Freedom!! 5.5 years of killing myself, but that $0 balance is so worth it. Student Loans |
- Freedom!! 5.5 years of killing myself, but that $0 balance is so worth it.
- Depressed After Paying Off Six Figure Loans?
- I've got $1900 left on my student loan!
- Sallie Mae loans seem overwhelming; please help.
- Federal student loan option does not come out
- Questions About My Financial Aid and Graduation
- Can incoming Fall 2019 FAFSA tuition be applied to a Summer 1 outstanding balance?
- Which repayment option allows specific loan targeted payments?
- Has my grace period for paying back loans started yet? I'm confused about this.
- Just a reminder that the lender that offers you the lowest APR to refinance isn’t always the best choice.
- Parent's FSA ID not working
- Wanting to start paying my loans, but where do I start?
- PAYE vs REPAYE for new student loans?
- Earnest now has iOS app (Android still promised)
- Fed Loans: Late payment from 2014 - forgot to defer, any chance of removal?
- Baffled by new REPAYE payment amount
- Applying Full Year of Pell to One Semester
- Navient Refi?
- I lost Financial Aid
- Question about avalanche method paired with PSLF
- REPAYE Strategy
- Attachment of disability wages because of a student loan?
- Nelnet loans and transferring schools
- How should I file next year (joint or separately)
| Freedom!! 5.5 years of killing myself, but that $0 balance is so worth it. Posted: 08 Aug 2019 05:09 AM PDT I made my last payment on my loans last week, and my account updated last night to "Paid." I am so ecstatic right now. It's been a long road, but boy, was it worth it! Background:
After graduation, I cashed in some stocks I invested in and paid down my loans to around $75k. I refinanced with DRB (now Laurel Road) to 10 years and 5%. During that time, I was promoted at work to a job that had commission on top of a base salary. Every time commission came in, I put it directly towards my loans. Last June I was down to about $36k, refinanced again, this time with Lendkey at 5 years and 3.15%, and then continued paying. I got laid off at the end of last year and simultaneously got a new job--all of my severance went directly to my loans. And, after aggressively paying for the past few months..I. Am. At. Zero. Excitement is an understatement. Thrilled doesn't describe how I feel. I am a huge advocate of refinancing, budgeting, and overpaying if you can. If I can do it, anyone can. [link] [comments]  |
| Depressed After Paying Off Six Figure Loans? Posted: 08 Aug 2019 06:18 PM PDT I paid off all my loans today and I just feel sad. And I'm having trouble finding stuff here and online to help me make sense of it I've searched, but can't seem to find anyone with a similar experience except for maybe this: https://www.thebillfold.com/2017/01/i-paid-off-my-student-loans-and-i-feel-nothing/ I graduated law school with about $150,000 in debt. About 10 years later, I've paid it off. With interest, I've paid about $220,000 when all is said and done. I made my last payment today. I feel like I should be happy, but instead I feel a massive, heavy sadness. I always paid as much as I could, worked hard, got raises, switched jobs, budgeted carefully, sacrificed in every area of spending, etc. I do not think I could have achieved a better outcome. But it has cost me. I lost touch with friends because all I did was work. I lost friends because I couldn't relate to thier financial success or lifestyle. I delayed marriage. I delayed kids. I did not go on vacations. I ignored hobbies I have no retirement savings. I do not own a house. I have missed out on stock and real estate investments that would have paid off. I am almost 40 years old and have the bank account of a 25 year old. I feel like I have thrown away at least a decade of financial success. I worry that some of my major life goals are now unattainable. In short, I am glad the loans are paid off, but I do not feel happy at all. Any words of shared experience, advice, or wisdom are welcome. [link] [comments]  |
| I've got $1900 left on my student loan! Posted: 08 Aug 2019 08:19 AM PDT I started our with $21,000 @ 3.51%. Now after two years I'm finally down to $1900... I'm feeling so relieved!!! I've also been building an emergency fund and I've been maxing out my Roth IRA every year out of college. I basically had the luck of staying at home and taking advantage of Obama Care law that allows me to stay on my parents health insurance until I'm 26... Thats pretty sweet. I can't wait until we have free healthcare- because now I'm looking at a $600/month cobra payment. [link] [comments]  |
| Sallie Mae loans seem overwhelming; please help. Posted: 08 Aug 2019 08:11 PM PDT I have 2 loans; one about $70000 at 12% and the other about $50000 at 11.125% I have not graduated or enrolled for the current semester as I had to move for work. I'm posting this because I need some outside perspective and help coming up with a strategy. I appreciate any help and will answer any questions as fully as I can in the morning before work. Thanks in advance. [link] [comments]  |
| Federal student loan option does not come out Posted: 09 Aug 2019 01:05 AM PDT Whenever I go to my financial aid portal the only thing that comes out is "other loan options" following the total amount that I am eligible for. When I click "begin processing", it will send me to another link explaining subsidized, unsubsidized, and private loans. I'm confused, am I too late to apply for federal loans? [link] [comments]  |
| Questions About My Financial Aid and Graduation Posted: 09 Aug 2019 12:35 AM PDT I'm finally graduating Fall 2019 after my long/expensive journey and I'm unsure about how the end of my financial aid will work. I understand that my grants will not be a problem as I won't meet their requirements when I'm not enrolled again but what about my loans? Typically, I accept an amount and half is disbursed in the fall and half in the spring. What do I do about the half being disbursed after I graduate this Fall? Is it already mine and I just get a check or will it be canceled/voided or what? [link] [comments]  |
| Can incoming Fall 2019 FAFSA tuition be applied to a Summer 1 outstanding balance? Posted: 08 Aug 2019 10:27 PM PDT I'm receiving $4300 in aid for Fall 2019 but I have a $2800 Summer 1 balance and I'm not able to apply to classes. Will the Fall aid cover the summer balance? I got rejected from many of the private loans I've applied for due to having no credit and all three of my co-signers have bad credit hence why I've been denied. Feels like I'm at a dead end. [link] [comments]  |
| Which repayment option allows specific loan targeted payments? Posted: 08 Aug 2019 05:51 PM PDT I'm enrolled in the extended repayment plan at this time. I logged into MyFedLoan app this evening to pay off my smallest loan. When I choose repayment and "pay a specific loan" I then get a message that says the default spreads payments out across all loans. So there's no way for me to target and pay off specific loans. I would like to pay my designated payment amount each month and then extra payments toward my lowest amount loan throughout the month. Is there a specific repayment plan that opens up the option to target pay? Note: I'm current on my payment as this month's is not due until the 19th but was paid last week. [link] [comments]  |
| Has my grace period for paying back loans started yet? I'm confused about this. Posted: 08 Aug 2019 02:54 PM PDT Hi, I recently transferred to a different university for the Spring 2019 semester and recently checked back with my old school's student hub and saw they requested I perform an exit interview for financial aid which I'm assuming was to discuss a loan I took out previously. The due date for that interview says 02/15/2019 so I've missed it by quit a while. I looked around on google and found an article that told me my grace period before I have to pay back loans would automatically occur once I either graduated school, left school, or drop below half time enrollment. I probably sound naive right now, but since I'm still in school do y'all know if I need to pay that loan back right now considering I only have about a week left if that grace period did begin for it. I'm going to check in with my financial aid office at my new school tomorrow and hopefully they can clarify everything for me, haha. Also, I realized I need to include more info so I took out a Direct Subsidized Loan that was offered to me through financial aid so I don't want to build up unneeded interest on it, thank you. [link] [comments]  |
| Posted: 08 Aug 2019 02:51 PM PDT I'm going through the process of refinancing my student loans and I just signed an agreement with Earnest. I'm actually re-refinancing with them since I've been with them for roughly two years. When I was shopping around, Earnest gave me a much better rate than just about any other lender. They offered me 5.09% for 15 years of repayment. The only other lender that offered a better rate was Laurel Road who approved a rate of 5.02% for 15 years. I thought it made perfect sense to refinance with whichever company offered the lowest rate. I came very close to signing an agreement with LR, but then it dawned on me: they don't offer automatic bi-weekly payments like Earnest does. I can of course make manual bi-weekly payments, but the 5.02% APR is after their .25% discount for autopay. After a few online calculators I determined that making biweekly payments at a higher interest rate with Earnest would actually save me $2,500 over the life of the loan. Also, I would pay it off faster and I wouldn't be shelling out such a large chunk of money at one time. Since I get paid bi-weekly this really helps with spreading out my expenses. Also, Earnest is the only lender that I'm aware of that offers the feature of "personalizing your loans." They essentially present you with a slider that correlates your monthly payments, the length of repayment, and in turn your APR. With each monthly payment increase of $5, your term goes down along with your APR. What I ended up signing for was a 12 yrs 5 months term at 4.88% instead of the 15 yrs at 5.09% that I had planned on signing for. I don't remember this feature from when I first refinanced with Earnest so I think it must be new. Needless to say I'm very happy with them right now. So remember that it's not always best to blindly sign with the lowest APR. Best of luck at paying those suckers off! [link] [comments]  |
| Posted: 08 Aug 2019 06:32 PM PDT i completed and signed my FAFSA, but my father's correct FSA I.D. and password aren't working. we checked and made sure that the information (ssn, birthdate, etc) on my application is all correct. we know the password we're using is correct because we used the email attached to his FSA I.D. as his username, and we have changed the password multiple times to try and make it work. each time, the same error message occurs. i ended up having to submit my FAFSA without his signature. however, i'm pretty sure this means i don't get my financial aid, making this effectively useless. how do i fix his FSA I.D.? we are sure all of the information on my FAFSA is correct. [link] [comments]  |
| Wanting to start paying my loans, but where do I start? Posted: 08 Aug 2019 06:23 PM PDT Apologies if you all see these posts more often than not,My loan is in default, Literally never made a payment since I've dropped out. Now i'd like to start paying on them. I've opened an acct with the FSA website and directed myself to the repayment forms. I thought I would be paying the gov't directly, but it looks like they outsource all this to sub-contracting debt collectors. My biggest concern is finding a legitimate company to take myself out of default. After signing up on https://studentaid.ed.gov/sa/ I've had a few agencies call me wanting my payments, but I don't know how they got my information and its impossible to verify anyone over the phone nowadays. Who do I pay, Where do I start? HELP! edit* I registered to this website https://myeddebt.ed.gov which allows me to pay online through a .gov website. Hopefully i've answered my own question, but any advice is appreciated [link] [comments]  |
| PAYE vs REPAYE for new student loans? Posted: 08 Aug 2019 02:04 PM PDT Hey all, While I'm sure this is a question as old as time, I can't seem to figure out the best choice for me. My student loans come due next month, and I applied for an income driven repayment plan. I chose REPAYE, But the more I look at it I don't feel like it made the best choice. I'm a registered nurse, and will likely eventually go back to school to get my Masters and increase my income. I know that this payment plan doesn't cap your payments, so they could shoot up quite high versus if I was on PAYE, which caps your payments to no more than the standard repayment plan cost. I plan on applying for PSLF after the 10 year period, as I work at a hospital. I am also single right now, but do anticipate myself (hopefully) being married in the next 10 years. Thus another downfall - REPAYE makes you use both spouse and individual incomes when calculating payment. Now I'm looking at a whopping monthly payment, when I could end up marrying someone who has their own loans. I've read that PAYE looks better in writing but can screw you in the tax/interest department. Then someone countered that and said if you're applying for PSLF then those issues are irrelevant. Any help or advice would be much appreciated! I have like a week to figure this out. TLDR: Single registered nurse applying for PSLF with a likely future income increase (and hopefully an eventual marriage) needs to decide on PAYE vs REPAYE. Thanks! [link] [comments]  |
| Earnest now has iOS app (Android still promised) Posted: 08 Aug 2019 04:08 PM PDT (email from Earnest today, August 8th) Hi ponyXpres, While it may not be the most exciting drop of the summer, we hope the release of our new iOS app does make your life easier in some small but useful ways. Specifically, our app is now available to help you with the following tasks:
Android users, we haven't forgotten about you; our Android app is still in the works, so look out for another email update. [link] [comments]  |
| Fed Loans: Late payment from 2014 - forgot to defer, any chance of removal? Posted: 08 Aug 2019 03:35 PM PDT Hey all, I've been working hard on getting my credit score up, yet I'm having some trouble with a late payment problem I had back in 2014. I sat out a year of school and forgot to request a deferment on payments and got dinged for about 4 months before I noticed it and had it deferred. I believe the federal loans are guaranteed by PHEAA. Just curious if there's any chance I can have something done about that so it'd stop dinging my credit. [link] [comments]  |
| Baffled by new REPAYE payment amount Posted: 08 Aug 2019 01:44 PM PDT I just got my new payment amount under REPAYE after re-certifying using our 2018 taxes. It is my understanding (as of last year) that REPAYE takes your spouse's income into account even if you file separately. We filed our taxes jointly for the first time this year since I thought it wouldn't matter. My federal loans are around $140,000 now and my husband has federal student loans in the amount of $20,000ish. He is on the standard repayment plan. Here are the numbers - 2017 Tax info / Married Filing Separately: My AGI: $73,025 His AGI: $54,018 My payment: $336.96/mo 2018 Tax info / Married Filing Jointly: Combined AGI: $131,188 My payment: $763.88/mo Our combined AGI only increased $4,145 last year and somehow my payment more than doubled? What am I missing? Thanks! [link] [comments]  |
| Applying Full Year of Pell to One Semester Posted: 08 Aug 2019 09:29 AM PDT Is this possible to do? I still have plenty of lifetime eligibility left (I'm entering my seventh semester) and I'm going to graduate in December. I have read in some places that you could apply the entire year worth of Pell Grant to my first and only semester this year. I'm graduating in December, so I won't use the other half. I read that you could do this on this site: http://pell-grants.org/pell-grant-and-early-college-graduation-how-things-work/ but I haven't found it on any official government website. Does anyone have any experience or insight on this? [link] [comments]  |
| Posted: 08 Aug 2019 12:55 PM PDT Hi everyone. I'm new here. I'm also paying off my private loans for Navient. Since my credit has gone up, they sent me a letter offering a refinance plan (https://navirefi.com/). Is this a good idea? Has anyone tried it? Some details: I have about $32,000 left to pay off for Navient loan. I was in default many years ago, but I've completely turned it around. Right now, my monthly payment is about $320. I also have federal loans with another lender totaling about $12,000. That monthly payment is about $175. [link] [comments]  |
| Posted: 08 Aug 2019 09:07 AM PDT Hey guys I lost financial aid this semester. I was wondering if there were any student loans that I could get on my own for just this semester. I have ADHD and I really am trying to make a change with new medication and new doctors. I honestly don't know what I'm going to do if I can't stay at my institution. Thank you in advance for all your help I really needed. I applied for a SAP appeal Didn't work, So if you guys can put me in the right direction it would really be great. I don't care about interest rates, I just need a way to pay for this semester. [link] [comments]  |
| Question about avalanche method paired with PSLF Posted: 08 Aug 2019 12:23 PM PDT I am enrolled and making qualifying payments within PSLF. I have a question about whether an idea I have would be worth it or not. Important (probably) note: I cannot afford to pay more than $400/month towards my loans due to base costs of living and assisting in caregiving for a family member. My monthly payment is currently $261, my income is ~$56,500. My average interest rate on the loans is 4.94% and there are 5 loans included: 1) DS Consolidated $10,664 @ 3.875% 2) DUS Consolidated $2543 @ 3.875% 3) DUNS Stafford $12739 @ 5.31% 4) DUNS Stafford $9181 @ 5.31% 5) DUNS Stafford $5793 @ 6.00% I struggle to fully understand the concept of being "paid ahead" within the PSLF program; I know I don't want to make more than one monthly payment (and each payment has to include at least the minimum required on each of the 5 loans) because only one payment per month qualifies. My question is whether it would make sense to target the 6% loan with a little bit of higher payment within my monthly payments... i.e. I calculated that each month I am required and automatically set to pay .0065% of each loan's principal balance. If I continued to pay the minimums on each of the 5 *plus* some extra toward that 6% loan, would that somehow impact me negatively? My goal for this idea is to get rid of that 6% loan faster and drop down my overall average interest rate on the pool of loans, and of course save me some money overall. I hope this inquiry makes sense. Thank you for your input! [link] [comments]  |
| Posted: 08 Aug 2019 05:11 AM PDT I recently graduated from graduate school with an embarrassing amount of student loan debt. While researching all of the repayment options, I came up with a strategy for utilizing the REPAYE option to pay things off faster but wanted to see if anyone can confirm that this plan is possible. Hypothetically, let's say my calculated REPAYE payment was $600/month. If I were to do the extended fixed plan, that would look more like $1600/month. If I planned on paying the full $1600 per month, making an extra $1000 in payments while on REPAYE, I would try to target those payments toward specific loans using either the snowball or avalanche method if I am allowed to target those payments while on REPAYE. By doing this, I can pay off the interest on one loan and allocate more toward the principal than if I did a fixed plan, lowering my accumulating interest. On the fixed plan, my minimum payments would solely pay off the interest until it is all paid off. In addition to the extra payments, I am also aware of the interest subsidy with REPAYE that may or may not apply in the situation since I am making extra payments. It's possible that they would cover 50% of the remaining interest on the loans I do not make extra payments on, but it's impossible to get a straight answer from my servicer. Can anyone confirm if this is possible on REPAYE or if there are any holes in this idea? To be clear, my end goal is not to qualify for forgiveness, but to knock out these loans as quickly as possible. In case it helps my servicer is MOHELA. [link] [comments]  |
| Attachment of disability wages because of a student loan? Posted: 08 Aug 2019 06:15 AM PDT I've called quite a few people and have searched for hours on the web about this question. I'm unable to get a student loan to return to school at the end of this month. I now have someone who would be willing to co-sign, but they are disabled and are afraid that if for some reason a payment wasn't made, that their disability wages could be attached. They've called their disabilities office, and have spoken to a few other loan providers and have not been able to get a clear answer on wether or not this could/can/will happen if a payment isn't made. They will not co-sign unless they have a definitive answer. Does anyone know anything about this? [link] [comments]  |
| Nelnet loans and transferring schools Posted: 08 Aug 2019 09:20 AM PDT I know that once you graduate, stop attending school, or drop to half time enrollment your grace period to begin paying starts on nelnet. I was wondering if transferring to a new school and withdrawing from the old one would cause this? I'm taking enough classes to be full time [link] [comments]  |
| How should I file next year (joint or separately) Posted: 08 Aug 2019 08:04 AM PDT I have plenty of student loans. Currently paying ~$200 per month. If I stay under the plan I'm on now (REPAYE) which is Revised Pay As You Earn, and file jointly on my taxes next year it will sky rocket to ~$850 per month. I believe if I file separately it will stay around ~$250. My question is... is it smart to file separately as opposed to jointly? This will be our first year filing. Will filing separately hurt us else where? I have no idea what to do. [link] [comments]  |
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