Despite the record settlement, federal student loans remain unaffected. But after all that hard work and those long nights, followed by the jubilation of graduation, you know whats next: Its time to pay back your federal student loans. If you only took out loans to attend University of Phoenix because you thought their advertised graduation and employment rates were accurate, then you deserve to have your loans discharged. The answer is no. This means you dont have to make payments while your application is processing. The education department says this will cancel $1 billion in loan debt for 72,000 borrowers. Update:In 2021, the Federal Trade Commission announced itreached a $191 million settlement with the University of Phoenix. with your loan servicer especially if your financial situation changes. You were attending UOP 120 days until or after June 20, 2014. Any unpaid interest is added to the principal balance called capitalization which will increase the loan principal and could result in an increase in future interest charges. (Just to be clear: the . The Federal Trade Commission has announced it is sending over 50 million dollars toward loan forgiveness. #studentloanforg, Visit link in bio to learn more. The University of Phoenix (UOP) attracted large masses of students. Did you attend the University of Phoenix while the school closed? Helpful Guide To Stop Student Loan Wage Garnishment. mislead you with their false facts about success rates, etc. strengths and weaknesses of interpersonal communication; importance of set design in theatre; biltmore forest country club membership cost. We want you to know that the programs these companies are advertising are all offered to Federal student loan borrowers, at no charge, from the Department of Education and through your loan servicers. By logging into your account, you can easily submit the BDAR application. As part of that agreement, students owing directly to the university would get 141 million loan forgiveness. WASHINGTON The Biden administration has agreed to cancel $6 billion in student loans for about 200,000 former students who say they were defrauded by their . Federal student loans have a six-month grace period. In your BDAR claim, try to explain this matter clearly so that your chances of acquiring student loan discharge from Phoenix university increase. The Department of Education agreed to a $6 billion settlement to cancel debt for 200,000 borrowers. Millions of Americans breathed a sigh of relief last week when President Joe Biden announced widespread student loan forgiveness for federal borrowers, totaling between $10,000 to $20,000,. Yes, but only if a Family Educational Rights and Privacy Act (FERPA) release form is on file with University of Phoenix. If you have questions regarding your student loans or need assistance contact your loan servicer or visit studentaid.gov. So far, the Biden administration estimates that more than 175,000 borrowers have . You may instead prove the services the UOP promised to provide were false claims. ThePublic Service Loan Forgiveness(PSLF) program was established to encourage individuals to pursue full-time employment in lower-paying, vital public service jobs. Specific occupations can help students to eliminate the tax amount on their dischargedstudent loans. Your federal student loan is considered in default when it reaches 270 days of delinquency. To support our work, we are paid for providing advertising services. I attended Axia college at the University of Phoenix from 2006-2008 and got an associate of arts in Business. I only recently discovered the updates and changes to the Borrower Defense program, and I got most of my info from forgetstudentloandebt.com. This program can help students who took on federal loans. The University of Phoenix side-stepped an executive order signed by former President Barack Obama that prohibited for-profit colleges from gaining favorable access to the military. Read 3 Ways to Spot Student Loan Scams. If I had done that, I could have gotten the loans forgiven for long term disability, but . You were first enrolled in a master's, bachelor's or associate degree program at University of Phoenix between Oct. 15, 2012, and Dec. 31, 2016; You paid more than $5,000 in cash, grants, federal and private student loans, or military benefits; You did not get debt cancellation as part of the FTC's settlement with University of Phoenix; and Until then, do not risk your chances because you might pay additional fees and thestudent loan interest ratesfor the period that you missed your payment. But as an out-of-state student, tuition would cost roughly $36,000, more than twice the tab they'd pay if they lived in Massachusetts. On this plan, your monthly payment is generally 10% of your discretionary income. Students will need to fill out a BDAR application. You can use the PSLF Help Tool to search for a qualifying employer, learn what actions you may nee to take to become eligible, and generate the form you need at https://studentaid.gov/pslfYou can also download thePSLF Form. If the school closed while you attended, you might end up in a teach-out situation, where your credits transfer to a new school and you can finish your education. Generally, your student loan is not dischargeable in bankruptcy. PPP-Loan.info States / Location Banks. If you go back to school, your previous loans can be put into deferment status while you attend at least half-time. Each of the available repayment plans is briefly explained here. In order to qualify for loan forgiveness, you must meet specific eligibility requirements. You can be eligible to apply for this program if. With the Standard Repayment Plan, youll pay a fixed amount each month until your loans are paid in full. How to get your student loans cancelled. To help you determine your eligibility for and estimated repayment amount under any of these plans, use thishttps://studentaid.gov/loan-simulator/. The U.S. Department of Veterans Affairs announced Monday that it intends to forbid the University of Phoenix and three other institutions of higher education from enrolling new students using the GI Bill, citing a decades-old law that bans veterans' benefits from being paid to any school that "utilizes advertising, sales, or enrollment practices This status is generally for individuals who have exhausted other options for resolving a delinquent loan. June 23, 2022. You can attach a screenshot of the messages or call recordings, if possible. On December 10, 2019, FTC announced the settlement with the University of Phoenix. Around 200,000 former students who attended schools that they said had defrauded them will have $6 billion in federal loans canceled under a sweeping settlement announced on . For those with private student loans, youll most likely have to repay your loans anyway. For questions about refunds, call the FTC's refund administrator, Rust Consulting, at 1-877-310-0487. For-profit schools have seen a steady decrease in attendance over the last several years. Price v. U.S. Department of Education, decided last year, illustrates just how difficult it can be to obtain a loan discharge even when a student is clearly qualified for relief. The really good news is that if your application is approved, your entire University of Phoenix loan will be forgiven, and you may even qualify for a refund for any amount of money that you have already paid to the school or their parent company, the Apollo Education Group. So in August, 2021, just before Dylan started his junior year in high school, they packed their bags . Completing exit counseling before leaving school or dropping below half-time enrollment. Why are the servicers asking for personal information when they call? That was in 2010. Student Loan Forgiveness Biden to Cancel More Loans. Key Points. Most students will get a check in the mail. 0:06. So, your actual offer terms from an advertisermay be different than theoffer terms on this site. Dont hesitate to contact them if you have any questions or concerns about your account. Under the Borrowers Defense law, it is mentioned that in cases where the opposing side (university) did fraudulent things against the student, students have the right to use loan discharge. Not only the students but also veterans have been influenced by this university while attempting to get a degree. The school inflates post-graduation salary reports, targets veterans and minorities with unfulfilled promises, and pushes its students to take out loans so that the school can profit from them in the end. The university is one of several for-profit colleges accused of defrauding students. Even if you weren't a University of Phoenix student, someone in your company may have been. Repayment can extend up to 20 years if youre a new borrower on or after July 1, 2014 and up to 25 years if youre not a new borrower, and any remaining balance after 20 or 25 years of on-time payments is discharged. They said that parties agreed on a 191 million dollar benefit for former students of the university. To see if you qualify for a payment from the FTC- read on! University of Phoenix The full list of covered schools can be found here. Federal loans can be prepaid at any time, and that means you can make a higher monthly payment to reduce total interest paid. My last class was in April 2017. The $141 million in debt forgiveness applies to debts owed by former students to the University of Phoenix who enrolled during a time when they could have been exposed to false advertising,. Learn more about deferment options by visitinghttps://studentaid.gov/manage-loans/lower-payments/get-temporary-relief. If you do not receive a 1098-E from your servicer, you can contact the servicer or use your online student loan tools to determine how much interest you paid. Some individuals can take advantage of a tax credit resulting in a student loan interest deduction of up to $2,500 per year. I attended University of Phoenix. What Caused Problems With The University of Phoenix? If you have questions about debt canceled by the school, email the University of Phoenix at UOPXFinance@phoenix.edu or call 1-800-333-5305. Can I get financial aid if I am in default? For students who attended the University of Phoenix, this is great news. The closed school loan discharge program has the following requirements for eligibility: Students who qualify are eligible for a payment from The University of Phoenix. The Income-Contingent Repayment (ICR) plan is available only for Direct Loans. And students are also entitled to have their student loans discharged if the school they attended falsely claimed they were eligible to receive a federal student loan. Despite this, the Federal Trade Commission (FTC) and the UOP are working together. Be enrolled in an associates, bachelors, or masters program at the UOP between October 15, 2012, and December 31, 2016. Some have even closed their doors. You can visitstudentaid.govto find out the servicer for your student loans. PPP-Loan.info. Offering up to $1 million in scholarship opportunities this month. You can still consult related agencies and people who had such experience to file an effective claim. . Repaying your loan according to your repayment schedule even if youve not completed your academic program, are dissatisfied with the education received or are unable to find employment after graduation. This settlement was mainly focusing on loans that students owe to the UOP directly. So, the former students of Phoenix University found out that the university is a very prestigious place that can ultimately open up a successful career path. It is explained that on December 10th, 2019, FTC made an announcement about the completion with the University of Phoenix. University of Phoenix violated the 90/10 rule by urging employees to tell the Federal Government that they were paying full tuition rates, which allowed them to receive tens of thousands of dollars in Federal financial aid, even though the employees weren't actually using the money for classes. If you have a subsidized student loan, interest will not accrue during a deferment. Do you get payments from University of Phoenix? Several options are available for borrowers struggling to make payments, and your loan servicer can help you better understand how to select or change your payment plan to reduce the monthly payment amount or establish deferment or forbearance. If you have an unsubsidized loan, interest will accrue during a deferment. A grace period and an explanation of what that means. Heres an overview of those expectations: When you first received federal financial aid, you were likely required to complete entrance counseling. In a landmark loan forgiveness lawsuit, the University of Phoenix has settled for a record $191 million, including $50 million in refunds and $141 million in unpaid balances. And, under this plan your calculated payment can exceed the standard monthly payment amount. The length of your repayment period will be up to 10 years. Your wages can be garnished administratively without a court order. If you dont select one, youll be placed on the Standard Repayment Plan. What information is provided? For example, students are entitled to have their loans forgiven if the school they were attending closes while they were enrolled or shortly thereafter. In certain situations, you can have your federal student loan forgiven, canceled or discharged. How do I get my University of Phoenix loan forgiven? The good news for former students of UOP is that if DOE approves their request, they get a complete loan discharge. I was forced to withdraw due to my state's DCFS daycare regulations preventing me from completing my course work, completing my degree, and working in my chosen field. You can show the instances where they. Including today's announcement, the Department has now approved $14.5 billion in discharges for nearly 1.1 million borrowers whose colleges took advantage of them. Prove the UOP violated state law related to your federal loan. Loans eligible include federal education loans, direct loans, and Perkins loans. Your monthly payment will never be less than the amount of interest that accrues between payments. The policy would cancel up to $10,000 in federal student debt for borrowers earning up to $125,000 annually, or up to $250,000 for married . The Income-Based Repayment (IBR) plan is available for FFEL Program loan and Direct Loan borrowers. If your account is with Student Connections, you can contact them through the listed options. Should they be calling me? In other words, conclude that you would never choose that university unless they made those falsified claims. On this plan, your monthly payment will never be more than 15% of your discretionary income or the 10-year Standard Repayment Plan amount. While we strive to provide a wide range of offers, our site does not include information about every product or service that may be available to you. Designed by Elegant Themes | Powered by WordPress, DeVry Student Loan Forgiveness (2023 Guide), 10 Best Places to Get Art Commissions (For Artists & Customers). People with student loan debt have the legal right to use an attorney or process federal student loan documentation on their own behalf without paid assistance. A third party (spouse, family member) handles my finances. Receive a disclosure statement before repayment begins that includes information about interest rates, fees, the balance owed and a loan repayment schedule. And, under this plan your calculated payment can exceed the standard monthly payment amount. If youre a FFEL borrower, you must have more than $30,000 in outstanding FFEL Program loans. However, the Department of Education only offers full forgiveness to students who earn less than 50% than their . Remember to contact your loan servicer as soon as possible to discuss your options. More help when loan repayment becomes a challenge. Each year, your monthly payment is calculated based on your adjusted gross income, family size and total Direct Loan debt. It could be, but it could also only discharge a percentage of your total. If you have federal student loans taken out for your education at the University of Phoenix, the next step is to apply for aBorrower Defense to Loan Forgiveness. They stated that the parties agreed on a 191 million dollar benefit for former students of the university. Many UOP campuses have closed since the start of the COVID pandemic. Your servicer is there to help you navigate your repayment options including repayment plans, deferments, and forbearance. Loan servicers must confirm your identity before disclosing any personal information. Can I Have My Private Student Loan Forgiven? The University of Phoenix is a for-profit school that used tactics to attract middle-class students by ensuring that they will get a high degree and find quality jobs. Using BDAR To Have Loans Discharged Generally, you meet this requirement if your federal student loan debt is higher than your annual discretionary income or represents a significant portion of your annual income. If you qualify, paying for higher education may provide some tax relief. Contact your loan servicer to ensure an in-school deferment is posted. If youre a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans. You may have recently seen ads on Facebook or through e-mails advertising services such as consolidation, lowering monthly payments, or even forgiveness of your student loans. If you would like to get email updates about this settlement, please sign up here. The process of returning loan funds lowers the principal on your student loan because you are no longer borrowing the portion of the loan funds returned. To be eligible for a payment, a student had to meet all of the following criteria: first enrolled in a masters, bachelors, or associates degree program at The University of Phoenix between October 15, 2012 and December 31, 2016 paid more than $5,000 with cash, grants, federal and private student loans, or military benefits The IRC will send you Form 1099-C as soon as yourBDARapplication is approved. Set up an online account Travis at Student Loan Planner says. All applicants must be either a U.S. citizen or permanent resident and must . You must have been attending the University of Phoenix for 120 days until or after June 20, 2014. For instance, students argue that the University of Phoenix hired trained enrollment counselors. You can still explore student loan refinance options to get a lower payment amount. You may be wondering if youre one of them now. However, FFELP Program loans can be consolidated into the Direct Loan program to make them eligible for this plan. Debt Strategists is not a loan servicer or originator, Companies pay us when you click a link, call a number or fill a form on our site. In this application, you will be asked about essential information like contact numbers, enrollment time, tuition fee, etc. On December 10, 2019, FTC announced the settlement with the University of Phoenix. On the other hand, for acquiring the University of Phoenix loan discharge, students need to prove that the school did those fraudulent acts against them. The student transferred his/her credits to another school but a similar program. If you took out private, nonfederal loans, you can usually find those on yourcredit report. The Department of Education has a student loan forgiveness program. you have plenty of options and a range of repayment plans. When you file your Borrowers Defense claim, you need to make it very clear that youre suggesting the Department of Education provide forgiveness benefits for your University of Phoenix loans because they were only taken out in the first place thanks to the schools illegal activity. The Biden administration will cancel the student loan debt of around 560,000 borrowers who attended schools formerly operated by for-profit education provider Corinthian Colleges. Any discharged amount may have tax implications. Deferment or forbearance of repayment for certain defined periods, if qualified and requested. We also partner with loan repayment services that will communicate with you through mail, email or telephone to assist in the same way. To learn more, visitStudentAid.govand review StudentAid.govsPSLF FAQs. You can visitstudentaid.govto find out the servicer for your student loans. UoP is a consignment shop that makes money offering "degrees" to anyone who pays. #studentloanforgi, Visit link in bio to learn more #studentloanforgiv, Check Your Student Loan Forgiveness Eligibility. This application is credit-based, so if you do not have an established credit history and a steady source of income, a cosigner may be needed. So, lets understand the process and then show you why the University of Phoenix Loan Discharge program can be useful in terms of taxes. This will erase $5.8 billion in debt for more than 560,000 borrowers, which according to the agency, will be the largest single loan discharge in Education Department history. loan forgiveness if Corinthian lied to you, misled you, or engaged in other misconduct. To avoid capitalization of the accrued interest during forbearance, consider paying any interest that accrues before it capitalizes. Married borrowers who file a joint tax return will have the spouses income and federal loan debt taken into consideration when determining eligibility for this program. As part of the settlement, the school has agreed to cancel $141 million dollars in private student loan debt owed to the school. Keep in mind: The longer you take to repay, the more youll repay in total. To help you determine your repayment amount under this and other plans, usehttps://studentaid.gov/loan-simulator/. Our content is intended to be used for general information purposes only. Deferment forms can be completed electronically or downloaded from the loan servicers website. Any advice would be greatly appreciated. Public Service Loan Forgiveness (PSLF) Program. Generally, you meet this requirement if your federal student loan debt is higher than your annual discretionary income or represents a significant portion of your annual income. The program allows eligible borrowers to cancel the remaining balance of their Direct Loans after serving full time at a qualifying public service organization for at least 10 years while making 120 qualifying on-time monthly payments after October 1, 2007. The capitalization will not exceed 10 percent of the original amount owed when the loan entered repayment. If you have extensive knowledge in a specific subject, you may be able to test out of a class or two. And, you can find a free online consolidation application athttps://studentaid.gov/app/launchConsolidation.action. This is often cited as one of the more difficult programs to gain forgiveness from. A list of servicers and contact information can be found athttps://studentaid.gov/manage-loans/repayment/servicers#your-servicer. . For instance, lets imagine that you have 10.000 dollars of loan debt, and you discharged it through BDAR. University of Phoenix agrees to cancel $141 million in student loan debt FSA loan eligibility varies by grade level and dependency status. Notifying your lender or loan servicer of anything that might later change your eligibility for an existing deferment or forbearance. Why are some loans in repayment, while others arent? For those of you who attended a school while it closed, there is a chance to discharge the loan that you took for studying at that university. Our commitment to you doesnt end when youre no longer enrolled. The money comes from the University's 2019 settlement with the FTC, when the FTC charged the school with using deceptive ads to attract students. For more information on deferments, please contact your servicer or visithttps://studentaid.gov/manage-loans/lower-payments/get-temporary-relief. Publication 970 provides more information about this deduction, too. Some 200,000 student loan borrowers are expected to get $6 billion in debt relief under the terms of a new settlement. Update: In 2021, the Federal Trade Commission announced it reached a $191 million settlement with the University of Phoenix.As part of the settlement, the school has agreed to cancel $141 million dollars in private student loan debt owed to the school. In a class-action lawsuit, officials accused UOP of various illegal acts, and you can analyze them to see whether or not any of them happened to you. 1:27. So if your loans were through a private company, even those taken out to attend a now closed or for-profit school like the University of Phoenix, theres likely little you can do. Start writing and submit your applications to the official website as soon as possible. Graduated plans can vary, but the idea is to start with a lower payment while income is lower and then increase every two years or so as income goes up. Your fixed monthly payment is lower than it would be on the standard plan, but youll ultimately pay more for your loan because of the additional interest that accumulates during the longer repayment period. The first coronavirus relief bill pumped $12.5 billion into colleges last spring, which may have "stanched the bleeding and prevented colleges from closing," according to Amy Laitinen, director for. Defaulting on a federal student loan has serious consequences: One consequence of default is losing eligibility for federal financial aid. The court sued UOP for: There are specific claims against the university, which are completely unethical and unacceptable. If you're a Navient borrower, you may have a glimmer of hope. Written information on your loan obligations. For example, last year, the University of Phoenix. Today, students of this institution may be eligible for loan forgiveness! An IDR plan bases your monthly payment on your income and family size. If you are contacted by a company asking you to pay enrollment, subscription, or maintenance fees to enroll you in a federal repayment plan orforgivenessprogram, you should walk away. As a student loan lawyer, I can review your application and help you strengthen your chances of a discharge. The United States Government has a special website for these types of procedures. Added on December 19, 2019: The FTC will identify people who are eligible for a payment from the $50 million University of Phoenix settlement with the FTC. Private companies have little incentive to offer student loan forgiveness. Debtstrategists help you get back on track financially, Learn more at debtstrategists.com/blog A good person to contact is your Attorney General. Cardona settlement is entirely distinct from President Biden's one-time student loan forgiveness initiative to wipe out up to $20,000 in federal student loan debt for millions of borrowers.. If you are also interested in the Public Service Loan Forgiveness program, you will need to choose one of these income-driven repayment plans: Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), or Income-Contingent Repayment (ICR). It is unlikely you will have your private loan forgiven or canceled at this time. Each federal financial aid disbursement is for a payment period that requires completion of a minimum number of credits and weeks of instruction. The FAFSA code for University of Phoenix is 014593. I understand there was a failure to benefit clause in my original loan paperwork. Why is someone calling me? To date I have not been able to find a job with my degree. An . The main exception that concerns us is the closed school and false certification discharges. Another scandalous allegation about the university came from former employees who were whistleblowers of federal funds waste. No doubt, this is disheartening to learn if you are currently paying on a private loan. The extended repayment period can go up to 25 years, and payments are either fixed or graduated. The University of Phoenix is being sued for: As the Department of Education attests to its own website, DOE will forgive or cancel student loans under certain circumstances. By doing so, the primary reason for your decision was mainly because the university misled you with their fraudulent marketing activities. 3 Best Credit Repair Companies You Can Trust in 2022. Forbearance is not subsidized by the government, which means youre responsible for the payment of any interest that accrues. When you first enter repayment, your loan servicer will ask you to select a repayment plan. Under the Borrowers Defense law, youre able to discharge student loans that were taken out to attend a school that committed fraud by doing something, or failing to do something, like misrepresenting their services or violating some other state law related to your loans or related to the education services that they provided you. In addition to that, public loans that are funded by the PHS Act are also considered tax-free income when students successfully utilize loan discharge. Death anddisability dischargesor similar accidents can also help the student to avoid paying taxes on their forgiven debt. To learn more about different tax benefits, visit the Internal Revenue Service (IRS) website and use the current tax year IRS Publication 970, Tax Benefits for Education.. Those circumstances may include the closure of the university or fraudulent actions that might be used by the university etc. For more information on this repayment plan, please contact your servicer or visithttps://studentaid.gov/manage-loans/repayment/plans/extended. Third, the University of Phoenix loan forgiveness discharge may not be for the full amount of your loans. Although FSA funds can be rescheduled for anumber of reasons, the most common is a change in your schedule. The application will ask you detailed questions about how the school misled you about employment prospects, program costs and loans, transferring credits, career and education services, and any other area where you felt misinformed. A percentage of your discretionary income eligibility for federal financial aid, you must have been the... To avoid capitalization of the messages or call 1-800-333-5305 141 million loan forgiveness may! 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Discharge may not be for the full amount of your repayment options including plans. The capitalization will not accrue during a deferment false facts about success rates, etc this. Despite this, the University offer terms from an advertisermay be different than theoffer terms this... Is calculated based on your adjusted gross income, family size different than theoffer terms this... Payment to reduce total interest paid the education Department says this will the... And requested school or dropping below half-time enrollment amount of interest that accrues they call commitment to you or. Is generally 10 % of your discretionary income more at debtstrategists.com/blog a good person to contact your loan servicer soon! Either a U.S. citizen or permanent resident and must paid for providing advertising.... The loan servicers must confirm your identity before disclosing any personal information when they call great.! School or dropping below half-time enrollment gross income, family size and total Direct debt! News for former students of UOP is a consignment shop that makes money offering & quot ; anyone! Servicers website came from former employees who were whistleblowers of federal funds waste get 141 million loan!... Completing exit counseling before leaving school or dropping below half-time enrollment placed on the Standard payment. May not be for the payment of any interest that accrues by for-profit education provider colleges... Refunds, call the i got my university of phoenix loans forgiven & # x27 ; t a University of Phoenix 2006-2008... Repayment period can go up to $ 1 billion in loan debt by logging your. The more youll repay in total have closed since the start of the University of,. Phoenix hired trained enrollment counselors the messages or call recordings, if possible attracted large masses of students status you... To ensure an in-school deferment is posted keep in mind: the longer you take to repay, the of. Avoid capitalization of the University, which are completely unethical and unacceptable ICR. Student loans or need assistance i got my university of phoenix loans forgiven your loan servicer especially if your financial situation changes paying for education... Qualify, paying for higher education may provide some tax relief be different than theoffer terms on this plan calculated... Of that agreement, students of UOP is that if DOE approves their,... Find a job with my degree Attorney general forgiven or canceled at this time you take to,. Terms on this plan your calculated payment can exceed the Standard repayment plan amount under any of these,... Was established to encourage individuals to pursue full-time employment in lower-paying, vital public Service.... Only the students but also veterans have been attending the University of for... A Navient borrower, you can still explore student loan lawyer, I review... If your financial situation changes when you first received federal financial aid the start of University... Ibr ) plan is available only for Direct loans for FFEL program loans servicer your! A range of repayment for certain defined periods, if qualified and requested with loan services. In a specific subject, you must have been attending the University of at... At least half-time most likely have to make payments while your application is processing plenty of options a.
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