The student loans are too damn high. Student Loans |
- The student loans are too damn high.
- Having loans reduced by a %
- Advice Please and Thank You!
- Question about refinance
- Missed IDR Recertification Deadline
- Advice needed desperately! MEFA/Conduent Education loans are doubling...
- Questions on refinancing my student loans
- Perkins Loan Servicer Change
- Lower Interest Rate
- PAYE/REPAYE calculation including spouse loans
- PSFL Question - Is it too late?
- PSLF Employment Certification Forms - Summer Jobs over Multiple Years
- Info on default payments with Navient?
- Applying for IDR with old tax return
- Where can I get help figuring out my wife's school loans?
- Please help. Utilize PAYE so I can focus on paying down the highest interest debt more quickly? Also, can I submit for a repayment plan under 2016 IRS documentation since I haven't submitted 2017 tax return?
- Looking for people in federal loan repayment who have had difficulties with servicers for a story with an ed news outlet
- Any leg to stand on with student loans?
- Best practice for employment certification
| The student loans are too damn high. Posted: 08 Feb 2018 10:52 AM PST The US has 1.4 trillion in outstanding student loans (A whopping 154 billion is currently in default as of Jan 2017) and they are all 100% federally backed loans. The guarantee of backing by the US government has lead to tenured professors making $50,000 a year while people like "Diversity Director" get paid $350,000 in the Universities administrative staff. The result is poor courseware, a terrible education and a cheated student. (We've even seen "Fake universities" shut down by the Federal Government with no forgiveness on "fake degrees" students are paying off.) It's starting to impact the US economy because as baby boomers die off and stop spending their retirement, millennial have such a huge parasitic debt they won't spend enough money to keep a healthy economic outlook. The funny thing is, before this Federal Backing scam, the baby boomers were able to put themselves through college while working as a waitress. College is so expensive now, a doctor struggles to pay to have their child become a doctor also. In fact there is a negative growth of psychiatry practices in the US. If you see a psychiatrist, 98% chance they are 65 or older, and retiring soon. Many cities have no sources to get prescriptions because there's not enough doctors writing psychiatric prescriptions, and insurance pays shit for the practice. I'm sure doctors aren't the only field affected (lawyers etc). [link] [comments]  |
| Posted: 09 Feb 2018 02:03 AM PST Good Evening! I'm currently on my second double shift this week, stumbled upon this subreddit and realized I'm tired of working more than 40 hours a week and need to do something about my student loan debt before I lose my mind. Here's a breakdown of what I owe. After a brief search here, it looks like people have luck with having their loans reduced by a certain percentage. Right now, my loan payments total per month are around $1100 and I have absolutely no quality of life. What are the steps for getting the loans reduced? I work for a reputable EMS agency as an EMT so I've already adjusted my federal loans to the income based repayment option to therefore qualify for loan forgiveness in 10 years. It's the private loans that are the problem and I can't go underground, I can't not pay them because my employer will know and I really enjoy my job. Currently the interest rates on these are astronomical and I fully intend on refinancing them but if I can get them to reduce these payments, I'll fuck them once and then fuck em' again when I refinance. Private Loans: 4 separate loans Loan A: $44,770.96 $539/mo (This is the loan i'm trying to dismiss) Loan B: $18,364.76 $211.77 Loan C: $15,085.72 $163.34 Loan D: $4,831.19 $54.70/mo Federal Loans: 27,569.71 $136.10/mo IBRP (normal $300/mo) The only thing I can think of regarding the massive private loan is that my mother took it out for me without discussing with me the financial consequences and it was for a year at a school that is completely polar opposite to what my degree is in. She was mentally ill at the time and passed away a year and a half later. [link] [comments]  |
| Posted: 08 Feb 2018 05:32 PM PST I'm 28, still finishing up my doctoral degree (that damn dissertation), but I finally got a full time job, and I make pretty decent money now (85k in the Midwest, but only about 65-kish after taxes, insurance, etc). All through college I paid for everything myself. I worked 30 a week at a campus store as an undergrad, and then independently taught classes as a grad student. Still I needed to take out loans. I took out about 45k as an undergrad (minimal scholarship), and only 20k as a grad student (tuition waiver, plus I was older and smarter about spending). After receiving a few paychecks, I have finally paid off little debts that surrounded me, and bought some much need essentials, so now onto student loans. Here is a general breakdown of my situation (rounded the numbers): Amount 13000 1000 3000 4000 3000 1000 6000 3000 12000 11000 8000 7000 4000 4000 Total: $80,000 (65k borrowed, 15k interest) So a few questions...
I can't think of anything else to ask at the moment, but any input is greatly appreciated. And if you do a google search and somehow see this post in a few years and still want to give me advice, please do, I'm sure I'll still be paying these bad boys off :) [link] [comments]  |
| Posted: 08 Feb 2018 09:58 PM PST Hi I owe about 150k of student loan to Navient with 15 years repayment plan. I refinanced that student loan with CommonBond and they sent 4 checks totaling about 150k to Navient. When Navient recieved the checks, will they close my account or will they just advance my due date? I am worry that they will advance my due date because I don't think CommondBond doesn't give any instruction telling them not to advance the due date. [link] [comments]  |
| Missed IDR Recertification Deadline Posted: 08 Feb 2018 08:55 PM PST Logged into Navient today to see that I missed my IDR Recertification deadline. What are the consequences of his screw-up? Is there anything I can do to keep my monthly payments from skyrocketing? [link] [comments]  |
| Advice needed desperately! MEFA/Conduent Education loans are doubling... Posted: 08 Feb 2018 04:46 PM PST So I have 1 sallie mae loan balance $1,500 and a $75 payment a month 1 Navient loan with my subsidized/un subsidized loans squished together. Balance is $23,000 I pay $216 a month 3 (originally MEFA) but now Conduent Education loans used to be on a repayment plan (paid half of the amounts below per month) but that ends this month (it was only allowed for 24 months now its done) and the monthly payments are doubling and I can't afford them. Account 1: $36,000 balance $510/month Account 2:$70,000 balance $833/month Account 3: $37,000 balance $399/month The conduent ones are the ones I can't pay and they offer no other repayment plans as I "used up" the 24 gradual repayment option. They offer no other assistance or options and said that if I don't pay the obvious will happen 30 days blah blah blah I have a 690 credit score and a credit card with a $2000 balance I pay like 25$ (the minimum payment) towards a month cuz I'm poor. I'm getting a $1,900 tax return in a week and I'm using that to pay for Februarys loans as they just doubled. Everything is current and I've never missed a payment but the HUGE conduent loan is due 2/28 and I don't know what to do I make like $39,000 Already applied for refinancing for the 3 accounts but was denied by mefa consolidation. Then tried just doing account 1 and 2 so it would be less but still was denied by Wells Fargo. My father co signed but didn't help. Both my parents won't pass as co-signers they have too much debt/loans out themselves. Does anyone have any advice on what I could do? At the end of my rope here! [link] [comments]  |
| Questions on refinancing my student loans Posted: 08 Feb 2018 08:33 AM PST Hello everyone, I graduated August of 2016 with my Bachelor's degree and about $145k in student loans (out-of-state tuition). It is now up to $167k due to interest, and I made the mistake of going through Sallie Mae for my loans. They are THE worst company/customer service I have ever experienced. Every time I talk to them on the phone, it's like the previous conversation never happened and I am starting form scratch. My loans went into forbearance a few months ago due to me not being able to find a job in my field (I've been working at Target and coaching swimming, not making much money). My parents and grandma have been paying most of my loans for me, as Sallie Mae is charging us $1,500 a month (about how much I make a month right now), and was down to about $800 during forbearance. ANYWAYS, we were told by a representative that after forbearance, which was the end of January, we can call and expect to spend about an hour on the phone working out my payments to reflect what I can afford with my current income. I called yesterday, and was told that it is impossible for them to do that. I am calling them again on the 22nd to try and figure something out. We just payed a loan yesterday, and am paying another on the 22nd because I am so far behind on payments, but I just cannot afford to pay them. So now I am looking at refinancing options. The catch is that I am very close to getting into my local Police Department's academy, and as sketchy as the PSLF is, I would like to at least be able to try and use that if I get in. The only problem is that they are very specific about where you take your loans out from for that in order for them to be forgiven. Is there any organization/company that I can refinance through that would qualify me for PSLF, or is that just pure nonsense for me to think? If I can't do that, does anyone have any advice on a good company to go through for refinancing? Apologies for the wall of text, am trying to get as much info as I can. Thanks! [link] [comments]  |
| Posted: 08 Feb 2018 01:45 PM PST Hi R/StudentLoans. This might be a weird question here: My federal Perkins loan servicer is changing. My school terminated the contract with the previous servicer as of Jan 31. I got an email from the servicer on Feb 1 about the change. This is the first I've heard of ANY changes to the loan. They are transitioning to a new servicer on Mar 10th. In the meantime, I cannot submit any payments in the meantime, but I am being charged interest. I normally submit my payment on the first of the month, so I'm annoyed by the changes. It's now generating more on interest than it should be (although interest is just 5%), and costing me money. Can they do this? Are they doing anything wrong? And do I have any recourse to complain about what happened? Thank you! [link] [comments]  |
| Posted: 08 Feb 2018 01:44 PM PST Hi all! Sorry if I don't include all the correct information the first time around (I'm new) and have what may be a dumb question(s). I am lucky enough to be graduating soon, and I will have very few loans. When I graduate, I will have one federal loan (unsubsidized) to the tune of 7,500 dollars with an interest rate of 4.75%. I will be throwing as much money at that as I can, but I also have a car payment/insurance (and I live in Michigan, so my insurance is ridiculous) and will be taking post bacc classes at the local CC to prepare for graduate school (paying for these out of pocket while still working as much as possible) as well as normal living expenses. I am hoping/anticipating that this loan will be paid off in 2-3 years. So finally the questions, haha. First off, anything that I'm doing that seems glaringly wrong or where I could save some money? Secondly, is there any way to go about negotiating my interest rate down? Is that even possible? Thanks in advance for any advice! [link] [comments]  |
| PAYE/REPAYE calculation including spouse loans Posted: 08 Feb 2018 01:04 PM PST I understand the basic calculation of PAYE/REPAYE monthly payment = AGI-(poverty line x 150%)/12*10%. But how are a spouse's loans taken into account? My wife has federal loans under REPAYE (and going for PSLF). I have federal loans under Standard Repayment, but I'm looking to apply for PAYE and plan for PSLF. How do my existing loans impact the calculation of her payments under REPAYE? How would her existing loans impact the calculation of my payments under PAYE? I'm confused because I thought that once our loan size puts our payment at 10%, the size of the loan beyond that doesn't matter. But when I ran the calculator (on FedLoan or NSLDS, can't remember), it seems that whether I have outstanding federal loans makes a huge impact on her monthly payment. This is why I'm considering going for PSLF myself rather than paying off my own debt aggressively, since I don't want her payment to shoot up as my loans are paid off. Am I missing something here? Thanks! [link] [comments]  |
| PSFL Question - Is it too late? Posted: 08 Feb 2018 12:42 PM PST So, I feel like a complete moron. I consolidated with AES in 2007. I've been a gov employee since 2006. Am I eligible to apply for this program and have past payments to AES included in this calculation? Or will my loans be transferred to FedLoan and my clock will start at zero? I'm feeling like I may have missed the boat on this. I will call the PSLF when I get off of work but would apprciate any guidance you guys can offer. If I am leaving out important details, let me know what they are and i will answer them. Update: I was not entered into the proper repayment plan and I do not qualify for the loan forgiveness. None of my prior payments qualify for the program. Expensive mistake by me. Thanks for everyone's input. [link] [comments]  |
| PSLF Employment Certification Forms - Summer Jobs over Multiple Years Posted: 08 Feb 2018 08:30 AM PST I worked summer jobs for multiple years, I probably have 3 or 4 summers worth of employment that may count for PSLF. Should I fill out a COMPLETE employment certification form for each stretch of dates? Or can you list multiple lengths of time on a single form? Form is OMB #1845-0110 [link] [comments]  |
| Info on default payments with Navient? Posted: 08 Feb 2018 08:11 AM PST Does anyone know what the "cut off" for Navient is to report a delinquent account to the credit bureau? I know some financial institutions, like credit card companies, may report at 30 days if the account gets past 30 days being delinquent, but I'm not sure if Navient is so strict/tough on the deadline. I've seen financial institutions (I've worked for a few that's how I know) report at 30, 45, 90, and as late as even 180 days (6 months). To clarify I am not asking about when they actually send the report in, because knowing financial institutions, that can be anywhere from the day of the 30 day mark of being past due or days/weeks later. I am asking for at what point do they decide to report to the credit bureau. Thanks in advance! [link] [comments]  |
| Applying for IDR with old tax return Posted: 08 Feb 2018 11:33 AM PST I am currently on the Standard repayment plan but I'm going to apply for IDR, specifically PAYE. My AGI based on my 2016 return is significantly lower than my 2017 AGI will be (and I have not filed taxes for 2017 yet). Can I use my 2016 return or do I have to first file taxes and then submit my 2017 return? If I can use the old return, will I be asked to certify that my AGI has not changed since then under penalty of perjury and all that? Could this affect my forgiveness under PSLF down the road? [link] [comments]  |
| Where can I get help figuring out my wife's school loans? Posted: 08 Feb 2018 11:07 AM PST Recently we've gotten to where we need to and can start paying on my wife's school loans. Is there anyone we can sit down (or even email) with who can help us untangle all of her loans and payments? We're currently trying to deal with 4 different organizations (Navient, Immediate Credit Recovery, US Dept. of ED, and CBS Collections) to manage 13 different school loans (FFEL Stafford and Direct Stafford). It's getting hard to keep track of who has what, what we owe them, how much we truly need to pay, what's consolidated with what and how, blah blah blargh. Feeling overwhelmed. [link] [comments]  |
| Posted: 08 Feb 2018 06:10 AM PST Hi all, I have a little bit of a wonky question. I have student loans and my wife does not. I finished graduate school in August 2015 and she finished in June 2016. While waiting for her to finish I was somewhat underemployed. For this season our 2016 tax return was ~55% of what our 2017 return will be. We currently make enough money to make the entirety of our repayment (~$1,000) per month. That said, using the Student Loan Hero calculator and our 2016 tax return information the estimated payment under PAYE would be ~$300 per month. I have one loan at 7.9% interest and was hoping to utilize the PAYE plan and then use the $700 "savings" to aggressively pay down this high-interest loan. Would I have to recertify my higher income in a few months when I file my 2017 tax return? Again using the calculator it looks like my total payment with our current income would be ~$650/mo. Is there something wrong with this plan? Am I thinking about this incorrectly? Thank you. [link] [comments]  |
| Posted: 08 Feb 2018 09:51 AM PST Are you a current or former student repaying your federal loans? Have you run into confusing issues with your loan servicer and/or filed a complaint with the CFPB or the company? I'm working on a feature for a prominent education news outlet and would love to hear your story. Please message me for contact information. [link] [comments]  |
| Any leg to stand on with student loans? Posted: 08 Feb 2018 09:21 AM PST I'll keep this short and sweet-apparently there is one random state loan I haven't been paying. I don't have a single piece of communication about this loan-phone, mail, or email-and all of those addresses have been the same since college. I've dug back deep in every possible avenue of communication I can think of, and there is nothing. I don't even have a log in for the state loan site. Apparently they are taking my tax return and my cosigner's tax return and are offering me a payment plan to get out of default. Is there any possible way I can fight this, at least so they don't take my cosigner's tax return? [link] [comments]  |
| Best practice for employment certification Posted: 08 Feb 2018 08:52 AM PST I've had my employment certified through mid July 2016. I've had to fight them on some calculation issues. I'm at the same employer now as I was then. I want to certify the months since then, but I'm unsure if I should do the paperwork certifying since my employment began in 2012 or just go from where I left off. Would including the past employment somehow kick off a new review? [link] [comments]  |
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