Skip to main content

I Got My Summer Refund Check!

  It’s my favorite time of the semester you know the one where free money is involved?! My semester started a week ago and my refund posted shortly after. If you’ve been reading my blog or watching my YouTube channel, then you know I am a champion for scholarships and free money. This past year my employer decided to pay for doctoral degrees in full which greatly assisted in my debt free journey. Figure 1: This is a thumbnail of my latest YouTube video “I Got My Summer Refund Check” where I am sitting in my office with my hand under my chin with a smile while looking at the camera. Although my schooling is paid for, I still have several scholarships that provide some overage. My goal is to not only obtain my doctorate degree for free but to make money while doing it! This summer I received two scholarships for $500 each for a total of $1000! One scholarship was given to me by the university without me having to apply while the other is for my work with a local community college.  With

FedLoan is Extending their Student Loan Contract?!

 

So if you are making student loan payments like I am and your loans are with FedLoan you have probably noticed the error message at the top of the screen that states that FedLoan will be ending their contract to service student loans soon. However, there is no date posted as to when the contract actually ends. So that prompted me to do some digging so that I could be prepared for when this happens.


Figure 1: This is a thumbnail for my YouTube video “FedLoan is Extending their Student Loan Contract?!” where I am sitting in my office with my arms folded, wearing a yellow sweater, with a suspicious look on my face. My hair is short, black, and curly.

Upon further research, I learned that FedLoan is actually extending their contract for one year, which will end on December 14, 2022. I’m not sure why FedLoan has decided to extend their contract but I suspect that it may be due to the PSLF or the Public Service Loan Forgiveness Act. FedLoan is the sole contractor for the PSLF and with all of the recent changes to this program this will most likely require a lot more time for folks to turn in the waiver to make them eligible to have their loans forgiven under this act. 


Figure 2: This is a screenshot of the message that is at the top of the screen when I log into FedLoan. The message states that FedLoan will stop servicing student loans at the end of their contract.  


Now all though FedLoan will be ending their contract in 2022 you can still expect your account to be transferred to a new loan holder like Naviant, MOHELA, etc up until this date to create a smooth transition. With this being said be sure to print off all documents that may be stored in your account. As you know when accounts change sometimes, things get lost and you do not want any of your information permanently deleted. Start with printing off your current balance, your payment history, and other important communication. Be sure to place this information in a file or save it to the cloud. 

Figure 3: This is a photo of three file folders with papers inside of them. The folders are blue, yellow, and red.

 

Guys I am almost at the finish line with paying off all of my student loans! I hope that I will be finished by the end of this month but if not it will definitely be next month. So stay tuned for more information about my student loan journey. What are your thoughts on FedLoan extending their contract? Does this make a difference for you in any way? Are you paying off your student loans? Drop down in the comments and let me know! Also, be sure to check out my latest video below! To stay up to date with this topic and many others be sure to sign up for my email subscriber list !

 

SUBSCRIBE: FedLoan is Extending their Loan Contract?!





Comments

Popular posts from this blog

Fall Refunds are Here for College Students

 It’s my favorite time of the semester…REFUNDS! A few weeks after the semester begins all of your financial aid pays out and if there’s any left over you get a refund! You will know that your receiving a refund if there’s a negative balance on your account. It’s the one time in history where you actually want to see a negative balance!  Figure 1: This is a thumbnail of my latest YouTube video where I am in my office with a surprised look on my face.  This semester I paid $241 in fees and I received a $500 grant for individuals who work at community colleges. Oh yeah  did I mention I work at a community college too part time as a tutor? Anyhoo, since I had already paid off my student account I received the $500 as a refund. If you’ve been watching my YouTube videos or reading my blogs then you already know this money is going to debt.  Figure 2: This is a photo of three $100 bills and three $50 bills. With refunds posting to accounts daily you want to make sure that you are constantly c

Fall 2021 HEERF & CARES Act Funding is Here!! (FREE Money for College Students!!)💵🤑💰

  A few days ago, I was surfing on my universities homepage and I noticed that there was a message at the top regarding summer II HEERF and CARES Act funding. Since I was enrolled in both summer semesters, I decided to send an email to the person listed as the contact to ask if I could receive more CARES Act funding for the fall semester. Since I had been enrolled in the first part of the summer and had already received funding I was not eligible but I was told that another round of CARES Act funding would be given in the fall! In case you did not know HEERF funding is the Higher Education Emergency Relief Act that was enacted for college students due to the pandemic. HEERF provides billions of support in education through CARES Act funding for enrolled students. Figure 1: This is a thumbnail of my YouTube video on “Fall 2021 HEERF & CARES Act Funding is Here” where I am wearing a black shirt with a surprised look on my face. Now while I am not sure on how much you will receive thi

Navient Student Loan Settlement

  Alright guys another update on student loan forgiveness is upon us! This time it’s not from Mr. Byron but instead it’s from one of the largest student loan holders in America. Navient formerly known as Sallie Mae will have to fork over 1.7 billion dollars in student loan forgiveness due to a recent settlement that found them to have participated in predatory loan practices that negatively impacted a countless number of student loan borrowers.   While 1.7 billion will go towards student loan forgiveness, another 95 million will be distributed as $260 payments.    Figure 1: This is a thumbnail of my latest YouTube video on “Navient Student Loan Settlement” where I have my hand under my chin while looking at the camera. I am wearing a grey shirt with lettering and my hair is short, black, and curly.  Instead of giving it’s borrowers the option to enroll in lower cost plans they were sold on the idea of forbearance which provided little to no help at all. Actually, borrowers were p