The hatches are open, water is pouring in. This ship is sinking. Mayday. Student Loans |
- The hatches are open, water is pouring in. This ship is sinking. Mayday.
- How to get the lowest advertised interest rate when consolidating your loans privately.
- Questions about getting rid of private student loan debt
- Lump Sum or Regular Payments
- Is Navient (or other private student loan companies in general) bad or is it just because people are mad because they can't afford to pay their student loans?
- Is there a way to track number of qualifying payments towards forgiveness (PAYE) on myfedloan?
- Advice? Simple numbers: $100k student debt, house should appraise at least $150k. Principle on house is 50k. Take out equity loan at lower apr?
- PSLF and Additional Part-Time Employment
- Does anyone have experience with transferring their student loan balance into a 0% intro interest credit card?
- $18,000 student loan from Devry in 1985, now $60,000
- When is a good time to consider refinancing?
- Refinancing Loans Under $10,000 in Massachusetts
| The hatches are open, water is pouring in. This ship is sinking. Mayday. Posted: 31 May 2018 08:44 AM PDT I'm an attorney and my SO is a mental health professional. She got her doctorate, I got my law degree. We haven't consolidated anything, and it's in 6 or 7 loans.. we took out 395k in principal, but now the obligation is 576k. We've been doing IBR and RePaye, but navient screwed us this week on our application so we're getting a recapitalization for about 50k... what should we do? We only make about 120k, but we live in the DC Metro area. It just gets worse every year and now it's unmanageable. Any suggestions? [link] [comments]  |
| How to get the lowest advertised interest rate when consolidating your loans privately. Posted: 31 May 2018 12:21 PM PDT I'm a physician with massive student debt consolidated privately. Disclaimer: private loan consolidation is not for you if you plan to go for PSLF, your credit blows, or your income is low. REPAYE is likely the best option to consider for these scenarios. I've applied through different lenders when considering private loan consolidation and always wonder why I don't get offered the interest rates they publish online: 2.75%?! My credit is pretty good too, like 760. I've recently refinanced my student loans at 3.8% and wanted to share some insight on how to get closer to the advertised numbers. If you've decided to consolidate your loans privately, take the following steps before you sign those papers: First, obviously do whatever you can to improve your credit. Then, go to the biggest private loan consolidation companies and fill out applications with several of them, like 5. Once your applications have been approved, complete the application with the company which has offered the lowest interest rate, but DO NOT actually sign the final disclosure. While this offer might seem good, it's not the offer you're going to accept. Send the final loan disclosure stating the best loan terms offered to the other two companies and ask if they are able to match this interest rate. They will need the official loan approval disclosure to bring to their underwriting department. Usually, they will say yes and reduce their interest rate to beat the initial best offer. Now fill out the application with the company that has agreed to beat the initial offer and get their loan disclosure document, but again DO NOT sign it. Take the second loan disclosure document back to the original company and ask them if they are able to drop their initial interest rate offer even lower to beat the competing companies interest rate. Hopefully they will say yes. If not, you simply take the best offer. Bargaining like this can take a couple weeks via email, but if your able to reduce your interest rate even 1%, the impact is enormous. I was able to snag a 3.8% from 5.6%. If you like this student loan tip, check out my blog www.drscrilla.com and sign up. Any other smart ideas to get the best interest rates? [link] [comments]  |
| Questions about getting rid of private student loan debt Posted: 31 May 2018 08:09 PM PDT Hey. I made a reddit to ask these questions as this seems like a knowledgeable group, and I don't really have anyone in my life who is good with money/knows anything about student loans to ask. So here goes: I have about ~150k in private student loan debt from being dumb and young and going to a private university for undergrad. I'm a public school teacher (which will help with my public loans ~100k), and currently have my loans in deferment for another year as I get my masters degree in administration to further my career. When I do have to start paying it back next year, my monthly bills from my loans will total to about half of my monthly paycheck. I have tried refinancing with sofi but because of the amount I owe and my income as a teacher, it's a no go. Honestly my private student loan debt makes me wake up at night, sweating from the terror of paying it back. So I have a couple of serious questions 1) Has anyone declared bankruptcy to get rid of their private student loans? Has it worked? 2) Would it make any sense to default on these loans? Just stop paying and see what happens? 3) Is there an option for private student loans I'm just not considering here? Any and all advice/help would be appreciated!! Thank you advance. [link] [comments]  |
| Posted: 31 May 2018 01:46 PM PDT As it says in the title. I'm trying to decide which is better. I have a small amount in my savings but considering Dave Ramsey's methods, I could withdraw the bulk of it and leave $1-2k in there for an emergency fund and throw about $3-4k at my private student loans (alternatively I could also throw this at credit card debt but this is a somewhat hypothetical situation). If the option were only considering my high interest private student loans, would it be better to use that ~$4k at once toward the loans or use that $4k over time to cover the payments for a few months? Would it make a difference? [link] [comments]  |
| Posted: 31 May 2018 06:48 PM PDT It's like college. I know college can be a real scam especially if you major in liberal fields. But I'm doing computer science and I know that college is worth it. College isn't for everyone but if you pick the right field it can be the best investment you'll ever make. Right? I'm thinking about taking out 35k from Navient. [link] [comments]  |
| Is there a way to track number of qualifying payments towards forgiveness (PAYE) on myfedloan? Posted: 31 May 2018 03:53 AM PDT Can't seem to find like a "countdown towards forgiveness" or "how many monthly payments I have made towards forgiveness" on the website. Now I can count the payments myself to figure it out, but is there anywhere i can find this info on the website? Edit: not going for PSLF, just strictly PAYE 20 year forgiveness [link] [comments]  |
| Posted: 31 May 2018 01:38 PM PDT My wife has over 100k in student debt. Half with Navient and half with Wells Fargo. The interest rates range anywhere from 4% to 13%. About 16 micro loans all told. At their rate, minimum payments will go into 2040's decade. Longer term and higher monthly than our mortgage payment. Is my idea stupid or worth a look? My credit is good, and I'm thinking I could sign on to her debt and consolidate it all in one lump sum at a low rate, using our house as collateral. [link] [comments]  |
| PSLF and Additional Part-Time Employment Posted: 31 May 2018 08:57 AM PDT I currently work for a qualified public service employer and have been making payments under IBR/REPAYE for the past 5 years. I enjoy my career and certainly hope to stay in it. I have the opportunity to earn some extra money doing some part-time work. I know this work will increase my monthly payments because my income will increase but is there any reason to think it could affect my potential forgiveness down the road (so long as I continue with my public service employment)? [link] [comments]  |
| Posted: 31 May 2018 12:35 PM PDT As we all do, I have limited money and need to get creative with my finances. My idea is to transfer the loan amount onto one of these cards and then create my own 18 month payment schedule so that the balance is zero by the end of the promotional rate. If I can't pay the whole thing off I transfer it to another 0% interest rate card. I do this now with my credit card balance. Right now my loans look something like this- payment is $64, $49 goes to interest, $15 goes to principal. It's so painful and never ending. A few things to consider:
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| $18,000 student loan from Devry in 1985, now $60,000 Posted: 31 May 2018 11:32 AM PDT Did anyone attend DeVry between 1980-1986 that would be willing to share a statement about unfair or deceitful sales practices? My Dad attended DeVry University from about 1982-1985. His student loan at the time was $18,000. Now, 33 years later I just found out he still owes $60,000 from the original loan term. He is 66 years old. It seems as though he's been bullied into new federal loan programs throughout the years which clearly hasn't put a dent into his original loan term balance. There were periods where he couldn't afford to make the payments. DeVry assured him he would find a high paying job and he didn't find one. By now he has definitely paid more than the original loan term with interest. DeVry has been publicly scrutinized and sued which further invalidate the Computer Science degree he received from them. There is a Borrower Defense Claim we can file, especially against DeVry. The trouble I am having is that most data of their sales tactics is recent. I found some ads in the 80's that might be of use. Please comment any and all insight. I couldn't believe what he still owned and want to try everything I can to help him. [link] [comments]  |
| When is a good time to consider refinancing? Posted: 31 May 2018 07:33 AM PDT I'm in my last semester of grad school with all of my loans in deferment ($50,181). I've certified for PSLF, but unfortunately none of the payments I've made while in deferment count towards the qualifying payments and I've made 13 so far. I've been paying down the unsubsidized loans using avalanche method and I thought I would wait until my last semester's loan disbursed before looking into refinancing (Av interest rate 5.78%). Is now a good time to do that? I'm currently working at a nonprofit making $40K, but hoping to see that increase in the next year. I can comfortably make between $600-800 in payments each month currently. Should I forgo deferment so I can take advantage of making payments that qualify for PSLF or consider income-based options? 1 - U - $8,237 // 6.80% 2 - S - $2,757 // 4.50% 3 - U - $3,794 // 6.80% 4 - U - $3 // 6.80% 5 - S - $1,460 // 3.40% 6 - U - $6,654 // 5.31% 7 - U - $6,177 // 5.31% 8- U - $5,890 // 5.31% 9 - U - $5,935 // 6.00% 10 - U - $6,174 // 6.00% 11- U - $3,100 // 6.00% [link] [comments]  |
| Refinancing Loans Under $10,000 in Massachusetts Posted: 31 May 2018 09:59 AM PDT I just attempted to refinance a loan through SOFi and they indicated my state only allows it to refinance student loans above $10,000. I have two private student loans under that amount that do not qualify to be refinanced on their own ($6,200 at 9.25% and $7,000 at 5%). The representative indicated I could refinance both of them into one larger loan and proceed with my application. I hate paying so much interest on the $6,000 loan, but it seems like I would pay more interest over time if I consolidated the two smaller loans into one larger one. Please let me know your thoughts. Thank you. [link] [comments]  |
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