Feeling lost and overwhelmed, but determined to start strong Student Loans |
- Feeling lost and overwhelmed, but determined to start strong
- Loan amount randomly capitalized
- If I pay off a significant amount of my loans in one year, can I lower the minimum monthly payments?
- Not sure what the best plan of attack is..
- Feasible to cover the rest of my expenses during college with student loans?
- Student Loan repayment despite program cancellation
- First Time Applying for Student Loans- Where to start?
- I have a 130,000 Loan @ 4.873% for 20 years. Is this interest rate any good?
- Should I even bother with PSLF with this amount of loan I have?
- Possible scam?
- Private Loans , Public Service Loan Forgiveness Program, HELP
- Still in default even if loans timed off credit report?
- Could a private loan prior to 2010 also be federally backed ?
- Is it worth refinancing if I plan to pay off my loans in 6-12 months?
- Why does the Brunner Test make me think of an old lady with no teeth?
- Looking for doctors who've had any luck obtaining PSLF and actually having their debt discharged after 120 payments. I am currently in PSLF and I am growing increasingly more skeptical of my debt being discharged at the 120 payment-mark, based off the experiences of others.
| Feeling lost and overwhelmed, but determined to start strong Posted: 25 Oct 2019 11:18 AM PDT I'm a 21 y/o young professional who lives and works in DC-- just graduated college in May and currently make $45,000 per year. Younger me made some pretty awful decisions surrounding student loans/private university, and with the help of my parents, I accrued $111,500 in student loan debt (private and federal, not including interest) for my undergraduate degree. That's water under the bridge now, and regardless of my circumstances, I'm hell bent on paying these bastards off as soon as possible. After my living expenses, I'm able to throw $1,200 per month at my loans. I'm coming to this sub for guidance on how to segment my money to pay them off in the most efficient way possible. I don't think refinancing is an option, as I cannot qualify on my own, and my parents do not want to cosign on anything else. They will not be helping me make payments, which I am ok with-- there's nothing I can do to change this particular circumstance. Here is a rough breakdown of my loans:
GRAND TOTAL = $111,500 / $1,022.48 per month After paying the minimum for each set of loans, I'm left with an additional $177.52 that I plan on throwing toward loans. I get paid twice a month (on the ~15th and the last day of every month), so I can allocate $600 from each paycheck to put toward loans. My payments are due starting 12/08/19. I plan on paying on November 1, 2019, with my next paycheck. I'm thinking I will sign up for autopay on the first of every month, and then manually pay again on the 15th (sometimes my paycheck comes a day before or after, so I don't want to miss an automatic payment). Here is where my confusion starts-- I don't know the best way to pay.
I'm sorry for all the questions-- I'm trying to get a handle on everything. I won't lie-- I've been feeling a lot of pressure lately and may or may not have cried in the bathroom at work earlier. I'll be online to answer questions, and of course, THANK YOU to all of the people on this sub. I've already learned a lot, and I'm looking forward to learning more. [link] [comments]  | ||||||||||||||||
| Loan amount randomly capitalized Posted: 25 Oct 2019 08:47 PM PDT I had 224K in direct student loans in IBR under repaye with Great Lakes. I check my student loans each month. Last month my principle was 224K. This month it shot up to 244K - while my interest was reduced by that same 20K. I reviewed my loans and noticed two in particular - had changes. Last month my US Department of Education loan had a principle of $56,215.68. and interest of $12,447.56. This month the principle jumped to $63,026.58 and the Interest dropped to $6,575.29. Last month my U.S. DEPARTMENT OF EDUCATION had a principle of $68,317.59 and interest of 20,437.75. This month that same loan jumped to $80,926.34 in principle an $9,738.77 in accrued interest. My first thought was that 20K somehow capitalized. I have been in the same repayment play for the last 5 years and have, seemingly, never changed it. I have been paying the new-yearly amount for the last 3 months now (meaning it changed slightly like it does every year based on my salary). I was not late to recertify - and recertified the first day it was available to do so. I have never been in forbearance or deferment and i have not consolidated this loan. I have also been out of school for about 7 years now. Does this make sense to anyone? I am obviously reaching out - but it is midnight on a friday. I'm the type of person who checks his loan balances at midnight on a friday - so - other than being a little off - i like to think of myself as having a decent understanding of how this all should work. Any insight would be appreciated. Thanks [link] [comments]  | ||||||||||||||||
| If I pay off a significant amount of my loans in one year, can I lower the minimum monthly payments? Posted: 25 Oct 2019 07:31 PM PDT I'm graduating with a masters next year and will have about $110k in federal student loan debt between my undergrad and masters. I understand that with debt like that, I'll have minimum monthly payments of something like $1,200 (or more). If I were to live at home with parents for a year after graduation and pay off say $50k of my loans during that one year period, would I have any options to then lower my minimum monthly payments? [link] [comments]  | ||||||||||||||||
| Not sure what the best plan of attack is.. Posted: 25 Oct 2019 07:25 PM PDT Hi All, I'll get right to it... My Loans: - Navient: $46,751.79 @ 3.4% - 6.8% Est pay off: 11/2026 with min payments (paying $678/mo just a few dollars over the min, i just round up to the nearest dollar lol) Wife's Loans: - Discover: $13093.11 @ 10% Est pay off: idk, i think 2027 (paying $286.21/mo, min $197.91) - Great Lakes: $1821.58 @ 3.15% Great Lakes: $400.30 @ 6.55% Est pay off: i believe 36 months with min payments (paying $100/mo, min is $61.37) Things to note: I also pay off some loans in my dad's name, about $652/month. My brother pays the other half of these, he doesn't really want to refinance because you lose the federal protections or whatever. thoughts? (total on that is just over 100k @ 6.4% - 7.9%...literally not decreasing) We are having a baby due in 3/2020 and will be moving in 2/2020 upgrading from a 1 bd to a 2bd. i have $25k in cash, probably going to be using some of that when we move (first, last, fees). Should I refinance or pay off any of these? THANKS! [link] [comments]  | ||||||||||||||||
| Feasible to cover the rest of my expenses during college with student loans? Posted: 25 Oct 2019 07:03 PM PDT I'm pursuing an EE degree and in order to finish in the next 3 semesters I am considering quitting my job and paying my entire way with student loans, as the workload is going to substantially increase for me and I am unsure I could swing it while also juggling employment. My job is food service (12 an hour, 20 hours a week). Currently have 7500$ in federal loans for this semester with another 7500 coming next. Also have 8000 left on a car. Credit Score is 760+. I know the amount of debt i would gather would be manageable once i begin my career, but I do not know if private institutions would provide the money to me as I would have no income and no cosigner. Any guidance would be appreciated. [link] [comments]  | ||||||||||||||||
| Student Loan repayment despite program cancellation Posted: 25 Oct 2019 02:16 PM PDT Hi guys, if this isn't allowed please delete. I had a question regarding what to do about my student loans. I live in Canada and went to a university in my area in late 2012 til about 2014. I know I haven't been in university for a while but I still have tons of debt from it. The issue I faced is that they cancelled my program halfway through my studies and instead of letting us finish the program we signed up for they swapped it over to courses in sociology (I was studying Anthropology). Is it worth trying to make a case against the university or the student loan centre? Any one else experience this and have any advice? Any help would be greatly appreciated. Thank you. [link] [comments]  | ||||||||||||||||
| First Time Applying for Student Loans- Where to start? Posted: 25 Oct 2019 01:33 PM PDT Looking for help and advice on how and where to start on taking out student loans for the first time? Part time student? This spring starting my 5th year undergrad & taking only 7 hours. This will be my first time taking out student loans for tuition and living, since my parents can no longer help financially (understandably!). After finishing my 4th year in 2017, I unexpectedly had to take off from school & move back home due to medical/health issues. So this upcoming spring will be my first time starting back up and getting back into things since then (why I'm taking only 7 hours). I have 20 hours left to finish undergrad degree. What options do I have since I will be part time student? Any advice on where to start? What to look for? Thanks in advance for any advice! [link] [comments]  | ||||||||||||||||
| I have a 130,000 Loan @ 4.873% for 20 years. Is this interest rate any good? Posted: 25 Oct 2019 04:54 PM PDT Just curious to hear what other people are paying for similar terms. My loan was with Earnest, but recently moved to SoFi. [link] [comments]  | ||||||||||||||||
| Should I even bother with PSLF with this amount of loan I have? Posted: 25 Oct 2019 10:49 AM PDT To give some context, I graduated with my MSW (master in social work) this past August with ~35k in student loans (all federal). My expected salary will be ~48K and more if I work odd hours/holidays. My question is, with my salary and student loan amount, should I bother paying the minimum to qualify for PSLF? I will be working in a non-profit sector so I would be eligible for PSLF. A few told me I should do PSLF but personally, I would rather just pay everything ASAP since it looks to be doable. Some insight would be great! Thanks! [link] [comments]  | ||||||||||||||||
| Posted: 25 Oct 2019 08:13 AM PDT I went to a private uni and was blessed with the privilege of not needing to take out a loan since my dad had been saving for me since I was born. That said, evidently I took out a 6k loan with the Dept of Ed and it's been given to Navient to handle it. I do not remember ever taking this loan out, but there's a promissory note. My question is: has this happened to anyone before? Is this a thing? Or am I just trippin' and experiencing major memory loss? [link] [comments]  | ||||||||||||||||
| Private Loans , Public Service Loan Forgiveness Program, HELP Posted: 25 Oct 2019 10:11 AM PDT I am completely new to student loans! About 4 months ago, my payments started. I didn't even know what types of loans I had or for what amount. My mom took all of my loans out when I went to college, and she sadly passed away 5 months before my graduation. So, I just recently was able to get into my accounts and I attended a student loan workshop through my teachers' union. One of my loans is federal, and so I was able to follow the steps for it to be included in the public service loan forgiveness program (that whole 120 on-time payments = the rest is forgiven deal). BUT, unfortunately, a majority of my loans are through Discover. My union rep suggested finding a federal bank to refinance/consolidate them, and then they'd become federal loans and I could add them to the loan forgiveness program? HOWEVER, I'm trying to research that process and everywhere I go says private loans will always be private & will need to be refinanced through Discover. WHAT DO I DO? I will never be able to pay off these private loans. [link] [comments]  | ||||||||||||||||
| Still in default even if loans timed off credit report? Posted: 25 Oct 2019 09:24 AM PDT Hello! I am interested in attending college in California after I reach my year of state residency, but would need the Cal Grants to do so. One of the requirements to receive the grants is to "not currently be in default on a student loan" though I'm not sure if that applies to only federal loans or if it includes private loans. I defaulted on private student loans from my first attempt at college in another state about 10 years ago. The loans have since "timed out" and so they're off my credit report. I haven't been able to find out from the internet if I'm still technically in default or not. Anyone know? And regardless of that, would the Cal Grant board have access to my default records if it's not on my credit report? I don't want to contact any schools about it because even though I didn't move to CA to go to school, it seems like they're pretty strict about residency requirements and it seems like if they catch wind of my intention to do school, it might prevent me from ever being considered a resident for tuition and aid purposes. Thanks! [link] [comments]  | ||||||||||||||||
| Could a private loan prior to 2010 also be federally backed ? Posted: 25 Oct 2019 07:31 AM PDT The lawyer I talked to said there is a possibility my private loan could be considered a federal loan and not eligible for Statute of Limitations. The promissory note signed says it was backed by Principal Bank, Iowa Student Loan, and does not show up on the list of federal loans on the website. I consolidated all my federal loans in 2005. And they were all garnished after I defaulted on them. This one was not. It's been 14 years since I defaulted on this loan, and I want to use SOL as a defense, but now Lawyer has me confused. :( [link] [comments]  | ||||||||||||||||
| Is it worth refinancing if I plan to pay off my loans in 6-12 months? Posted: 25 Oct 2019 10:06 AM PDT Hi all, I have about 50k in loans at 4.64% on a 5 year plan with SoFi. I got some estimated rates that show I could refinance down to 3.5-3.8%. I will have enough money saved up to completely pay off my loans in 6 to 12 months if all goes well. I can't decide if it's worth the hassle of refinancing again, I'm guessing I would only save a couple hundred dollars. [link] [comments]  | ||||||||||||||||
| Why does the Brunner Test make me think of an old lady with no teeth? Posted: 25 Oct 2019 12:44 PM PDT You know what the Brunner Test is, right? It's to determine whether your student loans can get discharged in bankruptcy. So why does that test make me think of a toothless old lady? Why do I think of the Brunner Test as the "no-teeth Brunner Test?" [link] [comments]  | ||||||||||||||||
| Posted: 25 Oct 2019 08:48 AM PDT Using an accounting/law firm to assist me with the process. They say I am on-track as long as nothing changes with my employment. [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