cancel
Showing results for 
Search instead for 
Did you mean: 

My student loans deferred until 2/2021

Highlighted
Super Contributor

My student loans deferred until 2/2021

Thanks to President Trump's Executive Order on student loan interest deferement. I checked on Great Lakes Website and my student loans are deferred. My next payment is not due until 2/2021. This gives me at least 6 months time and interest free loans. I can accelerate the payments on my student loan and save the interest of about $3000.

Gardening since 08/2020
Message 1 of 10
9 REPLIES 9
Highlighted
Regular Contributor

Re: My student loans deferred until 2/2021

Hey Concord,

 

That is great! More bang for your bucks!

 

Fee

 

Message 2 of 10
Highlighted
Established Contributor

Re: My student loans deferred until 2/2021

I'd be careful on trusting that date with 100% certainty. I feel like they just push it to some date beyond the latest extension in case it gets pushed again so nobody gets auto payments withdrawn early.

Prior to the extension, mine (Greatlakes as well) was showing as November for a while then changed to October (or maybe it was December to November, can't remember exactly) and is now showing the same February as you mention.

The executive order and the ED updates only suspend through 12/31/20 (for now).
as of 11/20/20
Current Cards:
Message 3 of 10
Highlighted
Frequent Contributor

Re: My student loans deferred until 2/2021

For those of us with Great Lakes we'll also want to pay close attention on the deferral date because Great Lakes is being discontinued as a servicer so the loans will be handed off to someone else.

 

https://ficoforums.myfico.com/t5/Student-Loans/If-your-servicer-is-Nelnet-or-Great-Lakes-New-service...

 

Three big things are slated to happen within the same couple of months -- transfer to a new servicer, COVID deferral ending, and income-based payment plan recertification -- and I'm wary of something going wrong. It's almost envitable that something will get messed up.



EX 8: Nov 2020 - 660 | EQ 8: Nov 2020 - 655 | TU 8: Nov 2020 - 654
TCL: $6,850 | AAoA: 8.7 yrs | Util: <2%
Cleaning up the last of my charge-offs and collections!
Message 4 of 10
Highlighted
Established Contributor

Re: My student loans deferred until 2/2021


@beutiful5678 wrote:

For those of us with Great Lakes we'll also want to pay close attention on the deferral date because Great Lakes is being discontinued as a servicer so the loans will be handed off to someone else.

 

https://ficoforums.myfico.com/t5/Student-Loans/If-your-servicer-is-Nelnet-or-Great-Lakes-New-service...

 

Three big things are slated to happen within the same couple of months -- transfer to a new servicer, COVID deferral ending, and income-based payment plan recertification -- and I'm wary of something going wrong. It's almost envitable that something will get messed up.


Not really, there was supposed to be an extension to their contracts so it's through the end of 2021 at least. Here's the first article I could find that mentions it. From the announcement there was talks about two optional six month extensions, but wasn't clear if it optional for ED or for the servicers.

 

But yes, definitely play close attention and make sure to document all payment receipts for your records to ensure a smooth handover. For me, I'm also wondering who of the new servicers will be allowed to do PSLF or if it'll still just be FedLoan.

as of 11/20/20
Current Cards:
Message 5 of 10
Highlighted
Frequent Contributor

Re: My student loans deferred until 2/2021


@ccquest wrote:

@beutiful5678 wrote:

For those of us with Great Lakes we'll also want to pay close attention on the deferral date because Great Lakes is being discontinued as a servicer so the loans will be handed off to someone else.

 

https://ficoforums.myfico.com/t5/Student-Loans/If-your-servicer-is-Nelnet-or-Great-Lakes-New-service...

 

Three big things are slated to happen within the same couple of months -- transfer to a new servicer, COVID deferral ending, and income-based payment plan recertification -- and I'm wary of something going wrong. It's almost envitable that something will get messed up.


Not really, there was supposed to be an extension to their contracts so it's through the end of 2021 at least. Here's the first article I could find that mentions it. From the announcement there was talks about two optional six month extensions, but wasn't clear if it optional for ED or for the servicers.

 

But yes, definitely play close attention and make sure to document all payment receipts for your records to ensure a smooth handover. For me, I'm also wondering who of the new servicers will be allowed to do PSLF or if it'll still just be FedLoan.


That's good to know! I hadn't heard this so this is very helpful.



EX 8: Nov 2020 - 660 | EQ 8: Nov 2020 - 655 | TU 8: Nov 2020 - 654
TCL: $6,850 | AAoA: 8.7 yrs | Util: <2%
Cleaning up the last of my charge-offs and collections!
Message 6 of 10
Highlighted
Valued Contributor

Re: My student loans deferred until 2/2021

DW just received mail today stating they are starting back up 15% garnishments in one or two paychecks.

 

I've been paying mine the whole time.

 

I can't seem to get anyone to contact us on her defaulted loans so we can get them rehabbed or consolidated or something. 

I figured it was because of covid19.

CU's FTW! Best 3 cards are AOD 3%, USAlliance 3%, and Alliant 2%.
It's sad when the Big Boys can't stack up against CU's!
250k+ CL and climbing.
Plastiq Get 500 FFDs. 1225384 Acorns July 2019 53FTE4
Message 7 of 10
Highlighted
Valued Contributor

Re: My student loans deferred until 2/2021


@JamP wrote:

DW just received mail today stating they are starting back up 15% garnishments in one or two paychecks.

 

I've been paying mine the whole time.

 

I can't seem to get anyone to contact us on her defaulted loans so we can get them rehabbed or consolidated or something. 

I figured it was because of covid19.


I would find a way to contact someone ASAP before the garnishments pick back up, otherwise 5 months of rehab payments must be made before you can ask for the garnishments to stop.

 

Which Servicer (CA) are her defaulted SLs with? Both me and my SO have 5 different servicers between the 2 of us and have had no issue contacting anyone about setting up rehab and any follow-up. We even strarted reaching out in April when things were really hairy and had no trouble getting someone on the phone. One servicer (CA) I was even able to set up rehab entirely online, but was able to also contact them on the phone several times.

 




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 11•20 | EQ [F8 615] [F9 653] [EQ5 645] [VS3 657] | TU [F8 600] [F9 552] [TU4 563] [VS3 639] | EX [F8 587] [F9 573] [EX2 614] [VS3 631]
Goal Score: 680


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 11•20 | EQ [F8 602] [F9 540] [EQ5 599] [VS3 534] | TU [F8 631] [F9 587] [TU4 572] [VS3 640] [VS4 634] | EX [F8 651] [F9 614] [EX2 630] [VS3 657]
Goal Score: 680


Take the myFICO Fitness Challenge



Message 8 of 10
Highlighted
Valued Contributor

Re: My student loans deferred until 2/2021

Hello and Thank you for your reply.

 

Did you setup rehab on each one of the servicers?

 

Debt Management and Collection System and the Michigan Finance Authority.

 

When we click on pay on servicers website we get https://myeddebt.ed.gov/ and http://ecmc.org/ (this one is not valid).

We are also unable to create accounts on either site it states she is not found by her information.

 

DW will not talk to anyone on the phone, we've emailed both places and they never contacted her. 

 


@LaHossBoss wrote:

@JamP wrote:

DW just received mail today stating they are starting back up 15% garnishments in one or two paychecks.

 

I've been paying mine the whole time.

 

I can't seem to get anyone to contact us on her defaulted loans so we can get them rehabbed or consolidated or something. 

I figured it was because of covid19.


I would find a way to contact someone ASAP before the garnishments pick back up, otherwise 5 months of rehab payments must be made before you can ask for the garnishments to stop.

 

Which Servicer (CA) are her defaulted SLs with? Both me and my SO have 5 different servicers between the 2 of us and have had no issue contacting anyone about setting up rehab and any follow-up. We even strarted reaching out in April when things were really hairy and had no trouble getting someone on the phone. One servicer (CA) I was even able to set up rehab entirely online, but was able to also contact them on the phone several times.

 


 

CU's FTW! Best 3 cards are AOD 3%, USAlliance 3%, and Alliant 2%.
It's sad when the Big Boys can't stack up against CU's!
250k+ CL and climbing.
Plastiq Get 500 FFDs. 1225384 Acorns July 2019 53FTE4
Message 9 of 10
Highlighted
Valued Contributor

Re: My student loans deferred until 2/2021


@JamP wrote:

Hello and Thank you for your reply.

 

Did you setup rehab on each one of the servicers?

 

Debt Management and Collection System and the Michigan Finance Authority.

 

When we click on pay on servicers website we get https://myeddebt.ed.gov/ and http://ecmc.org/ (this one is not valid).

We are also unable to create accounts on either site it states she is not found by her information.

 

DW will not talk to anyone on the phone, we've emailed both places and they never contacted her. 

 


@LaHossBoss wrote:

@JamP wrote:

DW just received mail today stating they are starting back up 15% garnishments in one or two paychecks.

 

I've been paying mine the whole time.

 

I can't seem to get anyone to contact us on her defaulted loans so we can get them rehabbed or consolidated or something. 

I figured it was because of covid19.


I would find a way to contact someone ASAP before the garnishments pick back up, otherwise 5 months of rehab payments must be made before you can ask for the garnishments to stop.

 

Which Servicer (CA) are her defaulted SLs with? Both me and my SO have 5 different servicers between the 2 of us and have had no issue contacting anyone about setting up rehab and any follow-up. We even strarted reaching out in April when things were really hairy and had no trouble getting someone on the phone. One servicer (CA) I was even able to set up rehab entirely online, but was able to also contact them on the phone several times.

 


 


With ECMC I was able to set up the rehab entirely online - I had already been going in circles with them on the phone and it was less than 5 mins to set it up online. I am in month 7 now!

 

You will need the account number though, I believe, and I had that from when I called in. I also had a login to the website with them from years ago when I had previously failed to complete rehab. Do you perhaps have some correspondence that has the info needed?

 

Yes, we had to deal with each servicer individually.

 

I am not sure if it is a medical issue or an annoyance/not good on the phone/just doesn't want to by calling, but aside from ECMC, it all had to be done on the phone. Someone will have to call at some point. Since she is your spouse perhaps you can call and all she would need to do is give permission for them to speak to you? My SO is terrible on the phone and he just gives them permission to discuss his accounts with me and they make a note of it in the account for future calls (if necessary). Even with him hating to call and not being good on the phone he was able to handle the calls to 2 servicers with me assisting him to set up his rehabs.

 

Another servicer (NMSL - new mexico SLs) has always had my last name spelling wrong, so every time I tried to get an account setup online with MyEDDebt, I couldn't since my info was "incorrect". It finally dawned on my to try the incorrect spelling of my last name and voila! It worked and I was able to create an account, but it still did nothing for me. I still had to call the CA servicer to set up the rehab and we have not come to an agreement to date to set up rehab (unusual income/have not filed taxes in decades - unique and odd situation, should not be this complicated fo 99.9% of the population). So I only have 2 of 3 servicer set up with rehab.

 

Overall- MyEDDebt is basically just a hub to connect you with the CA servicer, they are not the actual servicer. If you call the number, an automated assistant will tell you the company name and phone number for the servicer actually holding the defaulted SLs.

 

NMSL (state servicer) I also had to to set up rehab with directly and that was easier than I thought and they were the most flexible, even with my unique and complicated situation. I cannot speak for other states, but we can hope it is as easy!

 

Good luck!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 11•20 | EQ [F8 615] [F9 653] [EQ5 645] [VS3 657] | TU [F8 600] [F9 552] [TU4 563] [VS3 639] | EX [F8 587] [F9 573] [EX2 614] [VS3 631]
Goal Score: 680


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 11•20 | EQ [F8 602] [F9 540] [EQ5 599] [VS3 534] | TU [F8 631] [F9 587] [TU4 572] [VS3 640] [VS4 634] | EX [F8 651] [F9 614] [EX2 630] [VS3 657]
Goal Score: 680


Take the myFICO Fitness Challenge



Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.