Issue with "paid ahead status" on my student loans Student Loans |
- Issue with "paid ahead status" on my student loans
- Use loans to move out of an emotionally abusive household for my last year and a half?
- Getting Married - How to Handle Our Loans
- About deferment plan
- Common sense reform every politician should be able to get behind...
- Can my scholarship money change once a new tax return rolls around?
- Should I stay on the Standard Repayment Plan or switch to an Extended Repayment Plan?
- I am applying for REPAYE - for income should I use last tax return or new job income?
- Deferment plan?
- I'm trying to consolidate my Student Loans. But I'm so confused, because they all have such different names if I want to add others, and they don't match when I look at loan details. What if I select the wrong type?
- Can I consolidate just 2 of my federal student loans and leave the others on IBR?
- Pay off entire balance or chunk (IBR/etc)
- If I'm taking online classes after I graduate, do I have to repay my federal loans?
- How to repair credit score after it took several months to defer student loans
- Refinance vs Extended Graduated Plan
- Student loans to invest?
- Am I about to make a dumb financial decision? Please Help.
| Issue with "paid ahead status" on my student loans Posted: 04 Aug 2019 02:31 PM PDT Hello, like many of you I have significant student loan debt. I am really counting on PSLF and have crossed all the T's and dotted all the I's when it comes to playing by the rules and paperwork. About 3 months ago my new employer paid a significant amount of money towards my loans as a job benefit. This amount is well above the required monthly payments. Since then my account, and subsequent billing statements, have continued to indicate that I remain in "paid ahead status." I called almost immediately after the benefit and requested that paid ahead status be permanently removed however it still remains (about 3 months and 3 billing statements later). I emailed again last month and was re assured that my paid ahead status was removed on 5/29/2018 and that it could take up two billing cycles (my billing statements come on the 4th of each month). However, I just received my 8/4/19 billing statement and it still indicates I am in paid ahead status and online also indicates I am in paid ahead status. Anyone had a similar issue? Any re course or next steps I should take? I am really freaking out about this... [link] [comments]  |
| Use loans to move out of an emotionally abusive household for my last year and a half? Posted: 04 Aug 2019 10:48 PM PDT I get a large part of my school paid for via fafsa and government grants. My mother is incredibly emotionally abusive and I am debating taking out loans to preserve my mental health for my last year and a half and moving into a small apartment with my gf. I know it isn't the most financially sound move, but is this a viable option for me to look at? [link] [comments]  |
| Getting Married - How to Handle Our Loans Posted: 04 Aug 2019 03:52 PM PDT Hello everyone! I (24F) am getting married in two weeks and am unsure how to tackle our student debt due to the disparity in incomes. I definitely don't consider it "his" money and "my" money and instead consider our finances shared (or at least I will view it that way once the debt is paid off), but when it comes to student loans, I also want to be practical and realistic. I recently graduated from an anesthesia program and obtained employment with a starting salary >150k and a 20k bonus, and I'll graduate with about 48k in debt. My fiance' (24M) currently holds a job making 40k and has about 52k of debt; he will relocate to where I received a job, however, so his salary may go up or down (he won't actually move until he gets a job locked down). Considering the disparity in our incomes, how should we tackle the debt? Should it be an even contribution each month to each of our debts, or should I be more aggressive with my own debt since my salary is nearly 4x higher (I would definitely pay off the rest of his debt once my own debt is covered)? My interest rate is higher right now due to being federal loans and he already refinanced, but I am going to refinance as well, so the interest rates will be similar. What would you guys do? Thanks for all of your help in advance! [link] [comments]  |
| Posted: 04 Aug 2019 10:38 PM PDT Long story short I lost my job due to my health getting worse and worse so I am unable to pay back my loans. How is the deferment plan work? Does it put your account on hold or does it follow up with a big penalty? Whats the best choice to go by at this problem [link] [comments]  |
| Common sense reform every politician should be able to get behind... Posted: 04 Aug 2019 05:47 AM PDT Yesterday I submitted an application for a re-fi that promised extremely low rates and then got the ol "oops" your rate is a full half a point higher than we led you to believe. It led me to think about credit pulls, and why someones credit score is PENALIZED for looking into refi options. In this day and age why is there not an option to categorize the purpose of a credit pull? Wouldn't someone looking into their re-fi options be a smart borrower that is more likely to pay off their debt? Really just seems like the system is set up to discourage smart borrowing and to make lenders the most money as possible. Anyway- changing a re-fi pull of credit to something that has no impact on a credit score should be something everyone not bought by the lenders should be able to get behind. Maybe that is something the current crop of candidates can pitch that would get universal support and would really help those of us in debt. [link] [comments]  |
| Can my scholarship money change once a new tax return rolls around? Posted: 05 Aug 2019 01:50 AM PDT This year, my family will earn a gross income of $60,000, $52k from my mom and $8k from me. Last year and every other year it was just around $41k. The new tax returns come out after I apply to most of my colleges. Can they change my scholarship amount once they see this increase? [link] [comments]  |
| Should I stay on the Standard Repayment Plan or switch to an Extended Repayment Plan? Posted: 04 Aug 2019 12:38 PM PDT I'm about to enter Year 2 of my 10-year Standard Repayment Plan with ~$77k across three federal loans. Loan #1: Balance = ~$45k // Fixed interest rate = 6.06% Loan #2: Balance = ~$19k // Fixed interest rate = 5.06% Loan #3: Balance = ~$11k // Fixed interest rate = 6.75% The minimum monthly payment is $985 per month, but I began a few months ago paying extra in the amount of $1,200 per month with the additional $215 going toward Loan #3 (the loan with the highest interest rate and the lowest balance). After reading up on several threads in this subreddit, I've started to consider whether or not it'd make more sense - or even a significant difference - to switch to an extended repayment plan and lower the monthly payment on all three loans, but still maintain the same $1,200 monthly payment that I'm currently doing with the added extra amount going toward Loan #3. Popular opinion on this subreddit says that this is the smarter approach to take, but given that the variance on my interest rates isn't that wide (all between 5-7%), I'm not sure how significantly different it would be in terms of timeline/savings from my current method. Any input or advice would be greatly appreciated! [link] [comments]  |
| I am applying for REPAYE - for income should I use last tax return or new job income? Posted: 04 Aug 2019 06:26 AM PDT I am applying for REPAYE and will be pursuing PSLF so I would like to make the minimum possible monthly payments. Last year my wife worked and I had a taxable stipend through my graduate school. I will start a new job in the middle of the month making a lot more than my stipend. My wife will continue at her job. My question is this: when applying for REPAYE should I set my income as (a) our previous jointly filed tax return, (b) our current income with me not working, or (c) do I need to apply using the income that I will make at my upcoming job? Any links to information would also be helpful. Thanks! [link] [comments]  |
| Posted: 04 Aug 2019 06:33 PM PDT So sadly I recently got sick and I can't pay the bills now due to not being able to work What really happens in a deferment plan? Does your loans get really f***** up or it just keeps your account on hold without any penalty [link] [comments]  |
| Posted: 04 Aug 2019 01:23 PM PDT |
| Can I consolidate just 2 of my federal student loans and leave the others on IBR? Posted: 04 Aug 2019 01:23 PM PDT I am just about to finish paying off about $25,000 in private student loans through Chase, and I am stoked! After that, the remainder of my debt ~$83,000 is in federal loans (12 loans in total) which have been on an IBR plan at $382 a month. I am going to start next with my two highest balance loans, 1-unsubsidized Direct Loan for $16,600 (unpaid interest: $800) at 5.060% fixed and 1-unsubsidized Direct Loan for $24,200 (unpaid interest: $1400) at 5.59% fixed. Would it be possible (and wise) to consolidate these 2 loans into one loan hopefully at a lower interest rate? Are you allowed to consolidate select loans when they are tied together under IBR? I'm paying about $1200-1500 a month on average towards my debt on top of the required monthly payment. [link] [comments]  |
| Pay off entire balance or chunk (IBR/etc) Posted: 04 Aug 2019 04:00 PM PDT On mobile, sorry for formatting I've been in the process of applying for IBR(? IDR?) because I haven't been earning enough (like part time minimum wage less than $150 a biweekly pay period) to make any payments and pay my rent at the same time, and the forbearance period I applied for has recently come to an end. In a wonderful coincidence, I've received enough money due to a family member's passing to pay off my entire balance. But at the same time, I'd like to pay off my rent for the rest of my lease. I can't completely do both with the money. My question is if paying a large chunk of the loans would effect my application for IBR because before the payout my payments would have been $0. I think it'd be really suspicious to tell them I don't have any money but also pay like tens of thousands. I hope this is coherent, this entire thing was unexpected and I'm still coming to terms with the idea of not having any loans to be hounded about. Edited for clarity [link] [comments]  |
| If I'm taking online classes after I graduate, do I have to repay my federal loans? Posted: 04 Aug 2019 03:20 PM PDT I believe I have to start paying back my loans 2 months post my graduation date. If I enroll in online courses (i.e. Harvard Business School online), can I effectively postpone paying off loans that way? [link] [comments]  |
| How to repair credit score after it took several months to defer student loans Posted: 04 Aug 2019 11:00 AM PDT In 2014, I took out loans to attend my freshman year of college. However, while I was living off campus in an apartment, someone kept breaking into my apartment while I was in there, and I was sexually assaulted and robbed twice, and I ended up barricading myself in my apartment, terrified and afraid to leave, and ended up failing most of my classes that semester. I was really messed up about it, and moved back home and decided to take some time to try and repair my mental health. I was an emotional wreck and ended up hospitalized for a suicide attempt right around the time my loan's grace period was over. I ended up missing three months of payments because my parents didn't want me worrying about paying that back since I was in a very fragile state. Once they told me and showed me the letters they were hiding from me, I realized it was affecting my credit score and applied for deferment. I am currently back in school so I don't have to worry about payments just yet, but I am now trying to move out, but I can't because my credit score, with only the missed payments on it, is in the poor range. Since my situation is somewhat unique, I haven't been able to find online ways to improve my credit score. I'm not able to apply to most credit cards because of my score as well. Does anyone know any ways I work on repairing it or if I can file a dispute 5 years later? I'm so lost on what to do and I've worked so hard to have all A's the past 5 semesters and get my mental health to a place where I'm finally able to move back out with some friends in a safer area. My credit score is preventing me from moving on with my life, and any advice would be greatly appreciated!! [link] [comments]  |
| Refinance vs Extended Graduated Plan Posted: 04 Aug 2019 04:32 AM PDT Hello, Looking for advice on if it's worth it to refinance my parent plus loans or switch to a extended graduated plan (EGP). Current standard plan monthly payment is $352, this would decrease to $126 on a EGP. I have budgeted for $1000/month on student loans. So on a EGP I would be able to pay the absolute lowest possible monthly payment across the three loans, which would allow me to put larger additional payments to the highest interest loan. Is that my best option or should I refinance these three loans to a new loan at the lowest repayment time (around 5 years) to get one loan at a much lower interest rate across the three loans. Parent Plus Loan details $20,178.00 @ 6.410% $9,000.00 @7.210% $4,000.00 @6.840% [link] [comments]  |
| Posted: 03 Aug 2019 11:36 PM PDT So I am about to start college here in a few days. Originally I was not planning on taking any loans what so ever (full ride, and I can work and use savings to cover my living expenses just fine). However, someone told me about taking out subsidized loans and just investing them, and then when I am graduating I can pull all of the money back out and pay off the debt. Now it would probably make a lot more sense to invest in bonds so that I am pretty much guaranteed my money back when I pull it out, unlike the stock market or whatever else. Since it is a subsidized loan, the government pays interest on the loan until I am out of school. So, if I invest the money from the student loans, and then pay it back right around the time I graduate. I should gain as profit whatever in interest I accumulate on the investments, right? Is this a good idea? It seems too good to be true, but I'm finding a hard time finding any cons to this idea [link] [comments]  |
| Am I about to make a dumb financial decision? Please Help. Posted: 03 Aug 2019 04:13 PM PDT 18F. Getting ready for my first year of college. Basically, I have around 30k that I have to take out loans on for my bill this school year. Would it be a good idea to take out 40k in loans, put 30k towards my bill, and keep the other 10k in my bank account to use towards food, transportation (living in nyc so subway), etc? (My family isn't contributing and I plan on getting a job as soon as I can). Is this a good plan or will I regret it in the future? :/ Thanks! [link] [comments]  |
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