Navient private loan: lesson learned Student Loans |
- Navient private loan: lesson learned
- Is it a milestone to celebrate when you have more money saved then you owe?
- Fantastic news for TEACH grant recipients
- Should I take out loans or try to pay in full?
- Accused of Overborrowing?
- Question about IBR and capitalization.
- “Thank you! Your account has been paid in full.”
- Paying off US student loans with a UK loan to save on interest (xpost)
- Navient applying for a Deferment
- My student loans just shot up $1583 USD total, an amount that exceeds my payments for the entire year as I'm making minimum payments to eliminate some cc debt first. It's my understanding that my interest accrues monthly. Can you help me understand wtf is going on.
- Need help understanding status of old and ‘closed’ loans
| Navient private loan: lesson learned Posted: 09 Dec 2018 07:16 PM PST If I were to go back in time, we would have paid this private loan with Navient down aggressively years ago. When my wife was 18, she "signed on the dotted line", so to speak, and unknowingly took out a student loan with a nearly 20% APR. Navient services this loan now, it was sold once, and we just found out that after 12 years of paying the recommended min amount, the loan balance has not reduced at all. Actually, what was originally a $6,000 principal balance is now a >$16,000 balance. After digging, we noticed that this loan was bundled with other Navient loans and she was given one lump sum payment. It turns out that the amount of the payment that was distributed to this problem loan didn't even cover the interest per month on it. This is totally legal - which is completely outrageous. Learn from our mistake - scrutinize your loans with Navient or other providers and understand the terms early and thoroughly. We'll be submitting a complaint to the CFPB, but at the end of the day - we are on the hook for the full balance and don't really expect any relief that doesn't result in a more expensive loan in the longer term. That's just the way the system is rigged here in the US, I guess. [link] [comments]  |
| Is it a milestone to celebrate when you have more money saved then you owe? Posted: 09 Dec 2018 09:03 AM PST At my current savings rate ($500/month) and current debt repayment a month (2 monthly payments for $290 and $168) my savings account and amount owed on my loans should meet somewhere at the end of 2019. Is that a milestone to celebrate? Although I guess with student loans everything is a milestone lol. [link] [comments]  |
| Fantastic news for TEACH grant recipients Posted: 09 Dec 2018 07:38 PM PST The ED has announced a plan to give those who had their grants turned into loans due to paperwork problems a second chance. I'm tickled about this news! In summary - if you've had your grants turned into a loan due to late or incorrect paperwork, but you've fulfilled your grant requirements, you can resubmit and if approved, the loan will go away and you'll get a refund of any payments you've made. [link] [comments]  |
| Should I take out loans or try to pay in full? Posted: 09 Dec 2018 06:24 PM PST Hi! I currently have about ~10k saved up in an emergency fund and ~4k in student loan debt right now (I pay $50 a month). I graduated undergrad in May 2017. Right now I make about 48k a year, which will go up to 58k in February 2019 and then 74k in February 2020 ( I work for fed gov). The cost of tuition over the next 2 1/2 years is going to be about $30k, plus gas to commute 40 minutes from work 2x a week. My employer has said he may be able to pay for 1 class a semester, which MIGHT put my tuition total down to around 15k ( we have not signed any solid paperwork yet). Right now I live with my parents, but would like to move out for my sanity ASAP (they are great but living with parents is hard)-- feasibly next fall before I start classes. I am trying to max out my TSP (401k) and Roth IRA and trying to stash money for future investments and "travel" money. I don't want to be completely miserable working and schooling, so I would like to have some cash to at least go on vacation during my breaks. Is it a bad idea to take out some loans or should I do my best to pay in full? [link] [comments]  |
| Posted: 09 Dec 2018 02:58 PM PST So in undergrad, I needed extra loan money one year for summer school. My mom was denied a plus loan due to adverse credit history, so UCLA allowed me to use independent loan limits. They gave me about $3,000 extra unsubsidized loans that year. Overall, I finished undergrad with the max subsidized loans of $23,000 and around $12,000 unsub loans. Now I'm starting grad school, but the college says I over-borrowed even though I'm well within the independent limit. I'm stressing, and UCLA hasn't go back to me yet. I start my program in a month, so any ideas? [link] [comments]  |
| Question about IBR and capitalization. Posted: 09 Dec 2018 03:34 PM PST Hi, all. I'm trying to piece some things together. I recently read that if you're on IBR, and have partial financial hardship, then your interest accrued isn't capitalized. From my understanding, that means that the interest isn't added to the principal. Does that mean that no interest accrues on your unpaid interest? [link] [comments]  |
| “Thank you! Your account has been paid in full.” Posted: 08 Dec 2018 09:47 PM PST https://i.imgur.com/lmT6buq.png I've been lurking on this sub for a little over a year now. Today is the day im official debt free! I paid off approximately $35,000 in 1.5 years. Worked 2-3 jobs at a time and as much as this sub hates it, lived with my parent for a year of that time. I paid anywhere from $2,000-4,000 minimum a month. I left $100 to myself for gas and food every pay check. I worked 70-80 hours per week minimum. It was a grind, but I'm happy to say I'm debt free! [link] [comments]  |
| Paying off US student loans with a UK loan to save on interest (xpost) Posted: 09 Dec 2018 01:01 PM PST Hi - to give the background my wife is American & living in the UK with me. Currently we pay $1200 a month on her US student loans. We make a combined income of £66,000 but live in London where rents are high. We're able to make these payments & have money to live on but are getting reamed by the interest. Over the last 2 years we've paid over $24,000 onto these loans but only seen the principle balance reduce from just over $90,000 to $80,000. The loans are spread across several providers with the interest rate being between 8-13%. Currently we cannot refinance in the States - payments are being made on time but attempts to consolidate have been rejected. We're not able to move back to the States in the next year or so. There are two loans equaling $26,700 of that $80,000 that if we were to carry on paying as normal we'd pay over at least $15,000 in interest plus that balance of $26,700. I can qualify for a loan in the UK of £20,000 at an interest rate of 3% meaning we would pay back £1,791 total in interest over six years. A total amount of £21,791. The monthly amount would be less than what we're paying monthly on the US loans too. There'd be a cost to transferring it to $ but that's only a few hundred. This would save us at least $11,000 over six years (the US loans are variable). This seems like a no brainer. Is there anything obvious I'm missing? Apart from the fact I'd be taking on the wife's debt and all the risks that entails! It would not be a co-signed loan. Or any other advice that people have on consolidating loans while living abroad. If the £ tanks post-Brexit we would need to look at where we were living. (The other $54,000 I will just have to continue to suffer in silence over. The American student loan system is mental) [link] [comments]  |
| Navient applying for a Deferment Posted: 09 Dec 2018 06:55 PM PST Hey all I need some help So I'm trying to apply for a deferment through Navient. I just graduated in May, was accepted into a grad school, and am now attending the grad school online full time. I thought that I wouldn't have to pay interest on my undergrad student loans until I was out of grad school. But regardless of that, I think my loan monthly interest will be much higher than I am able to pay! On Navient, how do I apply for a Deferment and an Income based repayment plan! I haven't been able to find much about it, and the one thing I found about deferment told me that I wasn't eligible. Any help would be great! Also if this isn't the best way for me to be doing things let me know there too [link] [comments]  |
| Posted: 09 Dec 2018 02:16 PM PST |
| Need help understanding status of old and ‘closed’ loans Posted: 09 Dec 2018 03:01 PM PST I recently applied for a government job and part of the background check included a credit check. Last week (2 weeks before my start date) I was informed that I had some outstanding debt that I needed to handle before they could go forward with their check. Two of the debts happen to be US dept of Ed student loans dated from 2003. Both of the loans say "closed" on the report, as of 2017; however, I was confused as to why they were continuing to show up. I did some research and found out that in the state of NY (where I went to school and reside) will keep debts on record for a few years after being closed. Can anyone help me understand if these loans will eventually 'go away' after a certain amount of years or will they stay on my record forever? I really don't want to initiate starting payments again on them, if that will restart the clock on a debt that will go away within a few years, but if they will be there forever then I would have to. I know that I was irresponsible with not paying them off completely in the first place, but I went through some tough times financially (and I'm finally getting myself to a better place with a great job as of this year) and I just couldn't afford the payments. Any help on the topic would be much appreciated. [link] [comments]  |
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