Tax deduction and payments Student Loans

Tax deduction and payments
Parent PLUS Situation
Question About Nelnet Early Repayment
So I’ve filled out my fafsa and gotten an amount, but I dont have enough money to register for next semester. Can i apply for more loans with fafsa or do i need a private loan now?

Posted: 23 Dec 2018 05:35 PM PST

Learned today that I can deduct the interest that has been paid on my loans. Fantastic!

If I currently have $100 in unpaid interest and make a $100 payment to that loan, does all $100 count as paying off the interest?

submitted by /u/Crazy_Potatos
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Parent PLUS Situation

Posted: 23 Dec 2018 08:14 PM PST

First time poster, long time lurker.

Background: approximately 50k of federal loans in my name managed through FedLoan that I've been aware of and paying since graduating a couple years ago (I'm in education and on an IBR plan with PSLF being the end goal here). While I was initially overwhelmed, I got a pretty good starting salary for my job (48k before taxes) and made a plan that afforded me a decent quality of life (all needs accounted for) in addition to taking care of the loans.

I'm at my parents' for the holidays and my dad caught me off guard by taking me aside to talk about Parent PLUS Loans. I've never been aware of other loans taken out for my education, but he says that he has loans taken out for me (in his name) that are currently sitting at 64k. Obviously this threw me for a spin.

A couple relevant details: - I attended a small, private liberal arts university (religious) at the advice of my parents. I had been looking at a state university but was strongly urged to not take that route. There was never a serious discussion about cost or money; at that stage, my parents took a very lackadaisical approach to managing money and to say my understanding of personal finance was abysmal would be an understatement - My dad is not a trustworthy person and often stretches the truth and works people to achieve whatever end game he has in mind for himself - This is the first time I have ever been made aware of any loans he's taken out for me. I graduated from undergrad in 2014 and grad school in the summer of 2016 - He states that the expectation is that I start paying off this loan in 2019. If I only tried to tackle the interest, it would be ~$300/month. A 30 year plan would be somewhere around $550, 5 yr $1200. With my FedLoan payment, this would eat up a significant portion of my monthly income

I'm trying to figure out if he's been paying this loan already before I determine how I would like to go forward. If I ask him directly, it is likely he will lie. After doing a bit of research, it looks like the loan was likely in deferment until early 2017 (I was in school full time through summer 2016) and I'm wondering if he's let it sit in forbearance since then, accruing interest this whole time. I know he makes good money (150k or more) in addition to my mom's income (at least 50k). If he hasn't, and he's been paying, I am leaning toward letting him continue pay it until I can figure out a more permanent solution that doesn't leave me scrambling when 2019 hits in...a week.

Could someone more knowledgeable about forbearance eligibility chime in about what that looks like and if it's likely he qualified? Both parents are in good health and work in the private sector.

submitted by /u/ammarie27
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Question About Nelnet Early Repayment

Posted: 23 Dec 2018 08:51 AM PST

Hi All, I'm getting ready to start an early repayment plan on my William D Ford loan and after reading some horror stories about Nelnet I want to make sure I avoid any common mistakes I haven't yet found. Currently I am on an income based repayment plan and since I was unemployed to very recently I do not have to start making payments until September of 2019. I will be making relatively large payments (about $1,200 a month) and I know that with Nelnet you have to sometimes clarify how/where you want the money to be applied. The loan amount is roughly $50,500 so I will be making payments for about the next 3 years.

My questions is: Would anyone who is or has been in a similar situation with Nelnet please share their experience (good or bad) and let me know about anything to look out for or take advantage of in order to get the most out of my repayment?

submitted by /u/flyingspaniard70
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So I’ve filled out my fafsa and gotten an amount, but I dont have enough money to register for next semester. Can i apply for more loans with fafsa or do i need a private loan now?

Posted: 22 Dec 2018 09:17 PM PST

Title :/

submitted by /u/futurepersonified
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