- I wish I would have educated myself more on loans before taking them out. I was broke and trying to get myself through school and took everything I was offered without knowing the difference between subsidized and unsubsidized loans.
- Can’t check loan or Parent Plus balance
- When a credit union gives you a student loan, do they deposit the money into your account? Do they pay off the bill? How does it work?
- Is there a benefit to having a student loan balance? Tax benefits?
- Trying to refinance loans, but previous cosinger is retired now and was denied. Anyone else faced this issue?
- I didn’t file my 1098-E interest statement for last year’s tax deductions. Is it too late for me?
- Spend down money before loans?
- Does anyone else has 10%+ on student loans?
- Picking the right loan
- Is $61k of debt worth it for college degree?
- Credit decreasing because of student loans interest while in school
- Private loan - in school deferment expiration having to make $500 payments while in school full time - according to account history and my own calculations I haven't used the 48 months
- Should I pay them off now?
- Direct PLUS Loan disbursement period
- What can I do for my cosigner?
- Co-Signing to Refinance a Student Loan - Do we have 14 days to Shop Around?
- [Advice] Question about Student Loan Debt?
- Student loans
- How do I know how much I should be paying in interest for unsubsidized loans to keep up?
- Financial Aid advice
- Financial Aid Loans: Do they contact your references by letter or phone after you have set up the MPN, or after the exit interview? When do they actually get contacted?
- Help with AES site
- Incoming undergrad freshman, just got my bill. Starting my journey, and I have a few questions
| Posted: 05 Aug 2019 01:26 PM PDT Graduated in May and just got the bill basically. Well, honestly I got it before I graduated but threw it away without looking at it and they just sent it to me again. 50 thousand dollars. Not only that but some of the loans have been accruing interest this whole time, so 2500 of that bill is just interest. I'm trying not to freak out. I just haven't gotten a job yet, aside from a bartending gig which pays well but won't be enough to dig me out of this hole. I'd be paying this off for the rest of my life. Part of me thinks I need to go back and get my masters degree but another part of me doesn't want to add any more debt to my life. I don't think I feel the weight of my situation yet and honestly I'm a little afraid of what's going to happen when all of the loans start gaining interest. If I pay the minimum do the loans not gain interest? Or do they just always gain interest? I swear I know nothing about this stuff, I just went back to school because I figured I needed a degree (everyone told me the only way out of the service industry was by getting a degree). Is that 4.5% interest a yearly rate or does it gain interest quarterly? Like I said, I know nothing about this stuff. [link] [comments]  |
| Can’t check loan or Parent Plus balance Posted: 05 Aug 2019 10:22 PM PDT I took a year off from school due to a chronic illness diagnosis, and now I'm going back to school this fall. I've been getting emails that my Cornerstone Loan statement is ready, however, the emails are addressed to my mother. I made an account through Cornerstone, but it shows nothing, because I guess they have a mix-up and have it under my mothers name. I sometimes get emails through Great Lakes (?) about my loans. My mom has checked her email, so she can log in to start paying her Parent Plus loan, and she has zero emails from them. This is affecting her credit, and she says she has a 14k balance, but this seems impossible as my student loan balance is only 11k (subsidized and unsubsidized). I have emailed FAFSA and Cornerstone multiple times over the last 5 months, but I have gotten no response. How can I resolve this? Has anyone else had this happen? [link] [comments]  |
| Posted: 05 Aug 2019 07:33 PM PDT Sorry, very new to the process of student loans. I was wondering if when a student loan is approved whether they give you the money or if they simply pay your tuition bill directly to the school. I'm asking because I would spend some of the money on learning materials outside of school. [link] [comments]  |
| Is there a benefit to having a student loan balance? Tax benefits? Posted: 05 Aug 2019 09:28 PM PDT I just graduated and my total student loan debt is $3.5k. My 6 month grace period ends December of this year. Thankfully I'm starting a job soon where I could eliminate this loan with my sign on bonus. But I am uneducated on the potential tax benefits having student loans can give you. I'll be making "a lot" of money so I know I'll be taxed quite a bit, would paying off my student loan slowly help in any way? [link] [comments]  |
| Posted: 06 Aug 2019 12:00 AM PDT |
| I didn’t file my 1098-E interest statement for last year’s tax deductions. Is it too late for me? Posted: 05 Aug 2019 06:07 PM PDT I'll start by saying I'm incredibly dumb and while filing my taxes by myself (since actually having income) for the first time last year, didn't see "student loan interest" as an option so I didn't include it as a deduction. It just became known to me that my interest last year was $8,136.55. Is there anything I can do or is that tax deduction for 2018 long gone? I assume so, but I just wanted to be sure and I don't know who to consult with. [link] [comments]  |
| Spend down money before loans? Posted: 05 Aug 2019 04:00 PM PDT Thanks in advance for any advice. I'm starting professional school in a few weeks. While preparing for school and working 3 years, Ive consulted with a financial advisor several times, and he always suggested saving vs aggressively paying off loans bc I originally planned to apply 2 years ago (short term disability after car accident prevented that).. I've saved about 54K, and planning on using 20.5K of that his month and another 20.5K next January to avoid two big loans in addition to what I have from undergrad and my masters. I'll use the rest my second year of school to avoid a PLUS loan, but will have to take a direct unsubsidized loan for 40500. During year 3 and 4, I'll have to take the direct unsubsidized loans and the PLUS loans. Is this the wisest course of action in my situation? The rundown: Tuition is just over 40K for year 1, then estimated 55K for years 2-4. My fiancé is covering living expenses. If I can work PRN, I'm going to pay down the interest on unsub loans each month. It's about 200$ monthly. Current debts: About 41K of student loan debt from undergrad and masters, lowest interest rate 5.15% and highest is 6.55%. Paid standard payments for past three years. Currently paying off a car loan with balance at 8K at 3.4%. I'm planning on selling my car soon. Loans I am avoiding taking out this year would be two disbursements for 40500, which is a direct unsubsidized loan at 6.08%. If I use up all my savings now, I'll have to take PLUS loans (about 15K) my 3rd and 4th year at 7.08ish percent and 4ish percent origination fee. I have 27K in 401K that I'm not planning to touch. Another 6K in IRA. When I graduate, I'm expecting to make 3-4x what I make now and will be able to live with family and pay down aggressively. [link] [comments]  |
| Does anyone else has 10%+ on student loans? Posted: 05 Aug 2019 07:43 AM PDT Hi r/StudentLoans, I graduated 2 years ago without having a job in the following 10 months. I was struggling on my student loan payments and missed a couple of months. Although I made it back to current after I got a job, Sallie Mae has been charging me a whopping 10-11% interest on a total of $36k. I was stupid I took the loans with the variable rate. It was 6% when I took them, and it does not seem like it's is going down as my credit score is going up. I find it overwhelming at this rate. I am still working my way back on the credit score (660 now). Anyone is in the same situation, or has any idea how to get a better rate from this point? My credit score is low, and the late payments were only 1 and a half years ago. Thanks. [link] [comments]  |
| Posted: 05 Aug 2019 06:54 PM PDT Hi, I'm looking to figure out which student loan will be best for me. I'm between a 15 year deferred and a 10 year deferred, either variable or fixed. The 10 year rates are 6.71% for the fixed and 6.19% for the variable. The 15 year rates are 7.11% for the fixed and 6.59% for the variable. If I think I will refinance and consolidate my loans post graduation should I just take the lowest interest rate now since the repayment period won't matter then or can I not refinance loans with different repayment periods as I already have two $20k loans with a 15 year life span. I am a senior accounting student that will also need to get a masters degree next year. Public accounting path likely. Thanks for the help! [link] [comments]  |
| Is $61k of debt worth it for college degree? Posted: 05 Aug 2019 11:50 AM PDT Hey! A rising junior in need of some advice on student loans here. I'm transferring to Georgetown University this fall from community college and majoring in computer science. It's my dream school, and I got a really good scholarship, but I'm still going to end up in about $61k worth of debt by the time I graduate in two years. Part of my loans so far are federal loans, and I've just been approved for a small private loan that has a 13.58% interest rate. I do see the value in having a college degree, but I'm not sure if it's really even worth investing that much money in one. I'd like to ultimately work in data analytics, and I know there are many other, cheaper, methods of getting into that field. GU is my dream school though, and I'd get a pretty quality education, but would it really be worth getting drowned in student loans over for the next ten years? Any kind of guidance, tips on finding student loans, faster repayment, thoughts, etc... would be much appreciated! Thanks :-) [link] [comments]  |
| Credit decreasing because of student loans interest while in school Posted: 05 Aug 2019 05:30 PM PDT Does anyone have knowledge about this issue that I am having? I am currently a sophomore attending school in Seattle Washington. My credit score has decreased while I'm in school because the credit unions are seeing the increase of my loan balances as me missing payments. In reality it's caused by interest. I am currently making fixed payments on my private loan and waiting to start making payments on the federal loans. What should I do? Edit: fixing spelling and grammar [link] [comments]  |
| Posted: 05 Aug 2019 03:47 PM PDT After paying past due tuition to an overpriced private university that was holding my transcript for 3 years (it was in collections, I had been trying to pay the school directly, which they refused for years, finally they accepted my payment directly because the collections agency no longer had it - 3 years of time wasted that I could have been finishing my degree and not been in this situation in the first place). Finally having my transcript I have been able to return to school and complete my degree. I was under the impression that as long as I am in school full time I would qualify for in school deferment. To my surprise this wasn't the case for the private loans taken out when I was 18. According to them I have already used 48 months of in school deferment but even while I was in school I was getting late fees and nothing on my loan history indicates when I was or wasn't in deferment. I have attached a file showing my loan history, (personal data redacted). Any insight into this situation would be incredibly appreciated. Navient Loan History Document [link] [comments]  |
| Posted: 05 Aug 2019 06:08 AM PDT I have approx $17k left on a consolidated federal loan (undergrad and grad). Interest is 5.4%. The original was about $37k and it's taken me a long time to reach this point (graduated into the recession, couldn't find a full time job, did temp work for two years making about $9/hr, any money I had went to rent and food because I couldn't live at home rent free so I had some deferments and then enrolled in IBR and had a $0 payment for a few years). As of now I'm putting $1000 toward them and am on track to pay them off next year. I have about $40k in savings and part of me is so tempted to just write a check now and get them over with. I just can't wrap my head around doing that and I still carry so much fear from being unemployed/underemployed for so long that I want to horde my savings in case the worst happens. That said I have been in my current job for 8 years and while nothing is ever guaranteed it does seem pretty stable right now. But even considering using that much of my savings makes me superstitious. Plus it took me a long time to get even that much. Logically I know I could just turn around and put that $1000 I'm spending now and put it back into savings. Tl;dr: Owe about $17k and could technically pay it off now in one lump sum but I'm nervous about depleting my savings by almost half. So what would you do? Keep paying $1000/month for the next 18ish months or pay them off now and put that money back into savings? Edit: thanks everyone! I kind of figured most everyone would say just pay it but I needed to hear it. If I paid it all off now I'd have more than enough to cover 6 months of expenses and I have a 401k and I'm already contributing the max so I'm probably in the best spot I've ever been in to do it. I just needed encouragement. [link] [comments]  |
| Direct PLUS Loan disbursement period Posted: 05 Aug 2019 02:49 PM PDT Had a problem with my school and my Direct PLUS Loan and was wondering if anyone here could possibly help. I had applied for a Direct PLUS Loan over a month ago with my parents. On my application I had requested the full amount for this fall semester. One little bit of information about me is that I am in pilot training at my school so the lab fees for each semester can be very high, sometimes it costs the same as my tuition so it is very difficult for me to accurately know how much I could pay in one school year because some training could span multiple semesters so I don't have to pay for certain flight training for a semester or two. With that, my parents and I only file for loans for one semester at a time and only for the training I know I will need to pay for that semester. We hadn't heard anything back on our loan for awhile except for some minor things like "Your loan has been submitted" and "You credit has been approved" until we got the amazing email we love to receive, "Your school has accepted your loan and will soon be disbursed." Then, last Friday, I got an email from my schools Cashier's Office saying that I did not make financial settlement so they will have to charge me a late fee. That was sent to me at 4:55 pm so the first thing I did was log on to my student account and saw that the loan had been split up between the two semesters. I immediately wrote them an email explaining everything. Waited over the weekend then today I still hadn't heard anything around lunch so I called them and was told that the loan must have been submitted wrong because the cashiers office was told it was for this school year and not just this semester. I would now have to call the financial aid office and talk to a counselor to fix my application or if it was an error made by my school, they'll need to fix what was in the system and my late fee will be forgiven. Called the financial aid office and was told by a counselor that they cannot accept a Direct PLUS Loan for just the fall semester unless that student is graduating that semester. When I tried explaining that I had filed my loan by saying I only wanted it to pay for the term from this August to this December and my application included my anticipated graduation and it was never a problem all she said was "You will need to file a new loan for the amount remaining this semester and any amount possibly remaining next semester." When I tried asking more question she just kept repeating that over and over again so I just hung up. I had couple questions about this and hopefully someone could help and they are:
Any help from would be amazing right now. [link] [comments]  |
| What can I do for my cosigner? Posted: 05 Aug 2019 10:41 AM PDT My dad is cosigner on my student loans, and I want to know everything I can do to make sure he won't have to pay. I think I made a mistake asking him to cosign, because he and my mom are just starting to get out of debt and I feel awful because he's really stressed about it. I have no intention of sticking them with the debt and I'm putting together a plan for budgeting/repayment, but I'm wondering what kind of options I have other than a cosigner release. If I ever filed for bankruptcy, or if my parents did, how would it affect them as cosigners in either case? [link] [comments]  |
| Co-Signing to Refinance a Student Loan - Do we have 14 days to Shop Around? Posted: 05 Aug 2019 11:52 AM PDT As mentioned in the title, I am going to co-sign on my fiancé's student loan refinance application. I read somewhere that we have 14 days to "shop around" for the best rates. In other words, only one hard credit inquiries will count against my credit score, even though multiple credit inquiries occur over the 14 day period. Does anyone have any input here? If it matters, we are considering applying to SOFI and ELFI. Please let me know if you have other suggestions. [link] [comments]  |
| [Advice] Question about Student Loan Debt? Posted: 05 Aug 2019 08:03 AM PDT Hi everyone thanks in advance for any feedback you can help me with. I am looking for some advice on my student loan debt that is crushing me and I am wondering what my best options are (keep making payments and suffer forever, take out a home equity loan and pay it off at a lower APR, private loan with lower APR, other better options, etc..). I currently have a $60,743. loan and I am paying $500 a month which is not too bad but I can't afford to pay much more or double up payments as I would like too. I have a 7.125% APR (bad) but the worst part is that the loan stretches out until 2038 (20yrs from now - very bad as I will be into my early sixties). I took the loan out in 2007 for grad school and ended up deferring for a few years due to financial hardship. I am current in my payments with no delinquent payments. Note: total un-subsidized = $33,567. / total subsidized = $26,892. Solving this piece of the puzzle will set me on my path to financial independence. Please let me know if you have any further questions and as mentioned above, any help will be very much appreciated. [link] [comments]  |
| Posted: 05 Aug 2019 11:39 AM PDT Hi. I'm new to reddit and online forums, but I'm seeking help/advice for a family member whom I'll refer to as "Abigail". The date today is 8/5/2019. Abigail currently has ~$161k in student loans (4 direct-subsidized, 5 direct-unsubsidized & 2 grad-plus). The composition can be found below. The repayment plan is under REPAYE and all loans are in forbearance until mid-October. Abigail is not married.
Our questions are as follows:
Direct-Grad-Plus, ~40k, 7.00% Direct-Unsubsidized, ~3k, 6.80% Direct-Subsidized, ~4k, 6.80% Direct-Grad-Plus, ~32k, 6.31% Direct-Unsubsidized, ~23k, 6.00% Direct-Unsubsidized, ~24k, 5.31% Direct-Subsidized, ~6k, 4.66% Direct-Unsubsidized, ~9k, 4.66% Direct-Subsidized, ~6k, 3.86% Direct-Unsubsidized, ~9k, 3.86% Direct-Subsidized, ~5k, 3.40% Any help/advice/suggestions are greatly appreciated. Thank you! [link] [comments]  |
| How do I know how much I should be paying in interest for unsubsidized loans to keep up? Posted: 05 Aug 2019 10:46 AM PDT I'm starting grad school this fall and I'm going to have to take out some unsubsidized loans to cover part of it. Sorry if this is stupid but is there a way for me to know/calculate how much I should be paying each month to at least cover interest? I'm assuming it's not just [(interest)x(loan amount)]/[time period] [link] [comments]  |
| Posted: 05 Aug 2019 10:11 AM PDT My boyfriend will be a Sophomore at college this upcoming year, and he is struggling with the tuition. He goes to a college in NY. For the first year, he had scholarship and federal loans enough to pay for his tuition fees. He lost his scholarship because he messes up with his GPA (it was both of our faults, I was suffering from depression and illness, which people put me in hospital. Lots of things happened and he was trying to be there due to my mental health issues, so he messes up his classes). He does have a job as a dishwasher, but with minimum wage he makes, he couldn't afford the tuition and his family refuses to help him right now. He is trying to get his scholarship back next semester, but right now is a no-go for us. We have been looking for private loans (he has reached the maximum amount for federal loan), but he got rejected for no cosigner, poor credit score since he just has his account, and GPA. He needs more than $4600 for this semester, and it's due on next month. We have tried lots of lenders, but it is no use. Even though I know it's not my problem, it still stresses me out because he has done a lot for me, and I want to help him as much as I can. I have spent my whole week to look for loans, but nothing works out yet Does anyone has any advice, or know any lender that will accept him? Thank you in advance [link] [comments]  |
| Posted: 05 Aug 2019 05:42 AM PDT |
| Posted: 05 Aug 2019 09:26 AM PDT AES is extremely unhelpful, I'm currently in the grace period but I'm trying to calculate my expenses in the future. There doesn't seem to be any repayment estimation tools on their site though? I go to repayment plans and estimates but it doesn't show any details, just how the plans work. I click on more details and it just shows me my loan balance with no monthly payments. How do I figure out what I will be paying each month? Thanks for the help [link] [comments]  |
| Incoming undergrad freshman, just got my bill. Starting my journey, and I have a few questions Posted: 05 Aug 2019 08:38 AM PDT Okay. I just got my tuition bill from my school, and my family and I are figuring out how to pay for it. I move in at the end of this month. I have a few, general-ish questions:
[link] [comments]  |
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