I'm trying to pick how to target which loan to throw extra money at. I am aware of avalanche, but how about this method? Student Loans |
- I'm trying to pick how to target which loan to throw extra money at. I am aware of avalanche, but how about this method?
- Graduated in May. Loan status still says I am in school
- Variable Refinance Immediately Increases Rate
- Refinance Gov't Loans or Extended Graduated + Extra Payments
- Expat completely lost regarding Fedloan IBR options
- Slightly nuanced questions about IBR / PAYE while living abroad
- FAFSA is not working
- Refinancing Help
- Defaulted on loans years ago / dropped of credit report / now recieved a collection letter threatening wage garnishment
- For private refinanced student loans, what range would be considered a good interest rate?
- Using federal student loans for non-college education
- No idea where to start for law school
- Why is it so hard see my student loan balance? (ON, Canada)
| Posted: 02 Oct 2018 07:39 AM PDT So I am not the most math-literate person, so please forgive me if this is a stupid question. But I have been looking at my loans. If I look at my highest interest loan, it is not the loan that accrues the most interest every single day because I have lower interest loans with higher balances. Would it make sense, at all, to throw extra money at the loan that is currently accruing the most interest daily? That might switch from month to month, but it's easy to calculate which one is costing me the most in interest currently. Or is it better to just to the traditional avalanche and get rid of a loan as fast as I can so it just stops costing me interest? [link] [comments]  |
| Graduated in May. Loan status still says I am in school Posted: 02 Oct 2018 05:22 PM PDT I can't figure out a way to change the status. I know I am in the grace period, but it also doesn't say when I have to start paying. Any help would be great! Thank you! [link] [comments]  |
| Variable Refinance Immediately Increases Rate Posted: 02 Oct 2018 09:27 PM PDT So I just refinanced with SOFI and not 2 days after getting the loan the interest rate jumped up 0.4%. Am I just unlucky with timing and the "LIBOR" index or whatever changed? Or can banks just immediately jack up rates after you refinance to them? [link] [comments]  |
| Refinance Gov't Loans or Extended Graduated + Extra Payments Posted: 02 Oct 2018 04:10 PM PDT I currently have $105k in student loan debt from law school. I've been out for about 6 years and haven't made much of a dent due to lower-paying jobs and being on IBR. My income, particularly with my wife, is much higher now (and we file jointly), so I no longer qualify for IBR. I've decided that my best path forward is the avalanche method, but I'm having a hard time deciding between what I believe are my best options: refinance at around 4.8-4.9% through SoFi (I have excellent credit) or switch to the extended graduated program. Here are my stats: 8 federal loans - $35k (two plus loans @ 7.65%) - $70k (six stafford @ 6.55%) Payment Plan Options (1) SoFi: 10-year repayment schedule (4.9% interest) @ 1,111.55/mo and $27k in interest (2) Extended Graduated: 25-year repayment starting at $630/mo + ~$470/mo directed at 7.65% interest loans until they're paid off and continue paying such that I pay off everything in 10 years Here's where it gets tricky. Do I refinance now and take advantage of the lower interest rate (which may not last), or do I do the extended graduated and target my higher interest loans? Either way, I plan to pay off everything in a max of 10 years (likely sooner as I'll increase payments as my income goes up). Do I re-finance now and save money on interest, or keep the extended graduated to maintain some of the federal benefits and flexibility of a lower monthly payment in case things go awry? A third option might be doing a 15-year plan via SoFi to lower my monthly to around $830/mo but contribute more on top to get to $1,100/mo again. That would only put me at about a 4.9% interest rate. I'm a bit risk-averse, so I'm learning towards extended graduated, to keep my payment as low as possible if something happens. That said, I'm not sure my math is correct, but I think I'd be paying around $10-15k more in interest over 10 years with the extended graduated due to having the higher interest loans during that period. If I pay them off in like 6-7 years, the total amount gets better, but maybe it's worth paying more to maintain that low monthly. Thoughts? [link] [comments]  |
| Expat completely lost regarding Fedloan IBR options Posted: 02 Oct 2018 08:27 AM PDT I am currently working in Japan, but planning to move to Canada by the end of 2020 with my fiancé. I have about 20k in federal loans with an average 5% interest. I believe I am eligible for many of the IBR options, but really have no clue with which to go. If I am understanding things correctly, I'd pay $0 with PAYE (as long as I'm making under 100k in Japan). What worries me, however, is whether things would change once moving to Canada and subsequently starting to work there. Would PAYE be my best course of action? At this moment I'm on general forbearance (which I now understand was a mistake) and I'm absolutely sick of having this burden in the back of my mind. [link] [comments]  |
| Slightly nuanced questions about IBR / PAYE while living abroad Posted: 02 Oct 2018 05:44 AM PDT
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| Posted: 02 Oct 2018 08:20 AM PDT Anyone else experiencing an error message that kicks you back to the home page, at various stages throughout the application? Any tips to work through this? [link] [comments]  |
| Posted: 02 Oct 2018 08:12 AM PDT Hey all, So I'm looking to refinance my student loans and get away from Sallie Mae. I attempted refinance before I had made any payments. The biggest reason I was told no was because my debt to income ratio was too high, so I hunkered down, increased my income a tad, and have made a couple on time payments to the devil (a.k.a. Sallie Mae). What is the recommended amount of on time payments I should have under my belt before re-attempting this (have made 2 so far)? What about credit? I have decent credit (above 700) and a parent who will potentially co-sign my refinance. [link] [comments]  |
| Posted: 02 Oct 2018 08:00 AM PDT I originally took loans in 2005 and 2006, defaulted and waited until 2014 until they dropped off my credit report. now in 2018 I get a letter asking for twice the amount principal + interest + fees and a threatening letter of wage garnishment. 1) will this go back on my credit report as newly defaulted loan? 2) I have claimed 0 income on my taxes for the last two years as my wife is a "self-employed" business owner making all the money. We don't get a tax return we pay the IRS money every year for profits earned 3) would it be possible to shave the balance down through negotiation? [link] [comments]  |
| For private refinanced student loans, what range would be considered a good interest rate? Posted: 02 Oct 2018 06:57 AM PDT |
| Using federal student loans for non-college education Posted: 02 Oct 2018 05:08 AM PDT Are there rules and restrictions against how much money I can borrow, and what I can use it for? I had the thought the other day about finding a low-cost institution to enroll in (such as a community college), and then borrowing considerably more money than I need, and using that money for a different educational program, such as a coding bootcamp. Would this be allowed? Is this a ridiculous idea? What if I was going to school and I wanted to buy a house, and the student loan interest rate was better than what the bank offered me for a mortgage. Could I just take out a large student loan to buy a house? There has to be some sort of "check" or "approval" for what federal student loan money is used for, right? [link] [comments]  |
| No idea where to start for law school Posted: 01 Oct 2018 05:39 PM PDT Hello. I'm looking to go to law school, possibly Texas A&M or FSU. I don't have any debt rn but I also don't have any credit history. Im ok with taking out loans for law school, but I'm not sure I can get enough. My parents are relatively well-off, so I don't think I'll get much financial need stuff but they're not going to help me. They also won't cosign (I'd prefer to not ask someone). How do I go about doing this and what steps should I be taking? [link] [comments]  |
| Why is it so hard see my student loan balance? (ON, Canada) Posted: 01 Oct 2018 09:13 PM PDT Seriously. I've gone in circles between the canlearn, nslsc, and osap websites, and I have logged in to my National Student Loans Service Center account, but nowhere does it give me an option to see my Integrated Student Loans balance. I'm long since done with school; I just want to see how much I owe and when I'll be due to finish paying everything back. What the shit, where are they hiding this shit? Please, any tips will be MOST welcome. [link] [comments]  |
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