Best way to tackle debt of 138k Student Loans |
- Best way to tackle debt of 138k
- What documents to keep for PSLF?
- Is doing a 117k Masters in Marriage and Family Therapy program worth the debt?
- Trying to Snowball Student Loans
- Graduating semester early prior to dental school
- How can I reduce my payment amount on a Wells Fargo consolidated private student loan
- Trying to figure out if student loans are worth it.
- Denied student loan without a co-signer by Discover Student Loans
- Hearing Disability Loan Aid?
- Where does financial aid get applied to - the person or sent directly to the University?
- Student loan consolidation Clear One Advantage terrified of this process
- Two IBR up for Recertification. Can I do one and not the other?
- What information should I reveal when attempting to rehabilitate a Perkins loan?
- How do you make it so that you’re not in paid ahead status on aes?
- Looking for Boston or Houston student loan borrowers
- SO in default, need advice + questions
- Won’t be working from May till Likely September— best options
| Best way to tackle debt of 138k Posted: 25 Mar 2019 05:12 PM PDT As the title states i have student loan debt of around 138k. 28k is through loans that have an average of 4.442% interest the rest is through a few parent plus loans that average 6.992% interest. At the moment I live at home with no real expenses besides parking, gas, and most likely my car insurance. I currently make 50k but i will be getting a raise every 6 months. in 2 years i should be making 90k. What is the best way to tackle these loans? I already devote more than half my income (i get paid monthly) to these loans but i want to make the most efficient decisions when repaying them. Any help would be greatly appreciated. edit: i am also in a grace period for both loans if that matters. [link] [comments]  |
| What documents to keep for PSLF? Posted: 25 Mar 2019 12:23 PM PDT I am sure I'll kick myself when someone says this has already been covered (but I cannot find it at the moment). What documents should I retain for the PSLF? I gave HR a PSLF certification form today which they said they will finish filling out and send to loan servicing. Do I need to get a copy of that from HR? And should I print out my monthly pay 'stubs' from my government employer? [link] [comments]  |
| Is doing a 117k Masters in Marriage and Family Therapy program worth the debt? Posted: 26 Mar 2019 12:47 AM PDT Hello everyone, I would appreciate any advice that you could give on whether or not taking on this kind of debt is worth it. I know that private practice therapists can make between 50-80k per year more or less. I want to go to USC, which is prestigious, and there are no shortage of jobs for therapists. However, I'm having a hard time deciding if taking on this kind of debt is a good decision. My wife is a tenured community college professor who makes close to 60k and we paid off her loans (they were around 15k). Neither of us has car payments, rent is cheap, we aren't under any financial pressure. Is it fair to put us into this kind of debt? We are thinking of having children in the next couple of years, and I need help deciding whether or not this is a smart option for us. Any redditors who have advice and/or experience it would be greatly appreciated. [link] [comments]  |
| Trying to Snowball Student Loans Posted: 25 Mar 2019 10:19 PM PDT Thanks for giving this post a read! I'm pretty stressed given the scale of the debt I'm in, and I'm hoping to get a few more opinions here. Providing rough numbers:
Now I currently make enough to cover minimum payments for each of these on a 10 year repayment basis (around $1k/month), and I've been doing so thus far. However, I get very worried when I think about losing my job or essentially anything unexpected happening. My primary goal at this time is to get my required minimum monthly payments down to make a hypothetical budget squeeze more bearable. If I am able to do so, I also plan to pay more than those minimum payments. I'm currently looking at using the "snowball" approach to knock off loans entirely, thereby reducing my monthly burden in chunks. My current thought is to completely pay of the smallest of the loans (servicer A), refinance the loans with servicer B and switch to a 20-year repayment plan, and apply for the extended repayment plan (20 years) on federal student loans. Again, I'm not trying to pay less per month when I'm employed. I'm trying to ensure I can survive if I should ever become unemployed. I called the federal loan servicer to get a sense for how much applying for extended repayment would impact my required monthly payments, and they mentioned that by switching payment plans I would be responsible for current accrued interest being capitalized. I'm really not sure how big of a deal this is, and it's one of the few things holding me back. I'd like to keep these loans largely as they are (not including them in refinancing) because of the generous terms. I live in a high cost of living area, so PAYE is not even an option with my current salary. Lastly, refinancing the loans currently held by servicer B seems like a pretty straightforward thing to do. That said, I have a hard time distinguishing which loan offers are more credible, and which might have more forgiving terms, again, in a worst case scenario. I realize a lot of this is motivated by anxiety. That's just a part of who I am. I know enough math to tell you that avalanche beats out snowball, and I generally have enough discipline to carry something like that out. What I don't always have is the ability to settle my stomach enough to make seemingly dangerous calls with this much at stake. Does what I'm thinking about here make sense? Is it possible I'm inventing trouble where there is none, or that I have every right to be worried here? [link] [comments]  |
| Graduating semester early prior to dental school Posted: 25 Mar 2019 05:44 PM PDT Hi all, I am trying to decide what to do for my senior year of undergrad. I am trying to figure out if graduating early is an option. I am in a position to finish undergrad a semester early (so in Jan. 2020); however, I am worried about the implications this may have on my students loan. After graduation, I hope to attend dental school the following fall (Aug. 2020). What kind of consequences would this have on my federal student loans? Would I have to begin to pay them or would I be exempt from payments? Further, is it recommended to refi prior to matriculation into a professional school? TIA! [link] [comments]  |
| How can I reduce my payment amount on a Wells Fargo consolidated private student loan Posted: 25 Mar 2019 05:48 AM PDT Hello! First time poster here. I have around 50k in private student loans with Wells Fargo. I consolidated all my loans and got the .5% discount on my rate as well. Is there any way to have them reduce my interest rate more? Or should I try to refinance? I've looked at Earnest, but the bad reviews scared me away. I also have a federal loan with navient so would that disqualify me from earnest since it was bought by navient? I am looking at moving out from my roommate due to her fights with her boyfriend as they love to scream fight at each other, so my rent is going to significantly increase and I would like to save money where I can. My current monthly payment with Wells Fargo is $456.11, reducing it by even $50 would be a huge help! Thanks for reading! [link] [comments]  |
| Trying to figure out if student loans are worth it. Posted: 25 Mar 2019 09:26 AM PDT I graduated from college last year with no student loans, but it wasn't a good school and I majored in a stupid subject because I assumed I was going to drop out anyway (it's a long, not relavent story) Anyway, I've been looking for work and have had very little luck with finding anything. I want to go back to school for a second bachelors degree in business or accounting. It depends on how many of my previous credits are accepted by the hypothetical school I would go to, but I'd be borrowing anywhere from $30K to $40K in loans. If I get approved, $15K would be federal loans, the rest private Becuase I have no personal experience with taking out student loans, my question is: are they as bad as they seem - do they really hold young people back financially? Is 40K a ridiculous amount for a degree in accounting? [link] [comments]  |
| Denied student loan without a co-signer by Discover Student Loans Posted: 25 Mar 2019 09:04 AM PDT EDIT: Posted again under my correct account. Oops. Currently going back to school while working full-time in law enforcement, have a wife, and a 5 month old baby. I accepted federal loans at about 8500-9500 per school year for Spring/Fall semesters, but I need more to pay for my Summer semesters. Trying to get the rest of my degree finished in two years AND finishing the pre-reqs for the MBA program at the same time, so it's been busy. All my semesters including summer are 12+ credit hours. I made 48k last year, my credit is around 800+, I have about $38k in available credit with a 5-7% utilization. I went to apply for a Discover student loan and "discovered" they require a co-signer because my university has a sub-par graduation rate. Probably because a lot of people here have no clue what they want to do, and generally half-ass important things like college. Either way, I was very frustrated because I'm only requesting about $3500 to cover the remainder I need. I would use savings and such but I absolutely loathe the idea of using my family savings to pay for the rest of school when I need that to provide peace of mind for my family and our daughter. I called them and they explained the issue with the graduation rate and that nothing could be done about it. It really pissed me off because I took a chance and now I have a hard inquiry on my credit with nothing to show for it. My local banks and credit unions don't offer student loans and I'm not sure what other options I would have except to use family savings. Any ideas would be greatly appreciated. Anyone else had a similar issue? [link] [comments]  |
| Posted: 25 Mar 2019 11:45 AM PDT Hi guys, I have a hearing disability, and I also have a job. I was wondering if there was any programs or tricks I could use to my advantage to help me with my loan as I'm not making as much as I wish I could from where I work. I thought about applying for TPD, but I don't think this will even make it through since I have a job. Any thoughts or tips? [link] [comments]  |
| Where does financial aid get applied to - the person or sent directly to the University? Posted: 25 Mar 2019 05:24 PM PDT There is a much longer back story to this. I've recently discovered that my dad, who was managing my student loans for me since I don't quite understand them, has been making some student loan decisions without my knowledge. He ended up making very poor decisions, and I came to find out a year later, and it has set me back quite a bit. Because of this, I have been going through all of loans, just to make sure everything is squared away. I've always thought I owed a lot more than I should have once I graduated; I was very surprised once I accessed my accounts and saw just how much I owe. I completely trusted my dad to manage everything and while I think he definitely has my best intentions at heart, he screwed some stuff up for me. My question is - when first getting financial aid, where does the money go? Does they come in like the form of a check, or does it get paid directly to the school? After coming to the realization that lots of my student loan payments are messed up, I just want to make sure that there was absolutely no room for my dad to be getting extra money from the aid to pay for things other than my education. I really do not think this is the case, but I have to be certain. Sorry if this is a confusing/naive question, I am just starting to be forced to learn how all of this works. It's very confusing for me. Thank you! [link] [comments]  |
| Student loan consolidation Clear One Advantage terrified of this process Posted: 25 Mar 2019 01:27 PM PDT I dont know if I'm posting in the right place but I recently have been trying to find some way for me to affordably pay my student loans I started the program with clear one advantage to consolidate my loans and the process is scary stressful. Has anyone gone through clear one or this process with another consolidation company? [link] [comments]  |
| Two IBR up for Recertification. Can I do one and not the other? Posted: 25 Mar 2019 04:20 PM PDT As the title says, I have two Income Base Repayment plans coming up for recertification soon; one is for my Navient owned loans and the other for Department of Education owned loans. The Navient loans would cost me less than 60/month, but the DoE would be over 350/month. If I do the recertification for the DoE ones, but not the Navient ones, would that hurt my chances of approval fo the DoE loans? I know I could call and ask these questions, but I don't want to give them any idea of what I want to do in case it does come back to hurt me. Thank you in advance! [link] [comments]  |
| What information should I reveal when attempting to rehabilitate a Perkins loan? Posted: 25 Mar 2019 04:01 PM PDT I'm up in the air as to whether I want to contact a lawyer or the collection agency (Delta Management) first in regards to a defaulted Perkins loan. Assuming I contact the agency first, what information am I obligated to reveal? What information could potentially work against me if revealed. I would appreciate the help of anyone who has personally been through the process or has knowledge of the process. I want to repay the loan but I also want to work in my best interest. Along those loans, assuming they agree to a rehabilitation, should I just pay the minimum due each month due to the collection fee deducted from any payment I make? I look forward to your advice. [link] [comments]  |
| How do you make it so that you’re not in paid ahead status on aes? Posted: 25 Mar 2019 09:53 AM PDT I've been making additional payments to my account and they've moved me to paid ahead which I don't want. It seems there's no simple way to change this. [link] [comments]  |
| Looking for Boston or Houston student loan borrowers Posted: 25 Mar 2019 08:03 AM PDT Hi there. A company is looking to interview in person borrowers of all kinds - default, in good standing, parent, pslf pursuing etc the weeks of April 1st and April 8th to discuss what improvements could be made to online loan servicing. This is a very legit situation and would give folks a real opportunity to improve this landscape. They want to do these in person - hence the location restriction. If you are willing and able please let me know. EDIT - I should add that they are not offering compensation that I am aware of EDIT - I received a very thorough answer about what info they are collecting - posting in a comment [link] [comments]  |
| SO in default, need advice + questions Posted: 25 Mar 2019 03:02 PM PDT So, my SO has not paid on her private student loans in 4 years now. For the state that the debt was accrued, the statute of limitations is 6 years for verbal/written contracts and 10 years for promissory notes. Would student loan debt be considered a written contract or a promissory note? We have moved out of state and currently the collectors do not have our address. She has been avoiding getting a driver's license out of fear that they will learn our current address. Is it illegal that she has not been upfront with her address? If she gets sued, she would have to appear in court in the state that the debt was accrued, correct? She also has some federal loans that she has not been paying out of fear that the private loan companies will go after her more if they see that she is paying the federal loans. Is that true? Her mom is the cosigner on these loans but she makes barely above minimum wage. She had been left alone for a while but she recently received notice that the debt has been sold. Any advice on what to do here? [link] [comments]  |
| Won’t be working from May till Likely September— best options Posted: 25 Mar 2019 07:19 AM PDT I am quitting my job and will be doing a 3 month program. It's an intense program m-f 9-5 so I have decided to not work. I want to, for the first time, be able to devote myself completely to my schooling so that I can ace my career change. I know I can call my lender (and I definitely will) to find out more about my options but I wanted to ask here too. I am not married but I do share a home and a bank account with my partner who will be primarily supporting me. I hadn't considered stopping the payments temporarily but I'm curious if I pursued that if they would consider my partners income as my income. My main concern during this time is not being able to pay the interest on my loans each month causing the balance to increase. I've been working really hard on paying the loans and I don't want to lose that progress. Are there any options that would freeze the interest while I am out of work? Any suggestions? Thanks so much! [link] [comments]  |
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