Seven years after graduating, I am done paying off my undergrad loans. Principal + interest = $171,000. I am free Student Loans |
- Seven years after graduating, I am done paying off my undergrad loans. Principal + interest = $171,000. I am free
- Servicer error, says I owe on loans that were previously paid off.
- Do I take the $180,000 and the dream or do I take care of the $80,000 I already have?
- Which loans to pay off first?
- Anyone have any info about a part-time job w/ tuition reimbursement while still in school?
- Navient not honoring discount for prompt payment
- SunTrust - Be sure to read the fine print on cosigners!!!
- Strategy for paying off $200k in student loans
- All things being equal, any real downside to refinancing?
- Can't even afford a $159.66 payment right now. Will my loan provider go as low as $25 a month?
- Dilemma: Pay off defaulted loan or return to school?
- Refinancing at higher APR?
- How to get my loans over to FedLoan?
- Impact of only refinancing select FedLoan loans?
- Legal troubles for not paying loans?
- I think I got scammed by a student loan company.
| Posted: 29 Mar 2018 01:17 PM PDT Ten years ago I made the worst mistake of my life and enrolled at an expensive private university. It was quite a bit better than the best state school I was admitted to, which was not cheap by any means ($20k/year total). I got a decent scholarship, bringing down the annual cost from $50k/yr to about $30k/yr, and my parents encouraged me to go after it. They cosigned all the loans I needed and took on their own debt as well, with the understanding that I'd pay it off as if it were mine. In reality, I had no understanding, and I just assumed that this is what everyone else was doing. I'm well past being angry at myself or at my parents, and in retrospect it's not that puzzling to me that I fell for it. I paid for my mistake. I lived with my parents for years and I didn't travel or save or invest until very very recently. It sucked, and I think I have a good attitude as a result, but in the early years it really, really got me down. I wouldn't wish it upon anyone. If you're thinking about putting down serious money for school, bring someone older, wiser, and less subjectively involved in your life/upbringing/education into the conversation. I'm not saying student loans are bad. If I had been admitted to a Stanford/Princeton/MIT or something, I think even the amount I paid might have been worth it. If I were studying Comp Sci at wash U, maybe. But my advice is, if you're the one paying for your education, do some serious thinking before you sign away your money and your time. Phew. I'm gonna go lay down and relax. It's been a tough 6 years. [link] [comments]  |
| Servicer error, says I owe on loans that were previously paid off. Posted: 29 Mar 2018 11:43 AM PDT Hi all, so I paid my loans off about 6 months ago, and today my loan servicer says I owe another $400, claiming that someone else's payments were accidentally applied to my loans at some point. I have a payoff letter for the loan that says everything was paid in full 6 months ago, and they say they'll send me proof of the payments that were put on the wrong loans. Am I SOL here, and gonna have to fork over another $400 for their mistake, or is the fact that I have a payoff letter from them for the loan enough to argue that I don't owe them anything? PS, never heard a goddamn word from them, it's only because they sent me someone else's refund check that I found out, and they had the next auto debit set for 6 years from now, can't imagine how much interest I'd have owed on the loans I thought I already paid off if I hadn't caught it. [link] [comments]  |
| Do I take the $180,000 and the dream or do I take care of the $80,000 I already have? Posted: 29 Mar 2018 09:40 PM PDT I'm $80,000 in debt from my undergrad already, making payments in school and managing my loans. I'm have options for two long-term internships with reputable companies, one of which is guaranteed to lead into a FT position, and I've been accepted to the graduate school of my dreams. When school $100,000, the right choice seems to be one of the jobs. However, going to the graduate school will open me up to networking opportunities and jobs I can only dream of right now, and I am confident I would find work doing what I love. These jobs are in a field I'm not that dedicated to, but am qualified for, and they're definitely easier on my wallet. What do I do? Go with the far less expensive option and save my budget and peace of mind while hoping to god I find that I end up loving the job, or do I pay the money to get to the school that I know will place me exactly where I want to be? I'm terrified of the debt but finally feel at home with the program I got into and the kind of work/field it would prepare me for - which is incredibly difficult to get into without a specialized degree. All advice is appreciated. [link] [comments]  |
| Posted: 29 Mar 2018 09:04 PM PDT The Background: A relative agreed to refinance some of my student loans (really, just loans) to help me pay it back. We never really discussed how I would distribute the amount though, so now I am debating... All things being equal, paying back the loans with the highest interest rate (6.55%) is a no-brainer - it charges the most interest every day per $ principal. For a while I settled on that conclusion, but recently I began debating whether there was an alternative. Specifically, I am thinking about paying off my auto loan completely with it. This is the loan with the lowest rate out of all my debt (1.74%), but it is taking one of the biggest chunks out of my monthly income. It is also the shortest term (a little under 4 years), while the highest interest rate loan has a lower payment / longer term (10 years). The auto loan alone would not be competitive, but paying it off also frees up the amount I spend on auto insurance (I will save on comprehensive coverage altogether). Do you think this is even a contending alternative? I would love your thoughts on this...Thanks! :) [link] [comments]  |
| Anyone have any info about a part-time job w/ tuition reimbursement while still in school? Posted: 29 Mar 2018 01:23 PM PDT I'm a doctoral student and i will have $20k in debt @ 6%. I'm trying to pay off some loans before I graduate. I saw that Home Depot and other companies put $1500+ towards tuition each year. I'm very interested. Did anyone work for a company that offered something similar? [link] [comments]  |
| Navient not honoring discount for prompt payment Posted: 29 Mar 2018 06:22 AM PDT I have 3 private loans with Navient that I've been paying since 2004. In reviewing my loans I noticed the following in my loan details:
As far as I can tell I've never missed a payment or had a late payment. The customer service rep I spoke to confirmed this after reviewing my account. She submitted a request to the "processing department" to get more information. At this point I only have 11 months of repayment left so the impact isn't huge but I'm wondering what recourse I have if they never provided this benefit or removed it for no reason. How would I go about calculating the amount of interest they overcharged? [link] [comments]  |
| SunTrust - Be sure to read the fine print on cosigners!!! Posted: 29 Mar 2018 04:25 PM PDT Nearly 5 years ago I took out a loan with SunTrust for my undergrad. After never missing a payment and being financially stable, it was time to release my cosigner from the loan. Denied. Called up AES to be told that an overpayment made a year ago resulted in not hitting the minimum required payment in the following month making it a "partial payment". AES automatically reduced the following payment (I later called to apply additional payments to principal) so I was not aware of this possibility. Customer service said they were at the mercy of the lender and that I needed to have overpaid again that month despite what my minimum payment told me I needed to pay, in order to keep my streak of 48 months of consecutive payments alive. Now my cosigner has to continue with that loan on their credit report for another 40 months. Be careful about the fine print!!! Currently the request is in review again but I was told not to get my hopes up. [link] [comments]  |
| Strategy for paying off $200k in student loans Posted: 29 Mar 2018 04:23 PM PDT Hey all, I'm trying to help someone in my life overcome some pretty serious debt. I sent this to her already, but looking at the community for some feedback. Here goes.. Info:
Loan calculations:
Strategy:
Pay off loan in 48 months, get money back. Take out a loan through first republic so that you are not facing 5.16-6.5% The loan is guaranteed by first financial to be between 1.95-3.95%, while worst case is 3.95%, that probably won't be your rate. There is no tax benefit to paying your taxes through this system, and since you're set on not defaulting or waiting for loan forgiveness, the goal would be to minimize interest, and have this cost you the absolute minimum amount of money. Current scenario (5.16-6.5% @ 25 years): Paying about $1500 a month, most of which goes to interest. There is no benefit to making interest payments, as this will no longer be deductible due to the amounts that you are incurring. Math of worst case scenario @ first republic (4% borrowing): You will have a monthly payment of $1,479.38, and a final principal balance of 157.8k after you 48th month. The ultimate strategy here is to pay off on the 4th month, netting you an interest rebate of $14,160.36. You will need 143.6k in 48 months to pay off the loan to get a ~14k rebate. Math of best case scenario @ first republic (2% borrowing): You will have a monthly payment of $1,287.02, and a final principal balance of 152.3k after you 48th month. The ultimate strategy here is to pay off on the 4th month, netting you an interest rebate of $14,160.36. You will need 138.2k in 48 months to pay off the loan to get a ~14k rebate. This particular scenario will mean that your 4 years of loans is interest free. Saving you about $40k over your current situation. Analysis: By borrowing from first republic, at the very worst case, even by not implementing the strategy, you lose nothing. Over the lifetime of the loan, you'll likely save about 150k just by switching from 6% to 3%. By implementing the strategy above in the best case scenario, you will need to save 150k over the next 4 years. Assuming that you have 50k saved now, it's about another 100k over the next 4 years (doable). Challenges: This assumes that you'll be able to recover and save an extra 100k over 4 years. Please post your thoughts and comments. Any support or advice is appreciated. [link] [comments]  |
| All things being equal, any real downside to refinancing? Posted: 29 Mar 2018 03:20 PM PDT What I mean, let's say you have a federal loan in repayment. Let's say you're not really thinking about any form of forgiveness. Eventually, the loan will get paid off, regardless. If someone offers you a chance to refinance and precisely the same terms - same interest rate, same monthly payment, same schedule of repayment, same customer servie, is there any hidden downside to doing it? Assume the new servicer is reliable, not running a scam. I get that the question prompted might be, "Why would you bother trading six of one for half-a-dozen of the other?" Leave that question aside. Or assume there is some third party inducement that would make it worthwhile, theoretically. Also, I assume my credit score will get dinged for doing it - leave that aside too. Is there a hidden downside to doing this? [link] [comments]  |
| Can't even afford a $159.66 payment right now. Will my loan provider go as low as $25 a month? Posted: 29 Mar 2018 03:16 PM PDT Sorry for the throw away account, just don't want this on my main one for some reason. Anyway in need of some advice... Fortunately I am not in a super amount of debt about $28k from one government service provider, about $4k in credit cards which were used to finish paying off tuition and books, and I have a current income of $38k per year. I did apply for an IDR payment plan with the current total being $159.66 per month kicking in on April 23rd. Now this would not really be a problem, but the issue I am having is that my SO is currently out of work so I am the only one with an income. My monthly income is exactly $2277, our mortgage is $1656 + $350 utilities (including internet & phone, insurance) = $2006, have to pay back employer tuition assistance $100 a month (final payment in October) - then I have to pay my CC's which now bring the total to $2230 - So I have exactly $47 left to my name and I haven't even broached the subject of Food or Gas. So I guess before calling my loan provider, does anyone have experience with a situation like this and trying to lower their payments significantly? I'm talking like $25 a month at this point. I do have $4000 in savings and my play around stock account is at $2000 so I'm not at the point of bleeding, but obviously don't want to dip into my savings at all. [link] [comments]  |
| Dilemma: Pay off defaulted loan or return to school? Posted: 29 Mar 2018 02:37 PM PDT I need advice, please. I was laid off and my unemployment benefits just ran out. Foolishly, I did not apply for a deferment and now my loan is in default. I am having a extremely difficult time finding a job b/c I don't have a degree (I dropped out after 2 years to care for a sick parent). I've been told by recruiters, career coaches, former bosses, etc. that it is imperative that I complete my degree if I want to advance in my career - which I do. I've been lucky to work for 12 years in jobs of increasing responsibility (including a VP-level role), but my luck has apparently run out. Today, I was told I was over qualified for a retail job at a bookstore. I just received a small inheritance. I've also just applied for a deferment on my loan due to unemployment. This money isn't going to go very far and I need most of it to live on while I am unemployed. Here's my question:
I would love to pay off the loan, enroll in school, and still have emergency money to live off for a few more months, but that doesn't seem possible. All advice is welcome. I am a vortex of confusion. [link] [comments]  |
| Posted: 29 Mar 2018 06:41 AM PDT Hi, I have three student loans through Discover Student Loans, my payment is about $580 each month, I have 4.5 APR on all three. However, they are not refinancing them into one loan, so I'm looking for alternatives. I found that going through "Earnest" will give me a monthly payment of 303 (almost HALF my monthly payment) with an APR of 5.57% for a 15 year payoff. What am I not understanding here? It would be MUCH easier on my life if I could save $300 each month and apply that to my OTHER student loans. So, how can the monthly payment be cheaper, yet the APR be more? I know the answer is that the payoff of 15 years might be longer than what I have now...but I'm not sure about that. I'm pretty sure I'll be paying my Discover Student Loans for a while now. Especially if I have to defer because the fucking 600/month payments are killing me. [link] [comments]  |
| How to get my loans over to FedLoan? Posted: 29 Mar 2018 01:38 PM PDT I submitted my employer certification form (for PSLF) in January and on February 8th I received the letter from FedLoans saying my certification form has been approved and that in a few weeks my loans will transfer over to them. I am graduating this may so I want to make sure everything is transferred over before I start repaying so I called FedLoans and they told me they had sent the request to my current servicer (Great Lakes) on February 26th and that they are waiting for Great Lakes to transfer the loans over. I immediately called Great Lakes and they first told me they have not received any request from FedLoans. After insisting they put me on hold again and came back and told me because my loans are in multiple statuses (in school deferment at the moment, not sure what other status they would be in – I have undergrad and grad loans) that the transfer process is being stopped/delayed. The person I talked to said she will look into removing that hold/delay and call me back in 2 business days. Is this legit? It feels like she just wanted to get me off the phone. Where do I go from here? [link] [comments]  |
| Impact of only refinancing select FedLoan loans? Posted: 29 Mar 2018 11:24 AM PDT Hello All! I have a number of loans through Fedloan ranging from 3.1% to 6.5% interest (~$280/mo), in addition to a Parent Plus loan with 7.9% interest that I am paying off ($105/mo). I plan to refinance the parent loan into my name, and if the interest is lower also refinance only the 6.5% Fedloan loans as well. My question is this: If I only refinance the 6.5% interest loans, and leave the lower interest loans with FedLoan, will my monthly payment to Fedloan remain at $280, or drop to reflect only the payments I'm currently doing on the lower interest loans (~$125)? Put another way, if I do the above will I be paying new loan + $125, or new loan + $280? I have contacted FedLoan directly with this question but have not gotten a response. I'm comfortable losing the federal loan repayment plan perks in favor of a lower interest rate on these loans. However I don't want to bite off more than I can chew if I'm stuck with the refinanced loan payment AND the $280 doesn't become lower. [link] [comments]  |
| Legal troubles for not paying loans? Posted: 29 Mar 2018 07:36 AM PDT What can they do for not paying your loans, aside from ruining your credit? I ask, because I've been sick for a number of years and hiding/running from my issues, so I'm behind on my student loans, some of which are held with Navient, and some with The US Department of Education. I'd like to start working on getting these resolved and rebuilding my credit, but what's most important for me to earn money right now is getting a car, but I worry that maybe they could seize it? I don't know how this works, and I'm looking for any resources and answers to help me figure out the best course of action to take here. Thank you. [link] [comments]  |
| I think I got scammed by a student loan company. Posted: 29 Mar 2018 07:22 AM PDT I already canceled my debit card. Yes, I know I'm an idiot. I signed paperwork then started to feel off about it when I came out of panic mode. I'm not sure what steps to take right now. I'm really scared and I don't know what to do. If anyone can give me advice or help me, I'd appreciate it. This company said that a qualified for the federal loan forgiveness plan or something. They said my payments would be $0.00 a month. They said something about a transferring fee of $699 or two payments of $399. I canceled my credit card so I know the payments won't go through. I signed paper work and had it faxed in with two of my pay stubs. They called themselves "The Department of Education" I have panic disorder and I didn't really mentally process everything because I was in panic mode. Also, they gave me links for NSLDS.ed.gov, I'm not sure if that's legit or not. The number I called is "1-800-261-7472" They called themselves "The Department of Education" [link] [comments]  |
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