Biggest Offender in Outsize Debt: Graduate Schools. The market for master’s degrees behaves in strange and erratic ways, new data reveals. New York Times - The Upshot Student Loans |
- Biggest Offender in Outsize Debt: Graduate Schools. The market for master’s degrees behaves in strange and erratic ways, new data reveals. New York Times - The Upshot
- Just paid them off
- Just graduated 300k+ in deb, situation is a little confusing
- I have no idea where to start applying for student loans and I have to make my first tuition payment this August 1st
- Strategy for my loan situation.
- Parent Plus Loan Question
- How much can they cover?
- Default Repayment Dilemma
- Should I use most of my savings to pay for my first year of graduate school?
- An ex, a consolidation, and a zero balance??
- Where do I take out student loans?
- Graduate Student Loan Advise
- Section 609 Request - Help
- Any have Account Preparation Service reach out to them?
- Sallie Mae Forbearance & Future Student Loans?
- Payment towards which loans first?
- Approved for two semesters worth of government loans but only need one (more than what was offered)
- Second Year College Student Needs Help
- Seeking Refinancing Advice
- Graduation date for student loans is incorrect, but it is in my favor. What should I do?
- Any way to change an old loan payment from interest to principal?
- Negotiating interest rates on potential refinanced student loans
| Posted: 03 Jun 2019 04:11 AM PDT |
| Posted: 03 Jun 2019 06:27 AM PDT I guess I can breathe now? It's just crazy to me that I just paid that much in one payment! Thank you to my uncle for me being able to do so! [link] [comments]  |
| Just graduated 300k+ in deb, situation is a little confusing Posted: 04 Jun 2019 01:12 AM PDT So my situation is kind of complicated. I just graduated dental school (the same school as the student Dave Ramsay tore into). My parents, despite me being against it, decided they would take out a private loan (lower rate) to help pay for my graduate school, and I could pay them back. Later, I ended up taking out Direct Unsub Stafford Loan and Direct Student Plus Loan for my final year. So here are the numbers: FEDERAL student loans
Now, my parents took out ~200k in loans under their name to help me during my first couple years because they could get a pretty low rate. I forgot what rate they said they but they're sleeping right now so I'll update it when I find out. When that no longer became an option for the final year of school I took out fed student loans (numbers you see above). I start work July 1st and the way my pay is set up I'm not salaried, but commission based (32% of what my employer collects). So I really don't know what my estimated year's income would be. If I worked 6 days a week I could predictably hit 200k pretax. Here are some ideas and goals I have cooked up in my head.
My predicted expenses (havent moved for job yet)
and lastly, questions
what if a set a plan like: creating a 6mo emergency fund, invest realistic amount into retirement account, then dump everything else into loans, in that order. what do you think? Thank you all and please send any advice or questions! [link] [comments]  |
| Posted: 03 Jun 2019 06:50 PM PDT Hi. I got in to RIT (Rochester Institute Technology) and am attending their Croatia campus, which is overseas. I will be graduating with a "Internationally accredited bachelors of science from RIT in America" . I am studying IT / Web and Mobile computing. My tuition is very cheap, but my family is in no shape to help me whatsoever. So I am on my own. Yearly tuition comes out to $5,689. My dad has a house there that nobody lives in, so I will be living in it, rent free. I just need money to pay my school. And since I am moving to a new country, virtually no money and no savings, I was considering getting a loan amount of $7,500 yearly so that I have some money to live off and so that my total after 4 years comes out to $30,000. What companies offer a grace period after graduation. So I don't pay back until I have a job. What is the best thing for me to do? Any advice is greatly appreciated. [link] [comments]  |
| Strategy for my loan situation. Posted: 03 Jun 2019 05:52 PM PDT I am just about to hit the end of my grace period post graduation. I am 22 years old, single and renting an apt. I currently work full time making 88k/yr, which will jump up to 96k/yr by this September. I have several loans, and my mother has some of my loans. All of them total to 100k. I personally only have 40k of them, 60k is stuck with my mother as PLUS loans. I planned on "taking" roughly 20k of hers, meaning I'd call and make payments on hers each month. Here are my loans (40k): $3,500 @ 4.66% $2,412 @ 4.66% $4,500 @ 4.66% $2,347 @ 4.66% $5,500 @ 3.76% $486 @ 3.76% $8,099 @ 4.45% $13,066 @ 6.60% Here are her loans I plan on taking: $10,000 @ 7.21% $6,500 @ 7.00% $2,500 @ 7. 00% Her loans shown are without interest added in. I want to pay these off ASAP. I believe I can allocate 2,000 a month to student loans and live comfortably. I've heard of two main methods to repay these: 1) Pay minimums on all, put remaining money towards loans with highest interest rates. 2) Pay minimums on all, put remaining towards smallest dollar amount loans first and work towards larger loans. Just wondering what your thoughts are and what you think would be my best strategy going forward. Thank you! [link] [comments]  |
| Posted: 03 Jun 2019 06:20 PM PDT So my mom took out a few PLUS loans, and I have agreed to pay them back. The payments are a little higher than I can handle, so I'm looking to get a smaller payment if possible. My mom is a stay at home mom, and my dad makes all the household income. Since technically her income is 0$ annually, would she be able to qualify for income based repayment of 0$ or would they take into account my dads income as well since they're married? [link] [comments]  |
| Posted: 03 Jun 2019 08:02 PM PDT If you're broke and don't have help from family, is it possible to cover the entire cost of tuition with loans? I live in NY State. I got into my dream college, but it is a more expensive private school. I got a small amount of help from the school in scholarships. The tuition & housing will be about $30,000/year. [link] [comments]  |
| Posted: 03 Jun 2019 03:16 PM PDT Hi all, After being in default for many years, I've finally come into a situation where I can pay off my loans in full. My concern is in what way this will affect my credit report. My defaulted loans actually fell off my credit report last year. What I'm afraid of is that once I pay the loans off, they'll begin reporting again as paid, but with a history of default. Is this something that could potentially happen or will I be ok? I could go the route of rehabilitation but I have a couple loans that were mostly paid off through garnishments a couple years back and the rehab payments may pay them off before rehab is complete. Any advice is greatly appreciated. [link] [comments]  |
| Should I use most of my savings to pay for my first year of graduate school? Posted: 03 Jun 2019 07:01 PM PDT Hello! I will be starting graduate school soon (28 months, ~$130k tuition/~$206k estimated total cost). I just got my financial aid award for my first year and I'm having trouble debating how much to take out for my first year. Tuition is $61k, and the estimated total cost for my first year (tuition, supplies, living, etc) is $90k according to my school's website. I have about $65k in savings that I accumulated from working and I also recently inherited $30k a will. I plan on taking out $20,500 federal direct unsubsidized loan but I'm conflicted on whether it is a good idea to use my savings my first year, then taking out more money with the Graduate PLUS loans for my 2nd+3rd year. My thinking is that by taking out fewer loans my first year, then I would accrue less interest by the time I graduate. Any financial advice would be appreciated, thank you! [link] [comments]  |
| An ex, a consolidation, and a zero balance?? Posted: 03 Jun 2019 06:40 PM PDT Long time lurker, just created acct to ask this question. Practically financially illiterate, but working really hard to get my head out of the sand and change that. I consolidated my student loans (in 1999) with my now ex husband (2018 divorced). When I look up my student loan balance through Nelnet and the NSLDS with my social security number both show zero balance on the two loans in my name only. I don't know how to find out the balance of our consolidated loan(s). Can anyone point me in the right direction? [link] [comments]  |
| Where do I take out student loans? Posted: 03 Jun 2019 06:01 PM PDT Hey there! So I completed my FAFSA already, I'll see my reward results this summer, but pass that, where do I get loans to pay off the remaining tuition? I'm currently going to Motlow State Community College, and I do recall them hosting their own loan programs. My best bet would take out a student loan from Discover, but isn't there a federal student loan I can take out of on-top of the FAFSA or that's what the FAFSA is? Thank you! P.S: I do not qualify for any scholarships in Tennessee as I went to high school in another state. [link] [comments]  |
| Posted: 03 Jun 2019 08:43 AM PDT Hi, I'm moving to a new city to start a PhD program this fall. Luckily I'm funded and have been awarded a stipend so I won't need to consistently take out loans. However, to help pay for moving costs, first last and security, summer living expenses, etc. I want to take out a small student loan of around $5K. Is it possible to do this through the federal government or do I have to go through a private bank? I haven't done my FASFA or anything like that since I've assumed that I'm not eligible for federal funding since my tuition will be $0 and the university will in fact be paying me. Any advise would be great. Thanks! [link] [comments]  |
| Posted: 03 Jun 2019 03:17 PM PDT Hi all! I've doing research on and off for the last week on how to collect the data needed to adequately dispute (or correct) marks on my credit report that are from student loans. I sifted through this sub, and was unable to find the info I'm looking for. Hoping to get some guidance... Most of my efforts and research are a result of determining that the student loan Date of First Delinquency (DOFD) are inaccurate on my CR. The Direct Loans were rehabbed at one point through the collection agency, and defaulted again, which is causing confusion on my end regarding the true DOFD. I also have reason to believe I wasn't properly contacted again to initiate payments once the 10 month rehab was completed. I actually had no idea you needed to re-enter a payment agreement, I only learned the rehab agreements last 10 months this week from this sub and examining my payment history on the accounts, as I was never contacted again. This week I called the coll agency and verified my personal info on their rolls is accurate to this day (same ph# and email) and they had no problem calling me for Years up to the point of rehab. When I called to ask about the documented attempts to contact me once out of rehab, they called the wrong phone number (9800 instead of 9400) said it was a business therefore unable to contact me, then stated my email was invalid and returned to sender, even though I do have a couple e-mails from 2017 from their group that suggests they had the right e-mail. They could not find proof of physical mail sent to me either. They just put my loan into collections again, re-aged the account once the auto rehab payments ended at that 10 month mark. Even if I am unsuccessful in updating DOFD, I have another bone to pick. The student loans in question amount to 2 loans, and these loans appear on my credit report 2-4 times depending on the report. Only 2 bad marks from FED LOAN SERV exist on TU + Experian reports, but 4 total bad marks exist on my Equifax report (2 from Fed loan+2 from us dept of edu). US Dept of EDU placed 2 new negative marks on my account showing Jan 2018 being a missed payment, which is inaccurate, and actually the date of my final lump sum payment made that resolved the debt. Who has the "right" to be submitting marks on my credit report? Is it possible that they both do? These student loans have been paid in full as of January 2018. I believe the additional 2 false marks to be the reason my credit repair growth has been stunted, and I want to tackle this swiftly but effectively. Any help or feedback you can provide to help me get the ball rolling would be fantastic. Thanks for your time. [link] [comments]  |
| Any have Account Preparation Service reach out to them? Posted: 03 Jun 2019 02:58 PM PDT I received a call from Account Preparation Service today. Was told that they could help forgive up to 90% of my student loan and reduce the payment and balance Seems too good to be true, has anyone else been contacted? [link] [comments]  |
| Sallie Mae Forbearance & Future Student Loans? Posted: 03 Jun 2019 01:57 PM PDT I just entered into 1 month of forbearance for my $800+ payment (I work as a public school teacher) and was told that this may have an impact on taking out future loans with Sallie Mae. I'm planning on returning to school for nursing in the fall and was likely going to take out more loans from Sallie Mae, but am now concerned about being denied or having extremely high interest rates. I've made all my payments on time thus far, but am scared about how this will impact my ability to go back to school. Does anyone have experience with this situation? Or any advice regarding other student loan providers? [link] [comments]  |
| Payment towards which loans first? Posted: 03 Jun 2019 01:03 PM PDT $5306 @ 6% subsidized $2529 @ 6.8% unsub $16118 @ 6.12 unsub $24030 @ 5.41 unsub $30193 @ 6.8 unsub I'm on deferment until 8/2020 Which of these should I tackle first, I can take out the $2500 in the next 6 weeks, but idk where I should go from there. The $5300 won't accrue interest until Aug of next year so should I leave that one until Sept 2020? [link] [comments]  |
| Approved for two semesters worth of government loans but only need one (more than what was offered) Posted: 03 Jun 2019 10:38 AM PDT So my final semesters tuition is going to be higher than I wanted (long story that I won't get into but I know its ridiculous). So I need 10K for my final semester. The fafsa approved me for 18K split evenly between two semesters. Each semester I get 9K, 3K of which is in the pell grant. From what I read I dont think I can get the second 3K moved over so that I can use it all in one semester. But does anyone know if I can get 1K from the second semester that I wont be using over to the first one so that I have a full 10K in aid? If I explained that poorly please let me know and I can try again Haha [link] [comments]  |
| Second Year College Student Needs Help Posted: 03 Jun 2019 06:49 AM PDT Hi everyone! I'm new to all of this so bare with me and any advice is appreciated. So let me break everything down. I'm a current college student and I'm about to start my second year at my local community college. Last semester I was given $5,500 in loans to cover my spring semester and it was enough to cover all of my tuition for that semester. This year (Fall - Spring 2019-2020) I was given the same amount ($5,500) but my tuition per semester is around $5,000 each. My mom isn't able to help pay the remaining balance and my dad is the same way but we made a deal where he would pay the remaining balance of my loans after I graduate these two years. My question is, how can I finance the rest of my year? I'm scared to take out private loans and have no information on where to start. Parent loans are definitely out and my scholarship search is leading me nowhere. I have to either sign up for a payment plan by June 21 or pay in full or else I will lose my seats in my classes. Is there any advice you have to offer? P.S I have contacted Financial Aid but they haven't picked up my calls or even responded to my emails. All advice is welcome!! Thank you! [link] [comments]  |
| Posted: 03 Jun 2019 10:26 AM PDT Hey all, hoping to keep this simple for the sake of a long read. My $21,000 loan balance will be out of its grace period by the end of this week. I've paid off all of the interest that has accrued thus far. My average interest rate is 4.35%, spread across 8 different (4 government, 4 private). Credit score is right around 750 and I'll be starting a full time job in August with an annual income of around $50K a year. With this is mind, would it be beneficial for me to seek out refinancing options? I've tried a couple sites (SoFi and Earnest) and the rates I'm getting sit around 4.8 to 5.2%, not necessarily a better option. Are there other options that I can seek out? Thanks. [link] [comments]  |
| Graduation date for student loans is incorrect, but it is in my favor. What should I do? Posted: 03 Jun 2019 10:08 AM PDT Hello! I graduated recently and have been going through my finances, future job earnings, relocation funds etc etc. During this process, I went to hunt down when I am supposed to start paying for my student loans and my graduation date is 2022, not two weeks ago like it was supposed to be. It works in my favor because I can just target and entirely pay off my unsubsidized loans while my subsidized loans just sit there. However, I am worried I am supposed to fix the date and then begin monthly payment or suffer some sort of penalty for knowingly keeping the due date incorrect. I would like to keep things the way they are obviously, but has anyone been in this situation before or know of any penalties etc.? Thank you for your time! [link] [comments]  |
| Any way to change an old loan payment from interest to principal? Posted: 03 Jun 2019 08:25 AM PDT Not sure if this is the right place to ask, so if there's a better sub for this question, please let me know! Some background to flesh out this question... My fiancee had too much financial aid given to her last Aug, 2018. She didn't ask for this amount, but was somehow approved and given it. Seems like a nice snafu, but this would just add more debt and burden for us down the road. I'm pissed that they didn't make mention to ensure the payment is directed to principal since not everyone is well versed in personal finance, and this was a mistake that they made. But what's done is done... Yes, we should probably be looking at the accounts more closely as well, but things happen, and we're just not very savvy with these things... Looking for advice on anything we can do (if anything) to make that payment go towards principal instead of interest. tl;dr - Fiancee was given more aid than was asked for last Aug and when she paid back the difference it when to interest instead of principal. Asking to see if there's any way to undo that and apply it to principal. [link] [comments]  |
| Negotiating interest rates on potential refinanced student loans Posted: 03 Jun 2019 08:08 AM PDT I am going thru the process of getting approval on my student loan refinancing and read a few stories about how people managed to negotiate a better rate. Can people who did that explain what they did exactly? Did you just wait for approval then call up a company asking for them to beat it? Anything else that could be useful to make the 6-figure gorilla easier (cheaper) to payback? Thanks! [link] [comments]  |
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