Graduated about 7 months ago, zero income, unemployed, and have to start making payments soon. Student Loans |
- Graduated about 7 months ago, zero income, unemployed, and have to start making payments soon.
- $45,000+ in Student debt, any repayment options?
- After recent ECF subsidized/unsubsidized payment numbers don't match - advice?
- A bill to amend and strengthen the Higher Education Act of 1965 so that every student has a path to a quality, debt-free degree or credential that leads to a rewarding career.
- Unable to get my loans refinanced even with a co signers
- FedLoan- annual loan recertification question
- Friend received large check from Earnest (Naviant)
- How do I confirm federal student loan payments offset from tax refund were actually applied to the debt?
- Student Loan payoff planner question.
- What's more trustworthy for parent loan?
- Federal or Private Loan for Graduate Studies?
- Taking a year to be a SAHM paying ahead?
- Question: Marriage, Local Laws, and Public Service Loan Forgiveness
- Student loan repayment
- PAYE application
- Starting a Business
| Graduated about 7 months ago, zero income, unemployed, and have to start making payments soon. Posted: 26 Nov 2018 11:44 AM PST Hi everyone, So I graduated back in May 2018 with a bachelors in computer science and have been job searching since and well I haven't found a job yet. My loans are through Nelnet and my first payment is coming up (~2 weeks). Just from saving from birthdays, graduation, etc I have enough money saved up just for the first payment (Wouldn't be able to pay anymore after that unless I got a job) I owe ~32k in direct stafford unsubsidized and subsidized loans. I could get a low paying job but to be honest I don't want to and the monthly payments would be high, i'd rather start off with a job that utilizes my degree (dont we all...) Wanted to provide some backstory first, but to get to my actually question: Where should I go from here? -I've been reading up on the best option and it seems I should go on IBR as my monthly payments will be zero and I can start repaying when I get a job (not sure about the pros/cons to this). Are there any other options, better/worse than I suggested? -Basically I have no intention of not repaying, I just can't and will definitely start once I get the job i'm looking for. Thanks for taking the time to read this, any tips are greatly appreciated! EDIT: First off I want to say thanks to everyone for replying and giving tips and stuff. I will answer some lingering questions though: -I live in Chicago (So yes, I shouldn't have any issues getting a job but I am probably am because of the lack of experience or other reasons) -My main details on my resume are my skills, Academic project (large project over two semesters, my main experience that I end up discussing over the phone), some small internship that wasn't much programming (server migration), and volunteer work. So, I really have no good professional experience so that could be it and also have no personal projects (should really work on this). ( I could provide my resume if needed but I honestly don't think that's the issue as ill explain in the next bullet) -I've sent my resume numerous of times over these past months, some more/less than others but I do get a decent amount of callbacks. I usually get to the phone interview(usually HR not technical) and get rejected/no response after that. I've made it to the in-person interview a couple of times and end up getting rejected as well (so maybe there can be improvement here but I haven't had many so I just need to learn from my mistakes) -I've applied through numerous job posting websites (indeed, glassdoor, builtinchicago, stackoverflow, ziprecruiter, etc.) [link] [comments]  |
| $45,000+ in Student debt, any repayment options? Posted: 26 Nov 2018 06:49 PM PST Hello. I am 22yo just graduated undergrad March 18' and was extremely lucky enough to lock down a fulltime job in my field within a week after school. I have been working fulltime there ever sense making about $2600/month with a commission structure that has allowed me (On average) to tack on anywhere from an additional $300-$1000 to my check at the end of the month. My loans are finally beginning to kick in this next month with a total of about $45,000 from sallie mae and around $15,000 from great lakes. My monthly payments combined from each loan total a little over $1,000 a month. Thanks to working two jobs all through school, and working my full time schedule since school ended I am thankful to have over $9,000 saved in my bank account. I have disciplined myself to never take money out of savings and just deal with my current checking funds ( around $3000) and my biweekly pay that gets deposited in. Lately I have found myself feeling major anxiety and stress weekly on how difficult repayment can be as I begin to add this new debt into my monthly spending. I pay about $700/month for rent And utilities along with a $200 car payment and around $100 in gas spent each month. I have no kids or anything like that so these 3 payments are truthfully my only share big expenses in my life at the moment, along with eating out/groceries each month of course. I have about 6 months left on my apartment lease and I know that at the end I could have the option of moving back home practically rent free for a year and a half but truthfully, that's literally the last option on my mind as moving a few states over to live back with my parents and siblings just truly inst in my best social interest. Anyways, I am starting to freak out as I transition into debt repayment and am wondering if I should just suck it up and make the $1000 minimum monthly payments or if I should consider refinancing? Also if I were to refinance how does that process even work? I truthfully just want to reduce this debt as quick as possible but I would love to continue being able to put away money into my emergency savings and very minor amounts into leisure as well. I honestly just want to go the smartest route for my situation without the threat of my monthly expenses exceeding more than I make. Moving back home is literally the LAST thing I would like to do to save money but am I stupid not to? Any advice? [link] [comments]  |
| After recent ECF subsidized/unsubsidized payment numbers don't match - advice? Posted: 26 Nov 2018 07:38 PM PST The loans have been in repayment since January 2012. They are on IBR w/ the goal of PSLF. There are two loans - one subsidized, one unsubsidized, both with the same disbursement date recorded in myfedloans. I am now trying to get a handle on PSLF and make sure all of my payments are counted. After the latest ECF, the subsidized loan shows 67 payments, the unsubsidized loan shows 58. These two loans have been in repayment for identical time, and I am almost certain should be identical as they've always been paid as one lump sum. I requested a detailed accounting of my payments. Other than this, is there anything else to be done? Has anyone else experienced this? [link] [comments]  |
| Posted: 26 Nov 2018 07:33 PM PST |
| Unable to get my loans refinanced even with a co signers Posted: 26 Nov 2018 03:38 PM PST Hello, I've been following this sub for quite some time, gaining some information from other redditors in similar situations. I saw a lot of people were talking about refinancing their loans, and I thought it would be a good idea to consolidate my 4 loans from Sallie Mae all into one payment. I want to reduce my monthly pay of a total of $1036 to something close to 35 - 40% less so I can actually start saving up. However, since graduating last May, I have not been able to 1) get a job in my field (psychology since I only have a Bachelor's right now) and 2) gain jobs that pay more than $10/hr. Because of my low income, I've been denied refinancing from some companies. Any tips on how to proceed? [link] [comments]  |
| FedLoan- annual loan recertification question Posted: 26 Nov 2018 07:12 PM PST Hello- new poster here but long time reader to reddit. So I recently got married in March 2018, and I had to do my annual loan recertification for December 2018. For the last year I've been on the REPAYE plan, but I know that they will use my spouse's income to calculate my payment. With this in mind, I went on studentloans.gov and I requested to switch to a new income driven repayment (IDR) plan that had the lowest monthly payment (I want low monthly payments since I'm going for public service loan forgiveness), which would be Income Based Repayment (IBR) plan. I checked the box that requested that they choose the plan with the lowest monthly payment. In this process, I checked that my marital status was "married" but I filed single on my tax return for 2017. Regardless, they still requested that my wife co-sign the Loan and link her IRS information. Fast forward a month and FedLoan kept me on REPAYE and made the payment to that of my spouse and my combined salaries so it sky rocketed a few hundred dollars. I called FedLoan and they said that they made a mistake in reviewing my application, and they would put it under review so that it can be switched to IBR. After this phone call, I called a second time and the FedLoan lady told me that since I was single in 2017 and filed my tax return as single, I should redo the annual recertification paperwork on FedLoan and say that my marital status is single and I filed single, which would keep me on REPAYE. She added that next year I'd need to switch to IBR since I'd be filing as 'married but separately' for my upcoming 2018 tax return. I took down her name and ID # just in case this back fires. My question is- did she give me the correct information? Do you think that FedLoan will look at my previous application and see that my marital status was married, but now changed to single? Again- I want the lowest monthly payment that I can obtain since I'm getting somewhat close to PSLF. How should I proceed now that the new application is already in?Thank you all for your help in advance. [link] [comments]  |
| Friend received large check from Earnest (Naviant) Posted: 26 Nov 2018 09:44 AM PST A friend here in Chicago received a large check from Naviant who is a loan company under lawsuit after acquiring the original loan company, Earnest. He's slightly unsure if it's legit and can cash it or if it's a scam. We found a few threads over the past few years with similar things. See below. Thoughts? Suggestions? https://www.reddit.com/r/StudentLoans/comments/a0ax8u/earnest_loan_full_refund_what_is_happening/ https://www.reddit.com/r/StudentLoans/comments/2qqiwq/navient_just_sent_me_a_refund_check/ [link] [comments]  |
| Posted: 26 Nov 2018 03:46 PM PST My wife has a modest amount of federal student debt which has been in default for years. In the beginning she made some payments and stopped. In the last couple years our tax refund has been offset for this debt. However I'm unable to determine how to see the current status of the debt and history of any payments. We created an account at studentaid.ed.gov which shows the amount owed but no history of specific payments. We attempted to create an account at myeddebt.ed.gov but were unable to because my wife's data was not recognized. We are trying to learn the ground-truth amount owed (principal less some voluntary payments and tax refund offsets). We are also trying to pay the accurate amount in full or payments to the federal entity it's actually owed (not some third party collector), but having trouble determing how/who. I welcome any help. [link] [comments]  |
| Student Loan payoff planner question. Posted: 26 Nov 2018 11:33 AM PST Hi all, I am using a website that was recommended to me but I do have some questions regarding how the interest rates is calculated here. When I tried to follow this planner I noticed that the accrued loan was inconsistent from what my loan website 'nelnet' was showing. My question is if this site is calculating the interest rate at a monthly basis correctly and why I might be having different rate values. [link] [comments]  |
| What's more trustworthy for parent loan? Posted: 26 Nov 2018 12:43 PM PST Is the Sally Mae parent loan or Citizens bank parent loan more trustworthy? I don't want to be in too much debt [link] [comments]  |
| Federal or Private Loan for Graduate Studies? Posted: 26 Nov 2018 12:34 PM PST I'm going to be working to get my Master's beginning in January and I've been going crazy trying to figure out the best way to pay...thought I'd get out of my own head and ask for some other opinions The total cost for the program will be about $20,000. 4 semesters at about $5000 each I TECHNICALLY could pay out of our savings but that would take about half of our savings out the door. We've been saving for an eventual house but even with $40,000 that isn't going to put a dent into a downpayment...but that's all a conversation for r/personalfinance probably... So assuming I try to protect what little savings we have I looked into loans:
I'm debating on private loans...I was hoping to make payment WHILE in school and since the Federal loans incur interest while I'm in school I figured I might as well look at private loans to see if I can get a smaller interest rate... The biggest pro I'm seeing going federal vs private is the all of the flexible repayment plans. But we shouldn't have any issues with payments so flexibility isn't a huge concern Am I missing anything? Is there something better about the federal loans that in my situation is better? Is it overall better to do no loans and take it out of savings (current loan calculator I'm looking at has doable monthly payments with the 5 year repayment plan and ending up with only paying an extra $2-3k in interest) [link] [comments]  |
| Taking a year to be a SAHM paying ahead? Posted: 26 Nov 2018 04:07 AM PST Like the title says. I currently have about $600 a month loan payment (total around 50K). I'm planning to take a year off of work to be a SAHM and for budgeting purposes, I figured it would be easier to just pay them back for the year at once, so that I don't have to worry about them. Are there any pitfalls to doing this? I am not on a repayment plan. [link] [comments]  |
| Question: Marriage, Local Laws, and Public Service Loan Forgiveness Posted: 26 Nov 2018 10:27 AM PST Partner (38) and I (37) live in Minnesota and are discussing getting married. We have been in a committed relationship for some time and I have no concerns about his dedication to our future. We are currently trying to get pregnant, however, whic makes shit in the Midwest get weird. For a number of reasons, marriage is looking more important than it used to. I have around 100k in student loans. I've been paying under PSLF for what I think has about 6-7 years. Fedloans has me at 47-52 months of qualifying payments.
tl;dr What is the title of a professional who knows about PSLF/taxes/marriage? [link] [comments]  |
| Posted: 26 Nov 2018 09:47 AM PST I am graduating in September of '19 with a degree in Finance and 100k in student loans. I am expecting a 50-60k entry level salary. My parents are generous and understand my circumstance and chip in a few hundred dollars each month for my loans. They also are allowing me to live with them after graduation without paying any bills or buying any food, so i won't have any real expenses to account for? Unless you guys remind me of anything else. My girlfriend, presumably then finance, will have two years left of law school by the time i am working full-time with 25k loans. Her parents are super wealthy and retired and offered to pay around 250-300k on a down payment for a house (if we let them live with us when they cannot take care of themselves anymore). So with a net salary of around $40k, which is on the low end, am i being too optimistic to say that i can pay off roughly 90-100k in 3 years and wipe most of my loans out? I appreciate posts about your thoughts, concerns, and anything else. Thanks. [link] [comments]  |
| Posted: 26 Nov 2018 04:51 AM PST Hello! I simply have a quick question that I cannot find the answer to. Wife and I recently graduated with nearly 500k in debt into the medical field. With half federal and half private, we are looking to apply for PAYE for the federal portion. I applied myself and it's currently being processed but in the application, it had my wife co sign via student loans gov since we are wanting to pay down together. My question is, does my wife also need to apply for PAYE even though she cosigned mine during my application process? Sorry if this had been answered or is super obvious, thanks! [link] [comments]  |
| Posted: 25 Nov 2018 11:26 AM PST Have any of you been approved for a business loan with outstanding student loan debt? It's something I would like to do. My credit score is roughly 730 if that helps. I do have a lot of debt though. I would just rather be able to control my income rather than relying on a employers. [link] [comments]  |
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