Nelnet: A federal contract story of how to turn 114.9 million dollars into a non-functioning website for fun and profit. Student Loans |
- Nelnet: A federal contract story of how to turn 114.9 million dollars into a non-functioning website for fun and profit.
- Just Started the PSLF today. Wish me luck!
- Need help on nearly 300k in student loans on 130k salary
- Loan Repayment Plan
- MyFedLoan say my next due amount is $15 even though I normally pay $358. Do I pay the lower amount?
- Can't find a cosigner please help
- FFEL Stafford Variable Loan Interest Rates Increasing by 0.43% July 1st, 2019
- Getting on the Art Institute band wagon
- Where to start?
- Lowered credit score due to consolidation??
- Do Relationship Discounts make much of a difference?
- How fucked am I?
- PSLF for smaller loan
- Need a loan for student debt but I don't have a job currently and I'm not in school
- Where to Consolidate/Apply for PSLF? What Happens next?
- Credit score affected by student loans, still in school, any ideas? (warning, long story)
- Student Loan Refinance
| Posted: 07 Jun 2019 02:56 PM PDT What does 114.9 million dollars a year buy the federal government in terms of a payment processing website? [link] [comments]  |
| Just Started the PSLF today. Wish me luck! Posted: 07 Jun 2019 03:54 PM PDT Hopefully in ten years my 121K will be long gone. I'm terrified of screwing up and not being qualified for forgiveness... Or FedLoan screwing me over. If reddit and r/StudentLoans is still around, I hope to come back to this debt free! [link] [comments]  |
| Need help on nearly 300k in student loans on 130k salary Posted: 07 Jun 2019 10:33 PM PDT Before I get roasted, I already know there are some people who going to give negative comments and its not going to help my situation so please dont waste everyone's time thank you. I have tried to read the majority of the personal finance and student loan subreddits. Since I have a house mortgage of nearly 400k and student loans nearly 300k, I have already tried to refi but getting rejected cuz of high debt to income ratio. My wife also has another 250k of student loans and part-time because of two young toddlers. We also live in a high living expense area. I have tried to think of all the ways to balance and save on our expenses, however, with all my efforts, it has been hard to pay down both my wife and my loans. I have another 20 years on IBR schedule. Let's say I was able to refi 300k student loans paying back $2,300 a month. What if I were to keep paying the minimum and invest the extra $1,000 in an investment account for 20 years at 5% return rate then I would get around 400k back to pay the tax bomb which would be in the range of 100k. This way it doesnt strain my life. Its not like we go on expensive vacations or eat out every week. Just life and bad money management. Do you guys think that would be a good idea? If there is any relevant information that I am missing, let me know. And yes I know increasing our incomes will help but our professions' income does not increase that much. Thank you for everyone that is helping others trying to get rid of their loans. I think everyone here with student loans are just trying to rectify their situation and live a life. Thanks again. [link] [comments]  |
| Posted: 08 Jun 2019 01:12 AM PDT Hello! I'm currently making payments on my students loan. I just want to ask which is the best way to pay down the loans: 1) Pay down the interest and principle with the full monthly payment of a single loan (when I have 14 loans with an average of about 4% interest). 2) Pay down the interest on ALL of the loans first, then pay down the principle. Basically, I'm asking which would be more cost effective. Spreading my money out and focusing down a loan, or allocating all of my money for the monthly payment and paying down a single loan (highest interest) at a time. Any advice would me much appreciated. Thank you! [link] [comments]  |
| MyFedLoan say my next due amount is $15 even though I normally pay $358. Do I pay the lower amount? Posted: 07 Jun 2019 11:06 AM PDT The $358 is the amount I owe for PAYE, which is what comes out of my bank account each month. Why does my account say I overpaid and I owe $15? I didn't know it was possible to overpay a loan. Edit: I called and had the status removed. The woman said as long as I was paying the standard amount each month, it would count for my PSLF. [link] [comments]  |
| Can't find a cosigner please help Posted: 07 Jun 2019 06:59 PM PDT I have tried EVERYTHING to get my parents to cosign but they're not budging I kept telling them that you don't have to make payments until AFTER I graduate and by then I'll have a promising job. I don't know what else to do man, unless y'all know where I can find around $58K in scholarships [link] [comments]  |
| FFEL Stafford Variable Loan Interest Rates Increasing by 0.43% July 1st, 2019 Posted: 07 Jun 2019 06:57 PM PDT FYI, if you have FFEL Stafford student loans taken out before July 1st, 2006, your rate is about to increase by 0.43% due to higher bond rates on 91-day treasury bills sold on May 28th, 2019. Loans disbursed before this date are variable and indexed to treasury bills. https://ifap.ed.gov/ffelvarrates/060719FFELVarInterRatesPeriodJuly1June30.html [link] [comments]  |
| Getting on the Art Institute band wagon Posted: 07 Jun 2019 02:57 PM PDT Hello, and thanks in advance. I've had my Art Institute of Fort Lauderdale student loan debt hanging over my head for almost 20 years now. What makes this different than other student loan debt is that the Art Institute was basically a scam, at least to me. I was rushed through the process quickly and given a loan almost same day. The job placement was unexistent and basically everyone graduated with ease...probably to make room for more paying customers. I went for a culinary/hospitality degree and 40k to learn five different types of mushrooms and how to chop and onion was a complete waste of time:) I've been hearing about this forgiveness program and the borrowers application through the government, but i was wondering if theres any type of lawyer I can call to set this up for me. I cant get my transcripts or any other info because the school is closed and its been almost 20 years so I dont have any info lying around at all....and I cant even remember the dates, just that it was around 2003! All I have is my student loan info through Navient which says I still owe 36k of the 40k 17 years later. Thanks all! [link] [comments]  |
| Posted: 07 Jun 2019 01:28 PM PDT I apologize if this has been covered already, I've tried sifting through the sub for a general guide but I can't seem to find one (please point me in the right direction if there is!) I'm a recent graduate with a current loan balance of 139k from federal student loans (Subsidized and unsubsidized) spread across 8 different loans with interest rates ranging from 5.3-7.6%. I currently have the PAYE plan in place (my grace period ends in October.) I also have 4k in credit card debt across 2 cards (I know, its bad.) Very soon I'll be starting a position with an annual pretax income of 80k. I've heard a lot of different things about how to pay them off and I'm honestly just not sure about the best way to go about it.
Fortunately, I'll have a roommate and I eat in so my expenses won't be super high and I expect to have some wiggle room with how much I put towards the loans (my hope is at least $1500 a month but of course hopefully more.) I'm just not sure where to start. I know within the next year, I'll also need a new (used) car. Mine is getting dangerous to drive and public transport unfortunately would not be an option. Any help would be greatly appreciated. I feel a lot like I'm drowning. [link] [comments]  |
| Lowered credit score due to consolidation?? Posted: 07 Jun 2019 12:56 PM PDT Hello everyone, I have Experian as I been trying to restore my credit for the past few years. I graduated a year ago and just now consolidated my loans yesterday. My credit score went down 50 points today. Does anyone have experience or has experienced this? Does it jump back up? Super upsetting. Any information would be super helpful Or if anyone has any recommendations on who to talk to for credit analysis and advice? Thanks guys! [link] [comments]  |
| Do Relationship Discounts make much of a difference? Posted: 07 Jun 2019 06:15 PM PDT I'm considering closing my accounts with Wells Fargo for a variety of reasons, one of which is to lower the amount of checking and savings accounts I have open (I currently have 6 total, not including credit cards, investments, etc.). But I hesitate to close them because I see WF offers relationship discounts on Student loans if I have a checking account open with them. My question is, does this 0.25% relationship discounts actually have much of an effect on student loans I may or may not take out in a couple years? Should I just close the accounts so I can put my money somewhere where it actually earns some interest? At most I'll be taking out 15k total to finish up to my Master's. I feel like the discount is negligible. [link] [comments]  |
| Posted: 07 Jun 2019 05:16 PM PDT Going to be graduating with around 50k in debt (35 in private, 15 in government). Going to be making about 75k/year after college. By 2nd/3rd year, my expected salary is going to be around 120k/year. Going to be working in investment banking. My parents are based in NYC so I won't have to pay rent at least for a couple of years. What is the best strategy to pay off these loans? How should I go about doing this? [link] [comments]  |
| Posted: 07 Jun 2019 12:15 PM PDT I have a total loan in my name for $28k (a combination of 7 different direct federal loans borrowed by me, the student). I am a new grad nurse. My main problem is the larger balance of loans in my mothers name (PLUS loans), I am thinking of paying the bare minimum on my direct loans and shooting for PSLF with the 28k, and attacking the PLUS loans as much as I can because those are going to take up a good chunk of my take home pay. My question is; if I sign up for the income driven repayment plan (pay as you earn) on the nelnet app, will 120 payments of that qualify me for forgiveness under PSLF because I am a nurse? The monthly payment is gonna be like, $45 it says, due to my salary and my other loans that put more pressure on me. So I'm hoping I don't waste 10 years paying $40 a month for it to barely put a dent in the 28k. Thanks.. [link] [comments]  |
| Need a loan for student debt but I don't have a job currently and I'm not in school Posted: 07 Jun 2019 06:34 AM PDT Also posted in r/personalfinance for more exposure. Earlier this year, I had to take a medical leave from grad school. Everything seemed reasonable until the school threw an additional $12k of debt at me, bringing my total to $23k. Since I took a medical leave, I am no longer considered in school even though I plan on returning next year. I also do not have a job right now and my boyfriend is single-handedly supporting my entire life financially. I am actively searching for work, but the search isn't going as well as I had hoped. Just to complicate things a bit further, my parents are not US citizens so they cannot co-sign a loan for me. Most loans seem to require that you have a certain income level, are still in school or have a co-signer. I've come across Sallie Mae, but I'd hate to use them for various reasons. Any suggestions, advice or resources would be greatly appreciated. Thank you all very much in advance! [link] [comments]  |
| Where to Consolidate/Apply for PSLF? What Happens next? Posted: 07 Jun 2019 08:45 AM PDT About to consolidate direct loans for my fiancee and apply for IDR and PAYE. Should/can I do all of this through her loan provider or on student loans.gov? I understand once we go for PSLF the loans will be transferred to fedloan anyway? I apologize if this has been asked before. I'm having trouble finding a good answer [link] [comments]  |
| Credit score affected by student loans, still in school, any ideas? (warning, long story) Posted: 07 Jun 2019 11:22 AM PDT I am on my second round of trying the college thing. The first time went terribly. No one in my family had ever been successful at college and it was never talked about in my home. I had to figure it out on my own. I only went because everyone else I knew was doing ti and had no idea of what direction to go in. Long story a little less long, my highschool grades only allowed me to go to community colleges and other small colleges. Looking in retrospect, I shouldve absolutely went to community college because I would've saved a ton of my and debt. I ended up going to the only school I applied for which was a small business school in another state. The college was so bad, they accepted everyone. I only found out after I started going there. Some of the books were either printed with missing pages or completely in the wrong place. It made me feel like i was wasting my time. I was in there for a bachelors in sports marketing. My logic was I like sports and can do math so I will do that. Anywho, about a year and a half in, my mother had a stroke and I was left to care for her on my own. Behind a 19 year old dear in headlights who already had no idea what he was doing, this was a difficult time for me so I stopped going and focused on working my full time job. I DID NOT DROP OUT!!! I didnt know I needed to. It sounds dumb, but when you dont know things you just dont know. I thought I could skip the semester, focus on stabilizing my life and go back. Besides, I had not signed any fafsa papers for that semester, I did not think i would be charged for classes I didnt take at all. All of that occurred. Apparently my fafsa automatically went through and I was still charged for classes that semester. To make matters worse, due to not showing up for classes and not knowing about officially dropping out of classes, I was academically suspended. Next semester when I tried going back, I was told I was academically suspended and that the only way I could come back to the school was to pay my balance....which was $11,000.....that did not include the money borrowed from fasfa, that was money owed from classes paid that were not covered by fafsa....worst part is I accumulated 20k in debt for that time spent their through fafsa...So all said, i found myself academically suspend with 30k in debt to a very poor school and i couldnt go back to that school, nor transfer my credits till i paid the 11k off. This meant transferring my year and a half work of hard work were off the table. Anywhere else I went was gonna be from scratch. Unfortunately, to get in to a 4 year non-community college school, its required that i have all credits transferred to them regardless of grade...they want to see them...this meant I couldnt even apply to start from scratch with a 4 year school because I had already taken college classes....I couldve taken some classes at a community college, but if i wanted to to get a bachelors, I would need to transfer to a 4 year school and they would not accept me without a transcript from the school i already went to...tried trade schools, but where i was living at the time they were also expensive and required loans....my mother was on my previous loan, she had a stroke that left her disabled and I had no one else, also I was under the age of 24 and in that state if youre under 24, you need a cosigner to get one...there goes all those aspirations...additionally hard times meant i could not repay my loans and i would defer them and this went on for years...it got to the point i stopped deferring and just let them stack up...thats when they started destroying my credit score....I did not know credit scores were important at the time, never talked about in my home before, surprise surprise...oh well...flash forward about 9 years i finally found a school that did not require me to transfer my old transcript...it was an online school but they are fully accredited. I am currently enrolled their in my third year earning two bachelors and accounting and finance and somehow holding on to 3.3 (and homeless lol)... anywho, since im back i school, my loan payments are deferred until I graduate. Still the damage is done, my credit score is in the shitter and am wondering if theres anything I can do to get the old marks from my previous school of my credit score, is that even a thing? any ideas? [link] [comments]  |
| Posted: 07 Jun 2019 07:50 AM PDT So I'm trying to refinance my loans and have been approved for 4% and 3.95% so far. Waiting for one more company that offered me a rate of 3.74% (probably will go up, since the other two companies the rates went higher than my pre-approved rates). I have about 80k in student loans half basically 5% the other half 5.2%. Is it worth refinancing for 1 less %? Thank you. [link] [comments]  |
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