(no subject)
I mentioned the feds' Direct Loan program, so I'm posting the details to help others.
If you work in a non-profit or service industry, after 120 (10 years) of on-time payments, your loan balance can be forgiven. There are restrictions to this.
First, it only applies to Direct loans. If your loan is Sallie Mae or someone else, MOVE IT.
https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp
Here's the link to info on how to consolidate your loan into a new Direct Loan from the government. If you've never consolidated before, you're fine. If you HAVE consolidated, there's the problem. Student loan companies (ala Sallie Mae) have lobbied to get the laws so that you can only consolidate your loans once. That's one of the many reasons they suck.
However, if your loans are in default, even if you DID consolidate already, you can get a consolidation through Direct because it's basically a new loan. Get it? This is what I did. Here's the warning: it's a long process. Here's what I did:
1. default (duh, not pay, but I stayed in touch w/ VSAC my lender) on the high ass payment
2. arrange to pay a low "token" payment in default: I paid $50/mo.
3. Get your total payoff balance info, and loan originator info from your lender
4. Get your Financial Aid PIN if you don't have one, and DON'T FORGET IT! http://www.pin.ed.gov/PINWebApp/pinindex.jsp
5. Apply online for consolidation at Direct Loans
6. Don't forget your fucking PIN. Srsly. You'll need it for this process for everything now.
7. Check every week or two on your status online or by phone. If your lender isn't getting their shit together to Direct Loans, CALL THEM AND BITCH. There is a time limit. If they take too long, your app is reset and you have to start over. (This happened to me. It sucks.)
Ok, so for the defaulted loan, you have few options, but trust me, there's light at the end of the tunnel.
Here's all the details on the Public Service Loan Forgiveness program. I'll quote a couple bits:
"You must be employed full-time (in any position) by a public service organization (pdf link) when you make 120 separate qualifying monthly payments, when submitting your application for forgiveness, AND when the balance of the loan is forgiven. "
All the details about the public service loan stuff are in those links. Or drop me a note, since I've been studying this/dealing with it for a year now. :)
If you work in a non-profit or service industry, after 120 (10 years) of on-time payments, your loan balance can be forgiven. There are restrictions to this.
First, it only applies to Direct loans. If your loan is Sallie Mae or someone else, MOVE IT.
https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp
Here's the link to info on how to consolidate your loan into a new Direct Loan from the government. If you've never consolidated before, you're fine. If you HAVE consolidated, there's the problem. Student loan companies (ala Sallie Mae) have lobbied to get the laws so that you can only consolidate your loans once. That's one of the many reasons they suck.
However, if your loans are in default, even if you DID consolidate already, you can get a consolidation through Direct because it's basically a new loan. Get it? This is what I did. Here's the warning: it's a long process. Here's what I did:
1. default (duh, not pay, but I stayed in touch w/ VSAC my lender) on the high ass payment
2. arrange to pay a low "token" payment in default: I paid $50/mo.
3. Get your total payoff balance info, and loan originator info from your lender
4. Get your Financial Aid PIN if you don't have one, and DON'T FORGET IT! http://www.pin.ed.gov/PINWebApp/pinindex.jsp
5. Apply online for consolidation at Direct Loans
6. Don't forget your fucking PIN. Srsly. You'll need it for this process for everything now.
7. Check every week or two on your status online or by phone. If your lender isn't getting their shit together to Direct Loans, CALL THEM AND BITCH. There is a time limit. If they take too long, your app is reset and you have to start over. (This happened to me. It sucks.)
Ok, so for the defaulted loan, you have few options, but trust me, there's light at the end of the tunnel.
Here's all the details on the Public Service Loan Forgiveness program. I'll quote a couple bits:
"You must be employed full-time (in any position) by a public service organization (pdf link) when you make 120 separate qualifying monthly payments, when submitting your application for forgiveness, AND when the balance of the loan is forgiven. "
All the details about the public service loan stuff are in those links. Or drop me a note, since I've been studying this/dealing with it for a year now. :)