Courts halt DeVos’s partial student debt relief plan. Student Loans |
- Courts halt DeVos’s partial student debt relief plan.
- Reduce taxable income during PSLF
- Struggling with anxiety over student loans, with two years of Undergrad left to go.
- Need some help figuring out loan forgiveness after 20 years.
- Is Heartland ECSI legit?
- Do these “consolidated” loans qualify for PSLF?
- Tax Advantages For Paying Back Loans to Family
- I applied for PSLF nearly 6 months ago!
- PSLF Help Needed! (Medical Student Questions)
- Are there private subsidized loans I can take out? Or is only Federal loans that can do unsubsidized?
- REPAYE and Direct Consolidation
- PSLF discharge date?
- Running out of subsidized and unsubsidized loans
- Want to make sure I 100% understand PAYE vs REPAYE before I submit a repayment plan request
- Simple (I think) recertification question
- Where is the best place to refiance student loans?
- Have two high interest private loans. Which one should I concentrate on more? One is for about $7500 with a variable interest currently sitting at 10.25%. The other at $41,000 at a variable interest of 11.25%.
- Trying to go back and I need advice...
- Student Loans question.
- Interest Rates and Terms
- Trying to "hack" my student loans to help my credit score. Are there any drawbacks to my idea?
- PSLF Program Confusion
- How do I handle my car payments while my only income is student loans
| Courts halt DeVos’s partial student debt relief plan. Posted: 29 May 2018 02:05 PM PDT |
| Reduce taxable income during PSLF Posted: 29 May 2018 10:14 AM PDT To anyone who is participating in the public service loan forgiveness program, keep in mind that your monthly payments are based off of your adjusted gross income. One way to reduce your adjustable gross income is to contribute more to a traditional retirement plan. The more you contribute, the less your adjusted gross income, the less your monthly payments during the loan forgiveness program. This isn't going to dramatically drop your payments, maybe $50/mo or so. But it's a double benefit of socking money away for retirement while paying less on your loans. It also helps you budget better and become more frugal [link] [comments]  |
| Struggling with anxiety over student loans, with two years of Undergrad left to go. Posted: 30 May 2018 12:49 AM PDT I've spent the past few hours pouring over my loan documents and building up a good bit of paranoia. A good part of this is that I have no idea what is considered a 'normal' amount of student loans- my friends/colleagues are all at extremes, with either no loans at all, or massive debt that makes my head spin. I'm two years into undergrad, with two years left to go (w/ plans of Podiatry school after graduation). After my grants and scholarships, I have both a subsidized and subsidized direct loan that clocks in at ~5.5k per year. Last year I had to take out a Perkins loan, so now my total debt is ~16k. That wasn't enough to cover everything, so one of my parents has also taken out a Parent Plus Loan. That's clocked in at 30k. My mother had been filing for the maximum amount she could qualify for, which was a huuuge mistake. For the next two years, we're going to be working with the most minimum amount we can. Thinking about dealing with this has been causing me huge anxiety. My mother does not make a lot of money (she's a nurse), and she keeps trying to placate me by saying that she's fine with it, but that's a lot of debt. I'm not very close with my father, but the makes a good amount of money (and is in the process of beginning his own practice); he says that he will pay, but I can't really bet on his promises. My overall question is, how screwed am I? What would be a good course of action to follow for the next two years so that my debt won't be such an impossible burden when I graduate? *I also fully plan on paying off both loans, I don't expect my mother to take that burden by herself. [link] [comments]  |
| Need some help figuring out loan forgiveness after 20 years. Posted: 29 May 2018 01:45 PM PDT Hi- I have been trying to do the math on my own without luck- (or trusting my numbers.) I owe $248,785 with a 5.375 interest rate. I have been paying since 2/2010 on the IBR ($964/mo.) I am 12 years from forgiveness according to my lender. I know whatever they forgive will be taxable as income. What should I expect to pay taxes on in 2030? I want to plan ahead, but I am not confident in my excel skills. It looks to me like even if I throw an additional $1200 a month at it, I am still better off just paying the minimum because the tax bill would be less than the amount I would be putting in over time. Any advice would be great! [link] [comments]  |
| Posted: 29 May 2018 05:03 PM PDT I just received an email from heartland ecsi stating "Thank you for participating in Heartland ECSI's Electronic Billing program. A new billing statement for is available for your review on our web site." My student loan has been through nelnet so I'm not sure why this company would say they have a billing statement for me. The website looks fishy. Is this a legitimate email / company or is it a scam? [link] [comments]  |
| Do these “consolidated” loans qualify for PSLF? Posted: 29 May 2018 08:10 PM PDT I'm wondering if it's possible that I have made more qualifying loan payments than FedLoan currently has me at. Prior to FedLoan, I had loans serviced via Nelnet. On the FedLoan site, when I try to see detailed information on previous loans (which were "paid in full" due to consolidating them as Direct Consolidation loans), it doesn't have the payment history. Also, when I see the title of the loan, it's abbreviated as "Dl Spec Consol Subcns Loan" and "Dl Special Consol Uncns Loan". My memory is a little foggy, but I think it was income-driven. (I'm sure I have paperwork that indicates that but it's in some file somewhere in my office.) Question is: do these loans qualify under the PSFL qualifying payments? [link] [comments]  |
| Tax Advantages For Paying Back Loans to Family Posted: 29 May 2018 07:24 PM PDT So I just graduated from a from college and now owe my parents $50k. I'm really lucky that I have a wealthy grandpa who was able to give my parents a loan interest free and now I have to oh back my parents over 5 years. My parents will be using this money to pay for my little sister's college (currently a HS junior) but I am curious if there is a way I can pay her or her future college in a way that would be financially beneficial for me. Has anyone done or heard of a way to do this? [link] [comments]  |
| I applied for PSLF nearly 6 months ago! Posted: 29 May 2018 07:19 PM PDT I have still not received loan forgiveness. My application was approved by Fedloan and sent over to Federal Student Aid at the end of December and that is the last I've seen of it. I've contacted Fedloan a couple of times and get zero information from them other than it can take up to 180 days. My administrative forbearance is over in about three weeks. Does anybody have any information about processing times at FSA? Fedloan doesn't seem to have any desire to follow up with them for me. I even tried to contact them myself and got nowhere. For all I know my stuff is lost. I expressed my concern to the last girl I spoke to and she was like, "oh, yours is about as clean an application as I've ever seen. Same employer, correct payments, auto debited. Anybody working on your application would approve it in about two minutes. Well, that's good to know but it doesn't help me since they haven't approved it yet! I expressed that I hoped it was not lost and she just made excuses about how busy they were and how they also did processing for other loan forgiveness programs. Any suggestions? I'm about ready to just do another application for loan forgiveness and start over. I'm going to have to ask for another administrative forbearance here shortly if nothing happens. I'd really like to get this behind me. The interest is accruing like crazy now that I'm not making any payments. TIA [link] [comments]  |
| PSLF Help Needed! (Medical Student Questions) Posted: 29 May 2018 02:20 PM PDT I have just graduated from medical school with nearly 300k in debt. I am entering a traditionally high income field, but will have approximately 6 years of training. All of my loans are federal unsubsidized and qualify for PSLF. Additionally, my SO is also a medical student. We should have attending-level income starting the same year in approximately 6 years. I am planning to join the PAYE PSLF plan. I have two situation specific questions. All general advice for my situation is welcome. I have been reading online for some while and could not find answers to these specific questions. Thanks for the help and advise in advance! 1) Can I consolidate my loans (all of which qualify for PSLF currently) in order to bypass the grace period SPECIFICALLY if I did NOT submit a tax form this past year. If so, what documents can I use to show $0 income for 2017? 2) If I decide to leave the PSLF program after my~6 years of training (or do not qualify because I can not show a partial financial hardship) is there a maximum amount of interest that can capitalize to the principle loan. My confusion arrises due to this document (https://studentaid.ed.gov/sa/sites/default/files/income-driven-repayment-q-and-a.pdf). On page 5 and 6 the document states: "If your monthly payment is less than the amount of interest that accrues, any unpaid interest is capitalized (added to your loan principal balance) if you no longer qualify to make payments that are based on your income or you leave the plan The amount of unpaid interest that may be capitalized if you no longer qualify to make payments that are based on your income is limited to 10 percent of your original loan principal balance at the time you entered the PAYE Plan" Does this mean that if I leave the plan at year 6, only 30K of interest can capitalize (10% of the original 300k)? Thanks for the help! YiP [link] [comments]  |
| Posted: 29 May 2018 04:21 PM PDT Sorry if it's a dumb question. I'm just trying to find the best place to take out loans. Thanks :) [link] [comments]  |
| REPAYE and Direct Consolidation Posted: 29 May 2018 09:27 AM PDT Thanks in advance for any help anyone can provide. I have a substantial amount of debt accrued from both undergrad and medical school. Most of the debt is managed through Navient; however, I have two other lenders. One is for a Perkins loan, originally serviced through my college and now bought by a debt company. Another bulk of debt got purchased by the Utah Board of Regents (kinda weird considering I'm nowhere near Utah, but whatever). I'll be doing residency for a few years during which my income will be limited, especially compared to what I owe. I was hoping to sign up for the Revised Pay As You Earn (REPAYE) plan. My question is about consolidation. I want to consolidate so I just have the one payment. Will I still be eligible for the REPAYE plan? From what I've read on the federal websites, my impression is that I will be. I was hoping someone could confirm or refute this. Thanks again for any help. [link] [comments]  |
| Posted: 29 May 2018 11:31 AM PDT I started paying my federal loans around September 2009. Started a job that qualifies for Public Service Loan Forgiveness in January 2012, and didn't submit the PSLF paperwork until June 2012. When am I eligible for the PSLF discharge? A. September 2019 B. January 2022 C. June 2022 D. None of the above I pay $414 a month and have about 28k left on the balance. [link] [comments]  |
| Running out of subsidized and unsubsidized loans Posted: 29 May 2018 02:47 PM PDT So I'm taking classes in the summer, fall, and then graduating. However, I learned from the financial aid office at my uni that I will only have $3000 worth of loans for the fall but i don't think I'll be able to use it for the fall since I'm also taking classes at another school and will transfer it to this school. (3 online courses). My parents want me to graduate in the fall so that's why I'm taking all these classes in the summer. Luckily they said parent plus loans has nothing to do with the $3000 left. But can parent plus loans cover the absence of my subsidized and unsubsidized loans? [link] [comments]  |
| Want to make sure I 100% understand PAYE vs REPAYE before I submit a repayment plan request Posted: 29 May 2018 02:46 PM PDT I have 25k in Direct Unsub Stafford Loans and 9k in a Direct Student Plus Loan for completing my masters. It has been 6 months since I graduated and, because of a recent move, I am currently unemployed. While I hope to be fully employed making at least 40-60k ASAP, I want to take advantage of any repayment plans that may benefit my situation at this moment while I have no income. I do not have a spouse or children. I have no other large life expenses, so, once employed, I plan to contribute large payments to my student loans to pay them off as early as possible. I expect to have to switch payment plans next year as I don't plan to be in financial hardship. Is PAYE or REPAYE right for my situation? Are there any penalties I may run into down the line re switching plans or making large contributions? Thanks in advance for your help! Edit: I borrowed in 2016-17 [link] [comments]  |
| Simple (I think) recertification question Posted: 29 May 2018 08:48 AM PDT Hi all, I am currently paying my federal loans on REPAYE plan, and I just got the notification that re-certification is coming up. As usual, my cost of living pay increase at work will be sucked up by my new monthly payment amount. Does your bill go up right away if you re-certify ahead of the deadline? Should I wait until the last minute to re-certify, or will my bill still increase at the same time no matter what? Thanks! [link] [comments]  |
| Where is the best place to refiance student loans? Posted: 29 May 2018 01:32 PM PDT I currently have sallie mae with very high interest rates, even after the automatic point reduction I still would like to refinance and try to have a very low percentage rate. Which banks offer the lowest percentage rates??? [link] [comments]  |
| Posted: 29 May 2018 09:07 AM PDT Like the title says I have two private loans with high interest. I hope to refinance soon. I was just wondering if I should concentrate more on the $7500 loan since I can get rid of that sooner and has a lower interest rate (not by much). I put the majority of my payment into the larger loan, but after the interest is paid, my payment towards the principal ranges only about 50-150 dollars. That's after I put $700 towards it every month. I put about $250 in the lower private loan and notice about 130-160 will go to the principal. I do also have federal loans under the IBR program as well. Just paying the minimum on those for now. I also do put all the extra money I can into these two loans and that barely touches the principal on the $41000 loan. Thanks as always everyone and apologies for all the text. [link] [comments]  |
| Trying to go back and I need advice... Posted: 29 May 2018 12:45 PM PDT I don't know if this is the right place to post this but I am at a complete loss for what to do. When I was 18, I tried to go to college and that didn't work out. For one, I am the youngest of 5 so my parents couldn't help me at all financially and they always did their taxes late so I never could fill out a FAFSA. Halfway through my first class, I stopped showing up due to my mental health issues. (Not really an excuse in my opinion, I'm still kicking myself) So, now I am 25 and trying to go back to school. Due to the aforementioned mental health issues and the fact that I quit last time, I wanted to quit my full-time job and go to school full-time while working part-time until I can qualify for disability. After speaking with both my psychiatrist, my therapist, and my primary care, they all agree that my mental state being what it is, it would be a better bet for me not to continue working full-time while I go to school. Not to mention I am currently seeking legal action against my employer which not only has made my mental state worse but adds unnecessary stress to an already stressful time, ie. Trying to go to school again after so many years. Now, I am applying for student loans. I already filled out my FAFSA and I didn't qualify for the Pell Grant. I have been denied from a couple private banks and Sallie Mae for a loan. I don't know what I am doing wrong. This is so discouraging, I am just trying to better myself and it seems like I am too rich to be poor. I only make 36k a year but my husband makes 57k. Despite this, we really can't afford college even with the small amount of financial aid I am getting. My husband seems to think we are just doing something wrong. Maybe I am filling out the loan forms incorrectly? Is our credit just too bad to get money? I don't know. I feel like this is just how things are, but I can't tell if that is just my depression talking. This all feels so hopeless. I just want to better my situation and it feels like this will not be possible. I plan on calling my Financial Aid office today to see what they may say, but I don't have high hopes, I already filled out a loan form with them and they didn't mention anything else for me to do, but maybe I just didn't ask the right questions. Any advice is greatly needed or encouragement because I am admittedly in a pretty low place right now. (I am on medication for my mental health and I see an amazing therapist every week, don't worry about that part.) I am sorry again if this is not the right place for this, I just don't know what else to do. [link] [comments]  |
| Posted: 29 May 2018 12:44 PM PDT My financial aid package offered me a loan of $3,500 (2,000 in subsidized loans and 1,500 in unsubsidized loans). I was just wondering if you didn't use all of the money they loaned you can you give it back? I just realized I didn't need that much money, my grant and scholarships actually covers almost everything. Sorry if this is like a stupid question I'm new to all this shit. [link] [comments]  |
| Posted: 29 May 2018 11:10 AM PDT I have about $43k in student loans with Navient. They are currently at a 13% variable rate. I'm making regular minimum payments on them, but I am looking to refinance them for obvious reasons. My question is if I should choose a new 7 year term which shortens my expected payoff date by 3 years with the same minimum payment or if I should choose a 10 year term which will lower my payments, but make the same payments I'm making now? Any insight would be greatly appreciated! [link] [comments]  |
| Trying to "hack" my student loans to help my credit score. Are there any drawbacks to my idea? Posted: 29 May 2018 10:36 AM PDT Looking for advice- if this needs to be moved please lmk! I am in the very very fortunate position of paying off my student loans pretty soon. My original repayment term was 10 years and if I finish paying as I'm planning to, I will be done with 5 years left to spare. However, my credit history is still fairly new and one of the biggest marks against me is that my average account age is ~4 years. My student loans are the longest account I have open at ~7 years. SO... I wanted to get thoughts on this "hack" idea. I'm considering leaving a insignificant amount left on the loan (something like $20) which won't accrue any major interest but will leave my account open for the next few years. I have paid my account ahead so far that no payment is due for a long time, and I've turned off my auto-pay. Are there any drawbacks to this or anything that I'm missing? By the time my 10-year original repayment is up, my credit age will be a lot higher and it'll have less of a negative impact on my credit score. TLDR: Can I leave $20 on my student loan account to keep the account open and help keep my credit score high? [link] [comments]  |
| Posted: 29 May 2018 06:27 AM PDT I started an eligible position in 2008 but never applied for the program or consolidated through it/got IBR through it. I have, however, paid every payment for the past (almost) 10 years to my lender. My lender is a state-based public, nonprofit entity that provides the loans. I know this is on me, but when I reached out to my lender in/around 2008 or 2009, they seemed to not know what I was talking about and I kind of gave up. I've paid off my stafford loans, and the one remaining loan I have is a consolidation loan I got in the early/mid 00s when interest was super low (2.25%). Does anyone know if I am eligible or would be eligible for the forgiveness? I read of some changes to policy surrounding PSLF recently, but I don't know how to find out for sure. [link] [comments]  |
| How do I handle my car payments while my only income is student loans Posted: 29 May 2018 07:52 AM PDT Hello Everybody, I am currently a veterinary student going into my second year. I purchased a car when I was in undergrad and had a steady income from working nights, but I do not have time to work in vet school. My question is, should I pay off the entire car now with one payout of my student loans or continue to make the monthly payments. Details: I can take up to $70,000 of student loans/year, however my first year I only took out about 55k. 40k for tuition and 15k to live on. I have 3 years left of school, will probably follow a similar pattern. My loan comes in two parts: direct unsubsidized 40k @ 6% and Direct Plus 15k at 7% Car loan: I owe $9,800 on my car at 5% These are the only two debts I have. I just don't know the smartest way to approach a car loan that I am paying off with another loan. [link] [comments]  |
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