What's the best way to tackle my debt? $24K & $9K Student Loans |
- What's the best way to tackle my debt? $24K & $9K
- Can I pretend I have just under what I owe to pay off my loan in full?
- Signed up to 'rehabilitate' my 30K FEDERAL Student Loan. 3 months in, Conserve DEMANDS I agree to a $15K DEBT COLLECTION FEE. Do I have any choice?
- Collection/Chargeoff on Federal Student Loans While Still a Student?!
- Student Loans for Off-Campus Housing
- What to do with my student loans?
- How do I fix my wife’s situation?
- What kind of a credit score do you/your parents need for student loans?
- Spouse's loan and my PAYE plan?
- What to say when sending "principal only" payment instructions?
- Attending University this August but don't want any student loans if possible
- Repayment Strategy - what's best in my case?
- Refinanced student loans and credit score dropped
- Best strategies to refinance my loans
- Need some advice
- Student loan consolidation companies?
- Has anyone extended their forbearance with Sallie Mae?
| What's the best way to tackle my debt? $24K & $9K Posted: 11 Jan 2018 09:19 PM PST So I've been reading up on this sub and I'm not sure what my best move to tackle my debt is. My situation is that I have 8 federal sub and unsub loans through Nelnet. The average interest rate is 4.10% and I have a total of about $24,000 to pay off. My current payment is $250 (set by Nelnet). I was looking into repayment plans but I'm not sure if IBR is really the best option if I need to tackle interest + principal. I also have a parent plus loan. I have two loans under my parent. One is for $6,300 at 6.41% and the other is $2,900 at 7.21% (still Nelnet). For reference, I'm estimated to make $33,000 a year. It's estimated because my job is base pay + commission. I am looking at a higher paying job to tackle this debt and some medical debt. What should I tackle first? And should I refinance at all? Based on other posts, I shouldn't refinance my federal sub/unsub loans because of federal protections. What do people mean when they are saying this? Is an average of 4.1% not bad? Most importantly, should I refinance the parent plus loan? Those rates are killing my ability to pay down the debt as the interest just piles up between payments! [link] [comments]  |
| Can I pretend I have just under what I owe to pay off my loan in full? Posted: 11 Jan 2018 08:29 PM PST Hi everyone. Happy to find a community on student loans. Im in a horrible nightmare type mess. I owe ($170K) in student loans for fucking culinary school (biggest regret of my life). I have managed to save up enough to pay one of my loans in full. Its $24000 on the dot currently. I was thinking since Im so crunched for money and someone in my position literally trying to save every dollar, do you think theres any hope in calling the loan lender, saying I can almost pay it off in full if they can (lets say) take 2K off or so? Im literally trying to be as frugal at this point. The lender is Nelnet BTW. I know its ridiculous and wishful thinking but y'all don't know the hopelessness of the situation unless you're in my shoes. If anyone has any advice or stories on this topic send them my way. Many thanks! [link] [comments]  |
| Posted: 11 Jan 2018 11:37 AM PST TL;DR Do I have any choice? I don't want to sign anything until I can figure out if this "LOAN SERVICING FEE" is a legal part of rehabilitation. Like an idiot, Signed up to rehabilitate my FEDERAL Student Loan over the phone. They sent me a 1 page document initially and I agreed to a program whereby my loan after a certain number of months would be "rehabilitated" show up as paid as agreed, etc.. I say idiot, because my credit score, prior to this so called "rehabilitation" program was around 750, now it's around 600. 3 months into the program Conserve/Federal NY State Loan People are demanding that I sign a new set of documents agreeing to $15,000 in LOAN COLLECTION FEES, ON TOP of everything else!!! Just to be clear, these are FEDERAL STUDENT LOANS. this is more rhetorical, but I just wonder to myself how the hell is this legal? Here I am like an idiot, trying to pay off my student loan debts, and like a slap in the face, they add a $15,000 Debt Collection Fee? [link] [comments]  |
| Collection/Chargeoff on Federal Student Loans While Still a Student?! Posted: 11 Jan 2018 08:04 PM PST I have collection/charge off on my credit report for federal student loans that are over 6 years old. I am still in school (graduate student) so I am not required to begin repayment on these loans. Why is this showing up on my credit report? I have 6 other federal loans (all through FAFSA Perkins Loans) that will hit their 6 year mark in August. I am not set to graduate with my masters until May 2019 at which point 3 more student loans (all of which are from my undergrad degree) will hit their 6 year mark. The loan information shows the following on my credit report: Account type: INVALID Status: Paid Creditor Name: COLLECTION Payment status: Collection/Chargeoff Is there anyway I can fix this? Is it hurting my credit score? I filed bankruptcy (Ch 7) in 2014 but I was not able to file my student loans, so I'm stuck with them. But, I don't know why they would go to collections if I'm still in school? I thought you're not required to pay until you're done? Am I missing something? [link] [comments]  |
| Student Loans for Off-Campus Housing Posted: 11 Jan 2018 07:30 PM PST I am planning to live off-campus next year and I was wondering if I could use the financial aid for on-campus housing for off-campus instead. I go to UCSB by the way. [link] [comments]  |
| What to do with my student loans? Posted: 11 Jan 2018 02:58 PM PST I have about $34,000 in student loans broken down like this: $4,900 at a fixed 4.66% that is in my name effecting my credit. My dad signed a Direct PLUS Loan for Parents $29,770 at a 7.2% that doesn't effect my credit or anything. My goal is to pay the ones in my name this year to not mess up my credit then start on the $29,799. He isn't making payments on it, I think he's deferring them. He hasn't asked me to pay them or anything but I don't want to be shitty and make him pay for my mistake of going to college. I am in the Air Force as an E3 making around $23,000. Ive done extremely well this year about my finances and building my credit back up but at this point I am at a loss at what to do about that $29,000. Any advice would be grateful. [link] [comments]  |
| How do I fix my wife’s situation? Posted: 11 Jan 2018 04:16 AM PST She currently owes 30k and has a bank student loan (Wells Fargo) it's at a whopping 9%. I currently have about 40k govt loan and am paying it down with a super low nice rate of around 2.5%. My credit is great. Hers is not too great. Should I refinance her loan in my name to lower the rate? If I do that will that affect my ability to buy a home? [link] [comments]  |
| What kind of a credit score do you/your parents need for student loans? Posted: 11 Jan 2018 11:27 AM PST |
| Spouse's loan and my PAYE plan? Posted: 11 Jan 2018 06:59 AM PST My wife has a very small federal loan and pays about $50/month. I am on the PAYE plan and pay a ridiculous $380. It recently dawned on me that, since we are married, shouldn't my wife's payment count towards our PAYE total? Is this something I can fix? [link] [comments]  |
| What to say when sending "principal only" payment instructions? Posted: 11 Jan 2018 11:22 AM PST Edit: Upon doing more research, I guess I have found that this is not technically possible? Although many "How to pay off your loans" articles and the like advise doing this, which is frustrating and confusing. I'll leave my question as-is, in case someone has some suggestion for me. But as a follow-up question: If I send an extra payments and request "do not advance the due date." Will this actually allow me to pay down the loan quicker? I have a consolidated unsubsidized loan through Navient, about 20k left. Currently I'm on an income-based payment plan, but I don't make that much, so my payments are pretty low. I am married now and have some savings that I'd like to start putting towards the loan. I know I can start sending in extra payments towards the principal of my remaining student loan, but Navient specifies that with extra payments:
I know it has to be a written statement, but how long? Is just a piece of paper with "Apply this payment to the principal of loan xyz."? or does it need to be some kind of longer formal letter? There is no information on exactly how to instruct them to apply the payments, by design, I'm sure. Any help is appreciated. [link] [comments]  |
| Attending University this August but don't want any student loans if possible Posted: 11 Jan 2018 02:53 PM PST I'm currently a senior in high school. I want to attend a university that has $50k tuition and board per year. The school is very much worth it. I received a $20k scholarship for the four years, so only $5k a year. I filled out the FAFSA and I am a member of NSHSS, but those scholarships are so little. I don't want to have any student loans if possible, but if i do, i would only want a max of $10k per year i attend. Help [link] [comments]  |
| Repayment Strategy - what's best in my case? Posted: 11 Jan 2018 10:07 AM PST So I have nearly $100k in student loan debt after just graduating this December. Landed a job that pays $80k + a $5k signing bonus + up to $4k every quarter in performance bonuses. Start this coming Tuesday. I get free breakfast/lunch every day at work, so with low food costs... estimating I can throw ~$2.5k at loans every month (after rent, health/car insurance, car/phone payments, misc smaller things, and savings contributions. Holding off on 401k until a big dent has been made in loans). Most of debt is Parent PLUS. Always told my mom I'd repay it-- especially now since my dad's recently been laid off. Repayment on these starts later this spring. Rest (~ $35k) is in my name, repayment starts this August. Loan breakdown: **In My Name (due 8-18-18) A: $3,500 @ 3.86% (now $3,507.02) B: $2,000 @ 3.86% (now $2,302.74) C: $4,500 @ 4.66% (subsidized, no interest yet) D: $2,000 @ 4.66% (now $2,297.51) E: $7,500 @ 4.29% (now $8,207.80) F: $7,500 @ 3.76% (now $7,837) G: $1,106 @ 4.45% (subsidized, no interest yet) H: $2,894 @ 4.45% (now $2,944.06) I: Perkins $2,325 @ 5% **PLUS Loans in Mom's Name (due May 2018) A: $10,037.54 @ 6.31% B: $544.83 @ 6.84% C: $4,365.52 @ 6.84% D: $16,385.90 @ 6.84% E: $22,058 @ 7.21% F: $18,065.91 @ 6.41% Planning on just paying accumulating interest on loans in my name until they enter repayment, so I can throw $ at the high interest PLUS loans. Also plan on switching my loans to the 25 year plan (can do since my balance > 30k) for peace of mind that those have lower monthly payments. Will pay more than min once money frees up after paying PLUS loans. Main question is how to approach the PLUS loans (items D-F). If I do min payments on A-C, how should I divide up the remaining money from my budgeted $2500 to pay these? Throw the excess at E since it's the highest balance and interest rate? Divide the excess equally among D, E, and F since they're all high balances? Pay off B initially since it's such a low balance? May get extra $ from engagement/graduation photoshoots, I do those sometimes-- would throw that at loans, too. Any advice is greatly appreciated, thanks in advance! [link] [comments]  |
| Refinanced student loans and credit score dropped Posted: 11 Jan 2018 09:40 AM PST I recently refinanced two student loans to another company and over the past month I've gotten two notifications from CK that my score dropped. Each time it was for the previous accounts being closed. Is this normal?? [link] [comments]  |
| Best strategies to refinance my loans Posted: 11 Jan 2018 09:24 AM PST Hello, If my situation isn't unique you can just link me to a similar thread that answers this question but just wondering the best strategy for refinancing my student loans. I haven't graduated yet and will have six months starting in May 2018 before I'm required to begin making payments. Would be ideal if I could pay off in 6-7yrs will likely be making 80-100k per yr over that time. Here's a breakdown of my federal student aid... DIRECT STAFFORD UNSUBSIDIZED LOANS Loan: $55,300 Outstanding interest :$3,331 I have 3 separate loans... two of which are at $20,500 with fixed interest rates of 6% and 5.31% respectively and the other at $14,300 with a fixed interest rate of 5.84% [link] [comments]  |
| Posted: 11 Jan 2018 09:01 AM PST So me and my soon to be wife are having a kid in June. As of right now her student loans are not a problem because of the minimum she pays is tiny. My loans on the other hand are gross... I have 4 seperate loans all floating between 10-14% interest rate and all have around 8-10k left on each and I pay close to $700 a month on them. Also I can't refinance because 1. They are not government student loan they are career training loans and 2. Because of how much I make vs how much I owe even companies that refinance non government student loans turn me down with and without cosigners. We bring in around 4k a month before bills. We will have around 15-17k saved up for the birth of our kid. Our main question is would it be better to use that money to pay off a couple of my loans to be in a better position once the baby arrives, or save the money for the impending giant bills from the hospital? Any advice would be welcomed, thanks! [link] [comments]  |
| Student loan consolidation companies? Posted: 11 Jan 2018 06:16 AM PST Long story short, my family was trying to hide $38k in loans they were trying to pay off for me while I was paying off another set of $15k but instead they got behind and now my credit is in the 500's. Between my negligence of not monitoring my credit score and having my family pull that card I am in a rough spot. Basically I have 3 separate entities of loans: Sallie Mae alone, Sallie Mae through Navient, and Dept of Ed loans through Naviant. I was able to put those loans I was unaware of in forbearance for only a short amount of time. I am working a temp job and trying to land a FT job in higher education. Right now if I had to pay all of my loans it would be $908 for all of them. I can not afford that right now! So I was wondering if there was any websites any of you would suggest that would possibly consolidate private and federal loans together even though I heard it's pretty much impossible. Any help is soooo appreciated! This chick is overwhelmed! [link] [comments]  |
| Has anyone extended their forbearance with Sallie Mae? Posted: 11 Jan 2018 04:22 AM PST I'm nearing the end of my forbearance period with Sallie Mae and was wondering if anyone has extended their forbearance period past 12 months? I'm currently supporting my fiancé for another year while he finishes school. [link] [comments]  |
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