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Started By
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FFEL Loans and Forgiveness - options?
Posted on 8/27/22 at 9:22 pm
Posted on 8/27/22 at 9:22 pm
So, I have been asked this question by 5 different clients over the last two days... I am posting this to see if anyone has any solutions.
If someone has an FFEL student loan (from prior to 2010) and it is commercially held... do they qualify for forgiveness?
People with these loans did not qualify for the pause in payments.
It appears the answer at this point is no.
But... if you have an FFEL student loan, it does appear you can consolidate that into a Direct Student loan. Direct loans DO qualify for forgiveness.
So... can someone with an FFEL loan consolidate into a Direct Loan, at this time, and then qualify for the 10K forgiveness?
Spare me the political talk. My job is to get my clients in the best position to take advantage of the rules as they are written. It doesn't matter if I (or my clients, for that matter) agree with the rules.
If someone has an FFEL student loan (from prior to 2010) and it is commercially held... do they qualify for forgiveness?
People with these loans did not qualify for the pause in payments.
It appears the answer at this point is no.
But... if you have an FFEL student loan, it does appear you can consolidate that into a Direct Student loan. Direct loans DO qualify for forgiveness.
So... can someone with an FFEL loan consolidate into a Direct Loan, at this time, and then qualify for the 10K forgiveness?
Spare me the political talk. My job is to get my clients in the best position to take advantage of the rules as they are written. It doesn't matter if I (or my clients, for that matter) agree with the rules.
1
Posted on 8/27/22 at 10:44 pm to LSUFanHouston
A good rule of thumb is if the loan qualified for the payment pause then it will probably qualify for forgiveness. If the loan didn't qualify for the pause then they don't get the $10k/$20k. Some FFEL loans are with the feds and will qualify. If their loan servicer is "Dept of Ed" they qualify.
It is too late to consolidate, it would have had to been finished by July. Not consolidating with the writing on the wall was pretty dumb.
Depending on who your clients work for there are PSLF forgiveness programs if they work for a non profit or the government. The waiver for that ends in October but they can consolidate and get past payments counted towards the 120 needed payments to qualify for public service forgiveness.
It is too late to consolidate, it would have had to been finished by July. Not consolidating with the writing on the wall was pretty dumb.
Depending on who your clients work for there are PSLF forgiveness programs if they work for a non profit or the government. The waiver for that ends in October but they can consolidate and get past payments counted towards the 120 needed payments to qualify for public service forgiveness.
Posted on 8/28/22 at 12:12 am to armsdealer
here is what my loan says on navient. i was hoping since it said navient federal loan trust, that it was federal loan and could be eligible.
Posted on 8/28/22 at 9:14 am to Mikaelomo
quote:
here is what my loan says on navient.
Look it up on studentaid dot gov
Did it qualify for the pause? If it didn't qualify for hte pause you are out of luck.
Posted on 8/28/22 at 1:34 pm to armsdealer
quote:
Depending on who your clients work for there are PSLF forgiveness programs if they work for a non profit or the government. The waiver for that ends in October but they can consolidate and get past payments counted towards the 120 needed payments to qualify for public service forgiveness.
Yeah, these people are young professionals so they would not qualify for public service. They all did not qualify for the pause.
Posted on 8/28/22 at 2:35 pm to armsdealer
What am I looking for? My loan is listed on the website studentaid.gov as a stafford unsubsidized. all the info i could find is,
"Studentaid.gov contains information on all federal student loans. It’s the easiest way to determine if your loans are federal and get any loan information you may need. If you don’t see your loan information on studentaid.gov, you don’t have a federal student loan."
"Studentaid.gov contains information on all federal student loans. It’s the easiest way to determine if your loans are federal and get any loan information you may need. If you don’t see your loan information on studentaid.gov, you don’t have a federal student loan."
This post was edited on 8/28/22 at 2:36 pm
Posted on 8/28/22 at 4:06 pm to Mikaelomo
quote:
What am I looking for?
My Aid> Loans> View Breakdown
"Serviced by DEPT OF ED/*servicer"
The servicer can be a variety of servicers, the important part is DEPT OF ED being in there first.
Also, if you were in the pause your loans are good to go.
Posted on 8/28/22 at 5:33 pm to armsdealer
thru some bit of craziness, 2 of my loans have disappeared on fed student loan website. 4 are still there. I know 2 are with mohela thru fed gov but they don't show up. Aggravating, I'm going to have to spend time to make them fix their mistake.
Posted on 8/28/22 at 5:55 pm to Stateguy
quote:
thru some bit of craziness, 2 of my loans have disappeared on fed student loan website. 4 are still there. I know 2 are with mohela thru fed gov but they don't show up. Aggravating, I'm going to have to spend time to make them fix their mistake.
They are doing a massive transfer, just wait it out, they will show back up. The major issue was loans transferring to Mohela.
Posted on 8/28/22 at 7:09 pm to armsdealer
haven't heard of others with this issue and follow the loan stuff fairly closely. I know those things are going away
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