Student Loans - Worthless Degree - Can't afford to pay - HELP Student Loans |
- Student Loans - Worthless Degree - Can't afford to pay - HELP
- 3 Years 3 Months. $75,000. I Am Free!
- Before the credit card ban, would declaring bankruptcy on credit cards have affected the student loan companies in any way?
- Advice: 250k+ in Student Loans with a Plan to Pay
- Last year of college and need to take out a private loan to graduate?
- Stuck Between Repayment and a Hard Place
- If I decide to go to grad school in a year or 2 will I renter deferment on my loan?
- Why is it important to pay back a student loan?
- Question on TEPSLF and changes in loan servicers
- Question about PSLF
- Navient trying to make me pay for their mistake
- Chances Of Public Service Loan Forgiveness Approval? Lower Than Getting Into Yale Law School
- Grace Period and paying off?
| Student Loans - Worthless Degree - Can't afford to pay - HELP Posted: 05 Oct 2018 08:07 PM PDT Hi Reddit, I need help and I don't know what else to do. Background: I went to International Academy of Design & Technology. I was told that my field (Graphic design) was growing and salaries were growing as well. I submitted my portfolio and was told I was accepted but I needed to hurry because the semester would be starting soon. I asked a lot of questions like, Are you nationally accredited? Are your teachers experienced in the field and have degrees in the same? And so on and so forth. They said they were Nationally Accredited. All their instructors were currently working in the field and had Master's Degrees. That they offered job placement assistance and resume and interview prep. I was nervous about the student loans but was told, everyone has them. It's how you got a degree but the payments were affordable. Throughout my years there, I brought up a number of concerns. Mostly that I was paying for A's because I knew my work wasn't the best but how could i get 100% and no feedback on how to improve? They said I was just really talented, brushed off my concerns with compliments and talked to the instructors who gave me a 98% the next time and a line about improving X, Y or Z and then the next grade would be 100% again. I borrowed using FASFA. They signed me up for the max amount I could borrow saying that it would cover all of my tuition and books, etc. I found out later that there was an overage and my final year, they said I had reached the limit on how much I could borrow and took the remainder from my overage. I brought up my concerns about the school and was told that if they weren't legit, the Government wouldn't allow them to give financial aid. After graduating with my Bachelor's, I started looking for work right away. I immediately asked the career counselor's for help and they started working with me on my resume. It took them 6 months to determine it was acceptable. This is after I took a senior course where I created a resume and received a 100%. They told me they had no career resources in my area and to apply at a temp agency or look around on a few job sites and if they heard of anything, then they would contact me. They never did. Then, Sanford-Brown bought out IADT. I could no longer log into my IADT account. I was told everything had been switched over to Sanford-Brown. I worked with their IT dept for months trying to get access again and never did. I couldn't get my transcripts or anything. I was trying to go to another school to continue my education. I talked to one college who told me that IADT was never nationally accredited. They were self-accredited. They told me my credits were worthless and I'd have to completely start over. Not too soon after that, Sanford-Brown closed and filed for bankruptcy. Flash Forward to today: I've been on the Income Based Repayment Plan for a while now. But now i'm being told that my "free pass" is up and I need to start paying back my student loans. I'm a single mom. I'm just barely above the state financial neediness line so I get no assistance. I go to food pantries, we eat cheap crap and I usually have $15-$50 left over at the end of the month. They said that based on my income and family situation, I can afford $149/mo. I literally cannot afford that. I missed my first payment because I just didn't have the money. It's Rent/Utlities/Food.... those win. Those are necessities. If I don't pay it, eventually it will go to collections and destroy my credit which I just managed to build back up. In a couple years, I will end up being Garnished. I can't afford $149... how can I afford to be garnished? I'm terrified. I don't know what to do. I'm so stressed out and I cry about this every night. I just applied for Borrower Defense but who knows if that will work or when it will even be processed. Does anyone know what I can do? I've tried calling a lawyer, I've tried talking to NelNet.... I'm at a loss. Thanks~ [link] [comments]  |
| 3 Years 3 Months. $75,000. I Am Free! Posted: 05 Oct 2018 09:22 AM PDT I have been waiting to post here for years! Finally I can! My story begins in 2009 when I was 18, a new high school graduate in the south suburbs of Chicago with no idea what to do for a career or where to go to school. I ended up spending 6 semesters at 3 different universities (All public with financial aid), switching between 4 different majors, and often taking 18 credit hours a semester + summer classes so that I could graduate within 5 1/2 years. I worked part-time throughout my entire schooling career and in addition I went to 3 different community colleges and took classes there whenever I could to save money. Ultimately I ended up with 160 credit hours of credit over the course of 5 1/2 years, with a major in Information Systems from a college I loved and had a great experience at. I had $37,000 in private loans through Sallie Mae (now Navient) with a crazy interest rate of around 10%. I had the other $37,000 through federal subsidized and un-subsidized loans with a more tolerable interest rate of around 5% on average. I ended up refinancing the Sallie Mae loan over to SoFi with an interest of 6% instead of 10%. I graduated in December 2014 and started paying the loans 6 months later. Fortunately I did two internships during my schooling and had a tech consulting job setup before I even graduated. (I cannot stress the importance of doing internships during schooling enough, do them!) The downside, it required 45 minutes of highway driving to get there and I had no car. Add another $20,000 loan with 3.5% APR for a reliable used car to get me there and back (Ended up refinancing that too). The other downside, the pay was a bit lower than I expected. Regardless, it was a great entry level job and I did not spend a single day after graduation not working. I spent my 6 months of loan forgiveness saving an emergency fund and took a trip to Spain. After 9 months at my job I realized I hated it and found a new job in downtown Chicago as a business analyst with a pay hike of 35% after a lot of negotiation! I am now 27 and I have been at this job ever since and I love it and aggressively paid off my loans with highest interest first. I have lived at home this whole time with my single mother in a single story home and have had to sacrifice a lot of privacy but she is a saint and has never charged me a penny for food or rent so that I could pay off my loans. Now that my loans are paid off I will start to give her some rent while I save for a home with my girlfriend and hopefully soon to be fiancee (Yes I somehow got a girlfriend last year, she gets along great with my Mom actually). I am very fortunate to have found and graduated with an in-demand degree, get jobs, and have a Mom that allowed me to stay in her home. If there is any advice I can give to help those of you still paying your loans or those of you still in school don't be afraid to PM me. Paying it forward and you should too once you pay it all off! Don't give up! My advice for all of you still paying or still in school:
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| Posted: 06 Oct 2018 12:51 AM PDT I was told that using credit cards to pay for student loans was recently banned because cards were used to pay off student loans, then the debtors would declare bankruptcy on those credit cards. But why would the bankruptcy on the credit cards matter to the student loan companies, after and since the debt was already satisfied to the student loan companies by then? Not like the credit card companies were making the student loan companies reimburse the credit card companies to recoup the discharged CC debts, right? If not, then why would the discharge of CC debt matter to the student loan companies enough to ban credit cards from being used to pay for student loans? Besides, even with the ban in place, couldn't the debtor take a cash advance on the card so that once the credit is transferred to the checking account, they could still pay off the student loans with that? [link] [comments]  |
| Advice: 250k+ in Student Loans with a Plan to Pay Posted: 05 Oct 2018 08:10 AM PDT Hi all, Throwaway for obvious reasons. I'll get right down to it. My boyfriend and I have been together for almost 3 years, living together for about 2. He has a pretty massive amount of student debt, around 250k, and makes about 80k a year. (I don't need a lecture. We know that it is bad and he made a lot of extremely poor mistakes financially while in under-grad and grad school.) He is also paying child support. He has no savings, but we're working on it. I am early in my career (we do the same type of work), make about 54k, and I am looking at a pretty sizable raise in the near future. I am very fortunate to have a very successful father and I am well set up for retirement already. I also independently contribute aggressively to my 401k and Roth IRA. In the past 9 months I started helping my boyfriend pay off his debt because I want to marry him in the future. We paid off all of his auxiliary debt (13k in credit card debt and tax debt), but as you can imagine, his student loans are another animal all together. They have caused us (especially him) a great deal of stress. My parents love this man; my father is also numbers guy. My father would like to temporarily gift a sum of money to me (about 300k) and invest it into a series of vehicles in my name. We will use the monthly and quarterly dividends to aggressively attack my boyfriend's student loans. As I'm sure you can imagine, we are extremely humbled and grateful, and excited to see a glimmer of hope at the end of this long, dark tunnel. I do, though, have a question. He is currently on REPAYE. If we were to get married soon, I know that you can't file separately and that they will look at our joint income. Will the investments be included as income? Will his payments go up exorbitantly? [link] [comments]  |
| Last year of college and need to take out a private loan to graduate? Posted: 05 Oct 2018 07:29 PM PDT Ive made terrible financial mistakes concerning my college loans and I'm fully aware of that. Now, I'm in close to 100k of debt. 60k from parent plus loans and the rest from fasfa (I apologize if this is labeled wrong) I recently found out I need 11k in addition to what fasfa has loaned for this semester alone. Problem is since I just recently found this out, It's too late to be refunded for my classes this semester and I'm assuming I'll owe the 11k regardless if I drop out or not. In addition I'm assuming I'll owe another 11k for the spring semester. Should I drop out? I feel so lost and trapped. I'm terrified about these loans and do not want to add to them anymore but feel even worse about the fact that I'll be in this enormous amount of debt without a degree. [link] [comments]  |
| Stuck Between Repayment and a Hard Place Posted: 05 Oct 2018 05:43 PM PDT (20F) I was the first one in my family to go to a four year university when I graduated high school in 2016. I started at an out of state university with a major I let my parents pick. I was unprepared for college academics and unaware of my resources, which when coupled with my then undiagnosed bipolar disorder, lead to me getting put on probation my second semester and then academic suspension following that. I then attempted to try community college (still out of state) and was not prepared to do both school full time and work full time and I failed out of that as well. In total I've managed to wrack up $40,000 in debt from two different lenders (Wells Fargo and Sallie Mae). I just received a phone call from Wells Fargo asking me if I was still enrolled in school anywhere and if not, I was going to have to start repaying my loans at $260/mo in December. None of my family knows that I've flunked out and believe that I'm still in school and on track to get my degree in the next 1-3 years. I don't know what to do. Should I go back to school at least part time and attempt to get a degree in anything? Should I just resign myself to working minimum wage and paying this off for the rest of my life? I don't want to tell my family as they will be monumentally disappointing in me. I feel hopeless and have no idea what to do. Any advice is appreciated. [link] [comments]  |
| If I decide to go to grad school in a year or 2 will I renter deferment on my loan? Posted: 05 Oct 2018 04:41 PM PDT I've been debating going to grad school in about a year because my company is willing to pay for it up front. If I decide to go back to school while I work my full time job am I considered a student again and my loans are deferred until I graduate? I've got a private loan of 92k with 12% interest(gonna refinance after paying it for a few months to build credit) and 27k federal loans at ~5%. If I went back to school and was eligible for deferments I could just put all the money towards the private loan to start paying it off faster. Once I graduate I'd begin paying both again but with a lower amount due for the private loan. I haven't done the math yet but it seems like being more aggressive with the private loan would save me some money even if the federal is slowly increasing. [link] [comments]  |
| Why is it important to pay back a student loan? Posted: 05 Oct 2018 01:41 PM PDT Besides 'doing the right thing', why is it important to pay back loans? I owe just under $38K in student loan debt but because I make so little (12.50/hour) my payment is only around $25/month. Not even taking interest into account, even if I paid $200/month toward my loan and didn't save anything, it would take me at least 16 years to pay it off. Wouldn't it be better to take that $200/month and invest it while making the minimum payment on my loan, and then by the time 16 years rolls around, not only will I have enough to pay off the loan, but I'll have some extra from having invested? Can someone explain to me why having debt is a bad thing if your payments are low? [link] [comments]  |
| Question on TEPSLF and changes in loan servicers Posted: 05 Oct 2018 09:41 AM PDT This is my first Reddit post, so please bear with me if I don't get things correct. I am currently in the process of trying to get my loans forgiven under TEPSLF. They're federal loans that were consolidated more than a decade ago (I graduated in 2004), and are currently serviced by Navient. I knew that those loans weren't eligible for PSLF, and for whatever reason, I never bothered with changing them back when PSLF was first announced. I ended up hearing about TEPSLF not too long ago, though, so I went ahead and applied (based on my 12 years of employment with my state's legislature). I knew, of course, that FedLoan would deny me for PSLF for not having an eligible loan, and that has happened. The reconsideration e-mail for TEPSLF has also been sent (that went out yesterday, as soon as I got the denial letter). Upon reviewing my Navient account online, though, my account shows only 39 payments made (July 2015 to the present) over the life of the loan, and the original disbursement of the consolidation in May 2005. This coincides, to my recollection, with the transfer of my loans from ACS (edit - they had them most recently) to Navient, which is the explanation I got from Navient when I called them to confirm that they did, indeed, not have payment information prior to that date. When FedLoan goes to verify payments, are they going to be able to sleuth the loan back to the previous servicer(s) to see that I have been making payments since 2005? Or am I going to need to go on a wild goose chase for bank statements or whatever I can get my hands on to try and get the information to them? [link] [comments]  |
| Posted: 05 Oct 2018 12:13 PM PDT Am I able to apply for PSLF on a Parent plus loan if it was transferred to me (the student and child)? [link] [comments]  |
| Navient trying to make me pay for their mistake Posted: 05 Oct 2018 07:42 AM PDT I, unfortunately, fell behind on my loans due to illness and applied for a forbearance in August. My forbearance was approved and the man I spoke with from Navient said that my loan was brought current and my next due date would be September 20th. I then made my payment on September 25th. I am now getting calls from them nonstop saying that I have a delinquency on my account. I spoke with one person and she said it was an error on their part and she'd research why it happened. I said "So I just make my payment like normal on October 20th?" and she said yes. I am STILL getting calls and they said if they keep calling it means I have to pay. I told them I would not and they needed to go back and listen since calls are recorded. I even gave them the date and time of the conversation, which I made note of due to not exactly trusting Navient/Sallie Mae. I'm not a legal action person by any stretch of the imagination. But this is now 3 different times they've done something like this. First time was this exact situation, but I was younger and dumber and just said "screw it I'll try to pay it off". Another time, I was unemployed for a few months while I moved states and they said they could freeze my loan for 3 months. So I froze my loan, paid money to do it, and then they called me after 3 months saying my loans were past due and I don't qualify for the freeze. So my credit is going down, after I worked so hard to get it right, because of a mistake that is not my fault. I told them that if they did not rectify the mistake and take the hits off my credit I was going to get a lawyer. Does anyone have experience in this or know if I have cause to even talk to a lawyer? Or am I just screwed? [link] [comments]  |
| Chances Of Public Service Loan Forgiveness Approval? Lower Than Getting Into Yale Law School Posted: 05 Oct 2018 10:18 AM PDT Well this is depressing. Only 96 people from the 28,000 that applied actually received PSLF. Source: Forbes [link] [comments]  |
| Posted: 05 Oct 2018 08:35 AM PDT I have around $6000 of student loan with great lakes. Currently, my account is in grace period. I am thinking about paying the whole thing before the grace period ends but still have doubts about the grace period. How does it work? If I pay off in grace period, will interest be charged? I am bit confused. Any help would be appreciated. Thanks! [link] [comments]  |
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