Quote:
Originally Posted by Suburban_Guy
And the lunacy continues.
Pay back the loan like a responsible adult, no excuses!
|
Quote:
Originally Posted by Toyman at Jewel Lake
And exactly why are that person's bad choices the responsibility of others? Particularly the taxpayers? YOU borrowed the money-it's your responsibility to pay it back.
When did it become normal for "adults" to expect and demand other pay their bills? And for them to cry on media about it? Grow up child.
|
What do you the both of you and the idiot Jorge Villaba and his moron mother have in common?
A total lack of understanding.
Let's start small, so that we might come to understand and also recognize Media bias and false reporting.
A former student at the now-defunct ITT Technical Institute and his mother are suing student loan giant Navient (NAVI) over the company’s refusal to cancel his private student loans despite the U.S. government erasing thousands of federal student loans related to the notorious for-profit school.
Navient
does not issue student loans. Navient merely services the student loans that are issued by other financial institutions.
Formerly part of Sallie Mae, Inc., Navient is the largest student loan servicer in the United States. It services the loans of more than 12 million borrowers, including more than 6 million accounts under its contract with the Department of Education.
Navient
has no authority to cancel, forgive or discharge a federal student loan.
The entity that does have the authority to cancel, forgive or discharge a federal student loan is NELNET under contract with the Department of Education.
What the idiot Jorge and his moron mother are doing effectively is getting bent out of shape demanding that Toyota repair the leaky faucet in the kitchen of Jorge's apartment.
Why would or should Toyota have to repair a leaky faucet his apartment? Toyota doesn't own the building and is not his landlord.
Now do you see how stupid Jorge is?
If Jorge wants his student loan cancelled -- and he can surely get it cancelled -- he just has to go to the NELNET website, download the application, complete it, and mail it in and it will be cancelled.
I guess it's a good thing the biased and prejudiced Liberal reported did a good job investigating the story and reporting concise accurate information.
Quote:
Originally Posted by NJ Brazen_3133
Students loans are one of those that cant be cancelled out through bankruptcy right?
|
To get you up to speed:
Cancelled = Annulled. Effectively, the debt never existed.
Forgiven = The debt existed. It need not be repaid, but all or part of the amount of the debt may be imputed income which must be declared on your federal, State and local taxes and taxed. You'll receive a 1099-M from the Department of Education.
Discharged = the same as forgiven only the effective date is the date of discharge, whereas the effective date for a student loan that is forgiven is conditional and 3 years from date of approval.
The Department of Education will cancel student loan debt for any educational institution that was not accredited, lost accreditation, was fraudulent accredited or engaged in other fraudulent activity. ITT Technical Institute was one such institution.
You need only go to NELNET and fill out the application.
If you are or become disabled, your student loan debt may be forgiven under certain circumstances and forgiveness is conditional.
If your disability has lasted 5 or more years and will last for an additional 5 or more years you will go into a 3-year monitoring period during which time your income cannot exceed the poverty level for 2 people
in your State.
Ignorant people are not aware that the federal poverty level is the weighted average of the poverty levels of the 48 contiguous States (Alaska and Hawai'i are excluded as statistical outliers).
The poverty levels of the 48 States range from $6,800 for
1 person to $29,300 for
1 person depending on your State of residence.
Again, the federal poverty level is the weighted average of the 48 States.
In Ohio, the poverty level for
2 people is $16,850/year. It is higher or lower if you live in another State. You may avail yourself of info at the US Census Bureau to find the poverty level for you State or you may contact your State directly or the county welfare department.
If you are an Ohio resident seeking student loan forgiveness based on disability, your income cannot exceed $16,850 no matter if you are single or married or married with 9 children. If it does, the student loans are reinstated.
Additionally, if you are receiving Social Security Disability benefits, you must be classified as Tier I or Tier II.
If you are Tier III, your condition may improve and your medical records are reviewed every 3 years and you are not eligible for forgiveness.
If you are Tier IV, your condition is likely to improve and your medical records are reviewed every 18 months are you are not eligible for forgiveness.
If your income exceeds your
State poverty level for 2 people, the only option is discharge through bankruptcy.
You can discharge through bankruptcy if you are classified by Social Security as Tier I or Tier II.
If you are Tier III, it is sometimes possible depending on where you live in the US and if your disability has lasted more than 5 years and you can get 2 doctors to say your disability will continue for more than 5 years. Note: Under no circumstances should you engage in "doctor shopping" because the bankruptcy court will see right through that and deny you.
"Where you live" means you live in the 1st, 2nd or 6th Circuits (basically the Northeast and Michigan, Ohio, Kentucky and Tennessee) because they all use the same test. Sometimes you can if you live in the 9th Circuit.
If you're Tier IV you can forget about it.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
