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Oh Student Loans...How I Loathe Thee...

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    Oh Student Loans...How I Loathe Thee...

    Hi! So, I filed for Chapter 13 back in March. My plan is still not confirmed and I just found out that my attorney removed my student loans from my plan. Now, he tells me that pretty much every case they have, they do this. I'm assuming this works out nicely for some people...but for me... I'm not entirely sure? I make about 140k a year and I have over 100k in student loans. So, he told me oh just go set up IBR... I'm like WTF... after my BK is over in 5 years they gonna see my income and be like damn girl pay up!!! I told him that and he was like but but what if in 5 years you don't have a job? Or your income is a lot lower? That's like me saying to him in 5 years you're not going to be a lawyer... well... I suppose that could happen....

    Anyhoo, does anybody have experience with this? Should I force them to put my student loans back in the plan? It doesn't do anything to the monthly payment but it takes my total repayment from 60% down to 30% and I'm already having a hard time with the Trustee getting my plan confirmed. The other thing... is he told me that my student loan servicer only filed claim on half of my student loans. So...for whatever reason, they didn't put in a proof of claim for everything I owe...so, regardless of what they do... I still have to deal with some of my loans being outside my plan.

    Second part: I just checked Navient's website...and it says that 2 of my loans which was about half of my total debt were "paid off". By a company called Great Lakes Education Corp. What the hell is that about? I looked them up and I guess they are some sort of federal lending company. Does this mean that Navient sold my loans to them and only kept some of my stuff? This of course would explain why they only filed for half the money.

    I registered on Great Lake's website and it found my profile but it said I didn't have any loans. The loans left on Navient's site say they are in forbearance for 3 years... why 3? My BK is 5 years....

    So, super fun.... I have to deal with the BK and now this... :/

    #2
    I am taking a guess here that some of the student loan info is not showing up online correctly because you are not confirmed yet. I didn't have student loans, but I know my cars and house had some weird info online until confirmation and I think the car still shows up as 0 balance even though there are several years left. I don't know why.

    You said the loans are outside the plan and then mentioned forebearance ? If it's outside the plan you may need to still pay on them just doing it yourself instead of through the trustee. I don't know if your plan will be written that way. I am only relating back to my house/car which it's spelled out in our plan that we are to pay those loans ourselves not through the trustee. The banks cannot collect/send bills to us so it is all on our shoulders to either mail, call or go to the bank to pay, one car we can pay online through a 3rd party.

    You mention your payment was 60% and is now 30% does that mean you have a smaller payment now? Maybe you will be expected to pay the student loan on your own vs the trustee? I wouldn't push the trustee to put in the plan if you have the option to pay it yourself.

    You have legitimate questions and maybe if you can condense your questions and ask your attorney something more specific without sounding worried/anxious. Like "I am expected to continue paying the student loans during my bankruptcy?" You can call the Navient and ask about your loan, they most likely will say they CANNOT collect from you. You can ask if you can voluntarily pay on the loan and ask how to do that. You can also call Great Lakes and ask about your loan or just the fact you have profile and no info. It could be a technicality like one of my cars, the online account vanished.For a while my mortgage vanished from the bank's website and after confirmation it came back online.

    I would get some concrete questions together, write them down so you can ask/remember without anxiety, first to your attorney and then figure out if it's necessary to call the student loans at this point or wait till after confirmation.

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