2 down, 3 to go! Student Loans |
- 2 down, 3 to go!
- Regretful, miserable reality
- Know nothing about student loans... wife owes 210000 :o
- people who are posting "I just paid off my student loans!", how old are you? or people still in it, how old will you be when you pay yours off?
- What to do about PSLF – job won’t’ sign certification letter
- School meets their cost of attendence, personal loan guy at credit union said not to bother without an income
- PAYE payments went down after income went up?
- Question about re-financing and marriage
- IBR income limit?
- defaulted on perkins loan - rehab or consolidate?
- Student Loan Refinancing 201: Mortgage and Fees? What questions am I forgetting to ask?
- About to end grace period for loans, need help with income tax from 2017
- Lost on consolidating my loans!
- IDR / post forgiving taxes?
- I'm on IBR and I don't know if I should be paying more or not
- How to justify snowball method?
- Question about paying on principal vs interest for parent plus loans
- Loan Forgiveness via Poor Education ?
- Friend cosigned MPN with his parents, debt is considered his, over 100k in total (general advice)
- PLSF, SLRP and Mandatory Forbearance
| Posted: 04 Dec 2018 05:50 PM PST I know it's not a big deal and people have paid off way more, but I was so excited to see that loan go to 0 today!!! [link] [comments]  |
| Posted: 04 Dec 2018 08:26 AM PST I've posted before, need some more advice. Yes, you will be shocked at my debt. I went to college and then veterinary school. Two loans leftover from college, and rest are from vet school. All fed loans, no private loans. Current balance: $392k Current income: 78k/year, 4k/month after taxes. IDR Plan: PAYE, current payments $498/month (very manageable, can easily pay more than this) So the my average interest rate is 6.22% which is a killer on this load. If I just want to JUST pay interest for the next 20 years, I will need to pay $2k a month which is pushing it. Basically I could do it but life would kind of suck. Wouldn't leave me much room for saving. My father, who took all these loans out for me in the first place, thinks I should slowly try to make higher payments to decrease my principal. He does NOT trust the idea of saving for the tax bomb. If I stayed on PAYE for 20 years, my tax bomb would be 224k. In my opinion it sounds easy enough to do my calculations and put away money each month in my savings account for it, but my dad says banks will see that I've got that money and it will affect my ability to get a home loan/car loan in the future (far future, I am 26 and it's not even on my radar at this point). I can pay 1k/month towards this loan but the idea of paying 2k/month for 20 years and not even making a dent in the principal makes me queasy. If I did do that, however, my tax bomb would be about $133k. Am I completely fucked? I let my dad handle taking out loans for me for vet school. I love being a veterinarian and I don't regret going to school but jesus christ I didn't know what I was getting myself into. [link] [comments]  |
| Know nothing about student loans... wife owes 210000 :o Posted: 04 Dec 2018 07:43 PM PST Hello. Just found out my wife has 210000 dollars worth of student loans. She pays 400 dollars monthly to fedloan. She was crying today because she failed to attach some supplementa form and has to pay an extra 21000 dollars? I think it has something to do with capitalized interest. She thought she was okay since she was paying on time and on the income based payment plan. She is a physical therapist in nyc, making about 80-90k a year. Thanks! What can she do? Should we get professional help? Will refinancing help? [link] [comments]  |
| Posted: 04 Dec 2018 04:42 PM PST just wanna get an idea. i will be 38 when i pay mine off (if all goes well). i am 30. [link] [comments]  |
| What to do about PSLF – job won’t’ sign certification letter Posted: 04 Dec 2018 08:09 PM PST First post! Hello r/studentloans! Not quite sure what to do here, so I'm trying to weigh my options. I received my master's degree in May 2018 with approx. $80k in debt. My plan was always to work at a nonprofit so I could enroll in PSLF – and now I work for 501(c)3 making $70k. Unfortunately, my HR department told me they won't sign the certification form because they "don't qualify as a public health employer" (I got my MPH and work at an organization within health care/policy). Does this matter? My understanding is that any 501(c)3 would qualify as an eligible employer… I've switched to PAYE as my repayment plan and my payments will be $401.20/mo starting in January. Using the Department of Education's repayment calculator, it looks like if I continued with this plan (and didn't get PSLF) I'd pay $136,642 in total over 17.5 years – so I wouldn't get anything forgiven through this route anyway. However, this number goes down to $63,183 if you take PSLF into account. Basically, PSLF would save me about $73k, give or take. Obviously I would pay off my loans much more aggressively if PSLF is truly not an option: I'm planning on budgeting $1000-1100/mo, enrolling in auto-debit to get the 0.25% rate reduction, and keeping my same repayment plan so I can apply the extra payment towards my highest interest loans (Loan 1 = $8569 @ 5.84%, Loan 2 = $25,554 @ 5.31, Loan 3 = $13,765 @ 5.31, Loan 4 = 32,962 @ 6%). This option would allow me to pay off my loans in 8 years and pay around ~$105 total. So better than paying just the minimums, but it still stings that it's still 40k more than I would be paying through PSLF. When I contacted Nelnet (my servicer), they seemed to think I should be able to do PSLF but DOE is telling me I need that signature from my job… Should I press the issue with my job to get them to sign the form? Or should I just move forward with paying as much extra down on my loans once they come due next month? Thanks! [link] [comments]  |
| Posted: 04 Dec 2018 01:57 PM PST Hi, I am a full-time student, last semester coming up. Between scholarships and federal loans, my school meets their estimated cost of attendance, this means I cannot borrow private loans over that amount even if I qualify for them. I just looked into a personal loan through a credit union, and the guy basically told me not to bother since I do not have a job. My school does not do emergency aid. Are there any options I'm missing here? I won't say I'm in an emergency, but there are a lot of things I would like to solve over winter break: my car needs extensive maintenance soon, moving to the town my college is in, so I can apply for internships and not live a 60 mile commute away. A small ~2.5 to 5k loan would let me do that. I am at a loss, I kind of always figured that this private student loan money flowed like water if you were willing to deal with the insane interest rates. [link] [comments]  |
| PAYE payments went down after income went up? Posted: 04 Dec 2018 06:18 PM PST I'm a little confused after receiving my letter about my re-certification. When certifying for the first time last year for PAYE I used 2016 tax info, during which I had 3 part-time jobs and made something like $80k. In August of 2017 I started a new job making substantially more so when they asked whether my income was now "significantly different" I said yes and told them my new salary. My payments were then pegged at $995 and I figured that was a result of the "significant difference" and what I would pay forever... and ever... (well, until I paid them off) But now, a year later, I make the same salary and just got the letter saying my payments would be $576. I ran my numbers through the estimator on studentloans.gov and they estimate my PAYE payment should be $700ish. So I'm confused. Any idea what might have happened? I'm a little worried about calling Navient - I have no faith I'd get a more correct answer from them than here... [link] [comments]  |
| Question about re-financing and marriage Posted: 04 Dec 2018 06:38 AM PST I owe 26k in sudent loans and am wanting to re-finance @ a lower interest rate. I am getting married in 2 months. My question is... should I wait until I get married (fiance makes more than me, so income will be more than doubled) to re-finance? Would that help me get a lower interest rate than if I apply now (as single)? Anyone have experience with this? Thanks for any help! [link] [comments]  |
| Posted: 04 Dec 2018 01:23 PM PST I recently spoke to my loan servicer and they told me some of my loans are not calculated into my IBR and not eligible for the 25 year forgiveness because my income is too high. (I'm married and no we are not rich) Does anyone know if this is true? They are eligible to be a part of my ibr. My loan servicer is Navient btw. [link] [comments]  |
| defaulted on perkins loan - rehab or consolidate? Posted: 04 Dec 2018 03:28 PM PST sorry if this has been clearly answered elsewhere, i tried searching around. i am a second year surgery resident. i have ~140k in federal loan debt from medical school. i have an additional $6k perkins loan through my med school that has defaulted and been sent to a collections agency. i did not realize this loan was separate from the other large sum, i am an idiot and very tired and overworked, so it slipped through the cracks. i have been in forbearance on my $140k federal loan. my understanding is that i can either a) rehab the loan (making 9 consecutive payments to get my debtors rights back) or b) consolidate. my question is basically: if i consolidate, will i be able to continue to use forbearance for the total sum of loans? i can't manage to pay the monthly amount for IBR or ICR or IDR or any of them. i need to keep my loans in forbearance until i graduate residency and actually make money. i called the CA today and spoke with a very, very nice woman who was encouraging me to consolidate. she dismissed my concerns but i am very financially stupid (obviously) and so far out of my depths here that i was reluctant to trust her. thank you for any and all advice. [link] [comments]  |
| Student Loan Refinancing 201: Mortgage and Fees? What questions am I forgetting to ask? Posted: 04 Dec 2018 10:44 AM PST I've done some research into re-financing my student loans from grad school, and it looks like First Republic provides the best option for me: my interest rates would go from 5.3% and 6.0% to 2.75% if I re-financed with them. I know that I'd lose access to PSLF and income-based repayment options, and I'm comfortable with this trade-off. There are some questions I haven't been able to find answers to online, though:
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| About to end grace period for loans, need help with income tax from 2017 Posted: 04 Dec 2018 01:47 PM PST Hello everyone, so I graduated this july, currently making ~$3000 a month, will have made ~20k by the end of this year, but actual salary is ~$39k/year gross. I filed an income tax return for 2017, which showed my total income being $2,000. I was not working during 2017 as I was still a student (the $2000 is from stock market). I am now about to end the grace period on my student loans, and heard how it's possible to use my income tax return from 2017 to determine my payments. I would like to use this tax return to my advantage and have a few months of $0 payments so i can build a little more of a nest for myself (im 26, and this is my first ever job). Is this legal to do? The website asks if there have been any changes since my tax return which there have been, as I didn't have a job when the tax return was originally filed. Obviously this will change once I file my 2018 taxes, and will show my "new" income. Not sure how to do this. All input appreciated! Thanks :) [link] [comments]  |
| Lost on consolidating my loans! Posted: 04 Dec 2018 01:10 PM PST Hi, like the title says, I'm totally lost on where to look to consolidate my student loans. Next month my 4 loans will enter repayment, and I will be responsible for a $915 monthly payment.... which is actually impossible for me. Sallie Mae has told me they offer no consolidation, no income based repayment, only a 12-month interest only plan. I've been looking at company after company to reconsolidate my 4 loans, but they all ask for the degree I completed, with the lowest being a bachelors. I did not complete my program, and I have no degree. My loan balance is at $50k and my interest rates range from 12.25% to 10.3% Has anyone used or heard good things about any bank or financial institution that offers consolidation? I need help. Thank you all in advance. [link] [comments]  |
| Posted: 04 Dec 2018 09:14 AM PST Hi, this might be in a faq but i cant seem to find it. So im currently under IDR for a lot of money (over 150k), i understood that after 20 or 25 years the debt would be forgiven but very recently (and thanks to this sub) it came to my attention that the debt is forgiven but the state will charge me taxes for it. im not an american person (im a resident) and not super familiar with how to calculate taxes (i use turbo tax and im horrible at math) is there a way to calculate roughly how much money i would be in debt again after my student loans are forgiven? [link] [comments]  |
| I'm on IBR and I don't know if I should be paying more or not Posted: 04 Dec 2018 06:44 AM PST I graduated in 2012 with about 60k in loans with a set 6% interest and immediately went on IBR. For the last few years, my amount due was always $0. When I got married in 2016, my husband wasn't working at the time and it remained $0. I recertify every October-ish and when I recertified this time, it said I now owe $137 per month. I make about $42k and my husband makes $45k (we got our jobs this past summer). Because we budget, and we have my husband's cushy trust fund as a fall back, I paid more than the amount due on my loans. I wanted to get this debt down as fast as possible, now that I'm blessed with the means to do so, but I've been reading into it more and the consensus seems to be that, while on IBR, you should make the minimum payment only. I wanted to ask the folks here what they think. I want to pay down the loan as fast as possible to minimize the tax bomb in the future, but I've had people say that that's stupid and I should only do the minimum they ask and ask why I'm even on IBR. My husband is encouraging me to throw every spare penny at it. Can someone clarify or ELI5 why I'm getting such different opinions on this? Much appreciated! [link] [comments]  |
| How to justify snowball method? Posted: 04 Dec 2018 08:34 AM PST So my situation is manageable. 26, making 2200 a month after taxes. 29.5k in loans and about 3k in credit cards (both of which are now shredded) I have been doing the snowball method as many of my student loans were 2k. Several are under 1k and I'll be paying them off this spring. My dad has some concerns, because its not the best method on paper. He cant understand why I wouldn't pay the highest interest loans first. How can I justify it without saying I'm crazy and need the boost to my motivation from watching the small loans disappear? [link] [comments]  |
| Question about paying on principal vs interest for parent plus loans Posted: 04 Dec 2018 10:16 AM PST I was hoping I could get some advice on the best way my mom and I can tackle the parent plus loans she took out for my schooling. The original loan was 45K at 7.9%. After finishing undergrad, I spent the last six years getting my phD. So during this time, we did not have to make payments but the loans did accumulate interest. I received tuition waivers and a stipend for grad school but neither my mom or I were in position to make payments on the loans. We now have about 27K unpaid interest. I know it was a mistake to let it get that high but there's nothing I can do about it now except find the smartest way to move forward. Once I get a job, I plan to start paying aggressively on these loans. My main question is do I have to pay all of the unpaid interest before I can start making extra payments on the principal? Also any other advice would be greatly appreciated. [link] [comments]  |
| Loan Forgiveness via Poor Education ? Posted: 04 Dec 2018 08:46 AM PST Hey everyone - Has anyone heard of a way of getting your loans forgiven due to the school not providing you proper education (whether due change of heads, poorly planned curriculum, unsatisfactory staff) or completely lying about what the major is supposed to be? Long story short - I transferred to my school for my third year of studies. I decided to go abroad, but the school is still american regardless of being located in europe. The degree said it was x, y, and z but we ended up basically being forced to have our degree based around w ! I don't feel like my tuition was worth it in any regard. And now, they're completely changing my major's curriculum due to a lot of negative feedback. I graduated in May, so there's nothing I can really do. [link] [comments]  |
| Friend cosigned MPN with his parents, debt is considered his, over 100k in total (general advice) Posted: 04 Dec 2018 03:49 AM PST My best friend went to the same in-state public university as I did, but his parents make more money than mine and he got no need-based grants. His parents took on parent PLUS loans for cost of living, fees, etc. which add up to ~80k over four years. My friend owes about 30k as do I. That being said, his parents consider their debt to be his. The loans aren't in his name, although he cosigned on the master promissory note for each loan. He joined the army after college, something that he didn't want to do, with the knowledge that his loans would be forgiven after 10 years in the army. But since the loans aren't technically his, is this even true? Won't his own loans be the ones forgiven and not those of his parents? He is miserable in the army, has an awful outlook on life knowing that he's supposed to waste what's left of his youth in the army because of his debt. It's a tough situation, but I can't help but feel that his parents are screwing him over. He's not improving his own credit by paying down his parents' loans, he's improving theirs. He can't use that money to invest, build equity or save for the future, he just allows his financially-stable home-owning parents to do so. Can you all suggest some general advice for him? I hate to see him like this and I feel like he is just in the worst position. I wish I could suggest some different path for him. [link] [comments]  |
| PLSF, SLRP and Mandatory Forbearance Posted: 03 Dec 2018 11:21 PM PST Probably a rare case here so hopefully you guys can help a bit: I've been in the national guard 14 years in March. E-7. My last reenlistment had SLRP as an option, so I took it instead of the 10k taxed bonus. SLRP pays out 7,500 a year maxed at 50k. My career is swimming along just fine, picked up first look for every promotion. 4 to 5 took a long time because of slots. My civilian job is working for a national lab owned by Battelle, a non profit contractor, so PLSF is another benefit I have access to. Finally, as I am performing duty that qualifies me for a DOD loan repayment program I am able to put my loans into mandatory forebearance for 6 years. I only pay 200/mo on my income driven plan, which isn't a bother at all. Finances are all fine, I've got pension through the army and pension through Battelle, TSP with the army that gets 10 percent of my pay and 401k through Battelle that gets the same plus some match. Personal IRA and a brokerage account. Some crypto I'll hold on to until it is either worthless or makes me millions (ha). My student loans are sitting at 90k or so. My question pertains to the mandatory forbearance. I know I won't get PLSF qualifying payments during that time, but I'm wondering if putting the loans in forebearance and investing the 200/mo for six years will be smarter. Interest will accrue, but my annual SLRP payment of 7500 will knock that out. About half of that will probably be principal, assuming say 3500 of interest per year. So, I think my total loan balance after six years of forebearance would be around 60k, at which point I'd start paying again, maybe 150/mo. I'm inclined to ignore the forbearance benefit because I'm assuming in six years my income will be around 40% higher (I'm planning on a PhD work will pay for). Should I get the forebearance or just keep paying until PLSF kicks in? I'm about 2 years deep on those payments as well. [link] [comments]  |
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