What to do if my parents won't qualify for the Parent Plus loan? Student Loans |
- What to do if my parents won't qualify for the Parent Plus loan?
- How do I get student loans? Do I go to a bank or what?
- Saying you live at home VS renting on Student loan applications
- switch from income based to standard plan?
- Student Loan Decision! HELP!!
- WSJ Article on Debt Relief Scams
- Student Loan Grace Period Almost Over
- What would the best option be.
- Deferred Student Loans
- I have a public job, will loan deferment affect the qualifying payment?
- What are my best options for a loan of 20k?
- Nelnet Loans with a Parent Plus Loan
- Screw my debt?
- 267k and Climbing
- Interest math doesn't add up?
- Student Loan Stacking [QUESTION]
- Financial aid refund question
- Splitting Loans from Parents
- Desparately need advice with my last resort
- Student Loan Planner - Travis
- Parent Plus Loan Refinancing Help
- Taking out subsidized loans illegal?
- I wanna know how screwed I am
| What to do if my parents won't qualify for the Parent Plus loan? Posted: 27 Aug 2019 11:37 PM PDT Long story short, I need approximately $10,000 total for tuition this year after scholarships. My college's financial aid page says I qualify for approximately 6k total in stafford subsidized and unsubsidized. I need to take out another 4k in loans. Parent Plus loans aren't an option as my mom has bankruptcy on her credit so she wouldn't get approved, and even if she did get approved, I don't want her taking out a loan to fund my education. She's already allowing me to live at home for very cheap while I'm in school. I would like to avoid private loans as much as possible. I thought I remember reading that if your parent applies and gets denied for the Parent Plus, I might qualify to take out a larger amount of stafford loans in my name? How would I go about doing this? Thank you in advance. [link] [comments]  |
| How do I get student loans? Do I go to a bank or what? Posted: 27 Aug 2019 08:49 PM PDT I'm 20M and I really want to go to college and start my career. I have no idea how to take out student loans or who to talk to about that. Any help is appreciated. EDIT: this got way more attention that I expected. Thank you all so much for taking time to reply!! I will read over the comments in the morning [link] [comments]  |
| Saying you live at home VS renting on Student loan applications Posted: 27 Aug 2019 12:23 PM PDT Is there any benefit to saying you live at home? Can they verify if I live with my parents or not? Trying to get the best rate possible and not sure if this will help me or hurt me. Thanks! [link] [comments]  |
| switch from income based to standard plan? Posted: 27 Aug 2019 11:35 PM PDT Hi everyone, quick question: I am currently debt snowballing mine and my wife's $1xx,xxx+ in student loans and will have them completely paid off in approx 2 years (thank you Dave Ramsey!) if all goes according to plan. They are currently in an income driven plan but I obviously am paying extra every month. Is there any benefit to looking into switching back to standard payment plan? Or just continue to stay the course? [link] [comments]  |
| Posted: 28 Aug 2019 02:34 AM PDT Hello redditors! This is my first ever reddit post but I'm really out of my depth in the world of loans (luckily?) TL;DR should I use federal loans to pay off private loans? using debt to pay off other debt? Anyway, I'll try to explain this well. I'm doing an accelerated nursing program, second degree BSN. My undergraduate degree, the first one, was paid for by my parents- I'm extremely thankful for that. But they said they'd pay for one degree, which is completely fair. So here I am taking out loans for this one. For everything- living expenses included. So I'm racking up quite a bill as you can imagine. Here's the situation I need advice about: This is my last semester, and I still have federal loans to use since those weren't used in my first undergraduate degree. For this semester, the loans available total $6,184. ($2,721 from Federal Subsidized Loan and $3,463 Federal Unsubsidized). This amount has already been applied to my account balance for this semester. Okay so I received, thankfully, a $9,000 scholarship for this semester, a true blessing. Some of this will go to my remaining balance ($1,242 of tuition/fees) and some to my living expenses (rent, groceries, gas) for this last semester. But the rest I will have leftover. I could return the Federal Loans then for this semester/cancel them. They are automatically at 4.5% interest, I'm assuming this interest rate is for all federal loans? HOWEVER, from past semesters of my program, I have $21,273 of loans/debt through Sallie Mae, at interest rates ranging from 8-12% based on the loan. Here's my question and the reason for this post. Should I keep the federal loans that I have for this semester, that I've just been given, and use these funds to pay off some of my Sallie Mae debt, since the interest rates for the Sallie Mae loans are way higher??? OR do I just cancel the Federal Loans for this semester Thanks reddit! [link] [comments]  |
| WSJ Article on Debt Relief Scams Posted: 27 Aug 2019 09:25 AM PDT Thought you might find this of interest Soaring Student Debt Opens Door to Relief Scams Same testimonials appeared across 26 websites of supposedly different companies; former employee says company submitted claims based on false information By Jean Eaglesham, Michael Tobin, and Coulter Jones Aug. 26, 2019 9:40 a.m. ET Financial Preparation Services of Irvine, Calif. boasts on its website three glowing testimonials for its debt-relief services for studentloans. It quotes Anthony Zwichirowski of California, Dawn Robinson of New Hampshire and a smiling Dean Edelman of Virginia, who says using the company "was the smartest move I have made since graduating." One or more of the three ostensibly happy borrowers also appears, with slight variations, on at least 25 other websites of purportedly different companies offering student-loan debt-relief in the last four years, The Wall Street Journal found. Student debt is soaring —it is now nearly $1.5 trillion—and defaults are at a record. That has been fertile ground for companies that promise to help stretched borrowers by navigating the maze of federal programs that can reduce or forgive debts for those who qualify, such as public-service workers or people on low incomes. Some companies operate legally, although there is nothing they offer that borrowers can't get free, regulators say. Other firms are outright scams , or make promises to borrowers that are illegal, regulators and consumer advocates warn. Financial Preparation Services has submitted claims for federal relief based on fictitious information, according to a former employee. Sales teams within the company also switched regularly to using new corporate names and websites, the former employee said. The company is one of several about which federal regulators are demanding information, according to a bankruptcy court filing. Many of the websites on which the three testimonials are featured appear to be carbon copies, with only the company's name changed. A few companies attributed the same quote to different people: Dean Edelman becomes Dean Ederman of California, for example. Other websites used the same names and photos with different quotes. Financial Preparation Services didn't respond to emails requesting comment, and couldn't be reached by phone at the number listed on its website. The Journal wasn't able to find Mr. Edelman, Mr. Zwichirowski and Ms. Robinson or ascertain whether they were indeed real people. A record $89.2 billion of student loans was in default at the end of June, New York Federal Reserve data show. Of the $1.48 trillion outstanding, 11%, or $160 billion, was at least 90 days behind on repayments—and the true rate is likely double that, because only half the loans are currently in repayment. "We'll do the work for you," Financial Preparation Services says on its website. "No more drowning in a sea of confusing paperwork and processing!" Its fee: $1,195 for document preparation, then $40 a month for almost 20 years—a total of $10,555—according to a 2018 client agreement reviewed by the Journal. Regulators, including the Federal Trade Commission and the Consumer Financial Protection Bureau, share oversight of such companies. One issue they face is the sheer number of small firms offering these services, many using several names. "This is a relatively target-rich environment," Michelle Grajales, an FTC attorney, said in an interview. "There are unfortunately a lot of companies that still appear to violate the law." Ms. Grajales didn't comment on Financial Preparation Services specifically. The regulator has filed nine civil cases against alleged student-loan debt-relief scams since 2017, involving a total of 77 different companies. Financial Preparation Services isn't among those companies being sued. Many of the FTC cases allege that the companies charged upfront fees for debt relief, which is illegal, or engaged in other prohibited practices such as masquerading as being government-approved, or faking information on applications for federal relief. Stephanie Beger of Moscow Mills, Mo., a former teacher turned paralegal, says Financial Preparation Services promised to help reduce payments on her $109,000 of student loans when she contacted them in October in response to a text message. "I told them I was married, and we have two incomes and no children," she said. Ms. Beger signed up. In April, she says she got a notice from the government that a payment was due, and discovered when she called up that Financial Preparation Services had used false information about her to apply for debt relief. "I was told the paperwork said I was a single mother of six," she said. She said she made clear that she had no idea what the company had submitted. She complained to the Better Business Bureau. In response, Financial Preparation Services refunded the fees she had paid. The company wrote an online response on the BBB's website: "We apologize for your negative experience…We will continue to perfect our process so mistakes do not happen on our clients accounts." A report by the Government Accountability Office in June identified "indicators of potential fraud or error" in the income-related student loan relief program, including 40,900 plans that were approved based on family sizes of nine or more. Salespeople at Financial Preparation Services until recently often submitted claims showing a family size of six or seven to qualify callers for debt relief, without the borrower's knowledge, a former employee told the Journal. It couldn't be determined exactly why it changed the practice, but a company email seen by the Journal said that too many of its claims were being rejected. Financial Preparation Services operates under several different identities, creating new websites every few months, the former employee said. A copy of a sales script, reviewed by the Journal, instructs salespeople when they call customers about payments: "MAKE SURE YOU HAVE THE RIGHT COMPANY NAME: Hi this is NAME with [COMPANY]." The Journal couldn't determine the date of the script. Red Flags for a Student Loan Debt-Relief Scam The Federal Trade Commission says borrowers should beware of companies that: • Charge upfront fees. It is illegal for companies to make you pay before they help you. • Promise fast loan forgiveness. Scammers may pretend to offer an easy way to wipe out loans—it doesn't exist. • Pretend to have official endorsements, such as using Department of Education logos. The government doesn't approve any debt relief companies: it advises if you have federal loans to go direct to https://studentaid.ed.gov/sa/ • Try to rush you into signing up. Companies may say you have to act fast to qualify for programs: Check them out before you commit to anything. • Demands your student loan ID, or asks you to sign a power of attorney, to deal with the government on your behalf. You can lose control of your finances, and be cut off from information on what's happening to your loans. Consumer Advocacy Center—doing business as Premier Student Loan Center, whose website quoted identical testimonials to Financial Preparation Services—filed for chapter 11 bankruptcy in January. It shut down because of lawsuits by former clients and "investigations from different state attorney generals," according to a court filing. Despite pretax revenues last year of more than $19.4 million, the company had only $24,500 in its bank account when it filed the petition, the bankruptcy trustee said. Albert Kim, the company's owner, told a bankruptcy court hearing "the possibility of getting into a big lawsuit with, you know, federal regulators made it basically not worth it to continue at that point." Mr. Kim didn't respond to requests for comment. His lawyer, Peter Levitt, didn't respond to specific questions but said in a statement that Mr. Kim is committed to ensuring all the businesses he is affiliated with operate legally and to "identifying and correcting any compliance deficiencies." After the bankruptcy, Premier Student Loan Center's operations appear to have carried on as Financial Preparation Services. In addition to the testimonials on multiple sites, both companies use the same Irvine address on their business license. The Journal also identified several employees who worked for companies with those names according to their social media accounts. In July, the CFPB filed a subpoena in the Premier Student Loan bankruptcy case, demanding information be sent to the regulator and U.S. Attorney for the Southern District of Florida. The subpoena named eight companies, including Prime Consulting LLC, which does business as Financial Preparation Services, and 11 people, including Mr. Kim. The CFPB didn't respond to a request for comment. A spokeswoman for the U.S. Attorney for the Southern District of Florida declined to comment. One of the companies named in the subpoena is True Count Staffing Inc., which does business as SL Account Management, also based in Irvine. A representative declined to comment and the company didn't respond to an email seeking comment. Since the start of 2018, SL Account Management has racked up more than 70 complaints with the FTC, according to a public records request. One borrower, who described himself as a "war veteran who just wanted to go to college to pursue happiness," said last year in an FTC complaint that his tax returns and wages have been garnished, he has lost his truck, and "not 1 single cent of my debt has been diminished." [link] [comments]  |
| Student Loan Grace Period Almost Over Posted: 27 Aug 2019 03:48 PM PDT Honestly have no idea what to put in the title so please forgive me. I dropped to less than half time student during Spring 2019 semester so my student loan grace period is ending next month and that's when my payment is due. While I can afford to make payments as I have enough money saved over, I don't have any taxes filed with the last several years because I didn't work and I moved to a new state away from family. Would I need to file my taxes in order to get an income driven payment for my loans? I'm in the process of finding a job. I didn't graduate yet and plan on being a full time student Spring semester of 2020. If I do that and pay off interest off the current and future loans I'll have, will all those loans be halted for awhile? Before I have to start paying off loans again. [link] [comments]  |
| What would the best option be. Posted: 27 Aug 2019 04:40 PM PDT I have been browsing this sub for quite some time. I have a BS and a MA. About 54k in a mix of sub and unsub loans through MGL. Interest varies from like 3 to 6%. I'm on an IBR at about 59 per month. I also have 2 loans with Sallie Mae which will be paid off in 2025 I pay about 360 and 2 with navient which are done in 2022 at about 250. My current salary is about 42k I bring home after insurance and 401k and any ot about 2200 per month. Promotion should be coming within the next 6 months. Which would bump me up to about 50k not including relocation packages and stock options. I work for Amazon they give some pretty good incentive to stay. The 2 navient loans I can pay off before the 2022 mark with my tax refund and any extra savings. The 2 Sallie Mae is a little harder. I have about 7k in credit card debt which I am also trying to pay off aggressively. I've made a good dent in it. I was at about 11k last year. I am getting married in Jan my fiancee has just about 6k in cc debt and a car lease. but we plan to move out within 2 years so k want to get us in the best financial shape. We keep our finances separate so I won't be asking him for help. My question is though when I check my standard repayment plan on MGL it raises the payment. It says about 674. Once I pay off the navient I could afford the 600 payment. But idk much about the loans and would it make more sense to stay in ibr and through the extra money at it or enter the standard repayment and just pay the 10 years. Sorry for spelling and grammar and editing I'm on my phone. Any help and advice appreciated [link] [comments]  |
| Posted: 27 Aug 2019 06:16 PM PDT Hello all- I have three deferred student loans that are seriously decreasing my credit score. They currently say that they are "past due"... is this how they will continue to read on my credit score? When does this change? TIA! [link] [comments]  |
| I have a public job, will loan deferment affect the qualifying payment? Posted: 27 Aug 2019 09:45 PM PDT Hello, For the past few years I have made the qualifying payment of $0 towards my loans. I have a public government job so I'm working towards loan forgiveness. However I've had a jump in income and now they're asking for a monthly payment of $300 which I cannot afford. I can afford max of $100. What are my options? Will contacting them and possibly taking a deferment affect the qualifying payments made towards forgiveness? EDIT: I just found an answer to my deferment question. So while on deferment the qualifying payments do not apply. Therefore I'm only delaying the forgiveness date further. I'm unable to afford the monthly payment now. What should I do so I don't miss the qualifying payments? Please help! [link] [comments]  |
| What are my best options for a loan of 20k? Posted: 27 Aug 2019 05:41 PM PDT I've been doing the groundwork, looking through the different privet loans out there and still very unsure which looks best. Is sallie mae my best bet? [link] [comments]  |
| Nelnet Loans with a Parent Plus Loan Posted: 27 Aug 2019 05:54 AM PDT Hello my fellow debt friends, So I have 2 loans right now through Nelnet (formerly Great Lakes) . Loan 1: $11850 at 8.5 % Loan 2 (parent Plus): $48400 at 8.25% My biggest problem is that I cant seem to do anything to get my dads SSN off the loans and that means I cant consolidate them or convert them to a PSLF loan. I work for the postal service and would qualify but since the loans are partially under m dads SSN, the work history of the account reflects his job and Im unable to convert them to the PSLF loan. I need to figure out a way to somehow get my dad off of these loans so I can have the freedom to consolidate and refinance. I tried reaching out to banks for a personal loan to buy out the loans and repay the bank but that hasn't worked either. Does anyone have similar issues? Anyone have any advice on what I can do? Thanks in advance. Edit: I jusr realized my dad had worked as a janitor at a public school as a part time second job for the last 14 years , could that be used in any way towards PSLF? [link] [comments]  |
| Posted: 27 Aug 2019 07:15 PM PDT I'm going into a doctoral program and about to sign myself up for over $145,000 in student loan debt. What is the best way to try to pay this amount off? Or should I just pay the minimum and hope it gets forgiven after 10 years? Everyone I talk to in person seems to not be worried about the debt "since we have so much already", BUT IM WORRIED, OKAY JANICE?! Im relatively young, married, no kids, and don't want this to ruin my future. Advice? [link] [comments]  |
| Posted: 27 Aug 2019 10:20 AM PDT I'm a little panicked, if I'm being honest. All of my loans are graduate and I'm on an income-based plan, but at the interest rate I'm paying, the income-based payments don't even service the interest. It got this high because the job market was tight when I came in and I was looking for work for a while, and then I was the victim of a violent crime and was out of work for a period. I'm technically current and have never missed a payment but they just keep going up and up. I have a great job now, I'm making right at six figures and supporting my household, and I still cannot service the interest on the debt. Does anyone know something I don't? [link] [comments]  |
| Posted: 27 Aug 2019 03:49 PM PDT In looking at a projected loan calculator, I noticed that the total cost (including principal and interest) seems to be obscenely high. With a $12,000 loan, 6-month deferral, 1-year graduation, 10-year repayment, and 6.9% fixed APR, the total is $18,270. I have another loan for a similar interest rate and the projected total payment is much lower. Can someone check the math/explain where the $6,000 is coming from, please? Or am I just not calculating things right on my end? Many thanks! [link] [comments]  |
| Student Loan Stacking [QUESTION] Posted: 27 Aug 2019 03:10 PM PDT What is the disadvantage of taking multiple loans per year versus one big one covering the whole cost. Say instead of one 30k loan, take 3 10k loans to pay each quarter for the year. Wouldn't that save interest? Plz lmk if this works or makes sense. Thanks [link] [comments]  |
| Posted: 27 Aug 2019 01:08 PM PDT If i were to withdraw with financial aid paying my tuition and have a refund of $2725, do I pay back the college using my own money or from the financial aid refund? Is it even possible to pay with financial aid refund? What else do I have to owe them? (No student loans taken out) [link] [comments]  |
| Posted: 27 Aug 2019 01:03 PM PDT Hi, looking for advice on how to consolidate/refinance the below loans. I looked through and tried to find relevant threads so apologies if this is a common post. I have: Great Lakes loan totaling $11k at 3.5% My parents have: Great Lakes loan totaling $134k at 7.4%, and a Sallie Mae loan totaling $42k at 13%. Obviously the loans in my parents names are larger and the interest rates are worse, but the plan was always to come to a 50/50 split. However I have made payments to lower my principal, while my parents loans have accrued interest and are larger than when taken out. Are there lenders who will just total the above and split it 50/50, or since one is a parent plus does that change it? [link] [comments]  |
| Desparately need advice with my last resort Posted: 27 Aug 2019 12:24 PM PDT So I've found myself in a bit of a pickle: I'm going into my 5th year as an out-of-state computer science student, and I took a risk with a job offer at a startup that would allow me the flexibility to finish the last few classes I have left (very difficult to finish under four years in the program I'm in) and work remotely. The gig was going to pay very well, I had no concerns about covering cost of living and school, and I swapped to an expensive room in our place. However, about four days before I was supposed to start (~2 weeks ago), I got a call basically telling me that they were going under and weren't going to be able to respect any of the employment offers they made. I now have about a week and a half to make a payment for classes and am taking a look at private loan agencies to cover my rent and tuition for the following 1-2 quarters. Some info:
I only have three classes left before I have my degree, and I need to finish my degree above all else so I can move forward and start working. I'm not entirely sure how to proceed. Which offerers would be able to accommodate my situation? Do I even have enough time to apply and qualify for a private loan? Is there a general minimum credit score to qualify for most of them? What are the common minimum credit-hour requirements for them (since my last quarter would potentially be only one class)? In general, any insight into what might be the right path to take here would be greatly appreciated! Edit: I have already explored local work opportunities and it seems there is essentially nothing available that would even touch most of my expenses [link] [comments]  |
| Posted: 27 Aug 2019 07:49 AM PDT Hi guys, I have a huge amount of student loans from law school. I'm trying to figure out how to best tackle it. I've seen the Student Loan Planner website and I am interested, but the only reviews are either on the website and it's affiliates or are on paid for by the website. I don't want to spend more than $500 if this won't actually help me. Has anyone ever used Student Loan Planner? What are your thoughts? [link] [comments]  |
| Parent Plus Loan Refinancing Help Posted: 27 Aug 2019 11:13 AM PDT I'm 23 & Went to school for my Cdl 2018 in Connecticut and got approved for student loans before realizing I could've gotten a grant a few months later For some reason they wanted my 2015 income and since my mother worked for the state & I had 2 part time jobs they said we made " too much " and I have to pay back about 10.5k on 7% interest They put 7k into my mothers name & 3500 into my name & since I'm paying for both is it possible for me to refinance and place both into my name with a lower interest rate ? [link] [comments]  |
| Taking out subsidized loans illegal? Posted: 27 Aug 2019 10:28 AM PDT I received $5500 in subsidized student loans each yr for two years so far from my school, but I just keep it in a savings account and I dont use it. Is it illegal to do this? I am thinking about returning the money since I dont need all of it. [link] [comments]  |
| Posted: 27 Aug 2019 02:08 AM PDT I just recently took a leave of absence from a degree program my parents picked out due to being really unhappy. I just decided to leave school last week, so I was wondering if all of the summer counted as 3 months out of my 6 month of being a non full-time student grace period? [link] [comments]  |
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