Sandra asks…
called student loan com. told them I was unemployed and ended up with bad credit rating any way to fix this?
my son called his student loan company and told them he had lost his job . Direct loan servicing would not work with him. He now has a 560 credit score and is having to buy a car and the interest he is getting is 15% on a new car.
He has a good job now. Why can one student loan company work with you and one can not?
Nagesh answers:
It depends on their policies. Some loan provider do consider bad credit, some don’t. But I think there will be a substantial gap between their interest rates.
For a bad credit student, I never consider a loan especially for a car.
Nancy asks…
What site do I pay off my direct stafford subsidized student loan?
I had my payment plan on monthly autopay from the direct loan website which i can’t seem to find anymore?? I need to change bank accounts on that payment plan where the frick do i go?? What the frick happened to the site?? (and no, it wasn’t a scam or phishing site)
Tina, did you even graduate college yet (or even begin, for that matter)?
It looks like everybody’s subsidized loans got acquired by a private company, that’s what has happened. I had everything set to autopay so i didn’t bother logging in for quite some time. And Rick, Tina’s response was not smart, sorry to say. It was rude. Perhaps I should’ve kept all the paperwork I ever did in my life in a big 16 ton metal safe? Since I was gonna live in my dorm room for the rest of my life? Because my life was gonna be so static that I wasn’t going to move to three different cities for the next 5 years after graduation looking for a job, right? Paperwork, really?? Heard of the INTERNET??
Thank you, Nancy, for your mature answer.
Nagesh answers:
Contact your servicer. Federal student loans are assigned to private companies like Sallie Mae, Nelnet, Great Lakes, etc,. These servicers provide customer service, so they can help you with this.
There should be contact information on any literature they sent you, but if you don’t know who your servicer is, you can find out by going to the National Student Loan Data Base. The website is www.nslds.ed.gov. Use your FAFSA PIN# to gain access to your account, and you can view all of the information about your loans, including the servicer and how to contact them.
David asks…
Do federal student loans and Pell Grant affect my eligibility for food stamps in GA?
I get a subsidized direct loan and full Pell Grant, and wondered if this would affect my eligibility.
Also, as a secondary question, would an AmeriCorps stipend count as income? And would the 25 hours per week working with the program for that stipend count towards the 20 hour-weekly minimum work hours for full-time students?
Thanks!
Nagesh answers:
Hi WorldDownsideUp,
Pell Grants and student loans are exempt, which simply means they do not count as income for Food Stamps. Americorps income is considered a Service Program Payment and it is also exempt as income.
As for Americorps meeting the 20 hour weekly minimum requirement, I am not sure. Policy pretty much says if you are working and are paid for 20 hours per week, then you meet the requirement, so I’m thinking you meet the requirement based on my interpretation. Check with your local Food Stamps office to be sure.
Good luck,
Jeff D.
Director, MyWelfare.org
twitter.com/mywelfareorg
Donald asks…
Is a student loan with citibank eligible for loan forgiveness?
I currently have a student loan with citibank. I am hearing about the loan forgiveness programs for teachers (I teach special education). The things that I have read say it has to be a direct loan, and I am having trouble figuring out if I might qualify.
Nagesh answers:
Lis:
The answer to your question doesn’t depend on who your lender is, the answer depends on what type of loan you have with that lender.
If Citibank provided you with Stafford or Perkins loans, as part of the Federal Student Aid program, then yes, you may be eligible for the loan cancellation/forgiveness program.
If Citi provided you with private, non-government loans, then the answer, unfortunately, is no.
If you have a Perkins loan, you may be eligible for an out-and-out cancellation of the loan – provided that you satisfy all of the program requirements. Qualifying for a complete cancellation requires several years of service – in fact, it will take 5 years of full-time employment to have the entire loan amount canceled. Of course, you’ll have to make payments for those 5 years, while you’re satisfying the requirement, so only the balance remaining after 5 years of payments will actually be paid off.
The Stafford program isn’t a cancellation program – it’s a forgiveness program – which means you can’t have your entire loan wiped clean. Instead, there’s a maximum of $17,500 of forgiveness available to you. Again, there’s a LONG list of qualifications – including, again, 5 years of continuous service.
For more information on both programs, you can visit the US Department of Education’s Student Aid on the Web site here:
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelperk.jsp?tab=repaying
and here:
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
Check your loans and make sure you have a Perkins or Stafford – then check those two pages for all the details. Good luck – I hope this helped!
William asks…
What is Edfinancial Services for student loans?
I was late sending in my verification of income form, but I did fax it to a representative while on the phone with Direct Loans, and she received it. A few days later I log into my account online and it tells me that my loans have been transferred to Edfinancial Services.
Does this mean that my loans are now in default?
Nagesh answers:
I don’t think so, I would call them to double check tho.
I believe all direct loans are now thru edfinacial because I got a new statment from them and I will be giving them a call myself. Good luck!
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