Finally free from Student Loans Student Loans |
- Finally free from Student Loans
- Who is paying my student loans?
- Paid off a private loan and score went down?
- My work is starting a loan repayment option using a percentage of the 401k contribution. Is it worth giving a smaller percent to my 401k now and getting extra to my loans?
- Navient prevents you from making payments if you accidentally use your browser's back button instead of the native site one.
- Have a non profit main job and thinking of getting a small part time min. Wage job at Home Depot.
- Refinancing loans
- If I know I will be able to pay off my ~35K in student loans within 3 years, is it worth taking on a longer loan term of 10 years when I refinance to take advantage of lower monthly payments (despite a marginally higher interest rate)?
- What is Student Loan Consolidation? Private Student Loan Consolidation.
- Loans for Community College?
- Extra payments and "Paid Ahead Status"
- Whats the Best Way to Tackle 110K Worth of Student Loans ?
- How to maximize PSFL - Start Paying Now or Later?
- Not certain I’m understanding PSLF requirements re: repayment plan
- Nelnet denied my IBR request, but lowered my monthly payments. WTF?
- Who can claim tax deduction?
- What options does someone in the military have for paying back loans if you're not eligible for the GI bill?
- Student Loan Debt Crisis Panel Live Stream - Jan. 31, 5:30 p.m. EST
- Could I use student loans to get plastic surgery theoretically?
- PSLF question about payment increasing once married
- Private student loan debt 'under seal'
- Teacher Loan Forgiveness
- Rehab Setup Question
| Finally free from Student Loans Posted: 31 Jan 2019 08:24 AM PST I have to share this with you guys, since this sub and other subreddits helped me a lot thru this journey- This month I gave my last payment to my 50K+ loans - incurred 2014. I am so relived - I feel so much stress free and don't get those panic attacks before falling asleep like before. A small summary of my story: My college Girlfriend (SL 28K) and I (SL 50K+) graduated 2014- both of us struggled to find a real job - we were barely making it; living like broke freshmen. We stumble with Daveramesey's book and while I dont agree with his persona his advice is logical and makes a lot of sense. This jump started a new attitude. After a few months we got better paying jobs that paid living wages - it was really though but like a snow ball with time all starts gaining momentum and there are up and downs in the road. I was not perfect, did not become a workaholic, lived like broke person but bought for myself small toys here and there. I paused paying aggressively because during this time I proposed and saved up for a small wedding. (the wedding was a few months ago) Now that we are married all my savings and income went to pay the last of the students loans. now i feel i can start fresh and pick up my Personal finance journey. Thank you all who shared tips and stories- I know some people have way higher mountains to climb but just let you know that we are supportive of you! [link] [comments]  |
| Who is paying my student loans? Posted: 31 Jan 2019 12:54 PM PST I starting paying on my student loans two months ago. I setup my personal bank account to start making payments. When the due date came around I noticed that some other bank account had made a payment. When I called to try and figure out who the account belong too they could only tell me the name of the bank that it belong to. They're also claiming that the bank account is in my name. Nobody in my family setup this bank account. Where could it be coming from? Is this some kind of scam that I'm not aware of? EDIT 1: I don't exactly know if the mystery bank account that is paying is in my name (might have got miscommunication from customer service) but you would have to log onto my student loan account to add the payment method, or I would you assume so. [link] [comments]  |
| Paid off a private loan and score went down? Posted: 31 Jan 2019 07:03 PM PST Hello all, I just pid off a $3,000.00 private student loan by making my last payment. Payments were made all on time over the minimum amount for 30 months. Once the balance paid off they closed the account and my score went down 40 points. Is this reasonable? Getting rid of debt kills my score? [link] [comments]  |
| Posted: 31 Jan 2019 06:26 PM PST So here's some back story. I have 33k in student loans. I'm on IBR right now and my monthly payment of $170 is only the accruing interest basically. My job is just starting a new program to change your percentage towards your 401k and the remaining will be given to your loans. There is a lifetime cap of $7,500 of loan contribution. I would need to change my contribution to 2%-5%. They match 6% total, and I currently have my contributions set to 11%. So for example: If I change my 401k contribution to 3%, the company will match that 3% as well giving a total 6% towards my 401k. Then the remaining 3% will be given as a monthly payment on top of my monthly payments. It's calculated using my base salary, So about $112.50 would be given a month on top of my $170. It seems worth it to me to start actually making a bigger dent in my student loans now rather than dealing with it later in life, but that pulls from what I get later. So a little torn. Has anyone else had their company offer this? Have you done this? Is it worth it? Are there any other subreddits I should post to for advice? [link] [comments]  |
| Posted: 31 Jan 2019 09:02 AM PST Two weeks ago I began getting an error message whenever I tried to make a payment on Navient's site. I tried loading the site on different computers and browsers but got the same error for each. I contacted the support team and they replied two weeks later by saying that it is my fault this happened. I do not know of a single site that works like this other than Navient. This is a level of incompetence that has to be unprecedented by any major company's web presence. The idea that using the browser's back button not only breaks the site but locks out the account until someone manually resolves it weeks later. I honestly don't understand how this garbage is legal. [link] [comments]  |
| Have a non profit main job and thinking of getting a small part time min. Wage job at Home Depot. Posted: 31 Jan 2019 10:52 PM PST How would that affect my IBR? Would it cause it to go up much? [link] [comments]  |
| Posted: 31 Jan 2019 04:26 PM PST So I graduated in May 2018 and I have a decent paying job. I keep getting letters in the mail about refinancing my loans and I was wondering if I should do it, and if so, what company's are best? What effect does this have on credit? My loans are through Discover and I have a average fixed interest of 10%... I believe my repayment is 15 years. [link] [comments]  |
| Posted: 31 Jan 2019 10:21 PM PST I have around 35k worth of loans from SallieMae (11k at 4.5%, and 24k at 8.5%), I'll be starting a job that makes around 90k a year base in July, but that pays a significant cash bonus after my first year of working and onward . I am planning to pay off all of my loans, ideally within 2 years using this bonus + principal repayments + general savings ; (this bonus will be at least 30k, at most 90k). My only issue right now is finances for my first year of working; I'll be working in NYC, and rent is pretty high (~2.2k a month). Unlike some of my peers, I didn't come from a "comfortable" background, and I have monthly family obligations to take care of as well. I think I'll be financially ok all things considered, I just think that paying the 600-700 dollars a month for a 5 year refi might put me in a tighter than comfortable spot especially in the first few months of working. My question is, is there any detriment to taking on a longer loan term refinance just to take advantage of the lower monthly payments my first year or working? The ones I have with SallieMae right now are 5 and 7 years. I was planning on refinancing in July or August. [link] [comments]  |
| What is Student Loan Consolidation? Private Student Loan Consolidation. Posted: 31 Jan 2019 10:19 PM PST What is Student Loan Consolidation? If you have multiple student loans you may be able to combine them into one loan with a fixed interest rate based on the average of the interest rates on the loans being consolidated. A Direct Consolidation Loan allows you to consolidate multiple federal education loans into one loan at no cost to you. Through your completion of the free Federal Direct Consolidation Loan Application and Promissory Note, you will confirm the loans that you want to consolidate and agree to repay the new Direct Consolidation Loan. Once the consolidation is complete, you will have a single monthly payment on the new Direct Consolidation Loan instead of multiple monthly payments on the loans you consolidated. What is the difference between student loan consolidation and refinancing?Which option is better? Find out here. [link] [comments]  |
| Posted: 31 Jan 2019 10:18 PM PST Income info: parents pay $450 out of the $550 my rent is I make around $150/week valeting, just started this job. I attend a quarter system community college in Silicon Valley No money in bank account, as I just moved to new apartment and so the little savings I had went to the deposit I owe/need to buy asap: $380-borrowed from parents $100-webassign required for math quizzes and homework, I'm praying my paycheck comes soon so I can do the quizzes due this Sunday Parents claim me as dependent In my second year of college, I plan to transfer after next year, have a ballpark of where I want to apply. Taking 17 quarter units currently, took 21 last quarter but it was too much, regardless of me still passing. Current Financial Aide: Promise Grant C takes care of ~90% of my ~$500 tuition and fees I never knew until now that I have Direct subsidized loans offered at $875/quarter, total of $3,500 Should I take them? I don't know how they work or when I'd have to start paying them back, or if it wouldn't be a good idea at all and I should just stick to being stressed currently but financially "secure". Sorry if this isn't the right thing to help, please point me in the direction I need to go if that's the case. Thank you everybody TL;DR: 1. If I take direct subsidized loans, when do I have to pay them back? 2. The interest starts when I finish college/stop being a half time student right? 3. Would it be better to just apply for a credit card and start using it for gas/food(I make 99% of my meals and try to make it ~$2/meal) 4. Will the interest start if I transfer to a 4-year? [link] [comments]  |
| Extra payments and "Paid Ahead Status" Posted: 31 Jan 2019 05:37 PM PST I have student loans with Great Lakes. I am currently on the standard 10 year repayment plan. My monthly interest is about 700.00. Last week, I decided to use my savings and make a large payment towards my principal. A huge sacrifice but worth it knowing the amount of interest and years of debt I am shaving off. So I made a payment of $15,700.00. $700 to cover my payment for the month, and the remaining $15,000 to lower the principal of my highest interest bearing loan. I checked my great lakes account online, and I see that the payment was allocated towards the Loan Token of my choice. However, it now says I am now "Paid Ahead" and I don't have a bill due until July 2020. I called great lakes and asked them what that means. They gave me a very broad explanation that I am still unclear about. I said I didn't understand how I could be "paid ahead" if that extra money I paid down a principal and was not prepayment for future interest. How could I be "paid ahead?" if I haven't paid the interest ahead? They said that because of a federal law, they had to put me in "paid ahead." I don't want to be paid ahead. I know my interest will be accruing daily and I'd rather pay it now and keep putting extra towards my principal. I requested to be removed and to be given a bill for next month and they said they could not remove me. The only thing she could do was: first, she suggested forbearance. I cut her and immediately said no, because I already know forbearance is not good if my goal is to pay off my loans as soon as possible. She then suggested that she regenerate a new plan, but that would cause my outstanding interest to capitalize on my principal, which means I'd be paying interest on interest. That was out of the question. I'm frustrated because I feel like the system is made to make it hard to pay off your loans. Has anybody else experienced this "Paid Ahead" status when making extra payments? What the heck is it and why do they automatically place you in it if you make an extra payment? [link] [comments]  |
| Whats the Best Way to Tackle 110K Worth of Student Loans ? Posted: 31 Jan 2019 12:32 PM PST I'm a single, 25 years old, working as an electronics engineer with a salary of 100K. The immense debt I have is because I had zero financial awards or scholarships (I was an idiot in HS) and made the stupid decision of doing my masters right after getting my BSc....while being well aware companies can reimburse your education. So essentially I have 2 loans, one is around 70k with 7% interest and the another around 40k with 5% interest. Living in an apartment in Maryland, I calculated that I could pay $2500 per month towards my loans and get them knocked out by the time I'm hitting 30. And because I'll be living with my brother, ill be saving 1000 after all expenditures and monthly loan payment, so I'll still be able to live very comfortably (I also have 10k saved up as of now) So I was wondering if you guys had any suggestions in how I should tackle em ? Right now I drop $1250 for each loan account, totaling up to $2500 per month. Any better ideas on how to go about this ? [link] [comments]  |
| How to maximize PSFL - Start Paying Now or Later? Posted: 31 Jan 2019 08:29 PM PST I have a bachelor's and a master's degree with a total of about 35k in federal, unsubsidized student loans. I work full time in government service. I expect to stay with my job for the next decade or so at least. I'm also now going to law school part-time. When I finish law school, I'll have a total student loan debt of about 111k. I plan to use public service loan forgiveness and hope the program will continue. My student loans are all federal unsubsidized Stafford and grad plus loans. They are deferred because I am in school half-time. How can I maximize the PSFL program? Should I get my loans out of deferment and start paying them now, as I go, or should I continue to defer all current and future loans until I graduate? Thanks in advance for your help! [link] [comments]  |
| Not certain I’m understanding PSLF requirements re: repayment plan Posted: 31 Jan 2019 07:35 AM PST I'm a local government employee, annual income of $40k. All of my loans are Direct (either consolidated or stafford). I plan on staying in government. I'd like to take advantage of the PLSF option for forgiveness after 120 qualifying payments. I believe I understand the basic requirements, but am confused on which repayment plans are eligibility for forgiveness. Specifically, if I'm paying under the PAYE plan, would I be eligible for forgiveness after 10 years? My confusion stems from an explanation about PAYE repayment being eligible for forgiveness in 20 years. Any direction work be greatly appreciated! [link] [comments]  |
| Nelnet denied my IBR request, but lowered my monthly payments. WTF? Posted: 31 Jan 2019 11:57 AM PST I've been paying between 250-300 a month on an IBR plan for about a year now. Recently I used my Christmas bonus to pay off one of my high-interest loans, which reduced this payment to ~$200. When I reapplied for my IBR per Nelnet's annual request, they sent me an email saying my application was denied, and though I would /remain/ on the IBR, my payments would not be lowered. They went on to state my new monthly payment would be "raised to $36." Verbatim. Two different emails from them stated this. WTF is going on? How did that happen? Should I even question it, since this enables me to avalanche my other high-interest loan? Thanks in advance for your thoughts. [link] [comments]  |
| Posted: 31 Jan 2019 11:12 AM PST Hello! I'm trying to figure out who can claim the 1098-E on their taxes for a friend. My friend's parents are paying my friend's student loans. Her parents are cosigners on all the loans. She is not claimed as a dependent. Who can claim the 1098-E? Thank you! [link] [comments]  |
| Posted: 31 Jan 2019 01:58 PM PST Medical student who enrolled in the hpsp program. All of my medical school is payed for but I still have about $110000 from undergrad and masters about 60/40 federal to private. Not eligible for GI bill benefits. I know the military will cap interest at 6% while I'm active duty. What other options does the military offer? [link] [comments]  |
| Student Loan Debt Crisis Panel Live Stream - Jan. 31, 5:30 p.m. EST Posted: 31 Jan 2019 07:54 AM PST Hi folks. My organization, the Community Service Society of New York, is hosting a panel tonight on the student loan debt crisis. Seth Frotman, the former student loan ombudsman at the CFPB who now runs the Student Borrower Protection Center, will give a keynote address, and then there will be a panel with a handful of experts and policymakers. We'll be live streaming the event and hope that it will be very informative! Link: www.cssny.org/loans-watchlive (And if you're in the NYC area and willing to brave the cold, we still have a few seats available! You can RSVP at www.cssny.org/loans) [link] [comments]  |
| Could I use student loans to get plastic surgery theoretically? Posted: 31 Jan 2019 05:01 PM PST |
| PSLF question about payment increasing once married Posted: 31 Jan 2019 08:13 AM PST I recently got married and with tax season here I have a question about my student loans. Currently I pay under a IBR program and am part of the PSLF program as I work for a non profit now and will continue to. How should I file so that my payments do not increase? I have heard that we need to file as Married but filing separately but was hoping for some clarification. Thanks! [link] [comments]  |
| Private student loan debt 'under seal' Posted: 31 Jan 2019 11:23 AM PST Wife has over 100k in private student loans at a 13% interest rate. Dad was going to pay it but he passed and mom ran off with the money. She cant afford the payments. I thought she would be good due to the statute of limitations on private loans. Then I discovered the Sallie Mae contract she signed says 'seal' after the signature. In Pennsylvania, where the contract is based, the seal means they can sue her for 20 years. She took the loans out in Jersey, where the seal extends it to 16 years. So they could apparently sue at 19 years, receive a judgement, and wait on that for another 10-20 years. So it seems like a lot of this 'statute of limitations' stuff is hogwash. Any experiences with this? Is there a state we could move to that's safe from the statute of limitations being imported? I've been googling for days and not seeing much. Trying to get all the info I can before hiring an attorney to fill in the blanks. [link] [comments]  |
| Posted: 31 Jan 2019 10:43 AM PST Hey all, I looked into posts about this already, but couldn't find anything recent, and was looking for some advice. I just recently graduated with a masters in secondary education and am about $53,000 in debt from undergrad and grad school combined--so I consider myself lucky compared to a lot of people I know! That being said, I have been looking into the Teacher Loan Forgiveness program (in NYS). My content area is English, and from what I've gathered, it is STEM and special ed teachers who receive the most in the way of loan forgiveness. Given that I'm not in the STEM field or special education, it seems as if I would be receiving significantly less in the way of forgiveness. I've also heard that the actual process of applying for everything can be a total nightmare. I am curious to hear about other's experiences with the system. Have others here had any success in this field? Is it worth it? [link] [comments]  |
| Posted: 31 Jan 2019 10:31 AM PST I want to set up rehab but I have multiple federal loans. Will I have to set rehab for every individual one and pay for them separately $55 here, $85 there, etc. Or will one payment go towards all loans on file? Also, I've sent them two letters (both certified) one to set up rehab payment (asking them to send the itemized sheet to set it up reasonable payments), and another letter to only contact me by mail or email. I got a return receipt on my first letter, but not my second. I've called only to be sent to voicemail. I said I wanted to set up rehab but to contact me through email or mail. Instead, they continue to call me even after I've asked them not to through mail and verbally. Is there anything I can do to stop the calls and have them send letters? [link] [comments]  |
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