Dad doesn't understand what a PLUS loan is Student Loans |
- Dad doesn't understand what a PLUS loan is
- Is there a time when wage garnishment is the better option?
- Went into default 14 years ago. FSA account says 0 interest?
- Help student debt, with one semester left.
- I put my Undergraduate school instead of my Graduate school on the application
- On IBR paying $0/month and just accepted a job offer as a public school teacher. When will my payments increase?
- Private Student Loans
- What happens to the loans I’ve accepted if I drop out of college the summer before starting, without even sending in any bills or anything?
- What if I don't Pay Sallie Mae? I live abroad.
- Scared to see how much I've defaulted on
- I haven't taken a loan yet and I am not sure what to do.
- Didn’t realize the Fafsa deadline was June 30th, thought it was July 30th, and missed it. Now my only options are private loans. What are my best routes?
- Denied refinancing for lack of a co-signer - how do I proceed?
- Looking for Loans/Info for Study Abroad
- Applying for student loan and opening new credit card
- Using PAYE and paying forgiven tax bill still cheaper than standard payment plan?
- Tax/Marriage questions
- Subsidized loan question!!
- Submitted FAFSA, but I realized some information MAY have been incorrect. But now it’s past the deadline. What will happen?
| Dad doesn't understand what a PLUS loan is Posted: 01 Jul 2019 12:36 PM PDT Hi, long story short is that my dad took out $16,000 in PLUS loans in 2015 to help pay for my tuition. At the time (18 y/o), I did not realize that this loan was under his name. Recently, I found out that this was a PLUS loan (for a long time I was confused as to where the other $16k loan was) and had to explain to him that technically he is responsible for these loans and that I will not be receiving any bills for it, since it is under his name. He was very confused and angry when I first brought this up and just said "whatever, it's all yours". However, he is very careless and lazy and keeps putting off looking into this loan. I read on Nelnet today: "... you must start making payments on your Parent PLUS loans right after they are fully disbursed, with the first payment being due no more than 60 days after disbursement". I am confused, because he definitely has not made any payments yet and seemed unaware that the loan was even under his name until I explained it to him. I am afraid of how big the loan has grown (interest rate is about 7% I believe) but I didn't even realize it was a PLUS loan until I called around and found out that there was only $16k under my name and saw on my school account on closer inspection that it is a PLUS loan. I've gotten my loan down to $11k since I graduated in December (full time job and part time job) and feel angry that he took on this loan so stupidly and carelessly and would like some advice or insight: is it possible for someone to take out a PLUS loan then ignore/not know about it for 4 years? Wouldn't someone have had to manually defer it in that timespan? Another thing I should add is that i still live with my parents and don't believe that my mom knows about this. But I am afraid to bring it up to her. I feel like if I fully explain this to them it will cause a panic in the household. I'm hoping to pay off my debts by 2020 but am afraid at how huge this PLUS loan will grow in the meantime. [link] [comments]  |
| Is there a time when wage garnishment is the better option? Posted: 01 Jul 2019 04:20 PM PDT So I've been struggling with my Sallie Mae loans. I make about 1200/month and besides me paying for my phone, rent, food, and electricity, they want me to pay 761/month. That is a whole paycheck and a little of the next one for me. I read that wage garnishments are capped at 25%, well my paychecks are $600 every two weeks, so paying 25% of each of those would be 300/month yeah? That sounds fantastically more doable for me. I'm really drowning here and I can't find anything on when wage garnishments are a better deal than the actual loan, but I can't keep this up as it is. Is there a time when wage garnishment is the better option? This is in Minnesota btw. [link] [comments]  |
| Went into default 14 years ago. FSA account says 0 interest? Posted: 01 Jul 2019 06:57 PM PDT Summary is in the title. I defaulted on my loan because they insisted I pay more than I could reasonably afford when the loan went into default and would not give me the information for hardship deferment. I want to go back to school, but I am afraid of what the collections agency might have for interest, especially as no interest has been shown on my fsa account. I've tried to contact the listed servicer before, and they told me to call a collections agency as they no longer had my loan. But this is also not reflected in my fsa account. I'm not sure how to proceed and advocate for myself with this information. [link] [comments]  |
| Help student debt, with one semester left. Posted: 01 Jul 2019 11:39 PM PDT Basically, im at a real hard place. In highschool I was an underachiever and finished out with a 2.1. Granted I graduated a year early, my last 2 years had no gpa weight. I start to take things seriously into community college and flourish, great gpa, very involved. Then I get to the university of Oklahoma and the problems start arising. Firstly, I am out of state student, so I pay double tuition. I have due to different things, either been out of school for eduation, or financial reasons. I have one more semester left to finish with a applied programs degree, and honestly I just want to be done. It is a huge weight on my shoulders. Basically I have maxed out on parent/school loans, and have to go the private route. My current total tuition balance (from multiple semesters) is $37,000. My credit score is only about 512 and I no longer get approved with my mom as a cosigner (filed bankruptcy). Even if approved, i've been out of school for a total of a year now, I know the loans can only go so far back. Is there anyway I can get back into school with all these obstacles? [link] [comments]  |
| I put my Undergraduate school instead of my Graduate school on the application Posted: 01 Jul 2019 10:11 PM PDT The current loans I am trying to refinance again are from my graduate school that was done abroad. I was going through Lendkey's refinance application and got a quote for a good rate. I accidentally put that it was my undergraduate loan, but it isn't the case. I have refinanced twice already and aside from my original loan, my current loan with Earnest isn't attached to my graduate school. Will the company verify or can I just continue with the application? Graduate school -->Sallie Mae --> Sofi-->Earnest-->current application [link] [comments]  |
| Posted: 01 Jul 2019 04:16 AM PDT I just accepted the job yesterday and will be filling out paperwork this week. I'll be doing some new teacher training this summer but, if I understand correctly, my first paycheck will be in September. Will my IBR payments go up as soon as I report my new salary? ($48,000/year if that matters) Also, I plan to apply for PSLF. Will monthly payments count as soon as I sign my W-4 or will it only count when the school year begins and I'm actually working full-time? [link] [comments]  |
| Posted: 01 Jul 2019 08:43 PM PDT Hi, I'm a permanent resident living in Michigan. I'm in my late 20s and enrolled in my first year of college. I'm going for a Political Science/International studies degree. I'm making around $1200/month working 20hrs/week. I made too much money last year (60k lots of overtime) and I passed the deadline for FASFA. I won't get any federal aid until summer 2020 I believe. Is there any chance to get a private student loan without a co-signer? My family still lives overseas. I won't get any more private loans and I can't finance community college out of my own pocket much longer. I'm good in school and I finally do what satisfies me after 12 years in manufacturing. I really want to proceed, since I'm best in most of my classes. Thanks for your help in advance. [link] [comments]  |
| Posted: 01 Jul 2019 08:03 PM PDT Sorry for the lengthy title, also sorry if this is messy. I've been a mess since April because of all this college stuff :( So I got accepted into my top choice back in December, yet my dad didn't tell me he couldn't afford it until accepted student's day... way after the deadline for any other potential school. The month of April was a whole mess, with us trying to figure out what loans we could apply for, if I should even go to college this year, yadda yadda yadda. My dad still doesn't want me to go to college. But we found we could get assistance through Parent PLUS Loans. So we signed up for them. And now I'm taking out around $13k for my first year of college in loans. This is terrible. I know. I just.. my dad and I never had the talk about money. My dad hasn't been much of a help this entire time. I guess I wasn't either. I'm honestly so sad. I don't really know what to do. I don't even know what I want to do with my life. So I guess my question is: would I still be held accountable for the loans I accepted if I drop out now? Tomorrow the bill comes out, and I just know it's going to be a headache to get it across to my dad and explain to him some factors that will lower the bill (work study). I don't even want to go at this point. I know I'll be depressed if I don't, but I'm depressed now just thinking about being in debt for so long. So yeah, if anyone has any insight, or even just has any advice, that would be very much appreciated. Sorry this was so long. Thanks if you read down this far. Tldr: What happens to the loans I've accepted if I drop out of college the summer before starting, without even sending in any bills or anything? [link] [comments]  |
| What if I don't Pay Sallie Mae? I live abroad. Posted: 01 Jul 2019 01:37 PM PDT Hey folks! Originally from California, I now live abroad permanently- my life is in the EU, my job, everything. I've been paying the 150- for forbearance every 3 months since this last winter but I will now stop. I won't be moving back to the States, and I have no reason to care for my credit score any longer. I was also advised to just not worry anymore, after 4 years in the state of California the debt is essentially de-fanged. That being said, does it matter? On another note, I'm going to be happily paying my federal loans- the U.S. government is actually pretty solid in comparison, the income-based repayment plan isn't bad, and I've seen first-hand how our tax dollars help myself and other U.S. citizens abroad! So all-in-all, what should I be wary of being a permanent EU resident with no plans to return to the States? All advice welcome :) [link] [comments]  |
| Scared to see how much I've defaulted on Posted: 01 Jul 2019 10:09 AM PDT I went to an expensive private college in 2011 for one semester and failed miserably. I decided to take time off and work, and haven't been back to school since. I began paying back my federal loans (through Nelnet) about a year after I left and have been paying relatively low payments religiously since 2012. I do however have a loan in default from the college itself. I was very unclear on the whole loan/repayment idea coming out of high school, so I don't know exactly what that loan is for. Housing and administrative costs most likely. It has since dropped off my credit score (thank god) but I do get a lot of phone calls that I don't answer, most likely stemming from it being in collections. Even though it's not affecting my credit score, I am interested in returning to school next year, and am under the impression I won't be able to with a loan in default. My issue is that even though I don't know exactly how much I owe, I know I won't be able to pay it in full, or probably even in 5 consistent payments. I'm scared to call the school to ask for info, because I'm afraid they will make me commit to a plan right then and there. Is that a valid fear? Or can I just call and come up with a payment plan later? And in the case of a payment plan, will it really need to be 2-5 payments of large sums, or has anyone managed to pay a defaulted loan in smaller chunks? I apologize for the long post and loads of questions, I've just been crippled with fear over this for years, and know it'll get even worse if I don't do anything. TLDR: Private loan in default. Can I call and find out how much I owe without immediately being forced to pay? [link] [comments]  |
| I haven't taken a loan yet and I am not sure what to do. Posted: 01 Jul 2019 03:49 PM PDT So my college tuition is due in about 2 weeks, and I have yet to take out a loan. I am entering my freshman year so all this is highly confusing to me. My parents are supporting me and are going to take about $20,000 in loans for my first year, and our total household income is around $55,000 with some other debts. While the 20k is high, I am hoping it might lower after doing financial aid again this year as the now $55,000 income is lower than the nearly $70,000 income the college saw when I first applied and I might also transfer to a cheaper school. Regardless, given my situation I want to make a wise choice about taking this hefty loan because I've heard way too many sad stories. So, given this information, what kind of loan should I take and from where? Thanks. [link] [comments]  |
| Posted: 01 Jul 2019 02:32 PM PDT I am finishing up community college in TX and pursuing a second bachelors degree as my wife works full time as a nurse. For some reason I thought the FAFSA deadline was July 30th, not June 30th, and missed it. Now I believe my only options are private loans. I will be attending a public university and will need around ~$15,000 for the 2019-2020 school year. What are my best avenues given the situation? Thank you so much in advance! [link] [comments]  |
| Denied refinancing for lack of a co-signer - how do I proceed? Posted: 01 Jul 2019 02:22 PM PDT I owe Navient $102,000 from my undergraduate loans. (This is private loans, not federal.) (Yes, it's a lot. No, I shouldn't have that many. I understand what a f*$)(# mess I am in.) I recently graduated from law school and am studying for the bar. I have a job lined up and I start the first full week of August. I'll gross approximately $53,000 to start. Here's my issue. I have tried in the past to refinance these loans. There are 5 of them and they average an 11.5% interest rate which, let's be honest, is obscene. The amounts range from ~$45,000 to ~$10,000 per loan. I have never defaulted or been late on any payments for any loan or credit card I have ever had. I have a 795 credit score. My Navient payments are set to start here in 3 months and they will be in excess of $1400 a month. I have little other debt ($3k left on my car and no credit card debt.) I don't pay rent and I don't pay for child care. That being said, no lender will refinance my loans without a cosigner and I do not have one. My family is all dead. (I'm not being funny or metaphorical. I have no family.) My husband refuses to co-sign. I do not have anyone that can cosign my loans. I can throw my entire paycheck at these loans, minus whatever I'll be paying on REPAYE or whatever program the federal loan servicer puts me on. What can I do here? I very recently tried to refinance on my own and was denied because (again) no co-signer. Is there any way to write a letter to the lender, explaining my situation, to see what I can personally do to refinance any of my Navient loans? (I know they don't care about my situation personally, and that it's just a risk determination.) I want to pay my loans, but the thing is I have to actually be able to pay them. I just don't understand how, if I can afford to pay $1400+ a month, a different bank has determined that I can't pay $750 a month. TL; DR. Can't get refinanced without a cosigner, don't have any possibility of getting a cosigner. Any way to talk the bank into refinancing any part of my excessive loan balance? TIA! ETA: these loans are private and not federal. [link] [comments]  |
| Looking for Loans/Info for Study Abroad Posted: 01 Jul 2019 01:38 PM PDT Hello, I'm currently looking for any international loans that can apply for me to study in Italy. I've looked through and asked banks in my area, however the ones I found only seemed to cover study inside the US. I've also spent quite a while the last few months doing searches and hunting things down, however with no luck as the sites are either defunct or are again limited to the US. Unfortunately, the school that I'm looking to study with is not listed in FAFSA, so I'm unable to use that. I'd like to know if anyone has had a similar experience and what did they do to fund abroad education without FAFSA. After some looking, I came across this subreddit, and I appreciate any help that you all present. Thank you. [link] [comments]  |
| Applying for student loan and opening new credit card Posted: 01 Jul 2019 10:37 AM PDT Hey guys! So my 20-yr old child will be attending college in the fall. She's got some grants and federal loans but needs more help. She is expecting us (parents) to help with a loan for the remainder of her costs. We agreed, but we aren't sure what we qualify for. I haven't even started the process of understanding student loans, etc. but I'm about the jump in. I have poor credit but my spouse has great credit. Neither of us have a current credit card. We have a mortgage that's in my name only. We own a business - and we are behind on taxes - so I'm assuming that means we don't have any verifiable income. I am working hard to get the taxes caught up. We'd like to open a new credit card for emergencies. Here are my questions: -Should she try to get a student loan on her own before we try for the parent/co-signer loan? -How long does the loan application process take? -Due to our unconventional employment, are our chances of qualifying pretty slim? -I'm under the assumption that only one parent is the co-signer, so does that mean they will only look at my spouses credit? -Should my spouse wait until this is all figured out before applying for a new personal credit card or does it not matter? Thanks!! Edited for formatting [link] [comments]  |
| Using PAYE and paying forgiven tax bill still cheaper than standard payment plan? Posted: 01 Jul 2019 09:30 AM PDT Hi there! I'm trying to figure out whether I've got a viable plan in paying off my ~$40k direct unsub. debt: I'm currently sitting at ~$21k @6% and ~$19k @6.6%. Making the standard monthly payment of ~$450 is a bit tough for me at the moment, so I was thinking of enrolling in PAYE to reduce that amount significantly. One scenario that could play out for me (based on calculators) is that I would pay some amount monthly for 20 years, and have the rest forgiven. For this particular scenario, I would pay just under $19k and have $72k forgiven. Now I know that I will be hit with a tax bill of 20-40% of that $72k, but my plan is this: I've come into $5000 in cash, and I could invest this money in stocks/bonds for 20 years. Assuming an 8% return annually, this would be just about enough to cover that tax bill, even calculating for the worst (40% of $72k = $29k). Effectively I would pay 19k + 29k=48k after 20 years, which is still lower than paying $54k on the standard plan for 10 years. I know that the math is overly simplified, but have I miscalculated something significantly that would make this unviable? I'm also aware that my financial life will change significantly in 20 years, and being enrolled in PAYE, or other IBRs might not make sense. But for now, I'd like to reduce my monthly payments so that I can spare some change to invest into an IRA account, which I would like to start while I'm still in my late 20s... [link] [comments]  |
| Posted: 01 Jul 2019 09:04 AM PDT I'm on PSLF, only a little under two years in. I've been diligent about documenting everything, I'll be getting my second annual count from FedLoan soon. My partner and I have been together for 6 years, and are not sure what to do about marriage. I am on PAYE, so I know that if we get married we can still file separately and our incomes won't be considered combined for loan payment purposes. We both see marriage as a financially smart thing to do when loans aren't involved, but aren't sure the best action to take here. I don't want to combine our incomes and have my payments go up, it's not like he'd really be 'helping' me pay them off if we combine incomes and he contributes to them since they will be forgiven eventually, and the minimum payments suffice. It would be a waste of money to file jointly and have higher payments. Plus, right now we have the same income (~$30-35k), but he'll be finishing a PhD in two years and we're expecting his income to go up significantly but mine will stay mostly the same, maybe maxing out to the 50k range at some point in my life. He does not have any student loans. But basically we are just wondering if we should get married and file separately, or just not get married until the loans are all paid off in like 8-9 years. We've been saying for several years that we just won't get married until then, but we've been reevaluating it because we do want to eventually, and we're sort of in the prime time for having a great wedding when it comes to family that is still with us. Plus there are of course a few other benefits that go along with marriage. What are the major differences between filing single and filing married but separate? And if we decide to have kids before the loans are forgiven, does that change anything significantly for tax purposes? [link] [comments]  |
| Posted: 01 Jul 2019 07:06 AM PDT Last school year I took out a subsidized loan. I'm transferring to a school where with the money my parents gave me for college, I (should) be able to leave debt free, or at least very VERY close to debt free. I am planning on taking a gap semester starting in January 2020. Do summer months count in the 6 month grace period? In other words, will that loan start accruing interest before I return in the fall of 2020? Also, if it does start accruing interest, will re-enrolling stop the interest? I'm a first gen college student and had to do this on my own so I don't really have anyone to help me out in my family. [link] [comments]  |
| Posted: 30 Jun 2019 10:05 PM PDT |
| You are subscribed to email updates from Advice, articles, and general discussion pertaining to student loans.. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment