Being realistic about throwing monthly income towards debt Student Loans |
- Being realistic about throwing monthly income towards debt
- Advice please, no co-signer
- Living Abroad: Resources for Comparing IBR $0 -> Forgiveness Tax Bomb vs. Payments/Investments/Other Options?
- 529 vs 401k vs Bank Loans
- Loan Consolidation
- What's the best company to go to refinance my student loan?
- Payday Loans for Ottawa Students and Citizen From Eazycash
- private and federal student loan consolidation
- Bridging
- No Cosigner No Credit - Are Loans Possible?
- PSLF question and rather unique situation
- Refinancing & Consolidating
| Being realistic about throwing monthly income towards debt Posted: 14 Apr 2019 02:39 PM PDT I posted here last year about loans I was paying now I'm graduating and can make a SALARY. I'm paying my loan and a loan my mom took out for me (it's a cultural thing/not changing my mind). But I'm going to be living at home for 2 yrs probably making between 45-50k. I decided to keep my old car as long as I can after being dragged on the personal finance group (which I needed). I'm already a cheap person I have a little over 4K saved in Ally/BOFA. Anyways my questions are should I : 1) Pay down half of my own loan first @ 42k most of which are less than 5% OR pay moms 29k 7.6 % interest rate . I'm not too worried about my loans because my field has several forgiveness programs 2) Is it realistic to throw most of my income at debt. If I'm getting paid 45k I'm thinking throwing 1500k each month until one of the loans above is half 3) Will throwing most of my income be possible if I max out on my 401k, put money into savings, emergency fund, put money aside for a new car in the farish/near future ? Or would it be better to forgot about one or the other ? Any input would be great ! [link] [comments]  |
| Posted: 14 Apr 2019 08:32 PM PDT I'm 18 years old and I have been living on my own since 2017. My dad kicked me out after my mom committed suicide in 2015. She was an alcoholic and an abusive person but through my time with her I've learned how to do right and be good in life. I've been accepted into a performing arts college which has always been my dream but I have no credit and no cosigner for a 25000 loan. I've missed two payments of 6000 each so far and the next one is in September. I get 2000 a month and about 24000 a year and have the ability to pay back the loan but can't find anyone willing to help me out. I'm stuck between a rock and a hard place and I don't know what to do or where to go. I'm supposed to start school June 24 of this year but I'm not sure what to do and where to go. [link] [comments]  |
| Posted: 15 Apr 2019 01:49 AM PDT Hi /r/StudentLoands community, I have been living abroad for the last ~20 months and am going to try to settle permanently. One of the only things tying me back to the US are my rather substantial student loans (at this point ~$80k). I have been in the IBR plan since 2015, and as a result, my payments have been $0 since I moved abroad. This has been nice in the short term, but I am aware of the dangers in the long-term, so I would like to be able to make the most informed decision I can. My current understanding is as follows: If I maintain myself in IBR, I can continue to claim the Foreign Earned Income Exclusion on my taxes every year, which sets my AGI to zero. Since IBR uses AGI in its formula, my required payments will continue to be $0, and after another ~21 years (assuming no changes to the program or formula), I will have fulfilled my obligation, and the remainder will be forgiven. However, interest is continuing to accumulate without interruption, so the amount that will be forgiven will be much larger than the current amount. The amount that will be forgiven will be treated as earned income by the US government, and I will owe taxes on that. My question, then, is: "How can I determine what the best financial option is for me if I am successful in permanently settling abroad?" I imagine I could figure out the math myself regarding how large the loan will be at the point it is forgiven if I only continue with $0 payments, then calculate the amount I would have to pay in taxes on that. Then I could just compare that against different scenarios, like if I started paying 800 euros/month (factoring in wire transfer fees, etc.) until it was gone or if I invested the same amount of money into a savings account to pay off the post-forgiveness tax bomb. Maybe a better question is: What sort of professional with a fiduciary obligation should I talk to about this to figure this out? Are the people at the student loan company (in my case Great Lakes) fiduciaries? Would it be better to discuss with an accountant or a tax lawyer? (If so, where could I start to look for someone like that to speak with while living so far away?) Thanks very much in advance for any insight/experience/suggestions anyone may have! [link] [comments]  |
| Posted: 14 Apr 2019 07:38 PM PDT Im the parent of a Fall 19 Freshman who needs 30k per year tuition. Have 50k in 529 and 200k in 401k. The 30k due is after $5500 in Direct Unsubsidized Loan which I believe should be taken. Questions (and open to other thoughts as well) Do I use 529 to knock out full 30k in freshman year or use less of it and take out a bank loan (in students name, myself as co-signor) for the rest? Any merit to borrowing nominal amount (say 10k) from 401k to pay myself interest rather than a bank. I know the markets have returned a greater yield than student loan rates of late. I do have about 20k of the 401k sitting in a low yielding bond fund, almost money market like. Problem is that has to get repaid immediately from paycheck which cuts into take home pay. Lastly, is there a website that compares loans available from financial institutions? Thanks in advance. [link] [comments]  |
| Posted: 14 Apr 2019 08:51 PM PDT I got a notification from my federal student loan servicer saying that I have until the 19th to consolidate my current parent plus loans. I am only halfway through school right now, and do not understand what the grace period extension is on the form (it says up to 9 months). Should I wait until all of the loans are present, then consolidate them? Or consolidate them now, and then again after the degree? [link] [comments]  |
| What's the best company to go to refinance my student loan? Posted: 14 Apr 2019 12:04 PM PDT Hello, I'm in a bit of a mess since I haven't paid off my student loans in a while and I owe 3k in back fees to my student loan. Things have been tight due to the company that I worked for downsizing and it been hard surviving, to begin with so when "My Great Lakes" kept harassing me for $600 a month and defaulting I started to panic. I feel that I need to refinance my loan to another company that may have a low apr and a low monthly pay, does anyone have a company in mind to do this? Thanks, [link] [comments]  |
| Payday Loans for Ottawa Students and Citizen From Eazycash Posted: 15 Apr 2019 12:03 AM PDT Payday Loans for Ottawa Students and Citizen From Eazy-cash. Car Title Loans in Ottawa & surrounding areas, We offer a range of cash advance loan services so that you can immediately get the cash you need with short term and Long Term available Loans, Good Loans Agency in Ottawa, Canada. [link] [comments]  |
| private and federal student loan consolidation Posted: 14 Apr 2019 04:12 PM PDT I am a recent college grad (USA), I have about 90k in loans, totaling to about $1000 a month in payments. I really need to reduce these, but the problem is that they are a mix of private and federal loans. They breakdown to: SallieMae $64k (four separate private loans of ~13k) Great Lakes $27k (subsidized and unsubsidized Federal) Heartland ECSI $4.6k (Federal) So I am having trouble consolidating everything because it is a mix of private and federal loans. Is there anything I can do about reducing the payments? I am mainly focused on the SallieMae loans. [link] [comments]  |
| Posted: 14 Apr 2019 11:13 AM PDT Would it be a good idea to another masters for better job prospects? I am unable to find a job after doing one in the field I specialized in. [link] [comments]  |
| No Cosigner No Credit - Are Loans Possible? Posted: 14 Apr 2019 01:11 PM PDT Throwaway account for obvious reasons Let me give a little backstory - I have been accepted into my number 1 choice university, and tuition is around $24,000 yearly. My FAFSA will give me around $2000 in financial aid and another $4000 in loans. I plan on pursuing a major in computer engineering, and I could potentially triple major in computer engineering, computer science, and electrical engineering within 5 and 1/2 years because there is so much overlap between courses which is my current plan, or an accelerated masters within 5 in comp sci. I could easily get a well paying job fresh out of college because I could commute to DC and find work with a contractor or the government and demand is extremely high. Now onto the title of this post - I am 18, I live in an abusive household, and I have no credit. I work and have been working since the summer of my sophomore year in high school and I do have savings, but nothing that would be notable. My parents expect me to go to the local community college, and if I did, it would be paid for (read: continue abuse and control). But I need to get out of this house for my own sake. Foolishly, I never made a credit card, and if I did now, I wouldn't be able to build my credit quickly enough for loans. So here I am, no co-signer, no credit, and in need of $18,000. I know no one that could co-sign loans, period. I've considered joining ROTC in college, but I'm not fully sure of how that works, and that wouldn't help me freshman year anyway. At this point, I'm open to shit interest rate loans as long as it'll help me get out and cover at least a year and then go from there. I've been browsing this subreddit for a few hours and nothing has helped. Discover loans required a cosign, I didn't meet the minimum GPA for sixup (3.2/5.0, not good but not horrible, just bad work ethic), and pretty much any "non-cosign loan" I've seen on this sub required a cosign. Any help? [link] [comments]  |
| PSLF question and rather unique situation Posted: 14 Apr 2019 03:39 PM PDT Hi, I have a bit of an unusual situation regarding my PSLF status, and would be interested to hear what all of you think about it. I went to graduate school (financed by loans) and finished in 2010, got a job as a researcher at a university right afterward and began IBR-based payments and started the track for PSLF. Then after 5 years, I applied to and got into medical school, and put the loans into deferment. I'm finishing up with medical school and matched into a rather long residency program, where I'll be at another 501c3 university. Here's my question - having taken out new loans between my 5 years of PSLF-qualifying payments, does the clock start again on the 120 months, or will PSLF discharge my entire $400,000+ of medical and graduate school loans in the midst of my residency? It's not something I'm banking on, but wow would it be nice. Thanks for your expertise. [link] [comments]  |
| Posted: 14 Apr 2019 02:33 PM PDT I'm looking to refinance and consolidate my loans. What are some things I should be on the look out for and steer clear if as well? Any company recommendations? [link] [comments]  |
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