How much is a minimum payment when you just finish school with roughly (guesstimating) 30k? Student Loans |
- How much is a minimum payment when you just finish school with roughly (guesstimating) 30k?
- Can't sustain anymore
- I have student loans with Sallie Mae (60k) right now and considering the military
- Best way to manage very large amount of med school loans?
- Student loans are showing up as “cancelled” - what does this mean?
- "In school" versus "deferment" status?
- Mom took PLUS Loans out, only-income Dad passes. Can loan be forgiven?
- PhD student with Federal Loans
- IDR (REPAYE) payments have increased by 3x
- Student Loan default, rehabilitation & offset
- How to get rid of student loans
- Is there any harm in using excess student government loans already disbursed to me to pay that loan off?
- Lost eligibility for IBR. Hitting a wall on IDR and need some advice on how to proceed.
- Refinance with Laurel Road questions
- Which loan to payoff? 23k or 123k, both at 8%. Is there a difference?
| How much is a minimum payment when you just finish school with roughly (guesstimating) 30k? Posted: 05 Apr 2019 11:01 PM PDT Hello! I'm going to need to take about ten more courses this summer and coming fall before I am done college for a bachelors. I specifically went to a public school with low tuition, but due to disability had to take extra courses (it's a whole thing) so I'm guessing I'll roughly have about 30K in debt (I'm not positive, but last I checked it was about 22K). I do not have any private loans, just what Fasfa provided. What I want to know, is how much will my payment be once I graduate? Is it based on income? I have medical issues and I'm going to have to pay for things out of pocket due to insurance issues, so I am trying to plan ahead to how much I may or may not owe a month. Thank you so much! [link] [comments]  |
| Posted: 05 Apr 2019 10:50 AM PDT In kind of a bind here. I know i'll probably get flamed for this, but going to ask anyways. My wife and I both have a combined total of 100k in student loan debt. She was fired from her job several months ago and has been unable to find gainful employment. I am the sole provider at this time for her and my son. Our mortgage has increased a thousand a month thanks to the mortgage company not escrowing enough money and so I am hanging on by pins and needles. Can't I just get a private loan and discharge all of it in bankruptcy? Thanks for all the input thus far. My other option but don't really want to go public would be to crowd source 2 Trillion dollars to pay for all our student loans. If someone can do it for the border wall, we can do it for our student loans too! [link] [comments]  |
| I have student loans with Sallie Mae (60k) right now and considering the military Posted: 06 Apr 2019 01:57 AM PDT I look at the military with a lot of benefits (life wise and financially wise) I am a junior in college and is looking at another 20ish thousand added to my debt. My grades are looking iffy and I don't know how I should continue. Currently my grades are being tanked due to my sleeping problems. I was thinking "will my sleeping problems be fixed from the hard and strict life of the military?" There are a lot of benefits there and I have thought of it numerous times. But, one thing that has been on my mind is that I said in my loan agreement I would start paying back by 2020. What I had in mind was will the military help me with my current life problems of discipline? Would they help with pausing my student loans so that I could start paying them off when I'm graduated after serving my 4 years? I just have a lot on my chest and feeling very lost. Any advice and help would greatly be appreciated. I'm suffering from terrible sleep hygiene and possibly borderline insomnia, which I've gone to the doctors for diagnosis. I just think in the path of my life I have been very lazy and unmotivated, but I believe the military would help shape me into a better person by sheer force. [link] [comments]  |
| Best way to manage very large amount of med school loans? Posted: 05 Apr 2019 02:06 PM PDT I'm about to start medical school and it is going to cost me approximately $100,000 per year in loans to attend. If my calculations are correct (are they correct?), with interest compounding on a combination of direct unsubsidized loans and Grad PLUS loans I will owe in the neighborhood of $480-490k by the end of school. Then residency will begin for 3-5 years, maybe even 6, but I doubt it. I will make $45k-55k per year during this time. I anticipate using REPAYE to control the interest here. By the end of residency I will owe $550k-600k (high estimate based on lowest residency salary). If I made $150k per year after a 3 year residency (low estimate) I think my best option would be to do REPAYE for the full 25 years and save up for the tax hit while also putting myself up for possible PSLF. Now, my biggest concern is that neither PSLF or the REPAYE forgiveness will be available 14 and 29 years from now, respectively. I've been told by multiple people not to count on PSLF, but what about REPAYE? Will I get grandfathered in even if they do eliminate it? And am I completely off base with those calculations or does it sound about right for high estimates? How would accruing such a huge amount of debt over 25 years affect my ability to get a mortgage or would I be doomed to rent my whole life? [link] [comments]  |
| Student loans are showing up as “cancelled” - what does this mean? Posted: 05 Apr 2019 01:56 PM PDT When I logged in to check my loans, it shows them as being cancelled. I did not apply for a cancellation, so I'm unsure of what this means. Google was very unhelpful, so I'm hoping you lovely redditors may have some answers! [link] [comments]  |
| "In school" versus "deferment" status? Posted: 05 Apr 2019 05:27 AM PDT I am currently a fulltime grad student with FedLoan as my servicer. I will be graduating next year. Most of my loans have an "in school" status, but one has "deferment." I think this is because when I started back to school, the university didn't promptly report my in-school status, so i had to request a deferment to avoid the payments coming due. Does this loan status make a difference? Will it still have a 6-month grace period after graduation? Should I call FedLoan and ask about getting it changed to "in school?" [link] [comments]  |
| Mom took PLUS Loans out, only-income Dad passes. Can loan be forgiven? Posted: 05 Apr 2019 12:41 PM PDT I'm not sure if anyone would know the answer but last year my dad passed away suddenly, and he was also the only income for the house (my mom stayed at home). Is there anyway to achieve forgiveness even though the loan is under her name? [link] [comments]  |
| PhD student with Federal Loans Posted: 05 Apr 2019 07:44 AM PDT I'm in the 3rd year of my PhD (28 yrs old). I have 2 Direct Unsubsidized Loans (Graduate) of about 40k each, both at a ~6.5% interest rate, that are currently in deferment. I expect to graduate in 2 years. When I graduate I expect to make > 100k. I live on a graduate stipend and whatever work I can find for the summer. I have no means to pay off anything beside the interest on either of these loans (600/month per loan). Any suggestions on paying off interest on loans while in deferment or opening a Roth? Is there any way that I could apply for the income based repayment on my graduate stipend? So that making payments wouldn't apply to just the interest? Any recommendations would help. [link] [comments]  |
| IDR (REPAYE) payments have increased by 3x Posted: 05 Apr 2019 04:00 PM PDT My wife and I were up for re-certification on our IDR payment plans and have found out the hard way that we perhaps should have filed our 2018 taxes, "married filing separately," at least according to FedLoans. We are both currently on a REPAYE payment plan. My wife stepped down at her job in December - we had a baby last year - and is only working enough hours to cover a couple days of daycare during the week and make a little spending money/pay some of her bills. The way Fedloans does their calculations using our combined AGI, our new combined payments are 3x as much as last year. Using a DTI Calculator, with the new payments we are now at about 56% (57% just me solo not factoring her salary & student loan payments - she has no other outstanding debts by herself). If it isn't taken away by the current administration, at least my portion of the loans in question will qualify for PSLF of a hefty amount in about 7 years, so consolidation/refinancing of those is not an option. Initially I was going to go down the, amend our taxes with change in filing status -> reapply for recaluation of our REPAYE route, but according to The Student Loan Planner, perhaps doing it this way is not the best in the long run. Additionally, having to amend our taxes with a 1040X now would cause us to pay penalties and fees on the additional taxes owed. What are our options? Is it possible that there is another IDR repayment plan that would be better suited for our situation, or one that at least separates our incomes? What is funny/confusing is that my wife also has a few of her federal loans with another servicer (NELNET), and their IDR recalculation decreased significantly. Thanks in advance for any advice offered! We are currently very stressed about the situation because none of our financial planning took the additional $700 monthly payment into account, and although I'm already looking at diminishing our monthly debt-asset ratio, that is a large sum of money to make balance. [link] [comments]  |
| Student Loan default, rehabilitation & offset Posted: 05 Apr 2019 11:51 AM PDT I got notice in October 2018 that my taxes would be offset for my defaulted loans. I immediately got into the rehab program w/ default resolution group. I made my 6th consecutive payment March 15th 2019. I called the treasury offset Program to see if an offset was tied to my ss# it said no. It used to say that there was & the info for agency. Does this mean that I won't be offset? I'm expecting a refund but haven't filed yet because of this issue. [link] [comments]  |
| How to get rid of student loans Posted: 05 Apr 2019 03:30 PM PDT I need advice paying off a student loan. The debt is about 18000 that's after paying for 7 years now more than the minimal payment at times. It never seems to end. The interest rate is at 7% What's the fastest way? For a one income household with a mortgage and bills. [link] [comments]  |
| Posted: 05 Apr 2019 11:42 AM PDT UPDATE: SOLVED! I have more loans than I need for tuition and all other college expenses, about a $150 more. I went to the office to try to reduce them because I don't like taking out more loans than I need, but they said since my loans have already been disbursed, it's easier to use whatever I don't need from the refund they give me to pay off that same loan I want reduced. For some reason, I can't wrap my head around that, it's like loan-ception. [link] [comments]  |
| Lost eligibility for IBR. Hitting a wall on IDR and need some advice on how to proceed. Posted: 05 Apr 2019 10:46 AM PDT Howdy All, Long time listener, first-time caller. I recently took a new job and the income bump pushed me out of IBR eligibility, more than doubling my payment to $597 from $250. I am at a loss at how to get my payment back into the realm of affordability as the IDR plans don't apply to all my loans. As it stands, graduated standard payments offer the best option for affordability that I can see but I''m not sure what the payments would start at this is just based off the range of payments listed in the estimator of $297-$780. I am considering direct consolidation to open up income-driven repayment options but am not sure of all the consequences of doing this and if it would be a net positive. The direct consolidation rate offered is 5% even. Another complication, I work for a state government and would be eligible for PSLF but, given my current payment options, there would be nothing to forgive in ten years. (Currently, my spouse and I are paying down two other debts and then plan to snowball the student loans.) So, PSLF is not my goal but I would like to be on track with it in case of a personal financial catastrophe. I'll put financial details below: Married, filing jointly, AGI $76,000. Spouse's student loans: $6,000 My loans total: $43,696
I suppose my question is, to consolidate or not? Or just keep them as-is and apply for graduated payments? Is there a third option? Thanks in advance for any advice. [link] [comments]  |
| Refinance with Laurel Road questions Posted: 05 Apr 2019 10:43 AM PDT A few of you have recommended Laurel Road for refinancing Parent Plus loans. I've been approved for $75k but then decided on $70k because I'll have one group of loans paid off in a month. Now I'm thinking about only $60k because I should have another group paid off within a year also it would give me an extra $177 in my pocket every month after the years end rather than an extra $150 every month extending the term over 10 years. So this leaves me with a group of 3 loans I'm currently paying $700 (payment required is $635) at 6.06%-6.75% interest. With my refinance rate through Laurel Road they offered me 5.27% for 10 years and my payments would be $635. The same as my current payment now. I will be doing the automatic payments which drops my interest down to 5.02% but my payment amount doesn't change. How does this work? Because doing the math I don't see how refinancing benefits me at all with that offer unless my payment amount lowers. So basically my question is will my payment amount lower or will the loan be paid off in less than the term of 10 years since automatic payments affect the interest rate only and not the monthly payment amount? [link] [comments]  |
| Which loan to payoff? 23k or 123k, both at 8%. Is there a difference? Posted: 04 Apr 2019 09:00 PM PDT If I have 23k to put towards either of these loans, is there a difference as to which I pay? I'd like to pay off the small one and try to snowball. But would it make a difference if I put the 23k towards the larger loan instead? [link] [comments]  |
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