Just got married, and my wife’s student loans are about to exit the grace period, so I have a few questions. Student Loans |
- Just got married, and my wife’s student loans are about to exit the grace period, so I have a few questions.
- Non-Predatory Private Loans?
- Any problems with earnest after it got acquired by navient last year?
- Father recently passed away and I endorsed a Direct PLUS loan two years ago so my brother could go to school. Am I liable to pay back the loan?
- Central TX | Private Loan Reccomendations?
- Is it worth it to refinance?
- Interesting situation with lump sum of money
- Received TPD Forgiveness on Parent PLUS Loans, can I go back to school?
| Posted: 31 Oct 2018 10:33 AM PDT My wife and I just got married three weeks ago and I'm trying to get our finances in order. She has 60k in undergrad and 50k in graduate student loans serviced by Great Lakes (currently in the 6 month grace period), and a 6k loan from Sallie Mae. I have 12k in undergrad loans serviced by Mohela. I've been replaying the full payment on my loans because the balance is pretty small and therefore I didn't qualify for any repayment plans. I have a feeling even with our combined incomes, my wife and I will qualify for repayment plans with her loans. So my questions are: 1) When I put in the info to check for repayment plan eligibility, do I use this years tax info, or pay year (in terms of marital status and income)? 2) This might be out of this subs scope, but I'm unsure if we will be filing jointly or separately. I will probably be talking to a financial advisor about this soon. Will I get in trouble if I put one in the form but end up doing the other on my taxes? 3) I currently would qualify for PSLF (6 years worth of payments), but haven't been submitting any forms since my loans will be gone at ten years anyway. As I read it, if we consolidate our loans, and eventually I fully qualify for PSLF, that means we only wipe out the loans that that person incurred, right? In other words, if I qualify for PSLF in 4 more years, my wife's loans wouldn't be affected, right? My wife would have to make her own ten years worth of payments as a public servant before they're discharged. 4) If there's a potential that my wife might qualify for PSLF, we should definitely not refinance, yes? Any other tips anyone has regarding student loans after marriage would be greatly appreciated. Thanks! [link] [comments]  |
| Posted: 31 Oct 2018 12:59 PM PDT I failed two classes second semester of sophomore year last year, and lost my financial aid. I'm on a gap year and will be starting my junior year in fall 2019, and was wondering which loans to pursue. Cost of attendance hovers around 65k (my parents will pay 20k). The federal cap seems to be 20K for subsidized/un-subsidized, so is there a preferred/non-predatory private loan service? EDIT: Assuming I don't fuck up my junior year then I'll be back on financial aid, so I'm tentatively looking at 45K debt total upon graduation [link] [comments]  |
| Any problems with earnest after it got acquired by navient last year? Posted: 31 Oct 2018 10:24 AM PDT I just refi'd to earnest but have been hearing many horror stories about its parent, Navient. Any Earnest users notice anything different once it was acquired? [link] [comments]  |
| Posted: 31 Oct 2018 01:47 PM PDT I know that federal loans are usually discharged upon the death of the borrower or student, but I also know that signing on as endorser made it so that I would assume liability on the loan in the event that he could not pay it back under normal circumstances. Has anyone had any experience with this kind of situation? Or would anyone know if I will be held liable to pay back the loan? Thanks. [link] [comments]  |
| Central TX | Private Loan Reccomendations? Posted: 31 Oct 2018 03:33 PM PDT Hey r/StudentLoans community - looking to consolidate some of my higher interest government loans currently serviced by that hag Navient to a private lender. I've seen others get stellar rates from Credit Unions and other 'local' institutions. Anyone in Central TX have recommendations? Much Appreciated! [link] [comments]  |
| Posted: 31 Oct 2018 07:44 AM PDT Hola there ! first time on Reddit (besides reading a few random threads, never posted though) I have about 70K is student loan debt as a nurse. Plus a house to soon start a family in and a car for transportation. 35K is financed through Sofi at about 6.05% -- Im leaving that as is. The other 35K is with MyFedLoan. There are 5 mini loans. two of the loans are below 4.2%, i will leave them. The other 3 loans are at 6.55% (FIXED). I was originally part of the income based payment / PSLF (however, I left the public service job as it was brutal work; I now work within a for-profit company). When they used my first income for payment, I only worked April - December that year, so it was very affordable. To my dismay, the new payment this year went from $240 a month to over $450 a month. I cannot afford that $450 a month. They do not consider your private student loan debt when considering your new monthly payment (and this is on TOP of the 30K loan my parents are taking care of for me. I am very grateful of my parents paying, dont get me wrong. Point of the story is that when I went to buy a house, that 30K was used against me, but it will never work to my benefit ironically, eh?) My current situation is about what to do. I applied to switch my payment to an extended payment plan, ~23 years. It makes my payment more affordable and I can throw a little bit more each month into it while keeping all of the same rates. I next applied through commonbond to refinance the 3 loans that are 6.55% through myfedloan, which leads me to question 1) Is it worth it to refinance my federal student loans & receive a $500 bonus (that would be instantly paid to my loan account), just to lower my interest half a point to 6.05%?? . I understand I lose federal loan protection; simultaneously, I get annual raises and PSFL/income based payment (minus all of the horror stories about its failures), would only make my monthly payment higher even if I switched back to a qualifying PSLF job. I can pretty much count out PSFL or any income driven repayment plan. So the question generally is, do you think its worth it to refinance my federal loan to save half a point?? my savings account is about $1000 less where I want it for safety + ring / wedding / family fund. Once I hit that number, I will be putting all extra money into my loans. Is it better to just snowball the higher loans away over time? Any other advice? Addendum: This is something that constantly eats at my anxiety. Student loans have put me so far behind, especially considering 80% of my friends' parents paid their entire way through college as they lived off the motto 'C's get degrees' and I worked by butt off for a half scholarship that still didnt help nearly enough. If I had a time machine, I wouldve gone to community college or trade school, but 18 year old me was no financial wiz, nor do I know many who are (but thats a different story that the government is taking advantage of). Honestly, I will probably rent my house out next year and convince my parents to let me move home for a year, well see how that goes. [link] [comments]  |
| Interesting situation with lump sum of money Posted: 31 Oct 2018 12:47 PM PDT So I'm fresh out of college this past May, and the interest on my loans kick in this December. To break it down, I have 5 federal unsubsidized loans adding up to a total of $33,580.16. I want to start tackling as much of the principle as possible before the interest kicks in. So here's the situation, my aunt left me $10,000 in savings bonds before she passed (I know, what a crazy freaking blessing) that she intended could be used for the down payment on a first house. My personal opinion is to put it all towards school loans right now, and worry about saving for a house later. I want to be smart about the way I use this huge lump sum though, and I'm curious if anyone would know what the best plan of attack would be. Should I dump it all into the one with the highest interest rate and spread the rest throughout? Should I split it up so I cut down on a select few but not necessarily the entirety of a single loan? I personally thought paying off all of loan C (see below) immediately might be smartest, but I didn't know where to go from there. I've broken down the principle and interest rate info for all 5 of my loans below. Any help would be greatly appreciated! Thanks guys! A: $5,500 Interest Rate: 3.86% Accrued Interest: $1,057.27 B: $4,800 Interest Rate: 4.66% Accrued Interest: $810.20 C: $7,500 Interest Rate: 4.29% Accrued Interest: $950.93 D: $7,500 Interest Rate: 3.760% Accrued Interest: $552.41 E: $4,700 Interest Rate: 4.450% Accrued Interest: $209.37 [link] [comments]  |
| Received TPD Forgiveness on Parent PLUS Loans, can I go back to school? Posted: 31 Oct 2018 07:06 AM PDT Throwaway account. My parents took out Parent PLUS loans for my initial Bachelor's degree. They totaled about $50,000. My father received TPD forgiveness on the loans in May 2017, right as I graduated. We are currently in the three-year monitoring period where I pray every day that no issues will arise. The real debt would've fallen onto me. We did the Parent loans because the interest rates were better and it simplified things. My degree has not ended up being as lucrative as I'd hoped, and I'm honestly not enjoying myself as much as I thought I would in my field. I want to go back to school for Computer Science through Oregon State University's eCampus program while I work full time. I've been lurking the sub for awhile and taking a MOOC class through edX on ComSci. I'm enjoying it so far, but would continue to do MOOCs and make certain I'm passionate about this before pulling the trigger. My question is: if I go back to school and take out loans in MY name, do I risk triggering anything for my dad's monitoring period? If these loans returned, it would ruin my life. We are about halfway through the monitoring period. OSU's program is about $30,000. I have almost no money after this stock market correction vaporized my savings, so a small amount of loans (maybe $15k total by the end of the program) may be required for me while I pay the rest as I go. I cannot find this information anywhere online, apologies if it exists out there somewhere. Thanks for the help, StudyBoi TL;DR: Student loans in my dad's name were TPD forgiven. We are under monitoring period. Can I go back to school/take out additional loans without triggering the monitoring period and having the old loan return? [link] [comments]  |
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