Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 9:45:22 GMT -6
Toss your questions and comments here.
Complaints and excellent Twitter threads are also welcome.
|
|
doublestuf
Opal
Posts: 7,569 Likes: 26,995
Member is Online
|
Post by doublestuf on Aug 26, 2022 9:47:38 GMT -6
Reposting my question here... I need some clarification about refunds for payments made during the pause please. H and I qualify for having our outstanding balances completely wiped now as we each had <$10k left. However, I randomly made payments on both of our loans during the freeze totaling at least $2100 (we paid off an additional loan during that time and now the site won't let me see my payment history). Does this mean they'll cut us a check or does my reading comprehension need some work? I feel like that's too good to be true. I guess I should add, H had a $9300 balance and we paid $1600 during the pause. I have no idea if he received a Pell Grant but the possibility exists. I had a $4800 balance and paid about $450 during the pause. Yes, you should be able to request a refund of those dollars. You can actually do that now (if you can log into your site). I'm trying to figure out if he got Pell Grants because if not, it would only make sense to get refunds for $700ish dollars correct?
|
|
Ls2012
Amethyst
Posts: 7,364 Likes: 32,621
|
Post by Ls2012 on Aug 26, 2022 10:02:41 GMT -6
I'm still trying to figure out if this could apply to me (I had Stafford, Perkins, & Pell, but consolidated 20yrs ago), but how much time do I have to work on this? I keep seeing some people say the language isn't even official and won't be enacted until next year, while others post that their balances now say $0. I don't even have my studentaid.gov/ fafsa info, and I've been kicked out of the help chat queue a few times now because it's so inundated.
Basically, I am lost Jon Travolta gif.
|
|
Sundae
Builder
Graphics Guru
Posts: 5,306 Likes: 25,298
|
Post by Sundae on Aug 26, 2022 10:24:36 GMT -6
Ok, I have questions. Probably PDQ (spoiled portion because it's a lot of info): poof We don't qualify for any of the cancellation due to income. We haven't qualified for the pause or anything either it seems because all of our federal loans were the BS kind in the 2000-2005 years, or consolidated grad plus later. What I am trying to figure out is if we should bother or if we qualify for switching these (likely his?) over to direct loans, putting them on the income plans to at least have the interest stop accruing? Do people with higher incomes still qualify to have their interest stop adding on?
|
|
fatpony
Amethyst
Posts: 5,579 Likes: 30,810
|
Post by fatpony on Aug 26, 2022 11:47:19 GMT -6
Ls2012, it could be because their loans are in transition to a new servicer. I know a lot of people who have been waiting for their new servicer and for now their balance says $0
|
|
fatpony
Amethyst
Posts: 5,579 Likes: 30,810
|
Post by fatpony on Aug 26, 2022 11:51:01 GMT -6
I think I'm going to need some accounting help. I don't have loans but my husband does. Combined, we make just under 100k AGI (I think). Although this next year we might push into the 6 figures for the first time ever. However, my income is higher than his - I make at least $10 more an hour than he does.
We've always filed taxes married joint. But now I'm wondering if for the income based plans we should file separate? But how does that work if we share the mortgage, have one kid, etc.
Is the income based repayment based off your AGI?
WHY IS FINANCIAL STUFF ALWAYS SO CONFUSING
|
|
piratecat
Diamond
Posts: 36,003 Likes: 143,829
Member is Online
|
Post by piratecat on Aug 26, 2022 12:03:44 GMT -6
How do I find out if my loan qualifies for the pandemic pause? I feel like I looked into it in 2020 and I didn’t have the right kind of loans or whatever (it’s currently through Navient) but I didn’t really look that hard because I still had a job and was able to make the relatively small payments. Now, I would really love it if I could get that refund.
|
|
piratecat
Diamond
Posts: 36,003 Likes: 143,829
Member is Online
|
Post by piratecat on Aug 26, 2022 12:04:43 GMT -6
I think I'm going to need some accounting help. I don't have loans but my husband does. Combined, we make just under 100k AGI (I think). Although this next year we might push into the 6 figures for the first time ever. However, my income is higher than his - I make at least $10 more an hour than he does. We've always filed taxes married joint. But now I'm wondering if for the income based plans we should file separate? But how does that work if we share the mortgage, have one kid, etc. Is the income based repayment based off your AGI? WHY IS FINANCIAL STUFF ALWAYS SO CONFUSING I think it’s $125k per person or $250k joint?
|
|
leahcar
Sapphire
Posts: 4,500 Likes: 18,859
|
Post by leahcar on Aug 26, 2022 12:35:05 GMT -6
I have questions on the higher limits for pell grant recipients.
I received pell grants while I was a student. I also took out a relatively small student loan for summer school that has been paid off for a few years (pre-pandemic/pause).
MH still has over $20K in student loans. I logged into his federal account. I see his student loans, but the grant tab appears to be referencing taking out NEW grants. We were married before he graduated. We were really, really broke newlyweds so it's possible he got grant $. If he received a pell grant, would I be able to see it there?
Since we're filing jointly- are there any advantages to me being a pell grant recipient (if MH did not receive them)? I have no loans to write off at this point.
|
|
kbw
Platinum
Posts: 1,203 Likes: 3,230
|
Post by kbw on Aug 26, 2022 12:37:10 GMT -6
Neither Mohela or Nanvient currently have options to request a refund for those paid in the pause. Both my loans were paid off in the pause.
|
|
Minerva
Ruby
Posts: 15,381 Likes: 67,036
|
Post by Minerva on Aug 26, 2022 12:42:16 GMT -6
I haven’t been able to sign into Nelnet yet today. I keep getting redirected. I assume their website is slammed.
|
|
fatpony
Amethyst
Posts: 5,579 Likes: 30,810
|
Post by fatpony on Aug 26, 2022 12:47:39 GMT -6
I think I'm going to need some accounting help. I don't have loans but my husband does. Combined, we make just under 100k AGI (I think). Although this next year we might push into the 6 figures for the first time ever. However, my income is higher than his - I make at least $10 more an hour than he does. We've always filed taxes married joint. But now I'm wondering if for the income based plans we should file separate? But how does that work if we share the mortgage, have one kid, etc. Is the income based repayment based off your AGI? WHY IS FINANCIAL STUFF ALWAYS SO CONFUSING I think it’s $125k per person or $250k joint? It is, i'm just wondering if based on our individual incomes if it makes sense to do taxes separate so his repayment is only based on his, or if the other tax breaks would make up for it. I'll need to find an accountant, but I've never used one before because simple taxes and middle class.
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 12:59:44 GMT -6
doublestuf, The way I am reading it is that you can request a refund of any payments made during the pause. So you should be able to request it all back. If any isn't forgiven, the repay will simply be reapplied to the balance as if you hadn't made payments.
|
|
leahcar
Sapphire
Posts: 4,500 Likes: 18,859
|
Post by leahcar on Aug 26, 2022 13:00:41 GMT -6
fatpony, if your incomes are very inequal, filing separately may make sense. Prior to finally getting everything forgiven through PSLF, I know my sister had to file separately. You may be able to come up with the answer yourself if you're willing to do your taxes twice. It would be worth paying an accountant this first time IMO.
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 13:02:50 GMT -6
I'm still trying to figure out if this could apply to me (I had Stafford, Perkins, & Pell, but consolidated 20yrs ago), but how much time do I have to work on this? I keep seeing some people say the language isn't even official and won't be enacted until next year, while others post that their balances now say $0. I don't even have my studentaid.gov/ fafsa info, and I've been kicked out of the help chat queue a few times now because it's so inundated. Basically, I am lost Jon Travolta gif. You are correctly, this will likely be enacted in the new year. Why people are seeing $0 balances makes me suspicious that they are stirring the pot because there isn't any official language. Anyway! There isn't a deadline for when to sign up. Wait a week and try again everyone is all excited and crashing the systems.
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 13:05:01 GMT -6
Sundae, we were actually discussing this today! In almost all cases, we are thinking that you move to the new IDR plan. Remember it's based off of 5-10% of your income, so the payment may wind up smaller anyway!
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 13:06:22 GMT -6
Nota🎃 , File your information with the DOE first. They should then disperse it to your loan servicer. Let me look for the link. Link: studentaid.gov/
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 13:07:55 GMT -6
fatpony, If you are below 250k MFJ you should be fine. And we don't yet know if it's AGI or MAGI, waiting on that part.
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 13:09:35 GMT -6
piratecat, The lazy person's way of finding out if you qualify for the pause is to log in and look at your interest rate. If it's at 0, you qualify. There are much more official ways of doing it, but this is the easiest and fastest.
|
|
|
Post by blurnette989 on Aug 26, 2022 13:11:16 GMT -6
Does anyone know where to check if you had a Pell grant? I know o got VGAP and swore i got a Pell grant too, but can't find anything to confirm. But also 19 years ago so...
|
|
fatpony
Amethyst
Posts: 5,579 Likes: 30,810
|
Post by fatpony on Aug 26, 2022 13:13:12 GMT -6
Does anyone know where to check if you had a Pell grant? I know o got VGAP and swore i got a Pell grant too, but can't find anything to confirm. But also 19 years ago so... It should show on your disbursement details, I think.
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 13:14:55 GMT -6
leahcar, if he has any Pell Grants taken prior to 6/30/2022 those would be eligible. As to where to actually see these items, I have no idea. I paid off our loans in 2013 and the sites have changed where to look for items.
|
|
willow
Ruby
Posts: 19,615 Likes: 125,176
|
Post by willow on Aug 26, 2022 13:15:22 GMT -6
fatpony Idk if you saw in the other thread but we do MFS because H has no loans and I have, well, an insane amount. When I updated my income after we got married in 2019 and we filed jointly, they require using both incomes and base your (in this case your H’s) monthly payment on that. We don’t have much inequality in our incomes even, as a PP suggested, we are actually within 5k of each other and we are over 150k combined. My payment was going to increase to $1200 a month from $220. Thankfully I was able to fix that by submitting my paystubs and then COVID happened so I haven’t paid. What I did to fix it for next filing year was file separately and I claimed all 3 kids on my taxes. This brought my proposed monthly payment to $27. It will go up again for this coming year after my promotion but it will still be manageable. My H claims the house/mortgage on his taxes (we are both on the mortgage and this is fine) and the refund I get for the child tax credit pays for the small amount that my H ended up owing before. This year he adjusted his withholding and didn’t end up owing at all for 2021. It may be worth looking into for both of you.
|
|
leahcar
Sapphire
Posts: 4,500 Likes: 18,859
|
Post by leahcar on Aug 26, 2022 13:15:58 GMT -6
blurnette989, this is the site referenced in a local news story that you can use to check for pell grants studentaid.gov/That being said- if MH got any, I can't see them. And my stuff is so old that it is not in this site. So YMMV.
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 13:16:04 GMT -6
kbw, You will likely need to call. Can't make it too easy to get that money back, right?!?
|
|
Peekaru
Sapphire
Posts: 2,518 Likes: 10,480
|
Post by Peekaru on Aug 26, 2022 13:16:59 GMT -6
fatpony, Check either your or your partners' EAP though work. Often there are tax and legal benefits.
|
|
|
Post by olliegator on Aug 26, 2022 13:29:09 GMT -6
When I login to EdFinancial Services, it lists my loan as “Direct Consolidation Subsidized.” That loan type would qualify, right? My payments have been paused during the pandemic.
I did make one payment in November 2020. So I should write to them and request a refund?
|
|
redbears
Sapphire
Posts: 4,562 Likes: 13,210
|
Post by redbears on Aug 26, 2022 13:30:09 GMT -6
Do we know for sure how they are going to confirm income for people who aren't on income based payment plans? I keep seeing 2020 or 2021 tax returns. Will we have to submit both or pick one? One of those years, i'm over the limit by like 500 dollars.
|
|
redbears
Sapphire
Posts: 4,562 Likes: 13,210
|
Post by redbears on Aug 26, 2022 13:30:59 GMT -6
When I login to EdFinancial Services, it lists my loan as “Direct Consolidation Subsidized.” That loan type would qualify, right? My payments have been paused during the pandemic. I did make one payment in November 2020. So I should write to them and request a refund? They should quality. I would only ask for a refund if your balance now is less than what would be forgiven.
|
|
Ls2012
Amethyst
Posts: 7,364 Likes: 32,621
|
Post by Ls2012 on Aug 26, 2022 13:35:18 GMT -6
blurnette989, this is the site referenced in a local news story that you can use to check for pell grants studentaid.gov/That being said- if MH got any, I can't see them. And my stuff is so old that it is not in this site. So YMMV. I can't even log in to the site to find out. It says I have an acct based on SS#, but I've been through 3 last names, several email accts, and multiple phone numbers since I first went to school and have no idea what my login info might be. I waited well over an hour trying to find out today with them only to be cut off, so I think I'm going to have to wait a few weeks or more and try again when it's not as busy.
|
|