Goodbye Great Lakes! Student Loans |
- Goodbye Great Lakes!
- Mom finally told me what she is paying for my sisters student loans, She is paying more than half her income a month. Income driven repayment questions.
- Just want to express my gratitude to this sub & all of you kind souls on it
- Crushed by Debt
- Beware Fedloan Direct Debit if you may be in a past due status.
- [US / Medical School] Is there a limit to private student loans on top of federal graduate loans?
- loans being paid by garnishment -- should I change that?
- Thinking about changing to an Income-Driven Repayment plan
- PAYE with PSLF when recently married
- Can't find this answer anywhere: when on IBR plan, is there any penalty to paying more than the monthly payment?
- PSLF question, whether I'm making qualifying payments or not.
- Stafford loan question-deferment while retaking classes
- Taking a lower monthly payment so I can prepay against principal
- Is there a way to pay back my monthly balance just off my debit card quick? Thanks!
- Pay tuition or pay on current loan?
- Finally paid off all of my loans. How much interest did you pay on total?
| Posted: 05 Jan 2018 03:46 PM PST Just plopped down the payoff amount for my only private student loan! Great Lakes was my loan servicer for 1/3 of my loans and just increased my variable interest rate by ~0.5%. I had been saving up and finally pulled the trigger! I feel 1/3 less stressed now :) [link] [comments]  |
| Posted: 05 Jan 2018 02:34 PM PST A quick summery of my sister student loan situation. My sister went to a four year school that cost $175,000, mother took out parent plus loans for all of it. Sister has been out of college for two years now and I've always asked how she handing the loans and always got a response of shes paying them. I just found out this week that all the loans where parent plus and my mom has been paying them. My Mom is retired and is on fixed income of about 1700 a month. Thankfully my step-dad who is also retired brings in enough to cover most of their expenses but they still have to dip into savings to live. In April of last year my mom and sister consolidated the loans, thankfully they did it right and consolidated with the Feds and not a private bank. Current payment for the student loans is about 1200 a month(Graduate repayment plan). Total gross for my moms income is about 20k a year gross for my step dad is about 33k. My wife and I are both college students that will have to start our loan payments soon so I've done some research into IDR. I am heading over to my moms house on Sunday to help start the IDR process but I have a few questions.
Thanks for the help [link] [comments]  |
| Just want to express my gratitude to this sub & all of you kind souls on it Posted: 05 Jan 2018 02:06 PM PST If I hadn't found this sub I would probably float around for the next 5 or so years, paying the IBR payments and going to graduate school before realizing my ideology about my student loans was severely misinformed. We all have student loan debt (for the most part) here in the US, but I had always said since I went to art school I was prepared to pay them for the rest of my life. I didn't understand how they worked, I didn't even fill out the information. My parents did it all for me, they just wanted me to do what I wanted. And to make my own mistakes and learn for myself. Since graduating 3 years ago I've only been gainfully employed for one, and while I'm pretty good at saving and I pay every bill on time I was waiting for someone to tell me what to do. It was time for me to grow up and take it into my own hands. No one was going to solve this for me. I realized if I continued to live like this I will be racking up that interest, and my 45k loan would grow bigger and bigger. That I'd add even more on top with graduate school, and then I'd be stuck paying it all off for the rest of my life. As dumb as it sounds I never even thought to just pay it all off in 1-2 years. I couldn't imagine that was possible. But it fucking is. And I'm gonna do it. So thank you. To everyone on this sub for the tough love, and for helping me actually understand my loans. And for possibly saving my financial life. :) Becoming conscious and taking my life into my own hands feels scary, but good. At 25 years old I can still fulfill my goals and killing this loan is my top priority for 2018. And probably 2019. And maybe 2020.. [link] [comments]  |
| Posted: 05 Jan 2018 11:26 AM PST Hello fellow student borrowers, Im 25. I've been out of college for about 2 years and I've been at a decent job for a year or so. My issue is that I pay $900/mo in student loans. ($600 for private, $300 for federal). It's killing me. It used to be $1200 but that god I refinced for a lower rate. Now I will say this is for a 10yr loan. So I guess I could push it to 15 or 20 for a reduced price, but I'm not sure. Could anyone give me any advice? I'm not sure if there's a way to lower my payments, or maybe I should just push my loan to 20yrs so I can pay a bit less? I have like $100k in loans and I make $45k/yr. Not the best ratio there... I still live at home and would like to move out of my parents house before they do... Any advice? Thanks in advance. [link] [comments]  |
| Beware Fedloan Direct Debit if you may be in a past due status. Posted: 05 Jan 2018 04:51 PM PST I have direct loans with Fedloan and an unfortunate series of events caused my interested to capitalize. I was/am on a IBR plan paying 40 bucks a month. My student loan payment slipped my mind in December and I realized on the 20th that my bill due the 15th had not been paid. No big deal, I would just pay it. I went on the website, made the payment as normal. Then I thought to avoid this in the future, I would place my accounts on direct debit. Here's where they trap you. Although I "made a payment", it takes days to take effect since its an ACH payment. So I was still technicaly past due when I applied for direct debit. 2 weeks later I get a letter informing me of a 2 week general forbearance and an interested capitalization of $469.27 unless paid on the 14th of January. I called to inform that I did not request or authorize this forbearance and was rudely informed by the Fedloan representative that I DID in fact authorize it in fine print when requesting direct debit. Apparently there is a statement in the direct debit terms which states that if you are in a state of delinquency at the time of the direct debit application (past due - even by 5 days), you authorize Fedloan to place your accounts on forbearance and capitalize your interest. I am sure they know most people who have not signed up for direct debit and later sign up do so because they just recently forgot to make a payment the month before, which means by more than a likely chance they are delinquent. Wonderful backhanded way to get people to authorize an interest capitalization without even realizing it. Of course, in the end I'm responsible for not reading the fine print. I was told there is nothing to do about the capitalization and just have to deal with it. Question is, should I pay the interest now or should I let it capitalize? I can't find a calculator online that shows how much more I would pay with a 400 dollar capitalization but its not much. I am planning to do PSLF but with how badly student loan servicers seem to manage things I'm getting closer to just brute forcing the loans by making high payments every month. any advice? PS. Another question - since interest will be capitalized anyways, would consolidation of my loans affect my PSLF by "resetting the clock"? [link] [comments]  |
| [US / Medical School] Is there a limit to private student loans on top of federal graduate loans? Posted: 05 Jan 2018 04:05 PM PST Hello! I'm currently enrolled in a medical school, and have to take out maximum loans for myself and my family each semester (which I'm fine with, I understand the commitment I made). What I'm here for advice for is that I had a couple of emergency medical problems and a pipe-burst issue in my home during the summer that amounted to combined total of ~$8,000. I have it all on a credit card right now, but I was wondering if I am able to take out additional private loans on top of the GradPLUS and Stafford Loans (~$28,000 a year to live on minus tuition)? I keep reading online about loan maximums and such, and I don't want to screw myself in a year or two from now by "hitting the maximum borrowed" or something. Or would it be more beneficial for me to just pay the monthly minimum on the card and charge nothing else to that existing card ($10,000 limit; other credit cards with $0 on them with combined $15,000 limit). Credit Score is 780 FWIW with a great credit history prior to medical school (8+ year history of good credit). The biggest negative on my credit is my accumulating medical school debt, other than that I have all cards paid on time for the past 8+ years, one vehicle completely paid off, and one vehicle with low monthly paid on time for the last three years. Thank you! [link] [comments]  |
| loans being paid by garnishment -- should I change that? Posted: 05 Jan 2018 01:31 PM PST I took out $40,000 in grad school loans between 2004 and 2006. After graduating, I wasn't able to get steady work, and quickly defaulted on my loans. They sat, probably accruing fees and interest -- my anxiety and hopelessness at the time was enough that i didn't even keep track of them, and ignored the calls from collectors. In 2012, I started at entry level with a job in a new field. At some point in the first year or so, my employer was contacted by a collector who was able to prove that they held my loan. They put a 10% garnishment on my salary and the collector calls stopped, which meant that I've barely thought the loans about since my employer first mentioned the garnishment. Cut to this week, when something spurred me to get a Federal Student Aid login and check the status. Between the 4 loans, I only owe $10k, with $18 of outstanding interest. My garnishment covered $15k in payments for 2017 -- my question is, should I allow that to continue for this year? Or is there some benefit in tracking down the company that owns my loans, and establishing a payment plan for the last $10k? Not sure if one option is better than the other for credit scores, etc. My loans still show as in default on the FSA website, I guess because I haven't actually been making payments or working with the collector myself. Thanks! [link] [comments]  |
| Thinking about changing to an Income-Driven Repayment plan Posted: 05 Jan 2018 11:18 AM PST I've been repaying my student loans on the standard repayment plan since Nov 2013. I work full-time with a salary of $67,500. My original thoughts were to take the hit and suffer through the high monthly payments in order to pay the loans off as fast as possible. However, I have recently been reconsidering. I've been able to make the payments each month, but at the expense of being able to sufficiently save. I would like to get married soon, which I don't see as financially doable (ring and wedding) while paying so much to my loans. I've read into the various Income-Driven Repayment plans, and I must admit that I find it difficult to weigh all of the different factors to determine which one will be the best fit. Is it wrong to just take whichever one offers the lowest monthly payments? Also, is it necessary to consolidate all fed loans before switching to an income-driven plan? Here is a summary of the loans that I have: FedLoan Balance: $59,384.10, monthly payment of 817.42, mix of grad and undergrad, first dispersed 8/2010 ○ Direct Unsub Stafford Loan, 20,428.93, 5.31% ○ Direct Unsub Stafford Loan, 16,705.70, 6.8% ○ Direct Student Plus Loan, 1,846.07, 7.9% ○ Direct Sub Stafford Loan, 6,525.64, 6.8% ○ Direct Unsub Stafford Loan, 10,514.19, 6.8% ○ Direct Sub Stafford Loan, 531.97, 4.5% ○ Direct Sub Stafford Loan, 281.89, 4.5% ○ Direct Unsub Stafford Loan, 2,395.76, 6.8% Chase Undergrad Loan - 4,777.67, 3.75% - Monthly Payment: 34.16 - Expected Payoff: 8/14/2033 Earnest - 9,635.42, 5.14% - Monthly Payment: $255 - Remaining Terms: 6/13/2021 [link] [comments]  |
| PAYE with PSLF when recently married Posted: 05 Jan 2018 06:44 PM PST Hey all, I'm hoping someone can help me out with this. My partner and I got married in September. For the past few years, I've been making consistent payments under the PAYE plan while working a state job that qualifies for PSLF. I submitted my renewal form for PAYE and my payments are now about $25 a month, based on the fact that I'm married now but my most recent tax return shows me as single. I had been paying $105 prior to this recertification and getting married. My question now is how being married will impact this all going forward. If we file jointly, my income won't qualify for PAYE and my payments would be upwards of $400 which I absolutely could not afford. But I've read elsewhere (on the social work subreddit, various forums) that filing jointly would lead to us owing quite a bit in taxes. Does anyone have some advice and/or insight? [link] [comments]  |
| Posted: 05 Jan 2018 07:58 AM PST I need to enroll in an IBR plan, but I'd like to have the option to throw more at that monthly payment when I can. Is there any penalty for doing so? [link] [comments]  |
| PSLF question, whether I'm making qualifying payments or not. Posted: 05 Jan 2018 03:37 PM PST Up until December 16, I was making qualifying payments towards the program. That day I was let go from one of my two part time jobs (sad times), and since then I've been working an average of ~20 hours at my (now only) job. Good news, though, is that I've been offered a full time position at the place Ive had a part time job, and starting January 16, I will qualify for making payments for the PSLF program again. Until then I'll be working an average of ~20 hours, like I mentioned before. So with that information, how should I be filling out my forms? I already have one sheet signed from the place that I was fired, how should I have my other employer sign out additional sheets? Will I have made no qualifying payments for December and January because of the 4 weeks where I wasn't working at least 30 hours? Any help would be awesome! I'm excited to start working full time at a place where the PSLF is still an option for me, I'm just a little confused at how the paperwork will look now. [link] [comments]  |
| Stafford loan question-deferment while retaking classes Posted: 05 Jan 2018 09:35 AM PST Due to work conflicts I have not been able to take classes in the normal manner. Usually 1 or 2 per semester. Not a huge deal. However this means it has been some time since taking some of the prerequisite classes for some rather involved engineering classes. To make this worse the class schedules have been such I have not had an opportunity to take classes for the lase two semesters. So my question is this, if I retake these prereq classes (at least half time) am I correct in assuming it will (re)start the deferment? I understand that means the loans restart as soon as classes are over but I have no problem with that. Just paying for classes and paying on the loans at the same time. Thanks. [link] [comments]  |
| Taking a lower monthly payment so I can prepay against principal Posted: 05 Jan 2018 02:45 PM PST I recently graduated with my BS in civil engineering and have around $130k in private student loans. I have a good paying job out of college with room to move up. I'm in the process of trying to refinance my loans. I spoke on the phone with someone from the company i originally took out the loans with (NJCLASS/HESAA), as they have an in-house 10yr refinancing program that gives you an interest rate based on your credit score. To my surprise, instead of suggesting i do that, the person on the phone suggested i refinance through another company with a 20yr plan. He said that this would allow me for lower monthly payments, and since i can afford to pay the 10yr monthly payments anyways, I could just overpay every month and chip away at the principal. My question is, is this viable/possible? Should i specifically take the lowest monthly payments from someone like Sofi or Earnest or CommonBond, on a 20yr plan so i can overpay each month towards the principal? These companies have no prepayment penalties, and being able to chip away every month at a loan with a lower interest rate than my current one sounds appealing, but this advice seems like it has some catch I'm missing. can anyone help me out? feel free to ask questions if im being unclear. thanks in advance! [link] [comments]  |
| Is there a way to pay back my monthly balance just off my debit card quick? Thanks! Posted: 05 Jan 2018 08:18 AM PST |
| Pay tuition or pay on current loan? Posted: 05 Jan 2018 07:32 AM PST Quick question! I'm currently still in school but this upcoming fall I'll have about $4000 to pay towards school. My parents take PLUS loans for me and it'll be a joint venture to repay them. So my question is this; Should I pay $4000 on tuition and take a smaller PLUS loan (interest rates by then will probably be like 7%) Or pay it towards a current plus loan that has 6.83%, 22,000 in principal and has been growing in interest since fall of 2016. [link] [comments]  |
| Finally paid off all of my loans. How much interest did you pay on total? Posted: 04 Jan 2018 03:04 PM PST Original balance: $57,573 Paid off balance: $70,617.54 Total interest paid: $13,044.54 Is that "good" compared to the typical amount of interest paid over time until the balance is gone? I aggressively tried getting rid of it without giving more money through interest. [link] [comments]  |
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