(Ep. 287) Big Nelnet Problems and Summer Updates
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- Опубліковано 27 тра 2024
- Listen in as I answer questions from our mailbag, discuss the peculiar happenings at Nelnet, and provide updates on where we stand with student loans in May. We’ll start with listener questions about the $12,000 10-year forgiveness option, Parent PLUS loans, and income-driven repayment (IDR) recertification dates. You’ll also hear about summer updates like sweeping forgiveness programs, lawsuits trying to block student loan forgiveness, and how the upcoming presidential election could change your student loan payment.
In today’s episode:
✅ Can borrowers get two kinds of forgiveness with one Direct Loan consolidation?
✅ Will the Parent PLUS double consolidation loophole kick borrowers off the SAVE plan?
✅ Does early IDR recertification change your recertification date?
✅ What to do if your Parent PLUS payment is more than you can afford
✅ Nelnet stopped consolidations, causing concern and delays
✅ The Department of Education should either fund or fire MOHELA
✅ Student loan policy depends on political control
✅ The FAFSA fiasco and speculation on resignations
✅ Summer updates: forgiveness, lawsuits, and student loan policy
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Hey, Nelnet is my loan servicer and I've definitely had plenty of issues with them. I graduated in May 2023, I applied to SAVE on September 15. Nelnet continued applying administrative forbearance to my loans for over 120 days. Finally in January 2024, Nelnet processed my SAVE application but my payments wouldn't begin until Feb 26th. That's 164 days from the SAVE application date, which accrued over $21,500 in interest. I've submitted three complaints on Federal Student Aid and I submitted a complaint on Consumers Financial Protection Bureau seeking resolution on this matter. Am I on the hook for $21,500 due to Nelnet's own processing delays? I'm at a loss on what to do
How are your loans accruing $2600 of interest each month? That must be a huge loan balance.
I've called them about the same issue. What's more is that NelNet is NOT cancelling remaining interest under the SAVE plan as they are supposed to. After several phone calls I was told by NelNet "this is not how the program works, in reality" with no explanation as to what that means. They're continuing to compile interest against federal law.
If you graduated May 2023, you are automatically placed in a 6 month grace period. You can not waive this grace period. Your September application for SAVE will not process until closer to the end of the grace period when repayment begins.
I’m planning to start the double consolidation process next week and mail my consolidation forms to Nelnet and MOHELA. I sure hope Nelnet accepts and processes it. Maybe it would be a good idea to hold off on sending the other paper form to MOHELA until I hear back from Nelnet? thoughts?
I am in the process now of the double consolidation, without Nelnet I only have Mohela as an option. Thoughts?
Any benefits for in-school deferment students?
Hi
I consolidated all our Parent Plus Loans into one ICR loan about 5 years ago when I retired. I’ve been told this is not eligible for the SAVE plan. Are there any other ways to lower my monthly payments?
Commodities continue to rip face as rates are way to low… we have bigger issues in this debt based ponzi than student loans. If Trumpzuela starts printing more stock up on food, medicine and ammo