Defaulting on loans seems like a good option.. Student Loans |
- Defaulting on loans seems like a good option..
- Navient keeps ungrouping my wife's loans
- PSLF - no qualifying payments
- Consolidating Fed Loans
- I have a question regarding IBR?
- Planning to move abroad- ICR questions
- Need help with PLUS loans under my mom's name that add up to ~$250k
- Deferment of Perkins Loan during grad school
- Recent Grad about to go into repayment, desperately looking for advice
- Refinancing suggestions?
- Loans, Tax Returns
- Unsure of how much to put on student loans
| Defaulting on loans seems like a good option.. Posted: 06 Feb 2018 04:48 PM PST I think this is more complaining then anything. But I've read posts on here where people will call sallie mae and they actually help them with their loan payments. They reduce their interest to 1% and payments to something affordable. But they are always in default. My payments are 600 but I also have government loans. Also interest rates are between 9 and 12% for the loans. It's just crazzzyy to me. I don't want to default on my loans. I can pay them but I'm also struggling as I have little savings, just moved across the country for a new job, and have some medical expenses I need to take care of. Im working on my credit and increasing it to refinances. But even when and if I do refinance, my interest rate won't be 1%. Is it crazy to think that defaulting might actually help you in the long run? It dosnt say how long these people defaulted. But if you have an interest rate at 12%, default for maybe 3 or 4 months and then they bring it down to 1%, that seems like a win to me. Am I insane for thinking this way? They only want to help if you havnt paid your loans, not if you are struggling to make ends meet. [link] [comments]  |
| Navient keeps ungrouping my wife's loans Posted: 06 Feb 2018 05:24 PM PST My wife has 6 loans to pay. Two are at 5.6% and the rest at 4.6 so we are targeting the 5.6% loans with extra money first. We have had to call 3 times so far to group them together and every time, less than a month later, they become un-grouped again. We've already mistakenly made an extra payment against all 6 (of which less than half went to the high interest loans of course) What can we say on the phone to make these assholes stop un-grouping them? The last time we called the lady on the phone said that she put in a "code" so that the grouping would stay because it's otherwise assumed that we would just want them grouped temporarily. Obviously she lied or did it wrong because this month AGAIN they are un-grouped. Edit: The correct terminology is that they keep putting all 6 into one billing group that leaves no way to pay individual loan(s) [link] [comments]  |
| Posted: 06 Feb 2018 11:30 AM PST Here's my story: I had my student loans transferred from Nelnet to FedLoans after submitting an employer certification form for PSLF. I have been with my qualifying employer since 7/2015. Today I found out that none of my payments since 7/2015 will count towards PSLF because my account was "paid ahead". I called up Nelnet to see how this happened. Apparently it's because I was on auto-debit and they pulled a payment when I should have been in a grace period. This happened when my unemployment deferment ended in 3/2015. Nelnet said I was in a grace period for 4/2015 (no payment due) as a lender courtesy but auto debit pulled the payment regardless. So because their auto debit pulled my payment when it didn't need to I had been paying one month ahead all this time!!?!? I had no idea what "paid ahead" was until today when I called FedLoan about my qualifying payments. FedLoan will be reviewing my payments to recount my qualifying payments but after my call with Nelnet I'm not feeling very hopeful. I'm at a loss. Any advice on how to remedy this and what to do from here? Anyone heard of anything like this? I found an email where Nelnet said my next payment after deferment was due for 4/2015 so that's even more confusing. It seems completely unfair that everything got messed up when I set up auto debit and Nelnet pulled a payment they claim they weren't supposed to because of a grace period. I'm so upset right now, hope that makes sense. TLDR: my account was paid ahead and payments won't qualify for PSLF after auto debit took a payment when it wasn't supposed to. [link] [comments]  |
| Posted: 06 Feb 2018 06:55 PM PST I need advice. I want to lower my monthly payments for my federal student loans so I want to consolidate them. I have the four following student loans: Loan 1: Direct Sub Stafford $5,474.69 @ 4.29% interest Loan 2: Direct Unsub Stafford $7,281.11 @ 4.29% Loan 3: Direct Sub Stafford $3,550.15 @ 3.86% Loan 4: Direct Unsub Stafford $6,674.49 @ 3.86% If I consolidate all four together, the interest rate is around 4.25%. My question is, should I just consolidate Loan 1 & 2 together, then consolidate Loan 3 & 4 together? So then I would have two separate loans. My logic is that at least one of the consolidated loans will have a low interest rate. Is it even worth doing two consolidations or should I just go ahead and consolidate all four together? If I do an application for a consolidation, can I still cancel it if I change my mind without any negative effects? Thank you. [link] [comments]  |
| I have a question regarding IBR? Posted: 06 Feb 2018 05:44 PM PST Hey guys, graduated school may 2016, applied for IBR on november 2016. At that time, I couldn't find any job so I just applied for IBR and the minimum amount to be paid for the first month was $0. But I was able to part time job before the due date but even though it said min is $0, it said I had to pay at least $5 so I paid the $5 for 1st month. Starting 2nd month, I started making monthly payment but in relative to extended graduate plan. So my extended graduated plan asks me to pay $170 monthly for 2 years before it increases, so until now, I've been paying $170 monthly while in IBR plan. I owe $46,000 total loan. My question is;
thank you [link] [comments]  |
| Planning to move abroad- ICR questions Posted: 06 Feb 2018 05:31 PM PST Hello, I am currently working in the US and am planning on moving out of the country in the next 6 months. I am trying to switch my federal loans to an income-based plan, but at my current adjusted income level, I only qualify for the REPAYE and ICR plans. My questions are these: 1.Are there any major disadvantages to the ICR plan (besides the forgiven loan amount being taxable)? This is the one that more closely matches current payments I am making, so I am leaning toward this option. 2.When I move abroad, can I immediately re-certify my income so my adjusted gross income is 0 (due to a foreign-earned income), or do I need to wait until I file my first tax return ? 3.Should I apply for this now, or should I wait until I am actually living and working abroad? I've heard about income-based plans being brought up in the news lately, so I kind of want to get on one before any potential changes are made. 4.If I apply now, is it likely I will get denied due to my current adjusted gross income (between $40-55k a year, although it won't be anywhere near that when I move)? Can I still make payments on these loans even if my required payment ends up being 0 when I am living abroad? Thanks for any advice you can provide! My loans are with Nelnet if that matters. [link] [comments]  |
| Need help with PLUS loans under my mom's name that add up to ~$250k Posted: 06 Feb 2018 12:55 PM PST EDIT: The consensus seems to be to get the loans consolidated and put on an ICR plan. I will try to get that in motion asap, while looking for others sources of income to help my mom pay it off. Thank you all for the input<3 These loans were taken out for my sister and I to finish college, and thankfully we both did. We do have our own loans under our names, but they're mostly under control. I need some options for how we can lower my mom's monthly payments, which are currently $3099.09. She tells me she gets only about $2k/month. These are all Direct Parent PLUS Loans:
She's thinking about refinancing the house and/or taking out of my dad's 401k, but I really don't want her to do either of those. I believe the house is <5 years away from being paid off at ~1.4k/month and my dad is pretty much in retirement age. I've done research into refinancing with something like SoFi/Credible/etc. (but not actually looked at the quotes) and it seems like the best option, but I'm still not sure about it. I would like to hear what our options are, especially in terms of can I get some/all of those loans transferred to me and/or my sister? And how can we lower the interest rates on them? Thank you<3 [link] [comments]  |
| Deferment of Perkins Loan during grad school Posted: 06 Feb 2018 09:07 AM PST I am planning on starting graduate school in Fall 2018 - most likely it will be a full time gig, but there is a possibility of half-time enrollment if the program allows for it. By the time I enroll, I will still have about $7K in undergraduate debt. The loan is a Federal Perkins loan, serviced by Heartland ECSI. If I understand correctly, I submit a deferment request to ECSI, and I will be able to halt my payments on the loan for the entirety of my graduate school enrollment. During this time frame, interest will also be subsidized because it is a Perkins loan. Is this a correct statement? I would like to make progress on paying the loan while in grad school, but that is going to depend on if I need to take out more loans for my master's. [link] [comments]  |
| Recent Grad about to go into repayment, desperately looking for advice Posted: 06 Feb 2018 07:34 AM PST Hi everyone. So throughout all of my college my parents took care of all of my loans, both private and federal, and I have had very little access to my actual loan information. Just today I've been trying to figure out my repayment and I'm becoming aware of how in the hole I am and would really like some advice on how I should approach this behemoth. I have 4 years worth of loans. About $95,000 in private and $27,000 in Federal. I am currently looking for a full time job in my career field(Criminal Justice) and in the mean time I'm working a serving job where I make about $700-$1000 every two weeks. Once the spring and summer hit that'll be closer to about $1,500-$2,000 from what my coworkers have told me. I pay $768 a month in rent and with utilities it will usually hit around $800-810 in total for monthly living expenses(not including food and stuff like that). Thankfully I am still on my family's insurance plan so rent and utilities are my only big expenses. Here's the breakdown for my federal loans And these are my private Part 1 and Part 2 My current plan is to do income based repayment for my federal loans but when I contacted the private loan company they informed me that they don't have any income based repayment method and that if I can't pay I have to file a hardship relief form which will put me on interest only until I can afford to repay. Would this be the best option? Are there other avenues I should be exploring here? I appreciate any advice y'all can give me! [link] [comments]  |
| Posted: 06 Feb 2018 04:08 PM PST I am looking to refinance my loans. Most rates I've seen have been at or close to 5% for a 6 or 7 year payoff. I'd like to get a lower rate if possible. Does anyone here have suggestions? There are so many places that refinance, it's a bit overwhelming. I wanted to look into Earnest, but they want me to link my checking account to their site...seems a bit sketchy. Does anyone have experience with them? [link] [comments]  |
| Posted: 06 Feb 2018 12:01 PM PST Hi, I'm 22 and my loans just started. I have one that I'm paying for that's at 7k with 3.5% interest rate. My mom is paying a 120k loan for me at 7.5% interest rate. However, she is a teacher in a low income area so I think she qualifies for PSLF. That means that if she makes the 120 monthly payments the loan is forgiven? I just got 5.5 k in my tax return. I have no savings. What's the best way to handle this? I was thinking 1k for me for savings, 2.5 k for her to help out, and then 2k towards my loan to get it to 5 and then be able to pay it off in a year or two. Is this the best option? Should I give it all to her? I just need advice. Thanks! [link] [comments]  |
| Unsure of how much to put on student loans Posted: 06 Feb 2018 10:13 AM PST Hi all, I'm almost 24 years old and I've been working at my first job out of grad school for 6 months now. I make $65k per year. Currently, I have one federal loan with a balance of $15,400 at 5.06%. I will be getting $3500 back from my tax refund and I have a decent emergency fund saved already. I was planning on taking my next paycheck and throwing it at the loan in addition to the tax refund. That will drop my balance to below $10,000. My question is how much to throw at it monthly after this. In a perfect scenario, the loan is paid off by the end of the year. This is perfectly doable if I pay $1000 per month give or take. I get paid bi-weekly so I budget based off two paychecks per month instead of my average monthly pay. With the $1000 loan payment I still have $450 leftover each month after any and all bills and budgeted expenses, while not touching my emergency fund. As I get paid bi-weekly, twice a year I will get three checks in one month. That third check will go straight to the loan. Is this a smart choice? Or should I pay $500 per month and pay it down slower while having more money to save each month? Thank you. [link] [comments]  |
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