Paying off the loans Ch.1

[kayot]

IBR request form and IRS Form 4506-T

Any one know where to get these and how to fill them out?

I'd pay this months student loan, but lack $15,947.04. So I've decided that if I can use IBR to help me, I may as well. Any help will be appreciated. My yearly income is about $12,000 so you can see why this is probably a good idea.

[aka name]

http://lmgtfy.com/?q=IRS+Form+4506-T

[kayot]

The 4506-T Form
http://www.irs.gov/pub/irs-pdf/f4506t.pdf

IBR request form
http://www.edfinancial.com/PDF-Forms/Fi ... tform_FORM

I'll do a write up on it as I complete the steps. I believe this is a good answer to the many people here who are under a heavy burden of loan repayment.

I'll fill out these forms and submit them to the appropriate parties, then report back here how it goes and what to watch out for.

DESC: A IBR plan is basically a cap on what the monthly payment is based on income. Good if your working at wal-mart because ITT left you without the tech job they promoted. The good part is that it makes it easier to pay the principle of the loan without losing a ton of cash on the interest. At least that's how I hope it will work out.

[aka name]

I'll do a write up on it as I complete the steps.

Yeah, you should document everything as you go, maybe start a blog or submit blog entries here if you have success. I used to sit for hours looking through get out of debt books at Borders/Barnes & Noble - maybe they can help you, too.

[kayot]

Can we make a Repaying your loans section on this site?

I've figured out a few things about this today:

NEVER consolidate your federal loans into private loans. Once upon a time I almost did, but had a bad feeling. When Saliemae pushed it, I knew it was a bad idea and thank god. If you consolidated your federal loans into private loans, your boned for now. There isn't a fix for it. In fact all private loans have a big FU sign written all over them. Half my debt is private, so after this is over I'm still in trouble.

Consolidating your private loans into federal loans is impossible, as that would give you an advantage. The loan companies have been careful to deny the bowerer from any advantage. Read this news article and get pissed.

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http://www.newamerica.net/blog/higher-ed-watch/2008/bankruptcy-fight-private-student-loans-2153

Notice that the loan companies prayed upon the stupid democrats. The end result:

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http://blog.studentloannetwork.com/consolidation/private-student-loan-bankruptcy-protection-denied/

Lets face it, there isn't a prayer for this. Republicans are against it and Democrats are too stupid to help us. So if you can avoid it, don't get private loans. This is a moot point since if your on this site your already screwed half way.

Here's the steps I've found so far.
1. Turn All your federal loans into a Direct Loan
1a. If one of your loans is a FFEL, you can try to consolidate under that with all your loans, but don't let them strong arm you. You can always go to Direct Loan if you feel it's in your best interests, :

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http://www.studentloanborrowerassistance.org/repayment/repayment-plans/#ibr

The Direct Loan form should you have site problems:

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http://www.studentloanborrowerassistance.org/uploads/File/selfpackets/consolidation.pdf

Main Site:

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https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp

The three steps:

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https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp

IBR Calculator:

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http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRCalc.jsp

NOTE: If you have already done this consolidation and then defaulted your screwed. This is a one shot deal thanks to Saliemae's bitches in congress adding stipulations.

Here's the details on pro's and con's of consolidation:

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http://www.studentloanborrowerassistance.org/understand-loans/consolidation-loans/

I'm currently looking for all my federal loans. I plan to jump directly to Direct Loan since my monthly payment under IBR is 0$ for 25 years. That gives me time to pay the private loans off.

I'll report back after I figure some more out. For now I'm going to do step 1.

Links:

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http://www.soyouwanna.com/site/syws/loans/loansfull.html
http://www.paydayloner.com/secret_phrase.html
http://www.studentloanborrowerassistance.org/
http://www.ibrinfo.org/faq.vp.html#_Can_I_use_1
http://www.facebook.com/topic.php?uid=18274939375&topic=12379
http://www.fraudlaw.org/Definitions%20and%20concepts/Law%20by%20Topic/Bankruptcy/Bankruptcy%20523%20exceptions%20to%20discharge.htm
http://www.creators.com/opinion/froma-harrop/take-student-loan-companies-off-welfare.html
http://www.daveramsey.com/company/faq/

[aka name]

Can we make a Repaying your loans section on this site?

I was going to suggest making a Recovery folder, so you beat me to the punch. Giving financial advice is risky and companies like Charles Schwab have people sign releases in case things go south for the client, so there should be some sort of disclaimer regarding this IMO. Or maybe I'm just being paranoid. Looks like you procured some good information.

[sevenalive]

I was thinking the same thing, I could put section with a disclaimer for ya, I'll do it now.

[SheepToTheFleecing]

Is there any chance that the Financial Aid people at ITT Tech know anything about this? They already made their sales commissions from us, we would have to hire them independently. That is a joke. (I love how we paid over $40,000 because we thought that they would take us by the hand and help us when we needed it. How do these people live with themselves? Aren't there supposed to be protections in place?)

While this does seem promising, I have a problem sitting at a desk with some one, and having them watch me sign documents that they just explained to me. I have a feeling that if they crack a smile or try to look me in the eye that I will try to kill them and that I will feel completely justified in doing so.

It seems to me that all of us took out the same loans pretty much. So whatever the smart thing for one of us to do is... is the smart thing for all of us to do. As it stands, I am not going to do any of this stuff. I don't trust a single one of these "money"lenders. I suggest maybe you get permission and record any and all conversations you have with these "financial advisers" or whatever they are called. (Maybe record the date and time of the conversations too. The order in which things happen can be important.)

For all I know this site is a honeypot or a pitcher plant and you are just trying to get more money from us. I bet one or two government officials are even in on it. (They don't have to profit directly. This college loan scam could be one HUGE circle jerk.) Am I expected to believe that if I sign even more documents promising to pay different money to a different entity that it will some how be better for me instead of worse? Some lender is going to take pity on me and just decide to help me out a little bit so that I get fucked a little bit less by the last guys who lent me "money"?

Sign more documents? Not this guy.

Okay. Sorry. Being cautious and having a defeatist attitude are not the same thing.

No. I take that back. In this case, they are the same thing. (In a sense.) We got fucked; accept it. You are giving us false hope; that, just in itself, is cruel. Remember when you first decided to go to ITT Tech. The services provided were going to be great. The federal loan subsidies were there to help us get an affordable education. The "Student Representatives" and "Financial Aid people" didn't work on commission.

If you are going to do anything at all and it is not too late, I suggest declaring bankruptcy and paying off your government subsidized loans. You can't declare bankruptcy on them and the government will just take your tax returns and give them to SLM anyway and paying them off may improve your credit. (That may not be true. President Obama signed a bill into law, but I doubt that it is retroactive. Rest assured that it is not true for future generations. From what I understand The Govt. no longer allows us to sign documents which allow them to "seize" tax returns and give them to SLM. They can still "seize" your tax returns. I think the idea was to end the incentive for SLM to rip us off.)
Am I correct in assuming that I don't need a disclaimer? What are they going to do? Sue me? For what? My textbooks? That right there should be enough of a warning that I don't know what I am talking about.

I never pray. But right now I am going to pray for these "money"lenders.


P.S.
I have been putting the "money" in moneylender in quotes because I don't think any money ever actually changed hands except for from the government to the banks and maybe a little bit from the banks to the school. (The banks knew the private loan debt was toxic from the get go. They never actually gave the school the entire amount.)


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If there is a chance that this is for real (in the sense that it actually makes financial sense this time ) we should make it all very public and/or documented. If we get fucked over again... there will not be a good god damned thing that we will be able to do about it except bitch about it on the internet.

--

Laws are like cobwebs, which may catch small flies, but let wasps and hornets break through. ~Jonathan Swift, A Critical Essay upon the Faculties of the Mind, 1707

Laws are spider webs through which the big flies pass and the little ones get caught. ~Honoré de Balzac

I like this one too...

Laws: We know what they are, and what they are worth! They are spider webs for the rich and mighty, steel chains for the poor and weak, fishing nets in the hands of the government. ~Pierre Joseph Proudhon, quoted in The Match!

[SheepToTheFleecing]

I edited my last post in this thread...

You can't declare bankruptcy on them and the government will just take your tax returns and give them to SLM anyway and paying them off may improve your credit. (That may not be true. President Obama signed a bill into law, but I doubt that it is retroactive. Rest assured that it is not true for future generations. From what I understand The Govt. no longer allows us to sign documents which allow them to "seize" tax returns and give them to SLM. They can still "seize" your tax returns. I think the idea was to end the incentive for SLM to rip us off.)

[kayot]

Anyway, today I talked with one of the student assistant programs people. Unfortunately I didn't have my Google setup to record it. It took me sometime to make sure I was doing this right and it seems I'm getting there. I'm not done getting the consolidation or IBR yet. I felt I should post simply to say I'm still working on it.

The truth is, this is the best we can do short of violence which never solves anything... Looks at Iraq... Camel jockeys aside, this is the best I could come up with. I have practically no plan for the private loans which is were the bite is. Those people literally don't want to work things out with me. I can't wait to get my phone tap. I'll let you all listen to the harassment. It's legal to record calls here in Ohio without informing the other party. It seems they want an endless money pit so their bosses can cop a feel on the bank's young innocent female employees and make it acceptable. We're talking people with obvious ethics issues. These are the kind of people that get off on watching a cat get put through a paper shredder.

My plan that I've been trying to push for the private loans is to work out a repayment plan that's reasonable ($35-$50 a month) and would discharge the majority of my debt in 25 years, aka I'd only pay like $15,000 and the rest would be discharged. My second plan is to wait it out and hope that the economy's continued spiral downward leads to reforms in the bankruptcy code allowing student loans to be discharged via bankruptcy. Hopefully with no contest. Proving hardship is tough and didn't work with me and I make $10,000 a year take home. Instead they offered credit card consoling classes which have no relation at all to my predicament. My monthly payment is $950 on the private loans. I don't even make that much. So I'm screwed too. Every time I get close to a girl I distance myself because I don't want to risk making my problems into her problems too.

So chill dude, I'm working on a plan. It's not glorious, but it will work. Also every day I spread the word. Itt Tech and other for-profit schools are scams, they use national accreditation and what your want is regional. So if you see it on T.V. it's a bad idea to attend. Every time one of those commercials come on the T.V.'s where I work I yell scam which more times then not ends with people asking me to explain myself. You'd be suprized how fast people are willing to listen when dispensing information. If Itt was the RIAA I'd be sued into oblivion with how much business I've cost them. Word of mouth is devastating. I also drop it on every forum I'm a member of.

Anyway, I'll post once the consolidation is done and the IBR is setup, or I manage to tape a really good private loan conversation. I'll defiantly share. If they're anything like what I've got so far I might be able to turn them into a book. The police one is just classic, she said she was going to send the police to arrest me after she forgot that I told her that I didn't know my new address so to use my old one till I could get it from the apartment management. When I point this out she hung up on me. Stupid little India girl who's name isn't really Sara. I thought they drowned their females?

I'll be back, believe it... or else!

[sevenalive]

lol, get Google voice, then make a call with it and press 4, records and transcribes (pretty crap though) the calls. It announces the calls is being recorded in the beginning but nothing else, so do it while on hold.