Looking for any advice for approx. $150,000 in loans. Student Loans |
- Looking for any advice for approx. $150,000 in loans.
- Teacher Loan Forgiveness: Can you leave Title I immediately after your 5 years are complete?
- Graduating this May (yay!) with 200K of student loans (Boo!). Looking to refinance with Sofi, have some questions.
- Navient Rate Reduction Program for 6 months. Is that normal?
- ~30k in student loans, two year repayment plan.
- Advice on paying myself and my wife’s student loans.
- Should I take out a private loan or drain my savings to cover the gap (grad school)?
- PAYE, forgiveness, and taxable income
- Having a debate with myself on the right repayment strategy
- Student Loans - Mom says I should take out a personal loan to repay them.
- Refinancing half of private student loans
| Looking for any advice for approx. $150,000 in loans. Posted: 29 Apr 2018 02:35 PM PDT My husband and I both have our Bachelors and Masters degrees. His is in business and he works in agencies/market Research. Mine is in public health. He currently makes around $48k before taxes. I recently graduated and make significantly less - around $32k before taxes. We are both signed up for income based repayment. For the longest time, his scheduled payment was $0 because I didn't have a job. Now that I do, my scheduled payment is $100 and I typically make $150 payments. I also pay $164 toward parent plus loans. Including interest, I owe around $72k if not a little more, his is probably around $62k. The $150,000 in the title is rounding up a bit. We had to stop paying on his altogether for a while there as I was without a job and we were moving. I'm not even sure how much we would each need to pay a month to keep up just with interest. I know that, with the program we are in, our loans will be "forgiven" in 20-25 years. But I cannot help but be skeptical of this. 1. I kind of find it hard to believe that this program will even be around by the time we hit that mark. 2. Obviously the amount left is completely taxable. Idk how that works really but I assume that will leave us with a very large tax bill. I'm not sure how we will pay that - payment plan? Bankruptcy? I honestly have no idea. Every time I think about the crushing amount of debt I feel like we are drowning. I already struggle with major depression and severe anxiety that makes me feel hopeless about the future. When I think of the hole we dug ourselves into, I can't help but not be able to picture a future. How will we ever be able to have children? Or buy property? Or even vacation? I just want to know if there is anything else we can be doing. I'm just so overwhelmed. We need help with budgeting and I don't know how much money we should be throwing at this constantly-growing pile of debt. Please, someone help. [link] [comments]  |
| Teacher Loan Forgiveness: Can you leave Title I immediately after your 5 years are complete? Posted: 29 Apr 2018 12:39 PM PDT I will have put in 5 years at a few different Title I schools as a special educator when my school year is over on June 1. I am planning to apply for Teacher Loan Forgiveness for $17.5k. I am also considering moving to another state after this school year ends due to a family emergency. I vaguely recall reading somewhere that for TLF, you need to still be working in a Title I school until the funds are distributed to you, but now I can't find that information. Does anyone know if this is correct? [link] [comments]  |
| Posted: 29 Apr 2018 01:34 PM PDT Like the title says, I'll be graduating in May with my graduate degree and just over 200k worth of student loans, all through Navient. I have already signed my contract for $153/yr and am slated to start work in early July. Although my job is eligible for PSLF, I have no faith in Trump (or whatever president we get) keeping this around as more and more people take advantage of it, in addition, I don't like the idea of debt keeping me tied down to a certain job for 10 years. I get that people in the program will most likely get grandfathered in, but the idea of looking at the number growing and growing while I'm only making minimum payments would give me anxiety. I'm aiming to get it all paid off within 5 years, living mostly off my wife's salary during that time so I can really hammer away. I'd like to take advantage of Sofi's rates (or some other loan refinancing group, not sure what is all out there) and refinance as soon as possible. I know Navient doesn't allow payments via credit card, but I was wondering if Sofi allows for CC payments, as I'd be able to rack up some serious miles in addition to the ones I already have. If they do, it's just another reason to refinance in addition to the lower interest rates. Thanks for reading and please let me know if you have any suggestions for me, I can't wait to start making a dent in these loans! [link] [comments]  |
| Navient Rate Reduction Program for 6 months. Is that normal? Posted: 29 Apr 2018 09:58 PM PDT I've been on Navient's Rate Reduction program for a few years now, which has helped me greatly. When I started I was told I had to reapply every year, just like IBR. However, the last time I renewed it (which was in December) I was told that it was now every six months. This confused me, because every other website I've seen has said it should be at least a year. I asked them about this and all they told me was they just started doing it that way. Is this true? Has anyone else recently renewed their NRRP and was told the same thing? Or is Navient messing with me? [link] [comments]  |
| ~30k in student loans, two year repayment plan. Posted: 29 Apr 2018 10:33 AM PDT So, I have about 30k in student loans (increasing daily cause interest) and my goal is to pay them off in two years. I graduate in a week, still looking for a job. Teaching I expect to make from 35-45k depending on where I am, and I'm also planning on living at home or with family to not pay rent. Is it realistic to pay them off in two years? I'm completely okay with living like a broke college student for another 2 years. [link] [comments]  |
| Advice on paying myself and my wife’s student loans. Posted: 29 Apr 2018 11:09 AM PDT I have around 45k in student loans and she has around 35k in student loans. I'm currently a trainer at work making around 50k a year and she is a dental hygienist making around 57k a year. We just got letters talking about starting to make payments on both of our loans. I recently finished school and she has been out for almost a year. I have no clue where I should start or how to consolidate any of these loans. I know she is behind on loans now and i am in a panic now trying to figure out what to do. Any advice is appreciated. We are also expecting our first child and money isn't tight but also not in surplus either. We have about 5k in savings so far as she just got hired into a full time position making that amount posted above. [link] [comments]  |
| Should I take out a private loan or drain my savings to cover the gap (grad school)? Posted: 29 Apr 2018 03:40 PM PDT Hi all, I'm going to be starting a masters program in the fall and decided to make my budget for the first year to see where I'm at. I'd really appreciate your opinions since this is actually my first time taking out loans in general. Right now my estimated expenses for year 1 (so tuition, groceries, room/board, health insurance, fees, car insurance, books/supplies, everything) is $73,460. This includes a monthly $150 budget for restaurants/entertainment since my program will involve a lot of networking/socializing. Estimated income: I will get $1,000 of work-study, a direct-unsubsidized loan of $33,000 (with a 6% fixed interest rate) and my parents are helping me out with an interest-free $20,000 loan which equates to $54,000. Thus I'll have a gap of $21,965. By the time school starts, I'll have about $23,000 in my savings account which would just about cover that shortfall, but then I would have pretty much no savings left. I also have a Roth IRA but I don't really want to dip into that unless that's the best thing to do. I have a pretty good credit score (760+) but I don't know how well that translates to getting a lower fixed APR; the lower ones I saw while doing my research seemed to be in the 5.5-6% range. It seems to be a rule of thumb that private loans are the devil which is why I'm super hesitant to get one, but I also don't like the idea of graduating with basically 0 savings and having to trust that no unforeseen expenses will come up in the next 2 years. So...which one is the lesser evil? And if I would need to get a private loan, how much would be ideal for me? Thank you all in advance! [link] [comments]  |
| PAYE, forgiveness, and taxable income Posted: 29 Apr 2018 05:26 PM PDT I have loans through Navient ($215K) and am doing PAYE. I make minimum payments because of my low income, and the interest seems to be piling up like crazy. When I spoke with my loan advisor, they told me that the remaining $ after 20 years CAN be taxed as income. I asked what do you mean and they said it "may or may not be taxed". From what I've read on other Reddit subs however, the consensus seems to be that it definitely will become a "tax bomb", or remaining balance taxed as income. I did not realize how quickly this interest can build up and now I'm freaked out. I make about $60k/yr (healthcare with little room for increase in income) and there is no way I will ever come close to paying off this debt. I am relying on loan forgiveness because that is my only option. I'm afraid in 17 years that I will owe something like $500-600k unless I start increasing my monthly payments. Has anyone else spoken with a loan advisor and had them tell you your loans "May or may not be taxed"? I have also read that if your remaining balance is taxable as income, you may pay more or less based on your assets and liabilities, which can get complicated. Any help with this would be much appreciated. Thanks! [link] [comments]  |
| Having a debate with myself on the right repayment strategy Posted: 29 Apr 2018 01:37 PM PDT I have two separate loans. One is through Great Lakes and the other is through Navient. I have about 7,500 left on my Great Lakes loan, which I have been paying off at 500/month for some time now, which is more than double the minimum. I am a year and change ahead on that one. On my Navient loan, I owe over 30k and I have just been paying the minimum. I still live at home under my parents roof and I have been craving to finally move out on my own once I get out from under my Great Lakes loan. So I had the plan that once my tax return is deposited, which amounted to a little less than 1k, I would immediately put it toward the Great Lakes loan on top of my normal monthly payment to get me an even bigger jump ahead on it. But here is where things get a little more complicated. Navient has been relentless on raising my monthly rate. In fact, it just went up for a fourth time in the last year and a half. It's getting to the point of thievery if you ask me. So the alternate plan that I am now thinking about is to actually put that tax return money toward the Navient loan, which would give me a little over 3-Month jump start. And then from there, pay it at a slightly lower amount each month, so that I will keep ahead on it, and not keep getting continuously screwed on increases. Meanwhile, I would still be paying the 500/month on Great Lakes. What are your thoughts? Should I keep just focusing on Great Lakes and really go after that, or would my alternate plan be more effective in the long run? Thanks all for your input. [link] [comments]  |
| Student Loans - Mom says I should take out a personal loan to repay them. Posted: 29 Apr 2018 07:48 AM PDT On mobile, please forgive formatting. Currently I have 2 loans through EdFinancial, a total of $16,000 borrowed. I took out one Fall 2016 ($10,000) and one Fall 2017 ($6,000). They've been accruing interest this whole time. But I dont have to start repaying until six months after I graduate, which will be in December 2018. Total, my loans are sitting at ~$16,900. I just started a new job two weeks ago, and they offer a benefit through a program called GradFin. I set up an info call, and the guy went through a lot and said that a 10-year repayment plan at $200ish a month sounds great for me. I told my mom, because it sounded really expensive, and she told me I should just take out a personal loan through our bank (USAA, which also covers my insurance, etc., and is the best bank my parents have ever used) because the interest rates are lower. Take out the loan, pay off the student loans in one lump sum, and then repay the personal loan with the lower interest rate. Is this a good idea? I feel like, if the interest rate is much lower (I would of course have to do more research into the interest rates), it would be the most sensible thing to do. Thoughts? Has anybody else done this? [link] [comments]  |
| Refinancing half of private student loans Posted: 29 Apr 2018 04:22 AM PDT Hey guys, just a quick question here...has anyone had luck refinancing half of their private loan rather than the full amount? I have 82k in private student loans at a 10.25% interest rate. Income is 45k and I've tried refinancing from multiple lenders. I'm confident within the next year or so I can get a higher paying position but for now with the interest rate being this high, is this something that would give me a better chance of being accepted? I'm throwing about 1300 a month toward the loans, so I've got the cash flow to do this [link] [comments]  |
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