$147k in student debt. Trying to refinance. PLEASE help. Student Loans |
- $147k in student debt. Trying to refinance. PLEASE help.
- A (probably over-asked) question about re-financing...
- Senate Committee Hearing at 10 AM to simplify aid
- SoFi Prepayment
- Navient Student Loan Settlement Payoff?
- How does the US Congress set student loan interest rates?
- Explaining available student loans for graduate students..
- US Bank student loan forms from 2009-2011?
- Got accepted into a foreign medical school. Can and How do i defer my undergrad loans?
- Ferguson wants changes to student loan repayment
- Recently Married: Wife with 48k+ In Student Loan Debt
- I received this letter in the mail from William & Fudge, INC. how do I respond? (Time Sensitive)
- Student loan help for soon-to-be blind...
- Denied Student Loan Deferment
- Accumulated interest vs. interest rate
| $147k in student debt. Trying to refinance. PLEASE help. Posted: 28 Nov 2017 04:16 PM PST Hi everyone. I am in a bit of a pickle. I went to a 4 year school after high school. Got myself in some serious debt (40k a year. 160 roughly total). I made some dumb choices, but now I need to make a smart choice. PLEASE feel free to leave any advice First i'll give you my loan details: Discover loan: (Pay off date March 3, 2031) interest rate: 9.875% (variable) monthly payment: $591.42 Total payment: $52,676.53 Sallie mae 1: (Pay off date 2031) interest rate: 7.750% (variable) monthly payment: $ 452.99 Total payment: $45577.70 Sallie Mae 2: (Pay off date 2031) interest rate: 9.250% (variable) monthly payment: $533.16 Total Payment: $49367.00 Totals: Avg. Monthly rate: 8.96% (variable) Avg. monthly payment: $1577.57 Total Remaining: $147,621.23 Sofi Refinance Offer: 15 year loan (179 monthly payments) Loan amount: $148,140.92 interest: 6.50% (fixed) Finance charge: $84,143.68 Total of payments: $232,284.60 monthly payments $1290.47 Now, I am currently affording my payments but I mean $1,600 is a lot to pay a month! Ideally, If I accept the Sofi offer, I will continue paying what I do now to decrease the principal faster.(1500-1600) The finance charge is what I dont quite understand. It brings my total to almost a quarter mil. WHAT!?! I am also trying to figure out what saves me money in the end. Does anyone have any advice for me? Am I better off accepting the refinance offer? Should I continue making the payments I am now and hope my parents dont kick me out? All advice is accepted. Thanks in advance! [link] [comments]  |
| A (probably over-asked) question about re-financing... Posted: 28 Nov 2017 07:57 PM PST I've got about 27k in student loans left to pay off (all Stafford loans) and between the 5 loans, 4 of them are at 6.55% and 1 is at 5.75%. At current rate, I'll have the loans paid off in 4 years. I'm wondering if it's a good idea to refinance my loans. I know my rates are less than what some of my old (already paid off) loans are (had a couple at 7.8% and 9.5%) and what a lot of my friends have, but if I can get the rates lower than they are I'd like to do that. My fear, however, is that the rate may go up. I'd love to hear some advice or thoughts on what others have experienced. I've done some reading on this sub about this already but haven't found anything to shed light on my situation. Appreciate the help! [link] [comments]  |
| Senate Committee Hearing at 10 AM to simplify aid Posted: 28 Nov 2017 06:57 AM PST If anyone wants to listen in you can find it here https://www.help.senate.gov/ It's going to be mostly on the FAFSA simplification but I'm going to listen in just in case. [link] [comments]  |
| Posted: 28 Nov 2017 11:55 AM PST I've been doing a ton of research on refinancing my student loans. I was about to sign with SoFi for a rate over 1% lower on my 60k student loan debt. I went with a 10 year plan in order to keep my payments low. I could afford the 7 year payments but I wanted to keep my minimum payment lower and only pay higher amounts as long as I have the same financial situation in the future. There is a chance I may need a car payment in a few years or maybe an increase in rent. These are things I wanted to keep in mind by keeping my minimum monthly payment at 667 (10 yr plan) versus 898 (7 yr plan). I could afford the 7 year payment, but as I mentioned I'd like to have the wiggle room and just overpay as long as I can afford it. This all seemed like a fine and dandy plan and I was about to sign but then I read something in the fine print: "If you pay the loan off early, you will not have to pay a penalty. You will not be entitled to a refund of part of the finance charge" The finance charge is $18,135.13 and it is the interest that will accrue on the loan over the 10 year period. The way this reads to me is that paying off my loan early will not save me any money, I will still be paying the same 10 year interest on the loan no matter what. This really makes me question refinancing now.. The whole reason I wanted to refinance was to be able to pay off my loans earlier but keep a lower minimum payment. This seems to take away any benefit of paying off my loan early. Does anyone have any comments or advice on this? Now I'm really stressing out. EDIT I just read too much into the fine print. The quotation I copied above from the agreement just simply states that you are not entitled to getting a refund on past payments simply because you overpaid the next month. It in no way implies that you cannot make over payments to decrease your principal. My mind was blown there for a little bit. Refinance signed! Good luck guys. If anyone stumbles upon this and is in the market for a student loan refinance and needs some guidance.. Feel free to reach out to me. I've been researching and negotiating for over a month. [link] [comments]  |
| Navient Student Loan Settlement Payoff? Posted: 28 Nov 2017 07:04 PM PST I am settling a loan in default with navient for 37% of the current balance. Basically will end up paying $5,000 in interest due to past payments, settlement versus the original loans. Navient is telling me I need to pay by phone and I have a settlement letter. Is paying on the phone by check okay to do so? I don't trust them at all so looking to cover my ass. They also told me you can't pay by credit card. [link] [comments]  |
| How does the US Congress set student loan interest rates? Posted: 28 Nov 2017 06:10 PM PST I understand they use the 10-year Treasury note + spread. Do we have any visibility into how that spread is calculated? [link] [comments]  |
| Explaining available student loans for graduate students.. Posted: 28 Nov 2017 04:48 PM PST Hi guys! I'm confused about federal student loans for graduate school. How much can I take out per year/semester in FEDERAL loans? [link] [comments]  |
| US Bank student loan forms from 2009-2011? Posted: 28 Nov 2017 04:44 PM PST Does anyone have or know how to find old student loan application forms for US Bank? Looking for ones from 2009-2011 as the form changed templates in 2012. [link] [comments]  |
| Got accepted into a foreign medical school. Can and How do i defer my undergrad loans? Posted: 28 Nov 2017 04:11 PM PST I got accepted into a ECFMG recognized medical school in colombia,I quit school about two years ago and I have defferred my payments since then i was not working. It was subsidized and unsubsidized loans totalling 30k, navient handles the loans. Every few months they send an email asking for deferment . I was wondering since now I am in a medical program they could defer the loans until I finish school? [link] [comments]  |
| Ferguson wants changes to student loan repayment Posted: 28 Nov 2017 08:33 AM PST Sarah Fay Campbell Congressman Drew Ferguson has introduced legislation making major changes to student loan repayment plans - including doing away with time-based loan forgiveness for lower-income borrowers. The "Help Students Repay Act" affects the various income-driven repayment plans, and, if passed, would only apply to new loans. Ferguson's legislation, House Resolution 4372, does away with an abundance of student loan repayment options and allows only two: the standard, 10-year repayment plan and a single income-based plan. Currently, borrowers making loan payments under the five existing income-driven plans make payments for 20 or 25 years - depending on the specific repayment plan. After that time, any remaining loan balance is forgiven. Ferguson's plan does away with the time-based loan forgiveness altogether. Instead, borrowers would be responsible for paying the entire loan, but interest would stop accruing after 10 years, according to Ferguson's staff. The plan doesn't affect public service loan forgiveness, or other loan forgiveness options. "Our current student loan repayment process is too complex, which only makes it more difficult for borrowers to successfully repay their loans," Ferguson, R-West Point, said in an emailed statement. "We must empower borrowers to make active progress towards repayment. My bill would simplify the repayment process and give borrowers the opportunity to pay down their loans based on their income, reducing their risk of default." Ferguson was asked why he wants to do away with the time-based forgivingness. Forgiveness "does not incentivize student borrowers to make significant progress on their loans, when they know that once they reach an arbitrary cut-off year, all borrowers funds will be forgiven," he said. "And time-based forgiveness certainly does nothing to put downward pressure on the very real problem of rising college costs, when institutions know that students can borrow past their means." Capping the interest after 10 years "gives borrowers a better likelihood of paying down the principle on their loan, rather than simply paying down interest that continues to accrue until the loan is forgiven." According to the congressman's office, the repayment amount of a loan will be the same whether it's under the 10-year standard plan or the income-based plan. The actual language of the bill states that interest will cease accruing "after the borrower has made payments… in an amount equal to" the amount the borrower would have made based on a 10-year repayment plan, plus any capitalized interest. Members of Ferguson's staff checked with legislative counsel after being asked whether the bill caps interest after 10 years or only after the original principal and interest have been paid. The staffer said that the legal experts assured her the legislation caps interest after 10 years. Under the legislation, borrowers on the income-based plan would have payments set at 15 percent of discretionary income. The plan calculates discretionary income as federal adjusted gross income minus 150 percent of the poverty level. Currently, some income-driven plans set payments at 15 percent of discretionary income while others set the payment at 10 percent. Before the legislation was introduced, surveys on the issue were sent to everyone on the congressman's email list. There were approximately 3,000 responses, according to the congressman's office. [link] [comments]  |
| Recently Married: Wife with 48k+ In Student Loan Debt Posted: 28 Nov 2017 08:54 AM PST Married this past July. My wife has just over 48k in student loan debt, a bulk of which are from a federal lender Nelnet and one private loan from Chase. She is currently employed and may be eligible for PSLF at her current job as a nurse. The current break down of her loan structure is as follows: Loan A $ 2,473 3.28% Loan B $ 5,481 6.8% Loan C $ 8,143 6.8% Loan D $ 370 6.0% Loan E $ 9,946 6.8% Loan F S$ 4,763 6.8% Loan G $ 2,234 3.86% Loan H$ 3,271 3.86% Loan I$ 3,501 4.29% Chase Studen Loan $7,989.80 3.48% I have a couple of questions that I would love some input on. Should I: A.) Try to refinance the higher interest rate loans through sofi or someone else, while gradually making bigger payments on those? B.) Consolidate all of her federal loans to an interest rate of about 5.9% and try to get her to qualify for PSLF? She seems content that she will continue to work as a nurse for the next 10 years for at least 30 hours a week. C.)Refinance all of her loans except for the Chase loan through Sofi and just gradually make lump sum payments. (I.E. $2,000+ a month) In addition to this, I am thinking about filing for my taxes "married but filing separately". I make about 135k a year and her about 60k a year, I know that by filing jointly she may not be eligible for PSLF. Any comments are greatly appreciated. [link] [comments]  |
| I received this letter in the mail from William & Fudge, INC. how do I respond? (Time Sensitive) Posted: 28 Nov 2017 09:54 AM PST I received this letter in the mail from William & Fudge, INC about a student loan unfamiliar to me. According to letter I have 30 days to respond, otherwise the debt is legitimate to them. The last thing I want is a judgement against me and my wages garnished. Is it safe to ignore this letter or how do I go about responding and rectifying this before it's too late? [link] [comments]  |
| Student loan help for soon-to-be blind... Posted: 28 Nov 2017 07:44 AM PST A friend of mine just graduated from an Indiana private college and is legally blind. He will soon be completely blind in a couple years due to his condition worsening. Are there any options for him in terms of student loan assistance? I'm not sure where to start looking to help him out... [link] [comments]  |
| Posted: 28 Nov 2017 07:42 AM PST So...my grace period ends 12/1 and my first payment is due 12/8. I have already applied for economic hardship deferment and still have not heard back from my lender. They said it would only take 7-10 days to hear back. So I guess my question is, other than accruing interest and possibly affecting my credit score, what will happen if (upon denial) I just don't pay. I mean, they're already a debt collecting agency, so I assume they'll just keep calling and I'll keep telling them I can't afford that payment. Any advice or suggestions? I'm losing my mind a bit. [link] [comments]  |
| Accumulated interest vs. interest rate Posted: 27 Nov 2017 06:53 PM PST Quick question. Should I pay back my loans that acquiring the most interest first, then tackle the loans with the higher interest rate second? [link] [comments]  |
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