- My family makes too much money for me to qualify for more than a couple thousand in student loans, but aren’t paying for me. I’m 17, have no idea what I’m doing beyond a basic economics class, and this just got sprung on me even though I’ve already started preparations to move. Please help.
- $87,000 in Sallie Mae loan debt, need advice on what to do
- Video regarding PSLF and the “99% rejection rate”
- Is it possible to do a partial refinance?
- Help?
- Help?
- Which to pay, highest interest rate or highest interest rate with the highest loan amount?
- Loans in default, want to do IBR but I need to consolidate to get it started?
- Private Loan Options
- Paying off Federal Loans
- What exactly constitutes an "approved education expense" for US Federal Student Loans?
- Getting denied student loan refinancing because “debt to income ratio is too high”
- My mom won't admit she has a parent plus loan.
- Student Loan Situation?? Law school HELP
- Graduating from my undergrad program this spring, entering graduate school in the fall - what do I have to tell my loan company?
| Posted: 23 Mar 2019 05:53 PM PDT My estimated yearly tuition will be around $27,000. The government loans I've been offered cover $5,500. I've been awarded another $4,860 for getting good grades in school, and that's a scholarship so I don't have to pay it back. But that leaves me with the rest out of pocket. I've been accepted to one specific school that has the program I want, and it's the only school I've ever been excited about attending. Even with a job, I have nothing but basic retail experience, so I can't get anything beyond minimum wage (which isn't very high here). I'm applying to every scholarship I can, but I'm just not having any luck. It feels like I'm relying on winning the lottery. I could make a go fund me or something, but that'd be begging and I know I won't get that much, and also my family would be disgusted with me for begging and "scamming people out of their money" and would probably stop giving me the little help they are. I don't know what to do. I feel like my dreams have been crushed. Somebody please help. [link] [comments]  |
| $87,000 in Sallie Mae loan debt, need advice on what to do Posted: 23 Mar 2019 10:28 AM PDT Coming on here to ask for advice about my private loans because it's starting to become an emotional, mental, and financial burden for me. I have no clue what to do and I was hoping someone on here could give me some tips on what options are out there for me and how to approach this. I sincerely apologize for the length. I wanted to make sure I touched on everything and thank you so much in advance for taking the time to read this, even if it's only a part of it. I was 17, naive, and ignorant, when I decided to go to college in 2012 as a first generation college student. My family hadn't saved up any money for me to go to college, so it was up to me to find a way to fund my education, and both of my parents didn't have good credit, so I couldn't use them as a cosigner. I came across Sallie Mae, which at the time seemed like the only option for me to attend my dream school (a private out-of-state school, which I regret attending because it probably wasn't the best choice for me financially) and I didn't do enough research or fully understand exactly what I was getting myself into by lending from them. I was able to get a family friend to us to cosign for me, as he had good credit and was willing to support my academic plans. He cosigned for all 3 of my private loans that I took out with Sallie Mae. However, my relationship with him declined in 2014 when we moved to Florida from NY, and I haven't spoken to him since then. He's already tried to relinquish himself from my student loans by calling Sallie Mae and claiming that I filed for the loans without his knowledge or permission, but it was denied as being fraudulent and he is still responsible for them as a cosigner. But asking him or expecting him to make any payments towards my loan is out of the question. I graduated with a bachelor's in public health back in 2016. I spent a whole year looking for an entry level job in Florida for public health with the amount of experience I had and with my degree, but unfortunately all that I came across required a minimum of a master's degree or ~5 years of work experience. I am currently working as a front desk receptionist at a hotel making ~$13,000 a year. I am also in school working towards getting a bachelor's in nursing. I have 3 private loans with Sallie Mae, totaling to $86,049, 2 of which have a 12% interest rate, and the last one with an interest of 12.875%. My estimated payment for all of these over the agreed upon 144 months is $1,400 a month. I do have a federal loan as well, but I have been able to make payments towards those considering the monthly payments for those are much less, they have income-based repayment plans, and there's the possibility that I can try to get loan forgiveness for them at some point. I have already tried applying to get my loans refinanced with Citizens One, Earnest, and So-Fi, but I've been denied each time because of the high balance of my loans and my extremely high debt-to-income ratio. Everyone I've talked to has suggested I file for bankruptcy, but I know that they don't always relinquish your private loans, only if you can prove that you are experiencing undue hardship because of those loans. The last payment I made to Sallie Mae was $100 today. Even though it nowhere near meets my monthly payment, I've been trying to pay what I can. I unfortunately can't pay any more than that because I have credit card debt I am working to pay off, gas for my car to get to work, car insurance, rent, etc. I also have no money in my savings account anymore, as all of it went to trying to pay off my Sallie Mae loans. Currently I'm overdue on my payments and my account says I owe them several thousand dollars to be paid immediately. I am just at a loss of what to do, I feel so hopeless and it's taken quite the toll on my mental health. Please help walk me through this. I'm terrified and lost and out of my depth and afraid of making similarly terrible financial decisions to those I made when I took on this student loan burden. I appreciate each and every one of you who took the time to read through all of this, you are a beautiful person and I can't thank you enough for your time, kindness, and generosity. [link] [comments]  |
| Video regarding PSLF and the “99% rejection rate” Posted: 23 Mar 2019 07:23 AM PDT |
| Is it possible to do a partial refinance? Posted: 23 Mar 2019 04:16 PM PDT I have multiple federal student loans serviced through Navient. One of these loans (the largest one at around 7000) has a 6.8 percent interest rate. The rest have lower rates (4.5% and 3.4%) if I remember correctly. I'd like to keep the lower rates but refinance the one loan with the higher rate. Is it possible to do this? How would I go about doing this? [link] [comments]  |
| Posted: 23 Mar 2019 09:10 PM PDT I'm the first in my family to go to a traditional university. I'll be starting in the fall. I do have some questions about loans. Also my parents are not paying for any of my education. 1) When do you take it out? Before you start school? What month is best? 2) My estimated tuition cost is around $19,800 a year. Minus the fed loans its like $13,000 something. So can I take out those federal ones along with a private one?? 3) Is there a way to stretch your payments out? I always see the traditional ten year one but if I'm going to be taking out that much money I'd much rather it be like 20 years... I'm sorry if these questions are ridiculous. I need as much help as I can get because I'm literally helpless. My family has no idea how these loans work and have never gone through anything like this. [link] [comments]  |
| Posted: 23 Mar 2019 08:28 PM PDT I'm having to take out student loans and have NO IDEA how to calculate how much I'll owe. Any good advice or help is greatly appreciated! Edit: I forgot to say that the part I am confused on is how to calculate the interest [link] [comments]  |
| Which to pay, highest interest rate or highest interest rate with the highest loan amount? Posted: 23 Mar 2019 04:08 PM PDT I am in the process of aggressively paying my loans off paying about $1400 a month to a now $47,000 student loan debt, but I am looking for some opinions on which is better to pay off. I have a few loans, around, 6.5% un-subsidized loans from my federal loans. However, there are a couple $2000 at 6.5% and an older $4400 at 6.5%. The avalanche method is pretty much says to pay the highest interest first. If you have the option to pay the $2000 at 6.5% first, is it better to pay those off, or keep paying the higher amount loan until it is gone, and then tackle the smaller 6.5% loans? The avalanche method saves me a few hundred dollars over the course of the loans, but in your humble opinion which is better to tackle first? I have other loans at 3.2 and 4.5 percent, but those are considered last until the high interest rate loans are paid off first. [link] [comments]  |
| Loans in default, want to do IBR but I need to consolidate to get it started? Posted: 23 Mar 2019 08:46 AM PDT So its been about 8-10 years Ive been in Default. They are Direct Loans. My loans have been sold off to so many companies already they dont even call me or garnish me or send in mail, ofcourse they take the income tax. I finally went on the site to do IBR but online it says I cant because Im in default and need to get out of it. So Im here to ask do I have to consolidate next? Is that the only next step to get out? Also If I consolidate wouldnt the company start to expect payments but then the next thing i do is apply for Income based repayment, would that work out smoothly? I appreciate any help, Its time to turn my life around. [link] [comments]  |
| Posted: 23 Mar 2019 05:00 PM PDT So, I've decided to go back to school to finish my bachelors in Advertising. I'm at the same university I attended before, and haven't been able to raise my school's GPA up enough for this current semester so I can qualify for financial aid this coming semester. My CGPA is fine, but I am at junior level standing, so no community college courses will help me. I'm married, but hubby and I both just bought new cars (trust me, I wish we could've avoided it), and together we make roughly $45-50,000 per year (although this might have gone down cause he recently took a hit to his salary at work (also trust me, I wish we could have avoided it)). Other than my husband, I don't have a co-signer. My mom is dead and my dad didn't even make enough money one year to file taxes, so he couldn't be a co-signer. The question I have for here is: which private lenders would you recommend I go through for one maybe two semesters? I've seen that Sallie Mae kinda gives to basically anyone but that they charge super high interest rates. I tried to apply to Wells Fargo, who I used before for one semester, and have fully paid a loan off with, but they denied me for fall of 2018. TLDR: So, any Recs on who the best private loans are would be great! Edit: clarification on parental income and it's relevancy. Clarification also on my gpa and hours taken. Also clarification on misspellings and poor grammar. [link] [comments]  |
| Posted: 23 Mar 2019 04:32 PM PDT I have federal loans to the tune of $26k. I am in the revised pay-as-you-earn plan, which gives me a lower payment amount based on my income, and supposedly forgives my balance after 20 years. I'm six years in now and am still paying interest. My wife and I moved last year and were making very little money when the time came for me to re-apply for the repayment plan, and so my current payment is $0.00. From what I can tell, this is my payment until I re-apply in another year. I feel weird about not making *any* payments for a full year but am not sure how to proceed. My wife and I are working now but not doing a whole lot more than scraping by. Does anybody have experience with this repayment plan or have any advice? Thanks [link] [comments]  |
| What exactly constitutes an "approved education expense" for US Federal Student Loans? Posted: 23 Mar 2019 02:09 PM PDT So on the Master Promissory Note for Federal student loans, it stipulates that the money can only be used for "approved education expenses" (or "qualified education expenses," they're inconsistent with the wording); they list a few examples like tuition, fees, and textbooks, but it also has the vague qualifier "other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution." My whole thing is, I don't know to what extent logic will apply there. I mean, if I spend some of the loan money on food, or transportation, or rent, or medical costs, is that not allowed? I would interpret it as, those are expenses that are required for enrollment or attendance; if I don't have food, I won't be able to continue being healthy and functional on a basic metabolic level, which is something I need to do in order to be enrolled and in attendance in school. If I don't have a way to get to campus, I physically cannot attend. If I don't have a place to live, attending school is going to be extraordinarily difficult if not impossible on account of being homeless. And if I don't have the medication I need, I would not be able to attend school due to the debilitating effects of a disorder I have. So a case can certainly be made that these would meet the definition given. But the qualifier "approved" implies a degree of specificity that they never actually clarify, so I'm not sure if they would agree that these are required expenses because they don't DIRECTLY relate to enrollment/attendance. I don't want to break the law / terms of my loan, so can someone clarify what exactly this means? [link] [comments]  |
| Getting denied student loan refinancing because “debt to income ratio is too high” Posted: 23 Mar 2019 10:28 AM PDT I feel like this makes absolutely no sense. If I've been able to make all my loan payments on time (which I'm sure they can see by my credit history), why is this a factor? I can clearly afford my payments. The reason I'm refinancing in the first place is to lower my debt sooner, so why the hassle? [link] [comments]  |
| My mom won't admit she has a parent plus loan. Posted: 22 Mar 2019 11:15 PM PDT Hello, So when I was attending University my mother took out a parent plus loan to help pay for my tuition. I found out through my father. The problem is my mother is too proud to admit that she is having trouble paying the loan. I have a steady job now and would like to take over the loan. How can I find out about the loan amount and take over? Thank you [link] [comments]  |
| Student Loan Situation?? Law school HELP Posted: 22 Mar 2019 11:31 PM PDT So, recently I was told by my parents that they wouldn't cosign on a student loan for me for law school which I'm starting Fall 2019. I'm estimating that law school is going to be around $50,000 - $60,000 a year based on the scholarships and schools I got into that I actually want to go to, which would result in 150k-180k in student loan debt. The other bad thing is that I don't have any credit history because I've never had a credit card, made payments or kept a job for longer than the summer in between school years, as I'm going straight from undergrad to law school. So 1. I'm not sure if I would get approved for many private loans and 2. the rates would probably be very high because I don't have any credit to go off of. Would it be possible to pay off all of this even if I have a horrible interest rate? Most of my choices are lower tier 1 or middle tier 2 law schools and with my calculations I'd end up paying $400-$800 (about $1400-$1900 a month depending on the interest rate I would get approved at) more monthly if I don't have a cosigner and I'm not even sure if I'll be able to do that anymore. If any of you have had similar situations where you have had to take out loans for large amounts of money without a cosigner or anything please let me know how it went/what you did! Feeling extremely discouraged right now. [link] [comments]  |
| Posted: 22 Mar 2019 08:29 PM PDT I have $29K in loans (~20K subsidized, ~9k unsub) from Great Lakes. They have my graduation date as May 2020 - no idea why, entered college in 2015, graduating in a flat 4 years. I'm going to law school in the fall and luckily won't be taking out any more loans, and I'm under the impression that I won't have to pay regular payments on my loans until I graduate from law school. Should I just email Great Lakes and tell them? I'm so lost lol who let me borrow this much money when I was 18 (I know it's not a lot compared to some people, and those of you who are dealing with huge debt I commend u) [link] [comments]  |
| You are subscribed to email updates from Advice, articles, and general discussion pertaining to student loans.. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment