Heads up about Perkins Federal loan cancellation Student Loans |
- Heads up about Perkins Federal loan cancellation
- Where to start, help!
- I can't Finish Uni, SallieMae screwed Me Over
- If I refinance with Sofi, First Republic, etc., are my payments still tax deductible?
- Graduate School & Student Loans - Advice Needed
- Student loan system bug?
- How to get an international study loan in Australia
- student loan help! six figures
- Help! I'm no longer eligible for Pell Grant!
- Advice for lowering monthly payment on loan coming out of grace period and deferment.
- Confused about consolidation and paye/repaye
- I consolidated my loans, yet my taxes say they'll be offset
| Heads up about Perkins Federal loan cancellation Posted: 02 Jun 2019 03:20 PM PDT I randomly found out that Perkins loans can be deferred and cancelled for some career fields! My loan servicer changed and didn't send out any kind of update on how to access the loans so I called my alma mater and got talking with Karla. We sorted this out and she was going to call me back to update me on one other thing. I told her to just leave a message if I didn't pick up because I see patients all day as a nurse. She asked me why I'm making payments on the loans.....because I don't have any other options Karla? She then proceeded to tell me I shouldn't even be making payments on these loans as they can be cancelled/forgiven after 5 years of work in certain fields (see below). WHAAAAAAAAAT. WHY AM I JUST LEARNING THIS. I've been out of school for 2 years and making payments for 1.5 of those. After calling the loan servicer they helped me get all the paperwork sorted out (thank you Bob!) And gave me credit for the first 2 years so I have 3 years left before final cancellation, about $4,000 of $12,000 total gone! I put down about $1,800 of my own money before we figured this out. so yeah, if you have Perkins loans apply for a pre-cancellation deferral each year and at 5 years your loans are gone (certain percentage each year). Careers include teachers, medical technicians, cops, peace corps, early childhood intervention, corrections officers, and obviously nurses. After 2008 there's another category for firefighters, librarians, speech pathologists, and attorneys in defender settings. These have a few more caveats so YMMV. There you have it! If you have a Perkins loan look in the forms section for cancellation/deferrment form and call them for help filling it out. Hope this helps someone! [link] [comments]  |
| Posted: 02 Jun 2019 07:17 PM PDT My son is going to college this fall. He is the 1st of the family to go. He/we will need to borrow about $15,000 (this is the amount after the small scholarships he has received). I tried finding out about federal loans but haven't really understood what is required. I keep reading the school need to approve what you should receive but nothing shows in his finance section. I am assuming we don't qualify?? What should be our next step? Any help appreciated! [link] [comments]  |
| I can't Finish Uni, SallieMae screwed Me Over Posted: 03 Jun 2019 01:02 AM PDT So I'll try to be as civil as possible. So I did a Sallie Mae loan to cover my tuition and some expenses and working to cover the rest. I study software engineering and was in my second to last semester when Sallie Mae started charging me interest. I was surprised because I remember getting a deferred loan, this was how it was before when I got the same loans. But I was getting charged, I went through my printed loan and it, in fact, said, I would pay $0 while in college. I called Sallie Mae and they said it was their mistake, so I thought the issue was done. Then next semester my disbursement was pulled completely. I was still able to attend classes, but then that meant I had a $25,000 debt to my university. I could take everything up to exams, but I wouldn't get my grades back. I tried tirelessly to get a new loan, denied. And I tried again with a new cosigner... denied. I tried again but went through a parent loan, denied. The stress definitely affected my performance, so I know I would've screwed up at least 1 of my classes (but I can't see my grades) and I can't afford to finish now. I called again only to find that the reason why they were charging me was that one of my loans was flagged for co-signer fraud (my dad also got a fraud alert on his credit report), and that because of that loan, it seems that I cannot get another loan from them again. My credit also went from a cool 710 to barely 500. I want to file a lawsuit for this, but I don't have money for a lawyer. I've tried getting loans from banks and credit unions, but they always turn me down to cover both semesters, which is what I need to continue on because federal loans don't pay for previous semesters. I have to pay $25,000 immediately, and now have no access to loans and I'm jobless, no one seems to be looking at my resume either. I had an extensive work experience in retail management, and have a few software projects under my belt, but it seems like without the degree no one is listening to me, I've been self-medicating so much just to sleep at night. It's been about a year since my last class, I can't afford to pay anything back without being homeless, and going home means no job or a very low paying dead-end job that won't pay what was defaulted or the federal loans I have to pay. I don't know what to do. I desperately emailed the president of my university about my situation but never got any answers. And a payment plan just isn't affordable while trying to pay for a new semester. I'm desperately using the very last of my money to start a company and have some promising leads, people seem more interested in me in that capacity than any HR manager I've ever met but I don't know if that will work. It's weird because I am not even using the same languages I learned in college, so I'm frustrated that maybe I wasted my time and money studying and making no friends but probably might fail at having any stable income. I'm so fucking scared, any idea what I can do? [link] [comments]  |
| If I refinance with Sofi, First Republic, etc., are my payments still tax deductible? Posted: 02 Jun 2019 03:55 PM PDT Hi, I'm looking to refinance in the near future since I'd get an unbelievably better rate than what I've got right now according to Sofi and First Republic with only $5k and change in the bank. Even though my rates are good (<6.5%), I can get them down to <3%, maybe <2% if I decide to go with shorter payment terms which I can afford, which would obviously be very attractive to do so I can get on with my life rather than spending loads of money paying down loans which I could now save as cash if I decide not to. However, having reviewed the numbers, I've found that it's only profitable if when I refinance, I can claim it as student loan income. If I lose the returns on tax returns that I get with the loans I have right, that actually makes me lose money with the point savings that I get. Is refinancing tax deductible as if it were a student loan? If so, is it the same tax rate based on my income, and what do I need to look for to make sure I still get student loan tax deductions if I go with the refinancer? Or is it better to cry poor mouth with Uncle Sam with my loans and get the ROI through tax deductions? Thanks! [link] [comments]  |
| Graduate School & Student Loans - Advice Needed Posted: 02 Jun 2019 08:29 AM PDT Hi! advice would be appreciated as I'm unsure of what to do in this situation. For background, I just graduated undergrad with around $17,000 In student loans. I'm starting graduate school in the fall and will definitely need some student loans to help me pay for it (I plan to do a 2 and a half year grad program). However, the only student loan offered to me for the upcoming semester is for $20,000, so $10,000 a semester. I would realistically only want/need half of that, so what do I do? a 20,000 is scary to accept, but I don't see any other option. What should I do with the money I don't need, that will ensure I don't have to pay back a bunch of interest on it? Thank you in advance. [link] [comments]  |
| Posted: 02 Jun 2019 09:05 AM PDT I recently paid off my student loans on the myfedloan site using the payoff option, and the payment seems to have come from nowhere. My account balance and interest rates are now at zero indicating the loan is paid off, but no money came out of my bank account. When I try to access the payment history section to verify the payment, it tells me that feature is not applicable to my account. I don't know what to do here. Any advice? [link] [comments]  |
| How to get an international study loan in Australia Posted: 02 Jun 2019 08:49 PM PDT Student loans are available to those students who are planning to study abroad or overseas. In these past years, there is an increase in the number of students going for higher education abroad as well as the number of students taking an international educational loan to cover study expenses. So there are a lot of factors to consider before you take an international study loan. For More : https://www.totalassignmenthelp.com/blog/getting-an-international-student-loan-in-australia/ [link] [comments]  |
| student loan help! six figures Posted: 02 Jun 2019 12:35 PM PDT Hello all, I know there are a million posts like mine, but I wanted something more specific to my situation. I recently just graduated from college with 137k in debt. I have about 10 federal loans with interest rates ranging from 7.6-3.9%. As of now, I will have to relocate for work, and will be making around 110k/yr at my job starting out. Living at home is not an option at this point in time. I have a roth ira with a couple hundred bucks I made back in college, and have not really paid much attention to. Also, the company matches 5% on 401k after the first year of working. Was wondering how I should be approaching these retirement accounts as of now. I am a pharmacist, and may be eligible for some federal loan forgiveness (usually hard to get), but was also thinking about possibly refinancing the loans. I understand that my situation is not that bad, and can be much worse, but I wanted to know the best strategy in terms of paying this debt off as quick as possible, saving, and investing for retirement. Thanks in advance. [link] [comments]  |
| Help! I'm no longer eligible for Pell Grant! Posted: 02 Jun 2019 01:11 PM PDT I'm super lost right now and don't know what to do. I have 400% left in Pell Grant awards but my ECF is suddenly way larger now. I think this is because my awards per term have been more than I needed and so by default they get deposited into my savings. Also, I'm currently working towards transferring to a local university to get a bachelors, should I have entered that I was getting a transfer degree or a bachelors? Is there anything I can do? My family is in no shape right now to pay for my education, and there's no way my savings will be enough to finish my degree. [link] [comments]  |
| Advice for lowering monthly payment on loan coming out of grace period and deferment. Posted: 02 Jun 2019 02:44 PM PDT I had a federal student loan for my first degree that was close to being paid off when I started school and a second degree. I owe a little less than $1000 on that loan, and my more recent loan is somewhere around $27k. I'm currently on the extended payment plan and have been paying $62/month for the first loan that came out of deferment a couple of months ago, and now my new loan will be around $150/month so around $210/monthly (starting in July) total which I simply can't afford. I'm a stay at home mom and my only source of income is the $700 that my SO transfers to my account to pay for groceries, my small bills, and our child's needs throughout the month. We're unmarried and don't file taxes jointly, he files as single with our child and myself as dependents. Because I have zero income, I haven't filed the last couple of years. Is my best course of action to apply for a PAYE OR REPAYE? Should I bother consolidating at this point? I won't be going back to work for at least another year or two, when my kid starts school because daycare and pre-K are too expensive in our area. It made more financial sense for me to stay home with her, but that means we're on a tight budget. Any advice would be greatly appreciated. [link] [comments]  |
| Confused about consolidation and paye/repaye Posted: 02 Jun 2019 12:54 PM PDT Hi all, I'm hoping someone can clear my confusion. I've got Perkins loans that I think do not qualify for paye/repaye unless I consolidate. It looks like if I consolidate, I get one new interest rate for all my loans. If that's the case, do I still get the interest subsidy benefits of paye/repaye? I see paye/repaye option on the consolidation application, but I don't understand how the interest subsidy would work if consolidation turns all my loans into one big loan with one interest rate (unless I'm misunderstanding something). I thought there's different interest subsidies depending on the type of loan (e.g. subsidized vs. unsubsidized loans)? [link] [comments]  |
| I consolidated my loans, yet my taxes say they'll be offset Posted: 02 Jun 2019 04:17 PM PDT I consolidated my loans a few months ago and on GreatLakes it says consolidation complete complete. All paid in full (through great lakes) yet today I called the tax offset hotline and it said there were two offsets through the department of education. I'm going to call tomorrow, but I'm so confused as to why the consolidation did not stop an offset. It says not currently due and paid in full. [link] [comments]  |
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