My Student Loan Provider Re-Opened My Account!
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These student loan companies just need to be sued. They are making these decisions without any consent by the individuals.
That's why I tell people... PAY THAT STUFF OFF! kill it! Kill the loan totally
Paid off my loans in 2018, checked my accounts to make sure it's still paid off.
Iâve not heard of anyone getting any checks yet since it is in court presently.
Nothing in life is free. Thereâs always a catch. Good video
Take the money and put it in a 13 week t-bill. Collect the interest, set aside the tax implications, and send the $48k back.
What is sad is a lot of people would buy a truck or go on vacation.
If the loans are federal, the student loan pause is still ongoing. The lender should not tack on any interest because interest hasn't been accruing since 2020.
Some for profit schools are able to do loan forgiveness
Honestly, I'd get a lawyer if I was this guy. Don't send the check back at all, I would take the feds to court and have the check ready to pay it off in front of a judge, that's not cool.
wow they got greedy
This is why I decided to never apply for my "refund." Paid off my student loans in 2021 and have never felt better or looked back!
Keep making payments and taking advantage of the interest-free period and get those out of your life đđ»
That sounds best for mental and emotional peace. Get the loans out of your life, donât give it another thought, and move forward.
Same!!!
Unless you were legitimately scammed by a school.
Do NOT DO THIS.
I went to ITT Tech. I applied for forgiveness YEARS before they started throwing it around like candy.
They took care of it without sending me a check to pay it. Do not do that.
This sounds shady and doesn't even sound like they delt with federal at all.
When it goes through, could you let us know that you didnât apply for a refund?
@aweisen1 sure, I'll let you know đ If the legislation goes through, my husband will gladly accept the deduction off of the loans he hasn't paid yet, but I will not be going through the headache of applying for a "refund" and reopening those accounts that I was all-too-happy to close đ
how the hell is that legal to just readd your paid off loan balance without a new contract signed? that's insane
Wait, what? YOu didn't have any debt but applied anyways?!? SCAMMY!
Cook rice not ice!
There is no interest or payments due until August.
Maybe it was public student loan forgiveness
Jade...great addition to the team!!!
That is the trouble with hiring private companies for this sort of service. Thereâs plenty wrong with the UK, but that would never happen here, because it would be dealt with by a non-profit making body (the civil service, or the Council). That is shocking behaviour. You should have an ombudsman or something, that can put these wrongs right.
How messed up is this
Thanks to Daveâs phone calls Iâm learning economic basics. đ
PSLF is still a program, and if you meet the requirements, your loans can be forgiven.
My son got an email saying he was approved for loan forgiveness and then a few months later they said he wasn't approved, it was a typo. Apparently the "typo" about approval went out to millions of people. It doesn't get any dumber than that.
Serves them right!
Serves who right? Please clarify. Thanks.
Smart move by the student loan provider. Most are going to cash that check quick
You have to give it to them đđż
I recently got Public Service Loan Forgiveness for working for the state for 10 years. It was such a relief and I am happy to be rid of it!
Me too!
She's fine.
Who is this new personality? I like her initiative. Iâve been out of the loop for a bit.
meh, I feel like she doesn't have a clue what's going on.
@ Betty Smith- when did she come onboard and whatâs her name? This is my first time seeing her. I like her energy but maybe her advice is a bit iffy. Iâll have to check her out more. Iâm glad Dave is still doing shows and hasnât turned everything over to his staff yet.
@@SL-fu7sh I think it's Jade
She's pretty new but so far I've appreciated what she's brought to the show.
I'm sure she knows what she is talking about. Dave Ramsey doesn't seem the type to hire loddy doddy everybody. I got a friend in Nashville that's been applying to work for him for 10+ years.
Dave wouldnât hire someone who doesnât know what they are talking aboutđ
WOW!!!! This should be illegal!!! I AM DUMBFOUNDED!!!
They did the same thing to me
Why would someone apply for forgiveness for a paid off loan?
People are stupid. If this family has to pay interest, they deserve it.
The interest free period is still in effect.
She was stupid for applying for it without doing research!!! They just need send that check back to them!!
Spending some else money is never free. Sooner or later you got to pay back + interest.
Quotation marks Stop it Quotation marks.
The entire student loan debt I accumulated (late 1970's) was... (drum roll, please)... $720!!! Seven-Hundred-Twenty Dollars! I paid it off several months after graduating. The whole problem is that such huge student loans are AVAILABLE, so colleges RAISE TUITION RATES ACCORDINGLY!
School was way cheaper back then
@@kittyearsheadbands8810 yes, largely because of what Jason just said
I am against loan forgiveness but the comment of late 1970s is comparing apples and oranges. Tuition increased way way more than inflation over that time period.
@@stevenporter863 Absolutely!
@@stevenporter863 Because infinite money has been available to the schools through student loans for decades. Just like the OP said...
Paid mine off 24 hours before the freeze went into effect in March 2020. I never looked back. One of the best decisions I ever made.
That's what they get for trying to get free money.
Rid yourself of these loans and PAY THEM OFF
Exactly
But I can have you pay them off for me
@@jonathanarras1281 exactly
If it were that easy this wouldnât be an issue.
They did pay them off.
College did you alot of good. No common sense. Pay the loan off, for God sake!! Student Loan Forgiveness is all smoke and mirrors.
If something here was very sketchy, I would suggest contacting the CFCB to report dishonesty. And I personally would take the loan servicer to small claims court for the interest if the account was not open with permission.
Having said that, Iâm sure there is way more to this story.
I mean but I think the overall point to be had is look at what a nightmare this is created.
Now they've got a finagle for endless days to weeks with the student loan company to find out what happened.
An hour talking about possibly small claims court??
What a headache.
@@random-nz7dy sure an hour may be worth it to get back a few hundred dollars in interest. If itâs a federal loan, then yeah no interest and there would be nothing for small claims court. Like I said earlier, there is probably more to this story
Why apply for student loan forgiveness if it was paid off?
Wow karma
They were scammed by a scammer. These scammers are all over the place!
No, it was the dept of education. Not scammers.
đđđđ no one knows which is which anymore haha
Ask yourself, when has trying to chase something advertised as âfreeâ ever worked out in your favor? Kids chase âfreeâ, adults pay their own way. Pay off your student loans.
Lesson: DON'T....TRUST....ANYTHING........FROM.......GOVERNMENT....E...V...E..R!!!!!!
There are some forgiveness programs for teaching or public service, but they aren't retroactive. You can have a current balance paid off. I have no ideal what the wife tried doing. Nuts.
đ€Šââïž God help America.
Many people wonât have the discipline to give back this money. Sad.
It's not too risky. This is silly. Student loan interest is still frozen. Just call and ask questions.
There is no interest until after they are supposed to make a decision after the ruling in February. If there is no decision, the interest rates/payments will begin 60 days after June 30th- the summer of this year. So, he should be good.
They will start the process of making the decision in February. It is unlikely that a final decision will be made before 2025 however.
I wonder if the treasury is doing this so when you get the check you get tempted to spend it on something else, then bam, you're stuck paying off these loans slowly again. Much like when you get an insurance check to get your car fixed, a lot of people end up spending it on something else, the car never gets fixed.
Every time I tell someone I am going to repay my student loans this year, they say apply for Student Loan Forgiveness! People truly believe anything, Washington says!
If you have a high paying job $75k or more, I donât see why you wouldnât be paying the loans off.
Why would u get out of debt on a loan and expect a refund on that loan? This is a very confusing case to me.
Welcome to Our country systemđ
I am so glad I paid off my student loans. So glad. It took time, but I got it done. Never again.
If anything these people are scoundrels for asking applying for debt forgiveness when they had no debt
They sent you a check for $48k and said you qualified for a $20k loan forgiveness....
But first, cash the check and send them back $28k now in Target gift cards because they accidentally overpaid you
There is no interest being charged on federal student loans, this is bad information to suggest that they owe extra interest.
Shouldnât have interest since thatâs still paused
She might have qualified for public service loan forgiveness. Why else would she have gotten a check? And some people are talking about taxing it, so there's that too.
Go to Vegas put it all on Black, win then pay it off.
No chance of winning in Vegas.
Oh, come on. Its an accounting error. Just send them the check back. What he's leaving out is the fact that his wife ignored all the letters asking him to send the money back.
Technically "they" didn't open it your wife did. She applied for the refund.
Gov can spend trillions to Ukraine gov and people don't have any issues with it. Once they do something for the American people, they go against it.
How is this not considered attempted fraud? A couple that no longer has student loans applying for student loan forgiveness.
Because there was no attempt at deception.
Under the program (before it was overturned) it was perfectly legal for someone to apply for a refund if they had already paid their student debt. Otherwise, the program would have basically penalized people who paid off their loans early.
They still halted the interest and the pause until June 30. So no interest should be accumulating.
If the loan was eligible for forgiveness/refund then interest is not currently accruing. He may eventually be eligible for forgiveness. Or maybe not. But this is complicated enough without "experts" giving misinformation.
Wait what how did they get approved I thought they wasnât canceling debt anymore
They can't reopen your student loan account because you applied for forgiveness. Fight them, send them proof it was paid off and rip up the check.
Careful with cashing the check. You could have state tax implications.
Not on a governmental loan.
I'm confused, they said send the check back then says deposit. This is said to the 1st caller multiple times đ€
Wait, what? The student loans were paid off but they still applied for student loan forgiveness? I assume this was an attempt to get back money that was paid during the pandemic when no payments were required. Wow.
More or less. I was in a similar situation since I paid off my student loan debt during the pause. Supposedly, payments made during the pause could be refunded even if you had already paid off the full amount. Of course, I tried to apply, but my loan service provider gave me a weird answer. I don't remember what they said exactly, something like, "We will reimburse your payments at the same interest rate of the loans while they were open." That did not seem right. Why would they put interest on an account that had already been paid in full? I'm pretty sure that's what happened here. Anyway, I didn't go through with it.
Thatâs what they get lol. You canât get over on Uncle Sam.
There is a part of the bill that would allow refunds on some payments made during the freeze so that those that did pay it off don't regret missing the forgiveness.
I requested the refund on parent plus loan, I have it in an account high yield savings account collect interest. If my loan is forgiven, great. If not, I will just pay it back. I am still ahead either way.
Correction, there IS a student loan forgiveness program still valid. It is the Public School Loan Forgiveness Program. This is not part of the Supreme Court case that a decision is waiting on. Just wanted to clarify that from your comments made on this CZcams episode.
If you mean the public service one I've had friends who worked at qualifying hospitals for over a decade and then STILL didn't qualify for stupid reasons. Very few get their loans forgiven that way. Meanwhile they could have taken jobs that would have paid them much more and paid it off years ago
The wife got greedy and they got got.
Thatâs what they get lol
They had to have requested a refund right (a lot of people did that)? I applied for the forgiveness after paying off $30k in April of 2020 and I didn't get a check.
We have to get a car. (Because the one I have is already paid off.)
Someone got greedy and got bit. Important lesson to learn.
Thanks for the good info, but please watch how you talk about this man's wife at the beginning. You did try to cover at the end but the words and negative tone is already out of your mouth. If you can't see it, ask someone outside of your circle. It's there. Wishing you well, Mr. R.
I got pslf, but it was very different. I was a public servant and paid on time over a long period of time. You can apply for that if youâre a public servant, but this other stuff is a little different.
My husband just applied for this, he's just waiting to see if it's approved. Do you know if you have to pay taxes on the forgiven amount?
@@GrowingGraycefully no you do not. You receive a letter in the mail as well specifying that you donât. I also got a check for about $1000 for the payments I made over the amount needed to qualify. It is real and I have all my receipts in I think Iâm dreaming.
@@tonystone8584 That's so awesome! I'm happy for you. Hoping for the same result for my husband. Thank you for the info. Happy New Year!
@@GrowingGraycefullyNot for Federal but check with your state.
Write VOID in black shape across the front of the check and send it back registered mail / return receipt make sure you keep copies of the check and the return. You may even consider sending it FedEx and they have to sign for it
His loan is back on the books. He needs the check to pay it off.
@@tracygaluszynski1868 if the check is never cashed the money was never received
@@oldfordman68 but his loan has been reinstated, Whether he returns the check or not.
This situation gets to an underrated reason for eliminating debt - no more time or hassle applying for loans, collecting documentation, and having to deal with situations like this one. Time has a value, and I want to spend none of mine dealing with lenders.
You are 100% correct; well said.
yes, but some people like to complicate their lives
How many voted for him because they thought they were gonna get a free pass?
This is what happens when youâre greedy
Sorry, this calls tells me how stupid the whole student loan forgiveness act is and how stupid some people are. Why would you accept this payment.. that's plain dumb.
The cost of a college education is out of control.
It never bothered me.
I can say no.
What if they play tennis with him and keep sending a 48000 check back over and over again!?
2:00 If there is student loan forgiveness, it will be taxable income.
not federally if received in the next few years
Depends on the terms. IRS can't tax you if it is declared exempt from taxation. For example, IBR/ICR debt forgiveness is currently taxable by the IRS. Forgiveness via the PSLF program is tax exempt.
For the caller, there is nothing wrong with keeping the money you received aside in a separate savings account for 6-8 months and see if the federal govt actually does forgive part of the student loan debt. If not, then just pay it back and keep the interest. There is nothing morally wrong or unbiblical about it, no matter what Ramsey says. And Jade, come on, use common sense here. The wife probably called and got the so-called "refund" thinking it was free money. The govt does not just re-open student loans, people had to request it be done.
This comment is right. Use common sense. They are misleading people.
Pay your bills and you wonât have these issues!!
People applying for money or forgiveness when the loan was closed. What the heck. The caller is trying to find a loophole and is being dishonest. Am I wrong?
It's probably legal. But it's not moral to expect others to pay your debts anyway
@@georgewagner7787 that's what student loan forgiveness is anyway. It's someone else paying your debt.
No, you are correct.
No. Youâre 100% correct!!!
@@amethyst4444 just a lack of integrity and deceptive behavior.
I don't understand why they applied for student loan forgiveness when they already paid off their debt?????
Because they wanted to be reimbursed for the debt they paid! Unbelievable.
.gov sent them a letter saying they could get "free" money.
@@joycewright5386 right I thought debt forgiveness was for people who couldnât afford to pay. They could clearly pay, that should not apply to them. Literally free money.
Because they wanted 20k free money.
And 10% for the "Big Guy."
The "big guy" already has more than enough money.
@@po2709 For some, there is never enough...
They reopened your account because they were letting people take back funds paid in during the pandemic. No interest is being charged on paused loans either. GIVE the money back. There must be some way to pay it back. Also, if it was loaned money it's not taxable. If it was income to wipe the loans from the books it could be taxable.
If you wish you can wait for forgiveness to be shot down in court. There always a non-zero chance it survives, but very unlikely. If it does, then it's free money. Invest some time and read up on the issue.
Yup, it's really self-explanatory. I also requested for a refund, and it went back to the original balance. For a while I had that money in a HYSA, but the thought of having debt to my name bothered me so much that I returned my money. I'm moving forward from here on out. For anyone who did get a refund and wait for outcome, put that money away in a savings account.
@@brendasanchez5982 HYSA is a great idea.
Why not put the 48k into an high interest savings or a cd account? All payments are paused with no interest and possible forgiveness at the end. I would hold that and make money off of it until the day before interest starts accruing again.
I think interest and payments started back on the first.
Dumb idea for a whole range of reasons.
@@melifter8897 "Whole range".... gives none. That's about right.
Like any other loan itâs legally binding and you have to pay off the loan that you took.
They did, but after paying it off they got the check and the loan was put back on the books.
That's not what the call was about.
@@tracygaluszynski1868 because they applied for loan forgiveness, so weâre reimbursed their payments.
Donât walk awayâŠRUN!!
Too late to run now.
Its genius for these lenders to be issuing refunds on the payments made when interest and payment requirements were frozen. People will think itâs their forgiveness because most arenât paying attention. This way all payments made during the no interest period will be sent back and the lender gets late fees when payments start back up and people think their loan is paid off
This guy is trying to pull a quick one. He wants the forgiveness but not the loan lol