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Stateguy
Baton Rouge
Member since Dec 2006
660 posts

Student Loan Repayment
Federal student loans with 2 servicers - pretty sure they along with Comcast will burn in hell for the way people are treated. Anyway...

One loan with Navient, aggressively paying it down as it's the smaller. Interest same with other company. Applied to renew income based repayment and got this response "we’re unable to approve your Income-Based Repayment plan request because your loans are paid ahead by more than 12 months.
If you’d like to forfeit your paid ahead status, call us and we’ll adjust your account accordingly to reprocess your request. Otherwise, we ask that you reapply at a later date."

Anyone heard of this before? Haven't researched it much because I just got the email from them
This post was edited on 5/15 at 9:35 pm


Teddy Ruxpin
LSU Fan
TX
Member since Oct 2006
33007 posts

re: Student Loan Repayment
I haven't run into that but it makes sense.

Can't really claim hardship and be that far ahead on your payments is what I'm thinking is the logic there.


Stateguy
Baton Rouge
Member since Dec 2006
660 posts

re: Student Loan Repayment
Everything I've read about the program says you continually pay more as income increases. I'm trying to stay on that program.


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Bard
LA-Monroe Fan
Tigerdroppings Platinum Member
Member since Oct 2008
32528 posts

re: Student Loan Repayment
quote:

One loan with Navient, aggressively paying it down as it's the smaller. Interest same with other company. Applied to renew income based repayment and got this response "we’re unable to approve your Income-Based Repayment plan request because your loans are paid ahead by more than 12 months.


That's bull shite. This sounds like a roadblock put up to avoid early payoff as much as possible. You might want to bring this up to your Congressional Representative.


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TheWiz
LSU Fan
Third World, LA
Member since Aug 2007
9924 posts

re: Student Loan Repayment
I think Teddy is probably right here. Would refinancing to a lower rate and/or better terms help you?
This post was edited on 5/16 at 8:11 am


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southernelite
McNeese State Fan
Dallas
Member since Sep 2009
50508 posts
 Online 

re: Student Loan Repayment
Sounds like he’s elected to have future payments reduced by the amount of prepayment, so he won’t have a billed balance for another 12+ months. Can’t adjust your bill when you don’t owe anything.

Your interest still builds though, so you’d want to at least keep paying on that, plus some principal even if it’s not as much as before.


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Dead Mike
LSU Fan
Cell Block 4
Member since Mar 2010
2791 posts
 Online 

re: Student Loan Repayment
Would it be possible to reapply payments to principal reduction only, not advancing the payment due date?


southernelite
McNeese State Fan
Dallas
Member since Sep 2009
50508 posts
 Online 

re: Student Loan Repayment
It sounds like that could be the case given that said for him to call and they’d adjust accordingly. It may be as simple as them just resuming billing payments each month. I had Navient and now Navirefi, but I’ve never dealt with Income based repayment.


Stateguy
Baton Rouge
Member since Dec 2006
660 posts

re: Student Loan Repayment
finally spoke to Navient. Said I would still be in income based repayment and monthly payment wouldn't change. Don't understand why they used that description.

Have considered refinancing. Just hesitant to give up some of the federal program safety net stuff. Probably stupid, but that's whats held me back


philabuck
Ohio State Fan
NE Ohio
Member since Sep 2008
9908 posts

re: Student Loan Repayment
I got tired of dicking around with my federal loans (had to open a ticket for every overpayment to have it applied to the right loan). Went with Sofi. Dropped the interest rate 2 points and they offer a two or three month grace period if you get laid off.


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Stateguy
Baton Rouge
Member since Dec 2006
660 posts

re: Student Loan Repayment
quote:

Would it be possible to reapply payments to principal reduction only, not advancing the payment due date?



I'll admit - I assumed extra went toward principle and not future payment. I didn't question this when I talked to them. When I pay extra - it shows my remaining principle is lower and they continue to automatically deduct my monthly scheduled payment.


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