It wasn’t the biggest loan, but my final payment just posted! Student Loans |
- It wasn’t the biggest loan, but my final payment just posted!
- I'm doing an AMA if anyone has any questions they've been meaning to ask
- TEPSLF rejection
- Borrower Defense final rule delayed
- Loans for students without cosigner?
- Best move to handle this Navient/Sallie Mae issue? (Their advocate department reached out to me)
- Waiting for School Certification
- Deferred Student Loans, Do Payments still show on Credit Report
- Will this excel accurately calculate payoff dates?
- Teacher Loan Forgiveness
- Pay off deferred loan vs. contribute toward mortgage principle vs. short term investment
- Making progress on my student loans, but how do I accelerate it?
- Debt Story: How I Got Into $108,000 In Debt
- Is it robbery that GreatLakes takes so long to apply your payment, meanwhile charging you interest.
- Working on a company to help with student loans. Looking for feedback/interest
- Bogus tax cuts. Y not use that money for students?!
- The confusion with paid ahead status
- Payment Options and PSLF help. Other General Questions. $50k
- PSLF (Consolidate or Not)
- Refinancing a Student Loan
- Income Contingent Repayment higher than not reapplying?
| It wasn’t the biggest loan, but my final payment just posted! Posted: 03 Oct 2018 09:14 PM PDT I started off with about $25k in 2010 or 2011. It took a couple of years after graduating to find a job I love with a decent salary. I just made minimum payments for what seemed like forever but then threw everything extra to my loans once I started making money. I just wanted to say thank you to the posters in this sub for giving me hope and sharing the knowledge of how to efficiently pay this debt off. I've lurked here for a while and learned a lot from you. So thank you for being good people! [link] [comments]  |
| I'm doing an AMA if anyone has any questions they've been meaning to ask Posted: 03 Oct 2018 11:47 AM PDT Policy or personal - it's all on the table https://www.reddit.com/r/IAmA/comments/9l3y9r/iama_student_loan_expert_ama/ Please ask your questions in the AMA link above. Thanks! [link] [comments]  |
| Posted: 03 Oct 2018 06:13 PM PDT I'm sure I am one of many who could list years of endless steps taken to secure PSLF. Suffice to say, my case progressed much like many on this thread. Trust me when I say I could compete with any of your stories. So I was overjoyed to finally receive an email on Aug. 1 stating "YOU ARE BEING CONSIDERED FOR TEMPORARY EXPANDED PSLF." Great. Given the scope and purpose of TEPSLF, and my history of payments, I assumed I was not only eligible but that I would also be granted the forgiveness. This felt like a final milestone. I was quick to apply. First come, first serve. I thought I was a shoe in. However today I received an email denying my request. What is particularly exasperating is that the email I received ultimately offers me no understandable explanation for this rejection. This is the most specific description: WHY ARE YOU NOT ELIGIBLE? Your eligibility for PSLF has been reconsidered using an expanded list of qualifying repayment plans. A review of your payment history determined that even with the expanded list of eligible repayment plans, you have not made 120 qualifying payments on your Direct Loan Program loans. This makes you ineligible for the TEPSLF opportunity. UGGGGH. Read carefully. One can read this rationale for rejection in two different ways. Am I ineligible because I didn't meet the employment requirement for some number of qualifying payments? Or is this ineligibility related to the types of repayments I made? In addition to this opaque explanation the email also includes that familiar chart showing how many of your payments qualify. But this chart includes a new column. In addition to "PSLF Qualifying Payment Count" it has a second column: "TEPSLFQualifying Payment Count". In my case the counts are 29 and 118 respectively. 118! I'm 2 short of forgiveness. But where did they get this number? By my own count, my October loan payment this month was my 132nd payment since the program started in 2007. All 132 of these payments were made on either a graduated repayment plan (103) or income-contingent (29). I have no idea where 118 could have possibly come from. So think about it. I made this request in July. So presumably now, I need to make another request now that I've made 3 more payments since then. I can only hope that the temporary funding has not been exhausted and the these last 3 payments put me over the 120 threshold. Needless to say, this is yet one more layer of the most frustrating bureaucratic experiences of my life. I can't imagine that others will have similar issues. [link] [comments]  |
| Borrower Defense final rule delayed Posted: 03 Oct 2018 05:28 AM PDT Federal law states that in order for the ED to make a new rule effective the next July 1st, they have to publish the final version of that reg by the previous November 1st. We're hearing that the feds are starting to say that the borrower defense (and gainful employment if you are following that one too) won't be out in time. This means that borrowers with pending applications or those submitting them over the next year or so will be hypothetically vetted under the 2016 rule (that's the one I sat on) assuming the judge goes through with his ruling next week as expected. Confused? I don't blame you. So here's the TL/DR - this is a good thing for consumers - a rare thing for policy - and a somewhat surprising thing from the current administration as I assumed they'd be trying to shove this sucker through. Here's where I'm getting my info on this. I trust Emily's sources. https://about.bgov.com/blog/student-loan-rules-delayed-official-says/ [link] [comments]  |
| Loans for students without cosigner? Posted: 03 Oct 2018 09:06 PM PDT I need a loan for about $5000 a semester and I don't have a cosigner. I am thinking of applying for an Ascent loan, is this credible? My credit score isn't awful, but it's not great. Thanks [link] [comments]  |
| Best move to handle this Navient/Sallie Mae issue? (Their advocate department reached out to me) Posted: 03 Oct 2018 12:16 PM PDT Long story short they put my private loans in repayment while I'm still in grad school. Finally (thanks to advice here on r/studentloans) reached out to their advocate. Weeks later they reply and include a financial worksheet form to figure out possible rate reduction program eligibility to send as well as a direct line/extension to call. Here's the problem: My next loan payment is tomorrow (and obviously I can not pay it in full, but could pay some). I'm still in school (although no classes just dissertation) and so am starting a job at the end of this month. So next month I can pay them something and would like to go through the rate reduction program. But the problem is that they claim I've used all my forbearance up and also they won't honor my in school status for the private loans. While I'm happy they've at least opened up to working with me here and willing to explore other payment plans on these old private loans, I'm worried that if I can't reach this advocate office before the payment goes past due, that this will cause problems. Will it? Or should I just continue to try to reach the advocate, submit the financial worksheet and let the payment lapse until they come up with a payment plan for me? Basically I'm trying to actively reach the advocate office to confirm/verify info on the rate reduction program but having trouble getting a call back and the loan payment due tomorrow is not something I can afford. Never missed a payment or went late (as up until last month were again deferred). Is it better to just miss this payment while continuing to actively work out something with their advocate office or should I make a small partial good faith payment by the due date while doing so? Thank you. [link] [comments]  |
| Waiting for School Certification Posted: 03 Oct 2018 06:14 PM PDT Hello! I applied for a SallieMae loan in early August, after realizing that I wasn't going to be receiving any support from my family. I understand that August is the worst time to apply for loans, and I've been doing pretty well in waiting with my savings and such. Now that November is approaching, I know that I won't be able to pay for rent if I can't receive any funds. I have some other options if I still don't hear back in three weeks, but is there anyway I can expedite this process? Appreciate any responses. [link] [comments]  |
| Deferred Student Loans, Do Payments still show on Credit Report Posted: 03 Oct 2018 05:36 PM PDT Hi, If when in deferment does the monthly payment for the loan still show up on your credit report even though you are not paying at that moment. I know it does during forbearance but not sure during deferment such as in-school. [link] [comments]  |
| Will this excel accurately calculate payoff dates? Posted: 03 Oct 2018 06:53 AM PDT I hope this question is not oversimplified. Will the logic used in this excel accurately calculate a debt payoff plan for me? I question this because of how student loan payments pay off existing interest before principle balance.. is this how any debt payment is process? I pay $287 a month, the balance only has been decreasing about $130 though. https://www.vertex42.com/Calculators/debt-reduction-calculator.html [link] [comments]  |
| Posted: 03 Oct 2018 07:55 AM PDT I've been surfing around trying to find a more recent post about the timeline on receiving forgiveness. Everything I'm running across is about a year or so old, so I'm asking again for a more updated timeline... If you received TLF, how long was the process? I got confirmation on August 22nd that FedLoan passed me onto the Dept of Education. FedLoan told me it would probably take 6 months. Does that seem to be the norm? Also, once it makes it past FedLoan, anyone know the percentage that DoE is turning down? Thanks! [link] [comments]  |
| Pay off deferred loan vs. contribute toward mortgage principle vs. short term investment Posted: 03 Oct 2018 03:24 PM PDT I have about 25k of subsidized federal loans currently in deferment until around 2021. I have 25k cash currently and becoming completely debt free is a personal goal of ours. What's the smartest play? I'm assuming paying off the loan that isn't accruing interest isn't the wisest option. Would putting that 25k toward my mortgage (4.5%) and build that number back up for when I need to pay the student loan off? Or is there a place I can park that 25k to earn interest for the next couple years? I'm a total novice on the idea of short term investing so I'm not sure what/how id go about that. [link] [comments]  |
| Making progress on my student loans, but how do I accelerate it? Posted: 03 Oct 2018 09:49 AM PDT I started with $21,000 when I graduated May last year. Now I'm at $8800. I make $70,000 a year. I'm feeling swamped with my loan. I just want this debt gone... How do I accelerate paying this off? Here are the last couple months payments: 10/3 - $1000 10/3 - $91 10/2 - $600 9/14 - $500 9/13 - $500 EDIT: My interest rate is 3.51%. I'm paying $10 in interest every week.. [link] [comments]  |
| Debt Story: How I Got Into $108,000 In Debt Posted: 03 Oct 2018 07:28 PM PDT |
| Is it robbery that GreatLakes takes so long to apply your payment, meanwhile charging you interest. Posted: 03 Oct 2018 12:51 PM PDT So I'll schedule a payment for $1000 for example and it will literally take 2-3 days to apply to my loan. During that time I accumulate 2-3 days worth of interest. Aren't we dealing with computers here? How come its ok for them to charge your 3-4$ more when you paid so much already... Obviously not a big deal, but this little nuance allows them to profit off of this time delay.. [link] [comments]  |
| Working on a company to help with student loans. Looking for feedback/interest Posted: 03 Oct 2018 12:13 PM PDT Hey All, I am building a company called YourCoinz (https://yourcoinz.com/) which will allow you to sell a percentage of your future income like shares, known as coins to be kept on a blockchain. So similar to how a publicly traded company works, we project how much you are expected to earn, say over the next 5 years, and let you set the percentage of your income that you want pay out to your coin-holders as a dividend. For example, Jane Doe is a student who desires to raise money to attend college. As a freshman she wants to major in finance. She has no current income, but decides to issue 1,000 coins/shares of her future income. She will begin paying dividends to her coin-holders 6 months after graduation. Let's say that her projected salary is $80k with a $10k raise year over year and she sets the percentage payout to be 10%. So initially in the first year, she pays $8k, then $9k and so on. So the coin-holders can expect a return of $50k total and so they would buy shares anywhere from $40-$45, allowing Jane to raise $40-$45k for college. I am really interested in feedback of this type of proposal and if people would be interested in creating a listing or speculating on potential investments. If so, please visit https://yourcoinz.com/ and fill out the form. We are in the process of getting the patents for the system and growing our pool of interested investors. Thanks [link] [comments]  |
| Bogus tax cuts. Y not use that money for students?! Posted: 03 Oct 2018 11:25 AM PDT Does anyone else think about how much money Trump is giving back to the rich with the major tax cuts (like the recent one they snuck in during the Kavanaugh hearings), like hey! that money could've gone to help the crazy student loan crisis we're currently experiencing?! Not to mention the continued cuts to Medicare, Medicaid, and other welfare? [link] [comments]  |
| The confusion with paid ahead status Posted: 03 Oct 2018 11:13 AM PDT Hello! So I recently found out I was in paid ahead status with my loans through fed loan servicing. This is a problem because I am trying to do PSLF. I only have 4 qualifying payments so far. For the last 9 months I was making extra payments not knowing the problem this would cause for me. I've called and gotten the paid ahead status removed but I still feel lost. So from here on out, my payments will qualify? Is there anything more I need to do other than simply removing the paid ahead status? [link] [comments]  |
| Payment Options and PSLF help. Other General Questions. $50k Posted: 03 Oct 2018 10:17 AM PDT Hello, I will be graduating this semester with $50k (5.05% int) in debt. $30k is undergrad 3.76-4.66% and $20k is grad 6.6%. I work for the government (so I am eligible for PSLF) currently making $57000 but will increase to $89000 in 2.5 years and then 2-6% increases thereafter. I have used this site https://www.doceden.com/PSLFplanner.html with my best guesses at AGI inputted. My results for PAYE, REPAYE, IBR and Standard are below: PAYE: $59178 paid, $7341 forgiven REPAYE: $65000 paid, $0 forgiven IBR: $62900, $1735 forgiven Standard: $64000 ($532.93 monthly) My goal has been to tackle debt in less than 10 years. So obviously I want to tackle my graduate 6.6% loans first and work down. My questions are: 1) Is PSLF worth it for me? 2) If I tackle higher rate loans first, how is my minimum payment towards the rest of the loans decided (is it just the monthly divided evenly)? If so, I've seen on here to just choose the 25year payment plan (Extended Fixed $293 monthly) so my minimums are low and allows me to attack the higher interest rates. 3) Should I refinance? My credit score is 757 and I see I might be able to refinance for as low as 3.09% (via NerdWallet). TYIA for the help. [link] [comments]  |
| Posted: 03 Oct 2018 09:08 AM PDT Hi, I am an [uninformed] 4 year public school teacher. I have my loans on NelNet and unfortunately I was under the impression that I was on track to have my loan forgiven one day. I just found out I need to transfer them to FedLoan. I have been paying into my loans for 4 years ($440 monthly) not making a dent - in fact I only borrowed $63K and now my balance is about $74K. This is the breakdown of my current loans with NelNet. I am on REPAYE making $440 monthly payments. $5453 @ 4.25% Direct Loan - Subsidized $30189 @ 6.55% Direct Loan - Subsidized $8435 @ 3.15% Direct Loan - Subsidized $29745 @ 5.5% Direct Loan - UnSubsidized I must apply for PSLF soon.. I teach Special Education in a Title I school and I have a clear California credential so I definitely qualify. My questions is more about reducing my currently insane interest rate: Do I need to consolidate these loans for a lower interest before I apply for PSLF? Would that affect my chances of qualifying OR Could I consolidate with FedLoans? Thank you. [link] [comments]  |
| Posted: 03 Oct 2018 06:42 AM PDT Posted a week ago about refinancing with First Republic Bank because of their awesome interest rates. I am a bit hesitant because I am actively trying to change my professional situation and am not exactly sure how this will play out within the next several months. I then looked to First Tech Credit Union to refinance, thinking maybe I can refinance with them for now and then refinance with First Republic a bit later in life. But I can't because First Tech refinances into a personal loan and First Republic can not refinance a personal loan. Are there any options for refinancing right now, so that I can refinance with First Republic a little after? [link] [comments]  |
| Income Contingent Repayment higher than not reapplying? Posted: 03 Oct 2018 05:25 AM PDT I think I may be understanding this wrong. Last year was the first year that I took over my student loans from my parents. I applied for ICR and my payment went to ~$300/month for months 1-12 It is time for me to reapply. But it also says that if I don't, then my payment will go down to ~$100/month for months 13-85. What am I missing here? [link] [comments]  |
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