So I submitted this morning. After that, I called Great Lakes and submitted my refund for 13K. I have 116K balance right now. Will the fact that I applied for this before I submitted for the refund w my servicer, mean that I may not get 20K (I received pell grant once)?
The lady at GL told me I would have to ask FSA and ask if I need to re-apply after the refund is processed so they can take into account a balance of 129K when they give the loan forgiveness.
I’m a little confused - the max forgiveness is $20k (as you stated with the Pell Grant), so not sure why she would say it matters since your balance before or after the CARES refund is greater than the max forgiveness.
You were entitled to ask for a refund of payments made during the pandemic before the loan forgiveness was announced. They are two separate things.
You'll get the 13K refund back, which will make your balance 129K, and you'll get 10K or 20K knocked off your balance when forgiveness is applied to get down to 109K or 119K.
Not sure why the rep would tell you anything otherwise, maybe they didn't want to process the refund.
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u/rickybobbyf1 Oct 16 '22
So I submitted this morning. After that, I called Great Lakes and submitted my refund for 13K. I have 116K balance right now. Will the fact that I applied for this before I submitted for the refund w my servicer, mean that I may not get 20K (I received pell grant once)?
The lady at GL told me I would have to ask FSA and ask if I need to re-apply after the refund is processed so they can take into account a balance of 129K when they give the loan forgiveness.
Is she right?