Paid off my biggest, highest interest loan! Feeling motivated Student Loans |
- Paid off my biggest, highest interest loan! Feeling motivated
- Overpaying costs me more when loans end in forgiveness?
- Do student loans impact the kind of house you can buy in the future?
- PLSF For a PharmD to MD Student
- University told me I won't qualify for FAFSA if returning for 2nd bachelor's degree.
- Student Loan Types
- Processing Time
- Great Lakes, Income Driven Repayment Question
- Overpaying Income-Driven Repayment - Principal or Interest?
- Perkins loan in Collections
- Refinanced with SoFi but have the same loan servicer
- PSLF: Questions regarding submitting ECF and associated ramifications
- Student Loan Error?
- I just got an offer to pay off my $22k student loan for $2.5k! is this legit?
- Does this qualify for PSLF?
- Question regarding reamortizing student loans..
- Navient - Consolidated Loan question
- Private Student Loan Help
- Private Loan Refinance Help
- IDRP differences between EdFinancial and FedLoan Servicing
- How should I proceed?
| Paid off my biggest, highest interest loan! Feeling motivated Posted: 15 Apr 2019 06:29 PM PDT Sharing because this community's posts have kept me motivated since I took out my first student loan 6 years ago. I used to have severe anxiety about paying these back-- it literally consumed my thoughts. Left undergrad with ~90k in loans: ~30k in my name, the rest as Parent PLUS. Always told my mom I'd pay back all of the PLUS loans. First thing I did was put my own loans on the extended plan to lower the payments, allowing me to throw more at the high interest PLUS loans. Graduated Dec. 2017 with a math degree, was incredibly fortunate to line up a tech job with great pay/benefits out of school. Biggest PLUS loan was also the highest interest: originally $18,250 at 7.21%. Just put in my last payment on it today. I've been throwing all of my income after immediate expenses at it every month for over a year. All performance based bonus checks have been thrown immediately at this, too. Total payments sum to $23,625 after it's all said and done. Hopefully will be done with everything in ~2 years if I can keep this pace up. Obviously my income has enabled me to do this... but I have lived in a bare bones apartment, purchased essentially 0 material/consumer goods for myself in over a year (/got from Goodwill if I did buy something), religiously used YNAB (You Need a Budget. Highly recommend!!) to track all of my spending and keep me accountable, made plots of every payment on each loan in Google Sheets... doing whatever I can to keep the momentum going. Keeping this graph seriously helped me: [link] [comments]  | ||
| Overpaying costs me more when loans end in forgiveness? Posted: 15 Apr 2019 12:23 PM PDT Hello, I have a tool through Fidelity that estimates the costs of your student loans if you vary payments. Currently, I have over $200k in student loan debt (yay law school! I went on scholarship to a top 50 public University, btw.... sigh). I'm currently making $75k and likely to continue to increase my salary as I work for corporate America. I'm on income based repayment and am NOT eligible for PSLF as I work for Corporate America. I am currently making the required income based payment of $484/month. Based on the calculator, if I continue on the current payment path ($484/month) it calculates the loans will get forgiven at age 49 for me: $357,345 Forgiveness Balance * 29.61$ Effective Tax Rate = $105,793 owed on Forgiveness $105,793 owed on Forgiveness + the $173,187 I would pay until forigveness = $278,980 lifetime cost BUT, if I paid $500/month instead, loans still would get forgiven at age 49 for me: $353,824 Forgiveness balance * 29.55% effective tax rate = $104,562 taxes owed on forgiveness $104,562 + $176,704 that I would pay until forgiveness = $281,266 lifetime cost So while ultimately my tax bill is reduced, the overall lifetime cost to me would be greater? Does this even make sense? I see no feasible way I will pay off my loans before the balance is forgiven (I'm currently 31, been paying loans since 2012). So I anticipate that I will end up with a loan forgiveness at some point. I get that reducing my tax bill is a good thing, but other than reducing my tax bill does it even make sense to overpay if it's going to cost me more over the lifetime cost? If it's going to cost me more to overpay now wouldn't it make more sense to save that $16/month and invest it/save it towards the ultimate tax bill? Is there something I am missing? I tried searching for the answer to this group already and on google, but didn't have any luck. Thanks! [link] [comments]  | ||
| Do student loans impact the kind of house you can buy in the future? Posted: 15 Apr 2019 04:48 PM PDT I'm going into college in the spring for political science then I'll be going to law school. I plan on having a nice waterfront property soon or just something near the beach (i.e. Aventura, Miami or Lauderdale-by-the-sea). One teacher at my school says that him and multiple pf his colleagues can't buy homes because of their student loans. On the other hand, my mom was telling me a story about one of her nursing friends that has like 6 masters degrees and admitted herself that she would spend the rest of her life paying student loan debt, but makes a great salary at the place where she works (where my mom also works) and also teaches at multiple universities and owns a really nice house out in West Boynton Beach, Florida. I'm kinda getting mixed messages here. Do student loans determine the kind of house you can buy? [link] [comments]  | ||
| PLSF For a PharmD to MD Student Posted: 15 Apr 2019 04:20 PM PDT Hello r/StudentLoans I am currently a second year pharmacy student and has a disinterest in the career and now will be applying to medical school after my graduation. For a chance of PSLF should I start now looking for work at non-for-profit institutions or wait until after I get my MD? My pharmacist friend at a hospital is currently making payments for PSLF and she'll be starting medical school in the fall. How does it work in regarding BOTH schools loans? Im assuming I would need to consolidate them to make it easier. But should I start this summer? Or I can worry about this later? Thanks! Edit: Title should be PSLF lol [link] [comments]  | ||
| University told me I won't qualify for FAFSA if returning for 2nd bachelor's degree. Posted: 15 Apr 2019 02:30 PM PDT I currently have a BBA in Marketing and would like to return to school to get a 2nd BBA in MIS. I would return to the same university I obtained my first BBA from. Their financial office told me, "unless I'm seeking a different degree type, e.g. 1st bachelor's in science and 2nd bachelor's in fine arts, I most likely won't qualify for any financial aid/student loans, so I will have to apply for private loans." I only need $10,000 to return to school and won't qualify for private loans as I have no credit besides my current student loan payments which have all been on time. Rather than waiting another year to save up more money, can anyone verify this or get me up to speed on different loan options with low interest I may qualify for? [link] [comments]  | ||
| Posted: 15 Apr 2019 12:04 PM PDT There are a lot of loan types out there. Anyone have advice or suggestions on ones to avoid or ones that are ok? I know not taking loans is my best bet, but I'll need something to cover the cost of grad school. [link] [comments]  | ||
| Posted: 15 Apr 2019 08:30 PM PDT Has anyone experience the request of in school deferment with Great Lakes? How long did it took to get your student loan deferred once the in-school deferment form was sent? Thanks [link] [comments]  | ||
| Great Lakes, Income Driven Repayment Question Posted: 15 Apr 2019 08:36 AM PDT Renewal is due on my wife's account and we're trying to make a decision... Currently we're paying $475 monthly, looking down the barrel of a $2000 payment if I let it slide. Last year my boss retired and I walked into a whole bunch of lucrative accounts (I work in sales) so my income has gone up quite a bit compared to years past. So much so that we may not even qualify for IDR. Maybe. I don't know where the cut-off point is with them so I'm assuming the worst. At this point we're probably 2-3 months away from finishing off some Discover Student Loans, at which point the plan has always been to get really aggressive with Great Lakes. Is there any advantage to just letting IDR expire and taking up the full payments starting in June/July? The higher payment will be uncomfortable until we can actually finish off Discover, but not such an issue once it's gone. So I wondered if maybe we just let it go and potentially save on interest in the long-run. Any help is much appreciated!!! [link] [comments]  | ||
| Overpaying Income-Driven Repayment - Principal or Interest? Posted: 15 Apr 2019 01:40 PM PDT I'm a psychologist that graduated with my PhD and started a private practice in December. My loans went into repayment in March (Total once capitalized, 112,746.22) and I was approved for an income-based (Pay As You Earn) repayment plan with minimum payments at $375/month. I did this since my private practice will be growing this year and I couldn't reliably pay the $1300/month 10-year plan right away. My practice is growing well and my husband has a stable income, so we're paying extra and would like to pay off the loans within 5-ish years (of course, I realize this is dependent on how my practice does). At the start of repayment, my loans looked like this: Total: 112,746.22 Direct Unsubsidized Stafford - $26,221.38 - 5.160% fixed Direct Unsubsidized Stafford - $36,587.97 - 5.960% fixed Direct Unsubsidized Stafford - $33,177.58 - 5.590% fixed Direct Unsubsidized Stafford - $16,759.29- 5.060% fixed So far I've been able to pay $1675.11. In an effort to minimize my interest paid, I've focused any extra payment on the highest interest loan at 5.96%. These are my payments 2/26/2019 - $200.00 - $80.40 (Principal) $119.60 (Interest) $112,665.82 (New Total) - Split evenly between all loans 3/5/2019 - $200.00 - $80.48 (Principal) $119.52 (Interest) $112,585.34 (New Total) - Split evenly between all loans 3/11/2019 - $400.00 - $364.23 (Principal) $35.77 (Interest) $112,221.11(New Total) - All to 5.96% 4/4/2019 - $500.00 - $358.33 (Principal) $141.67 (Interest) $111,862.78 (New Total) - All to 5.96% 4/5/2019 - $375.11 - $369.27 (Principal) $5.84 (Interest) $111,493.51 (New Total) - All to 5.96% Current balances: Direct Unsubsidized Stafford - $26,341.51 - 5.160% fixed Principal: $111,493.51 Total Balance: $112,006.39 So, I realize that since I'm paying ahead, all of it is going toward the 5.96% and the interest on the other loans is just growing. I'm thinking this is good since I get to chip away at the principal of the 5.96% but I just want to make sure I'm not missing anything by letting that interest grow until I pay off the 5.96% or until my minimum payment changes based on my income. I have to provide an updated income (that will change my minimum payment) in March 2020. I've also heard that interest will capitalize if I leave the income-based payment plan? TL;DR: For my income-based repayment, should I continue putting all of my extra payments toward highest-interest loan, or should I pay off interest on all loans periodically? [link] [comments]  | ||
| Posted: 15 Apr 2019 10:50 AM PDT I have a Perkins loan that's well over a decade old. I finished grad school a few years ago and had forgotten about it. I also never had any communication about it. I only found out about it when looking to consolidate my other loans. (Yes, it is my fault. I understand that.) It is obviously in default. After a bit of research I am looking at rehabilitation. I contact the school which nslds.ed.gov list as the loan holder. They direct me to a company that manages the accounts. They direct me to a collection agency. I call them and they are saying that they've never heard of a rehabilitation program. I went ahead, directed them to send me verification of the debt and to only communicate with me on paper. What is my next step for trying to get the loan rehabilitated? Edit: The college is still listed as the servicer. I don't know if that makes a difference. [link] [comments]  | ||
| Refinanced with SoFi but have the same loan servicer Posted: 15 Apr 2019 03:00 PM PDT Apologies in advance if this is a silly question. I refinanced 5 separate federal loans with SoFi. I went from 10 year 6.2% (average) to a 5 year 4.6% plan with SoFi. The loan servicer for both is Mohela. Basically I can log into my old Mohela account and see all my old federal loans, and using the same Mohela username/password, log into SoFi.Mohela.com and see my new loan terms. This confuses me, shouldn't the old federal loans be paid off? Am I missing something here? I'm sure I can't be the only one to refinance from federal to private with the same loan servicer. I refinanced about a week ago so maybe it takes a bit to see the old loans paid off? [link] [comments]  | ||
| PSLF: Questions regarding submitting ECF and associated ramifications Posted: 15 Apr 2019 02:55 PM PDT Background Info:
Situation: As I understand it, it is HIGHLY recommended to submit Employer Certification Form on an annual basis to help keep track of PSLF. The issue is that my current loan servicer is GreatLake who I have been very happy with thus far and submitting ECF triggers loans to be transferred to FedLoan servicing who I have not heard great things about. Questions:
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| Posted: 15 Apr 2019 05:32 PM PDT Throwaway account here. This sounds ridiculous, but something about my student loans just doesn't seem right. I went to in-state state school for undergrad and law school (graduated May 2013), nothing private or absurdly expensive. Looking back I probably took out more than I needed, but nothing absurd. I have a spreadsheet record of all disbursements, but things get funky when I consolidated my loans about 6 months after graduating. In November 2013, I consolidated my federal loans into two federal loans: $90,000, $20,000 for a total of $110,000. The loans are serviced by FedLoan Servicing. The interest rate for both is 7.1%. The day I consolidated, my balance increased from $110,000 to $221,000, but then dropped to $133,000. I have no idea where the $23,000 delta ($110k pre-consolidation to $133k post) comes from. I don't see why consolidating would increasing the loan amount. Honestly, I didn't look into it much, just started slaving away and paying the new monthly bill. 6 years later and my balance is still $133,000. I know that interest has been working against me, but I've made some big lump sum payments during this time (including $12,000) and the consolidation discrepencies just didn't seem right. Is there a service (free or charge) that I can enlist to review all disbursements, consolidation, and payment history to make everything is kosher? I have not had much luck with FedLoan Servicing. [link] [comments]  | ||
| I just got an offer to pay off my $22k student loan for $2.5k! is this legit? Posted: 15 Apr 2019 04:46 PM PDT
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| Posted: 15 Apr 2019 04:32 PM PDT I work at a hospital and am salaried at full-time, 56 hours a pay period (or 28 hours a week). Yes this is considered full-time and I get all benefits. I always pick up extra shifts and average 40-48 hours per week. Am I still eligible for PSLF? My understanding is I have to work an average of at least 30 hours per week over the course of a year. Can someone confirm this? [link] [comments]  | ||
| Question regarding reamortizing student loans.. Posted: 15 Apr 2019 03:59 PM PDT Hey folks, So I have two types of student loans - like many people do probably... I've got private loans and federal loans. Both are in good standing, the federal ones are serviced by Fedloan Servicing and I've had a really great experience with them overall. My private loans through Key Bank were originally serviced by Great Lakes but last June I received notice that they were sold to Firstmark Services. And until now I've not had issues... I've paid them on time, auto deduction since 2009 - and I've been paying the same monthly payment. This weekend I received a surprise letter from Firstmark infoming me of a reamortization of my loans. Maybe this sounds stupid, but this is the first time I've encountered this... I've been paying this loan for the past 10 years and nothing has changed despite it being a variable rate. So first, I'm not entirely upset about my loan payment going up... I was a little disappointed with the lack of information provided about this from Firstmark as the notice didn't even include any account information such as what the increase would be and what they based it on. So I gave them a call and spoke with someone... Overall I felt they were helpful and took some of my concerns and feedback. One thing that really stuck out for me is that they said they do this every quarter... EVERY QUARTER... So now I'm thinking shit - every quarter my monthly payments might increase. The variable rate max's out at 25% - I'm at 5% roughly now. I realize that the rate changes based on different variables - most out of my own control. (I also realize that someone should have explained this to me better or my parents should have done so considering my mom co-signed on this and pushed me to taking this loan out - but that's in the past and I can't change that now exactly.) Also I asked - so if the interest rate drops, will they reamortize my loan payments to a lower amount - they could not provide me an answer to this. So few questions...
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| Navient - Consolidated Loan question Posted: 15 Apr 2019 03:40 PM PDT So in Navient, I've got a consolidated loan that's split in two portions - unsubsidized and subsidized. Not really sure what this means, but I've been making payments to them as if they're two separate loans for the past few years. I just received some backpay from the military and was planning on using to pay off one of these "portions". Apparently I can't do this in Navient. They said both portions need to be on the exact same payoff schedule. Say if I throw a chunk of money at the smaller portion, they'll just do the math and apply it to both portions making sure the payoff date stays the same (which also would end up paying way more of that money to the larger loan portion which is the opposite of what I want). That is what they told me on the phone and there is a disclaimer on their site when I go to pay that says the two loan portions can't become out of sync. Can someone explain to me why this is a thing? Also, when I got out of the military in January, I enrolled full time for another bachelors. I never told Navient this but those motherfuckers put my loans on a deferment status: "In-School Deferment-Ends 05/11/2020". Wtf?! I caught this in the beginning of March. Why the fuck would they put my loans on deferment when I never asked and have been making steady payments for years? How'd they know I enrolled in school? The VA is paying for everything, it's not like I took out another loan through them. Ugh... almost done with this crap. Anyways, thanks in advance. [link] [comments]  | ||
| Posted: 15 Apr 2019 01:47 PM PDT In a previous post, I asked for advice regarding a small student loan, roughly $10,000, and was recommended to fill out FAFSA to be approved for federal loans. Unfortunately, I am still deemed a dependent by FAFSA and my parents will not let me use their tax information or co-sign for any loans. As such, I believe I have no other options but private student loans. I have a steady job, am a full-time student, and have a mid-high 700s credit score. I've read a few other posts recommending Discover Student Loans: -Does anyone have any other recommendations for private student loans with neutral-positive experiences? -Does anyone have general guidance for me in navigating loans (i.e. interest rates to look for, fixed vs. variable, reasonable loan terms)? tl;dr can't get federal loans because parents, in need of private student loan advice and guidance for $10,000 loan [link] [comments]  | ||
| Posted: 15 Apr 2019 01:30 PM PDT Hey guys, I was wondering if you could help me out with some refinance help: my parents took out private loans from the university I went to, and now we're trying to refinance them as the monthly payments for both together is pretty high (around 6% for each). I recently tried to refinance with SoFi because I'd heard good things, but they rejected me on the grounds that 'they don't refinance that type of loan'. I was a little confused so I followed up with them over the phone and they said that while my income/credit were good enough, they didn't want to take on the Private Parent + or Private Parent loan. So I guess my question is, do you'll know of banks that would be willing to help me/us refinance this type of loan? Here are the stats: Total loan amount: 80K between two loans Current income: 70K Current Credit: 720 Any help would be appreciated - it's been pretty draining to pay these both out separately and consolidating them would really help a lot. Thanks! [link] [comments]  | ||
| IDRP differences between EdFinancial and FedLoan Servicing Posted: 15 Apr 2019 09:09 AM PDT Looking for some advice. My wife and I both have student loans. I have ~50k serviced through EdFinancial. My wife has ~120k serviced through FedLoan. We have both called and requested information on income based repayment plans. In both cases, we provide them with the same information: self salary, spouses salary, number of dependents, amount of student loans for self and spouse. Based on that information, they calculate your expected monthly payment. For me, I'm being told my monthly payment is ~$100, a reduction from my standard payment. For my wife, her monthly payment is ~$750... What? When my wife asks why, they tell her it's because my income, and the only way she could get it lower is for us to file taxes as married filing separate. But, that results in so much of a tax burden for us that we aren't saving much (if any) money by going that route. Also, why is there such a large difference between our two expected payments? I know there are a lot of posts on here about the incompetence of FedLoan servicing... Are we getting bitten by the same bug, or are we just gonna have to suck it up and pay? My wife has called and spoke with several different people, all have given her the same answer. They said the only thing she could do is call the department of education and talk to them. What do you guys recommend? Assuming we are gonna get stuck with that high monthly payment, what are our other options? Thanks in advance! [link] [comments]  | ||
| Posted: 15 Apr 2019 06:21 AM PDT Hello everyone, I'm looking for a bit of guidance regarding my student loans. I'm 29 with about 23k in loans. I never finished a degree but I need to start taking control of the debt I've racked up. Two of the programs that I was enrolled in are no longer operational. One of which was a technical school for network security and the other was at a major University which stopped offering the degree program. The university will not allow me to re-enroll until I go back to community college and fill in the gaps of my transcript. The reason for this is to be readmitted into an existing program. I want to pay these debts down but if there's any chance of any sort of forgiveness on some of these - I'd like to take advantage of that. Please excuse any formatting or grammatical mistakes, I'm typing via mobile. [link] [comments]  |
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