Elizabeth Warren's new plan to cancel $50,000 of student loan debt for everyone Student Loans |
- Elizabeth Warren's new plan to cancel $50,000 of student loan debt for everyone
- $125K to $0!
- What would you do if all student loans were written off right after your last payment went through?
- Not sure how this works, Can/should I get a private student loan?
- A bankruptcy attorney told me auto pay was a terrible idea. Can anyone refute him?
- Advice on how to deal with getting caught up with Mohela? and large loan balances in general?
- Need advice on how to proceed with $38,000 in student loans
- Qualifying Payments and Servicers
- Change to navient after disability discharge
- Weirdness with garnish/loan rehab (MOHELA/Navient)
- Am I responsible?
- Undergraduate loans got misfiled under my graduate school program; how can I correct this?
- Private Loans?
- Katherine Gibbs in Montclair
- Navient collection calls
- What If There Was The Option To "Test Out" For A Degree?
- How do the loans affect your lives/mental health?
- Payment plans with federal loans and refinancing private loans
- Should I accept the fall 18 spring 19 year or accept the fall 19 spring 2020 loan?
- What’s the best way to transfer a parent PLUS loan to your name?
- Financing for Grad School Abroad - help GREATLY appreciated!
- Valuable piece of information about co-signers for those who have loans with Navient.
- Can’t find a co-signer for my student loan. What do I do?
- Finishing repayment - credit score
| Elizabeth Warren's new plan to cancel $50,000 of student loan debt for everyone Posted: 22 Apr 2019 06:35 AM PDT |
| Posted: 22 Apr 2019 10:59 PM PDT I've been a long time lurker of this sub and I'm hoping some of y'all find some encouragement in this. I've always been so embarrassed to tell any of my friends or family about the insane amount of student loan debt I got into, so I'm also just looking for someone to tell this to. After graduating with over $110K in student loans in 2012 and watching it balloon up to over $125K after being on an IBR plan which didn't even cover interest, I'M FINALLY FREE! Like many I've spoken with on this sub, this has been the most stressful thing I've ever dealt with (I guess I'm lucky for that). I've gone through panic attacks, hopelessness, sleepless nights, and constant stress just thinking about "the number" hanging over my head and how I'd never get away from it. When I was 27, after I came across This Blog about the guy who paid off 90K in less than a year, I set the crazy goal to be debt free by the time I was 30. I'm not a Harvard MBA, just a business grad, but thought if he could do 90K in one year, I could do around 100K in 3 (I missed my goal by 101 days). It took a ton of work and sacrifice (changing jobs, moving, finding the cheapest place I could find on Craigslist, etc) but damn it feels good to be done. Hope this provides some inspiration to any fellow lurkers out there. Good luck with the grind! [link] [comments]  |
| What would you do if all student loans were written off right after your last payment went through? Posted: 22 Apr 2019 04:26 PM PDT I feel indifferent about the topic because I have been working so hard and living so cheaply to pay off 60k in student loan debt. I'm down to my last 7k! I live with a roommate in a studio apartment with a divider wall, so rent is $275 a month, and I drive a 12 year old car. I only go out once a month and that is something cheap, Chipotle, Panera, etc. I have lived like this for four years while most of my friends make minimum payments and have luxury apartments and new cars. On one hand I would be happy for everyone else who would have this burden eliminated. On the other hand I would be somewhat angry that I worked so hard for this and end up in the same place as my friends who took minimal responsibility for the loans they took out. What does everyone think? [link] [comments]  |
| Not sure how this works, Can/should I get a private student loan? Posted: 23 Apr 2019 12:24 AM PDT Hey not sure if this is right place but might be? Anyways I'm currently about to be a sophomore and for my freshman year I basically lived with my mother while using my extra financial aid to pay for food and help my mom a bit with rent. Thing is she wants me out so I had applied for on campus housing for this summer. With the money ill be getting from FAFSA I'll be able to cover my housing fee and barely scrape by for food but wont have enough to pay for my classes which im estimating to be around $1,500s (not entirely sure). I also have other fees such as car insurance, phone, etc. Basically I need a few thousand by a few weeks I guess since thats around when classes start. I thought about getting a private student loan from like sallie mae, ascent, discover but not entirely sure if I should or can. No one is going to cosign from me, im unemployed, and although my credit is low 700s I've only been building it for around 8 months so not much credit history. So im pretty much panicking.. would I even get accepted for a private student loan? How much should I ask for? What am I going to do about the semester after that and the one after that... Ngl seems impossible tl;dr i need around 2-3k soon and im wondering if i can get a student loan while unemployed and with no cosigner and how much should i ask for. and what to do about following semesters :-s [link] [comments]  |
| A bankruptcy attorney told me auto pay was a terrible idea. Can anyone refute him? Posted: 22 Apr 2019 10:35 PM PDT My provider offers a .25% reduction if I set it up. I pay $460/mo so that's like a $1.15 reduction a month. This doesn't sound worthwhile because I'm already in financial straits thanks to student loans. If they take it out I may lose money for transportation or food. This is after considering necessary payments such as other bills and a mortgage. :/ I met with a bankruptcy attorney and he said those auto deduction programs aren't worthwhile for anyone. They pretend to help but act as more of a financial leash. And if I went through hard times they'd have much easier access to take everything I have since I already the bank account up with them. I never really thought about it but he makes sense. Are these programs that popular? I can't ever see myself enlisting in one again for anything after that. [link] [comments]  |
| Advice on how to deal with getting caught up with Mohela? and large loan balances in general? Posted: 22 Apr 2019 02:50 PM PDT I feel like I am getting nowhere. Principle balance was 55k, taken out between about 1995-2002. Now I still owe like 75k. I know I have paid more than a 120k over the past 20 years on this loan. But due to deferments/forbearance etc. and interest, I owe more than I've taken out. I also have over 75k still owed on a private loan through Navient. (about 750 a month, I'm current). As far as Mohela, I am behind. I called trying to reduce payments several months ago and got put on a plan which nearly doubled my monthly payment amount, even though they said my payments would be reduced. I know owe about 400 a month through Mohela. I called trying to see if I could get caught up or put back on my old payments but was told no. If I pay everything I'm paying over 1,100 a month and that is the minimum treading water amount so I don't get collection calls. Paying off the entire balance I would really need to be paying double that amount to make headway on the principal balance. I would love to just default on them and move out of the country. But don't have the courage for that. I just need some advice on how to deal with this. I'm at the end of my rope. No more forbearance or deferments. I have also thought about enrolling in community college part time to get an education forbearance. the cost for enrolling in those courses is about $500 which would get my current on my outstanding amount. [link] [comments]  |
| Need advice on how to proceed with $38,000 in student loans Posted: 22 Apr 2019 08:28 PM PDT Currently only paying the university loans, and $0 dollars to Great Lakes. Dept. of Education/Great lakes $1561 @ 4.5% Oct 2010 (date loan was taken) $1822@ 4.5% Jun 2011 $1030 @ 3.4% May 2012 $5398 @ 3.4% Aug 2012 $5803 @ 3.9% Aug 2013 -Direct Unsubsidized $1474 @ 6.8% Aug 2011 $1409 @ 6.8% May 2012 $2320 @ 3.9% Aug 2013 $5798 @ 3.9% Aug 2013 University Loans $1822 @ 5% Aug 2011 Thank you for taking the time and input. [link] [comments]  |
| Qualifying Payments and Servicers Posted: 22 Apr 2019 07:12 PM PDT I have been dealing with Fedloan for about a year, trying to get them to correctly count my qualifying payments for PSLF. Most of the issues are related to having had two prior servicers before Fedloan. However, it occurred to me recently that regular (20 or 25 year) forgiveness also requires qualifying payments to be tracked. From the ed.gov website in regards to IDR plans: "Your loan servicer will track your qualifying monthly payments and years of repayment and will notify you when you are getting close to the point when you would qualify for forgiveness of any remaining loan balance." Are there significant differences (other than the obvious qualifying employer requirement) in qualifying payments towards forgiveness between PSLF and regular IDR forgiveness? Are all servicers of federal IDR plans currently tracking the number of qualifying payments being made toward 20/25 year forgiveness, or, as with PSLF, is the Dept of Ed going to make tracking rules up as they go and deny years worth of payments? It seems that if all servicers are tracking qualifying payments consistently, getting them counted by Fedloan wouldn't take months to years with huge errors. Please feel free to share any insights on the process or regulations. [link] [comments]  |
| Change to navient after disability discharge Posted: 22 Apr 2019 06:49 PM PDT Does anyone have experience with disability discharges, And how to get a new copy of the discharge letter? We had consolidated our loans. My wife had been disable and we went the paper hell getting Sallie mae to discharge her portion of the consolidated loans but they said it wouldn't be visible until 5 yrs later. Then within the year we were transferred to navient. Our main problem is that almost immediately after we received the discharge letter we misplaced it(still mad at ourselves for that). I am starting my journey into getting Sallie mae to even admit we had accounts with them and trying to figure out where to start [link] [comments]  |
| Weirdness with garnish/loan rehab (MOHELA/Navient) Posted: 22 Apr 2019 03:00 PM PDT Okay, so I'm not 10000% sure what's going on with a specific MOHELA debt that went to wage garnishment, so I'm going to put the info I do have (or what I think has happened) out here for someone smarter and more knowledgeable about loans than me to maybe help me ask the correct questions to actually get this dealt with. To start off, I know garnishment isn't ideal, but this loan slipped through the cracks for me (totally my fault, but I thought it was in with my other federal loans initially, and didn't fight the garnish once I got the paperwork because I decided that it was easier to just know it was getting paid on every month). Today, I got a call at work from Radius Global Solutions, a debt collection company, on behalf of Navient regarding wage garnishment on my MOHELA loan, which Navient supposedly obtained in October 2018? However, I got a notice in roughly March 2018 from my employer letting me know that wage garnishment had been filed against me because of my loan with MOHELA. There is only one MOHELA loan that I'm aware of. They started garnishing my pay last year--the first garnish was on 5/25/18, and it continued on every paycheck until 3/29/19. The garnishment has ranged from approximately $115-121.00 per biweekly paycheck. At the start, I believe I owed roughly $6500 on this loan. The person I spoke with today said it was now in the $5000 range. Questions I have:
I know Navient did acquire a loan I'd rehabilitated around the same time, so I'm wondering if the loans got confused. Hell if I've been able to actually get in contact with them though, because they don't open until I've left for work and close before I get home, and they don't keep Sunday hours. [link] [comments]  |
| Posted: 22 Apr 2019 05:53 AM PDT Going into college my mom told me that she would pay for college. She didn't tell my stepdad this. Now I am home and they are telling me that it is my responsibility to pay their plus loan. I have 35k of debt in my name and their plus loan is 92k. For the first 2 years I have paid the minimum amount but I can't do this anymore. Am I wrong not to pay this anymore? [link] [comments]  |
| Undergraduate loans got misfiled under my graduate school program; how can I correct this? Posted: 22 Apr 2019 05:08 PM PDT My undergrad and graduate school had similar names, but they are separate institutions that have no financial relation. During the whole Sallie Mae/Navient transition, my federal student loans got labeled with my graduate school information. I spoke with them over the phone some time ago, but the person working with me just kept saying "This is what the file says." How can I go about correcting this? I graduated college in 2008, and had a full scholarship to my graduate school. The only loans I have are from undergrad. [link] [comments]  |
| Posted: 22 Apr 2019 04:36 PM PDT I am currently a freshman finishing up my first year of university. I am fortunate enough that both of my parents are willing to help pay for my education, with each of them taking out personal loans/paying for a year each (About 20k a year). I have to pay for two years myself and pay off federal loans which will end up being about an additional 23k. I have about 18k saved in college funds and 1.5k in checking/savings. For my junior and senior years, I hope to become an RA in order to reduce my yearly cost from 20k a year to 5k a year for those final two years. That being said, my mom is unable to help until my junior year, so next year I am essentially responsible for paying. My mom is encouraging me to take out a private loan for the full 20k, which she promised to help pay off if I become an RA. She feels like there is a chance that my current investments will outpace the private loan interest while simultaneously providing me a security net of cash. I am terrified of loans, and there is no guarantee that I will get the job as an RA. I feel like taking out a partial loan might be the best option. Essentially, I have three options: pay virtually everything off in cash upfront, take out a partial private loan and pay off the rest in cashier take out a full private loan. What do you think would be the best option? Also, is it possible to get additional federal loans just for next year? Thank you! [link] [comments]  |
| Posted: 22 Apr 2019 10:57 AM PDT This isnt for me so I dont have all the info but its for a friend. He hasnt received his taxes in years due to a tax garnishment for school loans. He went to Katherine Gibbs in Montclair in 2003. They closed in 2008 I believe. I notice they are connected to Career Education Corporation and saw a lawsuit where people were having there student loans erased. Does anyone have any more information on this ? [link] [comments]  |
| Posted: 22 Apr 2019 10:46 AM PDT I have a ton of debt through Navient, both private and federal (13 loans total). I'm only paying the loans of my cosigner so their credit isn't ruined and that's all I can afford. I wasn't answering Navients calls because I can't screen them from robodial calls. They finally found and contacted all of my family and distant relatives, some I barely know. I finally did a forbearance (so I can compound interest until I die). Is there some sort if protection to prevent them from contacting everyone I'm associated with? I feel like its overreaching and close to harassment. [link] [comments]  |
| What If There Was The Option To "Test Out" For A Degree? Posted: 22 Apr 2019 02:17 PM PDT With all the talk about free education - here's a completely different idea as a potential alternative. What if you could "test out" for a degree? With the internet, a lot of what is needed to learn certain knowledge/skills is available online for free, but colleges have you as a captive audience so you pay thousands of dollars to sit in a class for a few hours learning what you could read on Wikipedia in 10 minutes. All because they're the only ones who can issue degrees. For example, I spent 5 years and nearly 80k learning in school - only to graduate with a tiny percentage of the knowledge necessary to pass the licensure test which actually lets me call myself what I have my degree in. A large chunk of what I learned in school I could've found online, and I still have a huge amount of content to learn on my own anyway. [link] [comments]  |
| How do the loans affect your lives/mental health? Posted: 22 Apr 2019 02:14 PM PDT I have heard of someone paying 400-500 per month for 30 years and their credits score is just fine. And their salary is decent too as well as the way they live their lives. Is this common, because it seems like everyone is killing themselves over the idea of it. [link] [comments]  |
| Payment plans with federal loans and refinancing private loans Posted: 22 Apr 2019 12:58 PM PDT Situation 1: I need help paying back my undergraduate loans. I have three sets of loans: Navient, Sallie Mae, and Federal. My federal loans I am not worried too much. I have 45K in them, which is high, but I plan to do a Pay As You Earn payment plan starting as soon as possible. My income is low (24k), I will be starting a doctoral program, so I believe my monthly payments will be as low as $45. PAYE or IBR for new borrowers would be the cheapest options for me. I do have some questions:
Situation 2: My more pressing dilemma are my private loans. I have 2 private loans with SallieMae and 2 private loans with Navient. All are in the ranging from 10 to 30k. This is a ridiculous amount of debt I have took on and I wished 18 year old me was more well-advised at that time. Either way I have to start paying this back. Today, I was planning on deferring my loans again for 4 years because I am starting a doctoral program then the loan provider informed me that I only have about two years left of my deferment amount. This surprised me. I thought this deferment can go on as long as I was in a university. My original plan was to refinance my loans in a couple of months, right before my phd program, and defer those loans until I graduate. Some of my interest rates are way too high so my interest could most likely decrease if I refinanced my loans. I have a few questions:
I am not interested in a payment plan with Sallie Mae or Navient because my interest is so high. All my chipping would do almost nothing. Tl;dr I am at a lost with my private loans. Should I refinance them? What should I do while I am in my doctoral program? I don't know what payment plan I should do with federal loans: PAYE or IBR for new borrowers? [link] [comments]  |
| Should I accept the fall 18 spring 19 year or accept the fall 19 spring 2020 loan? Posted: 22 Apr 2019 12:57 PM PDT Hey everyone, I know the title is confusing but let me explain my situation. I am offered student loans for both the Fall 18 and Spring 19 semesters. The loan amount for fall 18 spring 19 is 7500, all unsub. For the Fall 19 Spring 2020 the amount is 5000 with 753 of them being unsub. My issue is I need this loan to pay for my housing as my father already takes care of the tuition. So here are my questions: 1- I need the money for housing starting from this summer till I graduate (graduate in fall 2021), should I take the Fall 19 Spring 2020 loan instead of this years since it has 753 unsub? 2- If I do take the Fall 19 Spring 20 loans, will those funds be available in the same time this years fund are going to be available? or is the FAFSA going to wait for the school year to start? 3- Should I take the full amount now or the partial amount based on how much I am going to spend on my housing situation? I am thinking take the full amount and figure out how much it is going to cost me then pay for the excess immediately before it starts charging interest 4- The interest is 5.05% for underegrads, is this monthly or yearly? (yes as you can see I am very unprepared for this, when I went to my university's office the woman helping me was very creepy and kept urging me to take the loan today without offering advice of any sorts and barely answering questions and finishing every sentence with "take it now do not think about it") [link] [comments]  |
| What’s the best way to transfer a parent PLUS loan to your name? Posted: 22 Apr 2019 08:22 AM PDT My parents didn't pay a cent of the estimated family contribution during my undergrad, and they took out around 50k with parent plus loans that I said I would take on when I graduated. I have 30k in student loans I will be taking care of also. Is there any way to consolidate or get the parent plus loans to income based repayment based on my income? [link] [comments]  |
| Financing for Grad School Abroad - help GREATLY appreciated! Posted: 22 Apr 2019 11:40 AM PDT HELLO! I have search high and low and badly need input on this issue. I've been accepted to a masters program abroad (I am an American, program is in Belgium) at a university that does not quality for any federal aid (due to low cost of tuition). The cost of living, however, amounts to about $10,000/yr, I will likely need outside help to come up with this amount. The government requires that you have this amount in a blocked account prior to the beginning of the year, unless you have a guarantor, which I do not. Does anyone have experience seeking personal loans for living costs abroad? I realize this is very niche- I am also currently working several jobs in order to save, but it will not be possible to raise that much by the time the semester begins. Thank you SO MUCH in advance!! It is truly my dream to pursue this and as a self-funded student, this is one of my best shots at achieving my dreams at a cost that won't ruin my life (ha ha). [link] [comments]  |
| Valuable piece of information about co-signers for those who have loans with Navient. Posted: 22 Apr 2019 10:56 AM PDT Hello all, I want to share with you that if you have co-signers on your Navient student loans, you can request for a co-signer release after making on time payments for I believe a minimum of 12 months (this might vary) by filling out a co-signer release form that you can find on Navient.com and upload it to your upload section online or send it via fax to 1800-848-1949. I didn't know about this up until recently and I have been making on time payments for more than 3 years now so I'm gonna be filling out the forms this week, you need one form for each co-signer and then Navient has 30 to process this request so be sure to follow up with them! It definitely gives me peace of mind that if for any reason I'm unable to make my payments in the future they won't come after my mom's or my uncle's money so I wanted to share in case there were others like me who also didn't know this was even an option. Like I said, I'll be starting the process this week so if you have questions and I can help, please let me know :) Good luck & fuck Navient! [link] [comments]  |
| Can’t find a co-signer for my student loan. What do I do? Posted: 22 Apr 2019 09:17 AM PDT I applied to several nursing schools (accelerated program because this is my second bachelors). Wasn't approved for loans because my credit score is pretty bad(being in school for the last five years really drained me financially)The only relative I have is my mother who agrees to co-sign however, she works as a free-lancer, and is on a disability. I don't even know if they will approve her as a co-signer. I really don't have anyone to ask. What should I do? I really wanted to be a nurse and now I feel like This will never happen. Are there companies that can co-sign my loan? I'm willing to do anything short of stripping/prostituting. Thanks 🙏 [link] [comments]  |
| Finishing repayment - credit score Posted: 22 Apr 2019 08:38 AM PDT Hi all - sorry if this has been asked before Finally about to finish off paying my student loan debt. Though it is by far my oldest line of credit open (by like 10 years) ... is there any reason to keep it open with minimal amount of residual debt (<$100), just to preserve my credit history? [link] [comments]  |
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