Have over $100k in student loan debt and feel like I’m in a hole I can’t crawl out of. Any advice would be awesome! More details within. Student Loans |
- Have over $100k in student loan debt and feel like I’m in a hole I can’t crawl out of. Any advice would be awesome! More details within.
- My parents (mid 60’s) are the victims of Student Loan Fraud
- Nelnet isn’t putting any of my payment towards my subsidized loan (including interest). How should I correct it?
- Just rehabilitated my loans after wage garnishment letter
- Senior in hs, currently going to graduate college with at least 100k in debt
- FAFSA living at home vs living on campus
- transferred universities but previous uni is now telling me I have to start paying off my loans even though I haven't graduated yet?
- Parent Plus Loan Advice
- Are parents allowed to sign for and deposit refund checks under your name?
- Problem with federal perkins loan
- For those of you with pending Borrower Defense discharge claims...
- Overwhelmed by student loans...should I run far away from going to grad school?
- Paystubs vs. Taxes
- Why did FedLoan screw up my credit and how do I fix it?
- Am I Reading/understanding this Incorrectly or have my Student Loans been Paid?
- ICR Repayment Option
- Nelnet Quikpay Minimum Payment Question
- Disbursement delayed by months
- Federal Employee Student Loan Repayment
- How can I pay for the Fall Semester
- PSLF ECF - best way to submit?
- Borrower Defense - Kaplan University
- Currently owe 67k~ in debt. Never made min payment. Currently in grace period until june. need advice
| Posted: 01 Apr 2019 09:30 AM PDT I'm looking for some guidance/opinions on how to handle my student loan debt. When I was 18 and looking at colleges, paying this money off was not even remotely a thought in my mind. I'm now stuck with a ton of debt for a bachelor's degree, and the stress of paying it off is almost unbearable. Further down below are the student loans that I currently have. A little background on me. I'm 28 years old and work in law enforcement, so I qualify for Public Service Loan Forgiveness (PSLF). I make $59,000/year; I take home (after federal/state tax, pension, insurance, etc) about $1450 every two weeks. I try and take as much overtime as possible, but that's my standard check with no overtime. The job I have has a decent contract, and I should be getting decent raises every year (6-9k). I have an auto loan of about $9,000 remaining, which I'm on the path to pay off earlier than expected. Once paid off, I'm dumping the $400/month I've been paying towards my car towards my student loans. With rent, auto insurance, auto payments, current student loans, etc - I'm just breaking even with money going in/money going out. So there's really not much more I can contribute to student loans at this point in my life, on top of the minimum payments.
If anyone could give me some insight on how to pay of these loans sooner/if there is anything I can do on my end? I also have about $20,000 in a savings account. I'm thinking about paying the NJClass loan off in full, and then trying to pour any additional funds every month that I have into the Earnest loan. Then obviously pay the lowest amount possible on the MeFedLoan, since it will be forgiven in 10 years anyway. Any insight would help, this is obviously a huge loan that I really shouldn't have taken out at the time. I really don't want to pay off loans until 2037... I also have about $5,000 in a CD, that I plan on using towards student loans as well. Thank you for any help you can give! [link] [comments]  | ||||||||||||||||||||||||||||
| My parents (mid 60’s) are the victims of Student Loan Fraud Posted: 01 Apr 2019 08:57 AM PDT My parents, who live in Michigan, had a car wreck where their vehicle was totaled, so they need to finance a new used car. Upon car shopping, one thing lead to another and they ended up finding out that somebody in Arizona had opened a college loan to the tune of ~$30,000 in my dad's name. They've been calling every bureau they can, and will be on hold multiple hours and still not get through to anybody. Do they just keep at it or is there something else they can do? [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 01 Apr 2019 11:55 PM PDT I have about $24k in student loans - $16k in subsidized and $8k in unsubsidized. Interest rate is 4.375%. So I noticed about a year ago on Nelnet that I was accruing unpaid interest. I didn't know what it was, but there was a section on my loan breakdown called "accrued interest" that kept getting bigger every month. I finally called Nelnet to figure out what was going on, the lady I spoke to was confused as well at first but then she spoke to her boss and she told me that they changed their payment structure last year and now the default way of paying off loans is to put all of my payment towards the unsubsidized loan, and none of it towards the subsidized loan until I pay off the entire unsubsidized. So I've been accruing unpaid interest on the subsidized loan since Feb 2018. They said it's because unsubsidized loans have higher risk so they pay them off first. This doesn't seem like the best way to distribute my payment. I don't like that I have about $900 of unpaid interest just chillin right now. The woman I spoke to said it could potentially be rolled into my principal if I were to change my payment plan or go into forbearance or something, which I don't intend on happening but you never know. This kind of seems like a scheme on Nelnet's part? So my questions are: Is this normal? If not, what's the best way to go about correcting this? I'd like to at least pay off the interest, but how should I tell Nelnet to distribute my payment in the future? Is it better to just pay the interest every month on the subsidized loan and put the rest of my payments towards the unsubsidized until it's paid off? Or should I distribute the payment proportionately across both loans? All advice welcome, thanks! [link] [comments]  | ||||||||||||||||||||||||||||
| Just rehabilitated my loans after wage garnishment letter Posted: 01 Apr 2019 06:23 PM PDT So my dad came over and said "oh! By the way, you have a wage garnishment letter I forgot to bring!!!" (My legal address is still my parent's house). I panicked, as my big yearly review is Friday and I didn't know what I was going to tell my boss. I called the loan hotline and agreed to a $5 monthly payment on top of the wage garnishment. I admitted to them I have 2 jobs, one full time and one contingent (2 shifts a month), and gave the names of both jobs. After my dad went back to his house, he opened the letter (as I had asked him to), and it only appears they sent the wage garnishment (15%) to my contingent job. I keep my contingent job because it's easy money that pays off my car payment. I make less than $250 a month from it. Will they send a wage garnishment to my full time employer now that they know? Why haven't they already? [link] [comments]  | ||||||||||||||||||||||||||||
| Senior in hs, currently going to graduate college with at least 100k in debt Posted: 01 Apr 2019 07:56 PM PDT How can I better prepare for this amount after 4 years of college? I've already gone crazy on scholarship applications and I plan on repeating that until I finish college. Is there anything else I can do to avoid being completely overwhelmed? I'll be studying computer science if that helps. Please don't just suggest go to a different school, its a complicated situation with my parents where I don't have a choice here. Thank you in advance, I'm just a 17 year old who has barely a clue about how money works [link] [comments]  | ||||||||||||||||||||||||||||
| FAFSA living at home vs living on campus Posted: 01 Apr 2019 06:22 PM PDT Hi everyone. I am a 22 year old transfer student (23 in May). I did 3 years in community college and a gap year before transferring to UCSD in Fall 2018. A big part of why I went to community college was money, as well as the fact that I didn't know what I wanted to study. I was admitted to SDSU out of high-school, however I did not receive enough loan money to afford because I was living at home with my mom. I decided to live on campus this year to ensure I would get enough loan money to cover tuition. I know that seems ridiculous but I did not want to have to take out private loans, and my mom is not in a situation where she can contribute to the cost of my education. Living on campus was also a mental health thing for me as my family has a lot of issues and my mom and I thought it would be better if I was a little bit detached so I could focus on my education instead of our family problems. It's been nice to be on campus, but honestly I want to live at home next year. It's about a 35 minute drive from my home to UCSD (an hour and a half in traffic but I can avoid that). With every day that passes I am becoming more uncomfortable with the idea of my loans and the interest, and if I live on campus next year I will be doubling the debt I already took on from this year. My mental health is not in good shape, being far away from my family and its problems didn't help me heal they way my mom and I (and my psychiatrist) thought it would. I already filed FAFSA, indicating I plan to live on campus, and I'm very worried I won't receive enough loan money for tuition if I decide to live at home. I also want to do grad school so I feel like a fool taking on so much debt just for undergrad. My mom is a single parent, head of household, her income is 110k. I work about 12 hours a week at a coffeeshop for about $12/hour. On FAFSA, our household size is just us 2, however my mom also supports my older sister and my niece (she doesn't claim them because my sister claims herself, this has been screwing me over for years). I receive one 5k grant from UCSD annually, and the middle class scholarship gave me a generous $90 grant this past year. With housing and tuition, my loan total is ~19k (plus 8.2k in interest) for just this year. OSLA has also been sending me letters lately about my payment program. They are asking for a first payment in May 2019, and the letters are addressed to my mom because she took out a Parent Plus loan for me. Can I still have the payments deferred until 6 months after graduation even though they are in my mom's name? I do not want my mom to be responsible for these payments, but I also am not ready to make monthly payments. I appreciate any advice, knowledge, and guidance. I know very little about loans and feel pretty stupid so please please educate me. Also please let me know if this is the wrong thread to post this, or if I can add any more clarifying information. Thank you. TLDR;; I already filed FAFSA for next year and indicated I would be living on campus, however I really want to move home. What can I do? If I live at home is there any way I can ensure that I receive enough federal loans to cover my tuition? I won't be 24 until May 2020, and I am set to graduate in June 2020. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 01 Apr 2019 03:48 PM PDT This is going to be a little bit long, so long story short: Still considered a junior in college w/no degree yet, transferred universities and will start a 2 year nursing program (undergraduate level) that starts fall 2020, but previous university is sending me letters saying that I will have to start making payments on my student loans and am not sure what this means/ why I'm getting this letter. I started college in 2016, and went to a private university that was SUPER expensive. The only reason I was able to attend that university was because of my parent's plus loan. I attended that uni for 2 years and a quarter, before transferring to a cheaper public university. Long story short, even though my parents helped pay for my education, which I am very thankful for, they were extremely emotionally abusive and controlling and forced me into a major that I didn't want to be in ( I wanted to study nursing, they made me study math to become a teacher) along with many other issues, and used the fact that they were the only reason I was able to go to college to manipulate me and control me. I finally had enough of that and moved out recently about 5 months ago. I initially wanted to go into nursing school, but because of my family situation and the fact that I hadn't yet finished the pre-reqs needed to apply, wasn't able to switch majors. I was able to find a 2 year transfer nursing program at a university, and will be able to apply at the end of this spring quarter and will start fall 2020. However, I'm currently a junior at my current university, and technically should be graduating at the end of next year, but because I'm doing the nursing program will graduate in 2022 instead of 2020. I'll be working and finishing the remaining 3 classes (about 15 credits) at a community college before the program starts, so I'd be a part time student. I've talked with the transfer counselors at that school and they have said that I will still be considered an undergrad student when I start the program. For some reason my previous university sent me a letter saying that my grace period was ending in September and that my first payment for the student loan that my parents took out under my name ( Perkins loan) is due in October. My understanding and what I was told by my parents was that you didn't have to make loan payments until you got your degree and graduated. I'm freaking out because there is no way in hell I'd be able to start making payments for my student loans without a degree, and I feel extremely misled and was kept in the dark about all this student loan stuff. Is there any way that this could just be a mistake? Could it have been that since I transferred to a different university my previous university thought that I wasn't in school anymore and therefore should start making payments? If I'm technically supposed to graduate in 2020 but will still be in school and an undergrad student, will the government still make me start making loan payments? I'd really appreciate any advice and help, this stuff is extremely confusing and I'm really upset that my parents were keeping information from me and I now have to figure all this out. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 01 Apr 2019 03:17 PM PDT My step-father took out a Parent Plus Loan for me. This was with the understanding and agreement that this was going to be my debt to pay and my responsibility. Now I know that legally this isn't my responsibility but I'm not looking for that kind of advice. The trouble I'm having is that I pay my parents the amount owed each month, some $365. This recently went up based on an increase that is supposed to happen every 2 years. Now they want around $477. At this rate I won't be able to keep up. My question is are there any recommendable companies out there that can help get this into my name with lower payments? I know the big companies but I was hoping for feedback on experiences so far. [link] [comments]  | ||||||||||||||||||||||||||||
| Are parents allowed to sign for and deposit refund checks under your name? Posted: 01 Apr 2019 03:18 AM PDT Hi all, clueless student about to graduate this year. My entire college career, I've been letting my mother take care of my financial aid situation, with the promise that she and my father will take care of them. All the loans have been under my name and my parents have not taken any kind of Parent Plus loan out. As lucky as it sounds, it was pretty much too good to be true and it turns out that they are not planning on paying back the finances of my college tuition. As such, I've been looking into the details of my loans and I've recently realized that I did not have my account set up under a direct deposit like I was told, meaning that my parents have been receiving refund checks without telling me and depositing them, which shouldn't be possible since I never signed for them. Is this legal/allowed without my permission? I had no idea for the past 4 years and I'm concerned that my mother was forging my signature and depositing them into a separate account she created under the guise of paying for my loans. [link] [comments]  | ||||||||||||||||||||||||||||
| Problem with federal perkins loan Posted: 01 Apr 2019 07:48 PM PDT Hey! Today I was completing my loan exit counseling, and the studentaid.ed.gov website listed a federal perkins loan from 2008 from my undergrad institution. I did not graduate high school until 2010, and did not matriculate to this university until 2010... The .gov website doesn't list a "loan identifier number" or anything like that. I plan to call the loan servicer tomorrow, but does anyone have any insight? I would not have taken this loan, as I was not in college at the time! Help!! [link] [comments]  | ||||||||||||||||||||||||||||
| For those of you with pending Borrower Defense discharge claims... Posted: 01 Apr 2019 05:03 AM PDT An update - of sorts. Well not really but at least you know people are paying attention. https://twitter.com/bmckib/status/1111373158316019712 [link] [comments]  | ||||||||||||||||||||||||||||
| Overwhelmed by student loans...should I run far away from going to grad school? Posted: 01 Apr 2019 06:07 PM PDT Hi everyone, I graduated in August 2018 in three years, but somehow still ended up with a massive amount of debt - $88k in private loans (5 different loans with a weighted combined interest of 6.05%) and $31k in federal loans. The office I worked in as a student offered me a full time position straight out of college that I took temporarily with a $33k salary as I thought I'd be off to medical school. I have essentially been paying half of my month's salary to rent and half to student loans and this obviously not sustainable whatsoever. I am currently paying $0 per month to my federal loans because of my low salary. I have decided I want to pursue a career of nonprofit leadership/legislative and policy advocacy pertaining to child welfare after finding a passion for it through volunteer work I've been doing since graduation. I am certain this is what I want to do and will likely need a graduate degree at least at some point in the future to succeed in this career path. I was accepted into a MSW program today in the same university I received my undergrad degrees from (high ranking, private, expensive) and the total cost is $66,738 for the entire program. I was offered a $12,500 scholarship, which would make the cost $54,238, but really in total it would be $69,918 including rent for the 16 months. I assume I won't receive any other aid in the federal aid package besides unsubsidized loans as a graduate student if I'm not mistaken, but please correct me if I am wrong. The number sounds absolutely insane to me and it is, but there is only one other social work program in the state and it is not well regarded. I desperately do not want or feel able to move, but I feel like I have no choice. If I was interested in pursuing clinical social work I would most certainly choose a program elsewhere as the education would all be essentially the same and starting salaries are very low, but I don't know if the prominence of the university and its connections are worth it for my interests. I really really want to attend, but I am extremely fearful of student loans after the extreme amount of debt the ignorant decisions I made for undergrad have landed me in. Should I run from the opportunity to get my Master's degree and take on that amount of debt? Has anyone had similar experiences? Thanks so much if you read this and for any help. I really appreciate it. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 01 Apr 2019 05:34 PM PDT Is it better to have fedloan calculate payments for IDR using tax statements or paystubs? So I work for a state gov't that takes a little over 11% out of each paycheck and that along with taxes and insurance drastically changes what I make as far as net. Will fedloan use my net pay from my paystubs vs. my gross from the tax returns to calculate my monthly payments? [link] [comments]  | ||||||||||||||||||||||||||||
| Why did FedLoan screw up my credit and how do I fix it? Posted: 01 Apr 2019 10:00 AM PDT On a mobile. I'm currently on year 7 towards PSLF. FedLoan has been my provider since around 2013. I noticed about 1.5 years ago that my count towards PSLF was off a little more every few months (like the units count said 53 payments and then a few months later it said 47, and now it says 43). I've been at the same public interest government job since 2010 and have never missed a payment. I request a recount in March 2018. No response. I call in July and am told 90 days. I call in November and they say they have to do a manual recount. Fine. In January, I get an email that says Welcome to FedLon and that my loans have been transferred to Fed Loan for servicing. Wha? I check my account and there is no letter about a transfer and my loans are still right there seemingly uninterrupted. I check my credit report last week and my credit has gone down -42 points. I panic thinking someone has opened up lines of credit or something but so find no new accounts. Instead I'm dinged for closing my Fed Loan account and then dinged for opening my FedLoan account and taking a loan with all this money. I'm confused and FedLoan didn't give me a reason or suggestion for how to fix it. They just said it showed my account was transferred to them in January, yet my account number has been the same since 2013 and I have correspondence going back to 2013 from FedLoan. Luckily, I'm not planning on any big purchases soon. I would still like to fix my credit. -42 is a big drop. Any suggestions? [link] [comments]  | ||||||||||||||||||||||||||||
| Am I Reading/understanding this Incorrectly or have my Student Loans been Paid? Posted: 01 Apr 2019 05:13 PM PDT Background: Probably the former, as I am not too familiar with any of this. I haven't paid back my student loans in years I check my Credit Karma today, and it shows that all of my DOE accounts have been closed. I head over to Nelnet and it says I owe nothing, which makes sense since I am on an income-driven plan. I received an email from them in July of 2018 saying I owed a monthly payment to them on the 19th of August. But on Nelnet, it says the "last payment received" was on the 15th of August for $16,000, which was everything I owed. My "current amount due" is 0. Did this money just transfer from Nelnet to a collections agency? [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 01 Apr 2019 05:06 PM PDT So, I am trying to clean up my families Fedloans which my Father opted to consolidate mine and my sister's loans, despite her owning roughly 75% of the principle. I am considering recommending we move to an ICR for the following reasons: drastically lower monthly payment, debt forgvieness. As far as I can tell, the only Con from our current loans is that in the year it is forgiven, we will owe income taxes on the balance. Can anyone poke a hole in this? Am I missing anything? (I did not mention the Con of this weighing on my father's credit for 25 years because our current loan is 30 years) Edit: currently on a standard graduated plan. [link] [comments]  | ||||||||||||||||||||||||||||
| Nelnet Quikpay Minimum Payment Question Posted: 01 Apr 2019 01:31 PM PDT Hey r/Studentloans, I'm wondering bout Quikpay works. These are my current loans are set up in Nelnet.
How do I figure out what the minimum payments are for each individual loan? Is there a way to put more of the allocated funds towards the two loans that are over 6%? I feel like Quikpay is taking advantage of me by automatically putting in less money towards the higher interest loans so that they stick around for longer. [link] [comments]  | ||||||||||||||||||||||||||||
| Disbursement delayed by months Posted: 01 Apr 2019 01:19 PM PDT Hey all, found this community and hoping I could maybe find some answers. I'm in my second semester of grad school overseas that is being financed by a couple federal loans. However, I was supposed to get my second disbursement in February, and I received an email (after weeks of virtually banging on the door) from my financial aid office saying they have no idea why I don't have my finances yet. Does anyone have any insight as to why my federal disbursement would be delayed this much? I'm stretching my last few hundred Euros as far as they'll go but soon my account is gonna be empty. [link] [comments]  | ||||||||||||||||||||||||||||
| Federal Employee Student Loan Repayment Posted: 01 Apr 2019 12:27 PM PDT Hi All, I will be graduating from a masters program next month and just started a position with the federal government. I saw on the OPM site that there is a student loan repayment program that my agency participates in-- Everything is pretty vague (I assume purposely so) so, its been hard to get any good info. Have any fellow federal employees had any success with this program or have any info to share? [link] [comments]  | ||||||||||||||||||||||||||||
| How can I pay for the Fall Semester Posted: 01 Apr 2019 06:27 AM PDT Currently, my FAFSA is at around 6K, but the cost of attendance at my school is typically 19K. My mother is on disability leave, and at the moment is in the hospital. I'm not sure I can get a cosign due to the situation and I honestly don't know how loans work. I'm applying for scholarships at my school, which aren't much, and I honestly want to graduate on time. Will a student loan cover the rest of my cost of attendance? I also have the Hope Scholarship if you need to factor that in. [link] [comments]  | ||||||||||||||||||||||||||||
| PSLF ECF - best way to submit? Posted: 01 Apr 2019 12:03 PM PDT Hi! I'm submitting my ECF for the first time, spanning 3 different employers. I'm wondering what's the best way to send it over for processing. They provide a mailing address as well as a fax number. I'm anxious that if I mail it, it will get lost, but I'm also anxious to fax this document with my personal information like my social security number. Does anyone have any input on what might be the most secure, or the quickest for processing? Thanks! [link] [comments]  | ||||||||||||||||||||||||||||
| Borrower Defense - Kaplan University Posted: 01 Apr 2019 07:59 AM PDT I recently learned about this program and honestly kind of ashamed I had no idea about it until recently. I've started gathering evidence and I've gathered everything I thought applied from my old emails. I am currently trying to navigate their website through the wayback machine to find other promotional materials/promises that were made. I was wondering what kinds of evidence other people had managed to dig up and send with their application. [link] [comments]  | ||||||||||||||||||||||||||||
| Posted: 01 Apr 2019 07:58 AM PDT Currently unemployed but just got offered a job.
Thanks for reading! EDIT: should have mentioned that all my loans are federal. and I have added all the loans and the interest. [link] [comments]  |
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