Am I able to pay the principal of my Direct Loans in school? Student Loans |
- Am I able to pay the principal of my Direct Loans in school?
- Monthly Payment... Way Lower?
- Am I doomed?
- Forbearance snowball?
- Refinance with great credit
- Cosigner consolidated my loan
- Nelnet - One day late on payment. What should I do?
- Very confused as who to pay.
- Help a newbie out!!!!
- Anyone try Discover student loan service?
- I have to take out way more loans than I anticipated and I’m scared for my future
- Creditor called out of the blue.
- Am I able to take out a mortgage for my student loans?
- Do any student loan refinancing companies use tips as a guaranteed income?
- IBR Questions
- TEACH Grants
- Drowning in Debt, need help
- What is the best option?
- Advice for a potential first time borrower
- Financial help?
- Interest rates going down?
- Pay off a loan with higher interest but lower balance first?
- Whn paying off loans, is it better to make my monthly payment to go towards my leftover loan balance?
- How to come to terms with taking out a loan?
| Am I able to pay the principal of my Direct Loans in school? Posted: 11 Jul 2019 04:01 PM PDT I'm an incoming college freshman graduating in 2023 and I wanted to know if I would be able to pay off the principal of my Unsubsidized Direct Loans during college. I would only be $5500 in debt each year, as I'm covered for everything else with scholarships and grants. I plan to pay off the $5500 each year by working during school and graduate with zero debt to my name. However, as I look around, I don't get a definitive answer as to if I'm able to pay the principal in school—only the interest. Would I be able to start paying the principal when I accept the loans, or would I only be able to pay the interest and only be able to pay the principal 6 months after I graduate? Thanks edit: typo [link] [comments]  |
| Posted: 12 Jul 2019 12:59 AM PDT The most recent information I received was that an income-based payment plan would cost me about $140/month. I made my first ever payment, due in July, on June 27. I logged into nelnet a few minutes ago to pay, and it says I only owe like $15 by August 5. What's going on? I mean, if that's all they're asking for, great, but it feels like I'm missing something and will get charged like $500 in a week or something. [link] [comments]  |
| Posted: 12 Jul 2019 12:37 AM PDT So I just graduated and don't have a job yet. I have 170k in student loans from Sallie Mae. I stupidly went to an out of state school. I didn't know any better. My minimum payment is 1600 dollars a month for 20 years. I'm assuming there is nothing I can do to decrease the monthly payments? The next 20 years do not seem great... [link] [comments]  |
| Posted: 12 Jul 2019 12:40 AM PDT So I noticed something interesting while switching from a standard repayment to a income-based repayment on my Nelnet acct...there was a 2 month forbearance window on my account while they switched over my acct to income based repayment. During those 2 months, interest accrued, no payment was required, but I went ahead took the amount I would normally pay ($460) spread out over 7 loan segments, and instead focused all of that money to only one of my loan segments and paid off one loan segment. From my research, there's no limit to how many times you can change your repayment plan and no negative impact on credit. Would it be a feasible strategy to continue to switch back and forth between payment plans, getting automatic 2 month forbearances without consequences, and making large payments to focus on one loan segments at a time during those forbearances? A "forbearance snowball" of sorts...Could there be any negative consequences I'm not considering (besides interest accumulating during forbearance on the other loan segments)? Has anyone tried this? [link] [comments]  |
| Posted: 11 Jul 2019 08:35 AM PDT So I'm down to 25k on my loans and was wondering if there is anywhere that will give me a better interest rate on my loans. The average is like 4.75 on all my loans and I have a very high credit score that I would assume would help. Everywhere I've looked offers something worse. Am I missing anything [link] [comments]  |
| Posted: 11 Jul 2019 07:13 PM PDT I have a loan that my mom cosigned on and has been paying. She claims that she consolidated all of her school loans and included this one through navient. I haven't been keeping track of it since it was a 10k loan that was going to be her college contribution for me but I decided I rather just get it paid. Now when I log into navient I'm getting super funky numbers and a bunch of loan sales over the past 9 years. Called them and they dint have an answer on what's going on. Going to call tomorrow to get a paper trail but hesitant about paying it since the numbers are so off. So if she did consolidate her loan would I still be responsible and would that account still be open or should they have closed it? [link] [comments]  |
| Nelnet - One day late on payment. What should I do? Posted: 11 Jul 2019 07:41 PM PDT I had a crazy day. My payment was due today, the 11th, and the site is saying since I didn't make it before 4pm, it is not effective until tomorrow. What should I do? [link] [comments]  |
| Posted: 11 Jul 2019 09:59 AM PDT So about 5 years ago I got cancer and was out of commission. I was able to get back on top of things this last year and I'm attempting to get caught up on theses loans. They were taken out through sallie Mae which I guess now is navient. I got a letter from Northstar locations that said they could settle my debt for a very low number relative to what I owe. I took the settlement letter to my bank and they pulled up my credit etc and the loans aren't even on my credit report which confused me even more. I called navient and they said Northstar owns the debt. How do I confirm if I pay this low number everything will be paid off or what questions do I need to ask etc. I know I will have to pay the income tax on the difference. Do I need to speak to a lawyer ? Any help is greatly appreciated as no one I have spoke with either understands this process or is giving me conflicting information. [link] [comments]  |
| Posted: 11 Jul 2019 06:15 PM PDT I recently accepted a Unsubsidized Loan, but when I received my bill I know longer needed the loan anymore since I won a scholarship. Anyway, I notified my school ASAP that I no longer needed the loan, but they have YET to decline it for me ( since I can't decline it on my side) and they are trying to pay with the loan I did not want on my Fall 2019 bill. Is there a way I can decline the option via FAFSA? Or am I screwed with just having the loan I told financial aid I didn't want. How can I decline the Unsubsidized Loan I DON'T NEED since I am new to this loan stuff ? I also think I have time since I have to wait 30 days before loans are disbursed, since I am a first time loan borrower. But I need a solution to not getting the loan fast! Please help! [link] [comments]  |
| Anyone try Discover student loan service? Posted: 11 Jul 2019 02:23 PM PDT I'm currently with Navient (barf). Has anyone had a good experience switching to Discover? I like their credit card services. [link] [comments]  |
| I have to take out way more loans than I anticipated and I’m scared for my future Posted: 11 Jul 2019 11:22 AM PDT I'm 19 and going into my second year. Last year, I had to take out $12,500 in loans even with a $15,000 scholarship, and several grants. I just got my bill for next semester, and it is $7,895. So I'll have to take out $16,000 just for this year. This will put me between $52,000 and $55,000 in debt after my 4 years, and then I'll go into even more debt for grad school. I'm not sure what to do or if it's worth it. I'm working toward my dream job, but it's not one that will make me as much money as I'd like, so I'm worried I'll be plagued by debt for the rest of my life. [link] [comments]  |
| Creditor called out of the blue. Posted: 11 Jul 2019 04:59 PM PDT I got a call from a Credit Recovery company. At first I blew them off because they wanted my person information but said they had to verify who I was before they could tell me why they were calling. The second time they called the lady gave me my last 4 digits of my social so I gave her my address and asked to be sent mail. A week later I received the letter from "Pioneer Credit Recovery, Inc". They called me that same day before I was off to work and said I couldn't talk at that time and set up another phone appointment for Monday. There are a couple things I am mostly curious about though. One, according the CreditKarma that account was "closed". Two, the school I went to (ITT Tech) was closed due to some legal issues iirc. I'm just curious what my options are. [link] [comments]  |
| Am I able to take out a mortgage for my student loans? Posted: 11 Jul 2019 10:34 AM PDT Hello, I'm looking over my student loans, and I'm drowning. I'm paying well over the minimum, but each month about 800-2000$ of interest is added, due to high interest rates. I have a total debt of 44k. Would I be able to take out a mortgage for 50k, pay off my student loans and then just pay the bank back? I make roughly 55k per year. Any help would be appreciated. [link] [comments]  |
| Do any student loan refinancing companies use tips as a guaranteed income? Posted: 11 Jul 2019 08:35 AM PDT Looking for more information on this topic. I have been denied twice now while trying to refinance my student loans. Once with sofi, and again with laurel road. I was just told that they do not look at tips as a source of gauranteed income. I have been a waiter for most of my life and I make decent money, (somewhere around 35k a year). However these lenders are only counting my base wage which amounts to about 4k a year. Am I just out of luck or is there a specific lender that would accept tips towards my yearly income? [link] [comments]  |
| Posted: 11 Jul 2019 03:31 PM PDT So apparently I'm on the income based repayment option for my student loans. The thing is, I haven't had to verify my income or anything over the last 4 years that i have been paying them. My payment has been the same each month. From what I see the loans will be payed off in another 7 years. I dont have a problem paying them off right now and I am making the monthly payments somewhat comfortably. Am I doing something wrong? I guess im confused because I thought IBR plans require yearly verification and I thought they last way longer. [link] [comments]  |
| Posted: 11 Jul 2019 09:02 AM PDT I received TEACH grants to pay for college. I wanted to be a teacher, now I don't. It would be cheaper to pay them off than to get certified as a teacher in my state. I'm about to finish up a Master's degree and be officially out of school. I have two questions that I'm hoping you can help me with. 1) When I convert TEACH grants to loans, does the repayment on those particular loans begin immediately or will I still have a six month deferment after finishing school (like the rest of my loans)? 2) Do the converted grant funds become like any other direct unsubsidizd loan (i.e. are they going to be eligible for PSLF, which I'm hoping to do)? I graduate in August and am planning to start repayments on all my loans in February. Thanks! [link] [comments]  |
| Posted: 11 Jul 2019 10:02 AM PDT Throwaway account I graduated from school without any debt. I worked my butt off before and during school doing everything and anything to avoid debt. My partner finished his masters a couple of years ago with more than $130k in debt. Had I known how much debt he was in... maybe we wouldnt have gotten married? I don't know. I have no idea what to do now and don't know what steps to take. He's happy with the payment plan set up by navient for $360 per month. If I understand correctly this isn't even paying for the interest on his loans which are now more than $135k. We'll be paying this off forever at the current rate. Where do we go from here? Any help, please? I haven't been sleeping. Loan Current Balance Interest Rate Due Date 1-10 Direct Grad PLUS $0.00 7.21% No Due Date 1-08 Direct Grad PLUS $24,537.50 6.96% 7/28/2019 1-09 Direct Grad PLUS $14,104.41 6.96% 7/28/2019 1-11 Direct Grad PLUS $0.00 6.96% No Due Date 1-13 Direct Grad PLUS $36,615.02 6.59% 7/28/2019 1-03 Direct Loan - Unsubsidized $3,077.01 6.55% 7/28/2019 1-04 Direct Loan - Unsubsidized $3,283.19 6.55% 7/28/2019 1-05 Direct Loan - Unsubsidized $7,442.25 6.55% 7/28/2019 1-07 Direct Loan - Unsubsidized $24,158.95 5.96% 7/28/2019 1-01 Direct Loan - Subsidized $848.03 5.75% 7/28/2019 1-12 Direct Loan - Unsubsidized $22,477.40 5.59% 7/28/2019 1-02 Direct Loan - Subsidized $166.24 3.15% 7/28/2019 1-06 Direct Loan - Subsidized $166.59 3.15% 7/28/2019 Total $136,876.59 [link] [comments]  |
| Posted: 11 Jul 2019 01:40 PM PDT So I have two private student loans, both have an interest rate of 7.39%, one is around 9k and the other is 6k. Should I focus on paying off the 9k or the 6k first? [link] [comments]  |
| Advice for a potential first time borrower Posted: 11 Jul 2019 01:38 PM PDT I am entering my senior year of university and due to financial aid, have never had to take out a student loan. This is mainly due to using my savings and working during summers and the school year. My senior year requires more credits and a senior project and I do not want to work unless it is work study. After tuition and fees, I should get a refund of about $3,000 per semester. After my program expenses, I estimate $2,200 per semester. I will be renting my own apartment for the year and want to have the funds there in case I do not/can't find a roommate. Living expenses will be roughly $700 monthly. So, I have been considering taking out the Direct Subsidized Stafford loan. I was offered $5,500 and am considering taking out $5,000. I may be getting work study (I am on the waitlist) but don't know if or when I will. This loan will hit close to the "maximum financial aid awards" so I would only be able to get maybe $1,000 in work study for the year. So, can anyone give me advice if I do choose to take out the loan? Due to my savings, I would be okay without it, but I don't want to deplete my savings all year and be broke at graduation. I would like to live easy and make sure I graduate as I have considered dropping out so many times. Also, should I take out a smaller amount and leave the rest for work study? I have never taken out a loan nor has my family. My friends all have at least $40,000 in student debt and have not started paying any of it back, so they haven't had much advice for me. Or, should I deplete my savings and avoid the $5,000 loan? [link] [comments]  |
| Posted: 11 Jul 2019 01:19 PM PDT Sooo I messed up my 1st year of college and now I'm not eligible for financial aid bc of my low gpa. Can't get financial aid unless I raise my grades, but I can't raise my grades without financial aid :/ I've been applying for jobs, but I've had no luck. I'm still trying. My parents can't support me. Should I take out loans? And if I do take out student loans, which private loan company is the best? I need max $10,000 for the whole year. Also, how would taking out student loans affect my parents when they file for tax? I don't really want to let them know that I'm going to take out a loan because they're not the most calm parents. It's also my responsibility and burden. I would like to not involve my family. [link] [comments]  |
| Posted: 11 Jul 2019 01:02 PM PDT Today was the day i was going to sit down and work on student loan refinance... then i heard on the news that feds may be dropping interested rates? should i wait? I'm currently at 5.25% fixed with 50k left to pay. Total income annual 100k. Monthly payment due $362. Currently paying $625/month Any advice greatly appreciated [link] [comments]  |
| Pay off a loan with higher interest but lower balance first? Posted: 11 Jul 2019 12:26 PM PDT Three student loans: A) $4,500 at 8.25% adjustable B) $11,510 at 5.37% fixed C) $8,200 at 5.37% fixed Quicken calculator says if I make a $3,000 one-time payment to Loan A, I will save $515 on interest charges, and cut 2 years off. Quicken also says if I make a $3,000 one-time payment to Loan C, I will save $2,250, and cut 6 years, 1 month off. This looks obvious to me to put the $3,000 toward Loan C even though Loan A has an interest rate almost 3% higher. Other research points to paying off the highest rate loan first, in this case, Loan A. Wouldn't I save more money and time by paying the $3,000 now on Loan C as opposed to Loan A? What am I missing here? Thanks! [link] [comments]  |
| Posted: 11 Jul 2019 08:20 AM PDT So for example, if im paying $500/month for my loan, is it possible for me to choose whether i want that payment to go towards my total loan balance or my interest? and if i could choose, would it be more efficient to minimize my loan amount rather than minimize the interest amount,? [link] [comments]  |
| How to come to terms with taking out a loan? Posted: 11 Jul 2019 10:21 AM PDT I watched accumulating debt wreck havoc on my parent's relationship and my family. I've always vowed to do everything in my power to be more financially responsible than them and avoid debt at all costs. Through grants, scholarships, and meager savings, I was planning to pay for my first year of my program out of pocket, only needed to take out a small loan to cover my second and final year. I've been informed recently that I will not be getting the full value of my grant and scholarship and I also did not qualify for in-county tuition, leaving me thousands short for books and tools I'll need. Instead of only borrowing for year two, I may have to borrow from the very first semester. These things are out of my control, but it was my fault for not anticipating them. I'm applying to more scholarships, but I don't have much hope for winning any in time for this Fall. When I told my parents, trying to get insight on my options [if any], I was essentially told I was not permitted to drop out since I don't have a plan B and can't be a jobless loser forever, so I'll have to suck it up. My overall total loan shouldn't exceed $15,000, but my naivety has missed additional hidden charges before so perhaps we'll round that up to $20,000. Even so, I know in comparison to some this isn't a very large amount and I'm thankful for that at least. My question is... and I apologize if this isn't what the sub was intended for.... simply, how do you come to terms with the fact you're willingly taking on a debt for a degree in a world where you aren't guaranteed a job just by having said degree? How do you decide whether the temporary debt will be worth it or you're just ruining your life? I suppose no one has a crystal ball to predict the future, but taking out a loan for college seems like a big risk for someone with limited financial, working, and general life experience. I keep getting told "life sucks" and "that's how it is, you just have to deal with it"... so I suppose it must be true. Maybe hearing other people's insights will help me accept it -- thank you in advance. [link] [comments]  |
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