Same here, I was in forbearance for two years, still getting charged a late fee every month which I dont understand on private loan (FFEL) & I LIVE IN OHIO , ITT TECH WAS THE SCHOOL, LOAN Started 2002-present
Same and I think I'm disqualified too. I was only told by both Sallie Mae and Navient (I have private loans held by both) that I could only defer payment a month at a time, and I was told that there was a limited number of times i would be aloud to do that. and because they told me I wasn't aloud to take my Grandmother (who is 76 and retired ) off as the cosigner, and i don't want her living on the street, i did everything to pay. I took 3 years to learn I could ask for a payment plan. However, i think this means i may have a suit of my own now that the precedent for predatory lending has been set? I didn't have any credit when I took out those loans and my grandmother had no collateral as the cosigner. They don't even have an income listed for her not even listed as retired. Thoughts?
Same here. I was behind but not in charge off status last year .( I am now though) I literally meet all of the criteria of that and it's been hell for the past decade. Because I did everything I could to give those monsters something, as a result I pay even more now and do not get forgiveness because my loans were not in a charge off status last year. This enrages me.
It remains to be seen. However, based on how charge-off typically works and the way the settlement agreement defines it, the borrower must miss 8 payments consecutively. If a borrower just runs 90 days late but keeps paying to keep it 60-90 days late, they would not qualify under this agreement. The borrower has to be 212 days or more delinquent.
AidVantage is taking over the servicing of Navient's portfolio of Federal Student Loans. No federal student loans are being forgiven as part of this settlement.
Also my school was for profit and salimae left after one year. That was the only loan the school had so I had to quit after that because I didn't have tuition money
The list of schools/holding companies I put in the description. You can also Google the settlement document. Going to one of the listed schools is only one category. There are two other categories that are eligible for forgiveness.
You could have attended any post-secondary school so long as you fit into either category 1 or 3. However, I suspect the bulk of the borrowers who are eligible for this forgiveness attended one of the listed schools.
What about help for those that don’t currently have a job & have been applying like crazy & still struggling to keep their salliemae/navient private loans current? How can they get relief!?
Do I get help if I take a loan out with Sallie Mae that my Loan was transferred to Navient. I was making payment on it and then the school closed down last year for fraud. In 2018 I took out borrowed defense because it's was being investigated for fraud and no one hired me with the cerficate. The school told me it was accredited but it was not
It sounds like you have federal student loans. Borrower defense is a program for cancelling federal student loans. This settlement is addressing only private student loans.
How can I find out what my credit score was at the time I took out the loan(s)? If you don’t have or lost the original loan agreements you signed, how can you obtain copies of them?
That is a very good question regarding the credit score and I don't know the answer. I would like to "assume" that everyone negotiating this settlement agreement has some basis for knowing that that information is available. However, I don't know the ins and outs of where or how that information is available. Sorry. As for the loan docs, it has been my experience that the servicer (i.e. Navient) do have them (they always seem to be able to produce them when we are in court). You can try calling Navient and requesting them, but that is a 50/50 proposition. They won't have the true originals, but they will have digital copies.
@@bankruptcybailout Thank you for answering my questions and for explaining everything in the videos. Can you recommend a colleague that I can contact in California?
Also, I think it is worth noting that the settlement makes Navient do the legwork to identify the qualified borrowers. There isn't anything a borrower has to do to proactively apply for this cancellation. Now, I get that we might not exactly trust Navient, but on paper, it sounds like most the eligible accounts have mostly been identified.
What if my student loans are not with the Department of Education, but I'm with Nelnet, .Nelnet said my loans are comercial loans, do that means I have private loans. I was with ATI College of Health 2006-2008 Miami Florida and I think i was default for several months before 2021 after that always in forbearance..Do I qualify? Also my credit score was below 670.
For the particular settlement discussed in this video, the primary relief is for those with private student loans that were originated (lent by) Sallie Mae, which later became Navient. If your loans were lent by NelNet, then this settlement doesn't apply. You would need to clarify what type of student loans you have. Also, the loans had to charge-off, which typically means 8 consecutive missed payments. If the loans were mostly in forbearance, that might not have happened.
Hello! Thank you for all this helpful information. I believe all the criterias apply to me but as of right now my loan is current. but in 2020 I did not pay my loan for a whole year, not because of a forbearance. I just stopped making payments. Do I qualify or will being current in present day disqualify me?
There is a bit of ambiguity in the settlement. The settlement says that the borrower must be in Charge-off status as of June 30, 2021. It is a tad unclear what happens to a borrower that "was" in charge-off status between June 30, 2014 and June 30, 2021 but somehow got caught up before June 30, 2021. However, my reading is that the loan must be in past-due (charge-off) status as of June 30, 2021. If you caught up the loan after June 30, 2021, you should be fine. The key is what was the status of the debt on June 30, 2021. If you were still past-due (charge off), you would qualify for cancellation; if your loans were deemed current as of that date, you would not qualify.
Navient will be contacting those that are having their loans canceled. In the interim, I suppose you could try calling Navient, however, since the settlement isn't finalized, it is unlikely that front-line customer service at Navient will be able to tell you anything beyond your basic account information.
I attended Le cordon Bleu culinary institute. Since then my school has been shut down. It is not one of your schools listed I. The description, but it was a for profit, trade school. My student loan is about 50k. Would it still possibly qualify?
Category 2 (the named schools) is specific to the listed schools. The settlement isn't addressing all issues with for-profit schools. There is also category 1 and 3. If your FICO score was below 670 when you took out the loans, you would still qualify, or if your loans were Sallie Mae Opportunity or Recourse loans. You still have to meet the other requirements. For better or worse, this settlement is not a blanket cancellation of student loans used for questionable for-profit schools.
So my sister loans been in default last year she filed borrowers defense and got some removed. Then she still has issues when she combined them finally last month would she qualify.
Exactly which loans from Sallie Mae are in the opportunity and recourse program? Is there a list somewhere? I have both tuition answer and Signature loans from Sallie Mae, do they fit into category 1?
What about loans that I had to take out a personal loan for because they said I didn't qualify for any more federal loan or a Grant?? Which I had bad credit and should have never gotten a government loan in the 1st place
That is a private loan. Private loans are being cancelled as part of this agreement. Federal loans are NOT being canceled. However, if this personal loan was not lent to you by Sallie Mae, then it isn't part of the deal.
If the loan is just some random personal loan from XYZ bank, then this settlement doesn't apply. You can probably discharge that loan in bankruptcy as it wouldn't be considered a student loan for bankruptcy purposes.
@@bankruptcybailout actually it's through first mark which is a private loan service through nelnet. I don't know if if covers this. My whe issue is that when I first applied for school I didn't think I could get a loan because I didn't have a job and my credit was crap! I checked the GRANT and LOAN option and to my surprise I got the loans. I wish I would have known what I know now. I never would have went to school. I have to file separately with my wife since I owe an extreme amount , which I will NEVER be able to pay off.
This settlement is only for Navient/Sallie Mae private student loans, A loan from First Mark (or anyone else that isn't Sallie Mae) is not covered, Sorry. However, if the loan was made directly to you, then it can still be discharged in bankruptcy in most districts now. If the loan went through the school's financial aid office, then it can't be discharged in bankruptcy. There is newer case law (last year in my district) holding that direct to borrower private student loans are not qualified education loans under the bankruptcy code and can therefore be discharged. I explain that more in this video. th-cam.com/video/IK-mlJ2r8h4/w-d-xo.html
I went to itt tech and have loans from navient..I was originally put in forbearance but then defaulted..the last two years I have been on income driven repayments but my payment is 0..will I qualify??
Income driven repayment is a feature of federal student loans. Federal student loans are not being cancelled. Only private student loans are being cancelled. Sorry.
@@bankruptcybailout that’s sucks..thanks for the reply though..I’m still counting on all of the cancellations itt students have been getting ..they just did a large amount and supposed to cancel another large amount soon
Yes, if the issue relates to federal student loans and actions by the Dept. of Education. However, I would have to review and research the current state regarding federal student loans and certain for profit schools.
thank you for this information, but stupid-ass Navient is playing dumb, I have 2 loans with them, both private, both taken out between 2003-2004 w/Sallie Mae, then transfer to Navient, both delinquent but only one has been forgiven in Ap. 2022. No one in that company can answer the question of the difference between the 2 loans. The only difference I can see is the title of the loan, the forgiven one is called "Signature Select" while the other one is called "Signature Student", this is so frustrating and confusing.
So everything else applies to me, but because I never defaulted I do not qualify. That’s awful! I have a worthless degree and still paying for it.
Don't shoot the messenger :)
Same here, I was in forbearance for two years, still getting charged a late fee every month which I dont understand on private loan (FFEL) & I LIVE IN OHIO , ITT TECH WAS THE SCHOOL, LOAN Started 2002-present
As a side note, FFEL loans are not private student loans. FFEL loans are not being forgiven as part of this settlement. Sorry.
Same and I think I'm disqualified too. I was only told by both Sallie Mae and Navient (I have private loans held by both) that I could only defer payment a month at a time, and I was told that there was a limited number of times i would be aloud to do that. and because they told me I wasn't aloud to take my Grandmother (who is 76 and retired ) off as the cosigner, and i don't want her living on the street, i did everything to pay. I took 3 years to learn I could ask for a payment plan. However, i think this means i may have a suit of my own now that the precedent for predatory lending has been set? I didn't have any credit when I took out those loans and my grandmother had no collateral as the cosigner. They don't even have an income listed for her not even listed as retired. Thoughts?
Same here. I was behind but not in charge off status last year .( I am now though) I literally meet all of the criteria of that and it's been hell for the past decade. Because I did everything I could to give those monsters something, as a result I pay even more now and do not get forgiveness because my loans were not in a charge off status last year. This enrages me.
Any chance you would have on the back burner to Head a CLASS ACTION suit against NAVIENT?
What if you had 8 payments in the seven year window delinquent IE 30-90 days lates for 8 consistent months? But didn’t go into charge off status.
It remains to be seen. However, based on how charge-off typically works and the way the settlement agreement defines it, the borrower must miss 8 payments consecutively. If a borrower just runs 90 days late but keeps paying to keep it 60-90 days late, they would not qualify under this agreement. The borrower has to be 212 days or more delinquent.
This was very helpful information
Glad it was helpful!
What if your loans were transferred to Aidadvantage? Will they still get canceled?
AidVantage is taking over the servicing of Navient's portfolio of Federal Student Loans. No federal student loans are being forgiven as part of this settlement.
Where is the list of schools? I went to Caribbean school back in 2004. I got signature private loan currently Navient and Salimae in the past
Mine is in charge off. I got tired of it and stopped the payments after they deceived me multiple times to forbearance and deferment
Also my school was for profit and salimae left after one year. That was the only loan the school had so I had to quit after that because I didn't have tuition money
The list of schools/holding companies I put in the description. You can also Google the settlement document. Going to one of the listed schools is only one category. There are two other categories that are eligible for forgiveness.
@Bankruptcy Bailout So does your school have to be listed by Navient or can it be any for-profit school?
You could have attended any post-secondary school so long as you fit into either category 1 or 3. However, I suspect the bulk of the borrowers who are eligible for this forgiveness attended one of the listed schools.
What if they went to charge off, but settled (by paying them) with the company they were sold to?
If you already settled the debt, then the debt is paid and done? There is nothing to cancel.
What about help for those that don’t currently have a job & have been applying like crazy & still struggling to keep their salliemae/navient private loans current? How can they get relief!?
Do I get help if I take a loan out with Sallie Mae that my Loan was transferred to Navient. I was making payment on it and then the school closed down last year for fraud. In 2018 I took out borrowed defense because it's was being investigated for fraud and no one hired me with the cerficate. The school told me it was accredited but it was not
It sounds like you have federal student loans. Borrower defense is a program for cancelling federal student loans. This settlement is addressing only private student loans.
How can I find out what my credit score was at the time I took out the loan(s)?
If you don’t have or lost the original loan agreements you signed, how can you obtain copies of them?
That is a very good question regarding the credit score and I don't know the answer. I would like to "assume" that everyone negotiating this settlement agreement has some basis for knowing that that information is available. However, I don't know the ins and outs of where or how that information is available. Sorry.
As for the loan docs, it has been my experience that the servicer (i.e. Navient) do have them (they always seem to be able to produce them when we are in court). You can try calling Navient and requesting them, but that is a 50/50 proposition. They won't have the true originals, but they will have digital copies.
@@bankruptcybailout Thank you for answering my questions and for explaining everything in the videos. Can you recommend a colleague that I can contact in California?
Also, I think it is worth noting that the settlement makes Navient do the legwork to identify the qualified borrowers. There isn't anything a borrower has to do to proactively apply for this cancellation. Now, I get that we might not exactly trust Navient, but on paper, it sounds like most the eligible accounts have mostly been identified.
I was delinquent around 2006 or 2007 for years, but now it is current because they put me on forbearance. Would I still qualify?
Thank you for your clarification does the document say anything about predatory Parent Plus Loans?
No. Parent Plus Loans are federal student loans. Federal student loans are not being cancelled as part of this settlement.
Thank You
What if my student loans are not with the Department of Education, but I'm with Nelnet, .Nelnet said my loans are comercial loans, do that means I have private loans. I was with ATI College of Health 2006-2008 Miami Florida and I think i was default for several months before 2021 after that always in forbearance..Do I qualify? Also my credit score was below 670.
For the particular settlement discussed in this video, the primary relief is for those with private student loans that were originated (lent by) Sallie Mae, which later became Navient. If your loans were lent by NelNet, then this settlement doesn't apply. You would need to clarify what type of student loans you have. Also, the loans had to charge-off, which typically means 8 consecutive missed payments. If the loans were mostly in forbearance, that might not have happened.
Hello! Thank you for all this helpful information. I believe all the criterias apply to me but as of right now my loan is current. but in 2020 I did not pay my loan for a whole year, not because of a forbearance. I just stopped making payments. Do I qualify or will being current in present day disqualify me?
There is a bit of ambiguity in the settlement. The settlement says that the borrower must be in Charge-off status as of June 30, 2021. It is a tad unclear what happens to a borrower that "was" in charge-off status between June 30, 2014 and June 30, 2021 but somehow got caught up before June 30, 2021. However, my reading is that the loan must be in past-due (charge-off) status as of June 30, 2021. If you caught up the loan after June 30, 2021, you should be fine. The key is what was the status of the debt on June 30, 2021. If you were still past-due (charge off), you would qualify for cancellation; if your loans were deemed current as of that date, you would not qualify.
I have a private student loan how do I get the information sent to me
Navient will be contacting those that are having their loans canceled. In the interim, I suppose you could try calling Navient, however, since the settlement isn't finalized, it is unlikely that front-line customer service at Navient will be able to tell you anything beyond your basic account information.
I attended Le cordon Bleu culinary institute. Since then my school has been shut down. It is not one of your schools listed I. The description, but it was a for profit, trade school. My student loan is about 50k. Would it still possibly qualify?
Category 2 (the named schools) is specific to the listed schools. The settlement isn't addressing all issues with for-profit schools. There is also category 1 and 3. If your FICO score was below 670 when you took out the loans, you would still qualify, or if your loans were Sallie Mae Opportunity or Recourse loans. You still have to meet the other requirements. For better or worse, this settlement is not a blanket cancellation of student loans used for questionable for-profit schools.
Thanks
So my sister loans been in default last year she filed borrowers defense and got some removed. Then she still has issues when she combined them finally last month would she qualify.
That description is too vague to say one way or the other. She can reach out to a lawyer in her state to evaluate her situation.
Exactly which loans from Sallie Mae are in the opportunity and recourse program? Is there a list somewhere? I have both tuition answer and Signature loans from Sallie Mae, do they fit into category 1?
You should try addressing that question to your state's attorney general. I don't have specific information on what those programs were. Sorry.
@@bankruptcybailout that’s ok no worries, thanks for letting as much as you know!
Does FFELP count? What about "Direct"?
Both of those are Federal Student Loans, so they are not subject to cancellation. Sorry.
What about loans that I had to take out a personal loan for because they said I didn't qualify for any more federal loan or a Grant?? Which I had bad credit and should have never gotten a government loan in the 1st place
That is a private loan. Private loans are being cancelled as part of this agreement. Federal loans are NOT being canceled. However, if this personal loan was not lent to you by Sallie Mae, then it isn't part of the deal.
@@bankruptcybailout no I had to get a personal loan .
If the loan is just some random personal loan from XYZ bank, then this settlement doesn't apply. You can probably discharge that loan in bankruptcy as it wouldn't be considered a student loan for bankruptcy purposes.
@@bankruptcybailout actually it's through first mark which is a private loan service through nelnet. I don't know if if covers this. My whe issue is that when I first applied for school I didn't think I could get a loan because I didn't have a job and my credit was crap! I checked the GRANT and LOAN option and to my surprise I got the loans. I wish I would have known what I know now. I never would have went to school. I have to file separately with my wife since I owe an extreme amount , which I will NEVER be able to pay off.
This settlement is only for Navient/Sallie Mae private student loans, A loan from First Mark (or anyone else that isn't Sallie Mae) is not covered, Sorry. However, if the loan was made directly to you, then it can still be discharged in bankruptcy in most districts now. If the loan went through the school's financial aid office, then it can't be discharged in bankruptcy. There is newer case law (last year in my district) holding that direct to borrower private student loans are not qualified education loans under the bankruptcy code and can therefore be discharged. I explain that more in this video. th-cam.com/video/IK-mlJ2r8h4/w-d-xo.html
Any idea when the judge will sign and FINALIZE? I appreciate your clear and thorough information!!
When it comes to court, the only answer we can give is the court will get to it when they get to it. I don't know the answer. Sorry.
Thank you i'll keep checking these info
I got a letter.. they want to lower my interest rate down to 2.44% fixed..
I went to itt tech and have loans from navient..I was originally put in forbearance but then defaulted..the last two years I have been on income driven repayments but my payment is 0..will I qualify??
Income driven repayment is a feature of federal student loans. Federal student loans are not being cancelled. Only private student loans are being cancelled. Sorry.
@@bankruptcybailout that’s sucks..thanks for the reply though..I’m still counting on all of the cancellations itt students have been getting ..they just did a large amount and supposed to cancel another large amount soon
Right, there are other issues with ITT that might lead to cancellation of some Federal Student Loans. Hopefully that comes about.
@@bankruptcybailout are you able to take on clients from Ohio to navigate the process and get potential cancellation??
Yes, if the issue relates to federal student loans and actions by the Dept. of Education. However, I would have to review and research the current state regarding federal student loans and certain for profit schools.
Great lakes??
Nope. Great Lakes Higher Edu. Corp is not part of this settlement. Sorry.
DANG! I thought great lakes was part of it because my loans went from nelnet to navient to great lakes
The American College For The Applied Arts
You would need to find out the entity that operates that school.
thank you for this information, but stupid-ass Navient is playing dumb, I have 2 loans with them, both private, both taken out between 2003-2004 w/Sallie Mae, then transfer to Navient, both delinquent but only one has been forgiven in Ap. 2022. No one in that company can answer the question of the difference between the 2 loans. The only difference I can see is the title of the loan, the forgiven one is called "Signature Select" while the other one is called "Signature Student", this is so frustrating and confusing.
That's tough. If they were taken out around the same time and for the same school, both loans should be forgiven (assuming both are private).
Kaplan college?
Yes, Kaplan is Graham Holdings. That school is included.