300k in student loan debt! How should I handle my two businesses and not drown in debt? Student Loans |
- 300k in student loan debt! How should I handle my two businesses and not drown in debt?
- Navient has been calling nonstop and I have no idea why
- I Don't See Paying them off Possible
- Parents helping with grad school question
- New Sub r/LifeAfterSchool
- Quick question about student loans?
- FAFSA EFC Numbers
- Feeling overwhelmed and uninformed. How am I going to do this?
- Financial advice needed for a Canadian wanting to attend university in another country
- Parent plus loan refinancing
- Considering consolidation to get lower payments on old federal loans
- Question regarding Navient and payments
- Return of Title IV Funds
- If I take out a federal loan like a federal unsubsidized loan, will the interest accumulate for that school year or all 4 years of college?
- Private Student Loan Interest
- Would it be better to go to a undergrad that costs $24K or $12K but I'lleventually be a pharmacist?
- Do I have to pay back financial aid?
- Payment address changed for Nelnet
- TPD Expiration?
| 300k in student loan debt! How should I handle my two businesses and not drown in debt? Posted: 28 Apr 2019 05:12 PM PDT Hi yall! My wife and I have one home business that we've been living off of for 5 years and we are about to start another business, all while I am 300k in debt from student loans. Here are the facts: Business 1 (been operating for 5 years) our profit from business 1 after expenses is about 20k for the year. This is mostly a cash business (although i do report all cash etc.) Business 2 will be a delivery business and our adjusted income at the end of the year after expenses will probably be 100k. Debt- i have 280k in student loans from undergrad and grad school (Im currently in the process of getting out of default). These loans are going to go on an Income based repayment plan, where basically they will take 10% of my MAGI. (income). Family- My wife and I are married and have two kids. How should i structure this? Im thinking leave our business one as an LLC with my wife and I owning 50% each, (we pay ourselves 10k each a year). Then put business 2 solely in her name, and pay me as an employee every now and then? Also, for my student loans I feel like we should file taxes separately so it only counts my income. Thoughts? [link] [comments]  | ||
| Navient has been calling nonstop and I have no idea why Posted: 28 Apr 2019 01:29 PM PDT About me, I live with my mother and we have been receiving about 8 calls per day from Navient including weekends from 8AM - 10PM. This started about a year ago. The first thing I started to do was to just block their number, and a month later a new number would call claiming to be Navient. I would block that one and a few weeks later again, a new number would appear claiming to be Navient. They have probably called us from about 6 different numbers by now I'd say. Why am I blocking them? I never took out student loans. I went to community college for a year and that was paid strictly out of pocket by my mother. The situation gets a bit messier because I have a sister who graduated college in 2000 and we haven't had contact with her since 2014. I'm not sure what her situation was with the student loans but last I remember she was paying them herself 5 years ago. I'm not sure what to make of this. Should I be genuinely concerned and sit my mother down to figure out what is going on? Or is this some kind of elaborate scam. My girlfriend gets the same calls about Federal Student Loans and doesn't have any. It's just odd this company would change their phone number so often to call, call at odd times, even on weekends and doesn't bother sending any type of mail. Every time I google this company it seems like they're involved in some kind of lawsuit. And why did this only start up until a year ago is another concern of mine. Whole thing seems odd but again I personally have no experience with student loans whatsoever. Thank you for your time Adding to original post : They just called again and left a message for my mom about student loan forgiveness and left a number to call them back(which wasn't the one they called from) and when I google the number it's marked as spam and as a survey phone number. Again, if anyone has experience with sadly being harassed by Navient, let me know if any of this crap is adding up. It's stressing me out and I don't even have student loans. [link] [comments]  | ||
| I Don't See Paying them off Possible Posted: 28 Apr 2019 09:11 PM PDT I have 63k in the hole thanks to getting a Master's in School Counseling... and it just seems so impossible for me to ever be able to pay them off. I have yet to get a job in my field and it sucks. I honestly can't imagine being able to pay more that $100 a month... which would only be $1200 a year... that's 52 1/2 years... while I know that it's hopefully possible for me to get a better job by then... what if i somewhat can't? I'm starting to wish I never went to college... My first payment date is creeping up on me... i'm so sad and scared. [link] [comments]  | ||
| Parents helping with grad school question Posted: 28 Apr 2019 12:21 PM PDT I am about to attend a graduate program and my parents are offering to contribute a sum that is more than tuition, but less than my total living expenses+tuition. I'm filling out the financial aid application right now and am confused--should I be reporting the total sum they are planning to contribute, or should I report zero/a lesser amount and then just have them contribute that sum towards my loan repayments? I have no loans from undergrad due to scholarships, so I'm completely uninformed on the subject. I'm afraid that by reporting their full contribution I won't qualify for enough federal loans to cover my tuition+living expenses. What should I do? Are there negative repercussions to taking out loans to cover tuition and then having them deposit money directly into my bank account for rent/cost of living? I'm afraid of filling this application out incorrectly and jeopardizing my loan amount. [link] [comments]  | ||
| Posted: 28 Apr 2019 08:11 PM PDT Hi everyone, I recently created a new sub r/LifeAfterSchool for anyone who wants to talk in general about life after being a student. Thought some people here might be interested. [link] [comments]  | ||
| Quick question about student loans? Posted: 28 Apr 2019 01:59 PM PDT I'm going to graduate in about 3 weeks and have yet to decide on a college. But I have a quick question on student loans. If my estimated cost of attending costs around $24,000 after financial aid, does that mean that I would have to eventually pay off nearly $100K after I graduate even though my family earns less than $20K a year? Because when I look online for the estimated amount of student loans for graduates from this college, it says the average amount is around $30K, which seems way lower than what I would assume. [link] [comments]  | ||
| Posted: 28 Apr 2019 06:06 PM PDT Can someone explain to me how the numbers work and what they mean? Mine was 005640, I'd like to understand what that means for me and loans, etc. [link] [comments]  | ||
| Feeling overwhelmed and uninformed. How am I going to do this? Posted: 28 Apr 2019 02:03 PM PDT I graduated with an engineering degree from a tech school. My parents are very "pave your own way" mentality, as they should be. Bottom line though, I paid for my own college. Via federal loans and personal. I have over 100,000 in debt and feel like this is unmanageable. In June, my deferment is over and I will have a total monthly minimum of 1300$. I feel trapped in a corner. And it turned my decent paying engineering job into feeling like a minimum wage job. I don't know where I can get help or advice on this. My parents never went to college and my friends had more help than me. I need help to look at my options. Is anyone out there able to teach me the best way to tackle this? I feel like I'm digging a trench with a spoon. [link] [comments]  | ||
| Financial advice needed for a Canadian wanting to attend university in another country Posted: 28 Apr 2019 05:47 PM PDT
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| Posted: 28 Apr 2019 01:15 PM PDT So I graduate next month and most of my loans (like 80%) are parent plus loans in my moms name. Since they're not eligible for really any forgiveness because my mom isn't a public service worker or anything, I'm strongly considering the refinancing route for a lower interest rate and lower monthly payment. (Current interest~7%.) However, neither my family members nor myself have any knowledge on the process of refinancing. Anyone here have any recommendations and/or companies that are good options for refinancing? [link] [comments]  | ||
| Considering consolidation to get lower payments on old federal loans Posted: 28 Apr 2019 04:46 PM PDT Recently I got out of school after going back for another degree. In that time I had loans in forbearance, and now that they're out of forbearance the time to repay them is so low that the monthly payments are high. To give perspective, originally my loan payment was $168/month, but when the system readjusted that for the lower time to repay the older loans the monthly payment went up to $478. I can afford the higher payment, but barely. I'd really like to have it lower so I can more easily put away money right now, with the plan being to increase payments as I get paid more as I progress in my career. I was thinking of consolidating my loans to reset the clock and get a lower payment that way. I have no intention of working for an organization that would qualify for loan forgiveness since I don't have a huge amount of loans ($36k) and can make more in private industry. My concern is whether this is a good idea or not. For example, I've heard conflicting things about whether or not I'd lose federal loan protections like IBR and forbearance in the event of a financial emergency. What should I know? [link] [comments]  | ||
| Question regarding Navient and payments Posted: 28 Apr 2019 09:41 AM PDT So I've been given a gracious gift from my grandmother, who gave me a check to pay off my loans in full and simply pay her back without interest (I wasn't expecting it at all so I'm very much relieved). My question is this: I'm graduating next week. My dad wants me to simply put the check in the bank and pay off the loan ASAP, but I was told that I couldn't pay towards my loan total before I was out of school. I could pay down the interest but not the loan itself. It doesn't necessarily matter since I'm graduating Friday but it's now simply a question of if that's true or not? Can I pay off all my loans prior to finishing school, since I know I won't be returning? [link] [comments]  | ||
| Posted: 28 Apr 2019 03:12 PM PDT If I already completed more than 60% of the semester in my classes(I did about 70%), and I want to withdraw from a class, will I still need to pay back the financial aid(all grants no loans) I already received? Here is what's on my school's financial aid brochure if it helps: WITHDRAWAL AND RETURN OF TITLE IV FUNDS Return to Title IV funds is a federal law regarding a student's responsibility in paying money back if the student leaves school. If a student receives a grant and then withdraws from all of their classes; that student may owe money back to the Federal Program. Here's how it works: According to the date of withdrawal, the Financial Aid Office will calculate the part of the grant the student earned and what is owed. Note: if the withdrawal was after earning 60% of the grant, the student will not owe any repayment. For example: A student receives a $1000 grant. If there are 131 days in the term and the student drops out on the 34th day, the student has earned 26% of the grant. The financial aid office will multiply the grant money and decipher what the student earned and did not earn. $1000 grant x 26%=$260 earned: $1000 x 74% =$740 uneamed. 15 The college will owe some money back depending on the number of units in which the student enrolled: If a student enrolled in 12 units @ $46 each = $552 x 74% (unearned) = $408 the college has to pay. The student will have to pay back the unearned amount, minus the college's share, times 50%. $740 - $408 = $332 x 50% = $166 the student has to pay the federal program. [link] [comments]  | ||
| Posted: 28 Apr 2019 03:11 PM PDT | ||
| Posted: 28 Apr 2019 02:36 PM PDT Right now I am looking at needing a private student loan to be able to attend the college that I want, my parents are unwilling to take out the Plus Loan, but are willing to co-sign on a private loan given that payment is able to be deferred until after graduation and interest doesn't accumulate during my time in school. That last requirement is what is killing me because, to my understanding, such a thing doesn't exist outside of completely interest free loans (From the few I've seen, I don't qualify for). So, I am wondering if I am wrong in saying that there are not loans that do not accumulate interest while I am in school? [link] [comments]  | ||
| Would it be better to go to a undergrad that costs $24K or $12K but I'lleventually be a pharmacist? Posted: 28 Apr 2019 02:24 PM PDT | ||
| Do I have to pay back financial aid? Posted: 28 Apr 2019 01:07 PM PDT So today is the last day to withdraw from classes and I am thinking about withdrawing from a computer science class because I do not think I can pass it. I am currently in 12 units and if I withdraw I will have 8 units. I also go to a community college if that helps. How will that affect my financial aid? Will I have to pay back the money I received? I already received all of this semester's financial aid. I have earned more than 60% because so far I have attended 46/64 classes which is a 71.8% [link] [comments]  | ||
| Payment address changed for Nelnet Posted: 28 Apr 2019 08:09 AM PDT I've been using Nelnet since I graduated in 2015. My payment address is apparently being changed to the US DOE. Does this mean that I will no longer be able to make online payments and will have to send a check to the DOE every month? Is there not an easier way to do this electronically? I'm at a loss for why this is changing all of a sudden. Anyone else in this boat? [link] [comments]  | ||
| Posted: 28 Apr 2019 01:41 AM PDT Hi. I had my student debt "paid in full" under the TPD program years ago. I just received notice that in a few months, I need to pay them back. Anyone know what that's about? Thanks. [link] [comments]  |
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