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Christie_1Well, we are now midway into the second week of President Trump’s administration.  What can we expect and how can you deal with your federal student loan payments?

Importantly, there were no first day Executive Orders, and none so far other than the appointment of a new Secretary of Education.  I view that as good news.  That tells us that the new administration is not focused on student loans – at least not to the extent that it could have been.  We’ve seen orders withdrawing our country from WHO, and the Paris climate whatever, but nothing about PSLF, the IDR plans, or even the elimination of the Department of Education.

However, it’s coming.  There will be a week where student loans will be all the talk.  Do you wait until then to make decisions?  I don’t think that’s a good idea now.

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Christie_1We’re hearing that the results of the IDR recount is being posted as of last night on borrowers’ studentaid.gov site.  Not all loans are processed yet, but most of the processing work for the adjustment is done.  We’ll see this roll out to everyone over the next few weeks.  This recount is very important for those with Direct loans or with former FFEL loans who consolidated before June 30, 2024 — now you will receive IDR credit for months or even years of forbearance and most deferments.  We’ve blogged extensively about this Recount — and the last batch was scheduled for this January.

Here’s a sample:

student-aid-IDR-count
Check your studentaid.gov site and good luck!!

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arkovich_law-narrowWhile we’re waiting on some clarity on the student loan mess, I’ve been wandering around some facts and figures surrounding the housing market here in Florida.  Our law firm was front and center during the 2008 financial crisis, handling thousands of short sales, loan modifications, deeds in lieu of foreclosure, foreclosure defense and finally bankruptcy if helpful for our clients so it’s only natural that we’ll pick that back up if that’s the direction we’re headed.

Bankruptcies have been picking up of course – particularly for those who are unable to pay the bills or worried about getting further in debt.

But what about the housing market and what we can expect going forward?  Sales are way down, partially due to high prices, affordability concerns, high interest rates etc.  We are entering the Spring seasonal timeframe where new listings increase until a peak around May.

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arkovich_law-narrowBig things are happening regarding Discover’s portfolio of student loans.  If you have one of these, please follow along and see what can be done.

Specifically, Discover is getting out of the private student loan business.  Fully.  They are sending letters to borrowers in a bankruptcy that they are forgiving the loans.

What does this mean?  Well, I would want to get in on this immediately and get a bankruptcy filed to take advantage of this situation.  I expect someone will come along to buy their portfolio.  Why not get a court order that says this debt is gone while you can??

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Christie_1The highest priority that the Department of Education should be focused on now is updating borrowers’ payment counts with the IDR adjustment/audit.

We have had so many people benefit from this over the past couple years  – but there are still large numbers of people who have consolidated their Direct loans under the promise of the IDR recount and they are waiting for the recount…

Haven’t heard of this before?

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Christie_1Wow, record attendance expected today for a webinar I’m presenting in a couple hours at CPA Academy.  The topic?  What else but student loans after the election…

Student Loan Forgiveness:  Evaluating the National Landscape and Loan Programs.  On live today at 4:00 p.m. EST, will be recorded for anyone who wants to watch later.  You can find this via CPAAcademy.org.  Just search “Arkovich” and it comes right up.  Or type in some words from the title.  I couldn’t find a direct link.  That’s probably b/c I’m old.  There, I admitted it.  But I still play lots of video games so I’m good.

1135 registrations thus far.

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If you have debt issues and are in the Tampa Bay area, the Tampa Division of the Middle District of Florida is headquartered in downtown Tampa, Florida. It serves Hardee, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota counties.

If you are in any of these counties, and are running into debt related problems, we may have a solution for you.  This includes pretty much every kind of debt, even including student loans.  There are solutions out there, and we try to avoid political minefields whenever possible – and look for real solutions available now!

We do charge for student loan related Strategy Conferences as we can often fix the problem right during the conference, and we have free consultations for other kinds of debt.  See what options exist.  Real options.  Consults are available by phone or Zoom.  While we have a physical office in Tampa, we find that most everyone finds it far more convenient and efficient to do these virtually.

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arkovich_law-narrowSo what exactly does a Chapter 13 do with regard to debt that is co-signed by someone who did not file bankruptcy?  What about debt that survives a bankruptcy such as many (but not all) student loans?

First off, a co-debtor stay is imposed immediately when a Chapter 13 is filed.  That means any collection action, including phone calls, are supposed to cease immediately for the co-borrower even though he or she did not file their own bankruptcy.

Second, a Chapter 13 bankruptcy plan payments appear to toll the statute of limitations whether or not the trustee makes the payments once a creditor files its proof of claim that survives any debtor objections.

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Christie_1My sister in law showed me her phone and over just one day she received 5 different messages regarding her student loans.  Two were from Navient and Earnest.  While she didn’t click them to see what they were, I’m certain they were solicitations to refinance her federal loans to a private loan.

Be wary of those.  When interest rates were low, and forgiveness opportunities were also low, refinance made sense for our high wage earners.  Less interest, lower payment, loan repaid much faster.

Now however, forgiveness options are all over the place and many are working.  It’s a bit of a mess, but steering through the debris can result in student loan forgiveness.  But only for federal loans.  If you refinance your loans now, you’ll likely have higher interest, no income driven plans, no or limited forbearance, little protections for disability and certainly no forgiveness.

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What should you receive once your enrollment is secure?

Your student loans on studentaid.com should now show:

You enrolled in Fresh Start Transfer on 09/30/2024. Your debts have not yet transferred to your new loan servicer. There is no payment due at this time. You should receive additional communications within the next 30-45 days.

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