Just started paying back the federal student loans with Great Lakes. How can I make sure that my payments are qualifying payments to the 120 payments for PSLF? Student Loans |
- Just started paying back the federal student loans with Great Lakes. How can I make sure that my payments are qualifying payments to the 120 payments for PSLF?
- $110k in student loans, needing repay advice
- Has anyone received their 1098-e from Sallie Mae yet?
- Refinancing Stafford Loans Due to Decreased Income
- Not sure how to use money I’m getting from employer for loan repayment.
- Questions about married filing separately vs. jointly and student loans
- Just consolidated with FedLoan; loan no longer in collections but collections says there's $30 left on the account. Any reason not to pay this?
- Student Loan questions
- Switching from PAYE to REPAYE and PSLF
- Drowning in Public Student Loan debt, can't refinance.
- Can anyone advise me about the pros and cons of refinancing with SOFI?
- Fedloan 1098E form
- STUDENT LOAN ADVICE!!
- Question about a pay off with Nelnet
| Posted: 24 Jan 2018 02:20 PM PST Do I have to submit the employment verification form? Then the Fed serving company will transfer my Great Lakes (all the fed loans are through them) to their Fed servicer? Thanks for any help [link] [comments]  |
| $110k in student loans, needing repay advice Posted: 24 Jan 2018 09:40 PM PST Hey everyone, I'm considering refinance in order to get into a shor-ish term repayment plan, looking for some advice. Background: $110k, mostly federal and some private All related to law school 2 years into repayment, 30 year repayment plan that is only touching the interest currently Married filing jointly, homeowner. Using equity in Home to pay off portion of loan not something I'm willing to do Non public job I'm trying to get into a situation where I'm in a 10 - 15 year plan and I'm actually repaying the principal of the loan, but not getting crazy on the monthly payments. Is refinancing for me? Any place you can recommend to use for a refi? Thanks! [link] [comments]  |
| Has anyone received their 1098-e from Sallie Mae yet? Posted: 24 Jan 2018 09:40 AM PST I have over 100k in private loans from them so i know i have paid enough interest to receive one. Last year i received it on the 9th of January. Has anyone gotten theirs yet? Or is this just me? [link] [comments]  |
| Refinancing Stafford Loans Due to Decreased Income Posted: 24 Jan 2018 05:11 PM PST So as an undergraduate student I had take out unsubsidized loans. As a graduate student (if I go), I qualify for subsudized loans. Assuming I don't go to grad school, could I convince the servicer of my Stafford Loan to refinance it as a subsidized loan since I would other quialify for one and have made interest payments while in school? [link] [comments]  |
| Not sure how to use money I’m getting from employer for loan repayment. Posted: 24 Jan 2018 07:00 AM PST I have about $50k in federal student loans. I'm in the IBR plan currently, and I qualify for PSLF (work FT as an RN in a non-profit hospital, loans are current). My employer offers a loan repayment scholarship that I was awarded, which is $16k total paid to me (taxed) in 8 installments over a 4 year period (so I get the money every 6 mos). I will be getting the first payment on my next check. The payments start at $1k then progressively increase. Year 4 I will receive $8k of the total amount. My plan was to remain in IBR, and instead of making a lump sum payment to my loans with each disbursement, to hold on to the money and use it to make my monthly payments, so that less of my personal cash flow is used. Monthly loan payments are about $350. The scholarship will cover about 3 years of payments that won't be out of my pocket., then I'll stay in IBR for the rest of the loan. This plan hinges on PSLF though. If that program is dismantled then I'll just be accruing more interest. Should I use the scholarship money to make lump sum loan payments, or break it up and use it to cover monthly payments, with the hope of PSLF? There are no rules from my employer about how I make payments, just that I use the money for my loans. [link] [comments]  |
| Questions about married filing separately vs. jointly and student loans Posted: 24 Jan 2018 11:42 AM PST I got married in November 2017 and I'm currently part of the Public Student Loan Forgiveness program for repaying my student loans. I owe $43k (all federal loans eligible for PSLF) and I earn about $80k/year working for county government. My wife earns about $46k/year and has $33k, also all in federal loans but is not elibigle for PSLF due to where she works. My repayment plan is PAYE, and it is my understanding that my spouse's income and debt is not taken into account for PAYE if we file "married filing separately" for 2017 taxes. If we were to file jointly, would her income and debt be taken into account for the total payment of my PAYE loans? What about REPAYE? At what point do I lose eligibility for PAYE and am moved to a different payment plan? [link] [comments]  |
| Posted: 24 Jan 2018 12:56 PM PST I'm hoping someone who works for a servicer can answer this question, and I hope I can convey it accurately. I'm doing the legwork on someone else's behalf and here's the lowdown: Student loans (all direct sub/unsub from Dept of Ed) went into default once, loan moved to the govt's defaulted loans servicer, then did a loan rehab, then went into default again. In the second default, the loan was eventually transferred to another place (I'm confused as to whether this is yet another dept of ed servicer or a collections agency...see below). We completed a consolidation through the FedLoan Servicing (a regular servicer, not for defaulted loans), the loan was mostly paid off in terms of the collections agency, and their collections fees magically disappeared, but there is still ~$30 on the account according to the collections agency. (I'm confused if I'm using the right terminology here--the Dept of Ed's servicer for defaulted loans is at MyEdDebt.gov, and they then transferred the defaulted loan to FMS Investment Corp. When I talk to them, they say they're "all the same company" but they have different websites and different accounts for the person I'm helping. I'm referring to FMS as "collections" because they were the ones who applied the $15k in collections fees that disappeared when consolidation happened.) I've never dealt with a collections agency before, and I've heard horror stories of weird things happening. Clearly, by paying the $30, we're acknowledging the debt. I know I can go to FedLoan (new servicer of the consolidated loan) and ask them to re-request the final payoff amount to the collections agency, but we'd rather just pay it and get it over with. TL;DR: My question is this: is there any reason not to pay the last $30 to the collections agency? Could the $15k in collections fees that disappeared suddenly upon consolidation reappear? Is there anything else we need to be aware of? [link] [comments]  |
| Posted: 24 Jan 2018 12:42 PM PST I received $4500 in the span of two semesters in the form of subsidized government loans. I am currently enrolled in my second sophomore semester at a university. I currently have my tuition fully paid for through the 100% tuition and the federal pell grants alone, the $4500 was just me taking out money in case of them not covering as much in future semesters. The reason I ask this is that I may be doing a travel and study abroad opportunity and I might consider using that $4500 to pay for it. My questions are: ~ If I finish this semester up, and take the next fall semester off, what happens to my financial aid opportunities? ~How much are payments on a student loan for an amount as low as $4500 after completing school? [link] [comments]  |
| Switching from PAYE to REPAYE and PSLF Posted: 24 Jan 2018 08:39 AM PST If you switch from PAYE to REPAYE, do you need to start over on your 120 payments or do the PAYE payments count towards PSLF and you just pick up the following month on the REPAYE plan? My understanding is that when switching from PAYE to REPAYE a few things happen: 1) Unpaid interest capitalizes with a 10% max of principal 2) You either make one full standard 10 year repayment payment, which counts towards PSLF, or go into forbearance for one month, which does not count towards PSLF Besides that, I just want to make sure that the new capitalized loan now under REPAYE is not going to be a NEW loan that now needs its own 120 payments. Thanks! [link] [comments]  |
| Drowning in Public Student Loan debt, can't refinance. Posted: 24 Jan 2018 11:11 AM PST I feel like I'm drowning and like my quality of life is suffering because the only thing I can think about is how I'm going to tackle this massive debt. I just feel completely hopeless and it feels like I'm the only one going through this. When I was in undergrad, my parents took out large amounts of private loans with high interest rates in my name (not cosign, just entirely in my name) to pay for my tuition, room, board etc. I didn't know this until after the fact when apparently my in-school deferment expired (in the middle of my grad program). I was the first in my family to go to college and I genuinely think they were trying to do the right thing/didn't know any better. They didn't have the money to pay for college then and they don't really have any money to help me out now. I don't qualify for any refinancing and I'm trying to get my credit score up although I don't think that'll help (It's at 680 now). Navient set me up with a reduced interest rate which brings my payments to around $650 but I know it isn't permanent and even still, it's a huge chunk of my income and leaves me with very little after all my other expenses. I only have 2 more forbearances available that I can use and I'm reluctant to use them just yet. I'm currently in grad school and have taken out federal loans to finance that but am not currently paying on them yet (I'd like to start just to cut the interest but I just can't afford it). And I know federal loans are a bit more lenient so I think right now my focus needs to be on the public student loans. I know the biggest thing I can do is try to increase my income and I'm working on that. I've been unsuccessful in finding a job that pays more money so far but I am looking. I'm looking outside of public service now as I don't think the PSLF is worth it for my particular situation especially considering the low pay. I live pretty modestly now, especially because I'm trying to tackle my CC debt, and probably have the lowest rent I can find in my current area (I've weighed the costs of moving out of my area but financially it just wouldn't work once I factor in my commute to work and some other factors and my lease isn't up for quite a while). I have a modest savings of only $2000 that I'd like to hold onto for as long as I can but I'm not sure if that's the wisest thing to do. Obviously I can't change the past so please don't berate me for my decisions or my parents decisions. I'm really just looking for any help or tips I can get to move forward without feeling like I want to die every time I look at my bank account. tl;dr: 200k in student loans, mostly high interest private loans. 8k in CC debt. 65k income in public service job. Any advice, tips? edit: will be getting a 1200 student loan tax credit with my Maryland tax refund and about 2000 for my federal tax refund. Planning to put this toward student loans (well the MD one I don't have a choice there). Should I use this toward my monthly? [link] [comments]  |
| Can anyone advise me about the pros and cons of refinancing with SOFI? Posted: 24 Jan 2018 10:32 AM PST BACKSTORY: I am an attorney that started out with 160,000 in total federal education loan debt (no private) in 2014. I paid it down to about 98,000 by sinking in a majority of my income and some helpful cash infusions from family members. In first quarter of 2017 I became ill and stopped working (Ménière's disease and unmedicated bipolar 2 - both of which are much better with treatment). Then I had trouble getting a job when I was ready to return. I was out of work from roughly March 2017 until January 2nd of this year. I nuked my savings by paying my loans for several months after leaving my job and then went to income based repayment and waited for a new job. My loans blew back up to 106,351 and I am going to be picking up my payments in February. POTENTIAL REFINANCING: I am looking into refinancing with Sofi and am pre-approved based on income. I anticipate being fully approved because my credit score is very high and I've had regular employment otherwise. CURRENT RATES/INFO: $106,351.13 loan at average of 6.5% interest. Payments of 1600/month will have the loan paid in 7 years. I can go down to income based repayment if I lose my job and it won't affect my credit. Loans are wiped clean after 20 years. Can get loans discharged if I become permanently disabled. SOFI RATES/INFO: $106,351.13 loan at 5.250 interest. Fixed rate payments of 1515.68 will have the loan paid in 7 years. Up to 12 months of forbearance if I lose my job. QUESTIONS: (1) Is there anything I should consider that is not listed above? (2) would you refinance in my position? (3) are there other institutions I should consider? (4) anyone done this? notes to consider (1) I am planning on paying closer to 2000/month to make up for lost time and get things going. (2) in the next couple of years if I can demonstrate continued employment/health my parents are considering taking out a home equity loan, paying my remaining loans and having me pay them back at an even better interest rate. [link] [comments]  |
| Posted: 24 Jan 2018 06:10 AM PST When does FedLoan Servicing typically have the 1098E tax statement available? [link] [comments]  |
| Posted: 24 Jan 2018 09:21 AM PST 50k Parent Plus Loan 35k Fed Loans 7k Private Loan (lowest interest rate) Need advice on how to attack these student loans... I will graduate in December with my masters in Secondary Ed, my fiancé (will be married in July) will graduate with her BSN in May and has roughly 10-15 of fed loans. Income when both full time employed should be around 110k. I've read a lot about the IBR and PSLF program but I guess i just don't fully understand. Do you file separately, enroll in both IBR and PSLF before you start paying then after 120 consecutive payments they are forgiven (fed loans). I realized there is a little more too it but is that the basis? Want to pay off within 3-5 years but need some sound advice on how to attack them and what the most effective plan of attack would be. Thanks in advance!! [link] [comments]  |
| Question about a pay off with Nelnet Posted: 24 Jan 2018 06:54 AM PST Hi all, I could probably call Nelnet and get this question answered, but I am at work and thought maybe you all could help out first. I got my end-of-year bonus check and wanted to make a pay off of my highest interest loan. I logged on and it quoted my pay off amount as $2,357.94. So that's what I paid. Now, looking back at transaction history, it shows that the funds were applied: $2,249.96 to principal, $0.81 to interest (I had just made a payment a few days prior), and $0.00 to fees. So where did the other $107.17 go? is this something unique to pay offs, or is it a mistake on Nelnet's end? Thanks. [link] [comments]  |
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