I’m having a hard time understanding the daily interest of my Nelnet student loan Student Loans |
- I’m having a hard time understanding the daily interest of my Nelnet student loan
- How repayment plan affects credit score
- School Closure Student Loan
- Assistance with Student Loan Repayment! Freshly graduated and about 2 weeks into employment, where to begin?
- About to start my freshman college year in a community college in late August i have been unable to get a part time job to pay for college and i owe $597 for the semester after financial aid should i take out a federal loan?Or should i wait to see if i land a pt job soon
- 10 year old Stafford Loans, fell off credit report, but I want to start rehabbing them before wage garnishment, few questions...
- Should I take federal or private loans?
- 200k in student loans, any help would be appreciated
- Student asking for advice
- University won’t certify me unless I agree to pay more.
- When is worth consolidating your loans? I have 3 separate loans accruing about 3.8-4.6% interest each. Newbie and don’t know much about the do’s/don’t.
- Do I have to take out private loans if federal loans don’t cover enough?
- I want to transfer to a school in another country. Will I need to start paying American loans right away?
| I’m having a hard time understanding the daily interest of my Nelnet student loan Posted: 05 Jul 2019 05:17 PM PDT I'm having a hard time understanding the daily interest of my Nelnet student loan I owe 26000 USD to Nelnet at a 4.250 percent interest rate. I am m in my second year of payments. I calculate that my daily interest should be: (0.0425/365) x 26000 USD = about 3 USD per day. The statement shows that too, about 3 USD per day as Daily Interest* (see small print). So, I should be paying about 90 USD of interest per month. However, it doesn't matter how much I put as additional monthly payment, Nelnet allocates 30 USD towards interest and the rest towards principal. I just want to know if somehow I'm underpaying my interest by about 60 USD and if this will affect me later on. Small print: *If loans are in a deferment or on an Income-Driven Repayment Plan that offers an interest subsidy, the daily interest, estimated interest, and estimated payoff shown above may be overstated because they include subsidized and non-subsidized accrued interest. Edit 1: Better explained, I tend to talk and write in circles. Edit 2: It's just 1 loan. Edit 3: It is a Graduated Repayment plan [link] [comments]  |
| How repayment plan affects credit score Posted: 05 Jul 2019 05:17 PM PDT Hey guys, i'm taking a student loan and was offered 3 repayment options: Deferred, interest only and minimum. I understand all of them, but I was wondering which would look best on my credit report, or if that even matters. I'm trying to get the best FICO I can. Thanks! [link] [comments]  |
| Posted: 05 Jul 2019 04:30 PM PDT Hello! My sister was accepted into a nursing program at the college at New Rochelle in NY She started on June 11 2018 And dropped out about 3 weeks later The official drop out date was July 11 2018 Because it was a program that started in the summer the school broke down the drop out dates as the following 1st day 100%tuition given back 2nd day 50% tuition back 3rd day 0% tuition back The tuition was $12,000 for the semester $4300 was paid already from student loans $7700 is her outstanding bill The school is closed now and is going bankrupt They handed over all their billing to a Heartland ESCI to process payment from now on How does a college that is bankrupt affect future payments? Should she make payments or wait to see what happens? The school and Heartland said they are going to send her to collections if she doesn't start paying She gave the college $100.00 today and is going to start a payment plan with Heartland The plan will be $325.00/ month for 2 years If she does the payment plan can she do it for a longer period of time and a smaller amount? She really doesn't want any of this to go on her credit report...but unsure what to do Thank you for your help! Sorry for no paragraphs, on mobile [link] [comments]  |
| Posted: 05 Jul 2019 08:01 AM PDT Good morning r/StudentLoans. I hope you're all enjoying your July 4th and start to your holiday weekends. I'm recently graduated and started work 2 weeks ago, and I'm looking to pay back my loans very aggressively and hopefully within 2 years (fingers crossed). Here are the numbers and methods I plan to pay with: Loan Information: Discover Student Loan Principal Balance: $13,404 Interest Accrued: $119.19 Total Loan Amount: $13,523.19 Deferred Until: 11/30/2019 Interest Rate: 7.49-7.74% (Variable) Loan Information: Fed Loan #1 Principal Balance: $7,096 Interest Accrued: $481.36 Total Loan Amount: $7,577.36 Deferred Until: 12/01/2019 Interest Rate: 4.45% (Fixed) Loan Information: Fed Loan #2 Principal Balance: $7,500 Interest Accrued: $226.68 Total Loan Amount: $7,726.68 Deferred Until: 12/01/2019 Interest Rate: 5.05% (Fixed) Income: $59,000 (pre-tax), projecting $42,000 post-tax? Monthly Expenses: $2,300 (includes rent,401k,savings,bills) Monthly Remaining: $1,200 My goal is somewhere along the lines of throwing $1,000 per month @ the discover loan, and $100 per month at the other loans. Any extra funds after expenses would be allotted to the discover loan, but I want to make sure I'm not missing out on anything else I can do to lower the total amount that I would need to pay (I.e. refinancing, PSLF, etc.). I recently started working for the government, but am unsure if they provide any loan forgiveness or assistance. Any advice, feedbacks, or criticisms would be appreciated! [link] [comments]  |
| Posted: 05 Jul 2019 03:58 PM PDT |
| Posted: 05 Jul 2019 03:18 PM PDT Hi I have two deliquent federal student loans a Direct Stafford Unsubsidized at $3,221 @ 6.8% and a Direct Stafford Subsidized $5,152 @ 5.6%. They've both fallen off my credit report but I do know federal student loans never go away and I could get my wage garnished. They're owned by Coast Professional right now. I just started making decent money but I do have decently high rent $2000/mo and a dependent with my disabled mother. By the end of the month I should have about 9K in savings, but I have no interest in plunging that all into repaying this or settling it as I'd want to be at about 6 months expenses minimum to do so. I have no other debt and my credit is starting to get better. My questions are this...
Ideally I just am interested in paying the minimum (until I have 6 months expenses saved) and also waiting for political reform to happen that may open up new options. I'm not ignorant in thinking it'll all be forgiven or anything just maybe new terms or options of settlement. My goal is just to put it in good standing for my credit at the smallest amount I can pay for my income level. [link] [comments]  |
| Should I take federal or private loans? Posted: 05 Jul 2019 12:46 PM PDT I have read a few of these posts from before and many state to always to take federal loans first and if additional loans are needed to take those. However, I am unsure if that makes sense for me and looking for feedback. I will be starting my masters degree late August for an engineering degree. During my undergraduate I was fortunate enough to have scholarships and family support to finance my degree. I have not had to deal with loans. My credit score is excellent, 766, and my parents have agreed to cosign with me (also excellent credit score). I was curious since my credit is so good if I should just accept the $20,500.00 a year with 6.079% interest from the federal government. Or should I apply for only private loans or a combination of the two loans? If I should go the private loan route which ones are typically recommended around here? My graduate degree will be 3 semesters. I have an internship currently with a top 3 company in my field and they have discussed coming back next year as well as full time employment after graduation. I know the starting salary is approximately $65,000+ a year starting out for all major companies in my field. [link] [comments]  |
| 200k in student loans, any help would be appreciated Posted: 05 Jul 2019 06:31 AM PDT Hello all, I'm a new grad with 200k in student loans and I plan to pay around $3500 a month towards them. I was curious to know if anyone had any insight into the best way to pay these off. My loans are separated by my distributor with various interest rates the highest of which are 7.6%. I know I should be paying these ones off first but I was curious to see if interest compounds based on the original principal or the remaining principal? For instance, if I have a $7000 loan with $6000 principal and $1000 interest and I pay $3500 towards that loan, does this mean the interest accruing will be based on the original $6000 or the remaining $3500? I hope this makes sense. Thank you for any input. [link] [comments]  |
| Posted: 05 Jul 2019 03:12 PM PDT I recently got a good scholarship and may not have to pull out loans this year, but upon checking what I owe in loans, I am at about $12,000. Would it be a good idea to start paying some of it off? Or at least start trying to chip at the interest for this year? [link] [comments]  |
| University won’t certify me unless I agree to pay more. Posted: 05 Jul 2019 11:10 AM PDT So I'm in my clinical rotations in a med school abroad. I've been paying around us$6000 a year since 2015 but my parents ran out of money. So now I applied to sallie Mae and got an approved loan for 14k. But the school suddenly wants to charge me 18k a year just to take in the loan. Is this even legal? [link] [comments]  |
| Posted: 05 Jul 2019 02:50 PM PDT |
| Do I have to take out private loans if federal loans don’t cover enough? Posted: 05 Jul 2019 06:52 AM PDT Sorry if this is a stupid question. I'm waiting to see my financial advisor until I know how much my fall classes will cost (probably around $6,000). My award package says I am awarded $4500 a year in federal subsidized loans and $2000 a year unsubsidized). So that's $3,250 a semester and it only covers half of my tuition. Do I have to go through a private loan to cover the other half? I have no idea how this works. I plan on seeing my advisor as soon as I get my bill for the semester, but I would really appreciate any advice from here. Side notes: I do have a PT job but I'm using that to cover rent, groceries, bills, books, parking, etc. I do have a savings account for emergencies. I just want loans for my tuition. My parents are not able to contribute financially right now, but my EFC is over 12,000 which screws me a little. I did two years of community college and I paid out of pocket. Now I have to go to university for two more years and this is the cheapest university anywhere near me (maybe even in the state) I did try to get scholarships. My parents sent me to private school (in hopes it would increase my chances of getting college scholarships & for other reasons) and it turns out it's very hard to get scholarships when people see that your parents paid for high school and assume they'll pay for college too! [link] [comments]  |
| Posted: 05 Jul 2019 08:23 AM PDT I want to transfer to a school in Poland. I have Polish citizenship through my parents so I wouldn't need to pay for it. I already finished two years at an American college and I took out student loans for it. So I'm wondering if I'll still have a grace period while studying elsewhere. [link] [comments]  |
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