Recertification deadline for REPAYE coming up. Have a question about the significant change in income question? Student Loans |
- Recertification deadline for REPAYE coming up. Have a question about the significant change in income question?
- Court Considers Questions on Loan Forgiveness for Defrauded Students (Inside Higher Education).
- Advice for loan direction new DPT
- Refinance student loans second time with the same company?
- Alternative documentation and changing IBR
- How should I pay off a large debt after coming into an almost-as-large sum of money?
- Paying off student loans: In progress (fedloans, refinancing, budgeting)
- TPD Discharge- Why does Nelnet still claim the discharge will be taxed?
- Possible to pay only towards principal and pay off interest at the end?
| Posted: 04 Jun 2018 07:11 PM PDT Hey all. My loan servicer (FedLoan) needs my application and documentation in by 6/17. To explain my situation and to make a long story short: -Initial application used my 2016 tax return (income listed: ~9.5k) -Worked a couple weeks in January '17 after I finished school, then was unemployed until October 2017. -Didn't file taxes this year since my income wasn't high enough to be required to (~2.9k combined from my W-2s) My questions: -Does this count as a significant change in income, even though I am on track currently to make more than I did in 2016? -Would I be able to file my taxes now so the IRS has it, and then use the IRS data retrieval tool to transfer my income info to the IDR application? Would the IRS have it in time so the tool could find it? Thanks in advance! [link] [comments]  | ||||||||||||||||||
| Court Considers Questions on Loan Forgiveness for Defrauded Students (Inside Higher Education). Posted: 04 Jun 2018 06:22 AM PDT | ||||||||||||||||||
| Advice for loan direction new DPT Posted: 04 Jun 2018 09:10 PM PDT So I'm going to be starting my DPT program in the Fall. I've been trying to determine what the best route is whether Federal Grad Plus or Private Loans. I'll need about ~35k to cover Rent in Arlington VA and the portion of tuition in excess of the $20,500 stafford. Cost of attendance is $39,600/yr Rent - 1050/mo = $12,600 My thoughts are I have decent credit ~765 but co-signer has 820+ so does that guarantee me a fixed low interest rate at a private bank which is 5.99%? Or do I go federal Grad plus at now 7.595% interest with the 4.264% Origination Fee. Is the origination fee worth the benefits of federal? Can anyone share some insight or experiences? [link] [comments]  | ||||||||||||||||||
| Refinance student loans second time with the same company? Posted: 04 Jun 2018 05:33 PM PDT I refinanced my student loans last year and got a variable interest rate. I would like to refinance and get a lower fixed rate now that I have better credit and payment history. I would like to stay with the same company. Is that something that people do / could that be done? What are my options? It has been a little over a year since refinancing. [link] [comments]  | ||||||||||||||||||
| Alternative documentation and changing IBR Posted: 04 Jun 2018 03:12 PM PDT I got married in 2017 and it's almost time to do the annual recertification. I am currently living in a community property state, which makes it tricky. I am currently on REPAYE, but filed separately in 2017 for PSLF and minimum payments. Because of community property, my taxed income was approximately $20k higher than what I actually made. Since I need to switch to IBR is it better to switch first then submit alternative documentation like a pay stub? Or better to provide documentation then switch to IBR in the future? Thanks in advance. [link] [comments]  | ||||||||||||||||||
| How should I pay off a large debt after coming into an almost-as-large sum of money? Posted: 04 Jun 2018 02:47 PM PDT Say I owes $300k in student loans and I come into $250k tomorrow. Is it better to: A) throw $250k at it up front B) use $100k in year one, while investing $150k in a mutual fund. then taking say $50k out of the fund in year to to take another chunk out of the debt and so on until the fund is depleted logic says B, but I guess my second question is if you take a large chunk out of some debt, are you still asked to make monthly payments or has the large chunk (assuming it's enough) covered you through the year? [link] [comments]  | ||||||||||||||||||
| Paying off student loans: In progress (fedloans, refinancing, budgeting) Posted: 04 Jun 2018 10:03 AM PDT Hello all! I will be periodically updating this post with my experiences with paying off my loans, budgeting, refinancing etc. When beginning this journey, I had a hard time finding people who explained their situations with enough detail for me to learn much. As such, I will try to make this post as detailed as possible to help others who are in a similar situation. Questions, comments, suggestions are always welcome! BackgroundMe: 25 years old, regret so much. Undergraduate: Fours years, bachelors in music performance at a state school. Paid in full by scholarships and family (thanks dad). Graduate: Two years, masters in music performance at a conservatory. 1/3 of tution covered by scholarships. Took out loans (see below) to cover the remaining 2/3 tuition and living expenses. Living: Boston, MA. Everything is expensive. Even milk is twice as much as it was in the midwest (take me back). I rent a dilapidated home outside the city with 3 others. What I pay for monthly: Rent ($675), utilities ($75), food ($300), insurance (medical, dental, vision - $115, through paycheck) misc ($300). What I don't pay for (yet, thanks, dad): Phone ($125), car insurance ($90). Work: While in school I very often petsat, babysat, drove kids around, etc. Lots of rich families in this area who pay top dollar for good care. That money allowed me to pay back a good chunk of my refund from 2016. From May 2017-Feb 2018 I worked for a Boston hospital, $35,000ish/year, $1,800ish/month. Did not leave hardly any wiggle room financially, but I did make monthly interest payments ($265 at the time). Since Feb 2018 I have worked for a large Boston-area university (The one with all the crazy smart people. No, not that one, the other one). $50,000/year before deductions = $2,800/month (excepts those nice nice months with 3 pay days). I work in one of the graduate school's curriculum. No, it has nothing to do with my education, but I love it more than anything I've done before. I'm at the bottom currently; but there is a lot of upward movement, support for continuing education, etc. This allows me to budget much more for my loans, savings and retirement.
Loans
Other financesSavings: Until this month, I've contributed $500/month and all my monetary gifts (thanks dad). I'm now at a comfortable enough balance that I won't contribute more until I need to deplete. Retirement: I began a Roth IRA after taking a career skills class in grad school in 2015 (probably the most useful class at my conservatory). I make monthly contributions of various amounts (what I think I can afford). Now, I think I'll let it sit for a bit and focus on loans. If you have IRA questions, please feel free to message me!
BudgetingI try to live a low key life, but I am not extremely restrictive. I have kept the same budget since Fall 2015. I am evidently not good at buying less (expensive) food, and I do splurge on new tech and shoes here and there (hence the $300 monthly misc.). My rent is low and so are my expectations of making it out of my house alive. I used to take some science related classes, but I learned I hate science and I hate wasting more money on education, so I promptly stopped. Anyway... 675+75+600 = $1350/month of expenses, which leaves $1450/month to invest, save, or pay down student loans. I'm still figuring out the right balance, but I had typically been putting 1/2 in savings/retirement and 1/2 towards loans. Moving forward, I will have at least $400/month in minimum loan repayment.
RefinancingOver the past week, I've begun my refinancing fury. I am only applying for loan C ($12,208 @ 6.31%), because I'm afraid of losing the flexible repayment options with my two larger loans. My credit score is just below 800.
Over the weekend, I applied to LendKey, Laurel Road, and PenFed. I plan to pay off a refinanced Loan C within 2 years, so I am very interested in variable rates. I know they will only rise, but my hope is that they don't rise more than 1.5% per year. Applying for the refinance was extremely annoying and frustrating for me. I needed a scan of my state ID, proof of graduation (they accepted an informal transcript listing my graduation date), two recent paychecks, my most recent student loan statement (mine was from Sept 2017 because they are all still in grace/deferment), and a payoff letter (I still have no clue what this is, I sent in a screenshot of my balances showing deferment and called to confirm that was acceptable...). I'm still scared by the variable interest rates, but I want to pursue them. It's hard to find more information on limitations of change (if there are any) or examples of someone's monthly interest varying. So, if anyone has more information on that, please send it my way!
That's all I have for now! I will update once I hear back from these loan servicers... This may become a loan journal for me, but I do hope it helps others in similar situations. I'm also always open to suggestions or questions! [link] [comments]  | ||||||||||||||||||
| TPD Discharge- Why does Nelnet still claim the discharge will be taxed? Posted: 04 Jun 2018 07:11 AM PDT Hi, I am applying for a TPD Discharge. My doctor has written the certification. I was relieved to hear that the discharge will not be taxed anymore as part of the tax reform signed last year, in section 11031 in this bill: https://www.congress.gov/bill/115th-congress/house-bill/1/text But in a letter, Nelnet, the servicer of TPD, has written that there are indeed tax impications and that "the amount of the discharged debt will be considered income for federal tax purposes and possible state tax purposes." Are they simply uninformed as of yet of the change? Or has the law been revoked or changed back in some way or another? thx, nieps [link] [comments]  | ||||||||||||||||||
| Possible to pay only towards principal and pay off interest at the end? Posted: 04 Jun 2018 08:11 AM PDT Hi reddit, I'm a recent college graduate about to start making payments towards his student loans. I have read about making "extra payments" towards your principal, but was curious if it is possible to make my regular monthly payments only go towards my principal, and pay off all the interest at the end? [link] [comments]  |
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