Finally Student Loan Debt FREE!!! Student Loans |
- Finally Student Loan Debt FREE!!!
- Getting offers to refinance but I just graduated.
- Final Payment?
- Help choosing best way to
- 35k in debt for nothing
- Semester Off then Dental School
- Not Paying Parent Plus Loan
- Income driven renewal
- Question about refinancing
- Can you refinance your student loans while in your grace period?
| Finally Student Loan Debt FREE!!! Posted: 04 Oct 2019 05:11 AM PDT The payment finally cleared. It finally says that my balance is $0.00. I haven't been without student loans since 2001 when I started grad school for the first time. I finally did it. I'm finally free. I finally don't have to make the payments each month, and finally don't have to make the extra payment anymore. Its over. I initially had just sallie mae, then went back to grad school, and just piled on more debt. This time it was Navient and the rate was 6.8%, excuse me 6.55% with autopay discount. Then after a few years I wanted to hit the accelerator and get them paid off so they didn't just sit there soaking up interest. I routinely figured up daily interest so that it would keep me pissed off and on the right track. For most of the timeline with the Navient loans I was paying about $20/day in interest. Two years ago I decided to refinance to decrease my interest rate. I applied to a couple of places but the best rate at the time was with Sofi. I got a good rate and got to work. I made spreadsheets, and figured interest, tracked spending, tracked progress, and even made a stupid poster board that I hung in my closet that I had to look at every morning and got to mark off the principal. Some months were painfully slow. Its over though. I finally have a positive net worth, which hasn't happened in a long, long time. In total I paid off 176,531.96 in principal. After all these years, its just no more. I appreciate the encouragement, knowledge, and community. [link] [comments]  |
| Getting offers to refinance but I just graduated. Posted: 04 Oct 2019 01:26 PM PDT I thought it would be a year or so before refinancing was an option for me but I'm getting offers to refinance in the mail. Am I correct that there's basically no harm in refinancing early or often? Also, comparing terminate offers is basically the same as comparing loan terms, correct? Basically you're looking at % rate, any fees etc? [link] [comments]  |
| Posted: 04 Oct 2019 01:12 PM PDT Hi all, i can see the light! When submitting my final payment thru Sofi, and realizing that payment can take 4-5 days to process (while collecting interest), should i call Sofi to verify that my loan is paid in full? [link] [comments]  |
| Posted: 04 Oct 2019 12:12 PM PDT Hope everyone is having a good week. I am coming out of my grace period for my loans soon and I am having a hard time deciding how to approach paying my student loans and I was hoping some of you could guide me in the right direction. I have graduated from medical school and my total loans are about 400K. I have several loan types and I am currently thinking of pursuing PSLF but, from what I have read some of my loans do not qualify unless I consolidate them. For reference, I will be doing residency and fellowship for the first 6 years. So here is the breakdown: I have about 10K of subsidized Stafford loans from undergrad. They are too old to qualify for the PAYE program. Additionally, I was reading that these do not qualify for the REPAYE program and so I would not get subsidies that come with that program. • My first question is what is the best way to approach these loans? Can I consolidate them so that they qualify for the REPAYE program? Will they no longer be subsidized loans if they are consolidated, making that a moot point? And if that is the case, am I better off entering the IBR program for these loans? Additionally, I have about 30K in Perkins loans that, according to my research, do not qualify for PSLF. I am thinking about consolidating these since the only real benefit I see from keeping them seem to be if I was in a profession that could get them cancelled in 5 years, which I am not. When consolidating these, I am planning on lumping them all together and leave them separate from my other loans since they are my lowest interest loans. • Is there a reason to not do it this way? I am planning on entering the PAYE program for this set of loans. The rest of my loans are Direct Plus and Direct unsubsidized loans totaling ~360K. I was going to use PAYE for all of these. • Any reason not to? The other thing I am wondering about is whether using the REPAYE for any of my loans would be of benefit to me for any of my loans since I am planning on getting married in the next 1-2 years and from that point on, my spouses income would need to be considered regardless if we file separately or not, making my payments higher. • If this is the case will getting subsidized payments not be as beneficial as being able to pay based on filing taxes separately making my payments based on my income alone? EDIT: doh, forgot to edit the title to "Help choosing best way to pay off loans". I dont think I can edit it now. EDIT 2: formatting [link] [comments]  |
| Posted: 04 Oct 2019 03:41 PM PDT Hello all. I have around 35k in loans, all federal, I almost finished a business degree from Everest institute. With the forgiveness for students of Corinthian colleges is there any hope for me? I've been looking and looking but it seems like my enrollment period is too early 2008-2010. Even if I had gotten my degree everyone knows degrees from these schools are a joke. Anyone know if I have any options? Currently on a 0 payment IBR with navient. [link] [comments]  |
| Semester Off then Dental School Posted: 04 Oct 2019 07:26 AM PDT Hey all! I am currently a senior college student with subsidized and unsubsidized federal student loans (Mohela is provider) -- none are private. I intend to graduate a semester early (this December). Then if things pan out I will begin dental school come August. How do I manage my loans with this? How can I defer payments from January-August (will not be paid because helping in family business)? Also do I consolidate the loans before dental school or after? Any other general advice in this scenerio? I anticipate a huge student loan burden when I come out of dental school and I'm all ears for any advice! TIA [link] [comments]  |
| Posted: 04 Oct 2019 01:16 PM PDT So heres the situation: My mom took out a parent plus loan for me to afford college. Throughout my 4 year education, this amount totaled to about 75,000 in parent plus loans. I was an out of state student for half the time at college which was why this amount ended up being so high. My mother is currently does not have the best financial background. She is not a US citizen (she wont be getting any social security benefits, retirement benefits etc.) and already has a terrible credit score. From my understanding the parent plus loan is just the parents obligation, not the students. Based on this information, what would really happen if we were to stop paying this loan off? Since she doesn't have any assets under her name and a bad credit score, would anything negative really happen? [link] [comments]  |
| Posted: 04 Oct 2019 11:12 AM PDT Hi guys, I'm just reauthorizing my income driven payment plan for the year and I'm wondering how much it'll increase. I'm single with no kids or anything like that, but I got a raise this year and didn't know if that would greatly affect my payment. Obv I know I won't have the exact amount until I get it, but I'm looking for ball park here. If I make 300 more bucks a month before tax can I expect my loan amount to rise $10? $50? My raise went into affect in February of this year, so after tax time. [link] [comments]  |
| Posted: 04 Oct 2019 07:34 AM PDT Hey everyone! First time posting here as I need some advice: I just finished my master's program and started a new job with a good starting salary. I have $25,500 (including $1,000 in interest) in federal loans. Of the principal balance, $20,500 is accruing 6.6% interest (my graduate school loan) and the rest isn't accruing anything until the end of my grace period next May. So my average interest rate after grace will be 6.26%. My new job offers a sign-up bonus to refinance through SoFi. I submitted the application but the interest rate (fixed) they offered differed from their initial offer. I thought it would be 4.67%, but it'll actually be 5.19% if I accept. I want to pay off in 5 years (and I would do the same through the current loan lender, Nelnet). Is it worth refinancing to only save 1% on interest rate? Also, my 3 loans are 3 of my oldest credit "accounts" so would refinancing close those out and really hurt my credit score? I'm 22 so I'm still trying to build up my credit, my score is currently 760 but will probably go down a little since I submitted the application. My very first credit account was my first student loan. I also have 3 credit cards (1 I don't use anymore but it is the oldest). [link] [comments]  |
| Can you refinance your student loans while in your grace period? Posted: 03 Oct 2019 07:52 PM PDT I have about 70k in private loans with a interest rate of 7% or higher. I already compared rates and checked to see which company is the best but I don't know when the best time to refinance is. Can I refinance before my grace period is up? When is the best time to refinance your loans? Help! Very new to personal finance [link] [comments]  |
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