My trip out of student loan debt Student Loans |
- My trip out of student loan debt
- Itt tech / nelnet loan
- Subsidized and Unsubsidized Loans
- Important: New Borrower Defense Rule Will Gut Protections for Students
- Are you doing or willing to do side hustles for Paying off your loans?
- If I go to a community college first, will I have to start paying them back after 2, or after 4 years?
- What exactly does 'In the event of the unfortunate death or total and permanent disability of the student borrower, private student loan forgiveness is available' mean?
- Is my life over?
- When does forgiveness date start?
- Is now a good time to refinance my student loans?
- How I dealt with being 51 days past due with Sallie Mae.
- Exhausted federal loans
- Should I refinance government loans?
- What private loans should I choose and what rates?
- Did my loan go through?
- Refund Payments
| My trip out of student loan debt Posted: 30 Aug 2019 01:43 PM PDT Hey Everyone, Thought I would make a post about paying off my student loans both to maybe give some insight on the process to some here, but also for my own understanding. So, some background as quick hits.
So now that we have the background let's talk about the debt and tackling it. I have made some quick charts in excel just to show my progression. Some few facts about it, and some surprises are here:
Here is the first chart of my total principal + interest over time. and one of the payments made by month And here is my relative income during those periods (salary before taxes or other deductions) 2014 - $55,000 2015 - $58,000 2016 - $82,000 2017 - $95,000 2018 - $100,000 2019 - $100,000 You can see I was well enough paying the minimum for the first 4 years of the loan. During every payment of these I would see a huge $550 dollars a month leave my bank, but my loan statements hardly moved down in principal. Not understanding how interest worked it did admittedly take me a little time to wrap my head around how more than half of my payments were going to interest. At that point I knew I needed to pay these off faster but did not have the income to do so. This led me to becoming quite fearless in always searching for a new position, and to make a pivot in my career. To do this I started working closer with the sales team at my job, with the goal of going into the sales side of the industry (I was coming from the analytics / support). Around 2016 is when I got my next job with a large income bump and was fully in the sales side. Since then I have had a few other jobs, with the pay about the same, but moving from HCOL areas to lower ones. This post is becoming quite longer than I imagined so I want to just wrap it up with some tips and things I learned. · The only way get out of this debt is to earn more money and cut expenses · No job or major is a dead end. You need to be flexible and move to where the money is. Every industry has some, for most you can find it in sales. Sometimes it might even be changing careers. At this point I have shifted about 3 times. · Don't be afraid to be outside of your comfort zone! Every job I have had I felt like I was an imposter, but this has made me stronger as I progress. I don't even blink at most things now because I feel like I have already been through the worst that can happen · You must be willing to move. I have moved across the country 3 times so far just to get myself to this point. Its not ideal, I'm far from my family, but this is something you get use to as well. · No one or company is going to teach you or mentor you. Don't expect it ever. You need to take control of your own immediate situation. There are many times when I am studying outside of work to obtain or keep skills. Even currently I try to learn programming on my free time sometimes just as a backup in case this career collapses. Some final thoughts. I think the biggest issue with student loans are the interest charged. 6.5% sounded low to me originally, but now with a better understanding I can't believe that was charged on a loan that can never be discharged. Now that I have these paid (its been a few weeks), my general budget has not changed, I just feel more secure in my future. I always debate if I would do it again, and it's a toss-up. A lot of mine came down just to bad luck with the recession, and I have been fortunate to been able to pull myself out of that. The good things that have come out of this are I have grown a very good understanding of the financial industry from this to the point where I am more interested in investing with my freed-up money than spending it. I also have a habit of being generally frugal at this point (comparatively). My career also has shot up much faster than it would have without them. I am a big believer, from my own experience, that tough times make tough people. I was not a model student, employee or anything when younger. Having to go through working without a degree, supporting myself through school, and finally dragging myself out myself has really made me quite confident and secure in how I can handle myself in all life situations now. Anyway, hope this gives some others who may be in a similar situation some insight into how to do things or some hope even. The loans suck, but they can be paid off, it just takes a lot of sacrifices. [link] [comments]  |
| Posted: 31 Aug 2019 02:26 AM PDT TLDR last sentence I went to ITT tech and withdrawed from their classes 4 months before the school closed. I was on and off with this school and withdrawed from a lot of classes after the first ones. I believe the school took out additional loans for me without my knowledge to pay for these withdrawed classes I attended. I now have 13 (was 16 before student cu connect said they are no longer pursuing itt tech loan debts) from Nelnet. That's right, 13 loans from nelnet... I let a deferrence slip due to mental health issues and it completely destroyed my credit rating (from the 700s to low 500s) Has anyone dealt with nelnet and itt tech before? [link] [comments]  |
| Subsidized and Unsubsidized Loans Posted: 31 Aug 2019 12:14 AM PDT Hi, this has probably been asked a lot but I've just been told by so many people different information that I'm so stumped on what to do. So I have $4,500 subsidized loans at 4.450% fixed interest rate, another subsidized loans of $4,500 at 5.05% fixed rate and unsubsidized loans of $2,000 at 5.05% fixed rate. I've been working and have never once thought of starting to pay it 'cause even the advisors at our financial aid office I don't have to and never gave me other details than that. I just want to start paying now as much as I can, however, some told me that if I start paying now (especially the subsidized) my interest will start accruing and applying it right away. What to do? Someone break it down for me please. I'm only halfway done in college and I already have so much. Please and thanks! [link] [comments]  |
| Important: New Borrower Defense Rule Will Gut Protections for Students Posted: 30 Aug 2019 08:04 PM PDT More information on how this affects borrowers
[link] [comments]  |
| Are you doing or willing to do side hustles for Paying off your loans? Posted: 30 Aug 2019 09:28 PM PDT Hello folks! I'm new here :) I would like to get your take on something. Would you use an app that gives you some side work so you make extra cash to pay your monthly loan payment? [link] [comments]  |
| Posted: 30 Aug 2019 09:25 PM PDT |
| Posted: 30 Aug 2019 09:15 PM PDT Hello, I owe 80k in private student loans and found this line in my contract and on my lender's website. The "available" part seems kind of vague. Is it guaranteed that the loan will be forgiven? Why do they phrase it like that instead of "the loan will be forgiven" ? I'm going to commit suicide at the end of next month and want to be 100% sure my parents (my cosigners) will not be on the hook for my loans. Do they just need to provide my death certificate and then the loan will be removed? I'd really appreciate any information, thank you! [link] [comments]  |
| Posted: 30 Aug 2019 08:19 PM PDT I owe 290k in public student loans. This was okay when I was making 120k a year. I made some very poor decisions and that career path is no longer open to me. I am now making only 16/hr and will likely not be able to return to my previous career for three to four years. My plan is now in IBR but I obviously can't come close to even paying off the interest each month so this loan is going to balloon to probably millions by the time the debt is forgiven. I guess my question is if I have any hope for any type of financial future? Is there any point to ever buying a house or anything like that if the IRS can just take everything when I will be unable to afford the tax bomb? I have nobody to blame but myself for my current situation and am currently in recovery for the things that caused these problems in the first place but I am having trouble finding motivation to move on with my life if I am destined for a life of destitute poverty. [link] [comments]  |
| When does forgiveness date start? Posted: 30 Aug 2019 09:34 AM PDT When does the 20 year forgiveness date start on student loans? Is it once you enter the first IBR/PAYE/REPAYE type of payment plan? Because if you switch between plans during the 20 years the clock doesn't start over correct? [link] [comments]  |
| Is now a good time to refinance my student loans? Posted: 30 Aug 2019 02:27 PM PDT Long story short is I have about $225,000 in student loans from undergrad and medical school. I am currently in a 10 year repayment plan at 4.8% with payments at about $3000 per month. I have been paying an extra $2000 per month on top of that shaving off $50,000 in principle and have considered refinancing to get a lower rate and shortened term since I've been paying $5,000 per month anyway. Is now a good time or are rates supposed to go down later this year resulting in 2020 being a better time? [link] [comments]  |
| How I dealt with being 51 days past due with Sallie Mae. Posted: 30 Aug 2019 12:54 PM PDT I have used up all of my forbearance since being out of school for 4 years and graduating. They only give you 12 months for each loan. My monthly payments with these together add up to about 660 a month. I recently fell on hard times but was able to start paying again. To avoid being 60 days late I enrolled in auto debit and paid a month's due balance. This eliminated the previous past due balance and I don't have to make a payment until October now. I'm glad I qualified for this but wish there was still a way to refinance Sallie Mae private loans. I hate them with a passion. The irony is my federal loan is higher but I still have a lower monthly payment than for my private student loans which are far less. How the hell does that work? And how the hell is Sallie Mae able to charge 9.5 percent interest on student loans? [link] [comments]  |
| Posted: 30 Aug 2019 12:36 PM PDT So ive exhausted my federal loans, and parent plus is not a option nor is a co-signer. I have a 710 credit score as of recent due to me paying cards down, but my credit age history is 2 years 8 months. Do you all think I would qualify for a private loan? I dont want a unnecessary pull on my credit. [link] [comments]  |
| Should I refinance government loans? Posted: 30 Aug 2019 11:10 AM PDT I have ~100K in student loan debt (undergrad and grad school) with an average interest rate of 6.7%. All of these are serviced by Navient (gumint loans). I make a little under 6 figures, went to a top-tier graduate program, and work in cyber security. Basically, what I'm getting at is I don't think job security will be an issue (knock on wood). I got a good rate with Earnest - a 15-year plan at ~$750/month with a 4.9% interest rate. The goal is to keep throwing more money at it every month and ideally pay them off in 10-12 years. My question is: is it worth it to refinance for a lower interest rate so I could pay these things off faster, or will I shoot myself in the foot by losing all government forgiveness plans? These plans forgive the loans in 20-25 years, but I plan to pay them off in half that time. Anyone in a similar boat? [link] [comments]  |
| What private loans should I choose and what rates? Posted: 30 Aug 2019 10:55 AM PDT Since I'm not meeting SAP at the moment, my leech university send me an email to check which type of private loan I qualify. So far on the list these are the names of the private loans I can qualify for. 1-SunTrust Bank 2-Commonbond 3-Commerce Bank 4-Citizens One 5-Texas Extra Credit-HESC 6-Sallie Mae 7-Union Federal 8-KHEAA Advantage Education Loan Also, which type of rare should I take a fixed or variable rate? Let me know, I'm really desperate at the moment. Edit: if you have any experiences with those let me know. [link] [comments]  |
| Posted: 30 Aug 2019 09:42 AM PDT About two weeks ago I filled out the paperwork at studentloans.gov for a graduate plus loan. I got an email saying my credit had been approved but the $ isn't showing up on my student account to accept it. Do I need to give my school more time or was I supposed to do something else? [link] [comments]  |
| Posted: 30 Aug 2019 08:32 AM PDT I'm paying my student loans, but I didn't finish school soI didn't need all the money. It was years ago, but could I still apply my payments as a refund? I'm still not understanding how it works. [link] [comments]  |
| You are subscribed to email updates from Advice, articles, and general discussion pertaining to student loans.. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment