Really need some advice, I’m in deep! Student Loans |
- Really need some advice, I’m in deep!
- Need help with 256k in loans. PAYE vs. REPAYE? Advice needed.
- $36k in Parent Plus-- should I refinance?
- Can I settle this debt for less?
- Looking to remove a co-signer from a private loan.
- EU Parents' Income
- Can you help me understand the interest rate on my student loan?
- Should I refinance my loans?
- Re-certification for REPAYE questions
- Best way to re-finance/consolidate my student loan
- Student Loan Servicer Applied Fees to My Account
- How should I go about paying off 21K loan and 60k parent PLUS?
| Really need some advice, I’m in deep! Posted: 09 Nov 2018 01:04 PM PST So I graduated in May 2018 and starting December 11th, I have to start paying back a large amount of student loans. Please note: I am aware I am in massive amounts of debt. I have already felt the repercussions of it and am not seeking any derogatory comments about it - I wanted to go to college, I did it wrong, and now I am dealing with the consequences. I am looking to be more responsible from here on out. I'm looking to sort what I can before I start paying, because honestly, the payment does not seem feasible for me right now. I accept that this debt is my responsibility and will do all I can to prioritize and pay it, but if anyone could point me in the right direction for my own personal situation (and how to lower my monthly payment), I'd greatly appreciate it! Forgive the formatting, as I'm on mobile. My information is below: BASIC INFO:
DEBT: 2014-2015: — $25,578.57 @ 11% (Sallie Mae) Projected current payment: $323/mo — $4733.00 (Federal Direct Unsubsidized) Projected current payment: Unknown 2015-2016: — $26,521.13 @ 9.125% (Sallie Mae) Projected current payment: $273/mo — $4989.00 (Federal Direct Unsubsidized) Projected current payment: Unknown — $511.00 (Federal Direct Subsidized) Projected current payment: Unknown 2016-2017: — $23,614.39 @ 9.375% (Sallie Mae) Projected current payment: $243/mo — $2000.00 (Federal Direct Unsubsidized) Projected current payment: Unknown — $5467.00 (Federal Direct Subsidized) Projected current payment: Unknown 2017-2018: — $24,052.72 @ 8.625% (Sallie Mae) Projected current payment: $241/mo — $2000.00 (Federal Direct Unsubsidized) Projected current payment: Unknown — $5500.00 (Federal Direct Subsidized) Projected current payment: Unknown Ideally, I'd like my monthly payment to be under $1000 (which is doable, but not exactly a comfortable stretch). I understand this may not be possible. What should be my next step? What are some resources that can help me work through all of this? Thank you. [link] [comments]  |
| Need help with 256k in loans. PAYE vs. REPAYE? Advice needed. Posted: 09 Nov 2018 08:04 PM PST I have about 256k in federal loans as a result of spending way too much time in school getting a pile of degrees. I'm about three months away from the end of my grace period. My income is about 56k, and I work for a public 4 year college. I'd like to get into PLSF, and I'm aware that I don't need to consolidate do do it. My questions are the following: Should I go with: PAYE or REPAYE? According to studentloans.gov, the amount I would pay under REPAYE and PAYE are exactly the same. I am unmarried and I don't expect to be married any time soon. What are the advantages for one or the other? Should I consolidate my loans? Since I haven't made any payments on them, I understand that this would not reset the PLSF clock, so I'm considering doing it. Is this a good idea? I have some private loans that are being serviced by Navient and, surprisingly, I haven't had a bad experience with them. Should I select them as my loan servicer or pick someone else? I'm looking into some of their payment plans. [link] [comments]  |
| $36k in Parent Plus-- should I refinance? Posted: 09 Nov 2018 03:58 PM PST I'm the first person in my family to go to college, so my parents and I are completely in the dark here and would really appreciate some advice! I'm a recent graduate, and my mother took out three Parent Plus loans (each with a 6.96% interest rate) to get me through college. The three loans total $36k. I take over the payments for my mom. I'm not completely swamped by the minimum payments, but they're not ideal-- I definitely can't afford more than the minimum, and I have no savings whatsoever. Are there any avenues I can look into to lessen the burden? My mom's credit score is pretty much perfect, and mine is 755-- generally speaking, would we have a chance at refinancing and getting a lower interest rate? I've never gone through that process, and frankly, most of the popular lenders seem a little sketchy. My mom also works as a cancer registrar for a local hospital. Would that qualify for PSLF? I've looked into the program, but I'm having some trouble figuring out exactly what public health occupations would qualify. Thank you! [link] [comments]  |
| Can I settle this debt for less? Posted: 09 Nov 2018 03:24 PM PST In 2014, a private student loan company (MOHELA) sued me and won a judgement for roughly $25k. It has been gaining interest at 9% and now totals around $38k. They have seized my bank accounts several times, never receiving more than $50. I am finally making enough of a salary to possibly tackle this debt. Is it worth trying to save up a lump sum and offer them a settlement, or should I intend to pay all of it? Thanks. Edit: MOHELA may not offer private loans anymore, but I'm certain mine were private. I recently consolidated my federal loans and confirmed this at the time. [link] [comments]  |
| Looking to remove a co-signer from a private loan. Posted: 09 Nov 2018 05:51 PM PST I took out a private loan for $5000 at an interest rate of about 11% in 2012. I want to get my co-signer removed, but the only way I can do that (from what I can find) is to refinance my loan. I just don't want to end up with a higher interest rate. What have your experiences been like with refinancing? Has anyone else gone through this? What were your experiences? Thank you for the help!! [link] [comments]  |
| Posted: 09 Nov 2018 09:22 AM PST Hi everyone, My student finance has been delayed for this year (this is my final year of receiving it), as Student Finance are claiming that they now require translated versions of my parents' financial statements from Italian to English. I am required to provide four documents altogether, which is the equivalent to 34 pages. I am able to translate these documents myself, though this could take a very long amount of time; I'll need to remove the original text from the documents and re-write over them in English. I'm planning to edit the documents on Photoshop as it'll be easier to rectify if I make any mistakes, though simply putting placeholder text on a single page has taken up to 30 minutes to do - and that's before I even start writing the translations. If anybody else has had this happen to them, or if anybody has absolutely any advice on what I could possibly do to make this process go faster, I would greatly appreciate it as I am also working part-time and studying at the same time, so I really do not have the time to complete this. I have already looked for websites that offer to do this for you, though their pricing starts at $20 per page - which is something that I simply can't do. Any advice would be greatly appreciated. [link] [comments]  |
| Can you help me understand the interest rate on my student loan? Posted: 09 Nov 2018 05:42 AM PST I took out my first private student loan for my nursing program (just one year) to help out with my living and tuition expenses. I deferred the loan for up to when I graduate because I was scared I'd run out of money. I still make monthly payments of $65.00 to help with the loan (at least that's what I thought) but I just accrued $177 on my deferred month on interest only. I can't do that for 8 more months, that's nearly $2,000 extra just on interest (probably more when the second half of my loan comes in)! If I take my deferment off, would the interest go down? [link] [comments]  |
| Posted: 09 Nov 2018 03:48 PM PST So I am a recent law graduate who is thinking about refinancing my student loans, and I am hoping for some advice. Here are the details: Graduated: 05/18 Income: 115,000, as a new associate My job feels secure and long-term but that could always change. Current debt: Direct Loan - Unsubsidized; $21,500 w/ 6% interest Direct Grad PLUS: $8,500 w/ 7% interest Loan company: Navient, for Dep't of Ed. Refinancing offer: Approved from Earnest for a loan for the whole thing. For a 5-year loan, I can get a fixed rate of 4.24%, or a variable rate of 3.74% at 1.41% about LIBOR. Since LIBOR rates have been rising slowly, the fixed rate loan seems like the right choice. Is there anything I'm missing, or any reason why I wouldn't want to refinance? Earnest said that I could extend the term of the loan (in exchange for a higher interest rate) at any point. I would also be missing the benefits of federal student loan protections. But since I was planning on paying the loan off in about 18 months anyway, I don't know if there is much of a reason not to. Ultimately, is there some reason why I shouldn't refinance? [link] [comments]  |
| Re-certification for REPAYE questions Posted: 09 Nov 2018 02:15 PM PST I'm currently on REPAYE for about $21,000 in federal student loans. My payment is now $0 based on my certification from last year's tax returns. However, I'm starting a new job soon and I'll be making upwards of 80k a year. I was unemployed for most of this year, so the AGI on my 2018 tax return is still going to be very low. My question is, will the very low AGI on my 2018 tax return that I submit for re-certification qualify me to continue low RE-PAYE payments through the end of 2019? Or do I somehow need to report that I'm now making 80k in salary, which would result in the student loan payments skyrocketing immediately? My loans are super low fixed interest rates, about 3%. I'd honestly rather just take the extra funds and plop them in a high-yield savings account or investments which could outperform the interest charges of my student loans. I could afford to just switch back to standard repayment once I start my job, but if the REPAYE is going to keep my payments $0 or very low for another year, I'd rather do that. Thanks! [link] [comments]  |
| Best way to re-finance/consolidate my student loan Posted: 09 Nov 2018 06:23 AM PST Hi All I can really use some help here. I currently have 2 student loans, one private and one through the government. The government student loan is for 50k and is on IDR 20 year payment plan. I know after 20 years what ever is owed will be forgiven but I have to claim it is an income so some time from now I will get screwed on my tax return. Totally get that, I am an accountant so I will figure out that one myself. As for the other loan it is about 48k through Sallie Mae, when I first got the loans, I was advised by them to go with a variable rate and that has royally screwed me as one of my interest rates loans is now 12%. I currently am paying almost double what they put as the amount due but the loans are coming down slowly because of these high interest rates. I have tried going to wells fargo to refinance but they didn't approve me, even with a co-signer. What are some suggestions that you guys have? Other banks that are easier to work with? Other options I can do? I want to pay off these loans as quick as possible but its becoming increasingly difficult to do so. Thanks in advance! [link] [comments]  |
| Student Loan Servicer Applied Fees to My Account Posted: 09 Nov 2018 09:22 AM PST So I have student loan debt of about $15,500. My loan is currently in deferment and I make a net total of $500 each month. I am working to put a little back each month to make some contribution toward my loans to try and get them down. My loan servicer has applied some kind of maintenance fees to my account of roughly $20 per loan, each year. So for example, after one year with my loans, because I have 5 of them, I get an extra $100 tacked on. Then, there is also the interest. I know it isn't much, but is there any hope of calling them up and asking for the fees to be removed? I've already had over $150 in interest this year that will only continue to compound. [link] [comments]  |
| How should I go about paying off 21K loan and 60k parent PLUS? Posted: 08 Nov 2018 07:09 PM PST I currently have 21K federal loans in my name and I am taking advantage of the auto debit interest rate discount. It breaks down into 10k (6.55% interest), 4.6k (3.61% interest), and 6.8k (4.41% interest). I recently started a new job making 48k before taxes that will qualify under PSLF. I signed up to start making payments toward that as well as utilizing the RPAYE repayment plan. I made a regrettable mistake of making an agreement with my parent to take out PLUS loans and that I will pay it back in full upon graduation. The PLUS loans are a grand total is 60k and the interest rates range from (6.16% to 7.65%) after the auto debit discount. I fully understand that the PLUS loans are in my parent's name and I am not legally responsible. I want to uphold my end of the agreement. Please keep in mind that I am still living under their roof etc. This is currently my only debt. My parent's income is too high to go under an income based repayment plan. The PLUS loans are in the Extended repayment plan. My parent will likely not work in an occupation that will qualify under PSFL. I want to know if I should: 1) Pay off my loans first with extra payments, then pay off my parent's PLUS loan 2) Pay off my parent's PLUS loan first with extra payments, then work on my own 3) Refinance the PLUS loan into my name (to save interest) and work to pay it all off as a whole with extra payments 4) Any other option I did not think of yet... Thanks all. [link] [comments]  |
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