Student loan payments: get advice and actual numbers here Forum

[Nebby]

Is there any way to check the status of my REPAYE application I filed back in April? Do I have to just call them?

Well you filed your application about 5 months too early. You're going to need to re-apply. Applications only remain valid for like 2 months, so anything filed before 2 months of your deferment end doesn't stay active. Since you applied in April, you'll have to apply again.

[Mr. Peanutbutter]

Is there any way to check the status of my REPAYE application I filed back in April? Do I have to just call them?

Well you filed your application about 5 months too early. You're going to need to re-apply. Applications only remain valid for like 2 months, so anything filed before 2 months of your deferment end doesn't stay active. Since you applied in April, you'll have to apply again.

What?

[ballouttacontrol]

Is there any way to check the status of my REPAYE application I filed back in April? Do I have to just call them?

Well you filed your application about 5 months too early. You're going to need to re-apply. Applications only remain valid for like 2 months, so anything filed before 2 months of your deferment end doesn't stay active. Since you applied in April, you'll have to apply again.

Damn... a few people in this thread that were also graduating 3Ls said they were filing so I figured I would too, since I was reading about peoples' apps being in limbo for so freaking long

I also didn't see any notice of this anywhere when I filling out the application. Where does it say this requirement?

[Nebby]

Is there any way to check the status of my REPAYE application I filed back in April? Do I have to just call them?

Well you filed your application about 5 months too early. You're going to need to re-apply. Applications only remain valid for like 2 months, so anything filed before 2 months of your deferment end doesn't stay active. Since you applied in April, you'll have to apply again.

What?

I called my servicer in the summer about when I should submit my PAYE application, and they said it has to be within 2 months of deferment ending, which means the earliest it can be submitted was October.

Ballouttacontrol asked about REPAYE, indicated that they started working a month ago, and that their deferment ends soon. I surmised from that information that they are likely also a c/o '16 person, and that they therefore submitted their application too early, which is why they haven't heard anything.

[Nebby]

Is there any way to check the status of my REPAYE application I filed back in April? Do I have to just call them?

Well you filed your application about 5 months too early. You're going to need to re-apply. Applications only remain valid for like 2 months, so anything filed before 2 months of your deferment end doesn't stay active. Since you applied in April, you'll have to apply again.

Damn... a few people in this thread that were also graduating 3Ls said they were filing so I figured I would too, since I was reading about peoples' apps being in limbo for so freaking long

I also didn't see any notice of this anywhere when I filling out the application. Where does it say this requirement?

I called my servicer and they told me about that requirement.

[Mr. Peanutbutter]

Is there any way to check the status of my REPAYE application I filed back in April? Do I have to just call them?

Well you filed your application about 5 months too early. You're going to need to re-apply. Applications only remain valid for like 2 months, so anything filed before 2 months of your deferment end doesn't stay active. Since you applied in April, you'll have to apply again.

What?

I called my servicer in the summer about when I should submit my PAYE application, and they said it has to be within 2 months of deferment ending, which means the earliest it can be submitted was October.

Ballouttacontrol asked about REPAYE, indicated that they started working a month ago, and that their deferment ends soon. I surmised from that information that they are likely also a c/o '16 person, and that they therefore submitted their application too early, which is why they haven't heard anything.

Fed loans sent us a letter in January saying to apply in the spring. I did and was approved, but only for a few of the loans. Could be part of the mystery. I reapplied for the rest of them earlier this month. This is so unnecessarily confusing

[Nebby]

Is there any way to check the status of my REPAYE application I filed back in April? Do I have to just call them?

Well you filed your application about 5 months too early. You're going to need to re-apply. Applications only remain valid for like 2 months, so anything filed before 2 months of your deferment end doesn't stay active. Since you applied in April, you'll have to apply again.

What?

I called my servicer in the summer about when I should submit my PAYE application, and they said it has to be within 2 months of deferment ending, which means the earliest it can be submitted was October.

Ballouttacontrol asked about REPAYE, indicated that they started working a month ago, and that their deferment ends soon. I surmised from that information that they are likely also a c/o '16 person, and that they therefore submitted their application too early, which is why they haven't heard anything.

Fed loans sent us a letter in January saying to apply in the spring. I did and was approved, but only for a few of the loans. Could be part of the mystery. I reapplied for the rest of them earlier this month. This is so unnecessarily confusing

It is definitely possible that there is a difference between PAYE eligible loans and REPAYE eligible loans. My servicer is Great Lakes, and all of my loans are PAYE eligible.

Regardless I think Ballouttacontrol needs to call their servicer.

I agree it is unnecessarily confusing.

[spyke123]

For folks who refinanced with FRB, how does "10% liquidity" req work? Do I just have to show a bank statement with sufficient cash balance when I apply? Or do I have to maintain such cash balance with FRB until repayment? The latter seems a bit onerous.

[LaLiLuLeLo]

I'm heavily considering the First Republic 1.95% 5 yr refi. Loan balance is roughly $130k and I'd like to think I can pay it off in 4 years and get the prepayment rebate as well. I don't really have any expenses outside of normal living and $1500 rent.

[LaLiLuLeLo]

For folks who refinanced with FRB, how does "10% liquidity" req work? Do I just have to show a bank statement with sufficient cash balance when I apply? Or do I have to maintain such cash balance with FRB until repayment? The latter seems a bit onerous.

Is it a hard 10%? I was told $17k for a $130k balance. Anyway, while strict, my understanding is it's just for the application. The only financial requirement after refi would be $3500 in the bank to avoid the fee.

[Beachbum89]

For folks who refinanced with FRB, how does "10% liquidity" req work? Do I just have to show a bank statement with sufficient cash balance when I apply? Or do I have to maintain such cash balance with FRB until repayment? The latter seems a bit onerous.

I refinanced with them a few months ago and all you have to do is show a bank statement showing you have enough liquidity. Once you're approved there are no balance requirements other than maintaining enough to avoid checking account fees. If you don't have a referral yet for First Republic, let me know and we can both get $200 once you're approved.

[swampthang]

For folks who refinanced with FRB, how does "10% liquidity" req work? Do I just have to show a bank statement with sufficient cash balance when I apply? Or do I have to maintain such cash balance with FRB until repayment? The latter seems a bit onerous.

Is it a hard 10%? I was told $17k for a $130k balance. Anyway, while strict, my understanding is it's just for the application. The only financial requirement after refi would be $3500 in the bank to avoid the fee.

No idea, a hard liquidity requirement wasn't mentioned when I applied. I just gave them statements of all my financial accounts: checking, savings, retirement. I figured the more money I could show them, the better. You definitely don't need to maintain anything going forward- how would they check that? HMU if you need that sweet referral $$$.

[bk1]

No idea, a hard liquidity requirement wasn't mentioned when I applied. I just gave them statements of all my financial accounts: checking, savings, retirement. I figured the more money I could show them, the better. You definitely don't need to maintain anything going forward- how would they check that? HMU if you need that sweet referral $$$.

IIRC, they require you to have a bank account with direct deposit and that account requires a certain average balance to avoid fees. So of course they could require a certain amount in that account if they wanted to.

I don't think any of the requirements are hard (could be wrong). There are a bunch of factors and being higher on certain factors can make up for being lower on others.

[swampthang]

IIRC, they require you to have a bank account with direct deposit and that account requires a certain average balance to avoid fees. So of course they could require a certain amount in that account if they wanted to.

Yes, an average monthly balance of $3,500 in the FRB checking account.

I don't think any of the requirements are hard (could be wrong). There are a bunch of factors and being higher on certain factors can make up for being lower on others.

The banker I spoke to said any of the requirements (credit score, years work experience, liquidity apparently) were flexible. I think of it like the NCAA's sliding scale, but I can follow up to confirm.

[LaLiLuLeLo]

FWIW my impression was that there were no hard reqs but rather ways of increasing the likelihood of approval. With the high income of BL you're pretty likely to get approved. My guy basically told me that with my debt to income ratio I'm almost a lock, but wanted to see a 750+ FICO and 17k cash to be nearly 100% sure I'd get approved.

[Anonymous User]

Have either of you had a 10k +/- increase in salary and if so, could you tell me how much that affected your monthly loan payment? Mostly looking for someone in PAYE or IBR.

Many thanks.

P.S. I did try the calculators online but they don't give me the right information.

[Johann]

Have either of you had a 10k +/- increase in salary and if so, could you tell me how much that affected your monthly loan payment? Mostly looking for someone in PAYE or IBR.

Many thanks.

P.S. I did try the calculators online but they don't give me the right information.

what did you change from? if 170000 to 180000 its basically a $1,000 per year increase (10% of 10k) but if lower salary it might not quite be 1000/ yearmore. Usually about 1000 more though.

[Pokemon]

I have a pretty high percentage of my income going to my 401k and by now it has probably hit or is close to the 18k limit. So I need to do anything or does employer automatically adjust and no longer contributes to the 401k?

[bk1]

I have a pretty high percentage of my income going to my 401k and by now it has probably hit or is close to the 18k limit. So I need to do anything or does employer automatically adjust and no longer contributes to the 401k?

I'm not sure if this is universal, but the plans I've seen require you to adjust.

[Johann]

I have a pretty high percentage of my income going to my 401k and by now it has probably hit or is close to the 18k limit. So I need to do anything or does employer automatically adjust and no longer contributes to the 401k?

I'm not sure if this is universal, but the plans I've seen require you to adjust.

my biglaw plan stops contributing automatically when maxed.

[Pokemon]

Ok, time to make a few phone calls on Monday

[Anastasia Dee Dualla]

Ok, time to make a few phone calls on Monday

Most biglaw firms stop the contributions automatically (unless you lateraled in which case they would have no way of knowing) when you hit the cap as it otherwise costs the plan money to return the funds to you if you overcontribute.

You can probably just check your SPD or your internal wiki for guidance.

[Anonymous User]

Dumb question warning. Current student and my credit score just dropped ~15-20 points and the only change was that all my loans increased due to interest. Is this going to be a continuing thing once I'm on a repayment plan? Is the only way around it to consolidate? Can you consolidate and stay on PAYE/REPAYE?

[Johann]

Dumb question warning. Current student and my credit score just dropped ~15-20 points and the only change was that all my loans increased due to interest. Is this going to be a continuing thing once I'm on a repayment plan? Is the only way around it to consolidate? Can you consolidate and stay on PAYE/REPAYE?

my interest goes up every month and my credit does not go down. are you sure its from the student loans rather than a credit pull or some other activity?

yes you can also consolidate and remain on PAYE/REPAYE

[Nebby]

Dumb question warning. Current student and my credit score just dropped ~15-20 points and the only change was that all my loans increased due to interest. Is this going to be a continuing thing once I'm on a repayment plan? Is the only way around it to consolidate? Can you consolidate and stay on PAYE/REPAYE?

my interest goes up every month and my credit does not go down. are you sure its from the student loans rather than a credit pull or some other activity?

yes you can also consolidate and remain on PAYE/REPAYE

Yes you can consolidate federal loans under the federal loan consolidation program, but it'll leave you with a blended rate equal to what your pre-consolidated loan's blended rate was so there's no savings gained from consolidation.

Basically, I haven't found a benefit for federal consolidation other than the tiniest bit of convenience (which is only a convenience in a limited number of circumstances). I think it's not worth it, since without consolidation you could choose to pay down higher interest loans more quickly, or be more flexible in which you pay down, etc.