(Closed) Student loan help please :o)

posted 3 years ago in Money
Post # 17
Member
3444 posts
Sugar bee

How is he paying that loan if he doesn’t have the ability to look up the info and see the current balance?

Post # 19
Member
1352 posts
Bumble bee

I’m more inclined to think he consolidated the loan at some point into the others. He would have creditors calling him if he hasn’t been making payments on it.

Post # 21
Member
751 posts
Busy bee
  • Wedding: November 2015

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anthonyswife :  if he hasn’t been paying on that particular loan, then one of two things will/did happen:

-it’s now in default, which means that he’s not currently eligible for additional financial aid until it’s recovered, and he will see it hit his credit score (but NOT as harshly as it would if it were say, a credit card debt that he hadn’t paid)

-he paid enough prior to stopping payments that he’s paid in advance, and they aren’t billing him right now because he doesn’t owe anything on this billing statement. I think this might actually be what’s happened, if I’m correct in assuming that he’s made hefty payments–more than what the minimum payments are–prior to this loan being moved to a new lender. If that’s the case, then his balance is the same, but his current payment(s) owed would show $0 until actual payment is due again. For example, if his monthly payment was supposed to be $25, and he paid $100, then he wouldn’t ‘owe’ anything for 3 more months because that $100 would be applied to those months’ payments. Does that make sense?

I’d definitely recommend the first step being to call his lender, and find out the accurate balance and how to find it on his account page on their website. I would also, if he finds that it’s defaulted despite him making payments on it (or has fallen under some mistake like that where he has unknowingly caused an issue with the loan), contact the Office of the Ombudsman (https://studentaid.ed.gov/sa/repay-loans/disputes/prepare/contact-ombudsman) and they will help you figure out what your next steps need to be concerning that particular loan…and they’re a free, confidential, impartial service that exists for situations with student loan issues.

Last but not least, as you guys are about to be married, I would do as PPs have suggested and talk to a financial planner–ideally once you know the status of this mystery loan–and make sure you are getting the best interest rates, are maximizing your time and money on paying it off sooner, etc. They might refinance the loans or consolodate, etc.

Good luck!

Post # 23
Member
550 posts
Busy bee
  • Wedding: May 2015

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anthonyswife :  I 100% DO NOT think that you should wait until you’re married and your finances are combined before you have him look into this. What if that loan is now at some astronomical amount? It might change your opinion about pooling your money and debt. Ask him to investigate this before the wedding!

Post # 24
Member
751 posts
Busy bee
  • Wedding: November 2015

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anthonyswife :  3 months won’t throw you guys into financial disarray or anything but depending on how long he has gone unpaid, especially if he wasn’t paying aggressively on this one, then 3 more months of not paying can potentially land him in default. Not to mention, his interest is steadily compounding. So to pay off his loan, he’ll owe more than the loan was worth in the first place. That would be the case even with a couple of months of interest with payments, but if he’s letting it just pile up, he’s going to add hundreds, potentially thousands of dollars to his repayment amount even if it doesn’t default. 

If a loan defaults, the typical ‘fix’ for it is to pay 6 months at the minimum payment or higher, without missing a payment or being late. In most cases (at least those that I’ve seen when working with students), if you are late even by 1 day on repayments, it resets the clock. Granted, that might not be a deterrent to you guys and he might think that’s totally fine…but why put yourselves through that when the fix is literally calling, finding out the balance and how to see it online, and then paying it when he already pays his other loans?

My sincerest advice would be to just call them today and find out the balance. Even if he decides not to pay (that’s his choice) he should at least be mature enough to find out what he owes. He owes it whether he ever calls them, but the sooner he knows the better he can handle it. I think he’s being immature, honestly. I think you should tell him that you understand that it’s his loan, but it affects you both. Tell him that it’s up to him how he chooses to pay on it but you refuse to wait three months to even know the balance. That’s ridiculous.

Post # 27
Member
3444 posts
Sugar bee

View original reply
anthonyswife :  Oh. Yeah, it’s bad if he isn’t paying a loan.

Post # 28
Member
7528 posts
Bumble Beekeeper
  • Wedding: June 2013

It would honestly concern me that he refuses to figure this out. What’s the worst that can happen? If it’s a private loan, they can sue you. If it’s a government loan, they can garnish your wages. Neither of those sound very fun to me and can likely be avoided with some phone calls. It should actually be very easy to find out where the loan is located.

If he refuses to make the calls I would take his information and make the calls myself. I would be pissed he isn’t taking care of it but I wouldn’t be comfortable combining finances with something like this hanging over my head.

Post # 29
Member
42 posts
Newbee
  • Wedding: May 2012

Assistant Director of financial aid here, Navcient is the serving arm of Sallie Mae for federal loans, if his Vavient loan was sold to another servicer the new servicer information would show on the national student loan data system (https://www.nslds.ed.gov/nslds/nslds_SA/)

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