Is there anything I should know or be aware of before making a 10k payment to my student loans? Student Loans |
- Is there anything I should know or be aware of before making a 10k payment to my student loans?
- Default, Navient Settlement Forgiveness Calls, Bankruptcy, Consolidation, I know I mucked up. Please help?
- TIFA Changed Fafsa first week of school
- What happens switching from paye to repaye
- Can a school decrease my student loans without me approving?
- Windfall Payment Help
- IDR Help
- Wells Fargo or Sallie Mae?
- NSLDS & StudentLoans.gov
- Can't make an IRS account bc it won't take my number
- Pay off loan or keep investing?
- Another Sallie Mae loan advice thread
| Is there anything I should know or be aware of before making a 10k payment to my student loans? Posted: 26 Aug 2019 11:40 AM PDT |
| Posted: 26 Aug 2019 05:40 PM PDT Hey folks, so my situation might be a little bit complicated I will try to answer as many questions as I can up front and I will edit to add any additional information that folks request as I am able to. Please just let me know what information you need and I'll do my best to provide it. My name is Jessica, I'm 38, currently reside in FL, and I never finished my degree. I've been out of school more than 10 years. There are a lot of reasons as to why but the big two are running out of money and mental health. I have a laundry list of diagnosis that would make any parent cry. I go through periods where high functioning is at best passable but I don't really consider myself too disabled to work and disability wouldn't cover my bare bones expenses, so I'm forced to work to survive. Thusly, this has meant a long history of poorly managed mental health and life situations. I currently have an incredible support system, family, and friends to help share my load and that's making a WORLD OF DIFFERENCE! I'm working to get my life back in order on all fronts and I need y'all's help. I currently have about six student loans, all federal, subsidized and unsubsidized, totaling somewhere around 30 to $35,000 currently. They have been in default for quite some time. approximately 2 years ago was the last payment made on them through a garnishment on my wages with a previous employer. However, since leaving that employer I have not had a garnishment since. I also have only had limited income and as of yet have not filed my tax returns for the last 2 or 3 years. I know that any return I'm entitled to is property of the department of Treasury for my loans and I'm not concerned about that at all. I just haven't filed because I'm irresponsible and riddled with mental illness. I have approximately another 25 to 35,000 in other debt including a $15,000 vehicle loan that was recently charged off. The vehicle is unregistered and uninsured but remains firmly planted in the driveway. It hasn't moved anywhere, other than to turn the tires for dry rot since April. I expect to have some income again in the next month or two and hope to work out a payment arrangement or new loan terms with them at that time. If not, I'll evaluate options of surrendering, selling, or something with the vehicle. The rest of the debt is mostly old medical, cell phone providers, utilities, and a rental eviction judgement when my housemates split without notice and left me with the bills. I also owe my prior university an additional $5000 on my balance before they'll release my transcripts. I'd like to eventually finish a degree though it's not my first priority, I work in customer service and have only made more than $30k/year for 4-6 years, though I'm currently unemployed. I am shifting into political consulting and campaign work and just starting to pick up new contracts and clients. I don't expect to be making much more than that in my next 1-2 years. I'm planning to contact a bankruptcy attorney this week to clear all this debt and really start to move my life forward again. I know that discharging loans under bankruptcy is rare but still possible. I'm definitely interested and I'm curious as to whether or not I'd meet the criteria. I believe that I do and would but I'm sure I'm not as knowledgeable about this as I think I might be. Recently, I've been getting calls from companies that are talking about the Navient Settlement and the possibility of forgiveness for my loans. Is there any legitimacy to these folks? Additionally, I've been getting calls from ECMC wanting me to consolidate my loans to bring them out of default and then they say they'll put me on an IBR plan. Everyone I know on an IBR plan says their payment is way more than they're comfortable with every month. Also, my interest rates would actually INCREASE if I consolidated the loan. Why would I want to do that? People of Reddit, I wrote a novel. I just need some help. Can y'all come through for me? And perhaps, be kind about it too? I know I mucked up, I'd just like to move forward. [link] [comments]  |
| TIFA Changed Fafsa first week of school Posted: 26 Aug 2019 08:17 PM PDT Made a stupid mistake on fafsa and it's now the first week of school, I applied online and got in before the deadline , but I made a huge error in my student income since I'm incompetent, I fixed it but will I be awarded anything or am I screwed. [link] [comments]  |
| What happens switching from paye to repaye Posted: 26 Aug 2019 07:46 PM PDT Hello everyone i am dreading the answer to this question. What happens in the event you have to switch from paye to repaye due to not having a financial hardship anymore would those years under paye count ? For instance if I was in paye for 5 years and then had to switch to repaye on my recertification would those 5 years transfer to the repaye plan or would my clock reset and start over from scratch on repaye? Thank you all [link] [comments]  |
| Can a school decrease my student loans without me approving? Posted: 26 Aug 2019 09:31 PM PDT So I go through a grant which pays for my housing, meal plan, and some parts of tuition that my Fafsa doesn't pay for. I live on campus, but there's still transportation, and living expenses that they do not pay. I just got an email telling me that my loans have been reduced, but I can't figure out how much that changes my refund considering only one side of the system has been updated. Regardless, is it ok for them to just wake adjustments without notifiying me or giving me some type of documentation to write down my expenses? [link] [comments]  |
| Posted: 26 Aug 2019 12:18 PM PDT Hi all, My wife and I have recently come into a windfall, and it is enough to pay off our debt all at once. I know this is a very lucky situation and want to make sure we go about this opportunity in as smart a way as possible. We currently have $140K split between several types of loans. I'm wondering about potential problems, unnecessary fees, or a best-practices way to pay our debt down. Is there a downside to paying all at once? What is the best way to go about doing this? Thank you so much for any help. [link] [comments]  |
| Posted: 26 Aug 2019 09:09 AM PDT Hello, I'm having problems with FedLoan Servicing trying to recertify my IDR payments (the IRS tax link will not work) Here's a few things: Last year I declared bankruptcy and I am still trying to recover. My reported income on the 2018 tax return was 28,555$ which is not a dramatic increase from the past five years. But in February 2019 I got a significant salary increase because I moved to a different public university (50,000$) which is exactly what I owe Fedloan. Which salary will be used to calculate my new payments? Do I report the salary increase this year or would I do it next year? I also have to other other loans for 11,550 (perkins loan) and 9,800$ to navient. Additionally, How would I go about apply for the Public Service Forgiveness? [link] [comments]  |
| Posted: 26 Aug 2019 02:36 PM PDT I want to move out of state and I already got accepted to the university I want to attend but the housing is expensive and it would be a dumb move to take out a $10k loan for a dorm when I can easily use that loan and move into an apartment. I was wondering if I should get the loan from Sallie Mae or Wells Fargo. I've been lurking for a while and it seems like Sallie Mae would be the only option if I had a gun to my head. Has anyone ever taken a loan from Wells Fargo? [link] [comments]  |
| Posted: 26 Aug 2019 12:34 PM PDT Hey guys! I'm a new freshman who took out federal loans & grants. On my college financial portal, only the institutional grant appears on the "total debt" section. Also, on NSLDS & Studentloans.gov, it lists only my Pell Grant & my loans are nowhere to be seen. Do I just need to wait or is this a problem I should address? The loans disbursed a week ago. [link] [comments]  |
| Can't make an IRS account bc it won't take my number Posted: 26 Aug 2019 10:10 AM PDT I need to make an IRS account so I can move, but they need my loan account number for verification reasons and won't take the one from Nelnet, which is the only loan I have. Help. [link] [comments]  |
| Pay off loan or keep investing? Posted: 26 Aug 2019 07:03 AM PDT I started investing into stocks this year, with the hope of it growing to eventually pay off my student loans. I have some private loans that have awful interest rate, upwards 11% (yay young and naive 18y/o me not fully understanding stocks). My question is, should I continue investing my additional income, and do a lump sum payment of my loans at the end of the year? Or should I halt the stock investment, and put my additional income into the loans? TIA! [link] [comments]  |
| Another Sallie Mae loan advice thread Posted: 26 Aug 2019 03:14 AM PDT So I have about 30k in debt with them and my repayment has started. Now the tricky part is I don't live in America anymore. The exchange rate is killing me and there isn't a very convenient way to transfer money. My plan is to co-sign a loan with my spouse to pay off Sallie Mae and to move the loan to where I live. I have yet to call and ask if there are any penalties for paying the loan off at once, but I'm assuming it's something I can do. What is everyone's opinions on this matter? Keep paying how I am now and love about 150$ everymonth on transfer fees, or get a loan where I live? [link] [comments]  |
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