Need an extra loan for cost of living Student Loans |
- Need an extra loan for cost of living
- [UPDATE] My payments made while in Paid Ahead status were appropriately credited to my PSLF payments
- Work around for defaulted federal loans?
- Ways to pay off student loans
- IBR plan to reduce overall interest
- Wife is planning in enrolling in PAYE today, but is actively searching for jobs that might be eligible for PSLF in a few years. Is enrolling in PAYE today make her ineligible for PSLF in future?
- Denied Refinance - What are my options?
- Denied private loan refinancing because of aggregate debt
- What’s a standard interest rate for a privet student loan?
- Refinancing tips/recommendations?
- Got a letter from an attorney in my State asking for full payment of my student loans
- 21F, Junior in college, don't understand any of this
- Anyone know a little more about the .25% autopay discount ?
- IBR or PAYE?
- Graduated years ago, loan just went up - no plan and lost
- Looking to apply for general forbearance or deferment on federal student loans to pay off higher interest private loans faster. Will I qualify?
| Need an extra loan for cost of living Posted: 04 Apr 2019 08:22 PM PDT I'm a nursing student, and will be half way through the program at the end of this semester (associates degree) with satisfactory academic progress/glowing evaluations from my instructors (just trying to illustrate not in danger of failing or not finishing the program.) My FAFSA allots me federal loans that cover the cost of tuition and fees and no more. I work full time ++ (two per diem jobs on top of that) and barely make enough for basics like food, travel expenses, insurance, phone, etc. Basically, my current lifestyle isn't sustainable. Every other week, I go three days in a row with no time scheduled to sleep because I have to work and go to class. I am constantly exhausted, and at the end of these benders, suicidal. I've been living with my parents, but they're moving out of state. I need to find an apartment in-county to preserve the lowest tuition rate. I plan to move in with my boyfriend, who is in a similar position of needing a new place to live this summer. I live in a high cost of living area (I am considered between very low and low income for my county), so an apartment is doable only if I keep up my insanely unhealthy and unrealistic lifestyle. My boyfriend is willing to pick up overtime and do what he can, but it's a complicated situation involving child support and cost (both time and money) of custody weeks with his (amazing angel of a) child. I NEED a loan to subsidize my rent in order to realistically survive the next year. My credit is in the low 700s. Where do I start? Should I reach out to private lenders myself? Can my financial aid office do anything for me? I sent them an email, but haven't heard back yet. Thanks for any advice you can give. I'm at the end of my rope. [link] [comments]  |
| [UPDATE] My payments made while in Paid Ahead status were appropriately credited to my PSLF payments Posted: 04 Apr 2019 09:17 AM PDT Hey folks, Quick update to my post from several months ago. I got in touch with FedLoan several times to complain that some of my payments were not credited towards my PSLF total when I filed my most recent Employment Certification Form (June 2018). I suspected that the reason was because I unwittingly made several payments while in Paid Ahead status. Curiously, there were seven such payments, however I was only undercounted four payments (confusingly they were non-consecutive months). My saving grace was that during this entire period, my autopay was paying my predetermined, full monthly amount on time each month. I had FedLoan initiate a manual audit which I was initially told would take up to six months and then later told would take at least a year. I would check in on a monthly basis but in February 2019 I encountered a particularly knowledgeable agent. I was told that that a potential fix would be to retroactively remove Paid Ahead status for prior payments. When I was struggling with this issue at the time, I only had the agent remove Paid Ahead status for payments going forward. The February 2019 agent assured me that that retroactive removal would not do any harm and in many (perhaps all?) cases results in the computer system correctly recalculating PSLF qualifying payments without a manual audit. I asked that agent to do so and lo and behold, about a month later, (March 2019) my PSLF counter on the FedLoan displayed the correct, expected number of months. I am now in the process of having FedLoan generate a letter for my own personal records that explains why my PSLF months increased without submitting an additional Employer Certification Form, just in case I need a paper trail when I am finally able to apply for the actual forgiveness. I am writing simply to dispel the myth that all payments made while in Paid Ahead status do not count toward your PSLF total - simply not the case. Again, the key is still to make full, timely payments while in Paid Ahead status and have a FedLoan agent manually remove Paid Ahead status for all past, present and future payments. Hopefully this helps to clear up a thorny issue. Good luck! [link] [comments]  |
| Work around for defaulted federal loans? Posted: 04 Apr 2019 09:24 PM PDT My wife has student loans through the federal government that have gone into default. She qualifies for income contingent payments, but for some reason her loans were not placed on income contingent repayment or were moved off income contingent repayment without her knowledge. Under that payment program she would owe approximately $0 a month in monthly payments. She has been provided a phone number to call to get her loans out of default, but the line is experiencing high call volumes (in excess of two hours) and she has never been able to reach an operator. She has also been provided with a website to contact the dept of education that does not work and has been overloaded for over 4 weeks. The phone number we have been calling is (The Default Resolution Group) 1-800-621-3115 and the website is MyEDdebt.ed.gov Has anyone found or experienced a work around to deal with this issue? [link] [comments]  |
| Posted: 04 Apr 2019 07:00 PM PDT Hi All, I recently completed graduate school (MBA) and my loans have started to kick back in. I cannot afford them at all at $500 per month (total of $66,000) but all the refinancing places say the amount is too high and on-par with my salary before taxes. I am in Vermont and a lot is taken out of my paycheck with taxes (for reference, I make $42K before taxes). I have another loan payment that will be starting soon for graduate school and I cannot afford both at once. My rent payment is high, paying utilities, car payment, car insurance, credit card payments, etc are also in the mix. I am barely keeping my head above water. It seems I don't qualify for grants and it is too late to apply for scholarships. My current loan provider is deadset on not allowing me to lower my monthly payments for any longer than one month, but still acquiring interest let long deferring my loans. Does anyone else know what my other options are? I don't have time to help with non-profits full time for some grants. I feel like I am so close to being homeless at the point even though I have a decent job and got really good grades in college and graduate school (not sure if that helped for any loan help post-graduation). I am desperate at this point and need all the help and advice I can get. Thank you all so much. [link] [comments]  |
| IBR plan to reduce overall interest Posted: 04 Apr 2019 07:56 PM PDT Hello all, my student loan payments are currently very manageable on my salary and I am paying extra each month which is going against the highest interest rate. Do people have experience using an IBR to lower their monthly payment to increase the excess payment which is assessed against the highest interest loans which will reduce the overall interest payments of the loans? In my head this whole thing makes sense, but I don't want to make this change and suddenly be something down the line. Thanks, [link] [comments]  |
| Posted: 04 Apr 2019 12:28 PM PDT Recently got married. My wife is a journalist, making around $33000/year. She has about $38k in federal student loans. Her forbearance is ending because of the marriage and we need to start repaying it, so we've decied that PAYE plan is best. We'll probably apply in a few days. However, it's very possible that she will get a public service job in the next few years that will make her eligible for PSLF. She's been interviewing with a handful of non-profits and government types of jobs. Let's say she starts PAYE as a journalist today. If she lands a new job that makes her eligible for PSLF three years down the line, can we just make a call and start the PSLF 10 year clock right then and there? Or if she enrolls in PAYE today, would that make her ineligible of PSLF even if she gets a new job that actually is eligible a few years from now? Her dream job is with a non-profit and she has a lot of connections at her current position that can make it happen. So I'm just worried that if we jump into a PAYE type of plan today when she's currently NOT eligible as a journalist, she'll loose future eligibility for PSLF when she lands her dream job. Couldn't find any info online for someone who is in her situation. Any input is appreciated, hope that makes sense. I personally don't have any debt so this is all very new to me, and she's in the dark as well. Thanks! [link] [comments]  |
| Denied Refinance - What are my options? Posted: 04 Apr 2019 10:00 AM PDT As the title says, I have applied for to refinance my loan through multiple vendors. All have denied me (and my parents denied as cosigners) 3 years out of college, Im a teacher who grosses 40k per year and I have ~80k in loans to pay off, currently paying $900 per month at a 10% interest rate. My credit score is a 700, yet due to my low income and high loan balance I can't seem to refinance anywhere. $900/mo is not affordable anymore and I am looking for ANY reduction in interest or monthly payment. What are my options? Do I just need to wait until I build more credit? Any advice is appreciated thanks so much! [link] [comments]  |
| Denied private loan refinancing because of aggregate debt Posted: 04 Apr 2019 12:09 PM PDT TL;DR - how can I refinance private student loans when my aggregate debt is high but everything else is OK? My monthly payment for 70K private loan is $900. Currently I am a medical student who will graduate next month. I have received a residency offer letter indicating a 55K annual salary but no pay stubs yet. My credit rating is a 790. My federal loans balance is very high (I do not wish to be specific but pick an unimaginably high number and that's me). I will have a grace period of 6 months. For the federal loans, I will do IBR to keep the monthly payments affordable. Wells Fargo turned me down. They said that my offer letter was fine as proof of income but that my aggregate loan amount was too high. This concerns me because my aggregate loan is not going to change for years. Navient (my current private loan lender / servicer) sent me a pre-approval offer for refinancing but when I called them they said they need a pay stub in order to proceed and that an offer letter is not enough. LendKey also requested pay stubs. Questions: (1) How can I succeed in refinancing? I will continue to pay $900 / month with my budget and keep Navient rich. I have no intention or forecast for defaulting. I will try Navient and Lendkey in the summer when I have pay stubs. (2) Can I apply to different lenders within 30 days and have it count as only one hard credit pull. I am hearing different variations. Some say as long as the category is the same e.g. student loan, car finance, mortgage etc. it counts as 1 within a 30 day period. Others say that this is not true. As for my unbelievably high federal loans, I will live like a resident even after residency and aggressively pay it off. This loan is my responsibility and I will take care of it. I have a minimalist lifestyle as long as I am good at what I do (let's hope that I am). I am going into primary care. I will get my ducks in a row for Public Service Loan Forgiveness (consolidate, correct servicer, nonprofit employer, etc.) but I have no faith in the program since success rate is <1%. The key is for me to succeed in residency. Thank you for your time! [link] [comments]  |
| What’s a standard interest rate for a privet student loan? Posted: 04 Apr 2019 01:32 PM PDT |
| Refinancing tips/recommendations? Posted: 04 Apr 2019 01:22 PM PDT I graduated from college May 2018 and currently have ~$89k in loans - 3 loans totaling ~$11k with Navient and 3 loans totaling ~$78k with Sallie Mae. My interest rates with Sallie Mae are 8.875%, 9.375%, and 9.750%, and it's super frustrating that even though I pay more than the minimum every month, the majority of my payment is going towards interest. My current income is $55k/year, but I'm on track to get a $15k raise in a few months. I have good credit at 770, and my parents would be willing to cosign with me to get a lower interest rate. I really want to refinance my Sallie Mae loans, but I'm not sure where to start. I don't necessarily want to decrease my monthly payments, but I do want a lower interest rate so that the money I pay actually goes towards the principal instead of me just chucking my paychecks at interest. Does anyone have any tips at getting started with refinancing? Are the implications for my parents cosigning any different than when they cosigned on my Sallie Mae loans? [link] [comments]  |
| Got a letter from an attorney in my State asking for full payment of my student loans Posted: 04 Apr 2019 05:33 AM PDT Title pretty much says it all. Has anyone dealt with this before? Any advice at all? [link] [comments]  |
| 21F, Junior in college, don't understand any of this Posted: 04 Apr 2019 08:44 AM PDT Hi I have no idea what I'm doing, my parents told me they were no longer co-signing my/my sister's loans which is fine I totally understand that there is no animosity there, but I have no idea what I'm doing. I'm already in 18K, I think by the time I graduate I'll be in the 70k's. My school has a list of "trusted loan" places, like PNC (which I'm considering going with since that's my bank), other banks, and well-known loan places (because it's on their website, I'm quite certain it can't be a scam). However I have no idea what any of these words mean, I have no idea what I should be looking for, and yes I know I can google it but most google searches just lead to more loan websites like to take out loans with them. If anyone wants to provide links that helped them I'd greatly appreciate this, I'm not looking for someone to walk me through the whole process but a link or two would help. Thank you, good luck to everyone taking out/paying back their loans!! [link] [comments]  |
| Anyone know a little more about the .25% autopay discount ? Posted: 04 Apr 2019 12:25 PM PDT Most lenders/processors give the .25% autopay discount but does anyone know what happens when you discontinue it temporarily? I've been ahead on payments but will need some more capital for next month so I think I'm going to pay my next statement amount in full so that my minimum payment will go down to $0 and then temporarily stop the auto-payment for the next month. Considering interest compounds daily I'm thinking it might take effect right when I stop the auto-payment but I wanted to see if anyone here knows. Thanks! [link] [comments]  |
| Posted: 04 Apr 2019 11:14 AM PDT I'm just trying to understand something. If a person does not have any private loans at all, and they're all federal. What is the real panic about having student loans at all when these programs exist? I may be misunderstanding these programs because I've not been on them, but if you continue to make your minimum payments, which are based on your discretionary income around 10% or so, the rest is forgiven after 10 or 15 years right? So given that concept you need only increase your income by 10% for it to really affect your life in any meaningful way? What am I missing I'm sure it's a lot. [link] [comments]  |
| Graduated years ago, loan just went up - no plan and lost Posted: 04 Apr 2019 10:21 AM PDT I graduated in 2012 and really did not have much of a plan and basically just tried to push off loans and make them go away (looking back, I definitely regret that decision!). I am looking for help now on how to best approach my loans and get out of debt! My current situation: Loan 1 (8/2009) - US Dept of Edu (Stafford) - 8,400 @ 6.5% fixed Loan 2 (9/2007 & 8/2010) - US Dept of Edu (Stafford) - 12,900 @ 6.5% fixed Loan 3 (10/2012) - US Dept of Edu (Consolidation) - 7,600 @ 6.3% fixed Car loan - 5,700 remaining @ 3.1% I am currently on a standard plan where they increase every 2 years. Starting this month, my payments will increase from 347/mo to 420/mo. I am making 55k/yr and living in an apt with my girlfriend spending 1800/mo (split between us). No 401k/investments, mostly living paycheck to paycheck. Should I refinance for a lower interest rate? Do I lose the ability to write off any interest on taxes in doing so (if so maybe it will outweigh what I would pay in interest along the way?). Ive been seeing people say pay off the highest interest rate first. Since they are all the same, should I focus on loan 3 then and knock that out first? [link] [comments]  |
| Posted: 04 Apr 2019 07:49 AM PDT Looking to see if I could be eligible for a forbearance/ deferment in order to funnel that money towards higher interest private loans. Here's a breakdown of income / loans: Monthly gross income: $5,000 Taxes, 401k, health insurance, etc.: $1,666 Take home: $3,332 Earnest (Private): $83,000. 5.17% at $955/mo Navient Federal: ~$25,000. 3.5%, $240/mo Heartland: $4,000, ~3.8%, $40/month I would love to pause the federal payments in order to put that money towards the higher interest earnest loans. I wouldn't say I'm in any economic hardship as I live at home and still can afford decent retirement savings. Just would like to pay my loans more efficiently. Is there anything I can say or do in a general forbearance application that would get me approved? Especially when loan payments eat 25% of my gross (33% after tax) monthly income. Thanks for your help! [link] [comments]  |
| You are subscribed to email updates from Advice, articles, and general discussion pertaining to student loans.. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment