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I think the biggest reason is that there is no refund involved. The refund part is probably the major time suck here for the SvC especially when you have a bunch of consolidations remaining.
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9mo
Hoping the best for them. Sure would be nice. im almost 2 weeks since my letter from nelnet showing my loans cleared and am currently waiting on my refund and nothing yet. I see lots of folks say about ~10 days is common but I guess I also got the slow lane for seeing it come through.
I got my Nelnet loans set from 88K to 0 today! I am so happy. I can't wait for the refund, but not having the DEBT hanging over my head is great!
I just got my balance set to Zero today! I am free!
I qualify for the IDR adjustment, but I wonder if they will apply the SVC settlement before that one? I have non scam loans mixed in with the settlement loans, I tried asking FSA and they just sent a canned email that didn't answer a single question lol.
How do you know if you qualify 🤔
I got an email saying that my loans qualified under the new rules because they are so old, 20+ years. It said they would notify the loan servicer after the 13th. I have no idea how it will all work out
Is this just out of curiosity or do you have a more specific concern?
I'm not sure if they will know to apply the settlement first to the main scam loans so I might get a refund, or if they might apply IDR first and wipe them out and it will be out of the system for the Settlement. The non scam loans mixed in and the two different forgiveness option has dumpster fire written all over it. Over all I'm very grateful that something will happen with them at some point
It does have dumpster fire written all over it, that’s for sure lol.
Sweet has stated before that the attorneys have told her that for anyone who has dueling discharges, settlement relief should ultimately take precedence.
Eeeeexactly. Proof that they can do what they want when they want. They’re purposely dragging their feet and no one can change my mind about it!
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9mo
Has anyone with consolidated loans seen their balance go to zero? I am stressing and don’t want to call nelnet and waste my time talking to someone who is confused
Full class, Mohela consolidated to direct in 2010. Two or three weeks ago, my balance dropped from 122k to 35k. This morning $0 but I suspect it’s from the IDR adjustment since I did get the ‘golden email’. Most likely means my refund was also wiped away but who knows.
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9mo
Thanks, that’s encouraging to know.
I'm post class and got my mohela zeroed out today. Wasn't sure because the "golden email" sounded too good to be true. I just had a couple of questions though. Are there any tax implications? I heard that what was forgiven will be counted as taxable income. And what does this mean for my post class qualification? Will I still qualify for a refund if my borrowers defense somehow gets approved?
Tax implications are covered in the Sweet update pinned post.
Mine did, today!
That’s encouraging! Congratulations!
Some people have. I think they are a minority tho. Most with consolidated loans are still waiting but I’ve seen some posts from some people
Nope and I’m full class. I had $48k discharged a couple months ago and that’s it. There is at least another $89k that needs to be discharged.
Did you get any refund from that $48k discharged?
I have consolidated ITT loans. I hadn't heard anything so I applied for BD in Feb this year (so I'm not in Sweet class). Logged into Aidvantage today and there is NOTHING. It literally says "No Loans." I can't access payment history or anything! Is this IDR adjustment? My BD case still shows as Pending. ETA: my loans are oooooooold.
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9mo
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9mo
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9mo
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9mo
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9mo
I have EdFinancial and I called BD yesterday asking why my loans are on 8/31/2023 if I am supposed to be in forbearance waiting on SvC discharge? She read sone canned answer off a script that everything is done through my loan servicer and I need to contact them. Oh and if I need other information about my loans to go studentaid.gov for that. Yeah I got NOWHERE! I’m over the canned answers
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9mo
I agree!
Says who?
The IDR discharges are way easier to process. They don’t have to confirm which school a person attended, they don’t have to separate qualifying school loans versus non qualifying school loans, they don’t need to confirm that their BD is actually a legit claim, etc etc.
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9mo
All that letter does is restate what people wrote on an application and notify them of their rights under the settlement.
A federal agency isn’t going to just wipe out $6 Billion+ without doing some due diligence (we aren’t PPP loans or big banks, we’re just student debtors).
And to be very clear, the settlement does not confirm anything about fraud.
The IDR adjustment is not handled by the BD Unit. Last I heard, there’s only about 30 people in the BD unit handling ALL BD related discharges. Those in the Sweet class/post class aren’t even half the number of people in line for a BD related discharge.
I absolutely understand that this is all super frustrating, but spreading untruths or bad info doesn’t help and tends to get people upset.
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9mo
No doubt, I have maybe IDR and Sweet and have no movement at all lol
I am post class, and had mine forgive thru IDR. I doubt I get a refund- due to statute of limitations. I have been trying to find what that time frame is to no avail. Does anyone here know what that is?
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