Huge Faggot here.
I work at one of the 4 major student loan servicers in the US. I literally spend 8-10 hours a day wagecucking listening to even bigger faggots cry about their debt. However, I am very good at financially unfucking their hopeless situations. I have done this bs for 3+ years.
AMA about student loans biz.
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I’m doing the bare minimum on my student loan of 42k, I plan to continue this way until the bubble bursts. How much longer do I have to wait? And if it’s not bursting any time soon can I continue to accrue forebearances for bullshit reasons?
You only get 3 years of general forbearance to use when a loan is disbursed. If you run out, you can consolidate and get another 3 years. You can have your servicer apply for admin forbs for meme reasons.
Request a random application...get a 60 day admin forb applied to give you time to fill it out. You can even print out Applications, sign them and return blank. You will get a forb applied to cover processing time. Every time a forbearance is applied, it will bring your account current if past due. No negative credit reporting until 90 days. You could rinse and repeat this for a long time if you never intend to pay off loans.
On the flip side tho, forb ending caps your interest so it is shit if you are actually going to try to pay it off.
I would not count on this bubble bursting any time soon. Dept of Ed makes too much money off student loans to stop lending and Schools are not going to lower tuition when gov money is instantly available to anyone and everyone.
Much appreciated my dude
Bump
When you get your one year deferment for unemployment do they actually check? Like can I keep doing it even if I get a job forever?
The unemployment deferment is only for 6 months at a time and you get that for 3 years total. We do not have the means to check and verify the accuracy of what you put down. Ppl lie ALL the time on the unemployment deferment form. You just have to state that you have not rejected any full time job offers and that there is no employment agency within 50 miles on the app. The questions will even tell you which answers will make you ineligible.
If you don't have a job, there are better options though. IDR plans are your friend. No income = 0 payments which will give you a better interest subsidy than deferment for the REPAYE plan.
BRO DELETE MY LOAN IN THE DATABASE PLEASE.
I'LL SUCK YOUR DICK!!!
ahahaha it's the "student loan bubble meme" again
you realize the US govt backs all student loans right
and they literally print money
it ain't gonna burst anytime soon kiddo
Ask your servicer for a copy of the master promissory note. If they can't produce it, then you don't owe shit. Any lawyer can get you off scot free w/o an MPN.
If that fails, look into Borrower Defense Agaisnt Repayment at studentaid.ed.gov. YOu can apply to have loan discharge on grounds that school behaved unethically.
If none of that works, you can always consider leaving the country. IDR plans only use US taxable income. So you could leave and keep your credit intact. Just recert every year online and get 0 payments. It gets forgiven after 20-25 years.
So many ways out bruh
Fuck them they have to pay ever last cent don't help them lay it off while they aquire even more debt idiot
Damn, thats actually useful information.
This is why I fucking love Jow Forums
Thanks man.
Kek. Student loans are a joke.
The Dept of Ed and US government on a whole profit so much off of it when they shouldn't. Student loans should be a merit based (not given to just anyone) and interest free investment in citizens in order to produce a more competent and capable workforce and therefore a less shitty economy.
Instead we get loans for all w/ retard interest rates that cucks the entire country into slavery.
But you be a good goy and pay your government interest.
Student debt makes me so depressed. I owe $40k but don't worry much about it because I should be done paying it off in a couple of years. I work in Big 4 tax and have heard some coworkers say they owe $100k. I don't really blame Bernie supporters for advocating debt forgiveness.
The US government ISSUES almost all student loan debt. They don't just back it, they OWN it and the interest.
Found the boomer.
What’s the dumbest story you heard from a borrower
It's hard to say. It's all pretty mindless. I really don't pay attention on the calls anymore. I usually ignore their spiel and just look at their account to see what they need.
The funniest tho was some boomer lady threatening to come in and shoot up the building. I showed no empathy and reported all of that shit.
6 months later i get notified Police are pressing charges. I got her arrested. Was topkek
When i pay my monthly minimum, can i just pay the block with the highest interest rate or do i have to use nelnets default where it spreads it out in some arbitrary way
Also I'm starting med school in July, do I let you know before I start so I can defer again or after
this. i feel sorry for those who fell for the college meme. there are no jobs anymore. all that shit got outsourced in the 90s.
How truthful is this video? I'm not American but I watched this recently and seeing how shocked I am how the graph keeps skyrocketing.
Ok so I'm a retard and got debt with my school I dropped from (not a loan, just a charge on an account). Is there any sort of legal trick I can use to get out of it? I don't care about my (((credit score))).
I hope it gets forgiveness after 20 years of income based repayment. But they will probably change the rules before someone is eligible.
What is the best way to pay off a massive 320k medical school loan? Im 2 years in, toying with the idea of acquiring quadplexes on FHA loans, living in them for a year, refinancing and doing again. Obviously this would mean my med school loans wont get paid for a long while. good idea or nah
So each of your loans has a portion of the monthly minimum payment. If for example, you have a monthly payment of 100 and you have 10 loans, you can't pay all 100 to just 1 loan or else the other 9 will go past due while the 1 loan will be paid ahead several months.
The way the payment amount is spread out amongst loans is proportional to the loan balance of each loan in relation to the total balance for IDR plans. For non-IDR, it's whatever each loan's balance, interest rate, and term equal out to in order pay off that loan with the available term.
When you are enrolled in school at least half time, the school will automatically notify your servicer or at least it is suppose to. A lot of times this doesn't happen right away but it doesn't really matter as the deferment will be backdated to the first day of class and it will be as if it were in place from the start.You can also request an in school deferment form from nelnet and take it to the school, have them sign off on it, then return it to nelnet.
Dealing with something similar, interested
If it is not a loan owned by the Dept of Ed, then it is between you and the school and there won't be any Federal programs or discharges you can use.
You would really have to consult with an attorney. If you don't care about credit, then you just have prevent wage garnishment.
I see. Well, here's kinda the situation a bit more in depth. So, my school didn't sell my debt, but they contracted debt collectors to collect on it anyways (school still legally owns the debt). However, I've been told by both the school and the collectors that I cannot settle payment with the school, i have to pay the collectors. On that, the collectors charged 29.99% interest fees on the debt immediately, with no warning and no prior contact. The school didn't even tell me the account went to collections, I just started receiving calls one day (didn't even know i owed).
I'm thinking of taking the school to small claims, they probably won't show because it's less than 1.2k, but if they do I figured my only out is forcing them to show me the contract I signed that allows a 29.99% interest charge (it doesn't) and either getting off the hook for breach of contract, or at least paying the original amount.
This is a bit out of my depth champ but I will give it my best shot.
To pay back the loan in full you want to minimize interest accrual obviously. One of the IDR plans, Revised Pay as You Earn, gives a 50% interest subsidy for unsubsidized loans of whatever your monthly payment (calculated off of 10% of your income that is over the fed poverty guidelines for your senpai size) does not cover of your monthly interest.
So what this means is, if you qualified for 0 payments (income at or below poverty line for your senpai size) you would get half of your monthly interest subsided by the government.
So the best way to pay off the loan would be to minimize your taxable income on paper (your AGI is used from your tax return usually for IDR calc) in order to maximize the subsidy while paying as much as possible toward the loan. This way, a lot more of your payment goes to prin bal and less to interest.
So you want to make lots of money but show a low AGI in order to get a 50% int sub for the difference of what you accrue monthly in interest and what your monthly payment is and then proceed to make large payments that mostly go to prin bal.
I'm not a tax expert and am not smart enough to comment on how to make your AGI appear lower than what you earn although I am sure there are legal ways to do it w/ write offs, just never had to research it myself.
fuck dude what school did this to you?
Went to grad school. Now I have 200k in debt. Haven’t paid one cent. I keep on saying I don’t have a job. It’s been 4 years. What do I do desu?
a very shitty community college.
This is pretty accurate. The mantra that everyone has to go to college is not only a meme but a scam that academia profits off of. These universities know that they are churning out useless graduates that won't work in jobs related to what they studied but it doesn't matter cuz profits for the school.
The problem really happened when the Federal government stepped in and became the primary lender of all student loan debt back in around 2008. Now, every 18 year old US citizen is guaranteed 57k of loans for undergrad and tuition prices rose to match this.
College education is a business that has profited off of the myth that everyone has to have it and it will make the average american poorer. It literally is just wealth transfer from the working class into Academia.
I agree w/ the dude in the video and the sentiment around biz, it is not worth going to uni anymore for alot of ppl. Unless you have a specific plan in mind that translates to a job and are actually proficient in a stem field, don't take on student loan debt. Aside from this, not worth it for the average person.
Checked. I know someone who got an idiot degree from a well known university and is now pissed off at her firm that he’s not getting promoted. It’s an operations job. Administering bullshit items. Monkeys work.
The long term repurcussions will be that no one will want to hire someone Just because you have a degree. It’s going to turn them off because they know they’re hiring an entitled faggot, who will probably begin to complain, make it a bad environment for all the wagies
The chickens have come home to roost
>never understood that metaphor but it seems to fit nicely
Kek. Killing it my man.
We have no way of knowing if you have a job or not. When you check I have no taxable income on an IDR app, it's self certifying and we don't question it. We are too overwhelmed with applications to look any further into it.
The only thing I would be careful with when doing this is loan forgiveness. If you apply for Public Service Loan Forgiveness (this requires you to have a job and income) or IDR loan forgiveness, those payments MAY be audited and could be cross referenced with tax returns if you've had income the whole time.
If you are going to leave the country though, then there is no reason not to do this every year and get the forgiveness after 20-25 years. If you renounce your citizenship, the IRS won't even be able to try to tax you on the forgiveness.
Write to a consumer advocate's attorney and see what your options are. Sounds like you can just call them on BS if you can find a technicality.
Do you hate your job? Did you also delete your own debt from the database?
I have no student loan debt ...yet.I am actually getting ready to quit and go back to school to unironically max out on loans due to the fact that my job is soul crushing.
Stuck in wagecage(cubicle), can't even get up and piss when I feel like, have "scheduled" breaks, feelsbadman.
I bought a Ford Raptor now I have 70k in debt. I sort of regret it.
Do you have any advice for loan forgiveness?
Gr8 thread my dude, not even a burger but i find the student debt situation there fascinating (my shitty country is lurching in the same direction slowly).
Do you get paid well? What's your goals in life besides making it with crypto?
You sound boss as fuck though bro. What’s your annual? If I can ask it’s cool if you choose not to
You used student loans to buy this? If they are owned by the Dept of Ed you still have all the options available to you. Forgiveness takes a long time.
PSLF is 10 years of IDR payments. If not working in gov or non profit, IDR by itself is 20-25 years.
See also
student loans for part of it the rest was at the dealership. what do
Not sure if you're still answering questions but I am 2 months late on payment. Can I apply for the 12 months no payment without paying the previous two? And do I have to call or is there another way? Because I hate talking on the phone.
It's a union job so for what it is, pay is ok but I want way more obviously. I'm studying programming now which I actually like and will go back for CS degree FT soon. Gonna buy the meme degree at peak bubble w/ government money.
So if you just call up your lender and ask for a MPN and they don't have it then they're screwed? How likely does this happen and how many hoops do you actually have to jump through to get your loans gone?
Only 35k base but with the mandatory OT it's 40K+ ez. OT is $25 hour.
I've done programming user, shit is saturated
Yes, you can do it online. Go to studentloans.gov and login then apply for IDR. If you have no income and are approved for 0, it will automatically bring your account current and you won't have to pay past due amount.
You want to apply asap because you get hit at 90 days for credit reporting if you care about that.
They will have to produce it. They will most likely have it but it costs you nothing to ask for it and requires no effort on your part if they do have it. I have seen where MPNs have been lost through loan transfers from servicers so it does happen and you can be damned sure your servicer won't volunteer this info to you if it does happen.
Yea that is what biz tells me and I believe it but, when I look at the stupid industry I'm in now, the writing is on the wall. So much of job we do, with processing applications is so overtly redundant and could be automated.
I'm learning python now and all I can think about at work is how it would be so much better to write a program that process these stupid ass forgiveness applications instead of having to "work hard" because we are not allowed to work smart.
Do you work in machine learning? Seems like demand for this will only grow. Start a company that automates application processing, bid for fat government contract and take business away from these inefficient and ancient student loan companies. profit.
>I am very good at financially unfucking their hopeless situations.
Isn't there a program where you can pay a minimal sum depending on some factors for x years and then be forgiven your debt.
>forgiveness applications
????
No Ragrets.
Yea it is Public Service Loan Forgiveness. You have to pay off of your income and family size for 120 months while working for gov or non profit FT. Then rest gets forgiven.
>JUST LIE ABOUT HOW MUCH INCOME YOU MAKE BRO, YOU'LL PAY LIKE NO INTEREST
>TAX EVASION DOESN'T EXIST BRO xxddddd
Also, in terms of your comment here: >I agree w/ the dude in the video and the sentiment around biz, it is not worth going to uni anymore for alot of ppl. Unless you have a specific plan in mind that translates to a job and are actually proficient in a stem field, don't take on student loan debt. Aside from this, not worth it for the average person
I don't want to turn this thread into some philosophical discussion, and appreciate the information you're sharing. But I fucking hate this sentiment people have towards non-STEM fields.
Human creativity, and understanding other human ideas, and history isn't a fucking waste of time. It's literally what it is to BE HUMAN. The expensive nature of learning about it is debatable, sure. But those things aren't unimportant.
How many students are total failures and never recover?
What is the wage limit for a family of 3 where they make you start paying a lot back? Currently claiming hardship
>Human creativity, and understanding other human ideas, and history isn't a fucking waste of time. It's literally what it is to BE HUMAN. The expensive nature of learning about it is debatable, sure. But those things aren't unimportant.
There is no fucking reason to go to un to learn these things tho, just a waste of time and money for you and society. It should be something you do in your free time.
What immediate steps do I take to start unfucking my defaulted loans/credit? How do I avoid selling my digibytes in the process?
Analyzing writings, and becoming adept at writing are skills which must be taught, it's hard to reach mastery on your own for that kinda stuff (and I'd argue, for pretty much any field of study). Understanding history, and how historical events inter-relate, and how to interpret historical research items, are skills that need to be taught.
History, in particular, is actually extremely linked to STEM fields. Many ideas in Mathematics and Physics arose out of ancient cultures' religions and astronomical observations/observations of seasonal changes.
And it's interesting to understand how people first came to understand shit. Archimedes is a well-known example. He's known quite well for his shouting of "Eureka", when he came to understand how the Volume of water which is Displaced by an Object is equal to the Volume of the Object, itself.
I don't think there's going to be a student loan jubilee, but they are dragging down whole generations. The push for socialism is the usual outcome when people feel defrauded by their overloads who acted out of greed rather than good will.
I don't see this ending well for the republic on any time frame.
Just re-read this:
>equal to the Volume of the Object
that should say *Submerged Volume of the Object
forgive me, /sci/
Yea I figured out the system. I also held on to 4 years of tax returns and filed them all at once after getting current and being in "repayment" for $0. I just keep speculating and investing what I should be paying on the debt hoping my gains are faster than my interest. So far so good. Lol
This.