Since I have about $60k of student loans to go, I made myself a little tool to track my progress and thought I might share it if anyone finds it helpful! Student Loans |
- Since I have about $60k of student loans to go, I made myself a little tool to track my progress and thought I might share it if anyone finds it helpful!
- I finally finished! 65k in 3 years
- New Grad nurse with 145K in private loans
- Question for Navient users: Has Navient ever declined a card?
- I sent an application for PSLF about 4 weeks ago. When should I hear back and what is the process like?
- How to Compare Refi Rates if Lenders Won't Give Them To Me? Help Needed!
- My Favorite Amortization Calculator!
- Help w/ $75k Sallie Mae Loans
- Paid Off One Student Loan But It Is Still Gaining Interest, What to Do? [USA]
- Expat needing help with understanding options for student loans.
- Unable to use IRS Data Retrieval Tool and also unable to get my 2016 Tax Return Transcript!
- Did I mess up?
- Payment strategy question
- Parent Plus - Consolidation into ICR
- Navient Changing how loans payments are applied?
- I just received a letter my wages are being garnished from a $78k loan, I don't know what to do, help!
- If I’m going into grad school does my student loan goes automatically into forbearance or its completely different?
- Income Based Repayment “Strategy” that might save 50%! Looking for feedback.
- Talk me out of intentionally slow playing my loans?
- Does paying off one of several loans affect the minimum payment?
- Help tackling my fiancees loans
- I need a student loan and don't know where to start
- Income went up but PAYE payment went down?
- Looking to get in contact with people who've struggled with student loans
| Posted: 27 Feb 2018 06:24 PM PST I've been paying down some Credit Card, Medical, and Student loan debt over the past few years and wanted a fun way to keep track of my progress. I figured the best way to track my progress would be with color, so I made Debt Rainbow to help me do so. The goal being: everything starts out boring and dull, and as loans are paid off things become more colorful and happy. I've been chugging along pretty hard this year with my snowball and it's been a lot of fun to track it. Anyways, if you're interested at all, you can check out Debt Rainbow here: https://debtrainbow.party/ [link] [comments]  |
| I finally finished! 65k in 3 years Posted: 27 Feb 2018 05:04 AM PST I make 70k/year no raises. Have been working 3 years full time. My initial loan amount was 53k before interest but ballooned to 65k total. Average rate was 7.65% lowest rate was 6.9% I was not eligible for any programs. Consolidating did not provide discounts. I paid with autopay to save 0.25% interest. I saved a mandatory $500/bi weekly pay check plus monthly payment and any leftover money. Monthly payment was $366/month. [link] [comments]  |
| New Grad nurse with 145K in private loans Posted: 27 Feb 2018 07:23 PM PST Just looking for some advice. I recently graduated and accepted a job that will pay roughly 75-80K a year. For now I live at home rent free and and other than my roughly $1,500 a month loan payment, I have little other expenses outside of my loan. My loans average roughly 8% interest between them all and my current pay back plan is over 15 years. Any advice on how I should approach repaying them or if there are any programs that help repay private loans (I can't seem to find any). Any and all advice is welcome. Thank you. [link] [comments]  |
| Question for Navient users: Has Navient ever declined a card? Posted: 28 Feb 2018 12:00 AM PST So I'm about 3 grand off from paying off the last of my loans with this company and I seem to have run into an issue with them. I was ready to pay off my last loan with them so I called them up so I could speak with someone directly to make sure my loan was correctly paid, pretty much meaning having the interest included in the pay off amount. So I talk to this woman over the phone, gave them my account information and everything, she tells me the amount to pay off, and then I proceed to give her my debit card information to pay it off. She tells me the card is declined. I figure maybe there wasn't enough in my checking so I do a quick transfer of funds to make sure there is enough and ask to try again. She says it's declined again. It worried me because I thought maybe my card information was stolen but I went to use it the next day and it worked just fine. So I was wondering if anyone else has had an issue paying off a loan with a debit card. I've been able to make a few thousand dollar payments online before with no issues. Are they maybe preventing me from paying off my loan early? [link] [comments]  |
| Posted: 27 Feb 2018 07:38 PM PST |
| How to Compare Refi Rates if Lenders Won't Give Them To Me? Help Needed! Posted: 27 Feb 2018 06:21 PM PST So, I have a good bit of debt and bad credit. I am working hard to change both of those things, and one thing that will help me a lot is refinancing my two Sallie Mae loans. I know I need to shop around and find the best rates, terms, etc. but that is difficult for me. Because of my bad credit, I am unable to get rates, and would of course be denied any kind of refi. I do, however, have a cosigner, who is willing, able, and ready to cosign a loan with me. I want to know if there are any tools online, or any way I can get rates from these companies with my cosigner's information as well. I don't want us to go all in on one lender and get hit with hard credit inquiries if we apply. I remember there was a calculator I used years ago that allowed me to input my loans, my cosigner's credit score, and mine as well, and get an estimate of what I could expect to be offered based on that. I tried so hard to find it again, but I can't seem to! Anyone have any tips? Any way I can find out what my rates would be with a cosigner? Thanks! [link] [comments]  |
| My Favorite Amortization Calculator! Posted: 27 Feb 2018 09:09 PM PST Just wanted to share this one with you all, if you don't already use it. Unlike a lot of other calculators this one let's you mess around with making lump sum payments along with your regular, monthly payments. I use this tool a lot because I opt to make lump sum payments throughout the year as I accumulate some extra dollars (tax return, a bonus, etc.) Enjoy! [link] [comments]  |
| Posted: 27 Feb 2018 09:03 PM PST So, basically I owe $75k to Sallie Mae for a number of student loans plus another $75k in federal. Three months ago, before I found a job in my position, I decided to put three of these private loans in forbearance and start paying the others off. Well, now it is coming up to the end of that forbearance period and I am just now realizing that I will not be able to pay all my loans and eat at the same time. My field recently took a huge hit thanks to a very active hurricane season so my job opportunities were pretty slim. I am only making $57k a year in a high cost of living area. What are my options? Will I be able to get Sallie Mae to put me into their rate reduction plan? I am pretty much at the end of my rope here. I already work 40 hours a week so a part time job almost doesn't even seem worth it if I am only able to work a couple of shifts per week at a terrible hourly pay. Edit: I have looked into refinancing but even though my credit score is apparently "Good" according to credit karma, no bank will touch me with and I do not have an eligible cosigner. I have already attempted to refinance with a cosigner and I was rejected and dealt a hit to my credit score. [link] [comments]  |
| Paid Off One Student Loan But It Is Still Gaining Interest, What to Do? [USA] Posted: 27 Feb 2018 08:27 PM PST Hello! First time poster here but trying to pay off my student loans in a not-so-aggressive manner while still staying ahead of interest. To sum it up, I have a variety of loans from each semester in undergraduate so with my taxes this year I decided to pay off the highest interest rate loan which was $1,500 at 6.7%. I paid it off to $0 online on Friday but today I looked and it has gained $3.21 in interest since then. What do I need to do to get this loan to be eliminated completely? Thank you! [link] [comments]  |
| Expat needing help with understanding options for student loans. Posted: 27 Feb 2018 07:26 PM PST Situation set up: I am 32M living in Japan teaching for 300,000 yen per month (comes to about 2,700 dollars a month) I pay for life insurance for myself, my wife, and my daughter that comes to about 40,000 yen a month, rent is 60,000 a month, we pay for a car loan (7 year 2% at 16,000 per month) around $5000 in card debt (most of which was necessary to live) which I pay 26,000 yen per month tack on all the other bills like electricity, food, and whatnot and you have me at -20,000 to -30,000 per month including the part time job i work on the side at a private English school teaching for 1200-1500 yen per hour. On top of that i have 89k in student loans which I am unable to pay off due to a major lack in funds. (the -20,000 to -30,000 is ofset by my mom helping us out) Teaching English isn't helping and i feel overwhelmed... please please please is there anyone out there that can give me some ideas on correcting this situation... thanks for your help! [link] [comments]  |
| Unable to use IRS Data Retrieval Tool and also unable to get my 2016 Tax Return Transcript! Posted: 27 Feb 2018 06:54 PM PST So I tried using the IRS data retrieval tool for my 2018-2019 FAFSA but it does not work. The error message: "We are unable to provide you with your Federal Income Tax Information. Double check the information you entered and try again or return to StudentLoans.gov and enter your responses to the financial questions using the information provided on your Federal tax return." pops up every time. Same thing happened when I tried to get my 2016 Tax Return Transcript on the IRS.gov website. I could not get past the account creation because it says the information I put does not match my tax return. I have a copy of my 1040 Tax Return form for 2016 with me and everything I type is exactly what it says on there, but it still does not work. Anyone have any idea what's going on? edit: IRS data retrieval tool worked for my parents but not mine [link] [comments]  |
| Posted: 27 Feb 2018 06:42 PM PST I started a full time job in a public school in August making 52k. I owe 86k in federal student loans with $723 auto pay monthly. I originally applied for PSLF shortly after becoming employed. I was denied. I don't remember why, but I believe it was because my loan consolidation and IDR plan hadn't gone through yet. I do meet the requirements for PSLF now as far as I know. But after being denied, I decided to get aggressive about paying off my loans and put 10k toward the balance. My question is, did I screw myself over by making that big payment if I want to reapply for PSLF? I hate to see the interest accrue on my loans, and I am motivated to live like a cavewoman to pay them off. However, I understand getting PSFL could save me a lot of money in the long run if I were approved. I'm conflicted about what to do now. [link] [comments]  |
| Posted: 27 Feb 2018 06:13 PM PST I have a question regarding a one off payment strategy. Without thinking, I did not target a specific loan and made a couple extra payments early on, placing me in paid ahead status for some time. Past few months though I have been targeting my specific highest interest loan with extra payments throughout the month and nearly have it paid off. I was wondering if it would be smart to suspend my regular direct deposit for March which is minimum payment on all loans since I have 0 dollars due and spend the money on specific loan instead. This could allow me to pay it off a month sooner. Is there any drawbacks to this I am not seeing? I am fedloan if it matters. Thank you! [link] [comments]  |
| Parent Plus - Consolidation into ICR Posted: 27 Feb 2018 11:57 AM PST My mom took out close to 100k for my education, with the thought that I will basically pay her for the loans once I graduated and got a job. I have done so, basically giving her $650 every month for the past 5+ years (along with paying the loans in my name). Luckily, I make a lot of money and this was not too much of a burden on me. She's not very wealthy herself, and because of this, I told her to put it on a 25 year plan, and if she were to unfortunately pass away, I know there wouldn't be much estate for the loans to go against anyway. There's still a balance of over $60k on the loans. She's 70 years old, and planning to retire soon, and won't have (much/any) non SS income. Seeing this article (https://www.huffingtonpost.com/steve-rhode/my-parent-plus-loans-will_b_4992880.html), it seems like I can tell her to consolidate the loan, put it on income contingent repayment, and the payments will essentially go to $0, and then in 25 years the remaining balance will be forgiven, and the balance forgiven would be taxable income.
Anything else I'm missing here? EDIT: By searching other similar posts on reddit it seems like insolvency can help with the tax bill at the end, if needed. You only have to pay the IRS the sum of tax bill from cancelled debt minus the fair market value of your assets. So basically, the tax bill would be very little if anything, and I could easily help her pay it. Links: https://cpawilmingtonnc.org/insolvency-cpa-explains-cancelled-debt-irs-form-982-and-1099-c/ https://studentloanhero.com/featured/student-loan-forgiveness-taxable-income/ [link] [comments]  |
| Navient Changing how loans payments are applied? Posted: 27 Feb 2018 03:49 AM PST Hello, I have all of my loans through Navient. I am trying to do the avalanche method of paying off the highest interest, highest balance loan first so I am paying extra each month on this loan. Navient is not advancing my auto pay date, so the same amount is taken out each month; however, they are reducing the amount that gets applied from auto pay to the loan i am trying to pay off, and spreading the amount over all of my other loans. I've called them and they said they would re-apply previous payments to fix it, and they put a "note" on my account so it shouldn't happen again in the future....Well it happened again with this month's auto payment...Does anyone have any experience with having this solved through Navient? I really don't want to have to call them twice a month to fix everything for the next 10 years. Thank you! [link] [comments]  |
| Posted: 27 Feb 2018 07:26 AM PST First things first, I am an idiot. I know. I need some serious guidance here. First I was going to post in /r/personalfinance, but I figured this would be a more appropriate place to start. I am working full-time at $70k a year. My bills are rent $900 a month, Car $287/Month, Insurance $145/Month. $200 miscellaneous bills or luxuries (Spotify, Amazon Prime). I am also in the midst of 2 legal cases, both of which are taking $400 a month at the minimum, currently. I also haven't filed my taxes for 3 years I think. I have no dependents and not married. What should I do?? Should I contact the agent assigned to my loan profile? Are there numbers I can call for help? I can feel the crippling depression setting in, I have been ignorant and in denial of the loan this whole time. What a fool I am. [link] [comments]  |
| Posted: 27 Feb 2018 12:44 PM PST |
| Income Based Repayment “Strategy” that might save 50%! Looking for feedback. Posted: 27 Feb 2018 06:14 AM PST Hi, first time Redditor - on here primarily because my student loans are crippling my family and I'm looking for insight. Awesome, right? My loans balance currently exceeds $150k. They were about 100K out of law school but I took maximum forbearance/deferment for like 7 years, mostly because I was freaked out and mostly uneducated about how the system works. My servicer wasn't exactly helpful either. I graduated law school in the 2007 recession from a low tier law school. I have never made much money, and still don't. But shit, I'm licensed in two states and trying my absolute best. I started paying IBR two years ago, and I realized recently that paying IBR doesn't decrease your balance, and never will. I make $70K, have a mortgage, kids, and I have a $600 IBR payment. We can barely save for college, retirement, or take a vacation. After finally asking critical questions of my loan servicer, I've devised a strategy and was hoping to get some feedback. My servicer will not credit report me as "late" until I hit 60 days late on a payment. I can therefore pay half of my IBR payment every month, and always manage the payment between 30-45 days late, but never hit 60 days and take a credit hit. There will be a monthly late fee of about $30, but $330.00 monthly is far more manageable than $600. That is almost $300 per month I can redirect from the government to my kids college fund. I was told by my servicer that I am not held in "default" of IBR until I hit 240 days late. When i formulated this on the phone, the rep seemed to indicate that this was all acceptable and technically within IBR guidelines, provided a certify yearly. IBR discharges your balance after 25 years. My $600 monthly payment over 25 years (300 months) is about $180k (Yikes!). This strategy effectively cuts my total repayment in half. I believe that student loans (or at least they way we do them in America) are no more than government sponsored racketeering. I think my end game is to pay as little as possible. I'm an ethical human and I can justify this, as I am paying back what I borrowed. So... any thoughts?? [link] [comments]  |
| Talk me out of intentionally slow playing my loans? Posted: 27 Feb 2018 07:43 AM PST Guys I wanted to see what kind of advice you could offer me. Long story short, I'm 2 years out of college with 61k in debt, and making 42k a year. My loans are all stafford and they all range in interest rates from 3% to 5%. I'm not really panicking. It's a lot of money but I feel fairly stable. I'm bringing home about 2100 a month in salary. And I'm currently growing a little side business in the photo/video world. Which probably nets me a bonus 500 a month. I'm very tight fisted in terms of frivolous spending. My rent is a bit high. And I'm channeling a lot of my money into upgrading my video equipment and using that money to travel on the weekends to expand my business and harvest better footage. Here's my question: Is it a horrific idea to intentionally slow play my loan repayment? Like I've been on the phone, and I can get monthly payments as low as $170 a month. Of course, that doesn't do anything as far as chipping away at the principal amount, but it'll protect my credit and leave my other assets in my hand. My logic is that I imagine myself at a vital juncture. My degree is useless (don't ask how one racks up debt for a useless degree). I'm not going to rise much higher on the pay scale in my current day job. My main focus is on my personal business. And it SEEMS to my idiot brain that I'd be smarter paying as little as possible on the debt. Saving for a house. Focusing on growing my business with hopes of that turning into a much larger paycheck to pay off the debt in the future. THEN if life goes to hell, I can always rely on the absurd promise of debt forgiveness after 25 years (with REPAYE) Or whatever. All of that being the counter logic to taking ALL my spare money and routing it into paying down this debt, but leaving myself strapped for any assets to grow my business or retain freedom of movement. Am I making a bad call? [link] [comments]  |
| Does paying off one of several loans affect the minimum payment? Posted: 27 Feb 2018 07:37 AM PST I have seven loans through Navient and i just paid the first one off early by focusing additional payments directly to it. Will this reduce my total monthly payment toward the other loans or will it remain the same? [link] [comments]  |
| Help tackling my fiancees loans Posted: 27 Feb 2018 05:21 AM PST Hey all. Just want to summarize my fiancee's and my position at the moment and hopefully get some advice on what to do. I currently make $59k a year, take home about $3100 a month. My fiancee makes about $28k a year. Rent and utilities runs about $1350 a month. She also has a car payment. I knew that she had student loans but didn't realize the severity of one of them. She has two accounts in her name, one totaling only $2000 and another totaling $26,000. Out of this, only about $4000 is what i would consider to be high interest (7%) and the rest is 3-5%. All of this I knew about and was not worried about. I also knew she had another loan that her father was deferring. I didn't realize how this would impact us and I should have done something sooner. It is a parent plus loan in her fathers name. The principal was originally around $60,000 and the loan now totals close to $80,000 after being deferred. He has deferred it to next year when payments begin. Obviously this has accrued interest and I feel like her father has screwed us over by pushing this loan back so much. He also has never wanted to discuss the loan with her. I am very lucky that my family was very smart with their money and I was able to attend college without any loans. My fiancee was not as lucky. She is the first in her family to go to college and her father has never struck me as being smart with his money. I think that her and her father were very naive to student loans, and I probably am as well. I immediately went into stress mode after realizing the severity of the debt. I was trying to save for a house soon but now that seems out of the question. I currently have about $26,000 in savings (maybe closer to $22 after the wedding is done) and $14,000 invested. But the payment on the big loan itself will be close to $1000 minimum. I really don't know what we should do. We will probably have to refinance that loan but I don't know what that will do for us in the long run. I would suspect that refinancing and lowering the payment will just cost us more money in the long run. Please help. Thank you. [link] [comments]  |
| I need a student loan and don't know where to start Posted: 27 Feb 2018 11:05 AM PST Starting next term I need a student loan and have no idea what I'm doing. It's my junior year and will need loans for next term and all of next year. I'm currently unemployed but looking for jobs. Can i get a loan in this short of time period and where should I start looking? [link] [comments]  |
| Income went up but PAYE payment went down? Posted: 27 Feb 2018 03:37 AM PST Six months ago I got a new job that increased my salary by about 25%. My PAYE recertification was due this past week and I turned everything in early, including a pay stub for my new job. I was expecting my payment to go up, but it decreased by $3. I'm only concerned because I am making PSLF payments and I don't want to mess anything up. Should I count myself lucky or tell them to re-examine? Thanks! [link] [comments]  |
| Looking to get in contact with people who've struggled with student loans Posted: 27 Feb 2018 07:14 AM PST For a feature article in my college's newspaper, I'd like to write about student loans. I'd like to include a personal story or two about people who have struggled with student loan payments. If you're interested or know someone else who may be, DM me for more information. Thanks! [link] [comments]  |
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