Student loan payments are more than 16% of income Student Loans |
- Student loan payments are more than 16% of income
- Stressed about the future for my boyfriend and I (due to our loans)
- I can’t get private loans, only federal ones. The college(s) I want to go to have net prices of ~25-30k. Will I be able to go to college with just grants and federal loans?
- I had problems with Sallie Mae. Made account and applied but never finished the application. I no longer need SM loans but keep getting emails from them about completing the application. How do i cancel the application and delete my account?
- Graduated vs Standard repayment schedules
- What should I be looking out for?
- Advice needed for my undergrad+grad student loans
- How to take out huge loans for med school?
- What can I do?
- Student loans that pay directly to the borrower, not the school?
- Refinance student loans with past bankruptcy
- What’s my best option for a private student loan?
- Loan forgiveness: Interest Only, or P+I?
- About halfway through my grace period and need help/guidance on how to proceed.
- Divorce to lower payments?
- Question about overpayment of my loans
- No co-signers
- What is this type of loan?
- Income-Driven Repayment Income Change
- About to start grad school, and I'm looking over some loans now. Any recommendations on good loans, or insight on how they compare to other loans?
- Navient late fees?
| Student loan payments are more than 16% of income Posted: 07 Jul 2019 01:28 PM PDT Hi, so a friend of mine graduated from UCSB and her student loans are from sallie mae and the federal government loan. The federal government loan is 107 a month, which is doable, but sallie maes is 338 and with an income of ~26k. On multiple occasions, she's called and tried to lower her payments on sallie Mae by saying she can't afford it that high. Does anyone have any advice on how to get them to lower the monthly payment (no not refinance, just lower her current monthly payments because she can't afford that high of a payment until she gets a better job) ? [link] [comments]  |
| Stressed about the future for my boyfriend and I (due to our loans) Posted: 07 Jul 2019 03:54 PM PDT I'm currently in nursing school and will be graduating with my BSN with between $40,000-$50,000 in student loans with $25,000 of those loans through a private lender (Sallie Mae). My boyfriend is currently in school to be a software developer and will have about $70,000 in student loans with about $45,000 of it coming from a private lender as well (also Sallie Mae). I am already stressing about how hard making the minimum payments will be and what we can do to pay off our loans quickly. Does anyone have any infornation or advice about how much we will be looking at paying back, what we should do in regards to consolidation/re-financing, or any programs that may be available to us? Thanks in advance. [link] [comments]  |
| Posted: 07 Jul 2019 09:22 PM PDT My EFC is 0 because my mom makes so little money. My grant award is 6k per year. My dad may give me a little money, but I can't imagine any more than like 2k (they are divorced, just in case that wasn't clear). I currently have 1.6k in my bank account. In short, my mother can't and won't help me; she hates loans and won't co-sign or take one out herself, nor will/can she just give me money. Just for some perspective, she made less than 10k last year. My dad may help me, but he more than likely won't pay my way through. So, is it possible with subsidized and un-subsidized loans and grant awards for me to go to college for ~25-30k per year? If not, what net price should I aim for? Thanks for your time. [link] [comments]  |
| Posted: 08 Jul 2019 12:01 AM PDT I did not have enough federal loans for college. My dad used Sallie Mae for his school loans so we used it for mine. We started the application but never finished it. (needed a cosigner despite me being emancipated and they didnt let my dad or mom cosign because they both have unpaid loans from sallie mae) I then found out i got another unsubsidized federal loan that brings me only a few hundred below what i need, which we can easily pay for (local community colleges are great). However, i now keep getting emails from them to complete the application. It's 3 AM when im typing this and i got an email at 2:30 causing my phone to go off waking me up, and have trying to find a why to cancel the application and delete my account for the last 30 minutes. Nowhere on Sallie Mae's website have i found a way to do so. i know i can just mark the emails as spam to stop them, but Sallie May still has other information that i'd rather just delete my account. i dont need SM anymore, why keep the account. So does anyone know of a way to do so? Thanks in advance [link] [comments]  |
| Graduated vs Standard repayment schedules Posted: 07 Jul 2019 06:35 PM PDT I graduated almost 2 years ago with a 28,500 USD Nelnet direct and consolidated student loan at 4.25% interest rate. This loan is in a Graduated Repayment schedule to 19 years, i.e. 227 payments increasing like this: Payments 1-24: 112.47 USD per month. Payments 25-48: 127.07 USD per month. Payments 49-72: 143.56 USD per month. Payments 73-96: 162.19 USD per month. Payments 97-120: 183.24 USD per month. Payments 121-144: 207.02 USD per month. Payments 145-168: 233.89 USD per month. Payments 169-192: 264.25 USD per month. Payments 193-216: 298.55 USD per month. Payments 217-227: 337.30 USD per month. I'm towards the end of my first two years (payments 1-24) and luckily now I can put between 400 and 600 USD per month, plus I plan to use any extra income I receive (e.g. tax returns, cash from family, etc). So, if things go right I can pay off in about 5 years, instead of 19. I also read that I have the option to switch to a standard repayment plan, i.e. constant payments similar to a home mortgage amortization. If I do that, according to my calculations, the monthly payments should be close to 250 USD per month for 10 years. My question is: Which option do you guys think is better in terms of paying less interest at the end? Assuming that I can keep doing these 400 to 600 USD per month payments. My ignorant opinion: Logic says to me that I should stay in the graduate repayment, since I am in the early-low-payment part so I would be making the most out of it. However, I have always read that a standard repayment is always the lowest accrued interest option. [link] [comments]  |
| What should I be looking out for? Posted: 07 Jul 2019 08:45 AM PDT Hi, I graduated from High school back in 2018 and decided to take a year off school and try to live on my own and join the workforce. I realize now that maybe this wasn't the best move because I feel like I'm being sucked into this constant loop of life. I'm just going to work, coming home, and repeating the whole process. I've grown tired of this so I went and applied to college and just been recently accepted into a university north of where I live. So now, I don't really know how to move forward on taking out a loan and what I should avoid. I already completed my FAFSA application and I'm currently waiting on a response. What else can I do to further from here? What are some loan providers should I stride towards and avoid? I know to go towards private sector loans are risky but I'm not sure where to begin? thank you in advance [link] [comments]  |
| Advice needed for my undergrad+grad student loans Posted: 07 Jul 2019 09:06 PM PDT Hello everyone, I have about 78k of loans, which consists of Stafford loans + Graduate Plus loans. Looks like the graduate plus loans has the highest interest so I'm thinking to start paying that first. Then which one should I pay next? Below is a break-down of my loan balance: Stafford LoansU.S. DEPARTMENT OF EDUCATION Balance: $65,837.36 Loan Details Original Loan Amount: $65,900.00 Balance Subsidized Principal:$3,567.15 @ 4.500% fixed Subsidized Principal:$4,558.05 @ 3.400% fixed Subsidized Principal:$2,833.27 @ 3.400% fixed Subsidized Principal:$2,833.27 @ 3.400% fixed Subsidized Principal:$2,847.15 @ 3.860% fixed Subsidized Principal:$2,847.15 @ 3.860% fixed Subsidized Principal:$3,253.41 @ 4.660% fixed Unsubsidized Principal:$20,360.26 @ 6.000% fixed Unsubsidized Principal:$21,628.93 @ 6.000% fixed Accrued Interest:$1,108.72 Total Balance:$65,837.36 Graduate PLUS Loans U.S. DEPARTMENT OF EDUCATION Balance: $11,588.43 Original Loan Amount:$11,050.00 Unsubsidized Principal:$11,050.00 @ 7.600% fixed Accrued Interest:$538.43 Total Balance:$11,588.43 Also I keep getting these loan refinance letters from Sallie-Mae and similar other companies. What are those if you can explain it to me? Should I choose them to refinance my loans or what would be the downside to them? Is the best option to pay directly the loan holder or is there any way I can lower the loans interest?? Thank you very much. [link] [comments]  |
| How to take out huge loans for med school? Posted: 07 Jul 2019 12:00 PM PDT I was directed here from r/personalfinance: I live in the US and I'm graduating from undergrad spring 2020. I'll be attending a med school starting summer 2020. I currently have a merit-based scholarship for my undergrad, but I will have to take out loans for my med school. The new school will be away from family and friends, so I plan on renting an apartment. My tuition will be $80k a year. I've been working as a waitress to pay off my car, so I don't have much saved. I do not plan on working during med school. How do I take out a loan for my professional school and living expenses to not fuck up my financial future? Public school never taught me simple finances, but I did learn that the mitochondria is the powerhouse of the cell (which I guess got me into med school?) I plan on living alone (I've had too many bad roommate experiences, one where I was physically abused and another where I was robbed). What's the difference between FAFSA and a private loan? My parents want me to be a dependent throughout med school, and their financial status does not allow me any government aid (ex: MAP grant). [link] [comments]  |
| Posted: 07 Jul 2019 04:44 PM PDT I have not for the life of me been able to get approved for any private student loans and can't find a worthy co-signer. The federal aid I receive from my university doesn't cover even 1/4 of my tuition. Whenever I get the denial letter back, it always says because of the amount i have in collections. I have about 1200 dollars of medical bills in collections and a 585 credit score. if I was to pay them off and get them removed from my credit history, would I be then approved to take out a loan soon on my own without a co-signer? [link] [comments]  |
| Student loans that pay directly to the borrower, not the school? Posted: 07 Jul 2019 08:14 PM PDT I am a sophomore at a private liberal arts college. I'm looking at having a lot more expenses this year than last year but most of them are going to happen in the next few months (moving costs, books, tuition for fall term and d-term) not slowly throughout the year. I was thinking of taking out a small private loan to pay all these things now and then start paying it off right away with my part time job I keep while in school. I have moderate credit (mostly because I am young), a co-signer, and a job. I am looking for a loan definitely less than $10k, likely less than $5k but I pretty much need something that goes directly to me instead of to the school to slowly disperse to me. Do any of you know of lenders that do that? [link] [comments]  |
| Refinance student loans with past bankruptcy Posted: 07 Jul 2019 04:15 PM PDT All, I did some searching on other posts, I could find what I was looking for. I have an associate degree. I also have a bankruptcy on my record that will fall off next year. I seem to be seeing more of a challenge of finding an institution that will refinance individuals with an associate's degree. If anyone has any information to share, it would be greatly appreciated. [link] [comments]  |
| What’s my best option for a private student loan? Posted: 07 Jul 2019 01:26 PM PDT I am 18 y/o from NJ who will be attending the University of Richmond for Accounting this fall. After my federal loan, I will still be short ~15k each year. I plan to work 15+ hours a week when I am studying, and will try to make a few thousand per year on a side business. Which private student loan option would best work for me? [link] [comments]  |
| Loan forgiveness: Interest Only, or P+I? Posted: 07 Jul 2019 04:37 PM PDT I don't want to stir the pot, just looking for honest opinions. Do you think that the student loan crisis is an issue with loan principal, or with loan interest? Or both? Would you want help and/or forgiveness to help you with ever-lurking interest, or with the entire balance of principal + interest? Thanks! [link] [comments]  |
| About halfway through my grace period and need help/guidance on how to proceed. Posted: 07 Jul 2019 04:38 AM PDT Graduated in May and received an email on 31 May that they have started my grace period. Immediately applied for IBR, as I am unemployed and living on VA disability overseas. I was declined IBR because they said I have to be within 90 days of the grace period ending before it can be accepted so I plan on resubmitting in September. I just have a few questions that I need answers to in order to better help me proceed once the time comes as I'm overseas and not sure if particular resources are gonna be available to me. Firstly, I haven't earned any wages or filed a tax return since 2012 tax year. I had been surviving off my disability, GI Bill money and the money from the student loans but I hadn't worked at all while studying. When I applied for IBR, as I stated above, the application sent me to the IRS website where there was no data to pull as I hadn't earned wages/filed taxes. I guess I'm wondering if once September comes along will I be able to resubmit the IBR application and it go through or will I need supporting documents of some kind? My school kinda cracked down and demanded I submit an IRS form 4506-T to get my last years worth of student loans. Will I need to do that again for the IBR? That's the only way I can think of to prove that I don't earn and didn't file a tax return. Also, I haven't done anything but apply for the IBR with the studentloans.gov website since graduation. Am I missing something that I was supposed to do? I saw something on the site about exit counseling and read some other posts recently mentioning them. Is that required before my IBR application will be accepted? Sorry for all the questions but I'm really just at a lost of what to do and I wanna get on the ball now so that I'm better prepared for when September comes. I plan on saving a bit of money while I do a few years of IBR (hopefully at $0) so I guess recertifications should work the same way in terms of supporting docs needed? Thanks to anyone who can help. It will be greatly appreciated. [link] [comments]  |
| Posted: 07 Jul 2019 09:56 AM PDT Background: Ohio residents All loan debt is mine, some prior to marriage, some after marriage No children 2 car payments Rent our home I have my masters degree and work in nonprofit making 40,000 a year. My husband makes double my income. I am coming out of grace this month and my payment is going to be $1200 a month based on our combined income. Taking rent, car payments, and other costs of living into account as well as the fact that a very large amount of taxes are taken out of our incomes that payment is pretty difficult. I am in the PSLF program and we are considering divorce in order to have the payments based on my income alone. Anyone have any advice about this or anything to consider? Thank you! [link] [comments]  |
| Question about overpayment of my loans Posted: 07 Jul 2019 03:40 PM PDT I enrolled in autopay as soon as I finished school so I could deal with Navient as little as possible. Recently I have become interested in making an additional payment to my largest loan but I'm having trouble understanding how to do this without advancing my next due date. I don't want to mess up my monthly autopayments. Can someone explain this system to me? Thanks! [link] [comments]  |
| Posted: 07 Jul 2019 03:20 PM PDT Is it possible to go through a 4 yr college without any co-signers [link] [comments]  |
| Posted: 07 Jul 2019 11:57 AM PDT As I log into NSLDS to review my loans I see two loans with the type of "Direct Consolidated Unsubsidized", and "Direct Consolidated Subsidized". What are these? I've never consolidated any of my loans, and the loan date on them is after my graduation date. [link] [comments]  |
| Income-Driven Repayment Income Change Posted: 07 Jul 2019 11:07 AM PDT So, I have some loans with Navient. I finished school and am now in the repayment period. Last year, I didn't make much money, so I applied for the Income-Driven Repayment and my payments are currently $0. Great. This Plan begins 08/02/19 and ends 07/20/20 when I will have to apply again for the Income-Driven Repayment or do something else. So, now to my question. I anticipate that I am going to be getting a raise sometime around October 2019. So, now my question is do I have to inform Navient of the raise in October and have them recalculate my payments then? Will I get in trouble for not informing them at that time and waiting until 07/20/20? [link] [comments]  |
| Posted: 07 Jul 2019 10:50 AM PDT Situation: My wife (28f) and I (29m) will be taking out a loan while I go back part time and get my dual MBA / MS Finance. We both have decent credit (I'm ~740, she's ~780). The total cost of going back is $48k. My company is offering me $4k per CALENDAR year, so I've managed to stretch grad school out to hit five calendar years (start Fall 19, end Spring 23). So my company will be paying $20k, I'm on the hook for $28k. I was curious if anyone could offer any recommendations into what loans would be beneficial to me in this situation. I'm also confused as to how some of these loans work. I'll take Sallie Mae for example. What's the difference between an MBA loan and a graduate loan? A lot of places I'm looking at (not just Sallie Mae) separates those two options out. But when I look at it, I can't tell any difference between a graduate loan and an MBA loan. They seem to offer the same rate range and repayment options. So why are they separated? What am I missing? If both are the same and I'm going for both an MBA and an MS, should I take one over the other? Then you have CommonBond which brings me to my next question. Their MBA and graduate rates start at different places. Their graduate rates start at 3.56%, while their MBA rates start at 5.34%. But you can't see beyond those starting rates without a hard credit check. Some lenders are set up where you can see what rate you would get without a hard credit check (SoFi, College Ave), while others require one (CommonBond, Sallie Mae, Discover). Others won't even show the base ranges they offer until I fill out all my information, which I'd rather not do without knowing even the baseline. Is there any kind of consensus about which typically offers the best rates, or do I find the one with the best perks and just apply and hope it works out? Any help would be appreciated! [link] [comments]  |
| Posted: 07 Jul 2019 05:15 AM PDT My Navient payment was due 7/3, but due to the holiday and the weekend occurring right afterward, I was planning to pay it this next week. In the past I've never been had "past due" show up on the account even if I wait an extra week to pay the balance. This morning I received a statement saying I owed double - for past due, and for next month. I'm wondering if anyone knows whether I will incur late charges at this point? I don't understand why a statement is being generated on a Sunday (non business day) and why any leniency hasn't been granted surrounding the holiday. There has literally only been one business day since the payment was due... Anyone know how long (generally) they wait until after a payment is past due to file any late charges and what those charges may be? [link] [comments]  |
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