Paid off $40k in 2 years! Student Loans |
- Paid off $40k in 2 years!
- Advice: Federal Student Loans - Defaulted and wreaking havoc!
- Where to get a private loan??
- Need help with student loans.. I feel so lost.
- How do student loans actually work?
- REPAYE until year 19.9 and then PAYE for forgiveness
- Excel for REPAYE using Avalanche Method
- Student loan repayment advice?
- Is the monthly payment amount determined at graduation or at end of deferment period?
| Posted: 30 Jun 2019 06:20 AM PDT I've gone back and forth for a couple months on whether or not to share this, but decided to do it as I hope someone is able to gain value from it. So as the title suggests, I paid off $40k in two years. Lets get into it.My My background: Grew up in a small town outside of Cleveland. Parents never went to college, so this was new for all of us. I went to Ohio State, studied Finance, and got a job. I didn't get any monetary help from my parents (ill circle back to how they did help me), and quite frankly didn't understand the debt i was getting into. Parents were aware of the debt, and we really discussed whether or not I should go or not. While I was in I'd say my sophomore year, i really started to grasp the amount of debt I was going to have and began focusing on creating a plan. I started working a part time job, and tried to pay for as much of my schooling as I could out of pocket. Even with all of that, I left college with $40k. What certainly helped, was having a degree in Finance. I was already aware of money and how valuable it would be to me to get rid of my student loans. However, you certainly dont need a degree in finance to make the right decisions. If you are here on this sub, you likely no more about the subject than others, so congrats on that! How did my parents help? My parents would have loved to pay for my schooling. Like most parents, they want to do everything they can in order to help their children be successful. And they did! For starters, they let me live with them after I graduated. This was certainly a sacrifice for me while I watched my friends move into posh apartments, but I would rather take that money and send it to my loans. Now, they helped me in one other big way. I had loans from multiple different places at multiple different rates. My parents took out a Home Equity Loan, and paid off my loans. From there, i would pay them back. This did a couple things. Consolidated my loans. Refinanced them at lower rates because my parents had great credit. So while my parents were unable to simply pay off my loans, they certainly made it easier. Now, my job after college is paying just over $50k a year. I knew that this wouldn't be enough either, so I worked a part time job on top of that. My advice: If you want to pay off your loans, you need a plan. Without one, you will always be in the dark on your debt. It will take sacrifice. My friends all have season tickets to the Browns (first time we will be good in my lifetime), but i had to pass. If you are in a position to do as I did with my loan, i would recommend it. Tl;dr Parents took out home equity loan, paid off my loans (on paper), i worked two jobs and lived at home to throw all my money at my loans. Two years later, I'm free! [link] [comments]  |
| Advice: Federal Student Loans - Defaulted and wreaking havoc! Posted: 30 Jun 2019 09:56 PM PDT Looking for some advice. I have two Federal Student Loans that I defaulted on nearly a decade ago. Both are ~13 years old. One is $16k; the other is $6k. Both are listed on my credit as "US Dept of Education" I don't know how to even begin to get them back into good standing. How to get them off my credit. How to stop them from seriously impacting my credit. There are two loans, but it looks like they've been sold/moved a number of times because there are five accounts showing on my credit report. All of the accounts show as closed and the sold/moved accounts show a $0 balance. Will they ever fall off? Even if I get them back in good standing, will they continue to bring my score down? I don't even really know where to start. Advice? [link] [comments]  |
| Posted: 30 Jun 2019 07:32 PM PDT So I'm officially done with community college and am now having to go to a university. I don't have any loans whatsoever currently. I applied for FAFSA and only got $5,500, which I'm pretty sure in the min I can get. I need about $15,000 more just for this whole school year. I don't have enough credit and both my mom and dad have credit in the 800's. Today, we applied to Sallie Mae and for some reason got denied. I work full time and so do both of my parents. While, I currently make $32,000 a year, my parent I had as my cosigner makes a little over $200,000 a year. I'm so confused as to why we were denied. Like I said, I don't have any loans at all school wise, but I do have a car loan that I've been paying off and have never missed a payment. I feel super lost about where to get a student loan..and one that also won't fuck me later with rates. Sence Sallie Mae won't give me a student loan...where else should I turn? [link] [comments]  |
| Need help with student loans.. I feel so lost. Posted: 30 Jun 2019 10:01 AM PDT I have 6 student loans with Sallie Mae which all add up to $33,277. The lowest interest rate is 6% which is only on one of the loans, the other 5 all have a interest rate of 10%-12%. I also owe $25,727 to Great Lakes. I see posts online about how people pay so much towards their loans but still owe basically the same amount. I really dont want to be throwing money away and I want to pay these off as fast as I can the best way possible but feel so lost on how to do this. Does anyone have any advice for me? I also just graduated in May so I am still in the grace period for all of these loans. [link] [comments]  |
| How do student loans actually work? Posted: 30 Jun 2019 08:16 AM PDT I was offered and accepted one of the student loans from fafsa (the direct one I think). So I know that I'll have that loan, but with that and scholarships I'm still like $6000 short of being able to pay my tuition for this year. I have some money saved up, but I think I might need to get other loans too. I tried looking online a couple of months ago but I couldn't actually figure out what I have to do. Do you do it through a bank? If so, do some offer better interest rates than others? Are there ways to get student loans besides fafsa or a bank? Sorry if this is a really stupid question. [link] [comments]  |
| REPAYE until year 19.9 and then PAYE for forgiveness Posted: 30 Jun 2019 07:43 AM PDT I am sure this has been asked before, but was unable to find a clear cut answer. Is there anything stopping me from being enrolled in REPAEYE and getting the interest subsidy for 19 years and 11 months, and then switching to PAYE at that point to have my loans forgiven at year 20 (instead of 25 for REPAYE)? [link] [comments]  |
| Excel for REPAYE using Avalanche Method Posted: 30 Jun 2019 07:08 AM PDT Anyone have a calculator for Income based plans, specifically REPAYE, while using the Avalanche method. Want to calculate my payments while on REPAYE and using any extra money to be applied to highest interest loans first (avalanche). Edit: I am looking for something like this. If anyone has it, please share! https://www.reddit.com/r/StudentLoans/comments/4cfspg/excel_spreadsheet_for_repaye/ [link] [comments]  |
| Student loan repayment advice? Posted: 30 Jun 2019 06:41 AM PDT I ended up taking out a lot of loans to make it through college and now I have $50k in debt. Didn't really know what I was getting into because I didn't educate myself on loans. My parents agreed to help me pay it back by contributing $200 a month. I'm really getting stressed because it's been 2 years since I graduated and we've only been paying the interest. I make $35k right now (about $1,100 take home after contributing to my Roth 401k) and my rent is $600 including utilities. How much do you think I should contribute to my parents' $200 payment each month to get this debt down? Thanks! [link] [comments]  |
| Is the monthly payment amount determined at graduation or at end of deferment period? Posted: 30 Jun 2019 06:36 AM PDT Just finished my MS in May and completed exit counseling and selected the fixed monthly amount option. There's an automatic six month deferment period before payments are required. My question is will any payments I make between now and when they're actually required will that impact (i.e. lower) the amount of the required monthly payment or is that already set in stone? Asking because due to some RSUs vesting next month I have an opportunity to reduce the total amount of the loan by about 20%. If reducing the total principal by that much now will also reduce how much the required monthly payments will be I'll definitely do that, but if it won't have an impact will most likely put some, but not all, of the RSU money toward that. (Obviously any extra payments will reduce how many months I have to pay and how much interest is paid, but they're fairly low interest stafford loans and I have RSUs vest every six months so this loan will be paid ahead of time no matter what...but right now there's something else I'd like to put a good chunk of money toward, but not if it means missing out on the chance to lower the monthly loan amount). [link] [comments]  |
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