Any Student Loan Gurus?

[8isnuf]

I have substantial student loan debt.  The federal student loan website recommends consolidation and indicates I have a payment due in 5 days, which is news to me. Yes, I knew payments were resuming but the same site says you will receive a notice 21 days prior to the due date and I have not. The servicer website shows 15 loans (total in high 6 figures) with varying interest rates from 4.5% to 7.6%. It also shows payment due date of 9/14/2023 but the amount on each reflects $0.00. This may be because I was in an income based repayment plan prior to the covid deferment. If not mistaken, this requires annual recertification. Recertification is likely to result in higher payments becuase my income is greater now (as are my obligations) than when I established the income based repayment plan prior to covid. 

I am unsure of the credit score quidelines for consolidation but mine is likely not high enough. I have been paying down debt when I can because my available funds will be decreasing soon. Unfornutately, it seems as if an emergency arises every time I make any headway. 

I read several threads about how the multiple student loans are treated. Mine are all being reported as individual loans but my recollection is I ultimately make one payment which is then distributed to each pro rata. 

Can anyone offer any insight about the student loan repayment?  Consolidation? Repaye plan, etc.?

It is a bit overwhelming so any information or advice is greatly appreciated. 

[Vandervecken]

Who is your servicer?  I have NelNet and I see something similar: on the home page I have a "payment due" of $375, due on 10/27.  But when I click to set up the payment, the payment page says "No payment due".  Best thing might be to call them and speak to a customer service rep.

As far as consolidation, my advice is the same: call them and see.  I'm currently running a double consolidation of old parent PLUS loans to make them eligible for SAVE.  There's a lot of weird advice out there.  In this case, ask to speak to the consolidation department directly; my experience with NumbNuts is their first-level support is clueless.

Assuming the Repubs don't sue the SAVE program out of existence, it looks like it will help me a lot.  At 60 years of age, I'll never pay off the loans I have.  But if I'm only paying 5% of my available income (after FPL) then I will have a much lower payment; I can invest the difference and when I croak the loans are forgiven.

[GZG]

agree with above just call them and figure it out

as for knowledgable student loan people, reddit's student loans subreddit might have more updated information/people/help

[8isnuf]

My servicer is AidAdvantage. I have yet to reach a rep there. The best information I have been able to obtain was actually from reps at Federal Student Aid. I had to call a few months ago about something unrelated. They seemed to be knowledgeable and eager to assist. 

I appreciate the feedback here. Good luck to us all. 

[IamWesty12]

---

@8isnuf wrote:

I have substantial student loan debt.  The federal student loan website recommends consolidation and indicates I have a payment due in 5 days, which is news to me. Yes, I knew payments were resuming but the same site says you will receive a notice 21 days prior to the due date and I have not. The servicer website shows 15 loans (total in high 6 figures) with varying interest rates from 4.5% to 7.6%. It also shows payment due date of 9/14/2023 but the amount on each reflects $0.00. This may be because I was in an income based repayment plan prior to the covid deferment. If not mistaken, this requires annual recertification. Recertification is likely to result in higher payments becuase my income is greater now (as are my obligations) than when I established the income based repayment plan prior to covid. 

I am unsure of the credit score quidelines for consolidation but mine is likely not high enough. I have been paying down debt when I can because my available funds will be decreasing soon. Unfornutately, it seems as if an emergency arises every time I make any headway. 

I read several threads about how the multiple student loans are treated. Mine are all being reported as individual loans but my recollection is I ultimately make one payment which is then distributed to each pro rata. 

Can anyone offer any insight about the student loan repayment?  Consolidation? Repaye plan, etc.?

It is a bit overwhelming so any information or advice is greatly appreciated. 

---

@8isnuf I understand and certainly get the predicament you are in.  

For starters, this may help just in terms of the conso itself.  I literally just did this Wednesday of this week after going back and forth for months on end on how to deal with them.   Mine SL's are from 2001-2003 and are just a hair over $20K with interest accumulated thus far.  I was fingers crossed hoping that the Fresh Start was inacted bc I would have been left with dollars due vs $20K+ as I had pell grants and my balance would have been wiped out of the $20k.  Alas, so I finally bit the bullet and consolidated my 5 loans due to the new SAVE program.  If not, my 5 loans coupled with me being a single mom of 3, would have been $273 monthly due starting next month with Mohela.  I had to consolidate if I wanted the SAVE IDR due to some loans not qualifying for the IDR plan.  So it took just a hair over 10 minutes and did not require ANY credit score information.  I don't think credit score matters when it comes to US dept of ED student loans that are consolidated with the services they use.  Now if you were to go with private SL consolidation, that would be where credit score may play a part.  But after submitting, email said I would be ablet to track progress and would be handled right away.  Once the 5 have been consolidated, they will then use the info on the conso to do my IDR repymt plan which according to them, it is going to go from $273 monthly > $5.00 monthly.  No matter what is going on in my life I can certainly pay $5 monthly and I plus I will be now accumulating monthly payments towards forgiveness as i have worked at a large non profit hospital now for over 15 years so that is another benefit of dealing with these old loans that had already fallen off my credit reports years ago!!!  Hope this helps, keep us posted!  Oh, best wishes as well!

[8isnuf]

That information is helpful. I called Federal Student Aid and it automatically transfers me to my servicer. I initially stated it was AidAdvantage, I think; however, it is AidVantage.  I never made it through the automated system despite trying 3 or 4 times. I will try again in the coming week. I appreciate all insight I can receive. 

[MeredithLepore]

If you were on an income-based plan before, you likely were transferred to or qualify for the new SAVE plan. (Info here: https://studentaid.gov/announcements-events/save-plan). I would start here and see what monthly payment you qualify for. Then, work on setting up a strict budget that will enable you to make those monthly payments on time and in full. Continue to do this until you see your credit score increase. In that time interest rates may decrease, and you may be able to consolidate with a better interest rate, however, now is likely not that time, as getting below 7% is highly unlikely.

[Memyself]

Ok here we go.

*If you "consolidate" your loans you may lose important government benefits. Example: disability forgiveness. 
*if you file bankruptcy you need to get an attorney who will add all non government student loans from banks because YOU CAN DISCHARGE THOSE PRIVATE BANK STUDENT LONS IN BANCRUPTCY. I know because I did it! (Warning you might get a $99,0000 irs bill later but if you are broke they will forgive that too.
 Hopefully you are young and healthy and can work.

*Keep changing jobs and getting higher pay in the thousands each time. Don't be afraid to ask for higher money. Walk and they might just pay the higher amount. That also adds to your social security income later so fight for more money and another raise every time the boss compliments you.

*if you are married make sure to stay 10 years as you can both collec on each others social security later. You can have up to 5 different spouses collect on your social security but only if married for ten.
*Google the statistics on disability for your profession and age, then  buy a New York life disability policy (it's the best) enough to live on and pay your student loans. (Yes prior ins. Agent)

*do what ever you have to do to keep from going into default on any bills ever. It destroys your self esteem ...employers can smell it and won't believe you have the confidence to get sttt done.
* Pay the minimum payments allowed if you have to keep a roof over your head.  If you are already in default stay with the gov don't consolidate as they will allow you to "rehab" and after x# amount of payments the might remove the baddies from your credit report. If you want to protest, a tent city on or near the White House lawn sounds fun this summer. I don't know why they did not give people more notice as it's too short a time for people to move finances around. 
*overwhelmed? Freaked out? Can't deal? Get counseling asap someone who will help you get through this.