Earnest & SoFi Experience Student Loans |
- Earnest & SoFi Experience
- Just finished PhD and I'm about to start paying off loans. Please help!
- Employer offering substantial student loan benefit, question about taxes
- Too good to be true, I think
- Recent graduate over $100k student loans
- Best Student Loans for Me?
- Monthly payment not making a dent
- Do interest-only payments count for PSLF?
- $60k in defaulted loans, need aid to complete degree
- Refinancing with SoFi
- First Generation College Student, I don't understand anything about student loans or how/where to get one.
- Getting a loan for a past semester
- Can someone help explain this student loan balance?
- Help with managing $160k
- Direct Graduate Plus Loans and PSLF?
| Posted: 03 Jul 2018 05:13 PM PDT I just wanted to talk about my experience with both Earnest and SoFi! My husband and I ended up going with both because I had private loans with Sallie Mae and couldn't refinance with Earnest, so I went with SoFi. While he had private student loans with Discover and Satan...I mean Wells Fargo. Overall we had a great experience with both! Our original loans were $7500 @ 12% with Sallie Mae and 18590 @ 11% (combined) with Wells Fargo/Discover. Earnest offered us 5% on $18590 and SoFi offered 5.5% on $7500. (all fixed) Earnest application was super easy and quick in the beginning. I appreciated that we could text them with any questions and they were communicative through the entire process. It took about a week to get approval which was much longer than SoFi took. Their questions were also....very in depth and I felt like in the week they requested so much information and A LOT of it was redundant. It was almost like we were reapplying for our damn mortgage again. (not a bad thing, just...tedious) Earnest also had a ton of flexibility with the repayment plan, rate and payment. SoFi was straight forward and barebones, not in a bad way and after Earnest it was kind of preferred. It was a standard loan application, and we got approval the next day. Communication wasn't as great as it was with Earnest, but everything happened so quick and seamless that honestly it wasn't even needed. Unlike Earnest, you don't get as much flexibility with your payment. Both websites are clean and easy to use, and both companies made the payoff process super easy. Earnest requested the payoff amounts while SoFi obtained that information themselves. I do think in the end, Earnest does edge out SoFi a little bit, even though the application process ended up being way more tedious than I expected. We did get a better rate with them...but I'm going to assume the loan balance also played a role. Debt and Income information is below because I know some people like to have that info: Income combined: $89480 before taxes We *just* bought a house Combined student debt (including private and federal) is 130k Both SoFi and Earnest asked for our income separately, and we did not use any cosigners. We were both approved on our incomes separately We have 1 car payment, and a 0% interest card with 3k on it. Let me know if you have any questions! [link] [comments]  |
| Just finished PhD and I'm about to start paying off loans. Please help! Posted: 03 Jul 2018 11:36 PM PDT Hi everyone! As the title says, I graduated in May with a PhD in chemistry. I'm starting a postdoctoral position in next week making 48k a year and have acquired $53k in student loans (including interest while in deferment, all federal, mix of subsidies and unsubsidized, interest ranges from 3-6.8%). My grace period ends in November. I spoke to Navient today and they said that if I chose the income-based graduated plan my payments would start at ~$250/mo. I think that I can comfortably afford $500/mo so I'm planning to choose the plan with a $250/mo payment and put an extra $250 on the principal each month. I plan to apply the extra payment to the highest interest loan (with the lowest balance) and pay them off one by one. Does this seem like a viable strategy? Am I missing something important? Also, Navient said that I can change my repayment plan at any time. Is this true? Thanks in advance! [link] [comments]  |
| Employer offering substantial student loan benefit, question about taxes Posted: 03 Jul 2018 02:44 PM PDT I am a physician (with a lot of medical school debt) starting a new job for a county in need. They are fortunately offering me 250k to go towards student loan payments in addition to my salary in exchange for a five year commitment. Additionally, the state will match 50% of that which I understand is not taxed (funding through Federal NHSC SLRP program). My understanding from internet research is that the county benefit (250k) will be federally taxed as income, however if they pay that directly to my federal loan servicer instead of me personally will that still be the case? Are all employer based student loan payments considered taxable even if the employer is governmental (in this case the county?)? This is a new program and unfortunately my employer isn't sure of the tax implications. Thank you! [link] [comments]  |
| Posted: 03 Jul 2018 04:20 AM PDT So I paid off my student loans last month in one giant lump sum ($20k) and the payment hit right as my monthly payment was being pulled. So Navient said they'll send me a refund for my overpayment but also... they said they're sending almost $5,000 as a Great Returns Benefit Credit for my "great payment history" by waiving my last six months of payments. This sounds like bullshit and I'm worried it's some sort of a loan but, if so, could they really send it without my permission in the same check as my refund for the overpayment? Has anyone else had this happen? I've tried searching their website, and I've googled a ton and haven't found any examples of this happening to others. ETA: It looks like it was a legit thing at least at some point though I can't find any mention of it on the Navient website. I really don't think my last six months of payments would've added up to $5,000 but I was on a graduated plan so I guess it's possible. https://www.reddit.com/r/StudentLoans/comments/5mhhr9/navient_cant_find_my_last_6_payments_waived/ https://www.reddit.com/r/StudentLoans/comments/2vjrtq/_/ [link] [comments]  |
| Recent graduate over $100k student loans Posted: 03 Jul 2018 11:36 AM PDT Hi everyone, I'm new to this thread so I apologize if something is missing. I recently graduated college making a little over $55k per year. My loans consist of: Around 25k - 4% interest rate average - in my name Around 85k - 7% interest rate average -patent plus Both are federal. Navient/MyFedLoan I'm currently living with my parents and have been putting $3,000 per month toward loans (starting with parent plus because of the higher interest rate). I am also continuing for my masters paid for by my company anticipating a significant increase in pay in 1.5 years when I am complete. My question is whether it is worth it to refinance/consolidate these loans in order to lower the interest rate or to simply continue my payments. 4% isn't too bad but I would like to lower the parent plus currently at 7%. I have an available co-signer (my father) who is currently working part time, however we both have excellent credit scores. Thank you. [link] [comments]  |
| Posted: 03 Jul 2018 06:31 PM PDT I'm sorry if this type of post has been made already(if someone could kindly direct me to where I can find this info I appreciate you). So I believe I will end up needing about $100K in loans by graduation. I just want to know, what's the best type of loan to get? Student debt stories scare me, so I just want to make sure I do things the most efficient way I can. I plan on living with my parents after graduating (lol) but I need to save money and I hope or expect my first job to pay around 30K-50K based on what im studying/pursuing. I also may want to get an MBA in the future, but that's for later I guess. I'm really clueless (and scared honestly) at the moment, I would appreciate any help. EDIT: Sorry, to be more specific, I would like to know which banks have the best rates, stuff like that. Also like is fixed or variable rates better? [link] [comments]  |
| Monthly payment not making a dent Posted: 03 Jul 2018 04:44 PM PDT I'm on the PAYE plan and my monthly payment is not making a dent on my loan. Right now it only covers the interest every month, but I have an outstanding interest balance so essentially I'm not making any headway on my loans. Does this seem typical? Any advice is much appreciated. Let me know if I need to provide more info. My loans are through FedLoan. [link] [comments]  |
| Do interest-only payments count for PSLF? Posted: 03 Jul 2018 10:12 AM PDT I'm with FedLoanServicing and in an IDR plan, but I noticed today that my payments have been all put towards interest, not the principal. FedLoans did this automatically, but do I need to change anything to make sure my payments are qualifying for PSLF? (3 down, 117 to go! Lol) [link] [comments]  |
| $60k in defaulted loans, need aid to complete degree Posted: 03 Jul 2018 02:14 PM PDT Heya reddit, Long time lurker, first time poster, no where else to turn! I'm 28 years old, and have been out of school for three years (to give a bit of context). Over the past two days, I've been taking steps to be reinstated to my university. With 91 completed credits, the true roadblock is student aid. With out of pocket payment out of the question (I don't have a pot to piss in) I need to get back in good graces with the FAFSA overlords. The dummy I've known to be, I stopped applying for deferment. With $60k in defaulted loans and a need for immediate aid I don't know what to do. My loan servicer suggested I consolidate my loans (a process that will take 60-90 days), then make payments for three consecutive months (at $5 a pop) to be considered for financial aid. Or to rehabilitate my loans and make nine consecutive monthly payments at the same rate. My personal circumstances just won't allow it. With reinstatement on the horizon, and a want to make a change in my life.. there has to be another way? One that will allow me to return to school sooner than later. I appreciate all advice in advance, y'all have a good 4th! *edited for clarity* TL;DR How can I become eligible for aid as I repay my defaulted loans? [link] [comments]  |
| Posted: 03 Jul 2018 12:51 PM PDT Anyone have any experience with refinancing with SoFi? A friend recommended them, and (without giving too many personal details) they're offering to refinance two of my private loans for a 7-year loan at a 5% fixed interest rate. My current interest rates for these two private loans are 10.5% and 6.4%. This deal just seems too good to be true. Am I signing up for financial failure or is SoFi the real deal? [link] [comments]  |
| Posted: 03 Jul 2018 03:47 PM PDT I am completely clueless about student loans or how they work, my parents are as well. They do not speak English and am on my own when it comes to this. I went to community college first and am transferring debt free. I have zero student loan debt. But I am now transferring to San Francisco State and the financial aid department isn't very helpful. I am getting financial aid but I know I will have to take out student loans. I don't even know where to start or how to. I have about 6,000 in my savings account and no debt if that matters. What would you guys recommend? I have heard about subsidized and unsubsidized loans and federal and private loans. I also know about salli-mae and to avoid them at all costs. I have heard about Income driven repayments for federal loans. Im so overwhelmed and afraid. Where do I even go to get my questions answered? What questions do I even ask?! I tried online researching but its so confusing. HELP! [link] [comments]  |
| Getting a loan for a past semester Posted: 03 Jul 2018 03:41 PM PDT Hi guys I'm hoping someone here can help me figure something out. So, I owe my university a decent amount of money from the Spring 2017 semester. I assumed that I would be able to take out a student loan in order to pay off this debt. However I am finding it more difficult than that, both sallie mae and discover refuse to cover a balance thats more than a year old. Does anyone have any suggestions or know of any lenders that will cover balances more than a year old. Thanks in advance for any help, its much appreciated!! [link] [comments]  |
| Can someone help explain this student loan balance? Posted: 03 Jul 2018 09:56 AM PDT Here are the numbers, I'll write a short narrative below:
I understand 100% of the payments have been applied to interest so the principal hasn't moved. What I don't understand is the payments made and unpaid interest. If interest had been accruing since June 2016 the unpaid interest should be higher. By my math, using daily compounding of the 6.125% interest rate, unpaid interest would be just over $15,000. Is there an initial six month interest free period? I knew you could get something like that if you were still looking for work but if that were the case than the principal should've been reduced in those first six months of payment, right? And to check: interest is only calculated on the principal amount, correct? You don't have to pay interest on the unpaid interest piece? [link] [comments]  |
| Posted: 03 Jul 2018 05:20 AM PDT So I don't know what to do. I have 4 loans at around 8% interest with NJCLASS, that monthly payment is $1200. A few other Navient loans total $300 a month. So I'm paying $1500 a month in loans alone, fresh out of college, barely making $40k a year (really more like $32,500 after taxes). What are my options? I tried Sofi, but they won't approve me without a co-signer, which I can't get right now. My credit score is 666. Any advice? Feeling pretty hopeless. [link] [comments]  |
| Direct Graduate Plus Loans and PSLF? Posted: 03 Jul 2018 06:42 AM PDT I've hit my limit on sub/unsub direct loans as I try to finish out my doctorate. I've been working towards PSLF. The loan officer at my institution said that if I still need financial assistance, I can apply for a Direct Graduate Plus loan. Is anyone familiar with this? I've looked it up online and I'm a little confused with how it "relates" to other programs. It's not listed as a forgivable loan under PSLF, but it is listed as eligible to be folded into a direct consolidation loan. Anyone here have experience with this type of loan, and if so, have plans for trying to pursue some form of forgiveness? Can I take out a Direct Grad Plus loan, consolidate into a direct loan, and then work towards PSLF? [link] [comments]  |
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