• Breaking News

    Wednesday, May 2, 2018

    $115,000 debt with a degree I hated, nearly all paid off 3 years later in a job I love Student Loans

    $115,000 debt with a degree I hated, nearly all paid off 3 years later in a job I love Student Loans


    $115,000 debt with a degree I hated, nearly all paid off 3 years later in a job I love

    Posted: 01 May 2018 05:05 PM PDT

    Graduated with a B.S. in mechanical engineering, a degree I hated. Long story, but basically turns out engineering is not the same thing as math. The day I added up all my loans and realized what a mistake I made, then worse realized I had nothing to look forward to but working a career I hated.

    But you know what? To quote a great prophet of our age, "mother------rs act like they forgot about Dre." I decided not to let this defeat me.

    I got a job at $60,000 as a quality engineer... and it sucked. I hated it so much, and I moved in with my dad which double sucked (though we love each other dearly). Cannot emphasize how much I did not like that job, I ended up in the hospital at one point because of the stress. Eventually, dad and I weren't working out (great dad, terrible roommate), so in order to ensure our dad-daughter relationship wasn't destroyed I moved out... and into my car. I couldn't afford an apartment with the 1200$ minimum monthly payments I had to make, in addition to the 1200$ I was also paying on top of that. I live in SoCal so I'd shower (with clothes) at the local beaches at night.

    I budgeted every dollar, every day. I was strict, and anal, and determined. I lived off of sandwiches and oatmeal until I got it down far enough to afford slightly better meals.

    Two years into this, company announced it was shutting down. I was the happiest mofo in the building. At the same time, I lucked out and moved in with my friend for only 300$ a month rent (plus utilities). Seizing the chance, I thought about what I wanted in a career and realized I loved drawing and teaching and found a job title called Technical Trainer, then hunkered down in a craze job searching until I got hired.. at a salary of $75,000. Oh yes. Company is rad, job is rad, love what I do. Been here for half a year.

    But it still wasn't fast enough, so I got a second job working as a tasker at taskrabbit. I try to aim to make between 120 and 200$ a week extra.

    It's been under 3 years, and my loans are nearly gone. I've budgeted it out, and there's no way I'll be leaving 2018 in debt. And in all this time, I still budgeted enough to go backpacking in Alaska, visit Hawaii, South Korea, Boston, and the Grand Canyon. This is the single greatest achievement of my life, and I can see the horizon.

    I now truly believe you can push through any circumstance, and find life in the moments in between.

    submitted by /u/tenpintenzin
    [link] [comments]

    Should I be worried that my student loan servicer is Navient?

    Posted: 01 May 2018 10:40 PM PDT

    I already sent them a cashier's check, certified mail, with specific advice on how to pay my student loan. The advice included my account number with them. I have not given them my bank account info. I sent the check on the 26th of april and it is the 2nd of May and I have not seen anything. Now the check has been delivered but I am not sure if I can confirm if it has been cashed or not. In addition I still do not see any amount reflected in the balance on the website and my loan balance continues to accrue interest this is freaking me me out.

    I have 4 loans and I actually sent enought to obliterate 2. I have enough money rn to take out another and I want to send another check this weekend. I am not sure if I should just pay online though. I want these guys out of my life asap.

    Should I be worried if they will jerk me around? shoudl I pay them online and potentially expose my bank account or continue to send cashier's checks?

    submitted by /u/shinn497
    [link] [comments]

    Dont go to school without a Plan

    Posted: 01 May 2018 09:11 PM PDT

    For anyone going to college for the first time i want to tell you something. Dont go to school unless you actually have a job in mind and a path going forward. If you are "unsure". Just work a full time job and be happy being debt free. I hate having this 40k curse above my head. Its not all bad. College made me Bi Lingual. I get to say i have a degree which was great for my reputation since i earned a felony shortly after higj school.....but the debt is a real creepy demon lurking on your back.

    Now im forced to live like I should had been while in school. Eating tons of beans, lentils and rice, moderating my budget and throwing any excess income I have into esentially a black hole. Ask yourself so you have the ability to let go for thousands of dollars you slaved for without hesitation to do whats right? Will you have the strength?

    Not many people do. I see peoples credit all the time in my line of work and believe it or not the bulk of people have trouble paying even for the nost simple shit

    Please be aware of what you are doing. Read the paper work before you take out a loan. Higher education is HUGE business in this country. The government wants you enslaved to them. Its another source of income for them, and guess what, the only forgiveness to be had will be you trying to convince a judge to free you if you ever get mangled in an accident or die.

    The man who gets cancer, loses his job, and falls behind on his house can declare bankrupt. Even he has forgiveness if the storm if life over takes him. But with student loans no mercy.

    Think about what you are doing. Are you prepared to pay back what you asked for?

    submitted by /u/Old--Man-
    [link] [comments]

    Student Loan Payoff Inspiration- Paying Off $72,000

    Posted: 01 May 2018 03:57 AM PDT

    Check out this video interview of someone who is in the process of paying off his $72,000 in student loan debt. There's a lot of great insight and tips throughout the video that I think many of you can get a lot out of. I hope this video helps. https://youtu.be/Nmq9tWleLaA

    submitted by /u/JarradMorrow
    [link] [comments]

    Help me please

    Posted: 01 May 2018 09:58 PM PDT

    I am 17 and about to go to college. My out of pocket i need covered is around 28k. I applied for a loan through Sallie Mae and it was approved. But it had an insane interest rate: around 13%. So it would be about 90k for one year of schooling. I have 4 years for just my bachelors. My parents and I signed the loan packet but have done nothing else. I am starting to have second thoughts. Maybe I should stay in state for school. Is it too late to cancel the loan and not take that money out? We did all this tonight so not even 2 hours have passed. I'm so scared. Did I fuck myself over for life? Please help me.

    submitted by /u/huntermd33
    [link] [comments]

    Grad school - Should I pay off private loans with new federal loans?

    Posted: 01 May 2018 09:56 PM PDT

    I am currently enrolled in grad school for next fall. I am receiving a full tuition waiver, no fees, free insurance, and a GTA position. Basically, I will have no bills or need to take out addition loans.

    BUT while in my undergraduate, I racked up ~45k in private loans and half of them have very high interest rates (11.75%). Since I am in grad school now, I am eligible for up to 20k in federal subsidized loans. These interest rates are about 1/3 of what I would pay to my private lender.

    Would it be a good idea to take out the federal loan and use all of it to pay off some of my private loans? It technically shouldn't break any of the rules of the FAFSA since it all has went to schooling. I think in the long run this will save me thousands. Has anyone else done this?

    submitted by /u/brakeled
    [link] [comments]

    Title IV Reinstatement

    Posted: 01 May 2018 03:21 PM PDT

    I am currently in a loan rehabilitation program. I defaulted on my student loans (I'm an idiot, ugh), and I realized after applying to grad schools that I don't qualify for aid until my loans are out of default. My question is, after six months of making on-time payments in full, how do I go about reinstating Title IV? Do I just contact my loan rehab company? I will make my sixth payment in early August. Will it be possible to be eligible for student loans this Fall, or is that timeline too narrow?

    submitted by /u/thatwheelchairgirl
    [link] [comments]

    Witchcraft, prayers, superstition, or gambling to pay them back?

    Posted: 01 May 2018 09:14 PM PDT

    In the spirit of fun what other routes have you guys tried in order to help tackle the problems of loans.

    Anyone take a paycheck and bet it all on 41 black in hopes to pay back your loans?

    submitted by /u/Old--Man-
    [link] [comments]

    Paid off a student loan. Still has a balance?

    Posted: 01 May 2018 02:48 PM PDT

    So I decided to pay off one of my student loans (FedLoan, if it matters). Went through the site, used the payoff feature, scheduled the payment for next business day.

    Checked a week later and the payment went through successfully, but now the loan has a new balance. Spoke to customer service and was told I did everything right, but the balance on the website was off by the amount of the new balance. Is this normal? Anyone have the same experience?

    The balance is pretty small (about $20), but what bothers me is the principal of it and what does that say about the balance of all my other loans.

    submitted by /u/vonny03
    [link] [comments]

    Need some help with federal student loans vs private loans.

    Posted: 01 May 2018 10:12 AM PDT

    I am starting an accelerated BSN in the fall which will take me approx 3 years to complete. I will be coming in with no debt however this time around I will need to take out loans. The total cost is around $75,000 for the 3 years. From what I understand I was offered 26,000 in the parent plus loan, 5,500 in the subsidized and 2,000 in the unsubsidized student loans. The interest rate is 7% for the parent plus loan. Now my question is, is it smart just to take this or should I look more into private loans? The only private loans I found had a much higher interest rate. I don't know a lot about the loan process so any help would be appreciated!!

    submitted by /u/IwasinNAM69
    [link] [comments]

    First Republic Student Loan Refinance

    Posted: 01 May 2018 01:32 PM PDT

    I sent my info to inquire about First Republic Bank's student loan refinancing program a few months ago. Their website posts several examples of the principal balance and rate, and I can afford it (I am paying just as much, if not more, already) - and I have been keeping records so I can prove it. Nonetheless, when I spoke with a representative, he declined to take my application further because my income-to-(fixed) expense ratio was apparently too high for the amount I am looking to refinance. I want to try again, but I'm not sure what is considered an acceptable ratio to them? Do they consider credit score as well? If someone who has been approved with them can shed some light on this, and other contributing eligibility factors, I would greatly appreciate it.

    On a separate note regarding credit score, I recently decided to take advantage of a 0% APR cash advance deal from one of my credit cards. The offer lasts until May 2019, but because of the increased credit utility, my score from around 740 to 700. I have the money to pay it off now, but I'm not sure if it is worth it to "buy back" the score (unless it would affect my refinance application which is why I included it in this post).

    submitted by /u/FLSH1109
    [link] [comments]

    Borrowed Too Much and Didn’t Return Excess. Advice?

    Posted: 01 May 2018 08:45 AM PDT

    Hello, I'm finding myself in a peculiar situation and I was wondering if anyone had similar experiences or advice on what I can do? Thank you.

    I was in college from fall 2009 to fall 2015. This included undergrad and graduate school. During these years, I was mostly ignorant of my college expenses and would contact my mom for certain things if I was unsure, mainly because her bank account was associated with the stafford loans taken out. I was under the assumption that everything was fine when she'd tell me it was okay to accept the loans on my school's bursar site.

    Since graduating and now having a stable income, I wanted to take over the payments of my student loans and I was shocked to find the number was at ~$77,000. The reason I was shocked was because throughout college, I had scholarships, tuition waiver (grad school), and was paying in state tuition at a state school. I knew for sure my schooling was not this expensive.

    Because of this, I contacted my school's bursar office and asked for a complete list of transactions, which included loan payments and return of excess borrowed money. After crunching numbers, I found my total owed money (post graduation) to be closer to ~$10,000. Turns out my mom did not return the excess loan money to the lender, but instead used that money to pay for other bills.

    I've since moved to a different state, so confronting her is difficult, but any time we talk about it, I get the "don't worry about it, I'll take care of it" response. It's upsetting to me that I wasn't vigilant enough or knowledgeable enough to know this was happening. I feel a little powerless about this since it affects my credit and the debt is basically in my name.

    Does anyone have any advice? I'm not really sure what to do, or if there is anything I can do besides stomach it. :(

    Thanks.

    submitted by /u/studentloanacct
    [link] [comments]

    Prepaying student loan

    Posted: 01 May 2018 09:58 AM PDT

    I have a mix of Federal Subsidized Loans and Perkins Loans. The total debt is around $28500 with a weighted average interest rate of 3.541%. I am currently in graduate school so I do not have to make any payments.

    Some have recommended that I start prepaying whatever I can as it will reduce the amount of capital over which the interest will start building up once I graduate. On the other hand, some have suggested that since the interest rate is 3.54%, I should invest my money instead as I will be in graduate school for 5+ years and then pay it off once I am done. I would like to know if you have tried any of the aforementioned methods, and what worked for you and what did not.

    submitted by /u/cosmosis814
    [link] [comments]

    Nelnet letter of payoff

    Posted: 01 May 2018 05:58 AM PDT

    So about three or four weeks ago I paid off another of my loan groups on nelnet. When I did this last year I received a letter in the mail semi quickly I thought stating "congratulations this is gone blah blah". This time I've received nothing yet. However, the website has updated and that loan group is gone from my amount due. Any idea how long the letter takes?

    I want to make sure I get the letter Incase anything were to go wrong in the future and they claim I didn't pay, etc etc.

    submitted by /u/creativejo
    [link] [comments]

    Skills.fund experience? https://skills.fund/

    Posted: 01 May 2018 08:53 AM PDT

    Anyone has experience with Skills.fund? I'm thinking of taking out a loan from them for Data Science bootcamp but couldn't find much details/reviews about it.

    submitted by /u/optimizer27
    [link] [comments]

    Almost at my maximum limit

    Posted: 01 May 2018 08:33 AM PDT

    I currently have $49,500 in student debt and my maximum is $57,000 because I qualify as an independent student since my parents have bad credit (low 600s with a bankruptcy in 2009) and cannot qualify for a parent plus loan. Even with their history, they make too much to qualify me for grants, because the FAFSA doesn't take into account debt payments from the bankruptcy. I make about $800-900 a month with a $400 rent and a credit of mid to high 600s. Next year is my last year of nursing school and my tuition is about $15,000. Is there anything I can do to help cover the $7,500 difference? Are there any private loan companies that work with situations like mine? Am I just totally fucked?

    submitted by /u/nkyoung13
    [link] [comments]

    Question: Where did you get your student loans from?

    Posted: 01 May 2018 07:26 AM PDT

    Last year we were denied a loan from Sallie Mae and a couple of banks. The reason given was that my parents had a lowish credit score and that I didn't have a solid work history.

    I did get almost $6k from a Stafford loan and my parents used safety net money and paid the rest.

    This year they have no money to contribute but I will be commuting (free train pass to state school) so I will need almost half of last year's tuition.

    I need to shop for a loan and could really use your input and I'm really nervous after last years rejections. (Tuition as a commuter will be about $13k total per year)

    submitted by /u/irunwithknivesouch
    [link] [comments]

    No comments:

    Post a Comment