Feeling really discouraged on trying to refinance my $35k loan Student Loans |
- Feeling really discouraged on trying to refinance my $35k loan
- Applying for loans
- Any luck with getting lower than advertised rates?
- Discover being shady...surprise! Any actions I can take?
- Public Loan Forgiveness Hypothetical Question
- Loan Forgiveness for partial loan?
- Not sure if I should pay off my loans now.
- Basic question, very uninformed
- Will capitalization occur when I leave an IBR plan?
- Refinanced Student Loans from 10 year plan to 25 to get my ahead above water
- Hello, we were accepted the parent plus loan even though we wanted to be denied.
- Please assist me in getting a loan
- Student loan refinancing question
- Which is better? (42K @ 5%) OR (38k@5% AND 4k@6.4%)
- Will I lose out on PSLF if my income rises?
- How long does it take for a parent plus loan to get approved or denied?
- Quick question about repayment length
- Grad student loan repayment strategies
| Feeling really discouraged on trying to refinance my $35k loan Posted: 06 Jul 2018 01:53 PM PDT I logged into my Discover student loans account today and noticed my amount due had increased, and surprise-surprise, my interest rate has gone up .5%, to the current tune of 11.25% for my $35,528 loan. That was the last goddamn straw. I've busted my ass paying this loan since 2012; I even kept paying several months in while unemployed/short-term disability last year, only getting deferred payment when I had completely drained my savings and checking. I'm done bending over backwards for this loan. I looked up how to refinance my loan, and did some rate checks with Earnest, SoFi, and LendKey (going to try some others later, I don't have the heart to do more today). Earnest shot me down immediately and is asking for a hard credit check, SoFi asked me to have my co-signer sign, then shot me down. LendKey was the only one that didn't crush me, but still really discouraging APR offers (nothing lower than 5% on both fixed and variable for 10 and 15 year terms). 15 year variable was 5.57% at $291.61, 10 year at 5.14% at $379.27. 15 year fixed was 6.26% at $304.82, 10 year at 5.80% $390.87. I only make about $24k/year after taxes at a private non-profit, my credit score is in the mid-700s. I just don't understand why the APR is so relatively high for me or just outright denied. My other Navient loan I won't touch with refinancing because it's on IBR and I don't want to reset that progress (much more manageable $210/month). I'm gasping for some air, I have less than $200 breathing room with my current budget. I'm managing, but just need something to give so I'm not an anxious mess. I'm so careful with my money and just feel like I'm being punished for trying to do something right. [link] [comments]  |
| Posted: 06 Jul 2018 10:15 PM PDT My question is where do I start? I'm 21 years of age and I plan to attend Ohio State in the fall as an in-state student now that I have graduated from a community college. Unfortunately, financial aid and federal loans will not cover the costs. I estimate I will need at least $12k usd to barely meet the full cost of attendance (including an apartment and things I'd need to live). I have a couple of part-time jobs lined up but those won't make a dent in my expenses. So is there a way I could avoid or minimize loans? Who are the most consumer friendly lenders? Are there ways to get more federal aid because I would really like to avoid private lender interest rates as much as possible. Any help is appreciated [link] [comments]  |
| Any luck with getting lower than advertised rates? Posted: 06 Jul 2018 05:54 PM PDT Started a quote with ELFI, offered 4.XX% @ 5 years. Then I called them up and asked them for a reconsideration for 3.0X% rate (the lowest advertised rate), and was denied. I was about to bite the bullet, but then decided to go hunting again. Discovered LendKey offered comparable rates, so I put in an application through their system. After the soft pull, I was immediately pre-approved for the 3.1X% rate they advertise! Has anybody here had any luck with getting the loan manager/underwriter to sign off on lower than advertised rates (2.XX% or lower)??? I honestly think I have a shot. [link] [comments]  |
| Discover being shady...surprise! Any actions I can take? Posted: 06 Jul 2018 07:14 AM PDT Recently Discover has done two shady things:
Both of these not only seem incompetent but also immoral. Is there any action I can take? Such as asking for reimbursement for the accrued interest or to somehow correct the credit report issue? Thanks for your help, and f Discover [link] [comments]  |
| Public Loan Forgiveness Hypothetical Question Posted: 06 Jul 2018 07:11 PM PDT Hello All, I have about 180k in student loan debt for earning my MBA. Currently, I only make about 75k a year. My question is could I hypothetically start a non-profit to qualify myself for the 10 year forgiveness. Given myself 51 weeks vacation and paying myself a salary of 1 dollar a year and also include a friend who has over 90k in federal loans. We essentially would "work" 40 hours a week. [link] [comments]  |
| Loan Forgiveness for partial loan? Posted: 06 Jul 2018 06:57 PM PDT I have a quick question regarding loans taken out during professional schooling going for my doctorate. I had applied, was accepted, and eventually moved out to the city where I was attending professional school. It came to around $45,000 per semester for out-of-state students. I attended for less than two months, only to have this prorated for my time there. I'll admit I got cold feet and did not want to do this anymore, as I did not really feel like I could see myself doing this for the rest of my life. I eventually withdrew, and moved to pursue my MS in another field. Question: Is there anything out there that exists regarding some kind of forgiveness for having a change of heart with a big career decision like that? I understand I accepted and signed any financial assistance as soon as I stepped on campus, however, I just feel like there has to be some kind of policy in place to help individuals that eventually change their minds within the first semester, especially with academics in good standing. Thank you! [link] [comments]  |
| Not sure if I should pay off my loans now. Posted: 06 Jul 2018 06:42 PM PDT I was very fortunate to have parents who put money aside to pay for my college, but I kind of screwed around in college and it took me an extra year to graduate, so I ended up having to take out loans for that last year myself. I have one last loan with a remaining balance of $5087.54 at 4.410% interest. I recently came into some money from my car being totaled due to hail damage, which puts my savings up to about $8k. I have no intention to get the body damage fixed on my car, since I don't see the point in it as my car drives fine even with some dents. I'm itching to get out from underneath these loans, as I have no other debt (the car is paid off, and just recently paid off my phone). Would it be a smart idea to just pay it all off now so I don't have to worry about it, or is my debt small enough that the extra cash on hand would be more beneficial to me rather than saving some money on interest? [link] [comments]  |
| Basic question, very uninformed Posted: 06 Jul 2018 06:30 PM PDT Hey so i was wondering where would be the best place to get a student loan that pays the student directly and doesnt go straight to the school? I have a full ride but my mom cant afford all the miscellaneous costs such as books and flights to the school and I don't want her going into debt on my behalf I'd rather bear it, since I am more likely to be able to repay it than her after grad. Any ideas? Thanks. [link] [comments]  |
| Will capitalization occur when I leave an IBR plan? Posted: 06 Jul 2018 08:27 AM PDT I have heard that if you fail to recertify your income-based plan, the interest will capitalize. I recently submitted my annual recertification, and I got a note saying, "we're not able to approve your Income-Based Repayment request." I'm wondering if being kicked off a plan will result in the interest being capitalized? [link] [comments]  |
| Refinanced Student Loans from 10 year plan to 25 to get my ahead above water Posted: 06 Jul 2018 12:36 PM PDT somebody just tell me im not crazy and I made a smart choice today. So currently I pay 600 or so a month to Navient for student loans. Honestly, I wanted to lower the payments to pay off my car and build my savings. I have some credit card debt, but not a ton. I just wanted to build my savings more and pay the car off, I intend to switch back to the 10 year plan next Spring after getting yearly bonus (around 18k). I just have this feeling like Im stuck in quick sand. I have a great job and do well for someone at 27 in the South. This payment plan just doesnt match up with where im at in life right now. Getting engaged is on the horizon too. soo idk someone tell me i made a smart choice to accrue interest for maybe a year or two but pay off other things that will free up space for more student loan payments [link] [comments]  |
| Hello, we were accepted the parent plus loan even though we wanted to be denied. Posted: 06 Jul 2018 10:48 AM PDT So, here's the thing. We wanted to be denied the loan so that we could get the extra unsubsidized cap in funds. This would cover it all. But for some reason, depsite my parent's very adverse credit history, we were accepted. We wanted to the loans to fall under the cap, not by parent plus. Is there any way to ask for denial, or any work around? [link] [comments]  |
| Please assist me in getting a loan Posted: 06 Jul 2018 10:10 AM PDT I got accepted to SCAD and filled out the FASFA. Federal Loans were not nearly enough to cover the cost of tuition for me. I applied to some private loans and they did not accept my Co-signer. After calling SCAD they were no help at all. Does anyone have suggestions on places that will give an undergrad a loan (30k) without a Co-Signer? [link] [comments]  |
| Student loan refinancing question Posted: 06 Jul 2018 09:24 AM PDT Hi all, I have been looking into student loan refinancing and wanted some advice. My highest loans are $40000 at 6.8%. I went through the preapproval (I.e. soft credit pull) yesterday with two companies (ElFi and Earnest) and was disappointed to see that my interest rate was much higher than what is advertised on their website (ElFi's site starts as low as 3.09 for 5 yr fixed, I was quoted 4.97; Earnest quotes 3.4 for 5 yr fixed, I was quoted 4.02). I have a high income (~158000), debt:income ~28%, pay off credit card every month (last statement balance was ~6000 which is 15% utilization), and my most recent estimated FICO score was 739-752 (through my Citi credit card and the free Experian app). I'm trying to figure out why my rates were so much higher than the best rates quoted on the websites as I thought I was in a good financial position. When I called the customer service, all they could tell me was that I should go through the full application and hard credit pull and that my rates might be lower in the end. I'm not going to do multiple loan applications with the hope of lowering my rates another 1-2%, as I was told before I did the preapproval that the rate based on the soft pull was fairly accurate. Any thoughts on why my rates might be so much higher and what I can do to improve them? I can always refinance now as even 4% is better than 6.8%, and then try again next year for a better rate. The only negatives I can think of are that I had a short sale 6.5 years ago (never late, just had to sell the house due to a job change and the market had dropped below the loan balance) and earlier this year I had much higher credit card debt due to a house remodel but have now paid off that debt and improved my credit score (FICO score through my credit card dropped as low as 680 due to credit utilization ~75% but now is around 740-750). My student loans were just transferred from Great Lakes to Nelnet, and I haven't seen the effect on my credit but I'm wondering if they are going to appear as new lines of credit and cause a drop in my score due to lower average credit length. Could any of these factors be what is affecting my rates? Or is it just impossible to get those teaser rates on the lender websites? [link] [comments]  |
| Which is better? (42K @ 5%) OR (38k@5% AND 4k@6.4%) Posted: 06 Jul 2018 08:33 AM PDT So I'm just thinking about refinancing and this is a tough math question I can't quite figure out. Is it better to have a loan of 42K with 5% interest OR two loans of 38K with 5% and 4k with 6.4% variable interest??? (Monthly payment is the same with both scenarios) Any advice is greatly appreciated! [link] [comments]  |
| Will I lose out on PSLF if my income rises? Posted: 06 Jul 2018 07:39 AM PDT I'll be wrapped up with a Masters degree later this summer and hopefully converting my current part time position with a local municipality into full time work. At the starting salary I will be able to make IBRs that will save me on monthly payments and the goal is to use PSLF to cover the balance after 10 years with government. However, given my career track, there's a chance that my IBR will rise to the standard payment after roughly 5 years. If my income rises to this level, do I miss out on PSLF? [link] [comments]  |
| How long does it take for a parent plus loan to get approved or denied? Posted: 06 Jul 2018 07:11 AM PDT When will I be notified? If denied, is the unsubsidized loan cap automatically increased? Just wanted to know, my financial aid office and student loans gov support is being shallow. [link] [comments]  |
| Quick question about repayment length Posted: 06 Jul 2018 05:47 AM PDT What's keeping me from choosing a longer repayment period just to be safe, and just paying more as I have it? For example if I chose a graduated repayment plan for 20 years and my payment is 200 why not choose that to be safe but pay 1000 a month if I'm able to? Thanks! [link] [comments]  |
| Grad student loan repayment strategies Posted: 05 Jul 2018 04:19 PM PDT I have about 125,000 in student loans at about 5.85% interest rate with autopay. I will be making about a 65,000 dollar salary with opportunity to make more with overtime. I expect my salary to significantly increase over the years. The options I am considering: 1. Enter a standard 10 year repayment plan with roughly 1350 monthly payments. 2. Refinance but likely not get a worthwhile decrease in interest rate considering my already somewhat low rate. 3. Get on either PAYE or REPAYE and pay a significant amount extra each month when I can, but have the flexibility in case I have a tough month. I am leaning toward option 3 as I will not only have flexibility but also be able to pay extra toward the highest interest rate loan I have. If anyone can offer advice or give me any reason not to choose option 3, I would greatly appreciate it. [link] [comments]  |
| You are subscribed to email updates from Advice, articles, and general discussion pertaining to student loans.. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment