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    Maybe we should organize a nation wide letter to the Media, Sallie Mae, Congress, etc. Student Loans

    April 29, 2018

    Maybe we should organize a nation wide letter to the Media, Sallie Mae, Congress, etc. Student Loans

    Maybe we should organize a nation wide letter to the Media, Sallie Mae, Congress, etc.

    Posted: 28 Apr 2018 08:09 PM PDT

    I know I'm not the only one here struggling with Sallie Mae. I know some people are able to get their loan payments lowered if their loans are through Navient, but Sallie Mae offers no help whatsoever. With the exception of forbearance and having your interest reduced by 0.5% if you enroll in auto-debt.

    I can't help but feel that just trying to make payments is enough. We really need to get the word out on how shitty Sallie Mae is. I'm not asking for my loans to be forgiven, I'll pay them back. But we need to send a message that if they want their money back then they need to help us help them.

    submitted by /u/Osborn_1905
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    My plan for tackling $103k in Sallie Mae loans ($1373 monthly payment.)

    Posted: 28 Apr 2018 04:51 PM PDT

    So I have a bit of a fucked situation with my loans. I took out around $80k in Sallie Mae loans and currently owe $103k due to interest. I also have $55k in federal loans but those are manageable. Starting soon, I'll be paying $1378 a month to Sallie Mae and $237 in Federal.

    I early roughly $40-50k at my job. I need to earn a minimum of roughly $45,000 yearly if about 30% is taken out for taxes. The good news is that there's opportunities for me to earn more at my job through climbing up in a couple of years, or getting a job elsewhere.

    Anyway, I want to tackle my Sallie Mae loans however I can. I've been doing a bit of research on what my options are and I don't think it's looking too good for the long run. But here's my plan:

    • Save up as much as possible between now and when my loans kick in (mid July). I did a piss poor job on saving up my money since last year, and I could have had around $10k in the bank as a cushion. I'm not going to beat myself up over it but fucking hell am I pissed at myself. Anyway I should have around $2000 in the bank by the time my loans kick in, which is roughly 1.5 months worth of Sallie Mae payments. It's not a lot but after doing some math I found that if I had been paying my loans starting in January, I would have needed to taken out about $500 but then deposited enough to have a "profit" of $170. So $2000 is small, but it seems like for now it'll be able to do the job.
    • Make the minimum Sallie Mae payments each month while also enrolled in auto-debit to decrease my loans by 0.5%. This isn't a lot but it could save me about $68 a month if I'm right. Though highly doubtfull it'll be that much. I'll do this to build up a "trust" with Sallie Mae to show that I can pay off my loans.
    • After a year of timely payments, I request to have my cosigner removed. A HUGE problem though is that I didn't graduate and it's extremely unlikely I'll ever get my degree despite how few classes I have to take. I'll still look into what I can do but with money going to be as tight as it is, I don't think I can afford to pay for my last. I'm hoping that paying off my loans on time with auto-debit will be able to qualify the cosigner release.
    • Once my cosigner is released, or not, I'll seek to refinance my loans with groups/banks such as SoFi, Citizens Bank, etc. Usually it's required that a year of on time payments be made in order to get the loans refinanced. So I can't really do anything about that right now unless I have my cosigner co-sign one of the refinance loans. Another huge problem is that it seems that groups like SoFi require a degree from the school in order to get a loan refinanced. So this option might not be available.
    • If I am unable to get my cosigner removed at all, and my loans can't get refinanced, I go into forbearance for the maximum time allowed. 1 year. During this time I pay off the accumulating interest of each loan for those months. However any little money that was going to pay off the principal amount, I use to snowball my smaller loans much faster.
    • If I am able to get my cosigner off of all of my Sallie Mae loans, I file for bankruptcy. Hopefully this will discharge some of my Sallie Mae loans and force Sallie Mae to lower the interest rates on my remaining. Honestly I don't see any other way of being able to make any meaningful payments to my loans any other way so bankruptcy is the only option.

    If you have any advice, PLEASE let me know. I'm feeling very hopeless in that my financial future will not improve. I did point out that I very well might be able to get a higher paying job, or even increased pay at my current job. But at some point I NEED to start saving for retirement before I'm 40.

    submitted by /u/Osborn_1905
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    Indian student, need advice about student loans

    Posted: 28 Apr 2018 09:48 PM PDT

    I recently got admitted to Carnegie Mellon University, and I was informed that the total money required for tuition plus living for two years comes to 92.3k$. After a discussion with my dad, we came to an agreement that he would cover 60k$ from his salary and a little from his savings, while the remaining amount of 30k$ would be paid via loans. How do I go about applying for a student loan, and what are some factors I should keep in mind while doing so? There's almost little to none advice on student loans in India, and what's available is provided by education consultancy services which charge a lot for what I assume is basic information.

    submitted by /u/BreakingTheBadBread
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    I missed my School’s fafsa submission deadline; am I screwed?

    Posted: 28 Apr 2018 07:02 PM PDT

    I am currently enrolled in community college and will be transferring to a university in the fall. As I am the first in my family going to college I don't know anything about student loans other than what I've learned the past few days and I just found out a day ago that the aid my school is set to give me is 0$ because I didn't submit a fafsa before February. I haven't bothered to submit a fafsa since freshman year of community college as I did not receive any money then and my parent's financial situation has only improved since. I'm just wondering what my options are at this point as far as paying for my school? Is there still a way to get government subsidized loans or am I going to have to go with private loans for this year?

    submitted by /u/HamMcSlam
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    So I called AES and told me loans can be forgiven at a $795.00 price tag...Red Flag Scam

    Posted: 28 Apr 2018 06:11 AM PDT

    So I am a teacher that teaches in a inner-city school district. I am in my 3rd academic year. In my district E-mail I received a message from AES to call ((844) 557-9335)). I talked with a woman whom told me my loans could potentially be forgiven and I make payments of $12 month for 10 years. Sounds too good to be true right?

    However I was told that I would have to pay 795.00 for the processing fee. Which doesn't make sense to me? I did not pay her, she told me I had a week to pay up. Which being a hardwired skeptic finds this unbelievable and without sounding redundant sounds too good to be true.

    I did my research and found this site: http://www.americaneducational.us/student-forgiveness.php

    What bothers me is they have 2 800 numbers. Which to me is a bit sketchy.

    So my question is AES legit. Or is there anything I can do to get some of my loans forgiven?

    submitted by /u/RossSeventeen
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    Can I live off of student loans?

    Posted: 28 Apr 2018 09:00 AM PDT

    I'm about to apply in a free tuition university in germany and need help with some budget advice. I don't understand the whole concept of 'student loans'. Many articles suggest that they don't cover your full expenses, but are for example helpful for paying your rent. Now, the calculated living cost in germany is about 600-800 EUR with the rent included. I read through a bunch of blogs that are in favor of banks offering international student loans. Can I get a loan that will cover my full education? I do plan on taking on a part-time job but is essential that I would be able to "survive" the first few months without one. Take into account that I will not be getting any financial aid from either my parents nor scholarships. Thx in advance for the info. Edit: I am a non-eu citizen

    submitted by /u/WhaleConductor
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    I'm a senior in High School trying to weigh his options

    Posted: 28 Apr 2018 10:24 AM PDT

    Like the title says, I'm a senior in High School and I'm really lost when looking at my financial aid options. I'm still deciding between 2 schools, school A's estimated remaining cost is $33,000 with a 3500 subsidized and 2000 unsubsidized fed loan. School B has the same loans but also a $29,000 Parent Plus Loan, making the remaining estimated cost about $2,000. I would be paying off all the loans even if it's in my parents names.

    Is the Parent Plus Loan a good option vs a private loan?

    My mother works for the government as well at a department of welfare, could this work for the loan forgiveness on the parent plus in my favor?

    For private loans vs Parent Plus, my understanding is that I'd have to pay the private while in school while the parents plus would start after I exit school. Is there any catch to this?

    Any other information and advice would be super appreciated!

    submitted by /u/Lawl0MG
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    Any news about the PSLF fix for people who were on the wrong repayment plans?

    Posted: 28 Apr 2018 09:21 AM PDT

    I am on a qualifying plan now but have several years of payments made under the graduated repayment plan. I have been calling FedLoan every couple of weeks to see if they have any updates or guidance on how to take a second look but they just say to keep checking back.

    submitted by /u/adreww
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    If I consolidate my loans am i still able to choose between the various payment plans?

    Posted: 28 Apr 2018 12:17 PM PDT

    When i log on and see my student loans there are a list of options...Standard, extended, PAYE, etc.

    I want to consolidate to make things easier for me to handle visually and mentally. When i consolidate do i still need to choose one of those plans or is the loan moved over to someone else?

    submitted by /u/Naima_
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    Should I wait to get married?

    Posted: 28 Apr 2018 08:26 AM PDT

    My girlfriend and I are engaged, but I'm currently finishing my first year of college and I already have a total of about $12k in federal student loan debt. Some of that is from my already attained associates degree from 2013. I'm currently going for my second associates in music and planning to continue on to my bachelor, which will likely be at a much more expensive school.

    I'm just wondering if you guys could give me any information/tips/warnings on whether we should wait to get married. I'm 25, if that makes a difference.

    Please feel free to ask any questions!

    Edit: I'm not so much worried about the cost of the wedding, as we'll keep it real cheap. I'm just wondering about the financial ramifications of being legally married.

    submitted by /u/Krikcet
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    Student Loans=Creative ways to pay them off :)

    Posted: 28 Apr 2018 10:14 AM PDT

    hello everyone .....I really love to read about people paying off their loans ...I am in the misery state with a lot of you on here working to pay them off :( we hear about all the basic ways to pay off the loans such as get multiple jobs, cut out expenses, move back in with parents, etc and we might be doing all of these things ....you work hard , sacrifice and its still not enough :( but I would like to hear about (and if you don't want to post you can send me a PM :) creative ways you thought of /or currently doing to help pay off your loans .....

    I need to start extreme couponing - if I can cut out food bill I could add an extra $300 a month to student loans ...I watch the show but I would like to ask a person how to do this ....so any tips to get started ? :)

    submitted by /u/REDLUV
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