Student loan payment estimate?

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  • #36337
    deefoxymango
    Member

    Hello

    I am new to the forum.

    Naca journey

    12-17-2016 attended naca workshop
    2-13-2017 first meeting with MC (first available appt)
    -uploaded all documents prior to meeting but MC did not look at docs prior to meeting.(docs scanned in large batches which made it problematic for MC)
    – scanned several documents during appt but ran out of time.
    – informed by MC that submitting documents prior to session would not speed up process as documents would only be confirmed as submitted during scheduled appointments. Due to overwhelming demand appointments are backlogged 2 to 3 months between appointments.

    3-24-2017 next appointment scheduled

    Question 1:

    Will completing the student loan estimate on the lender website and providing this document to MC cover information needed for the student loan?

    Letter contains loans amount and breakdowns through all available repayment options( its my understanding from forum that only standard will be accepted while loans are deferred)

    Question 2:
    Will income driven repayment plan be sufficient?

    – MC stated income driven repayment plan estimates would work but that is contrary to responses on this forum

    #36346
    CANDRAnATL
    Member

    I am using my IBR to qualify. I had to take a leave of absence from school so that I could get a letter stating how much my payment is under the plan and proof that I am paying it. They would accept anything but hard proof. They won’t accept the estimate from the website.

    #36347
    TTrumble
    Member

    Hello deefoxymango,

    CANDRAnATL is correct that the estimate from the website will not be sufficient and you will need a letter from the loan servicer of how much your payments will actually be. Otherwise the standard payment must be used in the calculations.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #36348
    deefoxymango
    Member

    Thank you for your response @CANDRAnATL !

    #37049
    deefoxymango
    Member

    Does anyone know if there is anyone that can look at a letter and tell me if this is what naca needs? Still having trouble getting through to my MC. She just stated that she couldn’t read the uploaded document and refuses to allow me to email. My appointment is in 3 weeks so plenty of time to get what is needed if this is incorrect. Very frustrating.

    #37051
    TTrumble
    Member

    Hello deefoxymango,

    Refuses to let you email? If you mean directly to her, she is correct. Email the letter as a PDF file directly into your file by attaching it to an email addressed to emailXXXXXXX@nacalynx.com. (The X’s represent your NACA ID number.) When you do, copy me on the email so I can verify the legibility of the letter and while it is your counselor who will verify whether or not it is the letter you need, I can at least give you a reasonable opinion on if it’s the right one or not.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #37405
    deefoxymango
    Member

    Thanks for your help Tim

    I was able to get the information I needed. I knew I would be unable to scan documents again for a few weeks which is why I was trying to get things handled that day but somehow there was an issue with my forum log in and no matter how many times I attempted to reset the password it would not work. It is finally back working today.

    #37966
    Momentum2017
    Member

    @deefoxymango

    If you don’t mind me asking. What letter were you able to provide? Also, were your payments $0?

    Thank you

    #37967

    @momentum2017

    I had to also get a letter stating what my monthly payment would be before I could be submitted again to credit access. I kept calling and was able to get a letter emailed stating what my monthly payment would be. I sent it in and for now I am waiting to see what happens. I did have to get an actual IBR letter not an estimated payment letter as those are not accepted.

    #37968
    Momentum2017
    Member

    @ShannaMarie1218

    Thank you. Maybe it lies in the which rep you speak with? What did they base those payments on? My income has increased so I was thinking I may have them recalculate my IBR.

    #37969
    deefoxymango
    Member

    I am currently in deferment due to being in school so it made my process difficult. letter

    But I was able to get a letter that stated what The Payment Will be For Ibr, Graduated And Level(regular) And Am Just Going To Go With Whatever They Accept As My Debt To Income Can Handle The Level Payment If Needed.

    Sorry For the Weird Writing..got A New Device

    #37972

    @momentum2017

    They based the payments off my salary and tax information from 2016. I just went ahead and came out of deferment. Different reps said different things. One stated they would send the letter since I was trying to get a mortgage but hadn’t gotten it as of yet. I called again and the guy said he would send me a letter and I got it within 10 minutes whereas others said it would take 3-5 days, etc.

    #37974
    Momentum2017
    Member

    Thanks @deefoxymango @shanamarie1218. I will give it a go again Monday. Hopefully I will get someone that knows what I need and can provide it the same day. I want to take it with me to my appointment Monday evening

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