Student loan settlement for 30% of the original amount due Student Loans |
- Student loan settlement for 30% of the original amount due
- what happens if I'm failing a class in community college while I have financial aid?
- Benefits of Loan vs Paying Outright?
- Where to even start with loans
- No cosigner, only fair credit. I can make the payments, will calling the loaner help my chances?
- Advice on Switching from IBR to REPAYE
- Are Federal and Private loans forgiven if a student dies?
- Loans or forget it
- Opinions on best repayment plans
- Refinancing Advice
- Refinanced 2 out of 4 loans, where to go next?
- Need Guidance and Encouragement w/ my Student Loans...
- Best course of action
- Parent plus loan refinancing in NV
| Student loan settlement for 30% of the original amount due Posted: 29 Nov 2018 03:06 PM PST I have a friend who owed around $100,000 in private student loans. She hired a lawyer and managed to settle the amount for around $30,000-- she paid $6k upfront, and the balance is to be paid via a payment plan of around 3 years (all without interest). Researching more about student loans, it seems like she got extremely lucky as a settlement like this is almost unheard of. Would I be correct in assuming that? [link] [comments]  |
| what happens if I'm failing a class in community college while I have financial aid? Posted: 29 Nov 2018 11:39 PM PST Do they kick me out of the class while it's still in progress, or fail me? [link] [comments]  |
| Benefits of Loan vs Paying Outright? Posted: 29 Nov 2018 11:46 AM PST My wife just got accepted into a graduate nursing program. (Apparently we missed that feeling of having student loans for the pas 18 months.) For the 2 year program the cost will be ~$40k. We will probably pay $10-20k out of pocket up front (we've been saving for awhile and this is separate from our emergency fund). My question is: Are there any benefits to financing tuition via a student loan rather than paying for it up-front? Other than just having the "cash cushion" for unexpected expenses? I see a lot of loan forgiveness programs out there, especially for public service jobs (she'll probably work for the VA), but they usually last 10 years and we have no intention of carrying the loan balance for that long. [link] [comments]  |
| Where to even start with loans Posted: 29 Nov 2018 09:01 PM PST Ill try to keep this short. I am currently a community college student who will be transferring in the springtime. All my community college costs are paid off and I am in my 3rd semester of school. There are very few classes left for me to take at this school due to my major being very obscure. I can take some gen eds for summer school if I wish at the community college but staying another semester is absolutely pointless and would be a waste of time. I am going to be spending about 3 more years in college meaning my loans will be about $150k assuming I pay nothing until I graduate. Also I have maintained very high academic standing at Community College with a 4.0 GPA and very strong letters of reccomendations from the heads of the engineering department along with past internship experience. I will also be an out of state student this coming semester, coming from Illinois. My family is also inelgible for the pell grant due to my father making just a couple thousand over the threshold. I also live full time with my father when I am at home and am listed as a dependent. My question lies with my options for loans. I am going to Georgia Tech for Nuclear Engineering. The costs per year are about $50,000 a year or roughly $25000 a semester. I have gotten through community college with a full scholarship. However, at GA Tech I have absolutely no form of "free money" for financial aid and will be taking on the full cost of the school in the form of loans. I have been offered loans for the spring semester as follows $25,838.00 - Estimated Semester cost Fed Direct Parent PLUS Loan $22,588.00 My father, my main parent, has absolutely horrid credit due to bankruptcy about 6 years ago and continuing financial debt due to various medical bills, my siblings student loans, and more. Private loans are an option however the interest rate from that will not be ideal. He also absolutely hates the idea of going into more debt with Parent PLUS loans. My questions are as follows - If we take on a Parent Plus loan, will that debt be able to be refinanced to myself when I graduate? GA Tech is a very competitive school and finding a job as a nuclear engineer will not be difficult after graduation. They are one of the best schools for my major, the best being the US naval academy and MIT. I expect to be able to handle the burden of the loans, despite being a metric fuckload of money. What are my options for private loans? I can speak to my mother about cosigning or even my grandparents. They are very supportive. Can I also refinance them to myself once I am older, out of school, and have better financial standing? Is refinancing them and dropping the cosign possible? What are some things I can do to make this mess managable in the future so I dont dig myself into a financial hole upon graduation? Any strategies or methods out there that will make loan management easier? Thank you for anyones advice. I originally went to community college to avoid student loans at the University of Illinois which would have put me into 120k debt and making about 50k a year upon graduation (landscape architecture major). Now I am back in the same scenario and feel as if I am getting absolutely shafted by both my fathers credit history and my award letter. [link] [comments]  |
| No cosigner, only fair credit. I can make the payments, will calling the loaner help my chances? Posted: 29 Nov 2018 08:22 PM PST I have talked about my situation here. https://old.reddit.com/r/StudentLoans/comments/9y4myf/im_in_need_of_desperate_help_to_finish_school/ Long story short, I am a cancer survivor and went through medical withdrawal last spring because I had some unresolved trauma and anxiety. I want to finish school but I have to pay 5k back due to me falling below acceptable credit completion since I had just transferred to this university at the time. My savings are low because my dad was out of work and I was helping him out, ontop of Community college expenses. My credit score is 632, I make about 18k a year now. I have been building credit for about 2 years now and I have NEVER missed a payment. My credit score is low due to high utilization since I have been trying to help my dad out on his medical leave as well as my cc bills, which are now totally paid off. I tried to get my money owed to the school pushed back to be paid at a later date, but they have told me it is past the deadline for exception appeals. I have talked to them since the beginning of summer and this is the first time they had even made mention such a thing existed, but they are bad at communicating. That's besides the point because ultimately I put myself in this mess. One thing they suggested was Sallie Mae prior term balance loan. I have applied to Sallie Mae before and they have rejected me because I don't have any cosigners, but I can EASILY make the $25 month payments, in fact I could easily pay double that. Would calling them and giving them my case at all help my chances? I'm afraid to do so because I don't want them to do a credit check and dock my credit score, because it's already only fair. I'm really desperate to go back to school. This has been taking a toll on me and I really don't want to have to go back and transition and do the whole "been out for a long time and now I'm back" thing. I've already had to take almost 2 years off due to illness and I am 23. I'm just tired of this and want to be back in school. Any advice helps. Thank you. [link] [comments]  |
| Advice on Switching from IBR to REPAYE Posted: 29 Nov 2018 11:24 AM PST I have about $62k in loans + $25k in outstanding interest for 2 direct consolidation loans including grad school. FedLoan is currently auditing my qualifying payments right now (I just transferred to them after submitting my ECF for PSLF) but I should be just over 100 payments at this point. It's recertification time and the loan calculators are saying I could save about $100/month by switching to REPAYE instead of staying on the old IBR plan. I understand this would require me to make a month of standard repayment or go into forbearance for a month, both of which would capitalize my interest. I don't know if that bothers me or not since I'm so close to PSLF. Married filing jointly, about $75k AGI, family size of 6. It's not a huge difference in payments, but saving $1200 in payments over the next year would be nice. Should I consider switching to REPAYE? [link] [comments]  |
| Are Federal and Private loans forgiven if a student dies? Posted: 29 Nov 2018 04:43 PM PST The federal loans are in the students name. The private loan has a parent as a co-signer. If the student dies before graduating will my parents still have to pay back the loan? [link] [comments]  |
| Posted: 29 Nov 2018 04:37 PM PST Didn't sign up for Selective Service when I was in high school (18), or 19, or 20...or ever. I know I will catch some flack for this but I must plead pure ignorance. My state doesn't require SSS to vote or get a license, it wasn't really emphasized in high school, I have never taken out loans before. I am trying to go back to school and will require student loans now and I'm almost 30. What are my chances of getting the school to accept my status information letter so I can actually get financial aid? Has anyone else had experience with this? [link] [comments]  |
| Opinions on best repayment plans Posted: 29 Nov 2018 07:49 AM PST I have ~77,000 in loans from undergrad/grad school that start beginning of the new year. I want to pay as much as possible and pay them off as quickly as possible, but I'm confused on what's the best repayment plan. Is it better to go with a Lower payment plan ($200) (such as income based) and then put as much extra as I can every month ($1000) toward it? OR Have the higher monthly plan ($450) and still put as much as I can? ($1000) I know in the long run, the lower payment would cost me more if I just kept paying the monthly payment, but would it if I paid more each month? I have to start paying insurance as well so I am trying to do this as fiscally responsible as possibly while getting rid of them as quickly. So I want to be able to afford what I need to but put as much as possible towards the loans. Any advice is appreciated. TIA! [link] [comments]  |
| Posted: 29 Nov 2018 07:47 AM PST I'm looking for some advice on refinancing my wife's student loans. She has about $54,000 in loans from her undergrad and grad programs. She had both subsidized and unsubsidized loans and the interest rate is 6.4% for both. We recently sold our home and had a good amount of equity from the sale. Unfortunately, it was not enough to cover the remaining balance of her loans, but we can pay off a good chuck of that balance. I think we can probably get the balance down to around $10-15,000. Would it be best to make a lump sum payment and then refinance or refinance now to a lower rate and then pay off a big chunk? Edit: The $10-15,000 figure is factoring in us leaving room for emergency fund and all of that stuff. [link] [comments]  |
| Refinanced 2 out of 4 loans, where to go next? Posted: 29 Nov 2018 01:14 PM PST Hi everyone! First, just wanted to say thanks for all the info everyone provided on my last post - definitely pointed me in the right direction w/ my massive amounts of student loan debt ($100,000 in Sallie Mae, $27,000 in Federal). I have applied for IBR for my federal loans which is currently in review. For the private ones, I was initially denied through several lenders (SoFi, LendKey, etc) with my co-signer despite her good credit score because her income is solely from Social Security and retirement. However, since she's been a loyal Citizen's Bank customer for years, we tried applying through them and played it safe by only refinancing my two higher interest loan amounts. I was approved for a 20 year fixed APR of 6.14%, which is a decent improvement from my past rates of 11% and 9.125%. My monthly payment has lowered about $200 as a result. However, I am still looking at $900/month in private loans and $300 in federal payments. My question: is it worth applying for the other two loans to be refinanced now as well? The interest rates on those are 9% and 8% I believe. Would just receiving this new loan affect chances for approval through the same lender (Citizen's)? I am leaning towards yes because the hit on both of our credit reports would be minimal, since I've been applying to other lenders recently, and I know her credit is in good standing right now. Please tell me if this is a bad idea! I desperately need to lower my monthly payment, so any help or advice would be appreciated! EDIT: bonus question! I have also been offered a graduated repayment plan through Sallie Mae, where I pay interest only for 12 months. Is it possible to do this on just the 2 loans I haven't refinanced? If so, is that a bad idea? Thanks! [link] [comments]  |
| Need Guidance and Encouragement w/ my Student Loans... Posted: 29 Nov 2018 05:33 AM PST Hi, I've been lately stressing out with my loans and feel a bit lost. Currently back in school for my Masters. Can anyone help me breakdown what I should do or focus on first? I usually have about $400~ remaining in my monthly budget. Here's my list: Group A: Deferment / Direct Sub Interest Rate: 3.400% Accrued Interest: $0 Capitalized: $152.90 Outstanding Balance: $5,508.82 Principal Balance: $5,508.82 Group B: Deferment / Direct Sub Interest Rate: 3.860% Accrued Interest: $0.00 Capitalized Interest: $170.35 Outstanding Balance: $5,537.87 Principal Balance: $5,537.87 Group C: Deferment / Direct Unsub Interest Rate: 3.860% Accrued Interest: $6.82 Capitalized Interest: $62.89 Outstanding Balance: $552.73 Principal Balance: $545.91 Group D: Deferment / Direct Unsub Interest Rate: 4.660% Accrued Interest: $9.00 Capitalized Interest: $74.37 Outstanding Balance: $567.08 Principal Balance: $558.08 Group E: Deferment / Direct Unsub Interest Rate: 6.210% Accrued Interest: $191.49 Capitalized Interest: $949.54 Outstanding Balance: $8,139.67 Principal Balance: $7,948.18 Original Loan Amount: $7,107.00 Group F: Deferment / Direct Unsub Interest Rate: 5.840% Accrued Interest: $198.55 Capitalized Interest: $659.85 Outstanding Balance: $8,095.94 Principal Balance: $7,897.39 Original Loan Amount: $7,353.00 Group G: In School / Direct Unsub Interest Rate: 6.600% Accrued Interest: $45.60 Capitalized Interest: $0.00 Outstanding Balance: $6,200.55 Principal Balance: $6,154.95 Original Loan Amount: $6,833.00 [link] [comments]  |
| Posted: 29 Nov 2018 03:58 AM PST I'm right at the finish line for school and need help moving forward on what I think I'll have to do for loans/grants. All my student aid paperwork has been turned in and my estimes for everything has been released. Background info for these numbers are I'm a out of state student, I already moved to the location in where the school is at so I cannot just transfer to a community college instead, my GPA is to low from problems with my high school so the grants I wanted to get (Teach Grant because I want to become a teacher) are not obtainable because of the GPA, and I only have one parent on my fafsa who does not work. Est COA : $16,999 Federal Pell Grant : $3,048 - Accepted Direct Subsidized Loan : $3,500 - Estimated award Direct Unsubsidized Loan : $2,000 - Estimated award Direct Parent Plus Loan : $5,951 - Estimated award For the loans that say estimated awards I just need to sign a mastery promissory note to obtain then, but even with the loans/grants I'll be obtaining I will still need to obtain another $2,500. I'm confused I'm how I'm suppose to be obtaining this on not being able to work right at this moment. Should I try to obtain more in subsidized/unsubsidized loans? Or should I try to obtain more in the parent plus loan? Any help will be greatly appreciated. [link] [comments]  |
| Parent plus loan refinancing in NV Posted: 28 Nov 2018 09:15 PM PST I'm at a loss, Reddit. I came to the realization, that I need to refinance my Parent Plus Loans into my name to lower my interest rate and put them into my name as I have full responsibility. Since my parents and I borrowed, I knew that I would make the payment on all the loans, Parent Plus and my federal loans. This was a mutual agreement with my parents and I when I first started college. I have graduated and am now working in my field, but I had to move back to Nevada to do that. Btw, my PPL are about $120,000. I am barely breaking even with the combined total of $1700 a month on both my personal loans and the PPL. My problem lies that most of the Refinance companies either do not offer service in Nevada, where I live, or my school isn't on their "list". I finished my 3 years of schooling in California at a private college. Can anyone explain to me what my options may be and advice, if any? Thank you so much. I have reached out to Sofi, Laurelroad, Commombond, Penfed, First republic bank, Earnest, Lendkey and Education Loan finance. All of them either do not offer their service in NV or my college is not on their "list". [link] [comments]  |
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