Pursuing a 2 year full time MBA, how should I best handle my outstanding undergrad loans? Student Loans |
- Pursuing a 2 year full time MBA, how should I best handle my outstanding undergrad loans?
- Advice from a Student Loan Expert: How to Manage Your Payments
- Loan repayment estimator
- What are my options for getting a lower interest rate? I hate having to pay so much interest..
- Tax Return Transcript and FAFSA filing
- Can I start making payments toward PSLF while I’m in school?
- “Student loan & payment reduction program”
- Best way to put extra money towards a student loan that's on a quarterly payment system?
- Student loans data on credit report
- Are personal student loans a viable option?
- Student Loan Debt
| Pursuing a 2 year full time MBA, how should I best handle my outstanding undergrad loans? Posted: 05 Jul 2018 10:30 AM PDT I have a few questions: 1- When will my current undergrad loan service be notified of my MBA enrollment? 2- what happens once my loans are deferred? 2- am I penalized for continuing to make small payments on my undergrad loan during my MBA program or even a lump sum payment from my summer internship? Any other advice or thoughts would be helpful! [link] [comments]  |
| Advice from a Student Loan Expert: How to Manage Your Payments Posted: 05 Jul 2018 08:09 PM PDT Paying off student loan debt isn't easy. It's a long, complicated, arduous process. It can create stress and prevent you from living the life you want to live if you don't handle the process appropriately. The key to reducing stress and navigating debt is finding an effective way of managing your student loan payments. Don't know how to do that? In this article, we're sharing tips and tricks from a student loan expert. With this information, you'll soon know the ins and outs of managing your debt so you can save time--and stress less. Advice from a Student Loan Expert on Managing Your Loan PaymentsDid you know 70% of college students graduate with a significant amount of loans? If you're struggling with this repayment process, know you're not alone. By following the following steps from our student loan expert, it'll be possible for you to manage your student loan repayment plan. 1. Know Your Loan SituationThe most important part of the loan repayment process is understanding your loans and what you owe. Do you have federal loans or private loans? It's important that you know the differences between the different loan types and the type of interest rates involved, as well as the structured payment process. If you're unsure about your current loans, you can visit National Student Loan Data System to get a breakdown of your federal loans. If you have mostly private loans, try pulling a recent copy of your credit report. This report will list all your creditors, private student lenders, and the balance and contact information of your private loans. 2. Know Your Loan Grace Period (And When It Ends)Your loan grace period is the amount of time you have between graduating from school and making the first payment on your loan. If you have a federal Stafford loan (often called a subsidized or unsubsidized loan), that period is six months long. The grace period for a federal Perkins loan, however, is nine months long. It's important to know, however, that the grace period varies for private loans. If you're unsure when your first payment is due, consult your paperwork or reach out to your lender. 3. Pick the Right Repayment Plan for YouThe loan payment process can extremely stressful if you have a repayment plan that doesn't work for you. That's why it's important to consider your repayment options and the pros and cons of each of them. If you want lower monthly payments, consider extending your repayment plan past the standard 10-year option. If you want to avoid accrued interest, you may try and repay your loans faster and increase your monthly payments. There are sometimes options beyond the repayment timeline. Your borrower may offer an income-driven repayment plan where your payments are capped at a percentage of your income every year. There are also some scenarios where your loans can be forgiven after 10 years--if you work in the public and nonprofit sector. If you have private loans, they will not be eligible for these types of deferment or forgiveness plans. Your lender may offer some type of forbearance, however, which will allow you to make interest-only payments for a period of time. To learn more about the options you have for private loans, reread your loan paperwork. You might also talk to your loan lender about potential repayment options. 4. Keep in Contact with Your Loan ServicerIt's vital to stay in the loop with your loan servicer. That way, you know exactly what your repayment plan is and when payments are due. If you don't stay in touch, there's a chance you'll miss payment updates or be enrolled in a repayment plan that isn't ideal. Make sure you update your loan service any time you change your mailing address, email address, or phone number. 5. Prepay Your Loans If PossibleCan you repay more than your monthly loan payment? If so, you should so you can lower your overall interest rate. To do this, write a request to your loan lender. Explain the extra amount you want applied to your loan balance, and then continue to make your payments. Just make sure to inform your loan lender in advance before you prepay. If you don't, your prepayment will most likely just be credited as a future payment. 6. Pay off Your Priciest Loans FirstDo you have multiple loans? Do you find yourself able to pay off one in full? If this is the case, you should start with the loan with the highest interest rate. You should also pay off your private loans before your federal ones. These usually have higher interest rates and don't offer repayment options like a federal loan. 7. Be Smart About Managing Your Payment PlansThe most important part of managing your loan payment is making your payments. If you ignore your loans, you'll ultimately default on your loans and end up in delinquency. These actions can increase your total loan amount and destroy your credit score. In the case of federal loans, it may lead the government to seize your tax refunds and garnish your wages. Defaulting can happen much quicker if you're dealing with private loans. It can also put anyone who co-signed your loan at financial risk. So if you're in danger of default, talk to your lender immediately. See if there are any other ways to manage your student loans. Final Thoughts from a Student Loan ExpertWhen it comes to student loan repayments, everyone's situation is different. The most important thing you can do is assess your individual situation and financial needs, and then come up with a plan of attack for managing your payments. By following our student loan expert tips and tricks, you can stress less and start managing your loan payments in the most effective way possible. Are you struggling with your loan repayments? Has your credit score been negatively impacted by payment issues? Contact us to learn how you can rebuild your credit today! [link] [comments]  |
| Posted: 05 Jul 2018 11:57 AM PDT Is the loan repayment estimator through Federal Student Aid pretty accurate? ( https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action ) How Can I find out what my payments will be if not. [link] [comments]  |
| What are my options for getting a lower interest rate? I hate having to pay so much interest.. Posted: 05 Jul 2018 11:03 AM PDT So I have several loans with Great Lakes: I also have one loan with Navient: I believe the Navient loan gives me a 0.25% discount because I auto-pay $100/month. I cannot auto-pay the Great Lake loans because the payment is $508 and I only make payments of about $200/month towards the Great Lakes loans; however, I am paid ahead in these loans until February 2019 due to large chunks I pay with bonuses from work, tax refunds, etc. I continue to make $200-$250/month payments on the Great Lakes loans, but my interest is usually around $150/month on the Great Lakes, thus killing the balance I am putting toward it. Every time I look at refinance options, the interest rate is higher or not worth refinancing because the difference is negligible. Anyone have some better insight as to what would be the best option for me? I will not be able to make higher payments on these loans for at least a few years once my vehicle is paid off. For reference, I graduated in May 2015 so all loans are in repayment period. I am not a current student and I have a masters in Accounting, so most loans are not applicable to forgiveness plans from what I've seen. Thank you [link] [comments]  |
| Tax Return Transcript and FAFSA filing Posted: 05 Jul 2018 06:04 AM PDT Hi all, I am finally getting around to filing my FAFSA this year and need some assistance. I could not locate my 2016 Taxes and requested (by following FAFSA links) my return information and obtained a Tax Return Transcript from that year through the IRS. I am having difficulties knowing what information they are seeking with the following question: "Enter the amount of your income tax for 2016. This amount is found on IRS Form 1040A-lines (28 minus line 36) or 1040EZ-line 10." as this form does not have those lines yet instead lists my total income, taxable income, tentative tax, federal income tax withheld, etc., etc. Any suggestions or advice? [link] [comments]  |
| Can I start making payments toward PSLF while I’m in school? Posted: 05 Jul 2018 04:31 PM PDT I'm starting a grad program but would love to start making qualifying payments for PSLF while I'm in school. Is this possible? What do I need to do to get it started? Thanks in advance :) [link] [comments]  |
| “Student loan & payment reduction program” Posted: 05 Jul 2018 03:55 PM PDT Got a letter in the mail from these guys. I called and they basically told me they'd lower my payments to $40 dollars every month and after 240 months my loans would be forgiven. However I gave to make a payment of $800 dollars first. Has anyone dealt with these people? Is this legit? [link] [comments]  |
| Best way to put extra money towards a student loan that's on a quarterly payment system? Posted: 05 Jul 2018 11:45 AM PDT I currently am trying to knock off my Perkin's loan as it has the highest interest rate (5%) compared to my other student loans. (I am going with the avalanche approach). My loan is currently on a quarterly system where I pay $197 ever four months. I put $50 each month into my savings, then move $200 to checking and then pay the loan by the due date. I recently received an increase in salary and can afford to put an additional $50 per month towards this loan. Is it better to pay the additional $50 towards this loan every month or is it better to pay $400 every quarter? Which strategy would save me more money, or does it not matter? I presume the interest is compounding daily but it's not like my Great Lakes loans which shows the daily increase on a chart. The loan is through HeartLand which also charges a $2 service fee for every separate payment you make (if you do direct withdrawal each quarter, there is no charge). [link] [comments]  |
| Student loans data on credit report Posted: 05 Jul 2018 08:45 AM PDT Hi, I'm working on a new start-up that aims to help people better manage their finances, with a strong emphasis on student debt management. I'm currently looking for student loans data and trying to get real examples of how they appear on the credit report. Since I'm too old and fortunately don't have them on my report, it will be very helpful for me if you could share this section of your (without any other personal information) report with me. Thank you! [link] [comments]  |
| Are personal student loans a viable option? Posted: 05 Jul 2018 03:01 AM PDT Hey guys first time posting to this sub. I'm going to be moving with my fiance in a month and I would really like to finish school. Obviously from moving I will be quitting my full time job and I plan to grab something part time while I attend school full time. My problem here is that I do not qualify for any financial aid because I will be leaving my job voluntarily and it is being based off of my 2016 w2 (when i was full time). The only debt I have is my car which I am currently making payments on (11k left to go). This brings me to the question about personal student loans. Although I will be working part time somewhere I need an option that will help pay off school and help with bills in the new apartment. Is this a viable option? If so where do I apply? I've tried looking around but all I find are shady ads I don't really trust. [link] [comments]  |
| Posted: 05 Jul 2018 09:09 AM PDT Just read a click-bait article regarding Navient and Sallie Mae. Someone help me out here. I do believe in personal responsibility and I think the articles quotes from Navient aren't wrong. Properly informing student borrowers of the full weight of their decision to enter into a loan is not done well enough. Tuition prices set by most schools are way too high imo, even though I actually don't belirve in any organization directly benefitting or at the very least financially benefitting or creating a business plan off of gaining profit off of education is wrong. Obviously education has to be paid for somehow, totally get that. Also Naviebt is correct in its observations on makibg studebt loan debt less of a national crisis BUT I also think its up to loan servicers to actually offers payment plans that people can ACTUALLY AFFORD, not just what makes them a profit. Alot of the repayment plans still end with Naviebt and similiar servicers ending their day with a profit. This isn't wrong, however I think they should work harder to work witfh those that may not be able to garauntee them a return on their investment. A loan is meant to be paid back, but I don't think, even if through an agreement through a loan, should always result in a net profit for the servicer because thats not reality. A person is not always going to be able to afford to pay a servicer what equal a profitable return on a loan contract and I can tell you first habd that forbearance is literally no option at all. Everything about a forbearance benefits the servicer, not the borrower. If they actually had a vested interest inrepayment being successful vs an elongated and cyclical repayment plan that forces most to the brink or paycheck to paycheck. I have worked with Navient and Sallie Mae as a servicer until Navient took my loan when thry split time and time again. They offer no real options that allows a person to actually budget other challenges in their lives. All they care about is a % of profit regardless of the math and reality in a persons life. Most if not all servicers cant even coubt groceries as an expense when calculating what you can pay, why? Its a reality that I need groceries and absolutely factors into my budget...why shouldn't it factor into how much i can pay them? [link] [comments]  |
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