Questions about personal loans? Student Loans |
- Questions about personal loans?
- first time going to school/filling out FAFSA
- Parent plus or private loan?
- Applying for IBR and PSLF, want to double check my plans
- Refinancing a Parent PLUS loan in my name
- Getting Married and PSLF
- Financial advice for this future college student?
- Late on a student loan payment by 15min now what?
- Cautionary Tales on Laurel Road?
- Denied for refinance, don't have a cosigner. What to do?
- Calculator for IBR payoff options?
- With the talk of student loan forgiveness going on does one consider restructuring their loan?
- Parents Plus Loan Question.
- Loans defaulted. No job, no assets. What happens to me?
- Confused about balance on student loans
- Should I refinace or pay through Navient
- Somewhere to predict whether I’d qualify to refinance my student loans?
- PSLF help for stalking / domestic violence survivors
- Made payment to Navient with no money in my bank account
- Which repayment plan should I choose?
- On IBR PSLF-track, newly married and husband is currently unemployed but will be employed in August. Do I report a change income now or no?
- A question about loan repayment
- Which of these private loan providers is the best?
| Questions about personal loans? Posted: 25 Apr 2019 05:31 PM PDT If there's a better place/resource for me to ask about this, please let me know! My situation is basically I'm fortunate enough to have my tuition/boarding/small meal plan covered for my next three years at school (I'm a freshman). Aside from that, I have no money to cover personal expenses and I feel like I'm drowning - to the point where I'm constantly questioning whether or not to drop out of school full time to focus on a job that could at least support some of my stuff. My parents give me no money whatsoever, so my personal expenses (car maintenance for a crappy car, clothing, food outside of a meal plan, medical expenses not covered by insurance, etc.) make it necessary for me to work 30 hrs a week, but it's become clear that the price of working so much is that my grades are becoming trash. Also, not to go into too much detail, but I've been dealing with severe depression and I've been in and out of hospitals a few times before I started school. I'm doing my best to cope, but with a job added on top of it all I think I might fail out. I really believe I need to quit my job to keep my grades up and pass my classes, because if I don't, the benefactor who is paying for my tuition and housing will stop paying, and then I'm completely screwed. TLDR: So even though personal loans are considered the devil from what I've heard, are there are any options for personal loans I don't have to pay back until after graduate? Or any student loans that I can use for personal expenses without getting in trouble with my school? Any advice would be appreciated, thank you! [link] [comments]  |
| first time going to school/filling out FAFSA Posted: 25 Apr 2019 02:54 PM PDT I've gotten the FAFSA submitted and approved with the school I'm going to. I've selected which courses I'm going to take in the upcoming fall semester, etc. I did this all over the past week. For anyone familiar with this process, about how long does it take to obtain a financial aid letter from most schools? From what I understand, this is the first step on understanding what sort of federal loans I can apply for and how much I may need after other financial aid rolls in. Thanks in advance. [link] [comments]  |
| Posted: 25 Apr 2019 10:14 PM PDT I'm currently in need of loans to take out 5k, however I maxed out my federal loans for the year. I am wondering if taking a parent plus and paying my parents back when I graduate or private loans and hope to defer them? What would be better in the long run? Just some tidbits of info to know beforehand: -Father has mids 500 credit with 3 credit cards in charge off and is in 2 automotive loans with my name in one of them. -Mother has no debt but currently also doesn't work because she is baby sitting for my aunt. - My credit score is around 680-700 and I work about 20 hours a week -Im in my last 2 years of school and I will be independent next year on FAFSA In the long run, what would work the best for me in this current situation? Would it be best to out the parent plus on my mother instead of my father? [link] [comments]  |
| Applying for IBR and PSLF, want to double check my plans Posted: 25 Apr 2019 06:11 PM PDT My wife just finished her PhD and her loans are now going in to repayment. Because there was a gap between her Masters and PhD, her old loans are in repayment already (3 standard payments made), the PhD loans are in their grace period until July. Here's what she's got: Undergrad:
Masters:
PhD:
All of the older (Masters and undergrad) loans which were in deferment during her PhD have just capitalized. She has about 3 years of standard repayment between 2007/10/01 and mid-2010 on those older loans but I believe she is going to lose those as far as PSLF credit goes since those are all FFEL loans that will need to be consolidated to be IBR and PSLF eligible, right? So I think I have it mostly figured out, but I have a few questions that I'm hoping someone can help me out with before I make the irreversible consolidation step:
Anything other pitfalls here I should be aware of? Her income could go up a fair amount in the next 10 years but as far as I can tell she is still better off on IBR (none of the other income-based plans work due to the age/type of the loans and needing to be married filing separately on taxes). Thanks in advance. [link] [comments]  |
| Refinancing a Parent PLUS loan in my name Posted: 25 Apr 2019 09:48 PM PDT My parents took out a Parent PLUS loan for me when I was in college 07-11. I promised them that when I got a job I would make the payments for them. Got a job after graduation and have been paying since. The interest rate is 7%. Balance is 19k. Still about 12 years to pay it off. At the same time, I was looking to refinance a private loan in my name for about 11k. I looked into refinancing both together and can get a 4.25 rate for 5 or 7 years. 7 years is doable. I know the loan is legally my parents responsibility but I promised them I would make the payments. I know as a federal loan I would lose a lot of federal protection. If I lost my job, payments would still have to be made because it's not under my name so I don't think it's a big deal to lose it. Anyways, does it make sense to combine my loans like this? [link] [comments]  |
| Posted: 25 Apr 2019 08:45 AM PDT As I prepare to get married this year, I have been trying to figure out my student loans and was hoping you all could help. I am a 2016 Pharmacy School Graduate, finishing with about $91k in student loans. I immediately applied for PSLF using PAYE and was making $0 payments for my residency year in 2016-2017. Now that I am out of residency and making more money my student loans are starting to creep up (currently paying about $500 per month until August 2019 when it will increase again). I continue to remain eligible for PSLF, but I will be getting married in November 2019 and I am trying to figure out the best way to minimize my student loan payments going forward. My 2018 AGI was around $102k and my future spouse is around $65k. These should both continue to rise slightly over the next several years, unless things change when we have kids. We have no other debt (currently renting) other than my student loans. I am trying to figure out how we should file taxes in 2019. Married filing separately would likely result in lower student loan payments; however, there is also a tax penalty to this. I am currently contributing to a Roth IRA (in addition to maxing my 401k), but I know if we file separately I am not able to contribute to a Roth anymore so I'm not sure how to change back to a traditional if I've already contributed. My fiance puts a good chunk of change in her 401k, but it is not maxed out. She also does NOT contribute to an IRA. We both max out our HSA. We are open to upping her 401k/IRA contributions if it is advantageous to student loan payments. Any advice for how to minimize payments would be greatly appreciated! [link] [comments]  |
| Financial advice for this future college student? Posted: 25 Apr 2019 09:44 PM PDT I wonder if any of you remember me from several weeks ago. I posted on here (under a different account), about deciding whether to attend UC San Diego, a reputable university, for a Data Science bachelors, at 30k annually (a number that accounts for 1/4th of my family's income). A lot of people commented that I shouldn't take on this and should go to community college instead. Well... I've thought about this decision long and hard, and last week, with my enthusiastic parents hovering over my shoulder, I ... committed to that university. My parents insist on me going there, and think I deserve to attend this university. Community college is a distant option to them, which they would be an act of self-betrayal to my past self's hard work just to end up at square 1 again. I've asked my mom how she and dad would exactly pay for it, and she replied, "I don't know, we'll borrow?" Keep in mind that 30k is a quarter of my family's annual gross income, meaning by the time I graduate, we would have had spent up the same amount of money that we would have made in a year. Of course, I know that the typical response by this sub is to just go to the university because it's "their problem now, and no longer mine's." But we have to approach this objectively. [link] [comments]  |
| Late on a student loan payment by 15min now what? Posted: 25 Apr 2019 09:39 PM PDT I misread an email and i was trying to set up autopay. Shortly after I realized I needed to make this months payments which was 15-20 min from 04/25 to 04/26. I went ahead and made Mays payment as well. Will this late payment have an impact on my credit score? If so what can I do? [link] [comments]  |
| Cautionary Tales on Laurel Road? Posted: 25 Apr 2019 09:01 AM PDT I currently have my private student loans with Earnest at 5.72% (fixed, 9 years left) whom I refinanced with before they were bought out by Navient. After a promotion and increased overall savings in my name I went rate shopping and was offered a 4.25% 7-year fixed preliminary rate with Laurel Road, by far the best rate I found vs Sofi, Earnest (again), and Commonbond. The difference in my monthly payments is negligible. Does anyone have any cautionary tales regarding refinancing with Laurel Road? My main concerns are that I want ease of making extra payments and ease of navigating the website, helpful customer service if necessary, etc. If it matters, I've never missed a payment and generally just like to set it and forget it unless I pay extra. Any advice is appreciated! Thank you. [link] [comments]  |
| Denied for refinance, don't have a cosigner. What to do? Posted: 25 Apr 2019 10:09 AM PDT I've been trying to refinance my loans for the past year (took a break for a while so I wouldn't have too many credit pulls). My most recent attempt was two weeks ago, through Lendkey. I was denied because of "excessive financial obligations in relation to income, and insufficient income for loan amount requested." My federal loans are doable, but I owe Sallie Mae a total of $131,947.64 as of today. I have two loans through SM, both at 11.625% interest. Other financial information: I make about $2000/month (after taxes), am currently in grad school (paying out of pocket for what isn't paid by my employer), and my rent is $700/month (because Boston is expensive). The monthly payment for SM is about $1500, which is practically my entire monthly income. After multiple phone calls with them over the past couple of years, they are steadfast in not letting me lower my payment or enter a payment plan like IBR. I have not been approved for any refinances. My parents have terrible credit which is why the interest rate is so high, but I still tried to apply with my father anyway and was denied because of his credit. My partner tried to cosign with me but was denied as well for not having a long enough credit history. I don't have anyone else to be a cosigner. I've already tried to apply for the total amount, and each individual SM loan separately. Help!! I'm seriously drowning in debt, and I won't be getting a new job with a higher pay until I finish grad school--can't leave my current job either, because they are paying for my schooling. Is there anything I can do? Any companies that are more lenient with refinancing? Is there anything out there that'll help me? [link] [comments]  |
| Calculator for IBR payoff options? Posted: 25 Apr 2019 01:37 PM PDT Hello r/studentloans, I have been lurking here for a while, thanks in advance for your input. Some background: I went to a relatively inexpensive state school for undergrad but racked up a large loan amount in grad school. I don't necessarily regret it, because I enjoy my job and needed the advanced degree to do what I do for work, but it did leave me with large amount of loans (about 2:1 debt to income ratio). I am currently on IBR for the past ~4 years since graduation. For the first year or two I was just paying the minimum, which did not cover the interest, which i regret now because I could have been paying more. About 2 years ago I decided to get aggressive with repayment and started paying as much as I could every month. I worked my way through that built up interest and now my monthly payments are slowly reducing my principal. Recently I started reconsidering my repayment again and want to figure out what would be the best option for me over the next 21 years. I realize I should pick a plan and just stick with it if possible because bouncing back and forth is just going to slow me down. I am looking for a calculator that can help me decide which of these three options would be the best option for me: 1) Pay the minimum monthly amount, realizing that it does not cover interest (so the total loan would greatly increase), to have the rest forgiven in 21 years, and use the rest of what I would be paying per month to save up for the tax bomb. 2)Pay just enough to cover interest every month, use the leftover every month to save for the tax bomb. This would leave a more manageable tax issue, but I would not be able to save as much per month. 3) Continue to pay as aggressively as possible - this is hindering my ability to save elsewhere. I understand that the goal is to pay as little as possible over the course of the loan. I just don't know if paying it all off ASAP is better than waiting for a tax bomb and paying the forgiven amount off for ~30-35 cents on the dollar. I have checked the calculators on the side bar and searched this sub but i haven't found anything like what I am looking for. All of the calculators I can find are just calculators to help estimate your monthly IBR payment, which I already know. Thanks for your help. If you have made it this far, thanks for reading this lengthy post. [link] [comments]  |
| With the talk of student loan forgiveness going on does one consider restructuring their loan? Posted: 25 Apr 2019 05:11 PM PDT Wife went back to school during the recession. We racked up a pretty sizable amount of debt but went on the 10 year repayment plan and haven't missed a single payment. We have about 6 years left. It hasn't always been easy and a lower monthly payment would definitly help. I do think major student loan reform is in the horizon especially if a Democrat wins. Has anybody considered restructuring their loan hoping to capitalize? [link] [comments]  |
| Posted: 25 Apr 2019 02:05 PM PDT Is there a way I can find out as a former student if my parents took out a Parent Plus loan on my education? I have heard my father wave over my head that he is still paying for my student loans. This puzzles me because I hold all my student loans in my name (over 100k) and have been paying them for over a decade and all tax related forms come to my house in my name. When I ask for proof I get waved off. How do I find out if they really did take loans out for my college education without my knowledge? [link] [comments]  |
| Loans defaulted. No job, no assets. What happens to me? Posted: 25 Apr 2019 04:16 PM PDT I dropped out of college (not full withdraw--I simply stopped registering for classes, I'm still registered there) because I hated it and I was miserable. I lived with my parents at the time and still do, so I never got a job. When I started getting emails about my loans being due, I just ignored them because honestly I don't give a shit about anything but video games and the internet at this point. Three days ago I received a letter saying I'm in default. Since I have no job, and I own no assets to take (I don't even own a car), I have no idea what exactly happens from here on. What exactly can the loan companies and the government do to me now? [link] [comments]  |
| Confused about balance on student loans Posted: 25 Apr 2019 07:50 PM PDT Looking at my billing statement....
Shouldn't the remaining balance be the original amount less the principal paid? My first thought was that it might be including future unpaid interest in the "remaining balance section" however my payoff amount is roughly the same. Am I missing something? [link] [comments]  |
| Should I refinace or pay through Navient Posted: 25 Apr 2019 07:33 PM PDT Soooo I honestly don't know anything about Navient and loan repayment. I have a car loan so I'm familair with that. Just not student debt. I started undergrad in 2013 and I'm currently working on my masters. I have one semester left that costs $5500 and ive curently already financed $37k. Should I wait until I graduate and pay back with Navient? Or should I refinace now and start paying even though I'm still in school? My current credit union offered me 6.05% for 15 years (fixed loan) which is about $315 a month. What are the financial differences between those options? Which is cheaper? Whivh is going to give me a lower monthly payment? I prefer to have a smaller minimum and pay over every time. [link] [comments]  |
| Somewhere to predict whether I’d qualify to refinance my student loans? Posted: 25 Apr 2019 08:45 AM PDT Similar to those websites that predict your chances at obtaining a credit card (after inputting details such as credit score, salary, etc), is there a website that does the same with student loan refinancers? I've tried to refinance in the past but got rejected (too little income vs too much debt, I assume). I don't want to hurt my credit score (again), so I'd like to predict whether they'd accept me now (after I've increased my salary and paid down some of the debt). Another question: do you think I'd be more likely to get part of the loan refinanced? For example, if I have 100k, can I request that only $50k be refinanced? Would that give me better odds of refinancing? Thanks! [link] [comments]  |
| PSLF help for stalking / domestic violence survivors Posted: 25 Apr 2019 06:54 AM PDT Any suggestions to qualify / make payments for PSLF for stalking / domestic violence survivor. Survivor has new name name and SSN. Cannot have old info commingled with new info or stalker may locate. Survivor has full-time qualifying employment, and unemployment deferment is ending. [link] [comments]  |
| Made payment to Navient with no money in my bank account Posted: 25 Apr 2019 11:50 AM PDT I was closing an old bank account and was trying to make a payment to Navient for a few hundred dollars and accidentally used the account that was closing. The payment was received on Navient and my total debt was lowered. The bank credited the money back though because I didn't have the funds in the account. Will Navient adjust my total amount back or should I contact them? Thanks ahead of time [link] [comments]  |
| Which repayment plan should I choose? Posted: 25 Apr 2019 12:39 PM PDT So I'll be able to pay off about 25k in loans in the first year after I graduate. I plan to get a good amount of that in the first 6 months while in the grace period, but then I will enter a repayment plan. Which should I choose for the best outcome for my situation. All the plans talk about 10 years, but I'm going to be paying it off well before that. I'm a little confused about it. The main options are Standard, Graduated, and revised Pay as you earn. This required exit loan counseling sucks. Please help :) [link] [comments]  |
| Posted: 25 Apr 2019 10:10 AM PDT I am on IBR for PSLF, I have 5 years left. I will be getting married next week. My future husband has no student loans. He is also currently unemployed as of early April. He will be starting a new job in August. I make $70k/year. My FH will likely be making about $50k/year. My IBR payment is currently $600/month, I just recertified my income in February. Do I call to let them know I got married and there is a change in income since he is unemployed? What will they need from him do you think for proof? His tax returns for 2018 show he made about the same as me, $70k, but since he is unemployed surely they don't factor in his prior income? [link] [comments]  |
| A question about loan repayment Posted: 25 Apr 2019 09:00 AM PDT I currently have 29k roughly in loans and pay $300 a month between them all. If I paid off 20k right now, would my monthly payment decrease so it pays off in the same time or remain the same / finish earlier? [link] [comments]  |
| Which of these private loan providers is the best? Posted: 25 Apr 2019 06:45 AM PDT I apologize if this is a redundant question but I really have nowhere else to ask. Unfortunately I have to take a private loan out, for no other option, now I know all of these loan services have their vices equally but these are what I narrowed them down to: Discover, Ascent, Citizen's bank, union federal, suntrust and PNC. Which company would be better to request a loan from? Any suggestions would help, give me all the good and the bad of each one. [link] [comments]  |
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