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    Absolutely financially clueless. Student Loans

    June 02, 2018

    Absolutely financially clueless. Student Loans

    Absolutely financially clueless.

    Posted: 01 Jun 2018 06:23 PM PDT

    Throwaway account.

    I am about to go into my second year of college and I need some help with my financial situation. I am not too sure what info is relevant and what info is not so I am going to put everything here. Bullet format to make things easier to read.

    • I am 19 years old
    • I live in and go to college in North Carolina
    • I have a 4.0 gpa (perfect) after my first year and did not apply for scholarships. Yes that was stupid of me. My school does not offer any more scholarships but maybe there are some left that are unrelated to the school I go to? I am truly clueless.
    • My first year of college was payed for by a 529 (I think that is what it is called?) setup by my great aunt, it is now empty.
    • I have $0 to pay my next few college years
    • My father makes a decently large amount but he will not help with my college
    • My mother divorced my father this year and he will be paying child support for my sister and alimony to her the entire time I am in college
    • I applied for FASFA and got back a $3,250.00 Fed Direct Unsubsidized Loan for Fall 2018 and another $3,250.00 Fed Direct Unsubsidized Loan for Spring 2019
    • The combined $6,500 will be enough to pay for the education itself at the school I go to. All my classes should be covered under this $6,500.
    • My mother says I have an account left to me by my great aunt with ~$60,000 in it. She told me I cannot use this account until I am 25, but I don't know if this is true.
    • My mother also said that I should be getting loans instead of using the $60,000 account.
    • I need an additional $7,000 to $10,000 for each year I am in college to pay for food, housing, books, etc.
    • I am going to apply for an apartment with 2 other people as it is significantly cheaper than living on campus.
    • I have a part time campus job with no benefits from the school.

    I am completely clueless about where I should start looking for a loan for the $7,000 to $10,000 I need each year. I am in serious need of help. Should I go pay for a financial adviser? I am a 3 hour drive away from the financial aid office at my college. Should I drive there and ask for help? What information do I need to find out about that $60,000 account my aunt left me? Should I use it?

    submitted by /u/loanely
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    Only 5K left. Summer 'vacation' this year is going to be having my loan paid off by August!

    Posted: 01 Jun 2018 09:22 PM PDT

    Keep federal loan subsidy during gap year with half-time community college enrollment?

    Posted: 01 Jun 2018 03:16 PM PDT

    I have about $16k subsidized federal direct loans from undergrad with 4.3% interest (weighted average). I finished college in 4 years, did a masters in 1 year and now I am about to take a gap year before starting professional school in summer 2019. My goal is to keep my subsidized undergrad loans under federal subsidy and have no interest accruing on them until I finally graduate in 2023.

    If I'm enrolled half-time both fall and spring semesters, there will be no 6+ month gap between enrollment from high school graduation to med school graduation. Can keep my loans in the grace period the whole time? Would it make financial sense to do so if it costs me $1200 for the gap year? Here's my timeline:

    Aug 2013 - May 2017 Bachelors

    May 2017 - May 2018 Masters

    Aug 2018 - May 2019 Gap year. [half-time comm college?]

    June 2019 - May 2023 Medical school

    submitted by /u/hellosir2495
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    Maryland Student Loan Tax Credit

    Posted: 01 Jun 2018 03:24 AM PDT

    Very early for this (they don't even have all of the information up yet) but I used this for my 2017 taxes and got $1200 to put toward my student loans. The info and application go up in July and the deadline is September.

    Definitely not something widely available and really only applies to Maryland residents who went to school in Maryland. The state will give you up to $5000 depending on your income (I think. It could be based on when you apply too because I sent my app last year the day before the last day) to put toward your student loans. You have to use what they give you for the loans within 2 years and send in proof that you've paid x amount. It comes with your state tax refund. The process was a small hassle (I had to get everything notarized, submit every loan, and submit paper taxes instead of electronically) but worth it for the "free money".

    It looks like for 2018 they're allowing undergrad and graduate debt. For 2017 they only allowed undergrad debt.

    http://mhec.maryland.gov/preparing/Pages/StudentLoanDebtReliefTaxCredit.aspx

    submitted by /u/worldwideintl
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    process clarification for Temporary Extended Public Service Loan Forgiveness (TEPSLF)

    Posted: 01 Jun 2018 10:46 AM PDT

    I wanted to give everyone a head's up that in order to apply to the TEPSLF program, you first have to apply and be denied under the previous rules. I submitted both my application for forgiveness and the TEPSLF email at the same time and that apparently isn't correct. Now I have to wait to be denied and then send the email to start the review under TEPSLF.

    submitted by /u/finance_maven
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    Been paying all my student loans and a year and a half later I have a new one???

    Posted: 01 Jun 2018 01:14 PM PDT

    I graduated in fall 2016. My loans kicked in June 2017/ November 2017. It's now June 2018 and I just got a notice from Heartland ECSI that i have a loan to pay through them? What does that mean? I know they're not a lender but it's been a year and a half since I graduated. Did the school sell them one of my loans? Am I gonna be getting these messages every six months? Or is it just for this one loan? I think I know which loan it is, but I started with a different lender. My other loans should be fine as they were through federal and wells Fargo but the one I'm suspecting was through my school. Should I call them to find out?

    submitted by /u/mylifeisabadromcom
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    Seeking advice on best way to proceed with financing second degree

    Posted: 01 Jun 2018 09:18 AM PDT

    Hi,

    Last year I left my job to go back to school to get a second bachelor's degree in computer science. Because I already have a bachelor's degree (in an unrelated field) I have not had much luck finding scholarships. I decided not to go for a master's because i would have needed to take about a year of lower level math and CS classes anyway, and I'd rather be done in two years than three. Plus I'm not specifically interested in research or a specialized field, so going for a bachelor's made more sense to me.

    I can finish in the next year, but it will cost me about 10k. (Plus I took about about 3k for the last semester.) This does not account for money I can put towards it each month. I moved back in with my parents so I'm saving a lot, I'd estimate I could allocate about $350/month with my income. I also got about 4k in my last tax return. The upside of taking out loans now is that they aren't accruing interest while I'm in school, so I could conceivably pay them off before that kicks in.

    I know this degree will probably pay itself off, but I'm struggling with being okay with taking out that much in loans. I still owe about 15k from my last degree. I'd rather get it done and get back to the work force next year though, so maybe it's best to just buckle down and put as much money as I can towards it, and once I'm working again be smarter about paying off my old loans.

    I guess I'm just looking for some advice or thoughts. I feel like I'm digging myself a big hole, but I do think I'll be able to negotiate better pay with this degree and use it to do work in the side that could pay off.

    submitted by /u/dayman89
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    Can I take a student loan on top of getting financial aid?

    Posted: 01 Jun 2018 08:46 AM PDT

    Hi everyone, i'm pretty sure you can. But I am going to be attending Kingsborough Community College and it is my first year and I'm a independent student. I'm going to get my classes covered and I just want to know what is the max loan I can take? And when I start (fall semester) when will said founds be available to me.

    submitted by /u/Moe_zilla523
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    2nd grace period after graduating from graduate school?

    Posted: 01 Jun 2018 09:19 AM PDT

    Hi guys, thanks in advance for any responses.

    I have loans from my undergraduate (graduated in 2010), which have been deferred since I have gone back to get my PhD. I am set to graduate from program in August and am wondering whether I will be granted another grace period or whether they will kick back in immediately when I am no longer listed as full time.

    Some are subsidized government loans and other are private (Discover, Citi, etc). I'm sure the exact details vary, but wondering if anyone knows the general policy in my situation.

    Thank you!

    submitted by /u/Presz
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    Student Loans: Less than Half Time

    Posted: 01 Jun 2018 02:03 PM PDT

    I work full-time and currently enrolled in a program for my second bachelor's degree. I tried taking two courses this term and ended up dropping one. I don't think that much of a work load is a good fit for me.

    Since I don't qualify for federal loans due to planning on being less than half-time, is there any private lender you know of that allows you to defer repayment while you're taking classes less than half-time?

    I could take out a private loan through a credit union or something, but repayment would probably start immediately.

    submitted by /u/StylishHat
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    Going to try to refinance next week, should we wipe out CC balances before?

    Posted: 01 Jun 2018 06:57 AM PDT

    Going to try refinancing my wife's loans (~24k @ ~5%) next week. Plan on applying to like seven places and wondering if it would help if we clear our CC balances before applying and using cash until we sign. Might be a dumb question, I think it would help but not 100% sure so wanted to check. We pay off the balances each month if that makes a difference. Thanks for the help.

    submitted by /u/don_juan_de_marco
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