One Loan Down! Student Loans |
- One Loan Down!
- Confused about Navient vs. Heartland ECSI (Student Loan Servicer?)
- StudentLoans.gov is down
- Need help getting back into school. Don't know where else to turn.
- Income-based vs Standard Repayment?
- $800 in late payments, and we are considering consolidating and then refinancing our $40,000 loan.
- Applying for FAFSA when I've been getting paid under the table
- Employer paying on my Fed loans
- Trouble with university fees.
- Teacher Loan Forgiveness, Forbearance and Capitilization
- Should I take a loan?
- Mohela wont let me make payments towards principal after 120 days(Normal?)
- Got my OK job and finally ready to start tackleing, ive been on forbarence on and off for years, I was afraid to actually see how much I owe...but my parents are helping me.
- Refinancing: strategy when making extra payments
- Closing account with Fedloan
- Apply for refinance now with lower income or wait 3ish months with higher income?
| Posted: 07 Jun 2018 11:58 AM PDT Just made an $875 payment to ESCI to pay off a Perkins loan in full. It hurts but feels great at the same time. Hopefully this can inspire some others to just bite the bullet and add that extra payment to them. [link] [comments]  |
| Confused about Navient vs. Heartland ECSI (Student Loan Servicer?) Posted: 07 Jun 2018 04:13 PM PDT I received an email from my school today regarding completing an exit interview on this one site called Heartland ECSI. When I visited the site, I saw that it listed one of my loans which is at $3,000. I also look at Navient and saw that same $3,000 loan listed among some of my other student loans. I'm confused about why one of my loans is listed in two different places, but not my other ones? I was also wondering if I pay off my student loan on Heartland ECSI's site, would it then deduct from the same loan listed on Navient? Any help would be greatly appreciated! [link] [comments]  |
| Posted: 07 Jun 2018 03:29 PM PDT Error message on their site reads: Due to an issue with user authentication, the StudentLoans.gov web site is unavailable at this time. We apologize for any inconvenience this may cause and appreciate your understanding and patience while we work on the issue [link] [comments]  |
| Need help getting back into school. Don't know where else to turn. Posted: 07 Jun 2018 03:16 PM PDT I am a 19 year old student at Temple University. I've never really seen much on this subreddit before so forgive me if this is a bad question or one that has already been answered. I need to take out a student loan of about $10,000 to pay for an outstanding balance from last semester. Not trying to feel bad for myself or anything, but my parents are either dead or not really involved in my life so I've never had much help or education when it comes to paying for school. I was unaware of how it worked and just how much money I would need to borrow to pay for it. Is there any way I could get a loan to pay for my outstanding balance so I can get to school? Thanks in advance. [link] [comments]  |
| Income-based vs Standard Repayment? Posted: 07 Jun 2018 02:19 PM PDT I was having trouble with figuring out which to go with or pros/cons between the two. IBR/REPAYE would lower my monthly amount and I'd be able to overpay more onto the higher interest loans to get those knocked out, whereas I'd be paying more as a minimum with standard repayment, with less overpay. For instance, say I was going to pay $1000 every month into my loans, regardless of minimum required. Standard repayment would be $700/month, while income based would be $100-$150 (all estimated numbers, btw). Would it be worth overpaying on the income based plan toward the higher interest loans, or just keep the standard repayment and pay overpayment on top of that? [link] [comments]  |
| $800 in late payments, and we are considering consolidating and then refinancing our $40,000 loan. Posted: 07 Jun 2018 08:14 PM PDT Hi, I have been browsing this sub for a while now, looking for information about federal parent PLUS student loans, which my mom has had two under her name for the last 15 years. I'd like to first thank this subreddit with providing me with a lot of valuable info about banks, refinancing, and PLUS loans. My mother and I are basically alone here with considering our options, and the internet sometimes intimidates me with too much information to soak in about student loans. /r/StudentLoans gathers that info and makes it at least a little bit more legible to understand with my financially illiterate brain (I plan on getting some books about personal finance in the future to remedy this!). My mother, between 2003 and 2004, was told by a sibling of mine to sign two college loans for her. The loans at the time added up to around $30,000. My mother says she had no idea what she signed, since she didn't know English that well, and since she was only signing the dotted line my sister was pointing to. My sister dropped out of uni not long after. The loans are under AES, with Suntrust holding as the loan's bank. My mother was making around $25,000 annually (she still is now, and she is almost at retirement age), and she has been the only provider in my household, which includes both me and my unemployed dad. She pays around $1250 for the apartment in rent. Fast forward to today where my mother has run out of forbearance and deferment forms to qualify for. Her last forbearance ended, and while my mother tried to pay some amount each month for the loan, it was never enough to get a dent into the loans. The interest has accumulated, and the loan now stands at around $44,000, and my mother is at her wits end with no one else to turn to, and with AES calling her about her payments. Last month she needed to pay $400, which was way too much for her. Trying to apply for payments that were adjusted to her income wasn't enough for her as well, as the new payment amount would've ended up as $150 per month. She says that's too much for her as well. Now she owes $800 this month due to her not paying up last month. I myself had just graduated with a bachelor's without owing a single cent to student loans (thank you public college, FAFSA, and TAP!), meanwhile my sister has recently graduated with an associate's in nursing and is now working two part-time jobs as a nurse and an EMT. She lives in a studio with her dog. She now has her own student loans to pay, but they are on hold while she pursues a bachelor's. She has now finally agreed to have my mother transfer the loans to her. After a month of googling on the internet and searching this sub, I found the option to refinance the loans. Talking to both AES and Suntrust, they have both said it is possible to refinance and to give the loan over to my sister. After talking with customer support at AES, it is also possible to consolidate the two loans with around a 4% interest rate (each loan currently has a 4.15% interest rate). We are considering in consolidating the loans and then to sign up for forbearance for a year, and then to transfer the loan to my sister once she graduates with her bachelor's hopefully before the forbearance ends. I've been looking at Commonbond, Citizen's Bank, Sofi, Earnest, and Laurel Road. My concerns are if these companies would even consider refinancing my mother's parent PLUS loans, and if they'll take a federal loan that has been consolidated and is under forbearance. I am also concerned if consolidating the loans will even allow us to apply for forbearance, since we have finished them all under AES. I plan on calling these companies and the Federal Loans Consolidation customer service office tomorrow to make sure. Hopefully I'll get some answers by then. I'm posting this to ask if we have any other options other than to refinance to a private bank, or even if it's at all possible for us. My sister for sure will have a better time paying off this loan, and my mother has no intentions to pay off these loans on her own since she believes they're not even hers to pay. However, getting my sister to sit her toches down and getting this over with is another story. I am also posting this to ask where I can get more info on which bank may be best for our situation, and to ask what is possible for us to do next. So, once again, thank you again /r/StudentLoans, and hopefully one day this loan will be out of my mother's hair. [link] [comments]  |
| Applying for FAFSA when I've been getting paid under the table Posted: 07 Jun 2018 08:11 PM PDT I did mostly independent contracting this last year and my CPA only put income that I had W2 or 1040 for on my tax filing. I had other income that I also deposited to my bank account. I would be happy to report that income on my FAFSA as well but what happens if it doesn't match the income reported on my taxes? Or should I just link up my FAFSA application to the IRS and report that? Would they check my bank statements for the entire year to verify my income? Yes I realize how dumb this was and I won't be working under the table in the future. [link] [comments]  |
| Employer paying on my Fed loans Posted: 07 Jun 2018 06:09 AM PDT I'm curious about the tax implications of 3rd parties paying on my student loans. If my company made payments does that count as income for myself? What if they paid the loans off? Will I get a tax bill? The reason I'm asking is I'm in a management position and the other employee in the same position is probably going to quit. I'll probably end up being offered a raise and a contract to stay here. I'd like to negotiate some sort of payment or maybe even a payoff. [link] [comments]  |
| Posted: 07 Jun 2018 12:53 PM PDT I go to an in-state university and recently i found out that due to some bad advice from the university financial adviser, I have almost $13000 due balance to pay the university. Is there any way for me to get out of this debt while still enrolling in college. [link] [comments]  |
| Teacher Loan Forgiveness, Forbearance and Capitilization Posted: 07 Jun 2018 11:32 AM PDT Hello, I wanted to run this by others that may have more experience in this situation as I believe we are going about this in a less than optimal way. The Situation: Fiance is a middle school mathematics teacher at a Title I school with about $15,000 left in her student loans. Has been teaching for almost 4 years and, by everything I can gather, is eligible for the Teacher Loan Forgiveness program as her loans are (I believe) Direct Subsidized loans via the Dept. of Ed. She currently pays about $200 a month, waiting for the 5th year to pass to apply for the Loan Forgiveness. What I'd like to do: I'd like to apply for forbearance on the loan, effectively delaying payments on the loan until the end of her 5th year. I'd also like to allow the interest to capitalize and be put towards the balance on the loan. The Loan Forgiveness program allows for a total of $17,500 to be forgiven. With this plan, we wouldn't have to pay any more money for this last year (on principal or on interest), allow for the interest to capitalize and at the end of year 5, the entire thing would go away as she is well below the $17,500 max. Would this be the most optimal way to go about utilizing both a forbearance and the loan forgiveness? Is there some sort of impact to her credit that I do not know about that comes with capitalization of the interest? Thank you in advance for any help. Sources I used: [link] [comments]  |
| Posted: 07 Jun 2018 10:07 AM PDT To be completely honest, my parents pay all of my tuition, and I have a good paying part time job. However, my take home pay is still only ~$1300 a month, and my rent starting next school year will be more than 50% of my income (high CoL area). I could probably live off of what I save and my income from the job, but it would be very very tight. I am planning on buying a (cheap) car over the summer so I can get to an off campus lab easily (bus runs that route only every 30 min!). This now adds about $125 a month for insurance, gas, and maintenance. I try to live fairly normally and to get the "college experience" as one may put it. Because of that, I basically break even every month with my expenses. Which means I would be losing about $300 every month if I spent the same way next year. Should I accept an unsubsidized loan that was offered to me from my university? The amount is $6500, but I don't think I would need that much. [link] [comments]  |
| Mohela wont let me make payments towards principal after 120 days(Normal?) Posted: 07 Jun 2018 08:39 AM PDT I have been making payments toward the principal, not the accruing interest but apparently in my MPN it stipulated I can only do this for 120 days on a federal loan. Is that normal? I have two loans do I have to pay the interest on both in full before I can chunk away at the principal for either? For instance can I focus in the interest then principal for the higher interest loan? Any guidance is appreciated, thank you! [link] [comments]  |
| Posted: 07 Jun 2018 07:49 AM PDT So I have 3 loans (I went to multiple schools) Two i owe to great lakes 2500 17000 Totaly monthly payment just shy of 200 dollars and one from nelnet 7000 total monthly payment just over 100 dollars My parents have 7000 dollars left over from my sister (long story, i'm older so they didn't save as much for me, we had a falling out, things are better now and i got my life together so my dad wants to help me) So I see 2 courses of action, pay off the 2500 outright, lowering my great lakes payment to 170, then use the rest to lower the 7000 and try to knock it out within the year leaving me with just one big loan to worry about. Or just knock out the 7000 loan right now, leaving me with only one company to deal with. Or a possible third option is to put it all to the big loan tow lower the amount of interest i'm accruing every year. What should I do? MORE INFO: They are federal loans Intrest rates about between 6 and 7 on most of the loans across the board. [link] [comments]  |
| Refinancing: strategy when making extra payments Posted: 07 Jun 2018 07:18 AM PDT So I'm refinancing the below of my wife's student loans:
That's a total of $610.87/mo currently, with an average interest of 5.67% (going up since one is variable). One of the reasons I am refinancing is obviously to reduce our interest rate. The other reason is to reduce monthly payments so that we can use the "saved" money on payments to make extra payments directly on principal, every month. My question: Should I opt for a slightly higher interest rate to save extra on monthly payments, if that saved money is going straight towards principal? Here are some options:
This may be more of a personal decision, but I'm leaning towards the last option: slight improvement on interest with a larger amount free to make "extra" payments. What does everyone think? Treat this as an isolated decision for it's benefits, but for full info, this will be added to our current $850/mo in extra payments. If we went with the last option above, that'd put our additional monthly payments towards principal at over $1k/mo! [link] [comments]  |
| Posted: 07 Jun 2018 06:00 AM PDT I recently refinanced my loans that were previously held by Fedloan and now have a balance there of 0. I contacted Fedloan a month after zeroing out the account asking how to close my account with them (I don't want all of my personal info shared more than it has to be). They wrote this back to me: Will I need anything like this from them? This don't really seem like a great reason to keep the empty account open. [link] [comments]  |
| Apply for refinance now with lower income or wait 3ish months with higher income? Posted: 06 Jun 2018 03:33 PM PDT Currently looking to refinance my loans for a better interest rate. Total 5 Direct federal loans totaling $78k with an average of 5.92% interest rate. My credit score is around 750. I just graduated and work in healthcare and am starting a job at 20hrs a week and am waiting to interview and start working at my dream job (it's a big hospital and all of the paperwork and training means I won't start working full time likely for several months). Once I get that job I will likely work both jobs for awhile for approximately 40hrs/ week with occasional additional 10hr per diem shifts a couple of times per month. Right now it looks like on paper I am making about $50k/year, but in about 2-3mo I will have income that reflects closer to $80k/year. Should I refinance now to start lowering that interest rate and then refinance again in 6mo to a year with a higher income, or should I just wait 2-3 months and start refinancing then with a stronger application? Also, yes I am still interviewing at the job and there is no contract yet, but I interned there before and had great feedback and was asked to return for an interview so I'm quite confident that I will be working there in the next 3months. Maybe still too risky? [link] [comments]  |
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