I just paid off a loan for the first time!!!!! Student Loans |
- I just paid off a loan for the first time!!!!!
- If your loans are with FedLoan and you want to make extra payments on Principal...
- Remember: If you file "married filing separate" to keep your Income Based Repayment low, you will most likely NOT be able to contribute to a Roth IRA without penalty.
- Student Loan Plan of attack question
- Quick question about Direct Unsubsidized Loan
- married, student loans pre-date marriage
- Misapplication of Payments?
- BroadcastHER grant: New Twitch fund offers grants to female streamers
- [News] Nelnet Payment Allocation Update
- Do I qualify for PSLF even though I haven't graduated yet?
- Interviewees for story on student debt
- PSLF and IBR (RePAYE) along with Consolidation?
- Repayment options
- Rehab or refinance 60k federal loans
- question about adding new loans while being on PSLF
- If I pay my student loans off early, will I still have to pay the interest I agreed to?
- Can I be on an income-driven plan while I'm in grad school?
- Consolidating Perkins for PSLF
| I just paid off a loan for the first time!!!!! Posted: 23 Feb 2018 06:19 AM PST So I finally have paid off my first loan through Sallie Mae!!!! I paid it off in full! It was my smallest loan but damn it this feel so good!!! I feel like I'm on top of the world!!!! I IS SO EXCITE! Thank you for reading my ridiculously giddy post :) [link] [comments]  |
| If your loans are with FedLoan and you want to make extra payments on Principal... Posted: 23 Feb 2018 03:50 PM PST My objective is to use the avalanche method on a loan with the highest interest, so naturally I want to make Principal Only payments on this particular loan while I maintain minimum payments on the other loans. FedLoan's website says all over the place how the extra payments are applied; Fees>Interest>Principal, and that that's just the way it is. If you pay extra then you just get put into "Paid Ahead" status, which means that you are unable to take advantage of lowering your Principal balance, thus lowering your daily accrued interest. You simply continue to apply extra payments to Interest>Principal for the next billing cycle. I found this difficult to believe that it was the only way to pay this loan off so I scoured the internet and Reddit for answers. I read a lot of wrong things about FedLoan on Reddit from way back in the day, but not recent, but seemed to rely on what the website says; Fees>Interest>Principal. So, I called FedLoan and had a long conversation with Billing. Likely others figured this out on their own too, but since I couldn't find the answer I am passing this on to you if you're looking for it. If you are able to apply ANY extra payments to your minimum (including Direct Debit-ers) call FedLoan, request connection to Billing and ask them to remove your Paid Ahead status permanently. They should ask you if you want temporary or permanently. You can go for temporary if you want, maybe you have your reasons, but that's not the point here. If at any time you decide you want to go back to Paid Ahead status by making an extra payment and having it applied as such to lower your payments for a while, you can call and request so; be prepared that it will likely take 1-2 months. The removal of Paid Ahead status takes 1-2 months. I will not begin to make extra payments on a loan until the April Direct Debit payment. (right now it's Feb. 23) If you are going to use this Avalanche method, or any extra payment method for that matter, you must make your extra payment on the same day as your normal payment (I'm doing Direct Debit for the rate decrease) or you will accrue another $ amount in daily interest for every day after that due date-probably only a few bucks for these lower interest loans, but still...Remember, your loan accrues interest every day. My method is to log in and make the extra payment manually because I have variable income. So, in closing, this is the best way you can pay down your Principal and lower your amount paid in interest over the lifetime of the loan..but you already know that, that's why you're reading this. Also worth noting; if you want to see precisely how much interest your balance will accrue in each cycle, then go to Payments & Billing > Loan Payoff > Select 1 of the loans > Select the date you are projecting > Select Request a Payoff Amount > the Payoff Amount Total is your answer. Unfortunately, you can only project a few weeks out and not the entire billing cycle. You can only select one loan at a time to perform this exercise. You can also calculate this by taking your interest rate percent, converting to a decimal and divide by 365.25. Ex: 5.06 = 0.056; 0.056/365.25 = 0.0001385352498. That's the daily rate to multiply by the Current Balance, but you need to know your billing cycle as well to calculate the days. And there you have it! Good luck out there. May these loans burn in hell. TLDR: you CAN make exclusive payments on Principal on FedLoan loans but you have to call and get yourself out of Paid Ahead status. You do not have to write a letter or anything weird. Instructions in the long text. [link] [comments]  |
| Posted: 23 Feb 2018 01:28 PM PST Unless you didn't live with your spouse during the tax year. I just learned this rule and I'm really glad because I was about to file separate. I still will most likely because we actually didn't live with eachother last year but eventually we will and I don't want to lose out on ROTH contributions in the future. [link] [comments]  |
| Student Loan Plan of attack question Posted: 23 Feb 2018 09:11 PM PST Obvious Throwaway and I apologize if that is been asked/answered before but here goes... I've been attacking my SO's student loans and have been making progress since I've taken over. There are 8 individual loans 3 are unsubsidized. (Navient is the servicer.) The average interest is around 6% and most of the balances are between 2-6k except one at 1100. Does it make sense to put all overpayment money to the loan with the smallest balance ( Interest rates are all similar) or let Navient distribute the overpayment across all the loans? The current payment amount is 473.45 and we are paying an additional 3-500 each month on top of the 473.45. Thank you in advance for the help. [link] [comments]  |
| Quick question about Direct Unsubsidized Loan Posted: 23 Feb 2018 06:13 PM PST I'm a freshman in college taking out a few thousand in direct unsubsidized loans at an interest rate of 4.45%. I am wondering of I should pay the accrued interest now or wait until I graduate after 3 more years before starting payment. Will the amount I pay be larger if I don't pay the interest while I am in school? I am planning to just pay the interest and not pay off any of the principal while I am in school if this is the case. Is that a good idea? [link] [comments]  |
| married, student loans pre-date marriage Posted: 23 Feb 2018 01:45 PM PST I'm in the process of trying to get my defaulted loans into rehabilitation. My student loans pre-date my marriage, and I don't ask my spouse to contribute to their payment. I live in a US state where my spouse is not legally responsible for my loans. Is the loan company allowed to consider our household income when calculating monthly payments, or can I stipulate that my personal income is the only thing that matters (since I'm the one who will be paying them off)? [link] [comments]  |
| Posted: 23 Feb 2018 11:30 AM PST Hey all, having some trouble with my student loan company 'splitting' my payments rather than applying them to the one I pay them to. Hasn't been a huge issue since I've been paying the minimum, but starting in March with my raise I'll be able to pay more per month. ie: I send two checks: one for $40 with the name of the loan and number in the Memo, and a check for $50 - same deal (minimum payments on two separate loans) Student loan company splits the $40 into 13 principal + 9 interest for one, and 9 + 9 for the other. Splits the $50 similarly between the two loans, but does not remove interest (as it was "paid" from the first check). I've tried calling repeatedly about how I can ensure the checks are applied properly BEFORE I increase how much I pay them, but they keep telling me I just have to call every month to get the payment applied properly, which I frankly just do not have time to do (and its ridiculous I should have to, when the correct loan is clearly stated on the check) Any have suggestions besides complaints to CFPB with documentation? (Will they actually do anything?) [link] [comments]  |
| BroadcastHER grant: New Twitch fund offers grants to female streamers Posted: 23 Feb 2018 04:47 PM PST Twitch announced a collaboration with nonprofit organization 1,000 Dreams Fund (1DF) to offer a special grant for female streamers, as well as a series of of charity streams to raise money for selected nonprofit. Read full article here for more information and ask any questions directly Application starts from March 1st 2018. [link] [comments]  |
| [News] Nelnet Payment Allocation Update Posted: 23 Feb 2018 11:20 AM PST I just signed into my Nelnet account to see my federal loans.The posted an update on how they will handle payments higher than the amount due. It looks like they will be following the Avalanche method: Nelnet's Announcement
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| Do I qualify for PSLF even though I haven't graduated yet? Posted: 23 Feb 2018 11:14 AM PST Hi there, I am due to graduate in Spring 2019 with a teaching degree. If they do away with PSLF before I graduate, do I still qualify to apply because I took these loans out on the condition of PSLF? I have $70k in federal loans. Thanks for any help!! [link] [comments]  |
| Interviewees for story on student debt Posted: 23 Feb 2018 02:37 PM PST Hi Reddit. I'm a writer working on a story about student debt and some of the obstacles people deal with when trying to finance their education. I'm hoping to find a couple of students who might be interested in sharing their stories - send me a message if you want more information. Thanks! [link] [comments]  |
| PSLF and IBR (RePAYE) along with Consolidation? Posted: 23 Feb 2018 08:09 AM PST I will be graduating soon with 4 direct unsubsidized stafford loans with an average fixed interest rate of 5.8% with an current balance of $195,203.01 all with Great Lakes. I will start working in July and most likely making around 54-55K my first year at a 501c NonProfit Qualified Hospital gradually increasing a couple thousand every year. I recently read an article about helping students handle debt like mine : https://www.whitecoatinvestor.com/intern-financial-survival-guide-from-one-intern-to-another/ I was planning on trying to follow this plan. I was just hoping for some advise. 1. Should I be consolidating my loans? It sounded like It may be required in order to get 12 months of no payments (8-10) that will count toward PSLF. Is there any reason I shouldn't be consolidating me loans? 2. Is it required to consolidate my loans in order to sign up for the RePAYE and PSLF? 3. And Just wanted to make sure you can do the RePAYE program while making PSLF payments correct? 4. Any general recommendations regarding this plan is appreciated. [link] [comments]  |
| Posted: 23 Feb 2018 10:32 AM PST I have about $35k in federal loans that I've been paying off for about a year. I'm currently on the graduated repayment and it's set to go up next year. I will be finishing off some credit card debt in the next few months and want to start putting more money towards student loans. About $13k has a 6% interest rate, the rest are at 3 or 4%. Currently the difference between the graduated payment and standard payment is about $200. There is the "extended graduated" which would have a much lower payment, but of course takes 20 years to pay off and the overall cost is much much higher. However, it seems like I could take advantage of the lower payment and just overpay so that it's applied to the 6% interest loans and then when those are paid off, switch back to a standard payment plan that would pay off my loans faster with less overall cost. Am I missing something? Is it better to switch the payments to the highest possible now instead of doing lower payments but overpay? Thanks! [link] [comments]  |
| Rehab or refinance 60k federal loans Posted: 23 Feb 2018 09:52 AM PST My partner has 60k in federal student loans debt that is currently in collections/default. We recently applied for a home loan and can't move forward until these come out of default status. If we go through the rehab program it'll take 9 months to move forward on a home. Is she eligible for refinancing her loans if she's in default? I'm trying to find her best options for getting out from under this debt. [link] [comments]  |
| question about adding new loans while being on PSLF Posted: 23 Feb 2018 04:37 AM PST So if I am on the income based repayment system and my loans are on the PSLF program but say about 5 years into the 10 years of making payments I go to graduate school and acquire more student loans. How does that work? do they get added on to my current loan amount for my current 10 years or do I have to start a separate timeline for those loans? [link] [comments]  |
| If I pay my student loans off early, will I still have to pay the interest I agreed to? Posted: 23 Feb 2018 07:51 AM PST I have $23k through 9 different loans. I'm consolidating through OSLA. There are several different plans but all of which put me paying around $10-15k in interest over 240 months. I could easily accept one of these plans and pay the loan off early. Very early. Within 2 years from today. However, if I agree, and pay off early, am I bound to paying that interest either way? Or can I pay the interest over the 2 years, then the remaining is "erased" once paid off? [link] [comments]  |
| Can I be on an income-driven plan while I'm in grad school? Posted: 23 Feb 2018 07:13 AM PST Starting a funded/tuition-free PhD in the fall, I'll be going from a $50k/y job to a $20k/y stipend plus perhaps $10k/year from part-time work. I am working towards PSLF (on year 2 now, I think). Instead of deferring my loans until after I graduate in 4 years, can I stay on IDR and take advantage of my lower income to get lower PSLF-qualifying payments? Or will the payments not qualify because I'm in school? Other potentially relevant (?) info: husband is also working towards PSLF and is on IDR, makes about $60k and will continue to, we filed jointly this year. [link] [comments]  |
| Consolidating Perkins for PSLF Posted: 23 Feb 2018 06:45 AM PST Hi all! I am on an IBR program through fedloan, and have been on the plan for about 2 months. I also have Perkins loans totalling 3000 which are separate. I am planning to use PSLF for my IBR loans. Wondering if it's worth it to consolidate Perkins separately for PSLF, or better to just pay these off now? [link] [comments]  |
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