61% Done! Student Loans |
- 61% Done!
- Going to big boy school next semester
- Repayment Advice (feeling discouraged)
- The Former CFPB Student Loan Ombudsman Has Announced His New Gig
- What happens if I take a full time course at a trade school? Can I take out a student loan?
- Did you struggle to find a job out of college? What was your starting salary when you did? Do you feel it was reasonable given the debt you took out?
- I Shouldn't Begin Student Loan Debt Repayment for at least another year?
- Can I still get a loan?
- [122k in debt] $0/mo payment & lump sum
- What the f*ck is going on with Earnest?
- Asking employer to help with student loans
- Approved for refinancing, want to confirm it's for me and things to know it's right for me
- Needing a second opinion or set of eyes... am I doing this correctly? Is PAYE or REPAYE my best option?
- Shopping Refinancing Offers - Which companies can match the most
- What is the fastest way to pay down all your students loans?
- In the middle of public service loan forgiveness, should I be worried?
- Overload in Credits how does that change my loans?
- Student Loans Creeping up
- FEDLOAN put loans into forbearance without permission. Principal v Interest?
- Help with Late Payment/Report Confusion
- Help with Loan Payments Method
| Posted: 28 Nov 2018 07:28 AM PST Hey Everyone, I last posted here 2 years when I paid off my first loan and since then I've made some awesome progress! Since then I have paid off 4 other loans. All in all I paid off over 55k in loans since 8/15 and my payment has reduced from 1k a month to 485. I have to say it feels really good to see the progress. I think I can have the rest paid off in 1.33 years, fingers crossed. Who knows, maybe by the end of the year I'll have a positive net worth or something! Fuck you Sallie Mae! [link] [comments]  |
| Going to big boy school next semester Posted: 29 Nov 2018 02:00 AM PST Ill try to keep this short. So I'm 25 and I've finally managed to get into big boy school. It is a state school so granted its not that expensive. I make a decent amount of money and rent is cheap. I was thinking about opening up another credit card to pay for my first semester (as long as I can find a credit card that offers 0% apr for the first year.) I should be able to pay it off in about 3-4 months as my first semester is only going to cost me ~3,000. Is this a dumb idea or should I apply for student loans and pay it off at the end. Thanks for anybody who offers advice Also, I have applied for FAFSA and I have no idea how much aid I may or may not receive. [link] [comments]  |
| Repayment Advice (feeling discouraged) Posted: 28 Nov 2018 10:03 PM PST I have $23,079.47 left in loans. I've paid off only about $2,870 (all federal loans btw, some sub some unsub). I have about 5 loans all ranging from 4-5% interest. My current issue is that I only make about $24,000 a year (free rent though), not including other bills, taxes, etc. I've been recommended to switch to income driven but I have no interest in extending the length of time and consequentially interest. I make the minimum payments and sometimes more. I just began targeting specific loans. I checked my credit score and it gives you an indicator of how much you've paid off in loans. Some said that my repayment is negative (i.e. -5% repaid)....is that even possible? Is that because of interest? I thought I was making real progress so I feel a bit discouraged. Questions: 1) Advice on the best way to repay quickly? I want to target high interest loans first if possible. 2) If you pay within 15 days after the payment due date, will it negatively affect your credit score? (I live abroad, my payday is very close to the due date, wiring money home takes a bit of time). 3) Is is better to switch to income-driven and deal with higher interest or continue to make regular monthly payments? TLDR: Asking for inspiration/advice on how to repay ~$23,000 in loans with ~4.5% interest with $24,000 income. I don't really have any other guidance so please be kind. [link] [comments]  |
| The Former CFPB Student Loan Ombudsman Has Announced His New Gig Posted: 28 Nov 2018 09:28 AM PST thought this group would find this of interest. https://protectborrowers.org/former-cfpb-student-loan-watchdog-launches-new-organization-to-protect-student-borrowers/ [link] [comments]  |
| What happens if I take a full time course at a trade school? Can I take out a student loan? Posted: 28 Nov 2018 07:40 PM PST The class costs $4,500 and I was thinking about taking out FAFSA financial aid. The question is, will they allow me to take out a student loan after getting the grant? I am eligible for a grant of around $3,800. I don't know if they'll give me money in student loans to cover the rest of the class cost. Should I just go back to a community college full time instead? [link] [comments]  |
| Posted: 28 Nov 2018 08:40 AM PST My starting salary is 48k and I have 80k in loans. It also took me 6 months to land that job after graduation- I had to freelance first. Definitely don't think my take home is reasonable given the expectations I had when I took on the debt and all the "impressive" low pay (and sometimes unpaid) internships I had. [link] [comments]  |
| I Shouldn't Begin Student Loan Debt Repayment for at least another year? Posted: 28 Nov 2018 06:37 PM PST I have just paid off the rest of my unsubsidized federal student loans. I am still in school, and the Great Lakes loan website lists my graduation date as August 2019. This is inaccurate (I am graduating earlier than this, but I don't think I will change it). Now, the subsidized loans do not accrue interest (that I pay) until six months after that (grace period) - February 2019. So essentially, I should not begin paying down this debt until ... when, exactly? Average interest rate is 4.17%, and the overall level of debt is around $13k. With my position I am beginning in 2019, I could probably pay this down within 12-18 months, starting in January, but I'd like to hear some perspective. Pay it down faster, or take advantage of grace period and pay it off more slowly/wait to begin making payments, assuming a better return elsewhere? Where would this "elsewhere" be, do you think? Hoping people can bounce some ideas back and forth. Thanks for any assistance. [link] [comments]  |
| Posted: 28 Nov 2018 06:11 PM PST I'm 18, but don't really have much credit history, or a credit worthy co signer. [link] [comments]  |
| [122k in debt] $0/mo payment & lump sum Posted: 28 Nov 2018 04:46 PM PST Hello hive mind that is r/studentloans!! I'm roughly 1 year out of graduate school and currently on a REPAYE plan with 122,904 in debt. $69,784 Stafford loans @ 5.59% $53,119 PLUS loans @ 6.59% The loans accumulate roughly $650/mo in interest before subsidy. I'm a freelancer who works in Film/TV and I have been fortunate to have been having a good first year out of school with gross income around $105k for 2018. I am self employed so this amount is pre-tax. I've recently gotten my 3 month savings to a healthy place and have started paying $1860/mo to one of the three PLUS loans, and $0 to the rest - taking advantage of the REPAYE 50% interest subsidy. Because my 2017 tax return had no income (was still in school) I currently have a $0 minimum payment under REPAYE, however that will obviously change once I re-certify with my 2018 tax return next year. Currently, the savings account I have earmarked for debt payments is around $15,000 and then will be closer to $23,000 after I receive a check I am owed in late December. While it takes a lot of stress off of me knowing this money is there to buffer the cashflow hurdles of making large payments while being freelance, I can't help but wonder if I should be taking advantage of this $0 payment window in some way and do something like make a large lump sum payment? While I haven't done the calculations, it seems like there would be significant interest savings if I did this rather than just leave it in the account waiting to pay for the next 12 months. What would you do if you were in my situation? Thanks in advance [link] [comments]  |
| What the f*ck is going on with Earnest? Posted: 28 Nov 2018 11:22 AM PST I just switched to Earnest in June. Ever since Earnest switched their site my info is all over the place. It's not applying my autopayments, it's saying 0.00 will be taken from your account on enter date my payment is due Then, when I look at my history, my payment allocation is all over the place. Ranging from almost 90% of my payment that month going to principal and 10% to interest, but the month before my interest was quadruple. There seems to be no consistency. Obviously I would expect changes from month to month as a pay more off, but not one month of interest being almost 200 and the next month it's 30 bucks??? I'm scared that they're going to screw something up and in turn it's going to become my problem. I looked at going back to Sofi, but interest rate is higher. I might switch to Laurel Road, they quoted me a better rate. Anyone else noticing goofy stuff with Earnest? Any recommendations on places to switch to? (I got denied by LendKey and CB - they pull credit from Experian and for some reason my credit score with them is about 100 points lower than what TU and Equifax are reporting of 749) [link] [comments]  |
| Asking employer to help with student loans Posted: 28 Nov 2018 09:20 AM PST Some background: - I'm a very depended on employee at a funded tech startup. - I have $180,000 in student loans that I'm dumping about $3200 a month into. - my company is (sort of) having an issue with retention lately I've approached my company and talked about striking a deal with them where I commit to X amount of years and they help pay off Y% of my student loans. I know this kind of deal exists in the business world but I haven't heard of it in the tech world. My two questions are: 1. How can this be worked out where it's mutually beneficial ( for my company and for me )? 2. How can my company benefit from this besides the safety of having me committed? 3. If my company does agree to help out, what are some typical ways that they can help out (monthly payments, upfront bonus...) so I can suggest them when we talk about it? 4. Do you think this is reasonable/realistic? Please provide any other comments or questions about this as any help would be so greatly appreciated. [link] [comments]  |
| Approved for refinancing, want to confirm it's for me and things to know it's right for me Posted: 28 Nov 2018 12:58 PM PST I got approved by 3 lenders to refinance 111k in student loans at 4.15% fixed over 5 years). Roughly speaking my loans are currently about 6.8% and there's about 7 years left. I have 2 questions:
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| Posted: 28 Nov 2018 12:17 PM PST Cliffs: -Student loans from graduate school: $212,197.31 (+ $9,954.43 unpaid interest) @ 5.625% via MyFedLoan -Was planning on doing PSLF on the ((**edit PAYE**)) system (enrolled and made 6 qualifying payments of $606.33), now I have changed jobs and new employer is a for profit. -At my current interest rate (5.625%), even if I leave PSLF but continue PAYE (25 years of payments for grad school iirc), that would still leave me paying less money than if I just went balls to the wall and refinanced & paid them off in ~10 years? I'd rather contribute to my 401k and work at maxing that out, and my HSA/IRA, and invest in a taxable account and have a decent lifestyle, than live in a cardboard box with my wife and two dogs and pay these off quickly as quickly as financially possible. Am I doing the math correctly? $606.33 x 300 payments (25yrs x 12 payments per year) = $181,899, but I would have to pay the tax bomb at the end. Is the interest that is built up over those 25 years taxable as well? I'm still a little confused as to whether PAYE or REPAYE is my best option for non-PSLF. Getting a little brain fog... am I missing anything here? Thank you in advance r/StudentLoans [link] [comments]  |
| Shopping Refinancing Offers - Which companies can match the most Posted: 28 Nov 2018 10:43 AM PST I recently had Sofi match an offer from another company by 1% (they wont go over this). I was satisfied with this, because Sofi is the company I am the most impressed with, but I was curious if anyone knows of specific companies that are known to match the exact offer of another company or dont have a threshold like Sofi. Thanks! [link] [comments]  |
| What is the fastest way to pay down all your students loans? Posted: 28 Nov 2018 10:14 AM PST |
| In the middle of public service loan forgiveness, should I be worried? Posted: 28 Nov 2018 09:55 AM PST I work at a public institution (and love my job and have no reason to leave), have completed 4 years and re-certify annually, am in a certified repayment plan that is covered under PSLF, do the adjustment for the income based repayment, and have my payments sent automatically so there is no chance of having a late payment. From what the sites tell me, I should be fine once I hit the 120 qualifying payments. The only concerning thing I see is that my interest rate (6.3%) makes me feel like I'm barely putting a dent into the overall amount. Is there anything that I should be worried about 6 years from now when I hit 120 payments? I fear that if one thing is wrong or gone unnoticed (and I call every year and double check with someone on the phone that I have the right number of payments) then I'll be stuck with a crazy amount to pay back. I guess my questions are: is there anything else I can do to make sure I'm in the clear? Should I proceed with caution about the program in general and make bigger payments? I am about to receive an inheritance that would cut the amount in half but I'd prefer not to do that and use it toward my family. Thanks! [link] [comments]  |
| Overload in Credits how does that change my loans? Posted: 28 Nov 2018 09:42 AM PST So from the title, I plan to overload credits next semester and I take out student loans for school. How would I cover the extra cost of the credits I take? Can someone, if any, who have been in this situation before walk me through what should I do? [link] [comments]  |
| Posted: 28 Nov 2018 08:21 AM PST Hey Everyone! Graduated college in May and am starting my student loan payments in January. Generally I'm looking for some better practices, general direction and overall preparation advice for this. I have 2 loans through Discover for about $38k at about 11%. I know that's high, I have been looking into other providers to bring that down and I have about 23k through the Federal Aid at 2%. I am throwing an additional $200 a month at my discover loans and paying the minimum on my federal loans; totaling out to roughly $1,085. I am looking for some advice to best tackle this from those of you that are currently or have already finished your payments. (Also, any recommendation for loan consolidators would be great as well J ) Thanks!!! [link] [comments]  |
| FEDLOAN put loans into forbearance without permission. Principal v Interest? Posted: 28 Nov 2018 07:34 AM PST Currently helping spouse pay down approximately 100k in student loans. All loans are federal. We applied and were approved for REPAYE to help with interest for unsubsidized loans. Our payment of $200 would be less than accrued interest. Hopeful to gain second employment soon. Before first payment was due, fedloan put loans into forbearance without our input. Payments are now $0. What can be done about this? Is this blessing or curse? We applied to be on REPAYE again. Does this trigger interest capitalization? We have large amount of savings parents and friends gave to us towards buying a house. Upon reading people's advice in this sub, we decided that buying a house does not make sense now. Do you agree? After 6 months of emergency funds, we have about 17k to pay down loan instead of down payment. Can we pay loan while on forbearance? There are significant amount of accrued interest (approximately 3k) on different groups of loans. Does it make sense to first pay off completely certain loan groups or should I first apply payments to outstanding interest so that they don't capitalize when payment plan changes? In other words, ignore accrued interest for some loans and aggressively pay down principal towards higher interest rate unsubsidized loans? Thanks for your help. [link] [comments]  |
| Help with Late Payment/Report Confusion Posted: 28 Nov 2018 07:32 AM PST Hi all, back in 2016 I thought I was in forbearance...then came February and all of a sudden I had a 90 day late alert. THAT DAY I called fedloan and started an income driven repayment plan. I was not aware that I was at risk of going over and had/have no 30 or 60 day late marks. In fact, my credit report shows as "current" for the entire history of my student loans except for in February there is a red mark. Does that make sense to you? Even when I was buying a car, the finance manager said the report looked weird because it shows leasing up to feb as current and then after February as current and he thought it looked like a mistake. (Will try to attach pic below) Do I have any options for getting this removed? Any suggestions? The late mark is really bringing down my credit, and it seems like it's not justified. Since I have been paying double my payments. What can I do? Thanks! [link] [comments]  |
| Help with Loan Payments Method Posted: 28 Nov 2018 07:02 AM PST Hi all, I currently have both private and federal loans, lets say it's an even split and they have similar interest rates. Both of them are setup for auto-payment which is convenient but... It doesn't seem to let me choose how much I pay each month. Great Lakes (federal) has a few plans I can choose ranging from fixed to graduated to income based. I am on fixed as it's the cheapest in the long run. Sallie Mae (private) does not have any options and only lets me pay minimum needed to pay off the loan during the full term. I am a few years out of school and make enough money to increase my monthly payments significantly but it doesn't seem like there's an easy way to do that. Does anyone have experience in this situation and can suggest a way to setup higher monthly payments with these companies? The only option I can think if is to manually pay both of them which is both inconvenient and would forfeit the auto-pay reward which subtracts a little interest. [link] [comments]  |
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