No hope Student Loans |
- No hope
- College junior looking at $60k in debt after graduation
- Borrower Defense Processing Insight
- Any good sites, orgs that will help with student loans that aren't scams? Hard to trust anything out there.
- How to pay off loans faster?
- Is refinancing safe? Over 60,000 in debt at 12% interest rate
- What happens if I become a stay at home parent?
- Loan Consolidation for $2,500 Sallie Mae Balance?
- Getting a loan post graduation
- What’s better for credit? PSLF / non-PSLF debt consolidation with 1) agency like SOFi or 2) credit union?
- Question about my IDR plan monthly payment amount
| Posted: 08 Nov 2018 01:25 PM PST Before you respond, I know I did a terrible thing and I regret so much of my actions. So please don't hone me about being reckless and stupid. I know I made irresponsible decisions and do not need a reminder. I have nearly $100,000 of student loan debt. All are federal loans--subsidized and unsubsidized. I graduated with a degree in a useless major--recreation. Now I'm working at a corporate company making roughly $2,000 a month after taxes. After paying bills (rent, car insurance, etc), I have $300 to spend on bare necessities. In total, I've contributed $500 to the growing debt. I currently put paying it on hold so I could find a non-profit job. I tried hard to get a job in that sector, but this corporate job was the only offer I received, so I took it. Is there a light to my tunnel? I feel like I could start paying $300 a month, but at that rate I'll be paying that for another 20+ years. I am afraid that i will never own a home, retire on time, or save any kind of money towards anything. Is anyone in the same boat as me? I have no idea what I'm going to do. Any suggestions? [link] [comments]  |
| College junior looking at $60k in debt after graduation Posted: 08 Nov 2018 09:47 PM PST Hey. So here's the deal: I got into my dream school, an elite liberal arts college, which costs around $70k a year. They offered me around $50k to go there, so I pay roughly $20k a year to go there. It was by far the cheapest option compared to all but one of my in-state schools (I got a full ride to my safety and would have had to pay only $8k a year for room and board). My expected parental contribution makes up most of that, because they make over $100k a year, however yearly they contribute less than $5k to my education. Not a problem for me - I always knew I'd be paying for my own college, however it is frustrating that I can't get scholarships to cover the majority of the $20k as it's parental contribution and not student. I work a minimum wage job during the summer (making around $8 an hour) and babysit during school (getting anywhere from $50 to $100 every week or two). Looking at numbers today, I realized I'm $40k in debt with some gnarly interest rates. I should be graduating with around $60k in debt, if all goes as planned. Should I be panicked? This is double the national average, however my expected income as a graduate of my particular college is $70k after ten years (better than 99% of the country's, according to Google). With an English major, I'm hoping to go into the publishing industry and write freelance for additional income. What am I supposed to do? Am I fucked? [link] [comments]  |
| Borrower Defense Processing Insight Posted: 08 Nov 2018 10:34 PM PST Found this ols post by someone who used to work for the Department of Ed. and it gives good insight into how the Dep of Ed thinks and formerly processed claims: [link] [comments]  |
| Posted: 08 Nov 2018 07:12 AM PST Just paid off my car and a few other household items and ready to start attacking my loans with much larger payments. Before I start this process I need to get everything in order and see if there is any help out there in doing this. What Exactly Is The Student Loan Fairness Act? Is it a real thing and how do i see if I qualify for that? FYI I did scroll through about 20 posts before posting this so if someone else asked this question if easier point me to their post. Thanks in advance for all the helpful comments. [link] [comments]  |
| Posted: 08 Nov 2018 06:53 PM PST So I currently have about 65k in loans and I'd like to pay them off as fast as possible. My current salary is around 60k so I know i can pay a little more than the minimum payment with no large headache. Do you redditors have any idea how I can make a little more money to put towards my loans? I would like to pay these off ASAP [link] [comments]  |
| Is refinancing safe? Over 60,000 in debt at 12% interest rate Posted: 08 Nov 2018 03:17 AM PST I graduated in May of 2017 with almost 80,000 in debt from school. I wasn't able to get financial aid and though I got great scholarships, it didn't really cover enough. I have about 20,000 in federal debt that I have on a fixed income plan, I don't even owe anything yet because I haven't earned enough to meet the plans minimum requirements. The plan is set for 20 years. My private debt is so much higher that I can't even think about federal yet. But for my private loans I owe about 60,000 still and I have 9 years to go. Each year I took out a different amount and each year has a slightly different interest rate, but each one is around 12% (some about 12.75, some at 11.75%) The private loans company did not consolidate them. At 18 had no credit so I consigned the loans with my parents, thy have bad credit and I believe that's why I have such high interest rates. I've talked to friends and no one else seems to have such high rates. I'm 23 now and I have pretty good credit, it's in the 700s. I was just approved for a car loan in the spring and the rate is around 5%. Currently I'm trying the Avalanche method and paying a large amount to the loan with the biggest interest rate to pay it off sooner, putting almost all my extra earnings towards it. But I'd like to move out next year and I want to make sure I can afford to first. Right now my minimum payment each month for my private loans is $960. This is almost half my monthly income. I try to put my extra money towards loans now, but after I move out I will only be able to afford minimum payment at this rate. So my question to you, is refinancing safe? I see all these advertisements and get letters in the mail about lower interest rates. It sounds amazing but almost too good to be true. My concern is that if I refinance, what happens to my credit score? Does refinancing actually work? My parents are still cosigned on my loan and really want me to take them off anyway. At 23 can I refinance on my own? I think my credit is much better than theirs, I don't want to be financially tied to them anymore anyway. My student debt is a huge burden at the moment and I feel like I can't move forward in life without changing things. In your opinion, would refinancing work for me? And if so, where do I start? Every time I search online it is just advertisements that want me to switch. I don't know how to proceed, and I would be very grateful for some advice. If this is relevant, my income is roughly 34,000$/ year before taxes. (Last year I made under 10,000$, federal loan is based off of last year's tax income) TLDR; 60,000$ in private student loans at 12% interest rate. I'd like to lower the interest rate so monthly payments are more affordable, is refinancing a good option for me? Where do I start? [link] [comments]  |
| What happens if I become a stay at home parent? Posted: 08 Nov 2018 10:07 AM PST If I have student loans, I pay make regular payments for a few years, get married and have children. Let's say my wife has much higher paying job, and we decide it makes the most sense for me to stop working and take care of our kids full time. Could I go on an income based repayment plan, say I make close to $0, file taxes separately so my wife's income doesn't count, and then get forgiven after 20-25 years after making super low payments (potentially $0 if I qualify for it?) [link] [comments]  |
| Loan Consolidation for $2,500 Sallie Mae Balance? Posted: 08 Nov 2018 12:35 PM PST Greetings! Are there any companies that will allow me to consolidate a smaller balance? My Sallie Mae interest rate keeps rising, it is at 9.25% right now. I can't keep up. I only make $16,000/year. My Credit Score is 742. I also don't want to give Sallie Mae any more money beyond my principle...on the principle that they are an awful company. [link] [comments]  |
| Getting a loan post graduation Posted: 08 Nov 2018 06:29 AM PST We got a notice from Williams and Fudge about a debt we have with a University. My wife retired a semester, she was on a scholarship or something and now they want their money. Original debt was about 3500 and the notice from W&F is 5130. Has anyone negotiate successfully with them? To make a lower payment. I tried taking a personal loan to pay off but they say since is a student debt I can't. Can I do a student loan refinance with SOFI or someone else to pay this, even though is not a student loan? 5000 is a big chunk of cash for us at the moment! [link] [comments]  |
| Posted: 08 Nov 2018 07:59 AM PST Working on improving my credit. I have 12-15 (some duplicates on my credit report, matching those to Navient now) Stafford Sub / Unsub loans. Now I just have to figure out the best way of getting my student loans into PSLF (correctly) and at a payment I can afford. Right now my CR separately reflects monthly payments of nearly $1K...even with a 100K gross salary I can't afford that...student loan places are crazy to think anyone could! Ninja edit here: does IBR or PSLF take cost of living into account at all? I wonder if agencies like SOFi work well for SL debt consolidation, or if I'm just better off trying to do that with a credit union (just joined one!). Probably wouldn't be able to do the PSLF but if PSLF means I have to pay an insane monthly payment at an insane rate to "hopefully" get some of the debt forgiven after 10 years, it might not be worth it. I do work for a qualifying agency but understand the PSLF isn't always successful. I'd appreciate any insight into this subject. Thanks! [link] [comments]  |
| Question about my IDR plan monthly payment amount Posted: 07 Nov 2018 07:23 PM PST My IDR repayment amount for 7 loans is currently around 170. I just got reapproved for next year and the amount is going to go down to 105, and I'm trying to understand why. When I reapplied last year, I used pay stubs from October 2017 to prove my income (because I didn't have a job for several months in 2016, so my taxes would have been way off). I did get a raise in July, so I guess my gross for the year wasn't as much as it would have been if I'd been making my October salary all year; is that why it's gone down? Because the previous amount due was based on the assumption that my yearly income was 12x my October pay, and this amount is based on the actual, lower figure (because half the year I was paid less than I was in October)? Is the payment amount going down going to raise any flags with them and they'll look into it closer? I'm also concerned because I used my 2017 taxes for my income, as they say you can, despite having gotten another raise in January, so I actually make more than I'm claiming I do by using the tax amount rather than submitting accurate pay stubs. And it feels like I'm doing something wrong by doing that and they'll use it as an excuse to take away my IDR status, which I really, really can't afford. While I'm on the subject of IDR...would it raise any flags with them if, while on IDR, I pay off the loans that aren't eligible for PSLF? (I'm assuming I can give them the payoff amount and they'll apply it to that loan, rather than spreading it out among them all to pay accrued interest.) Like, would they be like "hey, you're not supposed to be able to afford that! If you can afford that, you can afford to make the full monthly payment!" These are probably both stupid questions, but government stuff makes me nervous lol. Thank you! [link] [comments]  |
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