200k loans and I’m drowning Student Loans |
- 200k loans and I’m drowning
- Are you guys still aggressively paying off your loans with Warren’s new platform?
- Where do I find out when my first student loan payment is due?
- Learning the long way about payment plans
- New idea - Buy gift cards to repay student loan
- FedLoan - Automatic Payments Failing
- Staying Motivated
- Graduating next month with about $125k
- FedLoan Changing my Payment Terms
- SoFi refi miles and referral stacking?
- Eliminating student debt isn’t progressive
- How can i dispute an Unsubsidized loan that doubled in 6 years at a fixed interest rate of 6.25%?
- Grad school abroad
- Received a full ride to grad school, but need to take out loans to live.
- Please help... I have no idea what to do or where to go from here.
- Questions on research I'm doing for a television show about scholarships and loans in 1985
- Deferment of Perkins Loan during medical residency?
- Do student loans take my life insurance before it is disbursed?
- Make a feasible yet advantageous plan
- Looking for advice on whether to pay off now or wait
- Average Law School Debt
- How to Verify Payments Applied Properly
- Possibility of US gov cancelling student loans in the future
| Posted: 23 Apr 2019 08:01 PM PDT So I have 200,000 in private loans for a bachelors degree. Yes it was massively stupid to go out of state. Yes I regret it daily. It was 110,000 but the interest ballooned in less than 2 years. I am paying 884 a month on a two year plan where the interest is only at 2% however the total keeps getting bigger daily. My degree was in psychology. I worked damn hard in college and did very well. I work in child welfare for the state government and I'm only making about 36k before taxes. I just got into grad school for my MSW. I'm so happy and excited, but I'm sick to my stomach on what to do. Grad school is only 15k. Should I halt my private loans and fully fund grad school with no loans or continue to pay for my loans and have to take out an additional loan and hopefully get some scholarships to pay for them? My salary would double with an MSW and I could attack my debt more aggressively. I don't want to take out any more loans, but I'm scared if I halt my loans, when I graduate my loans will be nearly 300,000. I'm sick about this daily and I do my very best. But I just feel like I'm drowning. Help!!! Update: I am asking for advice. I know it can be funny, but dealing with this daily is not funny for me. I just want some advice or some encouragement because I do feel like this situation is hopeless. [link] [comments]  |
| Are you guys still aggressively paying off your loans with Warren’s new platform? Posted: 23 Apr 2019 02:55 PM PDT I previously posted in personal finance asking if all loans will be forgiven (ages ago)and was told not a chance but now I'm conflicted. If I keep making above minimum payments while sacrificing on my already low salary just to try and get ahead then realize that money went to waste and I could've invested in my 401k or savings I'll be devastated. How are you guys dealing with this? [link] [comments]  |
| Where do I find out when my first student loan payment is due? Posted: 23 Apr 2019 05:44 PM PDT So basically this is going to be my first year that I have to take out student loans to be able to fund my education. I am a junior so I only have about 2 1/2 years left until I graduate and I hope to be able to survive the tuition costs left over grants and scholarships with federal loans. This year I only have to take out about $3,500 in student loans and I have done the entrance loan counseling but am still a bit confused about a few things they didn't mention in it.
Thanks for any and all of your answers to my questions! [link] [comments]  |
| Learning the long way about payment plans Posted: 23 Apr 2019 07:54 PM PDT Fellow debtors do I have a tale for you, I graduated last May and around the start of the year had my first round of loan payments come due. Having dabbled in coding during school and a bit of free time a hatched a plan. I would find the most efficient way to pay off my student loans, minimize interest and generally find the best way to get out of debt. Oh the hubris. After hours of searching for the best method I came across the same thing again and again.
Well I thought I knew better. So after more hours of thinking an scheming I devised a grand plan! Pay off the loan that generates the most interest each month, not as straight forward because of balances changing each month but I already had the code so why not. More hours of debugging, fighting file formats and relearning compound interest formulas and its complete. Things are looking good and I think I'm saving like 2 grand with my fancy new plan. Fast forward a few months and I'm improving things for my tool letting it track past payments and compare my progress. When while wanting to share my fancy method I'm talking to the mods and they point out its impossible to beat the time tested methods. Rest of the long story short, I dig back through my plan to make sure it full proof as I had thought and there it is, my glaring mistake. I had forgotten to roll over payments from paid-off loans into new loans. Turns out my fancy new plan was actually costing me closer to 3 grand EXTRA if I had carried it out. Moral of the story is just stick with the tried and true methods, and don't forget to roll over those payments. [link] [comments]  |
| New idea - Buy gift cards to repay student loan Posted: 23 Apr 2019 11:39 PM PDT I had 20k in student loans and didn't find a lot of solutions out there to help me repay the loan. It took me a while to repay everything. So, now I'm trying to come up with solutions to help students repay their loans. I've worked in the world of gift cards for a long time and and am toying with this idea of helping students pay their loan when they buy gift cards. So, if you buy a $100 home Depot, starbucks, iTunes or any other gift card using my app/website, the app will contribute $4 automatically towards your student loan. What do you think about it, will this be useful? [link] [comments]  |
| FedLoan - Automatic Payments Failing Posted: 23 Apr 2019 03:48 PM PDT Currently, my IDR plan calls for me to pay $0. Knowing the interest continues accruing, I have been attempting to pay down the amount via my Automatic Payments and requesting an additional amount to pay. These payments have not gone through despite setting it up multiple times. Per the policy of "Electronic Funds Transfer Agreement and Disclosure Statement for Recurring Direct Debit Payments:"
I spoke with multiple representatives today who all told me "$0 is not an amount." The automatic payment will, therefore, not draw any money from my account despite me requesting an additional payment. I'm frustrated and see this as a way of discouraging people from paying back their loans in increasing the interest I accrue. If you have a $0 monthly bill, please double check that any additional payment is going through. They tell me my only recourse is setting up payments through my bank or doing it manually. Despite their policy explicitly stating otherwise. [link] [comments]  |
| Posted: 23 Apr 2019 10:26 AM PDT How do you guys stay motivated to pay off your student loan debt? Sometimes I feel very motivated and driven and sometimes I feel like being student loan/overall debt free is a receding horizon. I have approx 150k from undergrad & grad. Went to a way too expensive private undergraduate college & state college for grad school. I'm an occupational therapist. I pay about $1700 to student loans every month, 70/30 mix of fed & private. Applying to refinance private loans (crazy high interest) this summer. Working 6 days a week. [link] [comments]  |
| Graduating next month with about $125k Posted: 23 Apr 2019 10:49 PM PDT So I'm a soon to be registered nurse about to graduate with around $125,000 in federal student loans, a large chunk is parent plus and the rest are mine. However I am responsible for all of them. I'm projecting to be making a baseline salary of about $60,000 to start before taxes, and will be working another job + overtime when I can. I'm going to live pretty much for free besides food with my brother and already have a new car so that's good at least. Basically I'm here because I'm wondering how people went about tackling such large amounts of debt? And I know this is a pretty shocking number of debt for a nursing degree but trust me I've already lost sleep over my decision of schools so I don't need a huge lecture on my mistakes here, can't change what's in the past. My goal is to be debt free by like age 28-30. I'm 22, healthy, and ready to work my butt off. Anybody else that can relate? [link] [comments]  |
| FedLoan Changing my Payment Terms Posted: 23 Apr 2019 10:30 PM PDT I've seen one other post a out this on this sub, but it didn't get much traction. I'm looking for a little more info as to why this is happening and how I can combat it. I've set myself up to have an automatic payment each month for the minimum across all my loans with FLS. I make extra payments close to every other month and have not been late on payments. I've now gotten my second email from FL saying my repayment terms have changed. Reasoning given has either been "your status has changed" or "Your previous monthly payment amount was not sufficient to pay off your loans within the time period allotted" This message has me worried, though I have double checked that I have not been late on a payment. On top of this, they have continuously lowered my automatic payment over the months. The next scheduled payment is only for 30 cents because I am "ahead". I've filed a complaint, but is there anything else I can do to combat this? I probably don't have to tell most people here this, but these practices are just too dark and shady. I'm sick of crooks preying on people and I just want to pull all my hair out, put it in a bag, light it on fire and throw it in the FLS board room. [link] [comments]  |
| SoFi refi miles and referral stacking? Posted: 23 Apr 2019 01:28 PM PDT Looking to refi in a month or two with SoFi. They've sent me mailers before, and I have a 740+ FICO, so I don't think it'll be hard to get qualified. My loan is around 18k, and my plan is to actually get the longest term available, but just pay off an extra few thousand to principal every quarter as I get work bonuses. This way my monthly due is low, but I should still be able to knock it out in a few years. Currently paying 7.75% variable with Discover, so I'm sure anything they give has gotta be better. I also know there are some sign up bonus/offers with SoFi. One includes miles with Alaksa or JetBlue. Another is a small $100 off when I join from a referral. Can these two stack? Has anyone had success getting both when you joined? Thanks. [link] [comments]  |
| Eliminating student debt isn’t progressive Posted: 23 Apr 2019 07:43 PM PDT Never actually thought of it this way.... Anyone have any thoughts? [link] [comments]  |
| How can i dispute an Unsubsidized loan that doubled in 6 years at a fixed interest rate of 6.25%? Posted: 23 Apr 2019 07:31 PM PDT I attended college in 2007 and graduated in 2011. I had 8 federal loans (4 subsidized, 4 unsubsidized) which got consolidated into two loans in 2015. The unsubsidized loans that totaled $14,000 didn't start accumulating interest until Jan 1 2012. Fast forward 6 years and the $14,000 consolidated loan at 6.25% interest almost doubled and increased to $26,000 in mid 2018 after which it got sold to a collection agency. Im trying to clarify how it is possible for a loan to accumulate $12,000 of interest at 6.25% in 6 years but after hours on hold and dozens of phone calls i keep getting transferred to the collection agency. The collection agency has both my consolidated loans for $38,000 to which they added $24,000 making them $62,000. Everyone is screwing me left and right adding tens of thousands of dollars as they see fit. I don't want to talk to the collection agency because that's not the correct loan amount that they have. Im trying to get to the source but cannot get answers. Who should i call? What are my options? [link] [comments]  |
| Posted: 23 Apr 2019 06:18 PM PDT Hi all, I was wondering if grad plus loans help your credit history? Or does the government simply run a hard check and then never report it to the bureaus? Also kinda unrelated but maybe relevant, if one was going to apply for a credit card, would it matter if applying before or after the grad plus loan? Grad school is not in the US if that matters (already verified that it participates in federal loans) [link] [comments]  |
| Received a full ride to grad school, but need to take out loans to live. Posted: 23 Apr 2019 12:20 PM PDT I received a full ride to the grad program of my dreams which will require me to relocate to Boston. I come from a low-income background with absolutely no family to depend on for financial assistance. I have been living on my own in NYC (I'm a native, would never willingly move here lol) which has been a very expensive ordeal since I'm a recent graduate with an OK job that honestly just covers rent/groceries/general living expenses. Due to this, I've been having a hard time saving up money to aide me in my move, although I am doing it slowly. I am considering taking out loans to cover living costs while I am in Boston. I am looking into cheaper sublets to lower the cost of living and will most likely be able to work my current job remotely. I still do not think I will have enough to afford to live on my own while attending classes and am considering taking out a 12-13k loan. It is a one year program so I will only need a living situation for that amount of time. I am trying to weigh the benefits of a Grad PLUS loan vs a private loan and would appreciate any assistance! [link] [comments]  |
| Please help... I have no idea what to do or where to go from here. Posted: 23 Apr 2019 12:18 PM PDT I screwed up big time. I've gone into default on a couple of student loans and my tax return is being garnished. I'm not making excuses for myself; I thought my loans were all serviced through Navient. Turns out I was wrong, and two of them are being serviced by a company called Ascendium Education Solutions (I've never heard of them before... I thought they were a scam at first). It's my fault that I didn't know who was servicing the loans and I recognize that, but I have no idea where to go from here. I'm the primary income in my family, and I'm terrified that I just completely destroyed us financially through all this. We're in a situation where we have to move in just two months to top it all off, and are in a precarious position right now. I get that I cannot stop the income tax garnishment, but what are the options I have for getting back in good standing on these loans? I cannot possibly afford the monthly payment I'm seeing on them. They are both around $56,000 for the first loan, and $28,000 on the second one, for a combined total of approximately $84,000. I've read about rehabbing loans, but I don't understand how that works or if it even applies to me. Can anyone help me with my questions? [link] [comments]  |
| Questions on research I'm doing for a television show about scholarships and loans in 1985 Posted: 23 Apr 2019 02:04 PM PDT I guess I should start by giving a little background on the show I'm working for: the story is set in 1985, predominantly taking place in South Central Los Angeles, so our characters are of a low income household. With that, the internet and email aren't available to our character (but maybe at a prestigious University?). Our character is attending a prestigious college while receiving financial aid and/or on scholarship, but we're hoping to find a scenario where there's some sort of misunderstanding or delay that causes the loan/scholarship/ financial aid or grant to not arrive on time to pay for classes. Here are a couple scenarios that I thought could work, but have some questions: I know FAFSA wasn't around in 85, how was financial aid determined? Could there be something that happens with the paperwork of the Pell Grant? Or maybe the Estimated Family Contribution is messed up causing the student to pay more? Was the EFC around before FAFSA? I know the University would work with the student to find a solution, but say there's a world where the student doesn't have a physical copy (proof) that he has the scholarship or financial aid.... Would the university have a copy of that? Could they be the ones to blame? I know he wouldn't be able to register for classes until he paid in full, so at what point would it be too late for our character to pay and get registered for classes? Is there a cutoff? Also, more generally, would it be someone at the financial aid office who would assist with this matter? Is there any notion of who might be working at that office? Would it be a student? A grad student? Or just an employee of the University assisting him? Any help would be great. Thank you so much! [link] [comments]  |
| Deferment of Perkins Loan during medical residency? Posted: 23 Apr 2019 11:47 AM PDT Is this possible? Trying to weight the benefits of rolling the loan into consolidation (Pro: slightly lower interest rate if I do, con: have to start paying back right away) vs keeping them separate (Pro: potential deferment? con: consolidated interest rate slightly higher). Thanks for any help you can offer me! [link] [comments]  |
| Do student loans take my life insurance before it is disbursed? Posted: 23 Apr 2019 07:32 AM PDT First off I'll start this by saying this is 100% hypothetical and I have 0 interest or thoughts of suicide. I'm just asking for the unfortunate event of me dying while still having student loans. With that out of the way, do private or federal student loans take life insurance before it is given to my beneficiary? My work offers a life insurance policy and I would hate for something to happen to me and the loans take everything and leave my significant other nothing. I have about $90k in private loans and $25k in federal loans. My current insurance policy is for ~$80k. I'm able to increase the policy for a few dollars a month which I'll probably do anyways but I want to know if the loans are taken out first. If it's dependent on the loan I have a private loan, no co-signer, with SoFi. [link] [comments]  |
| Make a feasible yet advantageous plan Posted: 23 Apr 2019 05:09 PM PDT So I've lurked around this sub for awhile now and just wanted to share some advice. After 5 years of college I found out I owed 111k to parent plus loan and 33k towards my stafford loan. I ran in to some car trouble and had to pay thousands towards that so I began to let the anxiety of student loans and bills eat me alive. I was too afraid to look at numbers and what I owed because I was so discouraged and had trouble seeing what my future holds because it looked so bleak. Yes, these are big numbers and it's disheartening to see them. But you gotta sit down and make a budget. A lot of people choose a plan and pay the minimum but you have to really buckle down and be smart yet honest with yourself. I've talked to a handful of people on this sub and the hardest part is looking at the number and making a game plan because the number is so overwhelming. Learn to take small victories in what you do. Make a budget and stick to it then reward yourself with something small like a round of golf or few drinks at the bar. Make a long term goal and stay up to date on your monthly budget and when you can take extra money and put it towards those big numbers, be proud of yourself. I had to move out of my apartment and back home with my parents and I turn 25 in a month. Living on my own wasn't feasible and I couldn't survive by buying a weeks worth of groceries and stretching them for 2+ weeks so I could get by. Don't be too proud to make the right financial move. Not everyone has the option to move back home so maybe might have to look for a smaller apartment or do something you don't want to do to free up some extra money. But don't let this consume you. Your mountain of a student loan doesn't define who you are. It may feel and seem like it, but you're not alone in this boat. There's an entire subreddit dedicated towards this. Make a budget and stick to it, celebrate the small victories towards becoming debt free, and don't forget to live a little at times. You're only human. [link] [comments]  |
| Looking for advice on whether to pay off now or wait Posted: 23 Apr 2019 08:21 AM PDT My loan balance is 2482.03 with an interest rate of 4.040%. I make $200 payments each month. With just principal I could pay this thing off in about a year. My question is, financially should I up the monthly payment, pay it off now or keep the monthly payment the same? [link] [comments]  |
| Posted: 23 Apr 2019 07:51 AM PDT Hi everyone, I am a long time lurker of r/studentloans and I'm preparing for graduate school this upcoming fall. I was wondering what the average amount of anticipated debt is for anyone else who is going to or did graduate from law school? Currently with scholarship I'm looking at having a max of about 105k if I was to live off loans for all three years. Any tips are appreciated! [link] [comments]  |
| How to Verify Payments Applied Properly Posted: 23 Apr 2019 09:58 AM PDT Currently in the process of paying off a good sized chunk of law school debt with Navient, and I'm curious if there's an easy way to verify that they're applying my payments the way that I want them to/have instructed them to (any extra to go towards my highest interest rate loan first). I've seen posts/news articles about services doing shady stuff, I'd like to make an excel sheet or something to have the peace of mind that everything is working according to plan. [link] [comments]  |
| Possibility of US gov cancelling student loans in the future Posted: 23 Apr 2019 05:52 AM PDT I just graduated a few months ago with about $20,000 in student loans. I've been working my ass off and saving a lot so I can pay them all off within the 6 month grace period so I don't have to pay any interest. However, now I'm a little frustrated to hear prospective presidential candidates say they want to cancel or at least partially cancel student loans. If this is the case, then would I have wasted $20K of my own money for no reason? How likely is it that this will actually happen? It's probably safer to pay them off right now, but I would feel like a chump if one day everyone's student loans were just erased after I worked so hard and planned so well to pay mine off. [link] [comments]  |
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