Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- You Can Do It
- What is the biggest mistake student loan holders make when dealing with their situation ?
- its been some yrs since i took out some loans and i never completed exit counseling for them. help.
- Quick Question: On IBR for $0 and got a new job. When do I technically tart making payments?
- Pros and Cons of Parent Plus
- credit score benifit to paying fed loans during undergrad
- Confused about which payment plan to start; IBR, standard 10 year, PAYE?
- A Little Help Understanding the Brunner Test
- Do direct unsubsidized loans from the govt accure interest on a monthly basis?
- Student Loan Advice
- Applying to multiple lenders question
- Med student (3rd year) that will graduate with around 150k in loans...what to do with my part time job earnings now??
- Why did UAS randomly call me when my account is through Navient?
- What are some tips and tricks you all budget and manage your loans to see the end?
- IBR and defaulting/collections
- What are your thoughts on people who accumulate so much debt yet have low wage jobs to show for it?
| Weekly Politics Discussion Megapost Posted: 03 Jul 2019 01:11 PM PDT /r/StudentLoans is not /r/Politics, but student loans have a political component (especially this election season) and that deserves discussion! This is an automatic weekly post designed to host discussions about legislative proposals, candidate platforms, and other political topics relating to student loans. Posts and comments that fit these categories will be removed from other areas of the /r/StudentLoans community. Comments that only loosely relate to student loans should be taken to /r/politics or a similar sub and may be removed from here. Links to external websites or other subreddits must primarily relate to student loans. The rules of /r/StudentLoans still apply. Personal attacks, speculation about the motives or debt situation of other users, and unsolicited advice will be removed. This is also not a platform for specific political advocacy; this includes linking to petitions and soliciting campaign contributions. (This weekly aggregation post is an experiment. Please let the mods know your thoughts and if you have suggestions for improvement either by commenting here or via modmail.) [link] [comments]  |
| Posted: 03 Jul 2019 04:54 PM PDT My wife and I both graduated with substantial student loan debt. She didn't have any savings when we met before school, but I had saved close to 50k. When we decided on the same career path, we weren't sure how to do it. It was so easy to get approved for government loans, we just did it and said we'd worry about it later. Instead of throwing my savings down initially, we both took out the max loans each term over the 4 years of our post-grad education. To this day, she has accumulated 265k (some grad plus loans and undergrad) and I with 186k (no grad plus loans and no undergrad debt). We have been out of school since 2015 (her) and 2016 (me). We decided to tackle my loan first and today we paid it off in full with the help of my savings. Our next goal is to tackle hers. The point here is that you can absolutely do it. We'd always say that we should take it to our grave or that the government will fix it, but the truth is, you can't count on anyone but yourself. We were on our respected loan repayment programs by the government, but with so many stipulations in place and question marks in the future, we decided to go after it. We were never going to touch the principal and it just left us hopeless. It's one of the scariest things you can do, but the most rewarding to know that some part of your life is debt free. I just hope this post gives some people hope because we know what it's like to feel like you're drowning. Every situation is different and truthfully, I know this isn't possible for everyone. We have made sacrifices, but encourage anyone else in a similar scenario to evaluate their situation as it might not be as crazy as you think. I would not choose to pull out loans and pursue this education given the same opportunity back then, but you live and learn. We are owning it. Only 265k (with interest) to go! [link] [comments]  |
| What is the biggest mistake student loan holders make when dealing with their situation ? Posted: 03 Jul 2019 07:39 PM PDT |
| its been some yrs since i took out some loans and i never completed exit counseling for them. help. Posted: 03 Jul 2019 09:22 PM PDT it's been like 3/4 years and i never completed my exit counseling on like 2 or 3 student loans and idk wtf is gonna happen to me. I'm currently in school and I'm kinda wondering what would that do me when i graduate in like 20 months. If someone can give me some advice or something that would be great. [link] [comments]  |
| Quick Question: On IBR for $0 and got a new job. When do I technically tart making payments? Posted: 04 Jul 2019 12:51 AM PDT I am on IBR for $0. I got a new job this month, and was wondering if I have to recertify right away, or do I have that full year period since my last recertification before I have a new IBR base payment. I do however want to start making payments well before that period comes but would just like to know [link] [comments]  |
| Posted: 03 Jul 2019 08:18 AM PDT So a lot of my loans will be Parent Plus once I graduate. It will be about $60,000 or so. I will also have about $15,000 in personal loans between Federal loans. But I am curious about the Parent plus loans. I know they are technically my parents responsibility and under their name, but I will be paying all of them. So in this situation I can think of Pros: technically no debt under my name Cons: Any increase in credit (if that is a thing) once I pay them off will not be under my name. As well as any tax breaks I can get for paying them every year. If there is any recommended reading out there I would also be interested in that. [link] [comments]  |
| credit score benifit to paying fed loans during undergrad Posted: 03 Jul 2019 09:04 PM PDT I know that's very private loans paying some of it while you're in school for undergrad can show up as full payments on your credit score I was wondering if the same thing was true for Federal loans because I'm stuck between hoarding all my money because I don't trust my parents to pull support and paying $50 a month towards the unsubsidized loan to boost my credit more [link] [comments]  |
| Confused about which payment plan to start; IBR, standard 10 year, PAYE? Posted: 03 Jul 2019 01:39 PM PDT I currently have $46,351 in student loan debt, and I am trying to understand which plan is the best for me without feeling overwhelmed in monthly costs. Interest rates are: 3.4% 6.8% 3.4% 6.8% 3.9% 3.9% 4.7% 4.7% 4.3% 5.3% They're all a mix of subsidized and unsubsidized (all federal) My monthly take home pay after taxes and monthly expenses is about $1,700. After comparing the plans on the repayment calculator, and reading countless posts about which plans are better than other, I am still confused. Can anyone help me understand which plan would be best? Is it better to try and nuke these loans and pay as much as possible, or undergo a 10 year plan, or an IBR? Thank you. [link] [comments]  |
| A Little Help Understanding the Brunner Test Posted: 03 Jul 2019 11:06 AM PDT Stumbling through personalfinance and I saw a guy in desperate need of help as he has high debt, high monthly payments, and low income. Someone mentioned the Brunner Test as being a way that he can explore. It would appear at first glance that I might have a strong case. Only problem is that I do have a cosigner. My mom who does well for herself but burdening her and my dad with the debt would strain them to a breaking point too as they are paying for 5 adults living in their home now. The last thing I want to do is declare bankruptcy and hit them with the burden of the loan or affect their credit as they are both in their mid-50s and wouldn't recover. Before I contact our lawyer, anyone know enough on what happens to the cosigner in these situations? Edit: for TL;DR [link] [comments]  |
| Do direct unsubsidized loans from the govt accure interest on a monthly basis? Posted: 03 Jul 2019 04:10 PM PDT Let's say I have a 1000 dollars in unsubsidized loans how much interest would I have accrued directly when I graduate(after 4 years)? Sorry for asking this, but I can't get a straight answer from other online sources. [link] [comments]  |
| Posted: 03 Jul 2019 10:29 AM PDT Hi everyone! I apologize in advance if I post anything that that is not allowed here. I am new to Reddit and have never posted before. However, I recently found myself in a tough situation. Let me explain: I just graduated in May with a Bachelor's of Science in psychology. Lucky, I have already landed my first job as a TSS employee at a non-profit organization. While this job is not my "end point", I believe it will open many doors for me. My plan is to stay at this organization for about a year, gain experience with psychological disorders, and find out if I want to work with children for the rest of my life. I will be making about $23,000/year here. I then want to find a higher paying job that will also assist with graduate school costs (I need at least one year of experience to obtain jobs like this). If I do enjoy working with children my plan is to enroll in a master's program for school psychology. During this time, I also wanted to reduce my undergraduate student loans. In total, I owe about $89,000; $28,000 of federal/public loans, the rest private loans through Discover (2 - interest rates of 7.4 and 8.9) and Sallie Mae (1 - interest rate of 11.5). At first, I was going to put my entire salary toward the loans - work them off with long hours. However, after some calculations I gruesomely discovered this is not a battle I cannot win. Through the private loan companies, I originally borrowed about $47,000. I now owe over $60,000. That mean while I was still enrolled in school (again, I graduated one month ago from a four year program) I accumulated over $12,000 of interest on my private loans. I am devastated. I have felt sick to my stomach for days. All I ever wanted to do was help people. I still plan to apply for an income-based payment plan for my federal loans. I have looked into refinancing for my private loans, particularly the Sallie Mae loan, but found many of the banks want the potential borrower to work for at least two years with a minimum salary of $30,000 or so before being qualified to apply. I am not sure if my original plan of putting my entire salary toward these loans is still the best idea. I need help. I have been doing a lot of research, but cannot seem to find anything to help with the private loans. I believe it is best to pay off the private loans first and focus on the federal later (I may be eligible for public service forgiveness after 120 qualifying payments; I want to make these payments as minimum as possible) since the interest rates of the private loans are higher. My questions are:
Notes - my credit is decent: about a 720-730. I did have a cosigner for my private loans. I do not want to do anything to hurt him. I want to thank everyone in advance. If you have anything that could help me please contribute. I do not want these loans to ruin my entire life. I had the best intentions going into school. I wanted to help people... I still do, I am just frustrated. Please no negative comments, I have been sick over my situation; I feel lost and hopeless. [link] [comments]  |
| Applying to multiple lenders question Posted: 03 Jul 2019 01:25 PM PDT Is it smart to apply to more than one lender to see which one gives you a better interest rate? Also if one lender doesn't approve you for the full amount you wanted, can you then apply for a loan from another lender to fill in the rest? For example, if I need 10k and Sallie Mae only gives me 5k, could I then apply to Discover and have them give me another 5k? [link] [comments]  |
| Posted: 03 Jul 2019 10:55 AM PDT So I have around $150-200 a month that I could either put into my high interest savings account (2.3%) in hopes of paying off my interest on my loans once I graduate or I could be making payments directly towards my loans while in school? Looking for advice if one route is better than the other. Thanks!! [link] [comments]  |
| Why did UAS randomly call me when my account is through Navient? Posted: 03 Jul 2019 06:19 AM PDT My student loans are services through Navient. I received a call from a random number, when I picked it up they said they were University Account Services, and asked for me by name. I asked why they were calling, and they asked to verify my birthday. I refused and asked again why they were calling, they repeated that they needed to verify my birthdate before continuing so I told them to send me an email instead. Why would they call me? Has anyone else experienced this? [link] [comments]  |
| What are some tips and tricks you all budget and manage your loans to see the end? Posted: 03 Jul 2019 07:04 AM PDT I just graduated in May from my masters and have 40k in loans. My tentative plan is to pay as aggressively as possible to get it taken care of- I haven't had a high paying job in several years, so I'm pretty used to living paycheck to paycheck, and my mentality right now is to just pay off my loans before I take on any other debt in my life (house, car payment, etc). I really think I can do it, knowing my spending and saving habits, but I just am looking for any inspiration on how this community measures or tracks their student loan debt and payments, and measures a sort of timeline? [link] [comments]  |
| IBR and defaulting/collections Posted: 03 Jul 2019 07:03 AM PDT Hey Reddit, I posted something about my situation about a month ago and got some useful advice, so wanted to follow up. To summarize the previous post - early 30s male - $200k in student loan debt from an MBA program. 100% federal. currently on IBR paying $0... interest compounding - Unemployed, got fired recently because I became non-functional at work due to anxiety. Not really speaking or forming coherent sentences. - Bipolar, but not disability-level - anxiety/depression so severe I am not functional. Not able to get disability since I can walk around and feed/bathe myself, but not in a stable situation I can hold down a job. Not sure how I can get out of the mental trap I'm in now... been seeing multiple psychiatrists/therapists over the last 5 months and I am basically a stressed-out zombie. I know, I'm mentally weak, sorry :( - Living with fiance, who makes good $$. She knows about all the mental and financial problems, and still wants to get married in a few months. Says she will support me no matter what. So, homelessness at least seems out of the picture. I have asked the fiance if she wants to break up - given that I'm unemployable for the forseeable future (maybe forever?), and debt burdened. What if I don't ever work again, what happens to the debt on IBR after 20-25yrs? Or if I get some minimum wage job that I can hold down and is 0 stress? Presumably, the IBR loans are compounded with interested to an insane amount of like $1m+... but then what? She wants to buy a house (in her name)... I know I am thinking too far ahead, but I honestly don't think I'm going to ever "get right" in the head to make this work out. Fiance says she wants to stay with me no matter what :-/ I never expected to be in this situation when I took out the loans, I was functioning great with bipolar and everything was awesome for 8yrs post-undergrad. During my MBA I was also fine. I've collapsed completely and the only way out I see is suicide (which would be horrible for my family and her) or being a burden and living with her and being a "house dad" (which would also suck but she says make her happy and I would be alive) or somehow pulling out of this mental trap (but I've been trying for 4+ months with professional help to no avail). I am seeing mental health professionals and not actively going to off myself, and thanks for any concern. Any thoughts on the IBR situation, if I don't end up being a functional member of the workforce in the future? Ways to become "collection proof" while protecting her (in theory)? [link] [comments]  |
| What are your thoughts on people who accumulate so much debt yet have low wage jobs to show for it? Posted: 03 Jul 2019 09:01 AM PDT |
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