Repaid $280k of student loans. 93.3% done. Student Loans |
- Repaid $280k of student loans. 93.3% done.
- This article seems like bad press for PSLF
- Does ACS ever acknowledge that a loan is paid off?
- Federal loans, private schools, living expenses - Help?
- A series of haikus dedicated to the lovely consumer model of education
- Dad’s freaking out about my loans...
- Should I use federal student loans to payoff private?
- New Nelnet payment allocation, good right?
- (Nelnet) I'm assuming I can allocate a specific payment towards any loan I choose -right? In that case it makes more sense to put huge payments specifically to the loans with highest interest?
- Question about what to do next with my loans
- I'm worried about taking out a loan and the consequences
- Deferring loans for over 10 years
- Heartland ECSI - Perkins Loan
- How should I allocate my repayments?
| Repaid $280k of student loans. 93.3% done. Posted: 02 Feb 2018 03:09 PM PST Sorry for the brag post, just excited and had to tell someone. In terms of background, I graduated from law school in 2010 with accumulated student loan debt of $240,000 from undergrad and law school. Two-thirds of that debt was federal, at an average interest rate of 5.85%, and one-third was private, with an average interest rate of 5.43%. I married my wife shortly after graduation and inherited her $60,000 of undergrad debt for her nursing degree. Since I graduated in 2010, I was throwing $2,500 a month at these loans and making steady but unremarkable progress. In 2015, I decided to refinance the private student loans with SoFi at a variable rate around 3%. As a result, I started paying around $3,200 a month towards the loans. This leads us to a few days ago where the aggregate balances on all loans was $110,000. I ended up getting a substantially larger bonus than expected this year and the new 2018 withholding tables helped with that, so I just decided to take $90,000 and pay four of the five outstanding loans off. The last remaining loan has a balance of approximately $20,000 left and I'm planning to pay that off over the next few months with the extra money I have leftover each month that no longer has to go towards the other student loans. I don't even want to imagine how much interest I have paid over the last seven years but I am so excited to be almost done with this journey! [link] [comments]  |
| This article seems like bad press for PSLF Posted: 02 Feb 2018 08:07 PM PST https://www.buzzfeed.com/mollyhensleyclancy/the-government-could-start-losing-money-on-student-loan Personally it seems wrong to me that the government should make money off of people trying to better themselves and help their community. Shouldn't the surplus funds generated by the student loan program be put back into helping those students? Without this program, many communities and fields would be underserved and then probably require financial assistance from the government. It seems to me that the profits should go towards the PSLF so that additional tax money doesn't have to go towards these unfilled/undesireable positions that would result from people taking other, higher paying jobs instead. Then again I went to school for science... [link] [comments]  |
| Does ACS ever acknowledge that a loan is paid off? Posted: 02 Feb 2018 09:19 PM PST Hi, I attempted to pay off my loan through ACS about 6 months ago, before they changed names. I never received any confirmation that my loan was completely paid off, but I also have not received any emails at all since, nothing about a change in servicer or name for the website. Only the regular payment confirmation a few days after it was paid. Should I have received any notification that the loan was paid off? [link] [comments]  |
| Federal loans, private schools, living expenses - Help? Posted: 02 Feb 2018 05:23 PM PST I've applied to a private engineering school for an EE degree (as a transfer student, I'd just be doing 2 years) and the tuition is $37-39k/year. I just received the financial aid award offer in the mail and they're offering me a scholarship and school grant of a little over $30,000. Seems pretty dang nice, but the federal loans only cover $9500 and I'd still have to pay $900 toward tuition. Now this is a tough engineering school with a fast-paced curriculum, and I don't intend to work 20-30 hours a week to keep a roof over my head and food in my mouth while I'm studying from dawn til dusk. Some people supposedly do it, and that's great, but I like sleeping more than 3 hours a night. So, is this common? I thought the idea of federal loans was to help cover living costs. That's what it's been doing for me the past two years at my (far cheaper) tech school. My credit is kinda poor right now and I'm not going to mess around with private loans, and I have no one else to support me. Could it be possible to request more federal loan money to cover living expenses? How do other people manage this kind of situation? [link] [comments]  |
| A series of haikus dedicated to the lovely consumer model of education Posted: 02 Feb 2018 08:45 PM PST Denial: These loans won't matter I don't need to worry now College is vital Anger: What the fuck is this Why did I not know better College is a scam Bargaining: Maybe join peace corps Need student loan forgiveness College gave me skills? Depression: Debt will not get paid Loans will haunt me forever College: waste of time Acceptance: [link] [comments]  |
| Dad’s freaking out about my loans... Posted: 02 Feb 2018 07:09 PM PST I'm graduating next semester after 5 years of college. Extra year was because 1) my major has about 20 extra credits than the normal 4-year plan degrees, and 2) some classes were only offered in the fall and I couldn't get into those for a long list of reasons. My dad has been freaking out about this, and I know where he's coming from but is there anything i can do to calm him? It's going to be about 100k worth (i know that is a LOT) but I already have plans once I graduate of how to help this: Living at home for AT LEAST a year after graduation: no rent or food costs; working at least two jobs to focus on paying off some debt early; my Grandma on my mom's side has a bunch of money and said she would help out with some of the costs (widow to a retired USAF colonel that left her a ton of money); parents said they would help out with some of it as well. TL;DR: Dad is freaking about the 100k worth of loans I'll have to pay back, anything I can do to ease some of this stress? Or just some tips/guidance! [link] [comments]  |
| Should I use federal student loans to payoff private? Posted: 02 Feb 2018 03:10 PM PST I am currently in the repaye/PSLF program through federal loans. I recently started grad school and have about $48,000 in undergrad private loans with 6.74% interest. My tuition this semester was only about $3500, but was awarded about $7,000 at 6% interest. Should I use the additional $3500 to pay towards my private loans? I am currently in deferment in my loans and will not be making monthly payments on either my private or federal loans. Thanks for the help! [link] [comments]  |
| New Nelnet payment allocation, good right? Posted: 02 Feb 2018 11:02 AM PST Hi, I just saw this update on my Nelnet portal- https://www.nelnet.com/payment-allocation-update This sounds like its a good thing, right? So now instead of manually directing my payments to a specific loan, they just do it automatically for me? [link] [comments]  |
| Posted: 02 Feb 2018 06:16 PM PST I feel dumb posting this because I assume the answer is yes - I've only been paying my federal loans for 2 months. Last month I made way more than the minimum payment and it just allocated it among all of my loans. Now I don't have a minimum payment due until around May. I would pay my loans off faster if I just made huge payments to specific loans, with the highest interest rate first (assuming I can) than to just make a general payment towards everything right? [link] [comments]  |
| Question about what to do next with my loans Posted: 02 Feb 2018 01:54 PM PST Well hello there r/studentloans. I've come to a crossroad of sorts, and am looking for some guidance. I've been repaying my loans since 2014, but due to high interest and being on IBR, I've not really made a dent. Recently in the past year, I got a better paying job. Now I make $100,000 a year and would like to get aggressive with my repayment. I've already paid off $16,000 in private student loans in the past 4 months. I've got just one more private loan to close out (outlined below). Right now, I currently owe $103,406 in student loans.
I did look into refinancing, and here is what SoFi offered me: 7 year repayment @ $1200 a month at 5.4% interest. My question is this: Since I have a good salary, does it make sense to refinance the two consolidated loans (totaling $96,000) to reduce the interest rate by 1.475 percent? For those that would say "No! you'll lose your federal benefits!" I don't think this is an applicable arguement. IBR or deferment only add more to the amount of the loan over time because of capitalized interest. I'm already paying back way more than I borrowed because of capitalized interest from using IBR in the past, and I don't think that is a "benefit" in light of my current situation anymore. The most important thing to me is to have them paid off AS FAST AS POSSIBLE. I'm so tired of student loans. I want to buy a house, travel, I'm extremely tired of seeing this number attached to my name. In my monthly budget, I can allocate $2500 - $3000 toward student loan payments. Does it make sense to overpay every month, or should I save up and pay down in large chunks, like $15K at a time? Or do both? Thanks for your thoughts and input. EDIT: I'm a software engineer living in a tech hub. This is a throwaway bc friends and family know my other account. [link] [comments]  |
| I'm worried about taking out a loan and the consequences Posted: 02 Feb 2018 01:05 PM PST So for starters I go to a low cost university and I don't come from an affluent family. My tuition is paid for fully by the state of california through the Cal Grant A. I just took out a loan for 4G. My estimated financial total was 17G. I was getting 8,464 dollars as aid from school and other resources per year. The problem comes after I get the 4G. I will be at 12,464/17G. I am to receive a scholarship that pays out at the end of each semester for 3,280 (which is not yet registered on the aid list). after adding the expected scholarship 19,024 will be my total aid. So I am not sure if this will be a problem. If my loan will off balance and go over the expected aid and make it so that I don't revcieve the Cal Grant to help me pay base tuition. Or if I will only get part of the aid for next year and have to burden the amount the loan put me over the expected aid. TLDR: I signed up for more money than what was calculated I would need, worried I won't get as much next year. [link] [comments]  |
| Deferring loans for over 10 years Posted: 02 Feb 2018 12:54 PM PST How is it that some people I know have been able to defer federal loans for years. Meaning at least 8-15 years? Am I the only person who sees this? Is this even legal? [link] [comments]  |
| Posted: 02 Feb 2018 10:02 AM PST Anyone have issues with them marking your acct as past due when you paid for the month? If so, were you able to get it resolved? [link] [comments]  |
| How should I allocate my repayments? Posted: 02 Feb 2018 09:54 AM PST I will be paying more than the monthly minimum and am trying to reduce the total amount to be paid. Loan 1: Principal $5000, Interest rate 4.365% Loan 2: Principal $8700, Interest rate 4.365% Loan 3: Principal $31500, Interest rate 4.240% [link] [comments]  |
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