LRAP/IBR/PSLF. How does it work? Let's find out!

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Nebby
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sun Oct 21, 2018 12:21 pm

Rink wrote:
Sun Oct 21, 2018 11:31 am
Nebby wrote:
Sun Oct 21, 2018 12:24 am
Rink wrote:
Thu Oct 18, 2018 9:15 am
What electronic submission method?
Submitting it through FedLoan's website
I haven't noticed an electronic submission method. But them receiving the employment certification hasn't been my problem, it's that they're only counting each of my payments as "qualifying" on one of 8 loans. (And all of my loans are definitely eligible).
Can you requested an audit? I think that's something they do if you believe the qualifying payment count is wrong. You should definitely be getting QPs regardless of whether it's larger than the minimum. I do the same as you and all mine have counted.

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Rink
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Rink » Sun Oct 21, 2018 5:32 pm

Nebby wrote:
Sun Oct 21, 2018 12:21 pm
Rink wrote:
Sun Oct 21, 2018 11:31 am
Nebby wrote:
Sun Oct 21, 2018 12:24 am
Rink wrote:
Thu Oct 18, 2018 9:15 am
What electronic submission method?
Submitting it through FedLoan's website
I haven't noticed an electronic submission method. But them receiving the employment certification hasn't been my problem, it's that they're only counting each of my payments as "qualifying" on one of 8 loans. (And all of my loans are definitely eligible).
Can you requested an audit? I think that's something they do if you believe the qualifying payment count is wrong. You should definitely be getting QPs regardless of whether it's larger than the minimum. I do the same as you and all mine have counted.
I did request a review, about 6 months ago. I called at 90 days to check in as instructed and was told that due to the volume of requests, it was taking much longer than expected.

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Nebby
Posts: 4815
Joined: Thu Jan 25, 2018 3:24 pm

Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sun Oct 21, 2018 5:37 pm

Rink wrote:
Sun Oct 21, 2018 5:32 pm
Nebby wrote:
Sun Oct 21, 2018 12:21 pm
Rink wrote:
Sun Oct 21, 2018 11:31 am
Nebby wrote:
Sun Oct 21, 2018 12:24 am
Rink wrote:
Thu Oct 18, 2018 9:15 am
What electronic submission method?
Submitting it through FedLoan's website
I haven't noticed an electronic submission method. But them receiving the employment certification hasn't been my problem, it's that they're only counting each of my payments as "qualifying" on one of 8 loans. (And all of my loans are definitely eligible).
Can you requested an audit? I think that's something they do if you believe the qualifying payment count is wrong. You should definitely be getting QPs regardless of whether it's larger than the minimum. I do the same as you and all mine have counted.
I did request a review, about 6 months ago. I called at 90 days to check in as instructed and was told that due to the volume of requests, it was taking much longer than expected.
That's lame. I'm sorry you're having to go through that. I was researching online and it appears they usually correct the problem after an audit. It also appears common that the 90 day review turns into 6 months. 😔

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UVA2B
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by UVA2B » Thu Nov 15, 2018 1:39 pm

https://abovethelaw.com/2018/11/elite-l ... rest-work/

Good job CLS. Your LRAP was already really strong, but things like child deductions are really nice.

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Nebby
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sat Nov 17, 2018 2:26 pm

I wish the salary cap would have gone up more. 50k to 55k is laughable

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benwyatt
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by benwyatt » Sat Nov 17, 2018 4:13 pm

Nebby wrote:
Sat Nov 17, 2018 2:26 pm
I wish the salary cap would have gone up more. 50k to 55k is laughable
I mean, it's gonna save me $1700 a year. I also would have liked it to increase more but it's easily one of the most generous existing LRAP programs and it's hard to sneeze at a 10% increase.

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Nebby
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Wed Jan 02, 2019 5:37 pm


necho2
Posts: 265
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by necho2 » Sun Jan 13, 2019 9:50 am

It's very possible that I'm going to mischaracterize what I'm asking about- but does anybody have experience using an LRAP program that's based on IBR when your debt-to-income ratio (only like 35k in loans) doesn't appear to qualify you for IBR? My assumption is that you'd just stay on the default 10 year repayment plan, but I can't find any info articulating that (UChicago fyi but not sure anybody here has specific knowledge).

Or am I confusing something about how "qualifying" for IBR actually works? All I know is that when I plug household income numbers into an IBR calculator, I always get "you don't qualify".

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twenty
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by twenty » Sun Jan 13, 2019 3:11 pm

For IBR, you have to have "partial financial hardship", which basically means the amount due on your loan every month has to exceed the amount you would pay under the IDR program. A lot of T14 schools will allow you to go in on their old pre-PSLF LRAP if you find yourself in a situation where you owe almost nothing but also make very little (keep in mind the cap on some of these programs is like 45k)~.

necho2
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by necho2 » Sun Jan 13, 2019 6:16 pm

Yeah I'm definitely under the requisite cap (UChicago's like 80k), but my loan balance is small enough that I don't qualify for IBR. Does that just mean the program won't apply?

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Nebby
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Re: LRAP/IBR/PSLF. How does it work? Let's find out!

Post by Nebby » Sun Jan 13, 2019 8:27 pm

I'd just ask your financial aid office. But I assume you'll just be on the 10 year standard repayment plan and your LRAP would be based on that instead of PAYE.

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