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    Home Unlabelled I owe $70,000 for one loan my freshman year. Should I just end it all since I fucked up? Student Loans

    I owe $70,000 for one loan my freshman year. Should I just end it all since I fucked up? Student Loans

    March 27, 2018

    I owe $70,000 for one loan my freshman year. Should I just end it all since I fucked up? Student Loans

    I owe $70,000 for one loan my freshman year. Should I just end it all since I fucked up?

    Posted: 26 Mar 2018 09:07 PM PDT

    If I drop out then I have to pay $700 a month in addition to federal loans. My tuition is out of state so I'm going to end up having to get more loans for the next year. I know I'm a retard so you won't have to remind me but I thought that going to a really good school and having a decent job I'd be able to pay back the loans fine. Now I realize that I'm too stupid for college and now no matter what I do, it'll just be so much debt. The average person graduates with over $20k in debt and I'm already over that for the first year.

    Playing the lottery is dumb to me but I've thought about it because I could get out of this situation and fix my life quicker. I don't make enough with the job I have now and I'm working all I can outside of class and tutoring. My grades are also shit so idk how my gpa will help me get a decent job if I graduate.

    Ha, I just love how I've fucked up my life within the span of a few months of my senior year of high school. I should've just worked at Best Buy.

    submitted by /u/MattFGenji
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    Navient reimbursed some of my payments on a loan for current academic year...like, what?

    Posted: 26 Mar 2018 01:17 PM PDT

    Hey everyone,

    So I'm currently a graduate student and am paying tuition with a combination of loans and scholarships. I'm trying to be better about making payments towards both my undergrad and grad loans while in school, and so far so good!

    One of the loans I started making payments to is the unsubsidized one for the current academic year. I've made 2 payments of $175 so far. BUT when I was going through my bank account the other day, I noticed I received reimbursements for those amounts. I got confused so I went back to Navient and sure enough they didn't submit my payment to the grad loan and gave me a "customer refund." I'm a little confused. Is Navient really that desperate about making money off interest that they won't even let me make payments? Again, these payments are towards a loan I received (and continue to receive each quarter) this academic year.

    I'm honestly furious because I wanted to make payments to gradually lower the principal (and interest) so that it's financially feasible for me to continue making payments after grad school. Has anyone else experienced this? This has led me to open a high APY savings account with Ally Bank and make "payments" there so then I will eventually have a large lump sum for when Navient actually allows me to make payments to the current unsubsidized loan. I shouldn't have to do this, but I'm just surprised Navient won't let me make payments. I feel like I should have the right to do that...right?

    Sorry for the rant. I'm just thrown off by what's going on. I'm really trying to get my finances in order so that my anxiety can chill tf out. Any insight would be much appreciated.

    submitted by /u/pupusasandchill
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    High interest or high principal payment first?

    Posted: 26 Mar 2018 07:12 PM PDT

    I have recently started paying my loans through IBR and qualify for PSLF. I have several different direct stafford loans and am not sure what to target first- high principal or high interest (my higher interest loans have significantly lower principal)? Also, I am given the option to do electronic automatic payment with .25% interest rate reduction, but then I am assuming I will not be able to choose which loans to pay off first. Any advice is appreciated! Here is a a summary of my current loans:

    1. $8500; 5.31%
    2. $3900; 5.84%
    3. $12000; 5.84%
    4. $9500; 5.84%
    5. $3800; 6.21%
    6. $9800; 6.21%
    7. $15,400; 5.62%
    8. $26,300; 5.62%
    submitted by /u/NotAnotherPolishGirl
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    Medical student graduating soon with ~$135k loans, wondering if it is possible to enroll in REPAYE program but still make total worth of standard payments each month? Also a few more questions below. Would love your advice /r/studentloans

    Posted: 26 Mar 2018 07:02 PM PDT

    Hello Everyone,

    I have been lurking this subreddit for a while and figured I would post my loan issues here and you guys can let me know what you guys think of my plan or if you guys have any suggestions I would love to hear them.

    All my loans are federal Direct loans.

    I went to a public undergraduate university in California from 2009-2013 and left with about $22,500 in loans (subsidized/unsubsidized with interest varying from 3.4%-6.8%).

    I took a year off in between undergrad and medical school. I did not pay any of my loans off so I essentially used up my grace period on them.

    I went to medical school in michigan since I received a nice little scholarship and I am set to graduate this May. I took about $113,163 (all unsubsidized) in medical school.

    So I am graduating medical school with a total of an outstanding principal of $135,642 and outstanding interest of $14,096. All under one servicer (Great Lakes).

    I am doing residency back in California and I will be living home, so that will essentially save me a ton of money. Salary in residency (6 years of residency) is about $55,560 (with an increase of about ~$1,000 every year). Salary post-residency is about $450,000 if I decide to do 6 years of residency. If I decide to do 3 years then I am looking at about $250,000. Right now I am decided on 6 years.

    So my plan is to aggressively start paying off these loans. I essentially want to pay a standard payment on them ($1,400/month), but I had the grand idea of enrolling in a REPAYE program (since I am sure I will qualify with such little income) and get the 50% subsidy on the leftover interest. So this is where my first question comes up…

    1. Is it possible for me to enroll in the REPAYE program to gain the benefit of the 50% subsidy of the leftover interest, pay the minimum payment, but then put more money on top of that each month as if I was paying a standard payment? Is that even possible? If so, is there any harm to doing this as opposed to just doing the standard payment? Some people have told me that this may not be possible. That is really my biggest question.

    2. My other question has to do with enrolling in PSLF. I most likely will be able to pay off my loans prior to 10 years, but I figured I would enroll in PSLF in case anything comes up (emergencies, etc.). I do realize that this means I will have to change my loans servicer to Fedloans Servicing, but is there any harm in enrolling for PSLF at this point for me? I know that some people on this subreddit have had some success recently.

    3. Last question... any reason for me to consolidate given that I used my grace period on my undergraduate loans although they are all under one servicer right now?

    I know that this is a long post, so any help, suggestions, or advice would be greatly appreciated! Thank you guys so much.

    TL;DR: Medical student graduating with outstanding principal of $135,642 and outstanding interest of $14,096. Starting residency in California at a salary of $55,560/year for 6 years and living at home. I can make standard payments on my loans ($1,400/month), but would like to know if it is possible to enroll in REPAYE program, make those monthly payments, and then pay more on top of that each month as if it were a standard payment. Also, any harm in enrolling for PSLF? Any reason for me to consolidate?

    submitted by /u/poopsicle69in
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    250k med school private refinance question

    Posted: 26 Mar 2018 10:48 PM PDT

    I completed med school a few years ago and was planning on using PSLF to relieve my debt. Up until recently I have been working at a university hospital. My loans were consolidated at graduation with FedLoan and are at 6.625%. As of today, I owe about 255k and have been paying on time through IBR for the past 4.5 years.

    I was blessed to find a new job through a private company who agreed to pay off my debt in full after 5 years of employment. This language was written in my contract and was reviewed by a medical contract attorney.

    With my new job, my IBR monthly payment has increased and I have been thinking more about refinancing my loans through a private company. As my employer will pay off my loans in 5 years, I have been contemplating refinancing my current loan with a private company for a longer period (20 vs 15 years) in order to have the lowest possible monthly payment.

    Does this seem like a solid plan? Aside from forgoing PSLF, are there any other risks associated with refinancing with a private company that I am missing?

    submitted by /u/macnassey
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    Paying Loans Early?

    Posted: 26 Mar 2018 07:36 PM PDT

    Is there any consequence to paying my loans off early? I have 2 loans, one is already accruing interest and the other won't activate until I finish college. If I pay the payment is spread in between both apparently. I'm worried though that if I start payments that the unactivated loan will activate and start getting interest. Does that happen or am I safe to go ahead and start paying?

    submitted by /u/ChromeCheetah
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    Loan Help!

    Posted: 26 Mar 2018 05:36 PM PDT

    LOAN HELP: This past year, I graduated from residency and started a job as an attending. This past month it came time to recertify my loans. I was on the IBR plan in residency and assumed I'd stay on the same plan but my monthly payment would just skyrocket, appropriately. My financial advisor and I planned on that when making a budget for this year. However, I got a letter from my loan company (NelNet) this week saying I no longer had a financial need and therefore was essentially getting "kicked out" of the IRB plan. They also said that since I am "changing plans" the $40k of interest that has accumulated on my loans is now being capitalized as principal. They said I will automatically be converted to the 10 year standard repayment plan amount. If my interest is capitalized, it literally increases my monthly payment by $600, than if it wasn't. Questions:

    1. Has anyone been "kicked out" of their income based plan after residency due to larger income?
    2. Does the 10 year standard repayment plan allow me to retain eligibility for PSLF if I go that direction?
    3. Do my 4 years worth of payments on the IBR plan still count towards PSLF if I have to switch plans now?
    submitted by /u/amenyoumessedmeup
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    Student loans transferred from SM to Navient in 2016 - How to get 1098 E f0r 2014?

    Posted: 26 Mar 2018 08:34 PM PDT

    My loans were transferred to Navient from Sallie Mae in 2016. My navient account only has 1098 e's for 2016-17. I tried logging into Sallie Mae's site with my ssn and dob and it says I don't have an account there. Any idea how I can find my 1098 e for 2014?

    submitted by /u/huckleberryblade
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    Student Loan Refinancing Liquidity Requirement Question

    Posted: 26 Mar 2018 09:47 PM PDT

    Hi all,

    I had a question regarding liquidity requirements for studnet loan refinancing. My wife is looking to refinance her loans at First Republic Bank, but they have a "Personal Liquidity Requirement" of 20% of the loan. We currently have about $100k left to pay on her loan, but obviously don't have $20k sitting around. My parents are willing to let us borrow $20k until we can save up enough to pay them back (if we end up qualifying for FRB we are going to start paying the minimum amount and saving; it should only take us a few months to save up the $20k to pay my parents back as we both make a decent living and are on track to pay $80k-$100k off her loan this year).

    1. Does anyone know how long the 20% has to sit in our bank accounts before it's been there long enough to qualify to refinance with FRB?

    2. Does anyone know if you have to constantly keep 20% liquidity? I know they require $3500 in their accounts or you are charge a $35 fee, but it seems kind of ridiculous (not that the initial 20% liquidity isn't already ridiculous) that you would have to permanently maintain 20% liquidity, even in the face of financial emergencies and events like that.

    Thanks!

    submitted by /u/TRex77
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    If I'm on REPAYE, is there a way to determine what my standard payment of record is?

    Posted: 26 Mar 2018 05:55 PM PDT

    So that I can determine if I need to switch back to IBR at any point?

    submitted by /u/Grsz11
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    IDR (Income Driven Repayment) loan payment has tripled in the last month from Great Lakes

    Posted: 26 Mar 2018 12:26 PM PDT

    I've had no change in income, anyone else seen this on their federal loans? My IDR payment went from $218 to $667 in a month with no statement as to why. I cannot afford to pay this right now with my other private loans (yes, I fucked up my life). More of a panicked rant that anything, but it seems they've removed a lot of the repayment options from their site.

    submitted by /u/dk206
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    Congress spending bill included a "fix" for PSLF

    Posted: 26 Mar 2018 06:02 PM PDT

    https://www.cnbc.com/2018/03/26/student-loan-forgiveness-gets-one-shot-350m-boost.html

    Congress has allocated the DOE $350 million to offer forgiveness to student loan borrowers who meet all requirements for PSLF except that they were enrolled in graduated or extended repayment plans, which are ineligible for relief.

    To qualify, you'll still need to have a loan from the Direct program, have had made all of your payments in full and on time, and have worked 10 years in a public service job with a qualifying employer.

    Additionally, the forgiveness plan will be given out on a "first-come, first-served" basis, until the money runs out.

    submitted by /u/j5kDM3akVnhv
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    Looking at Private Loans Affect Credit Score?

    Posted: 26 Mar 2018 04:33 PM PDT

    This is from studentloadnhero: "As you review different interest rates, remember that you can apply for more than one loan to see which one will give you the best deal. There are two ways you can do so without your credit score taking a hit:

    1. Many private student loan lenders do a soft pull on your credit, which enables you to see what you might be approved for without taking a hit on your credit.
    2. If you were to do a formal application with more than one lender, you could avoid taking a hit on your credit by rate shopping within a two-week window."

    What is this article talking about? You can screw up your credit score by simply applying for private loans? Am I missing something?

    If I take out a private loan and pay them on time, it shouldn't negatively affect my score right?

    submitted by /u/GrayPaint
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    PSLF FedLoan Servicing Question

    Posted: 26 Mar 2018 03:32 PM PDT

    Once your loans get switched over to FedLoan for the PSLF program are you able to make extra payments on your principle (ie, can you ask them to apply the extra payment to your principle and not to use it to push your payment date ahead)?

    I guess I am just really nervous about continuing on with the income-based payments and then something happens and the program goes away or runs out of money and I'm stuck with a loan that's ballooned out of control.

    submitted by /u/ren_dc
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    Do I have any control or what subsection of loans get paid off first?

    Posted: 26 Mar 2018 01:57 PM PDT

    I couldn't find this info in the subreddit details or stickies.

    I want to pay my student loans off as best as possible. If possible I imagine it makes sense to target higher interest loans in the bunch if possible?

    Am I stuck to just throwing a ton of money at the one loan payment due per month?

    I'm super novice, any and all advice is appreciated.

    submitted by /u/ThenImpression
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    Student loans and tax returns

    Posted: 26 Mar 2018 09:24 AM PDT

    Pretty self explanatory, they've been taking my tax returns for the past few years. I never get any letter or confirmation of the amount paid, due, or balance. Here's the thing, I only went to school for a semester and a half. Is there some forgives for someone working low income who never got a degree? Stuck in a debt spiral...

    submitted by /u/Dillett7799
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    PSLF and FFEL loans

    Posted: 26 Mar 2018 12:05 PM PDT

    I am currently in the early stages of my 120 years of qualifying payments for PSLF and I have some questions about paying off several FFEL loans (which don't qualify for PSLF) at the same time.

    First, I have quite a lot of student loan debt, with a grand total of just over $181,000. Of this lump sum, about $18,000 are in FFEL loans from undergrad and therefore do not qualify for PSLF. I only recently applied for PSLF and had my loans moved over to MyFedLoan several months ago. However, I was given credit for some of the loan payments I had already made and am now about 1 year into it (12 qualifying payments). I am on IBR and my monthly payments are $1315.98. Of that number, $133.40 is split into the 4 smaller loans that make up the FFEL portion of my debt.

    My real question is what happens if I (and what are the pros/cons of) pay off the FFEL loans as fast as possible while continuing to make the normal monthly payments for my loans that actually qualify for PSLF. I am aware that consolidating all my loans together would allow my payments to count toward my entire debt, but I went back to grad school a bit late in the game and even though I'm only 12 payments in, I really don't want to start over. Since I have a good 9 years left (at least) of these qualifying payments, I really value the psychological benefit of being done as fast as I possibly can. Paying back the $18,000 fairly quickly feels quite attainable with my budget and will not bother me at all.

    But what happens to that monthly $133.40 that is currently going toward the FFEL loans? Will it automatically be re-distributed toward my other loans? Will I have to contact MyFedLoan to explain what I'm doing so they don't continue to draw money toward non-existent loans once I've paid them off? Will paying extra on the FFEL loans mess with any of the qualifying payments I make on the ones that really count? And even though I value paying this small portion of my debt off quickly, is it really that financially beneficial overall? I'd love some advice and I would be happy to provide any additional relevant information.

    submitted by /u/TruancyBot
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