How does marriage affect student loans? Student Loans |
- How does marriage affect student loans?
- I have to switch from IBR due to getting married - questions involving PSLF
- Last year's income (2017) is low (1.5k), this year's income (2018) will be high (55k, after taxes 39k). Should I use last year's 1040 as my proof of income for income-based repayment, rather than proof from my new employer?
- New Loan Taker questions
- Finally going to have some real income, need to figure out how to proceed with student loans
- First time visitor! College freshman looking to pay off debt ASAP as soon as I'm out of college.
- Is it possible to get a student loan with no credit history or without a cosigner?
- Nelnet is asking to start loan repayment next week when I graduated last month. What to do?
- Wondering if I should work on paying off student loans in full....
- Spouse's Private Student Loans Factored Into Income Based Repayment Options?
| How does marriage affect student loans? Posted: 06 Jan 2018 07:12 PM PST |
| I have to switch from IBR due to getting married - questions involving PSLF Posted: 06 Jan 2018 06:18 PM PST As stated above, I got married in 2017. My current IBR payment is about $125/month. I'm using the repayment calculator on studentloans.gov - it appears I won't be eligible for IBR when i recertify in June. It also appears the standard payment plan will be the cheapest option for me at about $200/mo. I am about 3.5 years into pslf - if I change to the standard payment plan, will it still count towards pslf, as my forgiveness date would come before the end of the 10-year repayment plan? The other payment plans are close to $300/mo, which I cannot afford on my lowly social worker income edit- I should add some of my loans are under direct consolidation, which I believe standard repayment on these does not qualify for pslf. The only other option for this set of loans is graduated, which also does not qualify for pslf. Wtf? Also I will not qualify for PAYE according to the calculator. [link] [comments]  |
| Posted: 06 Jan 2018 01:15 PM PST I moved somewhere new, and there are random expenses that pop up in the first few months--so for a maximum of 2 months, I'd like to pay a little less in student loans so I can buy some necessities; then I can switch to the regular 10-year payment plan, and I will be able to handle it. The reason I ask is because this feels like deception on some level--so I'm afraid of any possible legal/financial repercussions (e.g., the IRS coming for me or something). [link] [comments]  |
| Posted: 06 Jan 2018 06:10 PM PST Hello everyone, I recently started my B.S degree (transferred A.S for some pre-reqs) and had a few questions about the student loans. 100% revolving around interest. About me. I'm 22. I do not receive any assistance from my parents, however they do make enough to make is so I can't get subsidized loans. I have a credit score of 720 (+/- few points) and it is increasing (have had credit for ~1yr). Student loans through my uni is at an interest rate of 4.45%. Was hoping someone would be able to point me to a private loaner with lower rates. 4.45% just feels high for a student loan, but I guess it isn't with Well's Fargo and Discover being in the 6%+ as a minimum area. I'm looking for fixed rates. Thank you everyone for your assistance. [link] [comments]  |
| Finally going to have some real income, need to figure out how to proceed with student loans Posted: 06 Jan 2018 07:39 AM PST My wife and I are both physicians who are completing residency/fellowship training this June and will finally be getting real jobs, so I've been thinking a bit about how to proceed with student loan repayment. We both have atrocious student loan burdens due to going to private medical schools, and the balances continue to grow due to making only IBR payments throughout training. My current loan balance is about $340,000 in a consolidated federal loan at 7.25%. My gross income will be about $330,000 per my contract. I don't expect that salary to change in any meaningful way over the next several years. My wife's current loan balance is about $410,000 (damn it hurts to type that) in multiple federal loans with rates up to 7%. She will only be working on a contracted basis without benefits (at least initially) in order to be able to stay home with our newborn daughter, so we expect her gross income will be about $100,000. Once our daughter is a bit older we will send her to daycare and my wife will go to full time with an expected gross income of about $220,000. I'm in my 6th year of post-graduate training and have been working for non-profit organizations and making my IBR payments the entire time. The job I have accepted is also at a qualifying non-profit institution. My wife is in her 4th year of post-graduate training, and has also been working for a non-profit, and will also continue to do so. My dilemma at this point is whether to continue on IBR repayment and take advantage of public service loan forgiveness (4 more years for me, 6 for my wife), or to refinance our loans through a private company to get a lower interest rate and try to pay them off eventually. I've tried to use some of the online calculators to determine the costs associated with each, but I'm not sure if the numbers make sense. For instance, the calculator on studentloans.gov estimates my IBR payments will eventually be about $3200/month, but I was under the impression that the maximum monthly payment would never be greater than the standard 10-year payment (listed as $2300/month on that same calculator). Also, I don't think the calculator takes into account the fact that I've already made 6 years worth of qualifying payments for PSLF. I suspect taking advantage of PSLF will still win out in the long run, but I wanted to ask here to make sure I wasn't missing something in thinking about this. If I went with the PSLF, I would max out all of my available tax advantaged accounts in order to reduce my adjusted gross income as much as possible to minimize my monthly payments on IBR (the contract they sent me claims I can contribute to a 403(b), 457(b), AND a 401(a), though I don't know whether or not the 401(a) is pre-tax or post-tax). Alternatively, if I went for the refinance option, I would probably not make any contributions to retirement accounts beyond employer match in order to aggressively pay down the loan balances. I also have to weigh the fact that PSLF may be abolished by the time I qualify, but I am happy to see some reports of people taking advantage. Can someone with more expertise in this area advise me on what would be the right decision? I can provide more information upon request. [link] [comments]  |
| First time visitor! College freshman looking to pay off debt ASAP as soon as I'm out of college. Posted: 06 Jan 2018 05:54 AM PST Hey all! I have a private loan through Discover of $23,418 at a 7.615% variable rate with a 15 year plan (I'm paying $25 a month on it), in addition to a Fed loan of $3,500 at 4.45% with (I believe) a 10 year plan. Bad news: I took these out to go out of state to a college with a world-class program in my field, that also offered in-state tuition after the first year due to the state's lenient residency laws. In the process, I turned down a nearly full ride at a local in-stater. Good news: I will be transferring to the aforementioned in-state school next fall, and the situation looks like I won't have to take out any loans the next three years. My education will fully be paid for due to scholarships/I and my family's contributions. It's just these two loans from my first year sitting around accuring interest. So, any and all advice is appreciated. My field looks like I could get a $50K+ job out of college with room for improvement. I don't want to pay this off until I'm 37, but am not sure what I can do now to help decrease the burden. I work two very-well paying part time jobs in my current college's city, but will have to leave them both when I transfer. Thanks! [link] [comments]  |
| Is it possible to get a student loan with no credit history or without a cosigner? Posted: 06 Jan 2018 10:14 AM PST I'm trying to help out my younger sister who is in her sophomore year of college. She has $3300 left in tuition for the semester and is trying to find a loan to cover it. The problem is she has no credit history and it's difficult finding someone to co-sign for a loan. While finding someone may possibly happen, we're not really counting on it. Is there any service that will allow her to get this amount for a loan or any other option? I know it's hard with her situation, just figured I'd see if there was a possibility. [link] [comments]  |
| Nelnet is asking to start loan repayment next week when I graduated last month. What to do? Posted: 06 Jan 2018 01:44 PM PST Is there any way I can update my profile to let them know it hasn't been 6 months yet? Emailed them with no response. [link] [comments]  |
| Wondering if I should work on paying off student loans in full.... Posted: 06 Jan 2018 01:28 PM PST I owe $10,000 in student loans with 6 individual loans. Servicer is FedLoan. My $150 monthly payment doesn't seem to make a dent & I really don't want 6 more years of paying for this. Since the remaining balances on each loan don't even exceed $3,000, I wondered if it would be worth it to pay extra to work on paying them off individually one by one..? 3 of the loans have 6.00%, and the other 3 are at 3.4% interest rate. I've read about people paying off one loan and FedLoan upped their monthly payment, instead of lowering it. My remaining balances are: $1,800 - 6.8% $1,200- 3.4% $860- 6.8% $1,200- 3.4% $2,600- 6.8% [link] [comments]  |
| Spouse's Private Student Loans Factored Into Income Based Repayment Options? Posted: 06 Jan 2018 11:09 AM PST Title says it all. I'll try and condense our finances without going into too much unnecessary detail. Spouse Salary: $100k Loans: $190k (private loan provider - 15 year repayment plan) We refinanced the student loans to a private lender to get the interest rate reduced from 7.5% to 5.1% Me Salary: 50k Loans: 70k (Navient - 10 year repayment plan) I was looking at trying to possibly refinance my student loans into some type of income based repayment plan. We typically file a joint tax return. Are my spouse's private student loans factored into our overall ability to repay? The total monthly student loan repayment (~$2,200) is putting too much strain on our budget, especially with a newborn. I expect my salary to double over the next 5 years. My spouse should increase at a 6-7% on the conservative side. [link] [comments]  |
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