I paid them all off! $130K later… Student Loans |
- I paid them all off! $130K later…
- Terrified of how in debt I am!
- Large for-profit chain of schools closing
- What’s the lowest FIXED interest rate you’ve seen for a loan? I’ve seen it as low as 5%.
- Student Loans without a cosigner
- Somewhere to compare all options?
- $154,000 adventure ahead
- My Humble Case for the Snowball Method
- Paying off student loan on EI
- Parent unable to fill out FAFSA, advice for loans?
- Graduate loan for one class
- How can I save myself from being screwed with parent plus loans at $44k and $28k in my name??
- RePAYE / spousal income verification when filing jointly
- Is there any hope for my boyfriend’s loans?
- How to pay off my loans....
- These payoff options don't make sense to me - someone please explain
- Calculating interest? $15k loans, first time borrower
- Mother has ALS. Can her Parent Plus loan be discharged?
- Don’t pay loan to increase credit score?
- First generation kid with student loans rant
| I paid them all off! $130K later… Posted: 05 Dec 2018 12:28 PM PST As of today, my payment finally cleared and I am DEBT FREE! It still doesn't feel real, but this community has been a real inspiration for me, so I wanted to share my experience while it's fresh. My story I went to an expensive liberal arts college and grew up in a lower class family. I was raised with zero knowledge of personal finance, as well as the idea that if I worked hard, I could go to college anywhere I wanted, and do anything I wanted! /s By the time I graduated in 2012, I had about $87,000 in private loans plus an additional $13,000 in federal loans. Over the 6 years that have passed since, that debt accumulated another $30,000 in interest. In total, I have paid off $134,363.36. My biggest learnings
I hope these will resonate with some of you. I'm happy to answer any questions you might have. Best of luck and I look forward to seeing all your payoff posts one day! YOU CAN DO THIS. [link] [comments]  |
| Terrified of how in debt I am! Posted: 05 Dec 2018 09:41 PM PST I've borrowed $45K from Sallie Mae, and around $32K in Stafford loans through FAFSA. The Sallie Mae loans range from 10.5-8% and I deferred payments, the Stafford loans are all 8.5% I think. I graduate in May so I have about a year until I have to start paying all of this back. I'm getting married in 2020, and hopefully buying a house next year. I'm freaking out and have no idea where to even start when it comes to repaying these loans! My household income will be about 50K-60K only after I get married. I don't know how I'm going to afford my Sallie Mae loans. Any advice? [link] [comments]  |
| Large for-profit chain of schools closing Posted: 05 Dec 2018 12:39 PM PST For those students attending these schools, you may be eligible for discharge if you attended within 120 days of the closing date, have not completed your credential and cannot transfer your credit elsewhere. Contact your loan servicer about a closed school discharge for more information https://www.insidehighered.com/quicktakes/2018/12/05/large-profit-chain-close?utm_content=buffer630e8&utm_medium=social&utm_source=twitter&utm_campaign=IHEbuffer If you completed and/or attended more than 120 days before the date of closing you are not eligible for discharge. [link] [comments]  |
| What’s the lowest FIXED interest rate you’ve seen for a loan? I’ve seen it as low as 5%. Posted: 05 Dec 2018 09:14 PM PST |
| Student Loans without a cosigner Posted: 05 Dec 2018 09:06 PM PST So I'm currently thinking about becoming financially independent from my parents (relational reasons) and I'm wondering if I'll be able to get a student loan without a cosigner. I'm currently a sophomore receiving a state scholarship and ROTC scholarship. This in total pays for my tuition and fees and room and board. I currently receive an ROTC stipend of $350 a month, but I plan to use this to pay for a car, gas, and car insurance. The loan amount I need would be about $4,000 and I would need to get this every semester for the remaining 5 semester I have left. This money would be used to pay for health insurance and other miscellaneous expenses. I don't know if this matters/ helps my chances but for the past three semester I've taken out federal loans to pay for my room and board money until my scholarship reimbursed me and I have payed all of those loans back in full. I checked Credit Karma and it says my credit score is 698. I'm also guaranteed a good paying job after graduation through ROTC. Do I have a good chance of being approved and who are some lenders that are no cosigner friendly? [link] [comments]  |
| Somewhere to compare all options? Posted: 05 Dec 2018 07:34 PM PST I am on a standard 10 year plan wanting to look at all of my options. Is there a place that I can go to see them all laid out side by side? I'm looking at lowering my monthly payment to lower my debt to income ratio, but would also like to continue paying extra to hopefully be paid off early. [link] [comments]  |
| Posted: 05 Dec 2018 07:24 PM PST These are my wife's loans and a comparison of payoffs on unbury.me We already paid off a $25k parent loan she had this year so at the start of 2017 the balance was $180k. Originally this whole mess was about $150k plus $30k of capitalized interest over the last decade with deferments, postponements, minimum payments, and generally burying our heads in the sand hoping it would just go away. http://imgur.com/gallery/XI5cSPQ One screenshot is with minimum payments and the other is with $1500 extra per month. The plan is to start this journey after Christmas getting as close to the second screenshot each month as we can with the $1500 above minimum. Should be an interesting journey. Wish me luck. [link] [comments]  |
| My Humble Case for the Snowball Method Posted: 05 Dec 2018 08:44 AM PST Warning: All of the evidence is purely anecdotal, based on my own experience using the most popular payoff method in this sub, the Avalanche Method, over the last 6 months. I've paid ~30k off in debt, over the last 6 months. 16k was savings (saved for a house, decided to pay off debt), the rest was cash flowed. I am going to focus on the 14k cash flowed. My highest rate loans were ~10% private loans, lowest were 5% federal loans. The balance ordering from smallest to largest were mixed between both private and federal, but the highest rate loans were private loans with the highest balances. I focused (and still continue to focus) my attention solely on paying off the high rate private loans. My last 10% loan is 3,600 and I'll pay that off this month. My decision to focus solely on the high interest private loans was emotional. Federal student loans offered me IBR when I needed it the most, private loans did not. I did not earn much after graduation and made $350/mo payments to private loans... it was a very difficult time and paying those off 13 years early felt like I was really sticking it to them (It's not, I know they'll go out and find another victim). However, after a few months of using the Avalanche Method, the focus was lost. Receiving the payoff letters are a huge motivator, but going 3 months without one is difficult, especially early on when you're still trying to build the habit of making 2k - 2.5k payments a month. Had I paid the smaller balances, I would have received regular payoff letters. And looking back, I only saved $140 over 6 months paying the high interest loans off vs. the smallest balance. After this last loan is paid, I will switch to the snowball method. The interest difference is ~1%, so the $20 I forgo over the next 6-9 months is worth it. The only point I wanted to make in this post (and feel free to disagree), is that this is a marathon no matter how you slice it. You do not begin training for a marathon by running 13 miles the first day. You start out small, build muscle and endurance, and eventually work up to the 26.2 miles. If your loans are stacked like mine are (highest rate = highest balance), consider the snowball method. I know it's less efficient than the Avalanche Method, but it builds muscle and endurance to help you finish the race. *Edited: "You do not begin training" [link] [comments]  |
| Posted: 05 Dec 2018 07:04 PM PST Hello, looking for some advice. I have $8500 owing in student loans, which I've been neglecting. I was gonna sort out a payment plan (300 a month) but I was recently laid off. I've been sent many notices claiming that CRA will take legal action if I don't start paying off the debt. Is it worth to wait until I have a job so I can comfortably pay off the loan monthly or is there a chance that the revenue agency will garnish my wages? Any advice is appreciated, thank you [link] [comments]  |
| Parent unable to fill out FAFSA, advice for loans? Posted: 05 Dec 2018 05:46 PM PST Hi, I am at a loss here so would love any help. My little sister is a sophomore at a relatively inexpensive state school, and my parents are not contributing financially. Her first year my grandmother paid for her schooling, which we are really appreciative of, but after the first year she was unable to contribute any more. My sister managed to attend this past fall semester, due to a combination of savings and moving in with a family friend to cover costs. However, she is trying to apply for loans for the spring semester and we are having a really hard time with the FAFSA, because my father can/will not fill out his part. My father has a neurodegenerative brain disorder with physical and mental symptoms and he has not been able to work in a year due to this. He also didn't file his taxes for two years before that, so we are unable to complete his portion of the FAFSA. Even if he had done his taxes, it is extremely difficult for him to focus/complete tasks, so him being capable of completing the form is doubtful. My sister's college basically told us that unless my father is dead or in prison, his portion of the application is necessary to submit. If we can't submit the FAFSA, my sister cannot apply for loans, right? No one in my immediate family is eligible to co-sign for my sister on private loans. What are our options here? Is there a way to officially exclude my father from the FAFSA? Can my sister get any loans without a co-signer AND the FAFSA? We're freaking out, because the deadline to enroll is coming closer and closer. My sister is a really smart kid, and she works two jobs to support herself so I really don't want to see her drop out. Any advice would be welcome. Cross posted. [link] [comments]  |
| Posted: 05 Dec 2018 10:57 AM PST I'm a graduate student and I need a loan, but I'm only taking one class. Federal loans and many private loans are not available to someone enrolled below half-time. Are there any private loan options for someone below half-time? Thanks for the help. [link] [comments]  |
| How can I save myself from being screwed with parent plus loans at $44k and $28k in my name?? Posted: 05 Dec 2018 09:21 AM PST I make $37k right now. I am looking for a higher paying job and will definitely have one next year. But right now I'm living with my parents (really don't want to for much longer) I have a business degree but was working in hospitality before (bad bad idea). So I'm kind of just starting now. So much regret on my choices, I know. Also I'm single so no sharing costs for me. I have to pay the parent plus loans. I know not legally but yes I am paying it. Right now the minimum at $320/mo. The loans in my name are income based and will soon probably be about $150/mo. I learned if I don't pay $1000/mo on the parent plus I will pay $30,000 in interest alone. I've asked my parents to refinance it but they say they wouldn't be approved. I'm sure I wouldn't be approved with my income. I can't pay that much right now, and I can't pay the $600 or so that would get the least interest with my other loans. I do have great credit though. I have no idea what to do. Also my parents are not that old or unhealthy (knock on wood) so don't say anything about that. I like them overall but sometimes I'm so angry at them for being irresponsible with $ and not caring/understanding how screwed I am. I know I got the benefit of getting a degree but everyone knows now that 18 year olds didnt usually fully understand and were told they'd get good jobs etc. [link] [comments]  |
| RePAYE / spousal income verification when filing jointly Posted: 05 Dec 2018 04:52 PM PST Hoping some of the loan gurus here can provide clarification. Looking into switching from IBR to RePAYE. Wife and I file taxes jointly. Part of the application asks if I can verify my wife's income. I'm confused why this is relevant if we file jointly. It appears if I can't verify her income I'm classified as "single", but wouldn't my AGI be calculated the same either way? I can see how refusal to provide income of spouse would be relevant if filing separate to avoid gaming the system, but that's not the case here. Won't they see her income once I link our tax return? What am I missing? [link] [comments]  |
| Is there any hope for my boyfriend’s loans? Posted: 05 Dec 2018 03:50 PM PST My boyfriend graduated a year and a half ago with a BS in sports medicine. College put him $60,000 in debt, half from FAFSA and half from Sallie Mae, with one interest rate being as high as 12% and the rest ranging from 8-11%. There are no jobs to align with his degree, so he is now working at a factory making $15/hr. We were planning on moving in together (he lives with his parents), but I do not think he will be able to afford it at all. He's currently paying around $750/month, plus car and phone payments. Is there anything he can do about his loans? Would consolidating lower them? I'm still in school myself, so not very familiar for how it works beyond just making monthly payments. [link] [comments]  |
| Posted: 05 Dec 2018 02:41 PM PST Should I pay off the highest score interest rate loan first? Thanks, [link] [comments]  |
| These payoff options don't make sense to me - someone please explain Posted: 05 Dec 2018 01:30 PM PST This is one of my loans serviced by Great Lakes. I'm not super concerned because I am paying it off in the next month, but I still want someone to explain it. In anticipation of paying off this loan, I was looking at the repayment options for my other loans to strategize, and noticed that for this loan, selecting "Graduated" would result in less paid back overall than selecting "Level", even though the monthly payment for graduate is half of the level payment... and when clicking on details, the "graduated" payments shows only 26 remaining payments while the "level" payments shows 54! Logically, shouldn't the extended plan result in a higher amount paid back overall, because less is going to the principal each month? What is going on here? Do I need to be more cognizant of errors or bugs like this so I don't end up overpaying on my remaining loans? If I wasn't paying this one off in the next month, I'd go ahead and change repayment plans just to change the few cents of interest. Has anyone seen this before? [link] [comments]  |
| Calculating interest? $15k loans, first time borrower Posted: 05 Dec 2018 01:23 PM PST Hello! This is probably a dumb question but I'm going to be taking out loans for the next two years to pay for my rent during school. I've never taken out loans before and I just want to make sure I know what I'm doing? I don't have parents who can advise me on this and so... I take to reddit. I realize I need to talk to some sort of financial advisor but I just wanted to see if I understand the gist of the basic math and debt I'll have at the end of all this. My salary after school will be $30-40k out the door (that's the low end of the spectrum). My total debt should be around $15k with an 8% interest rate. My loans will only be Federal subsidized loans. 8% of $15k is $1.2k. Is this the totally interest I can anticipate to pay as long as I meet my minimum monthly payment? Or is my total interest dependent on the period of time it takes for me to pay it off? Ideally I'd like to be debt free in 3 years after school. Also, I've seen people ask about if it would be bad to throw a large sum of cash at their student loans, as if this could affect their credit negatively. Is that actually a thing?! That seems like forcing someone to stay in debt which is horrible?! Or am I just missing something? I'm very new to personal finance and would appreciate any pointers on budgeting, resources, etc.! Thank you! [link] [comments]  |
| Mother has ALS. Can her Parent Plus loan be discharged? Posted: 05 Dec 2018 07:38 AM PST My mother has a Parent Plus Loan under her name for my education and I am wondering if it can be discharged given her condition. Thanks [link] [comments]  |
| Don’t pay loan to increase credit score? Posted: 05 Dec 2018 02:21 AM PST I'm very much on top of paying my loans and am starting to see the light at the end of the tunnel. My concern is that these loans are by far the oldest accounts on my credit report and it may hurt to have that long credit history go away. Has anyone ever left their loan at like $1 and just paid the ~10 cents a year in interest for the extra credit history? [link] [comments]  |
| First generation kid with student loans rant Posted: 04 Dec 2018 09:41 PM PST Hello all. I just wanted to be able to talk to someone about this. As the title states, I am a first generation student at a private liberal arts college. I'm probably going to graduate with 27,000 in student loan debt and it's starting to scare me. I know I probably should have been smarter about my money usage, but I wasn't so now I'm feeling really insecure and scared. I know many of my friends who will graduate with much more student loans (well the average loan debt at my school is 30,000-34,000). But most of them are planning to live at home with their parents for a few years to pay of the debt. Whereas me, I really want to move to another state. I stayed in the exact same small town for college so now I really crave new experiences at new places. I'm beginning to read books by Dave Ramsey to hopefully be smarter about money. I guess what I'm looking for is some advice or maybe others who are in similar situations (first gen student) as me. [link] [comments]  |
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