Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- How do you enjoy life when you want to put every cent towards getting rid of student loan debt? And is that even the fastest way to do it/to pay the least amount in interst?
- I just refinanced my private student loans. Should have done this years ago.
- When does grace period start for federal loans when leaving school?
- How can I tell if a college loan is predatory?
- Is This Normal? (Loan Terms)
- If I request deferment (FAFSA), will interest be higher than no deferment request?
- Thinking of applying for federal student loan. Couple questions.
- Regarding generational wealth, how do you think student loans will affect Americans 30 years from now?
- Student loans with no credit?
- Does anyone have private loans through Reliamax?
- Student Loan grants
- Student loan dummy here: situation + ELI5 some things
- Pay down SL or invest in retirement?
- Consequences of NOT renewing IDR Plan
- [ADVICE] Pay Out of Pocket vs Student Loans?
- Nervous about Navient
- Discharge based on false certification?
- Navient problems
- Hit my federal maximum. Looking to take a loan against my life insurance policy. What other options do I have?
| Weekly Politics Discussion Megapost Posted: 31 Jul 2019 01:12 PM PDT /r/StudentLoans is not /r/Politics, but student loans have a political component (especially this election season) and that deserves discussion! This is an automatic weekly post designed to host discussions about legislative proposals, candidate platforms, and other political topics relating to student loans. Posts and comments that fit these categories will be removed from other areas of the /r/StudentLoans community. Comments that only loosely relate to student loans should be taken to /r/politics or a similar sub and may be removed from here. Links to external websites or other subreddits must primarily relate to student loans. The rules of /r/StudentLoans still apply. Personal attacks, speculation about the motives or debt situation of other users, and unsolicited advice will be removed. This is also not a platform for specific political advocacy; this includes linking to petitions and soliciting campaign contributions. (This weekly aggregation post is an experiment. Please let the mods know your thoughts and if you have suggestions for improvement either by commenting here or via modmail.) [link] [comments]  |
| Posted: 31 Jul 2019 06:16 PM PDT Im hoping to get a job soon while living with my parents. Once I get a job I have to start pitching in on food (which doesnt really incentivize me to get a job, ill tell you that; however it makes sense that i should help pay for food while living with them) If and When I can get a job, I want to put as much money as possible towards loans. But i also want to have a life. And its hard to think of having a life without thinking of how everything costs money. Want to make music? Need to buy a bunch of components to attach to your computer, and instruments and software DAW (if i didnt have those last 2 already, altho my bass guitar is broken and crappy quality). want to hang out with your friends at 25? everyone wants to go to bars. Want to get new clothes since all of yours are worn out? money. need to transition from male to female? hah, insurance doesnt wanna cover that. I want to put as much as i can towards the debt, but i also dont want to feel like im unable to enjoy life to the fullest because of being tied down by debt. i mean, this is LIFE. this is IT. i want to live to the fullest. but i also want to have 0 dollars to my name, not negative 29,000. [link] [comments]  |
| I just refinanced my private student loans. Should have done this years ago. Posted: 31 Jul 2019 07:16 AM PDT I took out a private student loan over 10 years ago when my federal loans didn't cover all of my tuition. Stupid decision, but it's something I've had to live and deal with. I forget who the original loan servicer was, but for most of the time, it's been owned by American Education Services (AES). The variable rate has been going up and down over the years, but recently has been around 9%. A friend of mine is in a similar student loan situation and he just refinanced his with Earnest. I wasn't too thrilled with the idea, since my federal loans are owned by Navient and they own Earnest. But I shopped around with Laurel Road, Common Bond, SoFi, and others. Earnest had the best rates, offering a fixed rate around 5%. As an added bonus, my friend and I each get a $200 referral bonus. Paltry compared to what I'm paying them, but hey, I'll take it. I'm going from paying nearly $900/month toward my private loans to $515/month. I extended the life of the loan by a few years in order to get that rate, but I'm planning on refinancing again in a couple years. And I can always pay more than the minimum payment. But for now, it's a huge relief. I've been paying more a month towards student loans than my mortgage and struggling to make ends meet. Now, I'm actually looking forward to making my next student loan payment. Can't say I'd ever think that. [link] [comments]  |
| When does grace period start for federal loans when leaving school? Posted: 31 Jul 2019 09:58 PM PDT I "graduated" with one class left to take which I will be completing online while working. My student loans still say that repayment doesn't start for another year but I am pretty sure that once my school reports me as withdrawn, repayment will begin. Once this happens, will I be on the hook for any interest that would have accumulated this summer or only starting from when the school reports it (I have the cash to pay them off as soon as they do). [link] [comments]  |
| How can I tell if a college loan is predatory? Posted: 31 Jul 2019 05:04 PM PDT I'm in NJ, looking at college loans for my son. It seems NJ Class/Hessa has lowest rates when comparing to Federal and private loans. But a quick search on "NJ Class" and "Hessa" on r/studentloans brings up a few posts calling them predatory (without explanation.) What should I look out for to spot a predatory student loan? [link] [comments]  |
| Posted: 31 Jul 2019 08:19 PM PDT I've recently applied to refinance student loans through a company well-known for that sort of thing. They accepted my application, and sent me their terms to sign. Looking through those terms, one of the things that jumps out to me is that they claim if a payment is 30 days late they can require I immediately pay all costs associated with the loan (principle, interest, et cetera). For federal loans, which are admittedly much more lenient in many ways, I believe the mark is 270 days, so 30 feels almost shockingly low. I'm hoping the folks of this community can help me understand: is a clause for a thirty-day delinquency leading to default and immediate repayment of all loan liabilities common among lenders? Is thirty days abnormally short (or perhaps even abnormally lenient)? Is there something I'm just fundamentally missing here? Unfortunately, getting this level of detail for other lenders firsthand feels like it would require a whole bunch of applications and hard credit pulls, so I'd rather avoid that. FWIW I am at incredibly low risk of default. That said, I have anxiety issues, so I feel better when I understand what a hypothetical future difficulty might mean, and how I could try to address it. [link] [comments]  |
| If I request deferment (FAFSA), will interest be higher than no deferment request? Posted: 31 Jul 2019 04:20 PM PDT I'm having trouble trying to explain the PLUS loan to my parents because I have no clue which option is my most helpful. We want to pay our loans back with the lowest interest possible. If we start to pay back the loans 60 days after the first school day, will interest be lower or the same? [link] [comments]  |
| Thinking of applying for federal student loan. Couple questions. Posted: 31 Jul 2019 08:05 PM PDT I am about to start a new semester of college. The approx. cost of the program I am in is $3k. I usually do this through a payment plan with the college. But I am thinking of using a loan so I can build credit. My question (that I have not been able to find an answer to in my searchings) is.... Is there a minimum loaned amount required for federal student loans? Any advice is much appreciated. [link] [comments]  |
| Posted: 31 Jul 2019 04:14 PM PDT How do you think this will affect the country on a macroeconomic level, regarding the country as a whole? And how do you think this will affect the country on a smaller economic level, as it concerns individuals and families? I want to open a discussion. [link] [comments]  |
| Posted: 31 Jul 2019 03:22 PM PDT Can I take out a 20k ish student loan from anywhere, with no credit or co-signers? [link] [comments]  |
| Does anyone have private loans through Reliamax? Posted: 31 Jul 2019 02:23 PM PDT Reliamax has been declared insolvent I guess quite some time ago.. I was unaware and was still paying my loans. Most recently when I went to the site to pay it it was completely shutdown. No contact info or anything. Ummm... had anyone else come across this situation? Does anyone have a suggestion of who I could call to find out what happened to my loan. I'm at a total loss here. 🤔 [link] [comments]  |
| Posted: 31 Jul 2019 12:29 PM PDT Are there any existing grant programs that offer awards towards Private Student Loans? My parents made too much money (though they didn't pay for any schooling) so I didn't receive any federal aid. I racked up over 80k in private loans and as many of you know, private institutions make a KILLING off of this, at my expense. I'm going to refinance in the next month or so, but I'm still looking at a long road of expensive payments. I now work in a STEM field so I figured it may be easy to find post grad grants, but from my research I haven't found anything. Does anyone have any insight on this? I live in the state of MD if that helps. [link] [comments]  |
| Student loan dummy here: situation + ELI5 some things Posted: 31 Jul 2019 12:27 PM PDT Hello there, I am an incoming college freshman about to major in computer science. Some background on my case follows: I am attending a state university very close to where I live (10-15 minutes drive). My family (divorced) is not in the best state financially speaking. For the purposes of this post, the tuition is not my concern, as the FAFSA covered the vast majority of it and I'm fairly sure my parents can cover the rest with the money they have. What I'm concerned about here is housing. My housing situation is very precarious right now for reasons I don't want to go into detail with. The plan was to live on campus, but for miscellaneous reasons (which again, I don't want to go into detail with), that's not going to happen, so I have to live off campus. This situation presented itself just recently, far after I received the FAFSA award notification. I was offered plenty of grants and some loans. The grants alone covered a majority of my tuition, and I believed my parents would be able to cover the remainder of tuition and housing so I could live off-campus. They told me just recently (week or so ago) that all in all, they wouldn't be able to afford that (the housing), which I understand. Anyway, I was also offered the standard government loans (the Stafford sub/unsub loans), but I didn't accept those (this was months and months ago, when I still believed I would be living on campus) because I didn't want to incur future debt and believed that I would not need them. I checked my univ's financial aid portal, and it seems like I can no longer accept those loans (which I would take for housing) -- they are all grayed out. I know the first thing that comes to mind is for me to live with my parents, but for reasons I don't want to go into (personal drama and crap), that really wouldn't be the best idea. In short, I think the added value that comes from me living alone and having my own space, resulting in me being able to focus more on my own life, studying more concentratedly, working on things without my parents (especially one in particular) being able to butt in, would be worth the debt I would incur in the long run. I would have a much, much better experience overall and I believe that would translate to higher grades overall, a lower stress level, added time/ability to focus on other things that can enhance my future prospects, all of which would contribute in turn to me being able to find a better job once I graduate college and being able to pay off these loans. Essentially, it's an investment in myself. As I mentioned, my major is going to be computer science, which already translates to a great starting salary, especially where I live, where there are plenty of job opportunities and the COL is pretty medium (not California). So I am not really concerned about my ability to pay off whatever loans I take because as soon as I graduate, I will get to work on getting those things knocked off right away. All of this considered, I know even thinking about taking loans in this situation may not seem like a smart idea from a neutral standpoint, but you really have to be in my shoes to understand why I've come to consider this. Anyway, I'm trying to be informed about all of this before making such a significant decision. I have several questions regarding my situation. Please bear with me if I sound grossly misinformed about student loans as this is the first time I've really thought about them at all. (i.e., treating this part of the post as a r/NoStupidQuestions or r/ELI5 kind of thing) My parents went to college in another country and the system is not the same at all, so they can't really provide any insight, and the majority of my peers are far better off than me financially speaking.
Would really appreciate any replies. It's not a good situation to be in, but it's one I need to tackle, and this sub seems like it has lots of knowledgeable people. [link] [comments]  |
| Pay down SL or invest in retirement? Posted: 31 Jul 2019 08:22 AM PDT 32 y/o currently owe 293K with average interest of 6.14%, but I'm on REPAYE which cuts my interest by 50%. Currently making 135K before tax with minimal COL (average 1-1.5K/month). I've been making aggressive loan repayments anywhere between 4-5K per month for the past 1.5 years (paying off 76K between principle and interests). The original plan was to pay off SL as quick as possible while only contributing to Roth IRA. But, I am starting to panic about retirement, at this rate I won't be debt free for another 5-7 years! At the end of my SL repayment journey I don't want to be behind on retirement savings. Should I invest more into retirement and extend SL repayment? Also, my company does not match for 401K. [link] [comments]  |
| Consequences of NOT renewing IDR Plan Posted: 31 Jul 2019 12:00 PM PDT I currently have roughly $200k of student loan debt. I consolidated the loans 8 years ago and have been paying on a IDR plan since then. Here is my question: If I do not renew the IDR plan, will it mess up my timetable for having the loans forgiven in (roughly) 17 years? The reason that I ask is that my combined increased income (along with my wife) will make the IDR plan about the same as what I would be paying if it relapses. If I could avoid submitting tax stuff every year and just pay the relapsed amount, that would be awesome. Is this a possibility or should I just submit the tax stuff and stay on the IDR plan? EDIT: I am aware of the tax bomb that will happen in 17 years with this plan. [link] [comments]  |
| [ADVICE] Pay Out of Pocket vs Student Loans? Posted: 31 Jul 2019 10:22 AM PDT HELP. Yes, I feel ignorant asking this, I imagine people would use cash if they could over student loans but maybe I'm missing something here and someone can enlighten me. Finding myself in a unique situation where I might be able to escape the grips of student loans but wonder if I should have one anyway to build credit. I have enough money saved up right now to pay the first semester of my masters outright cash and my job offers enough tuition reimbursement to pay the full amount back. I'm wondering if I should just do a never ending cycle of cash and replenishing with tuition reimbursement for the remainder of the program (avoiding interest, fees and, what appears to be from this subreddit, alot heartache and nightmares) or have a student loan for the credit boost and diversity of types of credits. A couple of details for context. The savings I would be using toward this would not level me of a savings, persay. I have a joint savings with my partner and this would deplete a separate personal savings entirely, but itll only be temporary. Credit score currently is in the 800s and my credit diversity only goes as far as credit cards and 1 auto loan. I have no idea if I could take out only a portion of one those unsubsidized federal loans since i dont need the full amount to fund my program. Tuition reimbursement is set up in a manner where I would get paid out after my grades have been released at the end of the term and would take some time to process. Will be mirroring this post in r/personalfinance to capture all seasoned folks in this tricky world of finance. Thank you all in advance for your guidance and advice, y'all are an inspiration, and I wish I can magically forgive all of your loans. [link] [comments]  |
| Posted: 31 Jul 2019 08:06 AM PDT I'm a recent graduate. I have to start paying my loans back in November, serviced through Navient. Very nervous reading about everyone's experience/Navient's legal troubles. Should I try to switch providers? Is this even possible? [link] [comments]  |
| Discharge based on false certification? Posted: 31 Jul 2019 07:24 AM PDT Hopefully nobody else here is in the same boat, but I was wondering if anyone can provide advice on whether my circumstances would qualify for a loan discharge based on false certification. I applied and was accepted into a PhD program based on a proposal to study a given interdisciplinary subject (or rather, to compare two completely unrelated areas of the same discipline - e.g. apples vs oranges, where the discipline is fruit). The school agreed to supervise that topic but does not have anyone who can supervise one of the subjects (they understand apples but don't even know that oranges grow on trees) and never has had anyone with that capacity. Like most PhD programs mine started with an initial class load followed by an exam where I proved that I was capable of writing at a sufficient academic level and quality. This process took 1.5 years. However, when I received my feedback it was clear that no one who had read my work knew the first thing about what I was doing. I have spent over a year now trying to take my problem up the proper chain of command, through one supervisor then the other, then my PhD student administrator, then my dean and Graduate School. My supervisors told me to just write whatever I wanted about 'oranges' and they would make sure my viva examiner wouldn't know the difference, just take the degree and run. This might work for most students but I am not looking to enter academia (and wouldn't qualify anyway), and anyone in industry would know that my thesis is ridiculously wrong and not hire me. The PhD student administrator was so ignorant of the topic their suggestions were actually comical (e.g. 'well caterpillars are basically oranges, lets see if anyone knows anything about caterpillars'). My dean offered to bring in someone who has basic knowledge of 'oranges', but only after I submitted a form stating that I would be leaving the University. I have declined the offer given that the costs of the program are much higher than I initially anticipated (funding that never appeared, jobs handed only to students who don't make trouble, etc.) and I have a severe lack of trust for this institution. Also, this will have significantly extended the time it takes me to finish, and I anticipate they won't be willing to pay me back for lost tuition, living expenses, and time (I have not yet broached the topic as I know they will immediately become defensive and at the moment they are willing to help me relocate somewhere more suitable). Given that they do not have the capacity to teach the subject they agreed to teach, have never had that capacity, and either knew or reasonably should have known about their lack of capacity, would their certification of my loan be considered false based on my inability to benefit? Edit: I was charged tuition, but this was for supervision only; the courses I attended were audited and therefore free. Edit 2: This is not a US university, so the application and acceptance procedures for a PhD are not the same as for a US institution. [link] [comments]  |
| Posted: 31 Jul 2019 05:48 AM PDT I have just started to pay off my loans but am very upset about my Navient loans and would like some advice. I graduated undergrad and worked then did my graduate studies, over the course of those years due to a clerical error I 'left' the school for about 6 months (literally 3 days past the grace period) I was still studying and everything this was just on paper. As a result of this, my loans went from in-school deferment to payment and the interest was capitalized. I then reentered school and my loans went back to in-school deferment. BUT my Navient loans started to have the interest capitalized quarterly rather than at the end of deferment. None of my other loan providers did this. I complained to Navient about this and have been stonewalled with them refusing to answer emails (I can't call since I am not working out of the country and don't have a phone yet). Am I wrong to have them change this? How can I force them to? How on earth is it fair for them to change the rules for when interest is capitalized? Finally, it is a variable interest loan and is currently at 12% for a 10-year period! All my other loans are under half that for the same time frame. Is there any way other than refinancing which can reduce my interest rate? TL;DR Navient changed when my interest is accrued and I have an insane interest rate. [link] [comments]  |
| Posted: 31 Jul 2019 04:59 AM PDT So I'm entering my final year of school(for the second time), and since I've already received a bachelors before I'm now just hitting my federal maximum. I knew i was close but because my school doesn't deal with finacial aid until the end of July, I've been frantically looking at my options to cover my last two semesters totalling around 12k. My dad suggested taking out a loan against my life insurance policy, though i vaguely understand the concept and it sounds like my best option, I'd like to hear if there are any other options out there besides private loans. All advice is welcome. Thanks [link] [comments]  |
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