262K in Debt, not sure where to start Student Loans |
- 262K in Debt, not sure where to start
- Help! Need Advice to help my Dad
- What should I do? Mom wants to pay off student loans
- Plus loans in my name
- Question about student loan repayment while still in school
- Questions from a Nervous High Schooler
- Between youthful indiscretion, and bad breaks; I am now a 3 time defaulter...Default, rehab, default, consolidate, default; what are my options now? (Besides punching a hole in the wall ...)
- finishing up community college, thinking of university after
- Graduate school - I have an 830 credit score, what are the best loans to get? Do graduate students get substidized loans, or is this amount converted to unsubstidized?
- Loan Repayment Idea - I need help on an idea if ya'll don't mind
- Negotiating student loan payoff
| 262K in Debt, not sure where to start Posted: 21 Apr 2019 10:44 AM PDT Graduating soon with 262K in debt. I have roughly 43K in undergrad Consolidation Loans, 148K Stafford Loans, and 71K in Graduate PLUS Loans (Stafford and Grad PLUS are both for Graduate school). Grad PLUS ranges from about 6.84% to 7.60% which is the highest Interest Rate. I'm not sure if i can "Consolidate" and get a better rate? Not sure what to pay first or how long to extend the loan payments? I'll be getting married this year and will be living off of my spouse's paychecks till i can start managing the debt. I'll be making 50K the first 1-2 years and then roughly 90K after that. I will be investing 6% to 401K (Which is what my company matches) and possibly investing into an IRA which will take away some of my paycheck. I'm just honestly not sure how to tackle my student loans. Any help is appreciated. [link] [comments]  |
| Help! Need Advice to help my Dad Posted: 21 Apr 2019 12:35 PM PDT This just came up while I was visiting my folks for Easter. Ok here's the background: My sister went to a pricey Ivy League program back in the late 90s and accrued a big debt. She worked for several years in the US before moving to a country in Europe and has been living there since 2002-2003. She still has dual citizenship with US but pretty much is an EU citizen. Fast forward to today ... I just found out from my 81 year old Dad , who is long retired and living on a very modest income, that HE's BEEN PAYING HER LOANS all these years but is worried because he can't anymore and he's worried they will come for the house etc. Suffice it to say, I kind of flipped out. He can't sustain this and he knows it. He wants to stop paying it and either let my sister take it over or let it default. But he's worried. How can I find out if he had any liability or is a co-signer on these loans? I was able to log in and set up an account just to see if I could get any details on the loans but I don't see anything which would indicate his name as co signer. Only my sister's name is on the statements. I want to get my Dad off the hook and let my sister either deal with it deal with the consequences of default if she has no intention of paying / coming back to the US. But I first want to make sure he's ok. Here are the remaining loan terms / details: Name : FedLoan Servicing I can only find her name on the account. Date disbursed 11/23/2001 ( this was after the masters program ended so perhaps it's a consolidation ? There are 2 amounts: 1-DLSCNS $50k 1-DLUCNS $38k Both at 6% interest Any advice would be helpful :-( [link] [comments]  |
| What should I do? Mom wants to pay off student loans Posted: 21 Apr 2019 02:17 PM PDT My dad recently passed away and my mom received his life insurance check. She offered to pay off my student loans (~$150,000) so that it does not collect interest and that I would just pay her back. I was wondering what is the best way of approaching this without having future legal complications and if there will be a significant tax hit. Or will it be as simple as her paying off the loan and me transferring money into her account every month? Edit: Thanks for the advice everyone. We will talk it over with a CPA. [link] [comments]  |
| Posted: 21 Apr 2019 06:51 AM PDT My parents took out 60k +- in my name in plus loans with the mutual agreement between us that I would be paying them off. I've been giving them enough to pay the minimum for two years now and I'm about to be finally in the position to start avalanching paying them off. It's a huge pain to keep transferring the money to their account for them to pay and I'm worried that if something happened to me they'd be stuck with my debt. Is there anyway to move the plus loan into my name and clear them of it forever? [link] [comments]  |
| Question about student loan repayment while still in school Posted: 21 Apr 2019 05:51 PM PDT Hello all! I graduate in Spring 2020 and plan to attend graduate school beginning Fall 2020. I have three loans: loans 1 and 2 are unsubsidized and loan 3 is subsidized. I'd like to start paying off loan 1 in grad school because it has the largest balance and is my oldest loan. Is it possible to only pay one loan out of the three while I am still enrolled in school and wait to pay on the other three until 6 months after I leave grad school, or does it not work like that? [link] [comments]  |
| Questions from a Nervous High Schooler Posted: 21 Apr 2019 12:13 PM PDT I've committed to Penn State, which is around $35,000 in state per year, totaling $140,000 in 4 years. I was just accepted off the waitlist at Georgia Tech, which costs $50,000 per year OOS, totaling $200,000 in 4 years. My parents can probably contribute ~$100,000. This means I'll have to take out ~$100,000 in loans for GT and ~$40,000 for PSU. There are definitely ways to decrease price (RA, moving off campus, no meal plan, etc.) so maybe I can bump down these debts. The average computer science salary out of GT is $99,000 and $82,000 out of PSU. I've heard the general rule of thumb is to not take out more loans than your first year's salary, but this is cutting it really close. Is GT that much better than PSU to the point where it's worth this amount of money? Can anyone that went through a similar situation give advice? Also, I don't know much about finance... how would these loans work, what kinds would I take out at what times? [link] [comments]  |
| Posted: 21 Apr 2019 06:56 AM PDT (also posted in /studentloandefaulters ... just noticed your much more active sub... ) Here's my deal ... I finished school in 2007, was very irresponsible with money. Never even attempted to pay, defaulted by 2009. But I had a decent job with an accounting firm, I rehabbed the loans, and was good to go by 2010. Did ok for 2 years, then got de-railed with expenses, and rather than reach out to Navient ... let it default AGAIN in 2012. Stupid. 2013 I consolidated, got on track, wife gets sick in 2017 (she's 100% ok now, thank God).... had to choose between foreclosure on the house or paying student loans, obviously I chose the house. BUT, I go back into my hole, financial crisis causes something in me to just go into a shell, I defaulted AGAIN. 3 times now. So here I am 2019, default for the 3rd time. They kept our tax refund obviously. Credit is shot. Debt collectors calling every 10 minutes ... here we go again. Anyways, as I understand it (and please correct me if I'm wrong.... I'd love that), I have no option to rehab again. And I cannot consolidate again b/c I have no other loans to consolidate. Whats the solution to getting out of default (again). BTW- as an aside, let me be a warning to all you younger ppl on this sub. I started with $44,000 in loans. Paid around ~$400/month for about 5 years ... due to collections fees and penalties and bullshit, my balance is currently $62,000. Yep. [link] [comments]  |
| finishing up community college, thinking of university after Posted: 21 Apr 2019 09:18 AM PDT hey there so at 30 years of age I got fed up working construction and retail and well, started taking full time semesters at a community college (Suffolk County community College- great local college with strong mission). I think i for once in my life figured out how to be successful in school, study and do your work. show up to every class, give the professor undivided attention. DO YOUR HOMEWORK PROMPTLY now in total CC will cost me about 15-20g which luckily I've been able to flip the bill with saved cash/shitty deli supermarket job paychecks (free food perks). I am graduating this fall and I have done well, 3.9 gpa (i know its community college) I want to take the next step to further my studies at a local university after. Stony Brook or Farmingdale state. now my questions about loans, as it is obvious that I will use student loans/pell grant to cover the tuition debt incurred. I used student loans to pay for a trade school ten years ago (i did well, 3.6 gpa) and those loans are currently in good standing and in repayment. Will the fact I already have outstanding loan debt with the debt of education effect my eligibility of getting student loans for my four year study? Will I need a cosigner ? (I did when I was younger and have one if I do need) I know this is a far out question but will my pell grand status be similar to the trade school, for my the year school? I work a shit job like I did back then, 15k a year? (as it covered 50% of my total tuition- I was 26 at the time) Also I know a lot depends on credit score, I have 731. thanks for any insight that can be provided. also living situation isn't a problem as I'm living in my parents basement apt [link] [comments]  |
| Posted: 21 Apr 2019 09:01 AM PDT I am a full-time educator who just spent 18 months paying off $45k in undergraduate student debt. In one month, I will be starting graduate school, and I need some student loan advice. Am I not able to get subsidized loans anymore? I was reading online that I am not able to get subsidized loans as a graduate student. On my financial aid page, it states I am eligible for the below amounts.: $4,356 - Summer 2019 (1930 sub) $10,030 - Fall 2019 ($4,474 subsidized and $5,556 unsubsidized) Do the subsidized amounts convert to subsidized, or are those amounts just cancelled out? Also, what student loans do you recommend for a full-time student? I am not allowed to work in the program I am in so I will need to take on some low interest loans. [link] [comments]  |
| Loan Repayment Idea - I need help on an idea if ya'll don't mind Posted: 21 Apr 2019 02:19 PM PDT This is an open forum to discuss. I will really like you guy's help on this! I have an idea I want put out there and hopefully, you guys can see the pros and cons and how this could truly work. All feedback and ideas is welcome. Thanks! [link] [comments]  |
| Negotiating student loan payoff Posted: 21 Apr 2019 07:45 AM PDT So i had this thought of trying to negotiate with my company to pay off my student loan debt. I'm not sure if anyone else has attempted this and i wanted to know your thoughts on it. I work in IT in the Midwest for a fairly small organization. Total company size is about 25 employees. I've worked here for 7 years and have made considerable advancementsto the point that i feel I'm a very key employee. I work in an area that isn't very easy to find talent for in the Midwest. I have a lot of recruiters seek me out and i know i can get paid more at another company. I choose to stay as i love my company culture and get scared of having the type of job where you do the same thing everyday. This job offers a lot of freedom to learn. Anyways, i have gotten pretty significant title changes and raises over the years. I had a thought that maybe, in lieu of a raise this year, i could negotiate for them to pay off my student loans and I'd sign a 5 year contract or something similar. I have about 100k in student loan debt and its by far my largest stressor financially. I guess my logic being, the get the garuntee they won't my talent and I'd be less stressed out and i get rid of my loans. I wouldn't take a raise this year but I'd still want them in the years following. We typically have annual reviews (although mine has been more bi-annual due to performance). Anyone ever tried this? Am i just completely crazy? Advice? Thank you for taking the time. [link] [comments]  |
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