Should I refinance my government loans to private?! HELP!! :) Student Loans |
- Should I refinance my government loans to private?! HELP!! :)
- Need to recertify my income-based repayment plan, but StudentLoans.gov is on extended maintenance.
- How is Life Like Without Student Loan Debt and How to Get Rid of Debt?
- Salary "too high" for PAYE or IBR, what happens?
- Is this an allocation error from Great Lakes?
- Should I pay off my government loan or use the money toward my private loan
- Will I get enough?
- I need advice on my student loans
- Reduce payments temporarily
- Anyone have a Earnest referral link?
- Grad PLUS Loan, complete forgiveness for working for a 501(c)(3)
- Fed loan servicing!!
- Submitting Paycheck for IDR
- Can't Get Approved
- Just started working full-time at a community college. I've been on the $0 IBR plan for a while, but I recertify soon. What should I expect? Do I qualify for PSLF?
| Should I refinance my government loans to private?! HELP!! :) Posted: 03 Aug 2018 11:18 PM PDT Hello all! I am an associate dentist who works for a head dentist (do not own my own office), and make on average $120,000-$150,000 annually). I currently have $332,000 in government student loans (at 6.45% interest). I found a private lender who can refinance up to $300,000 of my loans at 4.05% interest. I am considering doing this so that I can pay off $300,000 of my student loans within 10 years if I contribute to $3,000 in monthly payments. My question is if this is a smart move in the long-run, even if this private lender has no emergency backing such as income-driven repayment or deferment/forbearance (which the government loans have)? Or is there another route I should think about taking, such as doing income-driven repayment over the course of 25 years while saving enough money to invest in other ventures that could potentially allow for monetary growth that could overcome the payments I will eventually need to make in taxes after the repayment plan is over? Some additional background information: I am a single 34 female who might/might not end up having dual-income and might/might not want to have children in the future (so much uncertainty!), so it would be nice to have some flexibility in case life situations may change. I don't have much monthly expenses (about $2,700/mo including rent, car, groceries, medical/malpractice/disability insurances) and have a RothIRA (contribute $460/mo)- doing the math, if I were to refinance to the 4.05% interest and pay $3,000/mo, I would have about $1,400 extra per month for "fun money." Any advice/thoughts would be greatly appreciated!!! [link] [comments]  |
| Need to recertify my income-based repayment plan, but StudentLoans.gov is on extended maintenance. Posted: 03 Aug 2018 03:15 PM PDT Hi, I'm asking if anyone has experience with this situation and if I have any options. My due date for my student loan recertification is tomorrow. However, StudentLoans.gov is on extended maintenance until Monday morning. Would I be able to recertify after with a late fee or something? Or would I have to scramble to pay a raised fee for the next year? [link] [comments]  |
| How is Life Like Without Student Loan Debt and How to Get Rid of Debt? Posted: 03 Aug 2018 08:57 PM PDT Hello, I am a senior(4th year) undergraduate student. I grew up in a low-income family, my family's total income is 25k/year. Due to doing well in school and my family's income I was able to get some scholarships and a lot from financial aid. I would say 95% of my school expenses are covered by financial aid. To put into perspective, I've only payed $1,000 for each semester of college so far and this includes housing, meal plan, and tuition. I was curious what the average life of most other college students were like during college and how it affected you guys after. What were the struggles that you had to go through during college because of it and/or what struggles emerged from the debt after college. Next year I will be going off into PA(physician assistant) school and I will not have financial aid to help me out. The average tuition for PA school is 65k total for two years. Since I've never had debt or taken out loans before are there are many things I don't know and I would like to learn any personal finance tips. Or is there anything else I should practice or be aware of? [link] [comments]  |
| Salary "too high" for PAYE or IBR, what happens? Posted: 03 Aug 2018 10:23 PM PDT So every time I think I understand how this works, I end up getting more confused. Let's say a few years in to paying under PAYE, my salary no longer qualifies for undue hardship and I have to pay what I would have originally paid under the 10-year plan. Does this mean what I would have originally paid plus any new interest above the original interest? And along with that question, does the undue hardship calculation include the capitalized interest or does it just include the original payment/interest? What I fear is a situation under which I can afford to pay the original payments but once you add all the new accrued interest, I can't. I'm terrible with this stuff and may be completely misunderstanding the math/concepts so please correct me if I'm wrong. Thanks! [link] [comments]  |
| Is this an allocation error from Great Lakes? Posted: 03 Aug 2018 10:37 PM PDT I came into repayment Jan of this year. I'm not sure if it was a mistake or if I'm just not understanding how student loans work. I'm hoping someone can help maybe explain if I did miss something :( I have Great Lakes as a provider. I'm on the extended graduated plan (25 years) and have a $120/month payment. I'm trying the avalanche method.. a mini version, I wish I could pay more... but I'm paying $350/month (a little over the amount it would be under the level 10 year plan). I know that first the payment is applied to interest, and then the rest goes to my 6.5% unsubsidized loan. About -$130 of the payment goes to interest and the rest goes to that high interest loan. However.. this month I noticed only -$5 went to the interest on the highest loan and the -$345 went to directly the principal on that high loan. Is this a mistake? What about my unpaid interest? I was happy to see my principal knocked down quite a bit but I'm worried about the accumulating unpaid interest. Won't it capitalize by the end of the year and then my principal will just go up again? Is this something I should bring up to Great Lakes? My goal is to pay the least amount of interest. I can't afford to do it in an year or two like some of the people I've seen on here, but I would like to gradually pay more as I get into higher paying jobs and in doing so I hope to shave off a few years from the 10. [link] [comments]  |
| Should I pay off my government loan or use the money toward my private loan Posted: 03 Aug 2018 08:34 AM PDT I have enough money to pay off my near 7k government loan. Half is subsidized the other half is Unsubsidized. I have a 22k loan from Sallie Mae with 10% interest. Do I pay off the small loan with little interest or throw the money at the big loan with high interest? My loans go into repayment in December I believe. I graduated in May. [link] [comments]  |
| Posted: 03 Aug 2018 08:29 PM PDT I recently decided to "career change" and pursue a second bachelor's. My first degree was in a liberal arts field that has not gotten me anywhere. Anyway, I'm looking to pursue a BSN and recently discovered I won't be eligible for pell grants or subsidized loans. So, will unsubsidized loans be enough to cover my tution and living expenses? I will be living off-campus and my rent+utilities+food+gas is about $1200 a month. Will the school limit my loans or will I be able to cover everything? I will need 2 semesters of prereqs + 4 semesters of upper division, the university's semesters are about $3,336 each. Is this at all feasible? I really don't want to go part time and I don't think I'll be able to work while in the program. [link] [comments]  |
| I need advice on my student loans Posted: 03 Aug 2018 07:45 PM PDT Hello! I am a senior in college and I just got word that I need to take out my first loan. I was automatically approved for a federal unsubsidized loan of $3750 per semester. This loan will only need to be used for my rent payments because my tuition is fully covered. If I accept the loan, should I try to pay it as quickly as possible or pay it over a year to improve credit? [link] [comments]  |
| Posted: 03 Aug 2018 06:44 PM PDT I have been paying off my student loans on a standard 10 year repayment plan. I work for a nonprofit, but with good earnings so an income based repayment plan would actually require higher payments than I make now. Either way I am on track to pay off these loans before I would be eligible for PSLF (some of my loans are also private and not eligible for PSLF, these I started paying interest on while in school and will be paid off in the next 2 to 3 years). I will be taking maternity leave in the fall and can continue making my payments, but can take more leave if I could just skip a month of student loan payments. I have avoided changing my payment plan to something not eligible for PSLF even though I cannot imagine using it, but a graduated repayment plan could help me presently. Also I can consider forberance while on unpaid leave. Thoughts on reducing payments for a small window of time? [link] [comments]  |
| Anyone have a Earnest referral link? Posted: 03 Aug 2018 08:34 AM PDT Just found out about Earnest and was wondering if anyone would share a referral link. Thanks ahead of time! [link] [comments]  |
| Grad PLUS Loan, complete forgiveness for working for a 501(c)(3) Posted: 03 Aug 2018 04:02 PM PDT Hello! I am a student entering PA school in January and wondering if I am interpreting my loan options correctly. As long as I work for a 501c3 classified company, and I pay my loans for 120 payments, my loans can be forgiven as part of the PSLF program? Is this correct? Or am I horribly misinterpreting this? If that is the case, can I pay the monthly minimum on my loans, and after 10 years, the loans will be forgiven? Thank you for all of your help! [link] [comments]  |
| Posted: 03 Aug 2018 12:12 PM PDT So I'm graduating and coming out of school in August with 60,000 in loans. I plain to go on the income base driven plan. Would it be smart to consulate all my loans? [link] [comments]  |
| Posted: 03 Aug 2018 11:57 AM PDT Do they look at how much I make hourly or how much my paycheck is? Close to $20 an hour yet with deductions, I only make $500 weekly. [link] [comments]  |
| Posted: 03 Aug 2018 11:06 AM PDT I have a co-signer with a credit score above 720. My credit has 2 past due accounts (broke college student) I applied for a loan and I was told the reasons for denial are: Overall balance to credit limit ratio on open accounts Number of months since the most recent delinquency or derogatory occurrence Income insufficient for amount of credit requested Number of months since the most recent 60 days or more delinquency or derogatory occurrence Now, if I were to pay off the 2 past due accounts and attempt to get them removed from my credit report, would that be enough to get approved? I'm going into my senior year, have 3 student loans outstanding with the same company I'm currently applying through. Any ideas? I've applied around and can't get approved for anything. I'm about 3 weeks away from dropping out... HALP! [link] [comments]  |
| Posted: 02 Aug 2018 08:16 PM PDT I have about $44k + $3k interest in student loans (all federal) and my loans have all been on the IBR plan since November 2015. I haven't actually paid anything in 3 years since I've been bouncing around between low-paying jobs. I finally have a full time position working in IT at a local community college. I submit my recertification in November and I'm wondering what should my next step be? I haven't done any type of consolidation -- if I go on myfedloan, I see 11 separate loans with an average interest rate of 4.63%. This might be a stupid question, but when payments do kick in, do I need to make one payment or 11 with FedLoan? I don't actually know how that works. I believe as a public college employee, I would qualify for PSLF. How do I best take advantage of the program? (I also have one Perkins loan that was borrowed from an entirely different lender, and I've made a good dent in it so I'm going to continue paying that and not worry about including it in this calculation) Thanks for any help. [link] [comments]  |
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