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Refinancing and Loan Forgiveness

Total Posts: 1

Joined 2017-01-25

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Hi Heather,

I took your online webinar a while back and it was so helpful! I am writing because I transferred my loans to Federal Loan Servicing about 2.5 years ago so they could start keeping track of my qualified payments. Unfortunately, it has not been a good experience as my paperwork keeps getting entered improperly and I am now on my third submission. Is there anyone I can report this too? I have also been given incorrect information so many times that I have now started keeping a book every time I have to call them. Most importantly, when I consolidated my loans a while back the interest rate was high, 6.5% and I have been receiving offers from lots of companies to refinance. My balance is high around $84,000. However, I was not sure if I could still qualify for the Federal Loan Forgiveness program if I move my loans to another company. I don’t want to even ask Federal Loan Servicing as I have been given incorrect information so many times. My question is whether I should refinance with one of these student debt loan, and if so would this jeopardize my ability to later apply to the Federal Loan Forgiveness Program if I leave the Federal Loan Servicing company? Thanks for your help in advance!
Best,
Lynn

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Total Posts: 154

Joined 2015-01-08

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Fedloan Servicing is the only company authorized to handle the Public Service Loan Forgiveness, unfortunately. You can’t really choose which federal loan servicer will handle your loans, except for when you do a Direct Consolidation you can request it. Moving it to a private company would not be a good move. When you say third submission, what exactly are your submitting?

Total Posts: 1

Joined 2017-02-08

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My question is in regards to the loan forgiveness program offered to teachers who have worked in low income (title 1) school for five years.  I meet that qualification, however have been denied because my loan was taken in Sept. 1998. However, after contacting my university’s financial aid office, I was able to obtain the date of the original disbursement, which was 10/13/1998, several days after the 10/01/1998 cut off date.  My question is, does the 10/01/1998 date apply to date of disbursement or to date of loan?  I had no prior balance or loan.

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Total Posts: 154

Joined 2015-01-08

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I’m not sure, I’d get an Ombudsman to look into your case for you. It’s free and you have nothing to lose.