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    Wednesday, May 1, 2019

    Is it worth the debt? Student Loans

    Is it worth the debt? Student Loans


    Is it worth the debt?

    Posted: 30 Apr 2019 09:20 PM PDT

    I'm stuck deciding between two colleges: Cal Poly SLO and UC Irvine.

    My financial package for UC Irvine is much more generous than for SLO. UCI says I have to give about 1-2k a year while Cal Poly SLO says that I would have to pay about 10k a year.

    Now, I want to go into engineering, but I don't know if the experience and internship opportunities at Cal Poly is worth the 40k+ debt I will have at the end.

    submitted by /u/TranquilArc
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    57% of Americans who've already paid off their student loans support Elizabeth Warren's plan to cancel 42 million Americans' college debt

    Posted: 01 May 2019 01:10 AM PDT

    Thanks to everyone on here- keep fighting the good fight

    Posted: 30 Apr 2019 07:15 AM PDT

    Ive been lurking here for a while and I just want to say thanks to everyone. The knowledge is great and the support given to people who don't think they can do it is also great. It's really important to keep hope in your life no matter what. Anyway, I've often come on here and felt like I wasn't alone. But of course, in the end, we are all alone and sometimes you need to gather up what's left of your self respect and finish strong on your own terms. Good luck everybody! You can do it!

    submitted by /u/Fishyfishfishs
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    TEPSLF Success!!!

    Posted: 30 Apr 2019 10:22 AM PDT

    I initially applied for the PSLF about 45 days ago and got the denial and immediately received a notification stating that it will be automatically reviewed for the TEPSLF. And now 2 weeks after the denial, my account balance is showing a negative or credit balance! Much quicker than I thought this process was going to take after reading some experiences by others! I have not received any official notification yet, but I am SO EXCITED! FYI, my loan balance was still in 6 figures after 10+ years of payments. Hope this gives those with high balances some hope!!!

    submitted by /u/gilpoe
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    Is this too much student debt?

    Posted: 30 Apr 2019 02:01 PM PDT

    Hello, I am currently a senior in high school, and plan to attend college next year. I have already been accepted. My question is, it's looking like I'll be graduating college with about 100-150k in student loan debt. Is this too much? The degree is mechanical engineering from Oregon State University. The avg. income for mechanical engineers is ~80-90k.

    Just want to make sure I'm going to be okay after college.

    One other thing I forgot to mention is that I plan on doing work-study through the school. This will allow me to make some income while attending college.

    Thanks for any help.

    submitted by /u/toomuchsauce640
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    My own endgame...hoping to knock out 11k in one year

    Posted: 30 Apr 2019 02:38 PM PDT

    I've had enough and just want to be done. Especially as I dip under 10k I will be more aggressive. I'm really committing myself to pay last of my loans (~11k). 1.5 years is probably more realistic. Working odd jobs, cutting costs, getting a 2nd roommate.

    Something that motivates me is I wrote down my expected payoff date if I continue paying monthly minimum. Every time I pay extra I look at my new payoff date.

    submitted by /u/dec92010
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    Student financial aid packet help

    Posted: 30 Apr 2019 06:49 PM PDT

    So I just got my student financial aid packet and right under it, it states that I need to turn it in by tomorrow. On top of that the financial aid officials is closed so I can't call for help. I need some help trying to understand the aid and loans given to me, mainly the last 4. Thank you!

    Here are the ones I am confused with: Direct Subsidized loan, Federal Work Study, Direct unsubsidized loan, Direct Parent Plus loans.

    submitted by /u/Hyperion_113
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    Going on maternity leave soon, should I recertify?

    Posted: 30 Apr 2019 08:23 PM PDT

    I'll be out for a few months on disability and then paid family leave as baby is due next month. Should I update my income or just leave it as is? I may have a couple of unpaid weeks once my vacation balance runs out. Not sure if this is something recommended or to keep paying regular payments. I'm on PAYE and working towards PSLF.

    THANKS!

    submitted by /u/readytopartyy
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    New graduate, 144k in debt, looking for advice

    Posted: 30 Apr 2019 07:40 AM PDT

    I graduate from pharmacy school this May with $144k in debt (all federal direct loans) with a weighted interest of 6.2%. For my first year out of school I am doing a residency where I will be earning $45,500. This puts my bi-weekly paycheck after taxes at about $1,429 and my student loan payment on a standard plan at $1,572 a month. While I would love to make the full payments during residency, I just don't think it would be possible to live off of the remainder of my pay.

    My question is: Would it be worth it to pursue a graduated repayment plan and pay less during my 1-2 years of residency (~$900/month for first 2 years), then pay off my loans aggressively (~$4k/month) once I am making normal pharmacist salary?

    Would it be possible/smart to be under PAYE then switch to a standard payment plan after residency?

    I understand that PSLF is an option but I would rather pay off my loans as fast as possible and not gamble on recieving forgiveness.

    submitted by /u/libertinage_
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    My BIL is going to college this fall and my MIL has no clue the horror of student loans.

    Posted: 30 Apr 2019 08:49 AM PDT

    I'm looking for some advice. My BIL, as stated, is going to a out of state school for college and he intends to major in Psychology. As far as I understand, he has no scholarships and received next to nothing in the form of pell grants/federal loans and he is looking at private loans.

    I'm pretty sure my MIL is clueless about the the true state of college these days and has no idea/cognitive dissonance about what those private student loans are about to do to his future. Aka screw him over.

    My husband and I want him to go to community college and get a part time job but MIL will not listen to the people who have been there, done that and have student loans. She thinks the college experience is still "everything".

    Any tips on how to reach out to my BIL? I don't want him to be a victim of the poor financial choices she is making for him. He has been pretty pampered and sheltered as well. Small town upbringing.

    I don't have any issue making my MIL angry and my husband, assuming we have a good idea, loves his bros beyond life itself and would do anything.

    Thanks in advance.

    submitted by /u/gundamkittty
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    PSLF Help. Completed my ECF but some loans have more payments than others

    Posted: 30 Apr 2019 04:53 AM PDT

    So I submitted my employment certification to find out if I am on track for PSLF (public school teacher). I just got my letter saying that my employer does in fact qualify and they gave me a count of how many payments I have made. Most of the loans say I have made 52 qualifying payments (which sounds about right) but a couple of the loans are showing fewer.

    Earlier in my repayment I did not know about PSLF and so I was paying ahead on my loans and I think this is how things got messed up. I am now using REPAYE for obvious reasons. I think that when I was paying extra for some reason it didnt go onto some specific loans because at the time of payment the amount due was $0

    Is there any way to get this fixed so that all of my loans show the same number of payments?

    If not how will this effect forgiveness at the end. Will I have to wait until the last loan shows 120 payments? That would mean I make greater than 120 payments on some of the other loans, will that money be refunded (it will take nearly a year long to pay off the loans with less payments)?

    Loan 1: 52 payments

    Loan 2: 52 payments

    Loan 3: 52 payments

    Loan 4: 52 Payments

    Loan 5: 52 payments

    Loan 6: 44 payments

    Loan 7: 52 payments

    Loan 8: 41 payments

    submitted by /u/i_want_to_learn_stuf
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    Banking while in Grad School?

    Posted: 30 Apr 2019 01:20 PM PDT

    I am currently going to enter a professional program in Texas for grad school. Thus, I am going to be having to take out a federal unsub loan as well as a GRAD PLUS Loan. My question is what did you all do as far as banks were concerned during your schooling? High-interest checking/savings? Online banking? Etc. Mainly just look for best banks for grad students as I am kinda noob to this. Appreciate your feedback.

    submitted by /u/finalflash2000
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    Loan Forgiveness if it's already paid off?

    Posted: 30 Apr 2019 08:28 AM PDT

    My student loans are almost paid off, and I can actually fully pay them off today with money I got from selling my house. However, I got my loans through Sallie Mae (now Navient) and there are lawsuits against them for predatory lending. I live in PA, and the PA Attorney General has a suit filed independent of the other suits. I don't have the details of the suit because I needed to submit a complaint with the AG office to get updated apparently. What I read about it so far though is that the AG is seeking forgiveness for predatory loans.

    My question would be if I did pay my loans off, would there be any reimbursement from this suit or any of the others? Is it dependent on the terms of the suit? If so, how can I find more information about it? Is there anything else I need to do be be sure I am part of the suit if anything comes of it? I am really looking forward to paying my loans off, but if it will actually cost me money down the road obviously I don't want to do that.

    submitted by /u/KingMonkman
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    FTC vs DeVry - More refund checks coming!

    Posted: 30 Apr 2019 02:11 PM PDT

    Check out the latest update regarding FTV vs DeVry. FTV vs DeVry

    submitted by /u/Lavab1t
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    Defaulted twice on student loans (wasted my rehabilitation), but now I can pay them back. Is there any way to get rid of the collection fees? [USA]

    Posted: 30 Apr 2019 01:04 PM PDT

    I am paying $1200 per month on the loans.

    I've defaulted twice on about $41,000 worth of public, non-Pell student debt at 6.8% interest. The collection fees are around 19% of each payment.

    I also have a separate loan at 7.9% interest worth about $6600 that's not in default, though I just brought it out of delinquency.

    1. Since I defaulted on the rehabilitation of my $41,000, is there any way to pay minimize or not pay collection fees? The rehabilitation was after 2008. The MyEdDebt.ed.gov website lists no minimum monthly payment; it just says I owe the $41,000 in full.
    2. Can I bring the $41,000 out of default again and should I?
    3. If so, should I pay back the $6600 as quickly as possible and not make payments on the $41,000 till I do? Or should I make minimum payments on the $6600 to keep it out of delinquency and put the rest toward the $41,000 so I can bring it out of default as quickly as possible?

    Thank you!

    submitted by /u/defaultedtwice
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    Seeking advice on loan repayment (newly graduated, plsf)

    Posted: 30 Apr 2019 07:19 AM PDT

    I graduated from my doctoral program last year and recently started working for state government. All my loans should qualify for public service loan forgiveness, but I will definitely be making sure before committing to that plan. With my income my minimum payment on repay is ~270 on 72k in student loans though I think I could pay up to 5-600 within my estimated budget and still have breathing room. I asked about this on the pslf subreddit and know that theoretically you want to pay the minimum to get the most savings from forgiveness, but I also know things can change in 10 years. Thank you all for the advice you can give.

    submitted by /u/twsang
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    ISO advice on avoiding high interest rates for grad school

    Posted: 30 Apr 2019 10:24 AM PDT

    Hey all--I've been lurking for awhile and have found some great information here, so first, thanks for that. I haven't seen a post asking this exact question, so I wanted to see if anyone had great ideas or information about avoiding high interest loans when returning to grad school.

    Background:

    I'm 3 years out of undergrad and making 45k. I am planning on attending grad school this fall, but my financial options feel limited; after taking the max $20,500 unsubsidized loan, I'm still looking at a 30k Grad PLUS loan. I have ~30k in undergrad debt, so I'd graduate with about 80k. I'm on income-based repayment for my undergrad debt, which has been extremely manageable. The scary part is the interest: I would be a lot less hesitant if the Grad PLUS loan wasn't >7% (my undergrad loans are all 3-5%).

    The program is at an ivy, which I'm hoping will give me at least an initial salary bump. I'm planning to graduate, move to a lower cost city, and change jobs a few times to leverage my earnings. I will continue working full time through school.

    Questions:

    1. Anyone have any good ideas on avoiding all or part of the Grad PLUS loan? I know people who have borrowed from friends and family for low to no interest, but it's hard to imagine asking for that if it's not offered (I come from a working class family). I'm applying to a few scholarships but I missed some deadlines for this year (will apply again for next year!) and it just doesn't feel like there's a lot available for grad students.
    2. If I wind up with 30k in Grad PLUS, should I stay on IBR? All of a sudden IBR loan forgiveness looks like a possibility, but the uncertain future of loan forgiveness and the potential tax bomb makes me hesitate (I'd have time to save for the tax bomb, but it's still a substantial loss).
    3. Or more like question 2b. If I take the Grad PLUS loan, is refinancing a better option? I'm not sure if that would leave me better off, or staying on IBR and anticipating forgiveness.

    I know that one option is to just not attend this school. The "how-much-debt-is-worth-it" calculation feels personal, so it's not really where I'm seeking advice--just trying to imagine ways to make this doable! Thanks in advance!

    submitted by /u/chvanski
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    Invest more or pay off more aggressively?

    Posted: 30 Apr 2019 08:35 AM PDT

    I'm 29 married and living in Florida currently. My wife luckily has no outstanding student loans but I have about 45-50k of private loans left. We bought a house about 6 months ago at 10% down but nonetheless our mortgage is affordable at about 20% of our monthly take home with pmi (before my bonuses or my wife's side gig as a tutor)

    We both have 401ks, we own one car outright, and lease a car for under 200 a month.

    Right now my biggest dilemma is knowing whether or not it make sense to put more money toward my loans per month, use some of our 45k worth of savings on the loans, or invest more aggressively. We have money currently saving with a matched % and I've been using Acorns for about a year to save on a smaller scale.

    I am paying 800 a month currently and don't think that is enough. I had previously paid 1400 a month but cut back when we began seriously saving for our house about a year and a half ago. I'd like more than anything to be done with my loan but I know it's important to build wealth now. It's okay to be patient and have debt but if I really hammer the loan like I had before I could free up more money to spend on our house. We will have the pmi no matter what for at least two years so I have 18 months to really make a dent somewhere

    Any advice?

    submitted by /u/jadams8977
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    Help me decide between loan types!

    Posted: 30 Apr 2019 07:47 AM PDT

    Loan 1: Fixed APR 9.24 % - $13,404

    Loan 2: Variable APR 7.49% - $13,404

    I intend on paying off the loan in 12-15 months time and am leaning towards the Variable APR. Any and all advice would be appreciated. Thank you! (take-home pay minus expenses / 401k / savings account is $2000/month)

    submitted by /u/ch4rts
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    Can I use a loan to repay itself?

    Posted: 30 Apr 2019 05:42 AM PDT

    This may be a dumb question, but I'm going to ask it anyway because I am absolutely clueless when it comes to loans or really anything financially. Some backstory; I'm graduating next month but in order to graduate, I need to complete one more course in the summer. I won't be getting any grants like I'm used to so now I need to take out a loan for the first time. The loans that my school offered to me were too much money. I really only need a small fraction of the loans that are being offered. My question is can I use the rest of this loan (the amount that I don't need) to go back into repaying the loan itself? I hope that makes sense. It might be an obvious answer, I'm really just looking for confirmation. Thanks!

    submitted by /u/arznd
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