Switching back and forth between income-driven repayment and 30-year plan? Student Loans |
- Switching back and forth between income-driven repayment and 30-year plan?
- IBR application lapsed?
- Should I be struggling this much? (US)
- Need a car for school this semester
- Am I doing the right thing?
- What should I know before applying for a private student loan with Wells Fargo?
- Help me understand my student loans and interest.
- Tepslf - penny short problem
| Switching back and forth between income-driven repayment and 30-year plan? Posted: 21 Nov 2018 03:45 PM PST This question is for people who are familiar with the income-driven repayment plans available for federal loans. I am a doctor in my first year out of med school. My current student loans are ~$150,000, and I currently make approximately $50,000 before taxes. My wife is in a different field and makes about $150,000/year. We have significant assets due to a windfall a few years ago (~$200,000) but have decided to not pay back the loans because in my specialty and geographic area, many practices, including government programs, will provide a certain amount of loan forgiveness per year as an incentive to work for them. Unfortunately, you usually cannot leverage the lack of having loans into a much higher salary, so it makes sense to hold onto loans even if you have the cash to pay for it. We currently are on a 30-year plan to pay the loans, which amount to about $1,000/month in payments. We recently found out we are expecting a baby. My wife will likely take 6-12 months off of work. In our quest to keep our loan payments at a minimum, we are exploring the idea of switching to the REPAYE program when I am the only earner, which would drop out monthly payments to about $200. However, once she starts working again, REPAYE would require more than $1000/month, so I would want to switch back to the 30-year plan to keep paying only $1000/month. I can't find anything online about this type of strategy but I called my loan servicer and they said it would work. Am I missing anything? Are there any downsides to temporarily switching to REPAYE and then going back to a 30-year plan? [link] [comments]  |
| Posted: 21 Nov 2018 06:48 PM PST Hi! I'm confused about my IBR application. I applied for IBR back in April, before I graduated in medical school in May. I qualified for PAYE with an estimated payment of around $240. Now that my loans are due and my statement says my payment due is around $2000. I talked to the loan servicer who said my loans automatically got transferred to the standard repayment option when I graduated and I have to reapply for IBR. Is this really a thing? I wish I had known to reapply after graduation but before I started working as my income has changed. [link] [comments]  |
| Should I be struggling this much? (US) Posted: 21 Nov 2018 12:29 PM PST Throwaway because I am embarrassed. I graduated last year after taking 8 years to get through school. I had to work part time and full time to be able to keep a roof over my head. I ended up taking out about 45k in student loans to get a BS in Earth and Environmental Science. After I graduated I worked in environmental consulting for 7 months, but was only on an active job site making money for 4 of those months and collecting unemployment when there was no work. I've now moved to Canada and I am working at a seasonal position that ends in December. I am struggling to find work and my student loans are past due. I am desperate to find permanent employment somewhere while my SO finishes his PhD so that I can start making payments. Has anyone been through something similar? I feel like I'm drowning. [link] [comments]  |
| Need a car for school this semester Posted: 21 Nov 2018 09:13 PM PST Is a loan a good idea I could pay it back beginning of next year off. [link] [comments]  |
| Posted: 21 Nov 2018 08:50 AM PST Hi guys, I just want to make sure I'm handling my student loan situation properly and figured I'd turn to you for some advice. I'm 25, making about $40k a year starting salary and currently live at home while I pay off as much of my student loan debt as I can. I'm grateful to be getting some help from my dad, who is contributing about $400 a month. My federal loan balance is $17,000 with interest rates averaging at about 5%. I've applied for IBR for those, and they've taken a back seat to these high-interest Sallie Mae ones below. . . Loan 1: 27,000 at 11.5% Loan 2: 20,000 at 10.38% Loan 3: 11,340 at 11.13% Loan 4: 8,572 at 11.38% I had an emergency fund of 7,000, but decided to throw a lump payment of 2,500 at Loan 4 to decrease it from 11,072 to 8,572. Was that the right move? Should I be saying "screw it" to saving money for now and be aggressively paying my loan while I live at home and have minimal expenses? Do I continue to empty my emergency fund since I have the benefit of living at home right now? I just want to make sure I'm not being too aggressive with it. I want to be smart, but the smartest thing seems to be paying off these high-interest loans now as much as possible. Let me know what you think. Thanks so much in advance! QUICK EDIT: I don't have any credit card debt. I don't know if that's even worth mentioning but these student loans are my only debt. [link] [comments]  |
| What should I know before applying for a private student loan with Wells Fargo? Posted: 21 Nov 2018 06:06 PM PST My only choice for classes coming up is a private student loan through Wells Fargo. The only thing I really understand is that I'll get a 0.05% less in interest since I have an account with them. I've never been through this process and I'm the first of my family in college. What are some dos and dont's of getting a private student loan? [link] [comments]  |
| Help me understand my student loans and interest. Posted: 21 Nov 2018 03:12 PM PST Hi everyone, I'd appreciate any help in understanding my student loans. I started out with a principle balance of about $37,000 and have been slowly paying them off since 2014. Looking at my payment summary it says I've paid $8,538 towards principle and $8,545 in interest! How is it I've paid almost the same amount in interest as I have towards the principle balance. I am currently paying $442 a month and $169 of that is still going towards interest. What is going on? [link] [comments]  |
| Posted: 21 Nov 2018 08:43 AM PST Just wondering if anyone else out there is dealing with this problem.... FedLoan rejected 30 of my payments that I made to Mohela as PSLF qualifying payments. They say I didn't pay the full billed amounts for those months. Pulling a couple of payments they say that I paid 1 penny less than what I was billed. I can tell you that every month, I paid exactly what was due and no more no less. Every amount Mohela asked of me I paid. I have records of all of my payments but not the bills. These oayments were also all certified by FedLoan previously as counting right after my loans were transferred to them in 2012. Now, they claim they are not qualifying payments. I have asked for full documentation of how they determine this. They are also re-reviewing but tell me that could take another 6 months and it can only be expedited after I wait another 90 days. As it is, it took 5 months for them to recount and then reject 30 of payments. I have to wait 10 business days for the documentation. In some of my calls, I have been told they have a new system they use to process whether payments count or not. I have not been bale to get details regarding what the difference is. Does anyone have any details on this and how that affects how they are counting payments? Is there any chance they don't have the bills and are recalculating the IBR payments after the fact? [link] [comments]  |
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