose Mohela it says that ultimately they will be my servicer but Aidvantage will do the initial processing. Is this going to mess me up since I already did a consolidation with Aidvantage?
@EscapeStudentLoanDebt2 ай бұрын
Sorry for the late reply! You should be fine as long as MOHELA (or any other servicer besides the current two)ends up as the final servicer. The trickiest part of the process is the initial paper-based application. If you're already through that part, you should have plenty options to do the second step online and be fine. Hope this helps, and thanks for watching!
@Terry-vy5ic2 ай бұрын
I split my PLUS loans to consolidate, sending two to Edfinancial and one to Aidvantage by certified mail. Aidvantage consolidated one correctly, then 5 weeks later I received notice from Aidfinancial they are consolidating the other two sent to Edfinancial. My account cannot be found with Edfinancial. Why do they determine where my loans are going without my consent? How can I consolidate the three loans now with MOHELA? Help!
@Grizz2183 ай бұрын
I been watching a bunch of different vids and it took this one to show me that the IDR waiver would essentially wipe out my student loans debt via PSLF.
@EscapeStudentLoanDebt2 ай бұрын
Sorry for the late reply, but we are glad that you found this helpful. Thank you for watching!
@katelynneodom97923 ай бұрын
I just started the Fresh Start program. What they don't mention is that the program allows you to pay back the Department of Education only. If you have loans that are still held with the school itself be sure to call the school and speak with Accounts receivable to settle a payment plan as well or else you will still receive offset letters claiming your tax refund.
@vanessajimenez24892 ай бұрын
What if the school you attended is no longer in business? What can someone do in that type of scenario. Seeking some advice/guidance.
@EscapeStudentLoanDebtАй бұрын
You don't need the school's consent to apply for the fresh start program, so you should be fine if your loan is defaulted and you want to participate in the program. If your school closed and was found to have defrauded students, like in the cases of ITT Tech, Corinthian Colleges and others, you may be eligible to have your student loans forgiven under the Borrower Defense Loan Discharge program. Details are listed here studentaid.gov/manage-loans/forgiveness-cancellation/borrower-defense
@elizabethshah3 ай бұрын
Thank you! I got forgiveness. I was lucky that it happened in 2024 because of the tax waiver. Thank you so much for your work!
@TheBoss129983 ай бұрын
Does this mean that we will not get our one-time adjustment count in July. Do we really need to wait until September to receive our count. This is so frustrating.
@levelupii46633 ай бұрын
So if someone applies for PSLF relief on 05/01/24, will they accept the application?
@EscapeStudentLoanDebt3 ай бұрын
Absolutely. The program isn't going away, just the limited waiver where they give you credit for paying in months that typically wouldn't count.
@levelupii46633 ай бұрын
@@EscapeStudentLoanDebt Thank you for answering. :) Do you think if a person applied for IDR (SAVE) and Loan Consolidation on 04/30, but didn’t apply for PSLF until 05/01, that the previous payments/credits would count towards forgiveness in the end? Or would all three options (IDR, SAVE, & PSLF) have to have been selected on 04/30?
@markmashia75514 ай бұрын
My loans were consolidated 20 years ago to an AES commercial load under standard repayment. I just converted back to a government loan. In total, I have been in loan repayment for 26 years. Can this be discharged after the loan has been transferred back to the federal program?
@EscapeStudentLoanDebt3 ай бұрын
It depends on what you mean by commercial, which could be interpreted two ways. If it's a commercially-owned federal loan, like an FFEL loan, then consolidating it into a Direct loan would make it eligible for any of the forgiveness programs and credit enhancements currently offered. And it sounds like that's the case for you, since you said you converted it back to a government loan (it was technically always a federal loan). But many loan servicers also offer private loans and people will refinance a federal loan into a private loan without knowing it, since it's with the same company. If that were the case, a private loan can't be made federal again, so a forgiveness program wouldn't be a possibility. Hope this helps.
@HighHeelsAndPonytails4 ай бұрын
Can you kindly advise me on this. My college came up on the predatory loan list and I filled out all of the necessary paperwork and heard nothing else back. DoI do? Thank you
@EscapeStudentLoanDebt3 ай бұрын
Hi! I'm sorry to hear you didn't get a reply. I would recommend contacting the student loan ombudsman office to explain your situation and request a response. If your lender still doesn't respond, I would consider filing a complaint with the Consumer Financial Protection Bureau. Here is an article sharing how to contact the ombudsman studentaid.gov/help-center/answers/article/how-to-contact-ombudsman-group
@BellaLola264 ай бұрын
Hey! I have 13 direct loans. I signed up for the SAVE program and have been on it since October- do I need to consolidate the 13 direct loans I have for the IDR one time adjustment? I thought I didn’t have to consolidate since they’re federal but they are 13 separate loans. Thank you. FYI I did apply for PSLF waiver -I have 57 qualifying payments but I don’t think I’ll get forgiveness that way since k don’t have federal job anymore. So the 25 year plan is the best way for me.
@EscapeStudentLoanDebt4 ай бұрын
Hey! I can't tell you definitively to consolidate or not consolidate, but I can say that Direct loans are already eligible for the IDR adjustment. There can be some scenarios where consolidating can increase your credits, but if you do indeed have all direct loans, you wouldn't have to do so just for the purpose of being eligible.
@nickt.73054 ай бұрын
Excellent summary. I agree that this plan is unlikely to be implemented. It is an “administrative nightmare,” as described in the video. I am thankful for the SAVE plan, as it will end accumulating interest. If Plan B had a more narrow focus on removing past interest from those that had already enrolled SAVE or another IDR plan, I’d be more optimistic. However, this plan is too broad. In other words, it’s too good to be true. I’d also like to see the administration address the rising cost of education. If schools can continue to raise tuition without repercussions, we’re not fully addressing the issue. It’s an election year, so I suppose the administration wants to focus on what sounds good to engender support.
@EscapeStudentLoanDebt4 ай бұрын
Then go to another page, no need for you to watch this one
@nickt.73054 ай бұрын
I think you misunderstood my post. I stated that your summary was “excellent.” I was simply sharing that I don’t think Plan B would work.
@SmecaWash4 ай бұрын
@@EscapeStudentLoanDebtwow that reply was harsh
@Robier14474 ай бұрын
@@EscapeStudentLoanDebtWow, you misunderstood that post and that response was uncalled for.
@dwhirsh824 ай бұрын
My loans are FFELP and if I consolidate to direct and apply for SAVE. Even though I’m on a graduated repayment plan will those payments count towards SAVE plan?
@EscapeStudentLoanDebt4 ай бұрын
Yes, as long as you consolidate before end of this month, they will count payments on the other plans.
@sallyfaircloth9114 ай бұрын
I submitted the first consolidation loan application to advantage, they just left. Message to call them back as they have more questions? Any advice as to what they might be asking?i did not submit the additional form regarding payment plan.
@EscapeStudentLoanDebt4 ай бұрын
I wish I could help but I'm not sure. Sometimes a servicer will call if they have questions about your income if you requested to be on an Income Driven Repayment plan once the loan is consolidated. So if you didn't submit a form, they could possibly be calling to confirm your payment plan, but I couldn't know for sure.
@indyfair66883 ай бұрын
@@EscapeStudentLoanDebt you are so awesome! words can not express how greatful as parents we are for you! I was able to get my 2 parent plus loans thru the initial process and now they are consolidated parent plus loans. Where do I go online to file the last consolidation with Moehela? I would like to apply for the public service loan and finally remove the parent plus status once and for all! I would like to file online but couldn't remember where to do this online? please help! and thank you again so very much!
@indyfair66883 ай бұрын
also, is the last consolidation called "the DIRECT Consolidation Loan"?
@Stanley1234568904 ай бұрын
How long does it takes to get off your credit to active?
@EscapeStudentLoanDebt4 ай бұрын
Unfortunately there's no set answer. Once you're approved through Fresh Start they remove the default status on their end, but there's no specific timeline for how long it would take for that information to get to each credit bureau.
@user-ii7wg6mm8l4 ай бұрын
What if i have three loans? Do i just consolidate two and leave one on its own then consolidate the one and the other that has been consolidated
@EscapeStudentLoanDebt4 ай бұрын
Thankfully you can consolidate a single loan as long as it's not ALREADY a consolidated loan. So you can have one loan in a group and the other two in the second group
@chris1234j5 ай бұрын
Is it too late to do this double consolidation process to qualify for save?
@EscapeStudentLoanDebt4 ай бұрын
It isn't too late! The loophole doesn't close until 2025
@NC-tg5ml5 ай бұрын
wish we had been taught about student loans in high school before college loans, especially those technical schools where they really get you...... after graduation, I couldn't keep up with my payments, and struggling as a single parent really put me behind. now thankfully I can finally try to get this off my back slowly and steadily and try to build up my credit again.
@inezharrison777gmail5 ай бұрын
OMG!!! I am 72 had 2 loans with Nelnet in IBR up till 2023( 20 years as of January 4 2024 and 4 loans IBR with Federal Student Loan 11 years January 2024. Wells Fargo contact me in December 2023 via email saying my loan I I owed 4 months of interest that needs to be paid and I didn't respond because all my loans have always been due for Recertification in October of each year plus the 2 loans they was contacting me about with Nelnet was not my account number and I was confused because I never had a load with Wells Fargo. Then I got a phone call from Pheaa saying she was sending my loans to collections because of $200.00 plus of interest since the pause was stopped.I still ignored the call. I contacted Nelnet about my Recertification forms that was sent to me every year since I had the loans. They sent mailed the forms both (Nelnet and Federal Loan I filled them out faxed them. I received about 20 emails saying they received them but they had a large back load and would notify me soon. I checked my credit report 3 weeks later and found out Pheaa had sent information for the 20 loans was in default/ missed interest payments. The Federal Loan said in good status. Both said that before January 2024. I finally received a email saying they put all in forbearance until they they get to my Recertifications. I finally in March received email and letters (Nelnet (IDR) and Federal IBR) that my certifications had been updated to for 12 months. It's saying now that I I missed 1 interest payment on the 20 year Nelnet loans $3,000 + and Federal Loan is in good standing. I was still confused so I contacted Nelnet to ask did I need to pay the interest to stay out of default and she said no that I had a year to if I wanted to enroll into another plan. I then received a email say my 20 year Nelnet loans had been transferred to Sloan Loan Servicer 🤔I just got a statement from both saying my payment due was 0. What should I do even if I have to make some type of payments. I am 72 receiving SS and have no idea how to handle my situation. Thanks For Your Response.
@nickt.73055 ай бұрын
Excellent video. Scenarios with the written details were very helpful.
@EscapeStudentLoanDebt5 ай бұрын
Glad it was helpful! Thanks for watching!
@darrincook83645 ай бұрын
What happens after the Fresh Start Programs end? Does my loans goes back into default status … while I’m using fasfa?
@EscapeStudentLoanDebt5 ай бұрын
If you take advantage of the program before it ends, you will not have to worry about default status, it will be removed. It would only go back into default if you stopped making payments again
@occ88795 ай бұрын
in addition to certified mail, can i fax and/or email & upload the consolidation application to the servicers? i have 2 kids in college now. #1 is graduating 5/24 and #2 is graduating 5/26. should i consolidate #2's PPLs now to take advatage of SAVE? thanks!
@occ88795 ай бұрын
do i have to use certified mail only? i was told by servicers that i can either fax application or email via doc upload on their website? can i do both as a backup? even if you send it certified, and the servicers claim they didn't receive it, what happens then? do i have to start the whole process again and what about the time lost? how long after mailing do i wait to follow up or am i at the mercy of the servicers to hopefully respond that the applications were processed?
@EscapeStudentLoanDebt5 ай бұрын
The certified mail recommendation is only for if you choose to mail it in, because when dealing with loan servicers you need documentation to prove everything. We've had clients have one of the applications canceled when they try to upload it online, so mail or fax for the first two applications would be our recommendation
@mdnahidseo5 ай бұрын
Hi bro Are you looking for a professionals KZbin thumbnail designar?
@catherinekuntz83065 ай бұрын
I have paid 407 payments which is almost 30 years
@lisagosweiler62225 ай бұрын
It’s important to compare the cost of filing separately in many situations - especially where one spouse makes little or no income or there is a big discrepancy in income levels between the spouses. It isn’t always a small tax cost. Looking at the cost vs Savings for both scenarios is important.
@EscapeStudentLoanDebt5 ай бұрын
Agreed. Always recommend someone meet with a tax professional before even considering it. However with the SAVE plan increasing the federal poverty level percentage so significantly, the potential payment savings are getting too big to not explore the option