Rukh O'Rorke
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Post by Rukh O'Rorke on Mar 20, 2020 11:42:03 GMT -5
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haapai
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Post by haapai on Mar 20, 2020 12:13:44 GMT -5
I found the blip in the blog but I still haven't a clue what it means.
How long does Aunt Betsey have to wait before clarifying? Obviously, she can't clarify this before Monday, that would be admitting that her leadership is incoherent, inconsistent, and frequently inaccurate.
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Deleted
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Post by Deleted on Mar 20, 2020 12:21:46 GMT -5
Since Cuomo was telling New Yorkers this morning they can expect a possible 3-4 month shelter in place, I would assume student loans and other debt will see longer relief.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Mar 20, 2020 13:21:44 GMT -5
navient.com/covid-19navient is stating all direct and FFELP type loans will be 0% interest retroactive to March 13. The majority of my loans count, so that is a blessing. Will still be paying on private loan. But Navient is saying the payments continue - at least for now. They may be a bit behind the announcement on the payments.
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haapai
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Post by haapai on Mar 20, 2020 14:01:34 GMT -5
Sounds like what you're getting from Navient is old info. I'd suggest looking for updates. He said that payments were also suspended, so where's the confirmation? OT: When you aren't sure how to spell Navient and are trying to get it right, ugly possibilities emerge. Is the root of this word something related to navigation or something related to the adjective "naive"?
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Rukh O'Rorke
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Post by Rukh O'Rorke on Mar 20, 2020 14:46:51 GMT -5
no clue!
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Ava
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Post by Ava on Mar 22, 2020 16:57:49 GMT -5
The information I got is
- If I continue making payments, the whole amount will be applied to principal
- If I request a forbearance, payments will be zero for at least 60 days, and interest will not accumulate
Both options sound attractive to me, but I'm undecided. If I continue to pay, by the time all is said and done and we are back to normal, my principal outstanding will be lower. If I request a forbearance, I will owe the same amount I owe now, and I will have more cash on hand.
I am leaning towards the second option. I have a job for now, but if this lasts a long time, I may be laid-off. I think I rather have the cash on hand. Besides, of my three outstanding debts, the SL is the highest balance and I cannot reasonable expect to get it paid off in the foreseeable future.
Anything I am missing?
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sesfw
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Today is the first day of the rest of my life
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Post by sesfw on Mar 22, 2020 18:35:57 GMT -5
Ava ......... I would go for the second option.
As far as the SL is you won't be worse off, and you'll have a bit of nest egg for uncertain future..
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Rukh O'Rorke
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Post by Rukh O'Rorke on Mar 23, 2020 8:56:57 GMT -5
The information I got is - If I continue making payments, the whole amount will be applied to principal - If I request a forbearance, payments will be zero for at least 60 days, and interest will not accumulate Both options sound attractive to me, but I'm undecided. If I continue to pay, by the time all is said and done and we are back to normal, my principal outstanding will be lower. If I request a forbearance, I will owe the same amount I owe now, and I will have more cash on hand. I am leaning towards the second option. I have a job for now, but if this lasts a long time, I may be laid-off. I think I rather have the cash on hand. Besides, of my three outstanding debts, the SL is the highest balance and I cannot reasonable expect to get it paid off in the foreseeable future. Anything I am missing? I'm having a tough time deciding on this as well. There are so many variables to consider! If there is future unemployment for me up ahead, if there is some massive student loan reform that reduces balance/lowers interest rates, if there was - would I even qualify for that given my income - if I still had an income? It's difficult to know what direction to go - I need a peak into the future......wish I'd know where we are today about a month or two ago.
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Deleted
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Post by Deleted on Mar 23, 2020 9:49:20 GMT -5
I think you may get lucky and see all student loans wiped clean. People can't sequester themselves at home for months/year and still pay them. There will have to be some sort of major action.
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Ava
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Post by Ava on Mar 26, 2020 22:47:15 GMT -5
I think you may get lucky and see all student loans wiped clean. People can't sequester themselves at home for months/year and still pay them. There will have to be some sort of major action. I don't think so. The most we can get is a few months of zero interest, as proposed in the current relief bill the Senate signed. After that, is back to normal.
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Ava
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Post by Ava on Mar 26, 2020 22:52:32 GMT -5
So, I made my decision.
I've already put my s.l. in deferment.
Right now, I don't owe any payments until July.
It wouldn't surprise me if the zero interest period extends until October or even longer.
My idea is to take the money from my checking account on the day the account is due, and save it.
I prefer to keep cash on hand over paying down the student loan. Six months of zero interest payment won't make a significant dent, and the future is uncertain. I rather have cash on hand. For now, I have a job and we are actually swamped. But if the current situation extends for more than two or three months, I see myself facing a layoff. Not a certain thing, but a very real possibility.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Mar 27, 2020 7:38:37 GMT -5
For my part - I will be focusing on paying off my private student loan - won't get any perks there! That will take a while - then I can decide how to address the bulk of the fed loans - which of its own is still >100k While I'm at peace with the amount, and the progress I've made over the last two years paying this down, the global uncertainty and worries about income continuity is wearing on me.
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Rukh O'Rorke
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Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,018
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Post by Rukh O'Rorke on Apr 1, 2020 8:59:18 GMT -5
So, I made my decision. I've already put my s.l. in deferment. Right now, I don't owe any payments until July. It wouldn't surprise me if the zero interest period extends until October or even longer. My idea is to take the money from my checking account on the day the account is due, and save it. I prefer to keep cash on hand over paying down the student loan. Six months of zero interest payment won't make a significant dent, and the future is uncertain. I rather have cash on hand. For now, I have a job and we are actually swamped. But if the current situation extends for more than two or three months, I see myself facing a layoff. Not a certain thing, but a very real possibility. Hi Ava - can you tell me a little more about the procedure? I thought this would be automatic, but I need to call about it. I haven't lost my job, but others in the house lost their jobs. What kinds of questions did they ask you?
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Ava
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Post by Ava on Apr 1, 2020 9:47:40 GMT -5
So, I made my decision. I've already put my s.l. in deferment. Right now, I don't owe any payments until July. It wouldn't surprise me if the zero interest period extends until October or even longer. My idea is to take the money from my checking account on the day the account is due, and save it. I prefer to keep cash on hand over paying down the student loan. Six months of zero interest payment won't make a significant dent, and the future is uncertain. I rather have cash on hand. For now, I have a job and we are actually swamped. But if the current situation extends for more than two or three months, I see myself facing a layoff. Not a certain thing, but a very real possibility. Hi Ava - can you tell me a little more about the procedure? I thought this would be automatic, but I need to call about it. I haven't lost my job, but others in the house lost their jobs. What kinds of questions did they ask you? They didn't ask me for anything but tried to pressure me to continue making regular payments. I said I'm afraid I may lose my job. Two days later I checked the website and my loans are in forbearance. I have a different loan servicer, Great Lakes. I think you have Navient.
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Rukh O'Rorke
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Joined: Jul 4, 2016 13:31:15 GMT -5
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Post by Rukh O'Rorke on Apr 1, 2020 12:01:34 GMT -5
thanks Ava ! - I went to call and this was on the website as I was trying to find the number to call: so - I guess my april payment will go though this month, and then I should be payment free until October. I'm hoping that I can use that time to pay off my private loan, and that I continue to have an income.....
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wvugurl26
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Post by wvugurl26 on Apr 1, 2020 12:15:11 GMT -5
I have no concerns about a layoff so I'm continuing to make my payments. I looked and about $55-60 of my payment per month is going to interest. Once I clear my other bills, I'm going to see what extra I can pay towards it.
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