Cut back on 401K and crush student loans? Student Loans |
- Cut back on 401K and crush student loans?
- Best place to get student loans in US?
- Am I doing this wrong?
- Is it ok to get a private student loans in this situation?
- DAN (Debt Assistance Network)
- Defaulted - Consolidate, Bankruptcy, Something Else?
- How to get student loans as an under graduate student for community college?
- Can I get a student loan without a High School Diploma?
- Want to apply for additional loan for traveling abroad
- Student loan that doesn't exist and never existed showing up on my credit report
- taking out canadian student loan to study in the US? please critique my plan
- Lump sum payment?
- REPAYE-PSLF Implications
- Halfway there!!!
- I have five student loan. How do I find a reliable consolidation service and decide what loans to consolidate/refinance?
| Cut back on 401K and crush student loans? Posted: 07 Feb 2019 09:48 AM PST Hi everyone, I've been a bit of lurker to r/StudentLoans and finally decided to make an account and get involved. I graduated from college May 2015, in November 2015 I started paying on my loans. I think I came out with about 50k. My dad took out all of my loans and I had no clue how the process worked, but once I had to start paying I did my research. He took out all federal loans and my interest on all 3 was between 8-10%. One loan was small, so I knocked that out with the tax return I got in 2016. Then, I consolidated and refinanced to Sofi for an interest rate of 6.75%. Between Dec 2015 - Feb 2018, I was making about 45k a year and when I moved out in 2016 I was not able to double pay on my loans anymore (minimum was 500 - I was paying 1000 on a ten year term) so I just paid my normal amount. Current state, I am now making 75k and I have refinanced my loans to a 5 year term at 4.97% and pay 602 a month. Meanwhile, I contribute 13% to my 401K (4% to my traditional 401k to get my match, 9% to Roth 401k), between 150-200 a month a Roth IRA and about 100 a month to an HSA through work. I am looking at building up my savings, it is one of my goals for the year to get about 10k in there. Right now I have 3k in savings, about 25k in my retirement accounts, 1500 in my HSA. I would also like to make a pretty big dent in my student loans, currently, I am at 31k. For my next pay check I actually dialed back my 401k to just the 4% to get my match, stopped my IRA contributions and dialed back HSA to about 20 dollars a paycheck. In turn, I am getting about 300 dollars back each paycheck, which I plan on using to put towards my student loan principal. Is this a good idea? The market has been pretty flat it seems, so my investments haven't really grown much. However, I'm also big on buying in while the market is down to get "stocks on sale", so that is where my hesitation comes in on dialing back my retirement accounts. I look forward to any advice/suggestions you have. Thank you! Edit: Grammar [link] [comments]  |
| Best place to get student loans in US? Posted: 07 Feb 2019 04:05 PM PST I've maxed my federal student loans for this year and need to take out private loans for the first time any suggestions to where I should go? [link] [comments]  |
| Posted: 07 Feb 2019 02:09 PM PST Age:26 Income: 70K I own a house with about $20k equity in it, and I rent a room, so my portion of the "rent/mortgage" is roughly $500 after everything, except utilities which are split. I have $103k in student loans, all Federal through Navient. Highest interest is 6.55% on a $10K loan. I'm currently putting 8% towards 401k, 6% traditional and 2% Roth, 6% is the min to get the max match from my employer. I have about $4K liquid in a ally savings account. I'm on a Income Driven Repayment Plan with monthly minimums of $255.XX. I'm worried that this will keep going up to the point where I won't be able to afford it and I"m not sure what to do. I could pay an extra $200-$300 on it each month? But I don't feel like that will make a very big dent honestly. I would also rather see that money go into my liquid savings and/or retirement because of compound interest. I've also thought about taking out a loan against my house (slowly flipping it and could probably get a decent bit of cash out of it) and paying off a large chunk right away, because then I'd only be screwed if I couldn't sell the house. However, I'm in a very stable job - very confident that if the economy tanks like they say it might, that I'll be fine. My goal is to get my liquid savings above $5k, but I'd honestly like it closer to $10k just so I can feel really comfortable, and THEN start throwing a larger chunk of money at my loans? Right now, the minimum payment isn't even covering all of the interest so the balance is going up and it just makes me feel helpless. Like.. I don't see the point in trying to pay these off unless I find a large pile of cash (like pulling it out of my house) laying around. When I think about just paying the minimums for the 20 years and hoping I qualify for forgiveness by then, I feel crazy. What if my min payment is so high in 10 years that I regret this? The other aspect is that I'm in a fairly lucrative career and there's a decent chance I could be making well over 6 figures within a few years if I play my cards right, and that would allow me to start throwing a lot of cash at these each month. This line of thought leads me to think prioritizing building up my liquid savings for emergencies makes the most sense right now? It's all so overwhelming, sorry for the rant, I wish I could be more concise on this topic! [link] [comments]  |
| Is it ok to get a private student loans in this situation? Posted: 07 Feb 2019 08:25 PM PST So basically after all the grants i get from fafsa and my school i will still have 15k left for my tuition at the private uni i am going to. This will be for the entire year and this will be my last year as well and i will graduate. I am graduating with a bachelors in business administration with a concentration in accounting. Now after using all of the federal student loans that still leaves me with about 7500 that i need to pay. I am thinking about getting this taken care of with private student loans mainly because i just dont have that kind of money right now. This is the first time I am going to be taking them out and hopefully the last time as well. Now what I have heard is that you should only take out private student loans as a last resort. In total with the 7500 i have taken out already my total student loan balance by the time i finish should only be about 22k. I have seen some salaries around the area i live in and even entry level jobs like Accounts payable clerk and accounting clerk still make around 33k-37k so not too bad when it comes to income and I will be living with my parents to save on some expenses. [link] [comments]  |
| Posted: 07 Feb 2019 01:21 PM PST Hello! Does anyone have any type of experience with DAN Network for debt settlement on student loans? My husband signed up with them a while back. It seems to be legitimate but they don't take phone calls because everything needs to be documented (email and mailed items from Navient etc) so sometimes I get a bit nervous because that seems strange to not take phone calls. There are a few bad reviews online but I feel like if it's a scam there would be more than 6 reviews... but there is just not a lot on info about them online in general. I don't know what to think and just wanted to see if anyone has dealt with them? Thanks! [link] [comments]  |
| Defaulted - Consolidate, Bankruptcy, Something Else? Posted: 07 Feb 2019 09:47 PM PST Long background story short, I've spent my entire adult life battling mental illness and failing. Still battling now, got some better emotional and spousal support in place and I'm finally ready to start putting my life together. I've got about $22,000 in federal student loans that have been in default for a number of years with ECMC at an interest rate of something like 4.23%. I get emails and calls from them multiple times a month to consolidate my loans. Today, I CALLED THEM BACK! Y'all don't know how big of a win that is for me. I had a garnishment of 15% for a few years and they took my tax return in the years that I bothered to file. I lost that job in January 2018. I don't currently have a job, don't have any savings or assets, just got approved for unemployment but haven't seen any checks yet. I'm told I'll be receiving $247/week. I don't expect to ever be able to pay these loans back. I also owe around $5,000 to my last university and as such, they won't release my transcripts. Depending on the programs available to me and how my credits might transfer, I'm 1.5-2.5 years worth of full time schooling on my bachelor's. I do not have an associate's. I may eventually want to be able to take out additional loans in the future, should my options change and my ability to repay them exist. I know that having ones loans discharged in bankruptcy is incredibly rare. Is this something that would be an option for me? What are the benefits and drawbacks to me of consolidating my loans with Great Lakes is who I think they said or at all? What other options do I have? Can folks help me out here? [link] [comments]  |
| How to get student loans as an under graduate student for community college? Posted: 07 Feb 2019 06:10 PM PST I am at a community college but I need to find my own place to live soon. What are my options? Thanks [link] [comments]  |
| Can I get a student loan without a High School Diploma? Posted: 07 Feb 2019 02:16 PM PST I have 18 college credits that I paid for out of my pocket but I've decided to get my associate degree and I was wondering if I had to get a GED to get a student loan even though I have college credits. [link] [comments]  |
| Want to apply for additional loan for traveling abroad Posted: 07 Feb 2019 03:29 PM PST Pretty simple question but for some reason cant find it on the internet. I already submitted FAFSA for the year but recently decided I would like to try and travel abroad over the summer. How should I go about this? [link] [comments]  |
| Student loan that doesn't exist and never existed showing up on my credit report Posted: 07 Feb 2019 10:11 AM PST I have had issues with University Accounting Services (UAS) in the past but upon pulling my credit reports yesterday, I found a really fun one -- A LOAN THAT DOESN'T EXIST!! They reported 1 legitimate loan, and 1 loan that does not and has never existed. Everything that UAS reported about my 1 legitimate loan with them was fine and accurate: the original starting balance was correct and its status of closed, paid in full is also correct. But here's where it gets fun... they also reported a second, inflated loan (not even a duplicate of my real loan with them, it's my real loan's number + $11,000!) that I have NEVER had. I called my school directly and they also have no idea what it is and no record of that. UAS literally made up a 2nd loan with a separate account number and a balance that's 2x my original loan with them out of thin air. It was only reported once, in May 2018, which conveniently coincides with when their cluster of a website transition started (I had issues with them processing payments all summer after they switched websites from "UAS Echo" to "UAS Connect"). Even my mortgage loan officer commented on how strange it is for the last reporting date of that account to be May 2018 when my credit report was pulled this month, and every other account on it was last reported in Dec 2018 or Jan 2019... well that's because this is a fake, mistake loan that doesn't exist!! I'm obviously disputing this with the credit bureau, and my school also offered to call UAS directly to try to see what's up. Do I have any other options or recourse here, though? This seems like a big and pretty infuriating screw up. It's not like they accidentally reported or listed the same loan twice, or listed my closed loan as still open... they made up a 2nd new account out of thin air and I worry that because of the complexity of their error, it could take some time to resolve. [link] [comments]  |
| taking out canadian student loan to study in the US? please critique my plan Posted: 07 Feb 2019 12:07 PM PST So I'm a Canadian student and I'm going to be heading to occupational therapy grad school in the US pretty soon (around 6th months) and am wondering how I should take on the student loan. Judging by the tuition and living cost I expect I will be taking out around 120k for 2.5 year program. So far this is how I am planning to finance my education so please critique my plan: I will take out Canadian federal student loan to pay for my US college (since there will be no interest until my degree is completed), once i graduate I will try to get a job in the US, and pay off the canadian federal student loan with a US private loan with low interest, which then I will gradually pay off with my earnings. Since OT is a highly demand career in the US (and is covered by the TN visa) I should have little to no problem with my finances. is this a good idea or am I dealing with powers beyond comprehension? thank you for your advice! [link] [comments]  |
| Posted: 07 Feb 2019 09:56 AM PST I owe 57,000 in federal loans at 6.8% I have been in PSLF for approximately 3 years. I am getting married, and once our incomes are combined my repayments go from 280 a month to the full rate of 700 a month. I've essentially been making interest only, or less, payments every month. I am not sure where my next career move will take me (public of private sector). I have some savings that I could put toward a lump sum payment to start paying this down and make monthly payments more manageable once we get married. If I put 15k down they appear to go to about 500 a month, more from there. I am considering putting a lump sum down so that we 1) pay less interest over time and 2) hopefully pay them off faster. I feel like I am missing something here. Would this be wise? [link] [comments]  |
| Posted: 07 Feb 2019 08:12 AM PST My wife and I both have federal student loans and will be pursuing PSLF. I've gathered that both of us can get on REPAYE for our household taking our combined AGI into account. Effectively, us making a single payment each month that counts towards both of our loans. So three questions. 1) Is all that correct? 2) How do we go about getting on the plan? Is it different than simply applying for REPAYE as a single individual ? 3) What are the potential pitfalls or things to worry about in relation to PSLF, if any? Thanks! [link] [comments]  |
| Posted: 06 Feb 2019 05:34 PM PST Down to $7.2k from $15.5k ☺️. I'll be debt free March 3rd. I'm so happy I can see the light at the end of the tunnel. [link] [comments]  |
| Posted: 06 Feb 2019 04:15 PM PST I have five student loans. I have been searching around online but it hard to tell which ones are not scams. I also don't know if I should consolidate/refinance them all or just the variable one. Not sure if those fixed rates are good or not. The four smaller ones are fixed at: $3,319.89 at 5.350% $578.09 at 4.250% $2,728.36 at 5.75% $1,532.15 at 6.55% The one I'd really like to get refinanced (or consolidated) is the one with a variable rate. 5417.68 at 8.55% I have been paying the loans off regularly for two years. I have a very good credit score at 799 if that makes a difference. [link] [comments]  |
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