Getting denied virtually everywhere..help Student Loans |
- Getting denied virtually everywhere..help
- Refinancing vs consolidation
- NSLDS website has been down all week.
- I have the chance to pay off a loan all at once- should I do it?
- Defaulted loan paid off but back again?
- Looking to refinance my student loans from Sallie Mae. Any recommendations for my current situation?
- Anyone out there paying on a loan from Great Lakes? How’s you experience with this lender so far?
- Any recourse for incorrect information provided by Fedloan Servicing?
| Getting denied virtually everywhere..help Posted: 25 Oct 2018 01:04 PM PDT Hi everyone, hoping someone has some advice as to what is my best next steps. Currently working for a consulting firm, making 51k, trying to refi 63k of Sallie Mae loans. Payments are between 8-900 a month plus my federal loans which averages out to 1100 a month plus my 1200 rent. Parents can't assist with my monthly and after bills (also in a couple grand of cc debt due to living expenses), I have $82 for non essentials. My credit is around 722-740, and so far I've been denied from Earnest, Sofi, Citizens bank, and multiple other lenders. My parents credit is not strong enough to really enhance my applications either. I was surprised to see I prequalified for LendKey, but I'm not anticipating an approval due to my DTI ratio. Deferral and interest payment options from Sallie Mae are not an option for me...but I'm also basically starving because of these loan payments. 22 comes at you fast. Any suggestions? [link] [comments]  |
| Posted: 25 Oct 2018 07:21 PM PDT Hello r/StudentLoans! My wife and I are recently graduated pharmacy school and now our grace period is ending soon. Added up, our loans are at 500k, split pretty evenly. My wife has a full time 40 hour job out of school, but I am working a Part time position (no guarantee in hours) but have been working steady 32-35 hours a week. Income for her is roughly 125/yr and mine (assuming it stays similar) is around 100/yr. I am looking at differences between refinancing vs consolidating our loans. My loans are split 100k at Wells Fargo (private loan) and 150k via great lakes. Wells Fargo interest rate is 8.52% (highest at 10.99%). Great lakes interest rate is 5.68%. My wife has all her loans via great lakes, with average interest rate of 7%. Currently we are looking at different payment options, and from reading personal finance previous posts, it looks like refinancing my loans look to be the best option due to the aggressive interest rates. Figured my wife would benefit from it as well, but really wasn't sure what the best options were or how to research such a situation. So I was hoping if anyone has any good advice on where to look for solid information between refinancing/consolidation, or a way to understand which sites are reputable or not. Currently looking at SoFi for refinancing, regardless, any help would be greatly appreciated! Thanks! [link] [comments]  |
| NSLDS website has been down all week. Posted: 25 Oct 2018 09:15 AM PDT |
| I have the chance to pay off a loan all at once- should I do it? Posted: 25 Oct 2018 12:27 PM PDT Hi, I'm a recent grad still in my grace period. I've saved up enough to pay off a student loan, but have heard it might be better to pay it off in installments (like equally broken up over 5-6 months, or minimum payment each month and pay off the remainder at month 6) to build credit. Any thoughts on this? Thank you! [link] [comments]  |
| Defaulted loan paid off but back again? Posted: 25 Oct 2018 09:41 AM PDT So I paid off a defaulted private loan a year ago in October '17 with a settlement with the collection company. I have the paperwork showing the payoff and the settlement stating my account was found fulfilled. Fast forward to sept '18 and I get a letter from a different company stating I owe the remaining balance + interest that was settled and wiped out. They even sent me a payment history showing all the payments I made including the settlement amount paid. Any advice as to how to proceed with this? Who do I call first? My lawyer? [link] [comments]  |
| Looking to refinance my student loans from Sallie Mae. Any recommendations for my current situation? Posted: 25 Oct 2018 09:58 AM PDT I owe roughly 36k in non-federal loans, 3 separate loans, through Sallie Mae. My family fell apart at the beginning of my senior year and I ended up not re-enrolling after winter break because financially I wouldn't have been able to survive without help from my parents (which they couldn't provide). Currently, my monthly payments on the Sallie Mae loans are roughly $423 a month, and that isn't counting the semester I'm paying for out of pocket at $250 a month (I plan on lowering that), and federal loans with Navient that I was unaware of up until 2 months ago (September. My direct to institution payments started in March. And my loan payments started in June). I currently make between $1,100-1,400 a month as a ups worker. I'm looking at a potential promotion in the spring, but it's not a guarantee. My father has bad credit (he co-signed my loans) and currently is trying to raise my younger sister single-handedly, so he can't help me out at all. My mother has completely left the picture. She had most of the information on all of my loan stuff, but unfortunately she will not be able to help me at all financially. I would like to be able to go back and finish the roughly 24 credits I have left towards my bachelors, but currently that is not an option based on my financial situation. So I alone am responsible for the expected $673 monthly payments towards school loans. At least half my monthly income. My part of rent is $340 and that normally leaves me between $100-200 to spend on gas and food for the month. I live with my girlfriend, who has another year and a half left towards her degree, and she spends all of her waking moments either in school roughly 8 hours a day, and then 25-35 hrs a week on homework, or at her waitressing job. She manages to cover her half of the bills and school supplies, but gets zero help from her parents as they've both left the picture. Obviously, at this rate, I will be starving by March, and I need to get these lowered. I've already spent too much time on the phone with Sallie Mae and have decided to just refinance at this point, since all they've done is jerk me around. If you've managed to read everything up to this point, thanks! I'm wondering if anyone here has enough first hand knowledge to know specifically which institutions I should look at refinancing this 36k loan with. Ideally I want to cut the $423 down to $200 a month. Edit: Thank you everyone for all your recommendations and reminders that there is still hope under this cloudy burden of debt! [link] [comments]  |
| Anyone out there paying on a loan from Great Lakes? How’s you experience with this lender so far? Posted: 25 Oct 2018 01:38 PM PDT |
| Any recourse for incorrect information provided by Fedloan Servicing? Posted: 24 Oct 2018 10:34 PM PDT I just finished residency training in Urology in June. I had about 255K in principle in 45K in interest at that time on income based repayment. Unfortunately, I had a family emergency in June and depleted a most of my financial savings that month and had signed a contract with a job to start in August and wouldn't get my first paycheck until September. I was really strapped for cash. I called Fedloan at the end of July and asked if I could hold off on making payments for 3 months. I was advised to do forbearance. I was told that ONLY the interest accrued during those 3 months would capitalize at the end of the forbearance period. I was told the outstanding interest (45K) would not capitalize. I literally went over this point MULTIPLE times over the phone with the agent. She kept telling me that I was protect from the entire amount capitalizing because "I was in the lowest titer of income based repayment" (whatever that meant). So, I thought ok, not a big deal, I put the loan into forbearance and pay off the interest that accrued when I get my first paycheck in September and then go back on my way making payments each month as before. But I received a letter about 3 weeks ago telling me that the entire 45K is capitalizing at the end the end of the forbearance. I could not believe this because I literally went over this point OVER and OVER with the agent when I did the forbearance in July. I called to complain and filed a grievance. I was told the that all phone conversations are recorded and that they'd be able to listen to the audio and rectify the situation and that basically "if that's what you were told, its incorrect." They denied my appeal and told me that the entire 45K would be capitalized and that I couldn't do anything. I asked for a copy of the audio and was told that it would require a subpoena. Any advice on whether this is worth pursing? I did call an attorney and he told me to email him copies of documents and he'd review it for me and let me know what he thought but that he isn't that knowledgeable about the subject. Anyway, I'm basically in a situation where I'm not sure whether I should drop it and relax because I'll probably be refinancing with First Republic in a year. They offered something like 2.9% for 7 year loan but wanted me to have 40K cash in a bank account with them during the approval process and of course proof my current income x several months. I think part of me is just really pissed off that I was given bad information from Fedloan and that I fell for it. I'm mad at myself more than anything. Also, I should add that when you file for a forbearance its not signing paperwork or going through forms online. When I did it, it was just a phone conversation and we went over the terms of the forbearance and I stated my name and that agreed or whatever. So that phone conversation is the only proof of what transpired. [link] [comments]  |
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