I'm done! Student Loans |
- I'm done!
- Seven years, $36,000 + interest, and I'm FINISHED!
- Incoming college student with a small amount leftover to pay each semester
- Navient lawsuit, my repayment
- Sense check - balancing paying off student loan vs. saving
- Student Loan Options
- I'd like to put all of these Sallie Mae loans in my name. These interest rates are wild.
- Should I set up a separate bank account to hold my student loan disbursement?
- Going into a fifth year of undergrad and I've exhausted my financial aid eligibility. How do I approach getting a private loan?
- Graduate loans to help with UG loans?
- Student loan consolidation options
- Forced to go through Sallie Mae
- Entering Law School - PSLF Loan Questions
- Maximum amount for student loans?
- Quick question about refinancing my loans from Discover to Earnest
- PSLF taxes when married
- How to stay out of default while at a halfway house?
- Private Loan for partial payment?
- I need help with unused student loans
- Excess payments on Great Lakes account??
- Maximizing Parent PLUS Loans with PSLF for putting multiple kids through College
- Asking Family for Help
- MyFedLoan users, paying ahead on IDR
- EDVestinU quesiton
| Posted: 01 Aug 2018 10:50 AM PDT I finished yesterday with my last loan group. $30000 in about a year and a half of being frugal and aggressively paying off loans. I'm so excited to have this finished! [link] [comments]  | ||||||||||||||||||
| Seven years, $36,000 + interest, and I'm FINISHED! Posted: 01 Aug 2018 05:43 PM PDT That's an average of about $500/mo. It's done and I never have to send another dime. Feels amazing! [link] [comments]  | ||||||||||||||||||
| Incoming college student with a small amount leftover to pay each semester Posted: 02 Aug 2018 12:26 AM PDT I'm an incoming freshman who has more college expenses paid than most other students. My COA is about $23k/year, and I owe $2,346/semester that is not covered. Of the money I've accumulated is scholarships and grants and federal loans totaling $5,500 (max for a freshman). How should I pay the rest off? My parents are telling me to get a private student loan but I have no credit (recently got a $200 secured credit card, 3 inquiries on equifax, one on transunion and experian), and they refuse to co sign. Not that it would help because their score isn't good, and they already have student loans to pay off for themselves. The odds of being approved for a student loan of roughly $5,000 with just me on the loan is none from the research I've done, does anyone have suggestions? Should I still go looking for a private loan, or explore other payment options? For my federal loans, $2,000 is unsubsidized and I'll be making interest payments each month and maybe more. [link] [comments]  | ||||||||||||||||||
| Posted: 01 Aug 2018 09:36 PM PDT Hey everyone, I'm new and I'm hoping someone can help. Most of my student loans are through Navient and there is a huge lawsuit against them right now. They have been accused of borrowing to lenders who could not afford it, giving lenders false information about their payment terms, etc. Please Google this if you haven't heard. I want to dispute my debt if it is possible. A year ago I was eligible for an Income Driven Repayment plan, but according to Navient's customer service (who I no longer feel I can trust) I do not qualify for this type of repayment anymore. My husband is making significantly less money now than he was a year ago. Our tax return help determines what kind of repayment plan I am eligible for. He is now a taxi driver and is paid in cash each day. I have no proof of income for him. I have no idea what to do. Right now I am in deferment, which created another little sliver of loan, because I wanted to weigh my options and possibly consolidate my now 5 loans into one with Navient. My husband says I should not consolidate because it would wreck my credit score. What should I do? How do I know if I am or am not a victim of the Navient troubles? [link] [comments]  | ||||||||||||||||||
| Sense check - balancing paying off student loan vs. saving Posted: 01 Aug 2018 07:58 PM PDT Hi! Does anyone struggle to balance saving vs. paying off student loan aggressively? I have heard both cases of saving while paying off the student loan moderately but also have been given advice on solely focusing on student loan since it's still a form of debt. Any thoughts/advice on how you have paid off your student loan while balancing saving or solely dedicating to paying off student loan would be appreciated! Thank you in advance! [link] [comments]  | ||||||||||||||||||
| Posted: 01 Aug 2018 07:53 PM PDT My girlfriend is looking for student loans. She only needs about $3,000 per semester and is wondering what the best lenders are for lowest rates and possible deferment. She doesn't qualify for FAFSA. [link] [comments]  | ||||||||||||||||||
| I'd like to put all of these Sallie Mae loans in my name. These interest rates are wild. Posted: 01 Aug 2018 03:43 PM PDT Hello people of reddit! I don't know where to start! Here is some information about my loans: Sallie Mae Smart Option Student Loan - $31,780.53 Interest @ 10.875% Sallie Mae Smart Option Student Loan - $31,488.04 Interest @ 10.250% Sallie Mae Smart Option Student Loan - $5,808.11 Interest @ 10.875% Needless to say these interest rates are KILLING ME. My mother co-signed and simply can not help out. I'm tired of Sallie Mae pestering her when this is my burden to bare. How can I put these loans in my name so they can deal with me directly? How can I get these interest rates down? I don't even know what kind of information to put here because I'm so stressed out. Im just gonna start typing stuff that is probably useful: I have been paying $300/month for two years under Sallie Mae's Rate Reduction Program. That program has expired and they are now requiring I pay $664.44/month. I don't make enough money to pay that every month and my mother is out of work. If anymore information is needed I will surely provide it. Thank you all, hope to get some advice [link] [comments]  | ||||||||||||||||||
| Should I set up a separate bank account to hold my student loan disbursement? Posted: 01 Aug 2018 08:47 AM PDT I'll be starting graduate school in the fall with $46k of student loans being used to pay for it. $6.5k will be disbursed to me per semester to pay for rent, food, and other expenses that are directly tied to me completing my degree. I'd like to keep this money separate from my personal checking account, so I don't accidentally make personal purchases with it (I can be an impulsive spender at times and I don't want any risk). Is it a good idea to set up a separate checking account for the sole purpose of holding my student loan disbursement? If so, should it be a checking account so I can pay my rent directly from it? [link] [comments]  | ||||||||||||||||||
| Posted: 01 Aug 2018 08:45 AM PDT In August I will be starting my final semester of undergrad before graduating in December. In the past, my grants + scholarships + federal loans have fully covered my educational expenses, but this semester, the cancelling of the Perkins loan program, the loss of my biggest scholarship (it was only valid for four years) and an apparent increase in my expected family contribution due to my brother finishing his associate's means that I need to take out a private loan ASAP. I owe the school $5,595.20 before August 20th. I expect to be working three part time jobs next semester if everything goes as expected, making around $1250/mo. I have around $500 in expenses monthly, so that leaves $750/mo to start paying off loans. My mother is pushing me to take out a loan from a small-town bank where she lives. Are there advantages or disadvantages of taking out a student loan from a smaller bank v. a larger lender? My federal loans are financed through Great Lakes, and I've heard they offer private loans as well. Would it be more beneficial to try and have all of my debt handled by one servicer? In either case, I will need to find a cosigner other than my parents, as they have abysmal credit. My own credit score is in the mid 600s, so I'm hoping my aunt or another family member will help me out. As of now I have not looked into the specific rates or plans offered by any lenders as I am frankly so out of my depth. I'm afraid of getting taken because I am in a time crunch, and I can't trust my mom's advice because though she means well, she hasn't made good financial decisions in her life and my parents can't be relied upon to help me in any way financially. I would very much appreciate any information on what makes a good loan v. bad one for someone like me. [link] [comments]  | ||||||||||||||||||
| Graduate loans to help with UG loans? Posted: 01 Aug 2018 02:16 PM PDT Hi all! I'm a recent graduate and currently in a great position and my employer is going to pay for majority (if not all, depending on how I space it out) of my master's degree in engineering. I currently have about 20k of private undergrad loans through Sallie Mae and Discover, and was wondering if it would be logical to take out Federal Graduate loans and use the reimbursement check to help pay off these undergrad loans. I can pay them monthly either way, but was thinking if I use the Grad loans I could use payments that were going towards the private loans to build an emergency fund, pay off my car loan quicker, and then start putting more money towards my unsubsidized loans. Once I start getting paychecks from my new job I'm going to be financially stable for the first time in my life, so I'm trying really hard to manage my debt as best as possible. Thanks for any help! [link] [comments]  | ||||||||||||||||||
| Student loan consolidation options Posted: 01 Aug 2018 08:01 AM PDT Hey everyone! I made a post about a year ago regarding the same thing, student loan consolidation. My previous post can be found HERE My situation has slightly changed. While I have no consolidated any loans, I am now making a significant more amount of money. Went from 35,000 net to about 58,000 net. My credit has also gone up from 650-690. My loan payments have stayed the same as my previous post and while I'm getting older it'd be nice to have some money to start saving for a house or condo. Any recommendations on the best way to find a good consolidator? Don't want to ruin my credit score by shopping around too much. My interest rates are all high right now at about 11-13%. Any help is much appreciated! [link] [comments]  | ||||||||||||||||||
| Forced to go through Sallie Mae Posted: 01 Aug 2018 04:37 PM PDT So this is actually a problem my sister is having. Apparently her school doesn't show up on most of the private lenders besides Sallie Mae and the school claims that since it's a smaller school thats what they have set up. On her loan packet instead of saying private loans are an option, it just says Sallie Mae. Is there really nothing that can be done unless the school send their info to other vendors? Thanks for your help guys. [link] [comments]  | ||||||||||||||||||
| Entering Law School - PSLF Loan Questions Posted: 01 Aug 2018 04:23 PM PDT Hello everyone, i'll start with a little background info. (skip to bottom for TLDR) Got through state school in 4 1/2 years with a small scholarship plus work 30-40 hours a week basically the entire time. I will be leaving with just under $20,000 (as of August 2018, after interest) in all federal student loans split up as;
I am now entering law school, in state, on a full ride (so no loans for tuition). I will be receiving a $2,500 grant yearly. I have been told that I will not be able to work (in anyway that would net me income worth working towards) for at least my first year, and it has been strongly recommended to me that I not work after that unless it is a school sanctioned externship. So I will be taking out cost of living loans for, most likely, the next three years. I live in an apartment with my fiance (attending undergrad with a full ride, roughly $700 a month in income from internship, graduating with 0 student loans) and another roommate. My fiance and I are responsible for $650 in rent plus utilities (~$100/monthly). Our only other monthly fees are payments to our parents for keeping us on their phone plans and health/car insurance (we are both under 25 for the next 3 years) which totals $250 a month. Rough budgeting has put us at $500 a month for food and gas. Which leaves us with; Monthly Living expenses = ~$1500 for barebones living Monthly Income = $700 I am being offered $20,000 in direct unsubsidized loans a year. My original plan was to take out $10,000 for the year, which would put us at ~$1700 monthly spending budget after purchasing school supplies for the year. This would leave very little to fall back on if there is an emergency, as well as provide a generally stressful living situation where I would constantly be worried about money if we ever went over budget. It is doable, but my plan is to become a District Attorney or Public Defender out of law school and if I succeed I would be eligible for Public Service Loan Forgiveness. I have used a few calculators online and it appears that there is no difference in total loans paid out between borrowing $55,000~ and borrowing $80,000 (assuming household income of $90,000 using the average starting income of the two positions my fiancee and I will be attempting to work after graduation) So my ultimate question (shout out to anyone that read all of that), assuming PSLF survives the Trump presidency in its current form. Also assuming that I make it through law school, pass the bar on my first try, and get a job with the District Attorney's or Public Defender's offices (trust me I know this is A LOT of assumptions). Why would I not pull out $20,000 a year in loans to increase our quality of life, decrease the stress of intense budgeting and living with no safety blanket, and generally help keep me focused and productive during law school? It appears that if I am successful in my path, there will be no difference, as far as total loans repaid, between pulling out $10,000 a year and $20,000. TLDR: $20,000 in loans coming out of undergrad into Law School. Being offered $20,000 a year for living expenses during law school. I am only interested in being a Public Defender or District Attorney. Budget says it's possible to only pull out $10,000 a year, but with PSLF calculators, the total paid after 10 years is no different between pulling out $30,000 or $60,000 over three years. Why shouldn't I pull out the full $20,000 to increase my QOL for law school? [link] [comments]  | ||||||||||||||||||
| Maximum amount for student loans? Posted: 01 Aug 2018 02:24 PM PDT I attended a presentation with my financial aid office today. I learned for independent students working towards an undergraduate degree there is a maximum offering of $57,500USD for student loans? I was just curious how accurate this was? Currently I am enrolled in a 2 year degree at a local college, and was looking to transfer to an international school next year to either transfer into a bachelors program, or attain a second undergraduate degree. My issue is, the school I would like to transfer into is about $12,000USD per year. With the upcoming semester I will have already taken out about $20,000 in loans. Which leaves me a bit short for the school I would like to transfer into. Can anyone verify this information, or are there any options I may have to get more funding for school? I would prefer not to take private loans if possible. [link] [comments]  | ||||||||||||||||||
| Quick question about refinancing my loans from Discover to Earnest Posted: 01 Aug 2018 06:52 AM PDT Good Morning! I refinanced my loans from Discover to Earnest last week, and the process is still in motion. As of today, my Earnest loans have become active and wants payments starting 9/1, but Discover still hasn't removed my balance. So I have a few questions if you guys would be so kind, I'd appreciate any help! 1) I overpaid on my '10 day payoff' amount. Discover doesn't have a section to calculate how much it will cost to pay off your loan in 10 days like a lot of other loan holders have, so I tried to over estimate to make sure I didn't go too low. My loan is currently at 89500, but I told Earnest 90,000 just to make sure. What will happen to that extra 500? 2) How long will it take Discover to finally take the payment and remove my loans? I have to pay on the 13th of every month and I'm hoping to avoid paying Discover again. 3) If I do pay discover again, what will happen with that money? I know that you're supposed to keep paying on your old loan until it goes down to 0, but I'm assuming that money will be sent to Earnest or back to myself right? Thanks again for any help, I really appreciate it! [link] [comments]  | ||||||||||||||||||
| Posted: 01 Aug 2018 01:25 PM PDT Hello! I currently work for a state government agency and I am in the PSLF program (5 more years!). My payments are based on my income at the moment. My finance and I are getting married next May. I typically do my PSLF IDR request in August. Will I need to include him on that since we will be newly married? If we file taxes separately, will FedLoan count his income too for IDR calculations? I was looking over the IDR form and the way it is worded it seems like the obly way they won't count his income is if we are married but separated. If we can separate our income,zero Iwould like to sit down and crunch some numbers with a professional. I'm not sure if we need to speak with a tax professional, financial advisor, or someone else? Any advise would be appreciated! Thanks! [link] [comments]  | ||||||||||||||||||
| How to stay out of default while at a halfway house? Posted: 01 Aug 2018 12:46 PM PDT I'm going into longterm treatment because I'm going to die if I don't. I'm gonna miss the next semester because of it. How do i stay out of default and ensure that I can get more loans when I get out? I can make monthly payments, but not a lot. What's the minimum I can pay to stop them from taking action against me? I'm in great academic standing if that helps my case at all. [link] [comments]  | ||||||||||||||||||
| Private Loan for partial payment? Posted: 01 Aug 2018 10:37 AM PDT Hello everyone, I'm looking for advice on how to proceed with my overwhelming loan debt. My current consolidated fed-loan: 1 loan is 23,800 with 6.13% fixed rate, 147 months. 1 loan is 127,400 with 6.13% fixed rate, 168 months. I am currently on IBR, my payment is around $500 and have been paying on my loans for 45 months. My family has offered to help me, so I am trying to figure out what to do next. Should I refinance my loan with a private lender? I can get a rate of about 5.23% fixed- which doesn't seem that great. Would it be wise to take a smaller private loan of about $25,000 with about 5% interest and apply that to one of my current fed loans and do my best (with my family's help) to pay off as much principal as we can? Should I keep my IBR and try to make those extra payments or just switch to standard payment? With my family's help I could manage a full payment of about $1,100/month. I am not sure of the benefit to keep my debt in fed-loan vs a private loan. From what I understand the benefit is to have better terms in case of a hardship- fed-loan would be easier to work with. Any advice would be greatly appreciated. I'm really happy I found this community! Thank you! [link] [comments]  | ||||||||||||||||||
| I need help with unused student loans Posted: 01 Aug 2018 10:19 AM PDT I transferred from a cc to a university last spring. I lived on campus so I took out student loans. I took out the full 5,500 subsidized loans. I saw that they were going to split it for different semesters. Half of it was used to cover spring semester and the other half was going to be used for summer semester. I didn't take any summer classes so what happens now? What do I need to do? [link] [comments]  | ||||||||||||||||||
| Excess payments on Great Lakes account?? Posted: 01 Aug 2018 10:17 AM PDT I attempted to make an excess payment on a single loan token, and of course they applied it wrong. An email tread and phone call later, they refuse to apply my $1,000 to the loan of my choosing and instead applied the payment as if I were making my monthly minimum. Here is what they told me:
Obviously the company is attempting to make us make every mistake possible in order to capitalize. No news there. I ended up having a rep separate my two highest interest loans into individual account (fyi this will apparently take up to 2 WEEKS to reflect on my acct., and each account now requires a $50 min). Has anyone succeeded in this situation? My next move is to speak to Chase and see if I can get the transaction reversed. [link] [comments]  | ||||||||||||||||||
| Maximizing Parent PLUS Loans with PSLF for putting multiple kids through College Posted: 01 Aug 2018 09:48 AM PDT I wish I had used the Student Loan Repayment Estimator from studentloans.gov, BEFORE our first kid started college. I also wish I had known about the Public Service Loan Forgiveness program because it is a HUGE deal. Below is a graph that shows how much the PSLF program saves in comparison with a regular 25-year ICR plan across different income levels. With PSLF, a parent borrower ends up not even paying the full loan amount in many cases, never mind interest. This is the case for those with incomes below around 125k taking a 270k loan, and for all income levels taking a 430k loan. Using the calculator to generate some data, the graph has separate panels for three starting loan amounts, 160k, 270k, and 430k. Yes, these are very high loan amounts, but this is what you might expect to owe if you make a decent salary and send one, two, or three kids to 4-year private colleges. The horizontal axes show different income amounts, from 50k/year to 175k/year. The vertical axes show total payment amounts. The lines show how much someone would pay over the life of the loan under two different scenarios, both based on the ICR plan, one that goes for the full 25 years, and the other that ends due to the 10-year PSLF program. As you can see in the graph, the PSLF loan forgiveness (squares with dashed lines) provides an enormous benefit, especially when considering the higher initial loan amounts. Basically, the total payments with PSLF are almost the same at all income levels for 270k and 430k loans. So, regardless of how much you borrow in total above 270k, you are paying nearly the same amount over the course of 10 years with PSLF. Keep in mind that any loan forgiveness under PSLF is NOT taxed, but forgiven amounts for the 25-year plans are taxed. Loan forgiveness amounts are not shown here, but should be considered when planning without PSLF. Monthly payments on the ICR plan start at $559/month for those making 50k/year and at $2642/month for those making 175k/year. Recommendations for parents to maximize benefits from PSLF:
Side note, yes, those payment amounts for the 25-year plan are INSANE. [link] [comments]  | ||||||||||||||||||
| Posted: 01 Aug 2018 09:04 AM PDT I just finished undergrad with $126K in student loans (16.5k federal, 110k discover). I have a job making 60k a year (has the high potential to be 100k+ within 3-4 years) with a 15k target bonus. I've developed an aggressive repayment plan and have budgeted for the next few years. Before going into debt, an uncle of mine told me that he would assist me with my student loan payments. We've spoken briefly about it a few times but haven't in the past year or so. Since repayment time has come, how could I bring this up to him? It's awkward just asking for money out of the blue, despite that we have mentioned this in the past. How should I approach this? [link] [comments]  | ||||||||||||||||||
| MyFedLoan users, paying ahead on IDR Posted: 01 Aug 2018 07:28 AM PDT Hi guys - my fiancee and I are going to be married soon, and I've been saving a bunch of money to start applying to her loans once we're married. Our first financial goal after we're married is to pay off her federal loans, and then the interest-free loan my folks gave me, so we can be debt-free. Her loans are serviced by FedLoan servicing, and on their site under the "paying ahead" section it says this about IDR (she's on REPAYE, which I'm assuming qualifies as IDR in this context): You cannot pay ahead past your IDR anniversary or recertification date. Any extra funds remaining at the time of your IDR anniversary or recertification deadline will be immediately applied to your loans (not to a future bill), and your paid ahead status will end. However, you still have the option of paying extra, and you can enter paid ahead status again, through your next IDR anniversary or recertification. What does this mean for us? Do I have to wait until her recertification date (November) before we can apply extra payments to her principal? I hope that's not the case because it'll cost us thousands in extra interest. I'd much appreciate anyone with experience specific to MyFedLoan sharing some advice on paying off early. Thanks! [link] [comments]  | ||||||||||||||||||
| Posted: 01 Aug 2018 06:58 AM PDT Anybody have experience with this lender for private loans? This is for me taking out a private loan through them not refinancing (still in school so I can't). And I already exhausted all other options besides private loans. Thanks a bunch guys! [link] [comments]  |
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