Good Saturday morning to all!
I utilized fresh start last year and 5 SL's have all been updated to Mohela as my new servicer. Back story, these 5 SL were taken out back in 2000>2004 and had long been removed from my credit reports. Once Fresh Start was initiated, these loans were temporarily added back onto my credit reports for one month and the next month gone again. I believe this was supposed to happen as they were all too old to be placed back on. Total amount due with interest all these years is just a hair over $23K. I had high hopes, along with many, that this would be wiped out by $20K but we all know that ending.
3 out of the 5 loans are not direct loans. I did apply for IDR plan but I wonder if there is a better way? I was holding off consolidating these loans to see what happened with the courts. Moving forward, once payments restart, mine will count toward PSLF but obviously that will be a long haul. When I first started this, US Dept of ED, in letters upon agreeing to the IDR plan that my .monthly payment would be $5.00. But when I look at what Mohela states, they have my monthly payment being $293! That is a big jump in monthly payments. I saved all my ppw and letter agreeing the $5 montly payments but is it just a matter of time for all the proper info to update? Now I see the option of the REPAYE and then the SAVE plan but according to the info, some of my loans will need to be consolidated into one before proceeding.
How do I get the plan that US Dept of Ed gave me for $5 monthly payments? If I do have to consolidate before being placed into the REPAYE or SAVE options, will this mean the loans will then be reported onto my credit reports? I know I am asking for quite a bit of info and I hate leaving lost posts, but this is so confusing to me. As of right now, no student loans are on my credit reports and if continued in this path, they won't get added. But if I have to consolidate if they for any reason don't honor the payment I was quoted and I have to consolidate will they then appear on my reports?
I seriously apprecriate any information and advice as I am at a loss of how to proceed. Thank you all so much!
Starting Score: 461
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@SweetCreditObsession wrote:@IamWesty12 - I sent you a PM.
@SweetCreditObsession appreciate this AND you! Thank you so much, take care.