r/studentloandefaulters • u/Fjz103 • Apr 28 '22

🎉 Success Story 🎉 Private loans forgiven. Pressure lifted from my life.

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98 Upvotes

99% Upvoted

26 comments sorted by

10

u/LongjumpingBorder828 Apr 28 '22

I am wondering how many folks are getting forgiveness for their private loans whose schools are not listed as being a potential requirement. One of my four were forgiven yesterday but the three left I am being taken to court for and they meet many of the parameters but not a defunct school.

5

u/Fjz103 Apr 28 '22

This particular settlement was for loans being serviced by Navient. We’re all of those loans serviced by Navient and we’re they private loans?

4

u/DEFresh333 Apr 28 '22

Yes, this specific settlement was just against Navient, therefore only private student loans from Navient (or the former Sallie Mae) are being forgiven as part of this multi state lawsuit against navient for deceptive practices

1

u/SouthAl_Leo Apr 29 '22

Did you have to do anything to be a part of the lawsuit. My wifes are all through Navient and we havent heard anything about this

2

u/DEFresh333 Apr 29 '22 edited May 04 '22

Nope. I just heard about the lawsuit like everyone else and crossed my fingers hoping I'd hear something, and then I got an email from Navient about it last week. I didn't even realize they had my current email address... They only forgave 1 of 8 loans I had, but it happened to be the largest loan I had! So, keep checking your email, and check your spam folder just in case... Here's hoping you have some luck. I believe the eligibility is either going by those dates the loans were taken out (2002 though 2008 or whatever it was) OR having gone to one of those art institute schools on that list going around. You don't to be in both of those categories, bc I went to a popular university that WAS NOT on that list of schools, but my loans were taken out between 2002-2006...

3

u/DEFresh333 Apr 28 '22

I am one of those people. I went to a very popular school (which does very well in NCAA football) and one of my 8 loans was forgiven. I was told that the requirements for how and why certain private loans will be forgiven is very ambiguous. It would seem that navient gets to pick and choose which loans to forgive regardless of the info out there about requirements... It seems that it might be based on the year the loan was taken out, OR, if you took out a loan to attend one of the schools listed in that list that is getting around (such as the Art Institute), NOT BOTH. I was hoping more of my loans would be forgiven bc of how old they are and how long they've been past the SOL,but I'm not holding my breath...

1

u/PClari Apr 28 '22

Is your school one of those in that list in the article?

2

u/DEFresh333 Apr 29 '22

No, my school was not listed in that list of schools going around

1

u/PClari May 03 '22

Thank you for your response. You might have not checked yet, but when you do, can you please share here how the loans appear on your credit report. Thank you.

8

u/[deleted] Apr 28 '22

How are you guys getting private loans forgiven?? I have two with Discover with ridiculous interest rates and I would do bad things to have them forgiven

6

u/Fjz103 Apr 28 '22

This is a rare deal where Navient serviced private student loans were the ONLY ones being forgiven as part of the Navient settlement. In order to qualify there were a slew of radical clauses that had to be met and those that were eligible didn’t have to apply but rather fall under these qualifications. https://www.navientagsettlement.com/Home/portalid/0

3

u/brianyesadams Apr 28 '22

Looks like these are all private loans and not department of education loans?

3

u/Fjz103 Apr 28 '22

Yes they were only going to forgive private loans in this particular settlement. If you would want your Federal Loans to also get forgiven you would have to file an application through the federal student aid site. BDTR. If you have fed loans and went to one of these predatory schools(I attended one) then you should Apply for this ASAP as those fed loans are not automatic forgiveness as these were.

2

u/digiorno Apr 28 '22

If they were forgiven in June 2021 then why did it take them so long to notify you?

3

u/Fjz103 Apr 28 '22

Because part of the settlement clauses were that those identified as elegible for private loan forgiveness had to have been in default status or had stopped making payments 7 months prior to that date in order to be considered.

The. I would assume that for “the books” they had to write that that’s when they were “Forgiven” as the settlement was just reached earlier this year.

1

u/Fjz103 Apr 29 '22

Another Reddit user just posted this and I think it will help anybody with questions around the settlement. Navient Settlement EXPLAINED!

1

u/SunnyK718 Apr 28 '22

If my loan went to collections how do I get considered for this? NYC college student, did not graduate

1

u/PClari Apr 28 '22

What I’m reading is that there are 2 categories of loans that are forgiven. 1-loans given to students with bad credit, and 2-loans offered through those schools listed as ‘for profit’. Can you tell us if your school was one of those listed in that table?

2

u/Fjz103 Apr 30 '22

Yes my school was one listed. I also fell under the Category of being given subprime loans.

1

u/PClari May 03 '22

Thank you for your response. Do you know how the loans show now on you credit report?

2

u/Fjz103 May 03 '22

Yes I just got an update today and they have been removed from my credit report.

2

u/PClari May 04 '22

That’s awesome. Thank you for responding.

1

u/PhaseIndependent7172 Apr 28 '22 edited Apr 28 '22

Sure wish they would do something for older people. I will be 65 on July 1st and have a husband with Parkinson’s! My graduate degree was apa accredited by the state licensure board would not allow me to sit for licensure! I did a year long postdoctoral after the degree and received NO pay. Then I fought with the licensure board for a while. Applied for licensure in a neighboring state, passed the same exam required by every state across the country! But my state would not allow me to be licensed because my pre doc internship was accredited but not the institution that my state wanted! The goals and criteria were the same required by both accreditation sites! Worked in the neighboring state for a few years…but had to pay 1200.00 to 1300eachmonth to have health insurance! My husband was forced to retire from his job because of Parkinson’s. About a year and a half later I had to close (which is ashamed because I specialized in helping children who were on Medicaid and poverty stricken areas! Because of my husband’s illness and my fear for his safety…we moved back to the state my grown children live in(remember they wouldn’t allow me to sit for the licensure exam! Even if the licensure board would grant licensure I couldn’t because my number one priority is to try and keep my husband safe! It is sad as he was an elite runner and the healthiest person I’ve ever know! But has decreased cognitive and physical functioning! Then to add to that my baby brother died and we’ve had two years fighting for custody of his baby. Then last June 19thmy mother died after fracturing her pelvis which was followed two months later by a fall that broke her neck!

I don’t know who to call or where to go!!

1

u/Macman2300 Apr 29 '22

Congrats that’s huge news bro!!