Student loan forgiveness or reduced payment options

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rockman2343@aol.com

rockman2343@aol.com

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Here are a couple of links that may be of use to people with FEDERAL student loans. One of the links allows you to apply for an income based repayment program (IBC). The second link allows you to consolidate your student loans into a direct loan, after which you may also apply for an IBC program. Some of those that consolidate may also be able to apply for the “public service loan forgiveness” (PSLF) (i.e. current members of the military, police, fire fighters etc.), which will forgive the remaining student debt after 120 on time payments. Basically, I spent all morning researching and filling mine out and my payments went from a lot, to nothing for the rest of this year, and those $0 payments count towards the 120 payments for the PSLF. Theoretically I could work at CommutAir for the next 10 years and not have to pay any of my student loans back. Well, provided there aren’t any plans in the works to give us some outstanding wages. I’m pretty sure I have the O’bama administration to thank for this. I’m not saying it’s right or wrong, just letting people know it’s there. I hope this enough to get people started, but feel free if you have questions or need something clarified, like I said I’ve been looking at it all morning.
https://studentloans.gov/myDirectLoan/index.action
www.loanconsolidation.ed.gov
 
You may want to continue to read about public service loan forgiveness. I'm fairly certain that working at a regional doesn't qualify.
 
Are you sure you don't need to be on active orders in order to take advantage of the public service loan forgiveness?
 
I have found nothing that says active orders, just military service, that being said, yes it is something to look into so if anyone finds out otherwise, please post it on here.
 
I would ask the financial air department of your educational institution. Public service loan forgiveness requires your job to fall within the requirements for eligibility AND it requires you to work at that job full time, which I believe is defined as more than 30 hours per week. You can't take a part time job and count it toward the program if I understand it correctly.

But again, your financial aid department of the school you are or were attending should be your point of contact for this.
 
Yeah, you're probably right, I just read the actual act and it does say full time. Well the IBC part may help people out still. Now I just have to work at CommutAir for 25 years in order to not have to pay anything back.
 
rockman2343@aol.com said:
Yeah, you're probably right, I just read the actual act and it does say full time. Well the IBC part may help people out still. Now I just have to work at CommutAir for 25 years in order to not have to pay anything back.
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If you have recent Direct loans, look into the Pay As You Earn program. Ted Kennedy is responsible for the current IBR program, Obama just created the new PAYE.

http://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn
 
Meanwhile, those of us with private student continue to deal with crushing debt, and no end in sight. I say that in hopes that when people do their research, they come across this thread and read that and take it into consideration if the consider financing their flight training. Every time I call Sallie Mae and try to ask for help, I get a big fat middle finger, and a "you have to pay us, what are you going to do about it" attitude. I have asked for it all from them, multiple times. The refuse to work with me.
 
mshunter said:
Meanwhile, those of us with private student continue to deal with crushing debt, and no end in sight.
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I am so glad I took my time and only borrowed government loans to finance my flight training and BS degree. SJS is a horrible disease that destroys innocent lives. Patience and planning will make things more financially bearable.

No I wasn't a jet jockin' regional FO by age 22, but at 26 I am head and shoulders above my peers (trust fund babies aside) financially.
 
mshunter said:
Meanwhile, those of us with private student continue to deal with crushing debt, and no end in sight. I say that in hopes that when people do their research, they come across this thread and read that and take it into consideration if the consider financing their flight training. Every time I call Sallie Mae and try to ask for help, I get a big fat middle finger, and a "you have to pay us, what are you going to do about it" attitude. I have asked for it all from them, multiple times. The refuse to work with me.
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This is all very true. I wish Sallie Mae would just go away (hey, I made a rhyme!).
 
Greatest day of my life (thus far) was paying off the debt I got to go to ERAU. While it wasn't nearly what most people who go there leave it, it still felt great to pay it off 2 years out of there.
 
mshunter said:
Meanwhile, those of us with private student continue to deal with crushing debt, and no end in sight. I say that in hopes that when people do their research, they come across this thread and read that and take it into consideration if the consider financing their flight training. Every time I call Sallie Mae and try to ask for help, I get a big fat middle finger, and a "you have to pay us, what are you going to do about it" attitude. I have asked for it all from them, multiple times. The refuse to work with me.
Click to expand...

Sallie Mae is the Devil! I had several issues with them, Then never told me that my loan went into repayment, never sent a bill, payment book ect ect nothing, then one day I start getting harassing phone calls from them saying im 3 months late!?!? Same exact thing happened with my sisters student loans with SME. And with intrest rates at and all time low (still) Sallie Mae feels the need to charge the highest rate possible on their variable rate loans, which in the contract says the rate is to be prime + X amount% but of course they reserve the right to do whatever they please, and they do. Thankfully I was able to pay off my tiny SME loan and I am now officially done with them, Oh and they wanted to charge me a fee of $19.95 for paying over the phone when I wanted to pay it off.

Moral of the story just SAY NO TO SALLIE MAE.
 
rockman2343@aol.com said:
Here are a couple of links that may be of use to people with FEDERAL student loans. One of the links allows you to apply for an income based repayment program (IBC). The second link allows you to consolidate your student loans into a direct loan, after which you may also apply for an IBC program. Some of those that consolidate may also be able to apply for the “public service loan forgiveness” (PSLF) (i.e. current members of the military, police, fire fighters etc.), which will forgive the remaining student debt after 120 on time payments. Basically, I spent all morning researching and filling mine out and my payments went from a lot, to nothing for the rest of this year, and those $0 payments count towards the 120 payments for the PSLF. Theoretically I could work at CommutAir for the next 10 years and not have to pay any of my student loans back. Well, provided there aren’t any plans in the works to give us some outstanding wages. I’m pretty sure I have the O’bama administration to thank for this. I’m not saying it’s right or wrong, just letting people know it’s there. I hope this enough to get people started, but feel free if you have questions or need something clarified, like I said I’ve been looking at it all morning.
https://studentloans.gov/myDirectLoan/index.action
www.loanconsolidation.ed.gov
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You know you just got banned on APC for started this exact same thread.

Pay your obligations.

I wish they would reinstate debtors' prisons for people that try and pawn off their lawful obligations on others.
 
Cobalt Thorium G said:
You know you just got banned on APC for started this exact same thread.

Pay your obligations.

I wish they would reinstate debtors' prisons for people that try and pawn off their lawful obligations on others.
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We still have people in prison for not paying their debts to the criminal justice system. It sounds elegant, but it's not so pretty when you watch it up close and personal.
 
Cobalt Thorium G said:
You know you just got banned on APC for started this exact same thread.

Pay your obligations.

I wish they would reinstate debtors' prisons for people that try and pawn off their lawful obligations on others.
Click to expand...


Well, according to he letter of the law, my obligation this year is 0 so no debtors prison for me. Hey, I didn't make the law, I'm just letting people who may need the room to breathe for a few years know it's out there. If you want to take the high road and not use it go ahead. Ican't say what else I was going to say or I'll get banned from this site too.
 
rockman2343@aol.com said:
Well, according to he letter of the law, my obligation this year is 0 so no debtors prison for me. Hey, I didn't make the law, I'm just letting people who may need the room to breathe for a few years know it's out there. If you want to take the high road and not use it go ahead. Ican't say what else I was going to say or I'll get banned from this site too.
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It's a more than the high road. By not paying now, you're going to pay a crap ton more in the future.
 
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