Ask me about...

sweetpea0911

...repaying your federal student loans.  I work for AES in their federal loan department.

The student loans thread from the other night is still going strong, and I figured I should offer.  I am by no means an expert (yet) but I've almost completed the training to be able to handle problems people have with their loans.  I can tell you about IBRs, consolidations, interest rates, PLUS, subsidized vs. unsubsidized...pretty much everything.  And if I don't know, I'll ask.

DISCLAIMER: I can't give you specific account information (yours or someone else's) and everything I tell you, you should check up with a representative with your specific loan servicer, as certain policies may not translate

ricksang

OMG I fucking hate AES. Sorry. Can I call you from now on when I have questions?

sweetpea0911

Doooo it.  Especially if you got a letter from them saying that your fed loans were bought by the government and now go to FedLoan Servicing =]  (I really hate AES too, except for when they sign my new paycheck that is helping me keep from letting them suck me entirely dry).

ricksang

If they give me trouble next semester (which they will) I will need to talk to you!

xkelbel06

I. HATE. AES. with a passion. just sayin'. 

I have to call them. ugh.

sweetpea0911

I'd be glad to help =]

ricksang

Oh goody!

playtntsbpg30

I have a loan with AES they are blowing up my cell phone each and every day 5 or more times a day. I tried for a deferment and I get denied, I haven't had a job in over a year. I was out due to medical reasons. They don't seem to understand that. I was caught up until this past February. I never missed a payment. I don't understand why I couldn't get a deferment. Then when i would get accepted it's one that I'm ok with no payments but interest will stack up.

So I'm with ricks, I don't like AES either.

But congrats on your job and about to get through the training. Hope it all works out for you.

sweetpea0911

Yeah, my boss is basically a PITA...it helps working for them because now I understand, and I'm sitting in class saying, "Well, I called you and you said 'do x' so I did x, but what you really meant to tell me was 'do y, then 3, THEN x', and if I had done that I never would have had problems?  WTF??"

sweetpea0911

Play - call them back, and ask specifically why you were denied a defer.  If you are unemployed now, they can give you one if you are employed LESS THAN 30 HOURS a week, you are actively seeking full time employment ANYWHERE in ANY FIELD, and if you are REGISTERED with an unemployment agency.

And what you had (have) is a forberance, but if they still won't give you a defer, see if you can get them to bring you down to interest only payments, which will let you pay only the interest you're accruing, but leave the principal balance alone.  It's a hell of a lot cheaper!

ricksang

Seriously. They need to take lessons from Sallymae as to how to handle customers, not that I think Sallymae is awesome. I think ALL student loan companies try to bleed students dry.

kkchisholm

I have to pay back half my loans starting November, and the other in January. I want to consolidate them, so I should do that soon huh? Howwww?

Also, I know that if you start paying your loans after 2007, and are in social service for 10 years, after paying them for 10 years, the rest are "forgiven". How does THIS work. I have called and 2 people have said just save my stubs til 2010 and then there will be a form to fill out, but this sketches me out.

Thanks!

ricksang

 Play- you should be able to get a financial hardship, right Sweetpea?

sweetpea0911

Oh, I have SallieMae and I HATE them when it comes to their payback procedures.  I'm getting a consolidation loan for my federal stuff with AES/FedLoan Servicing ASAP because I know how to deal with them now.  But SallieMae's policies are F'ed up.

sweetpea0911

K - definitely get on that ASAP.  There is a website: http://www.loanconsolidation.gov which should be able to help you figure out where the best place to consolidate them is.  Now, I know that will work for federal loans, but I'm not sure about private.  I can ask tomorrow (I need to anyway, I need to know for mine!)  I would really recommend FedLoan Servicing as your servicer, if they'll let you choose (I haven't looked yet) because a, that's where I work and I can help, but also, b, we don't charge extra fees for online accounts/direct debit/pay by phone [SallieMae, I'm looking at you!!]

As far as the form, I can look that up at work tomorrow and tell you more about it [I can't access it here] but it will also depend on your servicer.  If it's with AES, then yes, save those pay stubs, and fill out the form as soon as it's available to you and send it in.  If for any reason you get denied, call and ask why - sometimes people code things wrong, or don't fill in all the right info, and it can get mixed up when it's sent in.

Ang/Play - financial hardship may be an option, but go with unemployment first if you can.  It has a longer period of defer on it and it should be the first option they offer.  But if they say no, or you get denied again, definitely apply for that BEFORE a forbearance.

ricksang

They all want you to stay in debt to them forever. They are just like the CC companies.

sweetpea0911

I'd agree.  But at least FedLoan Servicing isn't charging extra fees for bullshit things (like having a freaking online account or paying my bill by phone or direct debit.  WTF man!?)

[Deleted User]

I hate AES! When I went to nursing school we were led to believe our loans would be forgiven. Sadly ths is untrue. Now they eat up 1/4 of my paychecks and I could really use that money right now!. I of course dont hate you though

kkchisholm

I have only stafford and 1 perkins loans... but I got loans every semester of my undergrad, and grad. AND half my undergrad loans got "sold" to another company. Whatever that means. Is it the same lender ever semester?

I save all the stuff I get in the mail, and I feel like a website will drive me nuts, and I need an actual person to talk with face to face. Is that possible?

Also- for the past year, literally twice a month I got a letter saying "we got information you are in school, so your loans are deffered"... like seriously, I know you know, you tell me daily. Why do they keep sending?

sweetpea0911

Gina - the nursing program died off, you're right.  It's sad

K - Letters are generally automated, so they can't just stop them.  Always open them though, because sometimes they'll have really important info in them.  When it said your loans were sold, that basically means the federal government bought them from your lender (PNC bank, for example) and decided to service them themselves (so you will pay the federal government back directly).  They then designated four servicers (like FedLoan Servicing) to collect the money - that's who you're getting the letters from.  It doesn't change anything, except who you write the check to when you pay it back.

It's probably the same lender, but possibly not.  Even if they're a different lender or servicer, you can put all your federal loans together in one consolidation loan - perkins and stafford and plus and in between, as long as YOU are the borrower.  If they are not federal loans, they're "private" loans, and you may not be able to consolidate  them if they are not serviced by the same company.  I'll check that tomorrow.  I'm checking the website now, but depending on who your new servicer is, you may not be able to do face-to-face.  Phone might be your only option, if the website blows.

kkchisholm

well thanks sweetpea!

playtntsbpg30

Thanks Sweetpea, and ricks...

I can't look for full time work, but I am currently looking for part time.
I will do that, call them and try to get them off my case, they are ricduclous, calling all the time.

 I have the number blocked until they start using another number. 19 times since the 22nd of May, minus Sunday.  It's just crazy!

sweetpea0911

K - just checked the website, and if you can navigate through FASFA without your brain exploding, you should be able to use the website.  It's redic easy.  But they forgot part of the address at work; it's really http://www.loanconsolidation.ed.gov  and for real, I can navigate it after work when my brain is goo, so you should be set.  Other than that, depending on your servicer, it will probably be phone.  I'll check on the private stuff tomorrow =]

Play - they're calling because they want to help, believe it or not.  Unblock them and answer...you'll get a real person who can help you apply for that defer or interest only payments and I promise, they'll be more helpful if you don't avoid.  They won't stop calling, and they'll start calling employers, family, and friends til they find you.

playtntsbpg30

sweetpea, I understand that. I did talk to them a month ago, and before that in Feb. When I knew I was out of savings and was unable to pay I applied for the deferment or financial hardship   back in December knowing I was going to soon be unable to make the payments. So it wasn't out of the blue. And then I spoke to someone in Feb. They always deny any help. I talked to them in April again before I moved.  Then they just started calling non-stop I spoke to them once out of the 19 I mentioned.  They just don't understand I do not have a penny to my name. hell I have 95 cents in my checking account if they really want to attack that be my guest.

I will call tomorrow and hopefully get somewhere with this.

jasmineh7777

I don't have any student loan questions, but I've got a different one.
How is your FI doing? You said he had to go to the ER the other day. Did he get all his lung stuff sorted out?

sweetpea0911

oh, Jas, thanks for asking.  Yes and no  We thought the OTHER lung was having problems, but it turns out he picked up a nasty virus from somewhere.  He was in the hospital for two days with tests and then they had him in today most of the day for dehydration, but they gave him some meds and sent him home.  I'm leaving tomorrow after work to go out and take care of him for my extended weekend...glad to see him, wish it was under better circumstances!  

But really, thanks for asking, I appreciate it =]

TurtlesAllTheWayDown

All of my student loans are Stafford loans. Some are subsidize and some are unsubsidized. They are all through private banks. I can consolidate subbed and unsubbed into one consolidated loan, right?

sweetpea0911

Yup, and you can do it with one single servicer, even if they were all generated from different lenders.  Your APR will be a cocktail of what they were originally (so if two were 13%, two were 2.5% and one was 8%, it will be an average, basically, of all of them), unless they were all the same (6.8% for example) - then it will stay the same, just in one big ole loan.

jasmineh7777

Well it's good that the other lung isn't having problems, but not good that he has a virus.  You must be getting pretty accustomed the hospitals by now, eh? Do they at least have good cafeteria food? I was always a fan of hospital hamburgers and mashed potatoes.

sweetpea0911

Oh, hospital food and I are BFFs!  The hospital he was in last summer had delicious food and some of the best coffee I've ever had, so we'll see how this one matches up (different city, different hospital).  Hopefully he'll stay home now, though, so I won't have to find out just yet.

jasmineh7777

Real food is definitely better. I hope he gets/stays well!