My music school just sent another fucking Annual Campaign email while I’m drowning in student loan debt sixteen years later. I decided to write them back this morning. Student Loans |
- My music school just sent another fucking Annual Campaign email while I’m drowning in student loan debt sixteen years later. I decided to write them back this morning.
- Funny story
- Can someone explain to me how interest works on student loans?
- When do I set up the payment plans for subsided loans?
- Just graduated college and I need some help finding a reputable counseling service
- How to calculate interest
- Paying interest while in school versus during grace period
- Parent Plus Loan help
- Should I pay off my student loans or save money?
- PLUS loans and adjusting needs
- Bill Pay Information for Heartland ECSI
- Student Finance England. Is it possible to receive a second masters loan?
- Quick question on Direct Unsubsidized Loans
- Is there any downside to pay off
- REPAYE interest subsidies
- Timeframe on IBR application
- Does your IDR proof of income have to align with your current PSLF-eligible position to make your payments count?
- A company is helping employees deal with their student debt
- Is it possible for a U.K. citizen to get a student loan for a hospitality school in Europe (Swiss/Spain)? Also I've never lived in the U.K.
| Posted: 12 Jun 2019 04:40 AM PDT Another year, another annual campaign from my alma mater asking me for money when I am still paying back the crazy amount of money I borrowed to go to school. I don't even know if my letter is any good. I was pissed off and I wanted to go right to the source and tell them how they screwed me. Here's my letter: "Dear Mr. Van Zandt, "It would be my pleasure to give to the annual fund of my alma mater. The education I received was invaluable in my effort to be a better composer. "However, in your school's eagerness to take advantage of incredibly lax student loan policies, your financial aid office encouraged me to take out $65,000 in student loans to pay for my college education, in spite of the fact that the career I was setting out to embark upon was one in which paying back that much money could not be viable in any reasonable amount of time. "As a result, I am now working full-time as an orchestra manager in order to make ends meet, rather than pursue my very specific skill set. Even more unfortunate for you, I do not have the liquid disposable income one would need to give back to the school that provided me my education. "Of course, if the New School were interested in buying back my loans – something I understand large institutions can do at pennies on the dollar, but is not available to the lender - I could give you a fraction of what I pay in student loans every month back to the school in the form of donations. "Math like that is an act of bravery on the part of an organization like yourself. It's one that I hope you will consider for all of your students who, over the past few decades, have been advised by their parents, their schools, their governments, and ultimately the financial aid offices that help them fill out the forms to pursue higher education at any cost. "The student loan crisis is here. It has been here for years, now, and it does not just affect the borrowers. Soon, your baby boomers are going to die off, and the only generations that will be left will be the ones who spent 30 years paying back their college education. Those generations of potential donors are not going to be interested in giving you a dime, because they will have seen you as a predator every month they have to pay back Sallie Mae and private banks. "I wish you all the best, and I hope that my music school thrives in its future. I hope you make excellent choices moving forward, and don't look at the student as a customer of your product, but as an ambassador for future generations of students and the knowledge you provide. With best wishes" [link] [comments]  |
| Posted: 12 Jun 2019 02:22 PM PDT I had a professor in high school once say "I will always be in favor of students taking out loans for higher education. Just remember, they can take your car or your house, but they can never take away your invaluable education". No, she wasn't joking. Can't say it's the best advice I've ever heard.... [link] [comments]  |
| Can someone explain to me how interest works on student loans? Posted: 12 Jun 2019 04:41 PM PDT So I put my student loan on forbearance because I am unemployed atm and cant really afford the payments anymore without killing my savings. The website said I should still pay off my interest, so I am doing that. What don't get is like how interest works? Am I charged interest everyday? I paid off my interest balance ( $5.79 ) on june 4th, but today it is at $1.95 ?? I'm sorry if this is a stupid question, but I just graduated college last year and am still trying to figure out all of this finance stuff. [link] [comments]  |
| When do I set up the payment plans for subsided loans? Posted: 12 Jun 2019 07:31 PM PDT Just a quick question. Took out my first student loans this upcoming semester, I'd made it to junior year without having to do that. (Bummer) When I did the required "counseling" online, I don't remember seeing anything about when I set up a payment plan. Since I'm low-income, I know I qualify for an income-based repayment plan. Do I set that up with the financial aid office of my university in the fall? Or is that set up when I graduate? To clarify, I took out a direct subsided loan. [link] [comments]  |
| Just graduated college and I need some help finding a reputable counseling service Posted: 12 Jun 2019 06:19 PM PDT Yeah so basically I have been waiting for the day I will finally have to start paying off my loans. Well, as I have recently graduated college I will now be attempting to make a dent in my student debt. Does anybody know any good services that may provide loan counseling? [link] [comments]  |
| Posted: 12 Jun 2019 04:55 PM PDT Hi all, these are probably super simple questions, but what is the formula to calculate accrued interest on an unsubsidized federal loan (USA)? Also, can I make payments on the interest on my loan while in school? [link] [comments]  |
| Paying interest while in school versus during grace period Posted: 12 Jun 2019 03:58 PM PDT I have unsubsidized loans which are currently accruing interest. I could afford to pay some of this interest month to month, but I have some large expenses coming up so I think that money is better saved for now. My plan is to pay off all the accrued interest during my 6 month grace period after graduation. Does this plan make financial sense, or am I missing something? Is there any difference between paying the interest now and paying during the grace period, as long as it's all paid off before capitalization? [link] [comments]  |
| Posted: 12 Jun 2019 03:51 PM PDT I'll be paying this Parent Plus loan for the rest of my life, and then some. All of the refinance programs I've seen just offer a chance to pay it off much sooner, but at triple the cost or more. The loan is in my name alone. I have no income. I am married and my husband has an adequate income. I know I have to pay the loan, but is there any way to lower the payments? I've tried everything I know. If I could cut the payments in half, it would be a much easier burden. I am in my early 60s. I cannot get a job because we have a disabled daughter and I'm her driver, appointment manager, I manage her prescriptions, and generally take care of her. My husband travels for work extensively, so it's just me at home usually. Any ideas? Thank you. [link] [comments]  |
| Should I pay off my student loans or save money? Posted: 12 Jun 2019 01:48 PM PDT I just graduated with $70K in student loan debt. I could pay it off, but I'd hate myself for doing so if student loan debt were to be handled by the winner of the 2020 election (obv not the Donald). I can pay this $70K over the course of a year. Would you do it or nah? Or is there some middle ground? My interest varies from 3.5% to like 7%. [link] [comments]  |
| PLUS loans and adjusting needs Posted: 12 Jun 2019 01:13 PM PDT Hey, everyone. I am an American planning to study abroad and need guidance. I will attend an MA (1 year, FT) program in London this Fall. Submitted my FAFSA application soon after accepting and the school responded this week. I spoke with the financial aid office because they provide a upper-bound (but no lower-bound) budget for non-tuition expenses. They told me that funds are disbursed 4 times during the year, but I can adjust the loan amount above/below if needed. Ex. Apply for 30k in PLUS. Find out when I get there I only need 20k for books/housing/food/travel, signal the need for a reduction, and get a lower amounts disbursed based on the adjusted figures. How do the interest payments work? Assuming that the interest applies to me signaling 30k so the initial portion has a higher total (principal x rate) that I need to pay back? That would make the amount in the first disbursement larger than the remaining 3? Would I pay interest on the 20k after the year is over? Or are am I completely mistaken? [link] [comments]  |
| Bill Pay Information for Heartland ECSI Posted: 12 Jun 2019 01:07 PM PDT Hello everyone. I would assume I put in the mailing address with sending in payments via check but I wanted to make sure. Thank you for your help. [link] [comments]  |
| Student Finance England. Is it possible to receive a second masters loan? Posted: 12 Jun 2019 07:15 AM PDT I did a masters course last year however I had to drop out due to severe health issues. I received the full loan. I am now at the point where I want to get my masters degree however I heard that it is impossible to get the loan again, even if you have compelling evidence to your health issue. Is this really the case? I had no control over a life threating heart issue and now that means I can never get my masters? Surely something can be done about it. Thanks in advance! [link] [comments]  |
| Quick question on Direct Unsubsidized Loans Posted: 12 Jun 2019 07:13 AM PDT I just need to make sure I'm reading this right. I will be going to a program starting in spring 2020 and will be 3 years long. The program will cost 80k. The way I thought it worked was the school tells them how much I'll need per year and they'll disperse that much but if I'm reading this right, it looks like I can borrow a max of 20.5k a year, which would be a total of 61.5k for the whole program. This leaves me about 20k short. Does this mean I have to come up with the 20k through some other means? Or is there something I'm missing here? [link] [comments]  |
| Is there any downside to pay off Posted: 12 Jun 2019 09:35 AM PDT edit: Butchered title because I'm at work LOL. Is there any downsides to paying loans during school? I will receive a cash military scholarship ($4400 a month) for the next 24 months. I am not sure how much of this is taxed. By the time I graduate, I will have about $50,000 in debt. Is there any downsides to either of these payment methods? I only have federal loans (Stafford?, and about 16,000 in Parent Plus). -Pay back by the month as the checks come in. -Pay back 1 time in 24 months. Moreover, are there any downsides to paying off loans before graduation? Any help would be appreciated. [link] [comments]  |
| Posted: 12 Jun 2019 05:09 AM PDT I can currently in dental residency and my goal is to try and pay back my loans as quickly as possible. With that in mind, does anyone know if am on the REPAYE plan, and pay the minimum that I need to pay each month, am I able to overpay towards a different loan token and still receive the REPAYE interest subsidy? Or do the additional payments I make toward a different loan, automatically get applied towards interest and thereby reduce and/or eliminate the subsidy? My loan serviced is Great Lakes. Edit: would it also make sense to forgo the grace period so I can start getting the subsidy? [link] [comments]  |
| Posted: 12 Jun 2019 07:11 AM PDT For those who have applied for income based repayment, how long did it take after you applied to receive a decision? (If it makes a difference, I have been making payments for years, so I'm not within a grace period). Please add who serviced your loans (mine are through great lakes). [link] [comments]  |
| Posted: 12 Jun 2019 05:03 AM PDT Take my example- I am about to consolidate my Perkins and direct loans and sign up for PAYE. I will use last year's income tax return to make my payments small, as many on here have suggested that the wording of "significant change" in income is only for people whose income has decreased (mine has increased this year, though not sure if it's significant). Once I am on PAYE, I understand that I am not required to recertify my income until next year. I will also be submitting PSLF however once I start my school job, where my income will be much different than what's on my tax return. Will my PSLF application be questioned/rejected if my payments under PAYE are not connected to my public service job? For example, if I'm paying 0 based on my tax return, will I still be able to submit for PSLF even if I have a teacher's salary? Thanks! [link] [comments]  |
| A company is helping employees deal with their student debt Posted: 12 Jun 2019 02:52 AM PDT An interesting solution was offered by a company to help its employees deal with their student loans - https://www.cnbc.com/2019/06/06/chegg-is-helping-pay-down-its-employees-student-loan-debt.html [link] [comments]  |
| Posted: 12 Jun 2019 02:35 AM PDT Long story but its case-specific. If anyone knows how they go about EU or UK student loans I would appreciate your advice! I'm a U.K. citizen that was born abroad due to my dads' job. We moved around every 3-4 years and I never had the chance to live in the U.K.. I've attended an american international school since first grade till graduation and hold a U.S. High School Diploma. So I've never taken A-Levels, O-Levels, a GCSE, or IB --not quite sure what they are or if my HS diploma is equivalent to it. When I first applied to college I went to school in the U.S. because the system made more sense to me, I did 2 years and after 2 bad semesters I got suspended for a year and had to leave. Now I've been on a GAP year for almost 10 months trying to find a job and another school I can apply to. I'm bouncing from country to country in Southeast Asia, because I don't have a home/house in the U.K. and no family there except my grandma. Also rent is really expensive there and I cannot afford to move there on my own without a job. I do want to have a degree because I've been unsuccessful in finding a job and I see the importance in education. I've had no luck in finding a job or an apprenticeship in the U.K., I've even tried to join the army and air force there, but they said I had to be a resident there for 3 years. I can't even open a bank there since I have no house or address there. If I were to go to college there I would have to pay the international student tuition because I didn't live there. It seems like the U.K. doesn't want me and I have nowhere else to live legally. All this being said, without even being able to have a bank account, or pay in-country tuition do you think it would be possible that they could give me a loan? I would really like to go to hospitality school in Switzerland or Spain but the tuition is just outrageous! Also will I be able to work in the EU? TL:DR I want to go to college in Europe but can't afford it. I've never lived in the U.K. and because of this they wouldn't even let me open a bank (no address or home there), join the army, pay in-country tuition, and I couldn't find a job there. I was wondering if it's possible to get a student loan from the U.K.? If not, what do you think would be the best course of action for me? [link] [comments]  |
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