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    Home Unlabelled One more payment and I'm free. Student Loans

    One more payment and I'm free. Student Loans

    March 31, 2019

    One more payment and I'm free. Student Loans

    One more payment and I'm free.

    Posted: 30 Mar 2019 03:08 PM PDT

    Graduated in 2017 with $40,000 in debt. Got a job making $54,000. Lived at home with my parents the past two years as much as I want to move out. Paid off federal. Paid off all private but one last one.

    I had one last student loan my mom and I took out when I was 18. It was through a credit union, it's very inconvenient. They don't do on line payments. They are pretty much only open during business hours....When I'm working.

    The tellers are rude. I'm done with them. They were open this Saturday morning and I handed a check of $2,000. Minimum payment is $71. There's $3,000 left on it.

    The teller was confused "I...just want to confirm this is what you want to pay. Do you want to move out payments or apply to principle?"

    Apply to principle!

    I can't wait to walk in with my last payment and be done with this credit union. After that I'll walk in with my mom and close that savings account they required us to open to take out the loan. Fuck them, they make snarky comments "oh everybody has to come in one hour we close before Saturday"

    Then offer better hours or on line payments you fucks

    submitted by /u/Tugga
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    Don’t let them eat you alive

    Posted: 30 Mar 2019 04:22 AM PDT

    Worked 7 days a week for months to pay extra on my student loans. I was determined to kill them before I'm 30. My weekend gig just cut Sundays and suddenly I'm only working 6 days a week.

    You know what? I'm looking forward to driving up to see my family. To finally cleaning my house. To actually washing ALL the dishes instead of just the one I needed. Maybe I'll actually read a book on Sunday or sleep in for once.

    I didn't realize how bad I was struggling until suddenly I wasn't. So maybe I won't pay them off before I'm 30 but at least now I'm decently sure I'll survive till then.

    Don't let your drive to pay off your loans eat your life.

    submitted by /u/Shalista
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    Help with financial aid reinstatement?

    Posted: 30 Mar 2019 08:49 PM PDT

    It's my first year of community college and basically I screwed up during winter quarter pretty bad. I passed 1 of my classes, withdrew from one, and failed another. Due to this I did not meet the SAP for the winter quarter and now my financial aid is cancelled. I am in a much better state now to perform academically though and I am going to try to apply for reinstatement (starting this spring quarter). Could anyone take a look at the letter I am going to include with my application? It would be much appreciated. Also, the application says that you should include documentation to go along with your letter but I'm not sure what to put for that. This is what it says:

    Documentation must be attached, Examples of documentation include, but are not limited to, the following: court document, letter from a mental health care provider, police reports, letter from a public assistance agency, and letter from a member of the clergy. Appeals without documentation are generally denied.

    ​

    Also this is the prompt for the letter:

    Attach a signed statement in your own words describing in detail the unusual or extraordinary circumstances beyond your control. You can use the back of this form if you wish. The statement should include: What happened, when it happened, why it happened, and why it is no longer a problem.

    ​

    And here is my letter:

    Dear Financial Aid Office:

    I recognize that I did not meet SAP requirements in the winter quarter, however I hope that I can provide more insight on why that happened and what I will be doing to prevent that going forward. Unfortunately, this past quarter I was finding myself unable to balance academics and other distractions due to various circumstances. Some of those circumstances were definitely beyond my control, however I do take full responsibility in being unable to deal with them in a productive way. One of the main circumstances that led to this was my brother currently going through a divorce and moving into our apartment. This is a big change for me because he had previously never lived with us. (He lived with his dad before graduating high school and starting a family). After he moved in with us, I would often have to watch his son (who is my nephew) while he was at work. Because he is a bartender he would usually work very late until past midnight, so I would have to watch my nephew the whole day. Also, even when he was at home I would sometimes have to occupy my nephew because my brother was exhausted from work. However, like I said before, I do take full responsibility for this becoming the distraction that it did become. I know that I still could have found time to do homework for my classes, even though it would be harder. To my own detriment, I did not take full advantage of the time I had to get my school work done. Instead, I let the work pile up. I have a history of procrastinating on things, but rarely does it ever affect my academics this negatively. This is why I believe that extenuating circumstances, which also made my tendency to procrastinate become much worse, led to my poor academic performance in the winter quarter. I also believe that going forward I will be able to stay on track and perform much better academically. The circumstances that led to me under-performing in the winter quarter have gotten a lot better recently. My brother now works one job instead of two, so I do not have to watch his son as much. I also have adjusted to the changes in my living situation much better now. I feel a lot better about the next quarter, and I know that I will be able to balance any distractions that may come up for me in the future. I am also taking steps to do this by coming into TRIO for support a lot more. I am currently a TRIO student, but I definitely did not talk to the advisers as much as I should have this past quarter. By doing that, and by working much harder to stay on track for the spring quarter, I know that I will be able to achieve academic success. Thank you for reading my letter and considering a reinstatement. It would mean a lot to me, as I am very determined going forward and I really do need the financial aid in order to keep attending classes.

    Sincerely,

    u/macbearful

    submitted by /u/MacBearful
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    Made a video about paying off student loans, after crunching some of my own numbers. Feel free to check it out!

    Posted: 30 Mar 2019 02:46 PM PDT

    Nothing ground-breaking, but just some general advice and numerical examples to show how to payoff student loans a bit more quickly. Interest can be a killer if you're just making minimum payments. Feel free to check it out! Video:

    https://youtu.be/Zq3T5EZ1S3o

    submitted by /u/elwellstreet
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    Will having an unfiled/unpaid 1099 prevent me from getting federal student loans?

    Posted: 30 Mar 2019 11:03 AM PDT

    I got a 1099 last year that I wasn't expecting and didn't have any money to pay it so I never even filed. Now I'm trying to go back to school and am worried that will come back to bite me.

    submitted by /u/CiaranDotCom
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    New 15 year repayment plan.

    Posted: 30 Mar 2019 10:11 AM PDT

    Does anyone know when the new 15 year plan paying 12.5 of discretionary income will start? If it goes through.

    submitted by /u/Dankpablo
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    PSA for PSLF: quarterly reports available online

    Posted: 30 Mar 2019 01:51 PM PDT

    I just came across this and didn't know it existed before. Fedloans is publishing a quarterly report of all the PSLF applications and their results. It still doesn't look pretty, but hopefully it will get better.

    ​

    A few takeaways, as of September 2018:

    • Over 40% of ECFs were denied in the past year.
    • 424 PSLF applications granted
    • 32,409 applications denied for not meeting requirements
    • 11,892 applications denied due to missing information

    ​

    Scary numbers, as expected.

    ​

    ​

    ​

    submitted by /u/WadsworthWordsworth
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    I won’t have to pay rent for a year

    Posted: 30 Mar 2019 08:56 AM PDT

    I graduated last year with about $40,000 in loans. I got married to a military member and starting in August I won't pay rent for 12 months because of our BAH. I'm planning on using this time to aggressively pay down my loans.

    I won't know where I'll live during that time so I don't know what I'll be doing for work/my income but if I can put a huge dent in that debt in a year I will feel so accomplished. I can't stop thinking about how good life will be without that kind of debt

    I'm really into cars. I keep looking at cars I really like for $15,000 but that seems impossible to finance because of my loans. $15,000 should be free in terms of buying a car... that's so cheap.

    Just a rant post. I don't know how much I have to sacrifice to pay that down.

    submitted by /u/Stalefishology
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