It's official, I'm free! $29k CAD paid off in 16 months. Student Loans |
- It's official, I'm free! $29k CAD paid off in 16 months.
- Who else out there is buried in loan debt, and dropped out because the money dried up?
- Graduating in May 2020 and do not want a grace period because I want a jump start on PSLF. What do I need to do to set up IBR payments immediately after graduation?
- Random Letter From College Saying I owe $1.5K
- Navient Overpayment Changes Autopayment Distribution?
- 32K in Loans, should be 12K
- Student loan refinancing.. should I do it?
- Sallie Mae: Can I pay a week after my due date without trouble or will I get a late fee?
- Should I refinance private student loans with personal loan?
- Dying From Student Loan Debt. Need Advice Please:(
- Which FAFSA to file?
- How does Fed Loan look at individual brokerage accounts while paying them back?
- Navient did not credit full payment to my account
- Are some of you starting to minimize payments for your loans in case Bernie wins in 2020
- sallie mae and possibly severing from them?
| It's official, I'm free! $29k CAD paid off in 16 months. Posted: 03 Oct 2019 11:12 AM PDT It hasn't even sunk in. Paying for school has been the major financial struggle of the last decade for me. It took me 6 years to finish my BA and another 3 to finish my Masters because I kept taking semesters off to work and save up. But now it's over! Total balance was $29k CAD (~$22k USD) in Canadian federal-BC loans @ 6.45%. I moved to Germany for my Masters and found a job here after graduation making €44k (~$48k USD), then switched to another for €47k (~$52k USD). Should note that I'm living alone in a studio apartment with no parents, partner, or roommates to split costs. But my cost of living in Berlin is dramatically lower than what it was in Vancouver. Thankfully the euro has also been strong and the Canadian dollar has been weak, so the exchange rate worked in my favour. I started by paying $1000 CAD (~$750 USD) per month and then upped that to $1500 CAD (~$1125 USD), plus I threw two full tax returns, my bonus (an extra month's pay), and any other spare cash at it. I also had a good job during the last year of my Masters and was able to save up a few thousand that I put down immediately upon graduation as a lump sum. These lump sum payments made a huge difference and it wouldn't have been possible to pay off my loans so quickly otherwise. I still can't believe that it's actually over! Stay strong guys! [link] [comments]  |
| Who else out there is buried in loan debt, and dropped out because the money dried up? Posted: 03 Oct 2019 09:23 AM PDT What are you doing for work? How are surviving without a degree? [link] [comments]  |
| Posted: 03 Oct 2019 06:37 PM PDT I don't even know where to begin. I have been enrolled in school since 2008 and have accumulated ~$170,000 (this is with interest) in federal student loans. I was getting a PhD in a field where I was miserable, had a breakdown (used up my grace period for about half of my loans), and decided to change programs to focus on a career in mental health counseling. I am graduating in May 2020 and am only applying for jobs that qualify for PSLF because I think it is the best decision for me financially. It is fairly easy to find jobs that qualify for forgiveness in my field. I am married and my partner owns our home and has no student loan debt, and I do not want to cripple us financially by adding my student loans to the mix with no plan of action. I will be applying for jobs starting in December so I can be employed before graduation, and I will likely have a starting salary of about $45K. What steps can I take to ensure that I am on IBR by June 2020? I am so afraid of receiving a bill in June that I cannot afford to pay, and I want to start paying because I want to begin my PSLF payments immediately. Any help is appreciated! TIA [link] [comments]  |
| Random Letter From College Saying I owe $1.5K Posted: 03 Oct 2019 09:17 PM PDT TLDR: Charge from 1 year ago of $1500 shows up in mail today, never received any notifications prior to this, I have 30 days to pay before collections. Backstory: I attended 1 full fall semester at a community college a little over a year ago. I decided I didn't want to go to school there anymore after completing that semester. I earned my credits and was led to believe my school was covered by financial aid. Today I got a letter in the mail today saying I owe $1500 for financial aid deferment from 10/08/2018 . This is the only sort of communication I have received in the past year from the school pertaining to my financial aid or at all, no calls, no texts, no emails and no mail. So after reading the mail saying the $1500 is due within the next 30 days or else it is going to collections. I drive to the school and pretty much the gist of the 20 minute meeting was, my financial aid was never verified. That I'm "too late". There is nothing I or they can do to change the balance, besides me paying off the balance. Yet this is the only communication I have received pertaining to this balance or my financial aid at all. I am posting this for any help whatsoever! I don't understand why I am just now getting the letter. A year later but then I have only 30 days to pay it off. If I was notified I would have 100% got any verification done as soon as possible but I wasn't. This is just super stressful and out of nowhere sorry for the long read it's helping me vent to type this out. [link] [comments]  |
| Navient Overpayment Changes Autopayment Distribution? Posted: 03 Oct 2019 05:30 PM PDT I have 5 Direct Loans with Navient. This year I started making large monthly overpayments to the highest interest rate loan. I noticed that the loan isn't being paid off as fast as I expected so I looked at the the monthly autopayment distribution. It turns out that sometimes no money from the regular autopayment is going to principle on the highest interest rate loan! Basically, Navient is including my overpayment in their formula for distributing the autopayment amounts. I called Navient and the representative told me it's still an "overpayment" because the overpayment I make is paying down principle on the highest interest loan. I think that if the overpayment is adjusting the distribution of the autopayment towards lower interest rate loans then it can't properly be called an overpayment. Maybe an extra payment, but this sort of defeats the idea paying on the highest interest loan first if it just shifts other money to the lower interest rate loans. I asked for an investigation to ensure payments are being properly applied and am waiting to hear back, in writing, how Navient justifies this. Anyone else think this is deceptive? [link] [comments]  |
| Posted: 03 Oct 2019 12:05 PM PDT My Father took out 3K in Federal Student Loans for me every semester to cushion the costs of expenses while I was focusing on my schoolwork. In order to minimize my cost and interest, I told him (we had a joint account) to take 2K of that loan and pay it back to the Feds. Well 4.5 Years later, after I graduated, the loans were combined and I had my great Lakes account. He told me that the payments he made toward the loan would show up to a certain date. They never did. He still claims he made the payments and started a bank transaction investigation for the payments that he made. At this point I don't believe him. I am paying 300/m but am upping it start of Jan to 750/m. My Wife has another loan to the tune of 26K so our total payments per month would be 1500. Our income is around 64K a yr. I guess I am just looking for next steps. [link] [comments]  |
| Student loan refinancing.. should I do it? Posted: 03 Oct 2019 07:49 PM PDT Hey everyone! To get the basics out of the way: I'm 25, make $115,000 a year, credit score of ~730. I went to law school and took out loans all throughout undergrad, as well. I currently have ten loans and they are as follows: Direct Sub. Staff. Loan 2,370.00 3.40% Direct Sub. Staff. Loan 3,500.00 3.40% Direct Sub. Staff. Loan 5,500.00 3.86% Direct Sub. Staff. Loan 5,500.00 4.66% Direct Sub. Staff. Loan 5,500.00 4.29% Direct Unsub. Staff. Loan 21,469.62 5.31% Direct Unsub. Staff. Loan 13,718.90 6.00% Direct Unsub. Staff. Loan 1,034.50 6.60% Direct Unsub. Staff. Loan 9,082.98 6.60% Direct Unsub. Staff. Loan 1,009.21 6.60% The real painful ones are the $21.4k, $13.7k, and $9k loans. Bigger loan balance, larger rate. I'm very potentially considering simply refinancing those three larger loans in order to try to obtain a lower fixed rate on either a 10-yr or 5yr repayment plan. The rest of my loans, particularly the Direct Sub. Stafford Loans, are very manageable in both size and interest rate. I've been prequalified for rates using Education Loan Finance, Earnest, and Sofi and was offered the following FIXED options (I have no interest in variable): EDUCATION LOAN FINANCE: 5Yr Refi, $784.73 monthly payment at 4.59% 7yr Refi, $584.59 monthly pmt at 4.54% 10yr Refi, $436.50 monthly pmt at 4.56% EARNEST 5Yr Refi, $774.91 monthly payment at 4.07% 7Yr Refi, $584.59 monthly pmt at 4.19% 10yr Refi, $432.34 monthly pmt at 4.35% SOFI 5Yr Refi, $799.71 monthly payment at 5.119% 7yr Refi, $607.92 monthly payment at 5.469% 10yr Refi, $473.06 monthly payment at 6.070% All of these rates were given with me only requesting a quote for the $42k total that would be the sum of my three largest loans (if I only refinanced those three and kept the rest through FedLoan Servicing). I'm most interested in the five year options and, of course, Earnest appears to be the best option for me based on prequalification alone. My bigger problem is that I'm having a hard time comparing apples to apples. My loan servicer, FedLoan, apparently can't tell me what my minimum payments are on each individual loan. I can do a simple TMV calculation for a 10yr loan and get what those payments are, but I'm not sure those numbers translate for whatever reason. It appears that my minimum payment for the remaining loans (all ten loans minus the three bigger ones) would be somewhere in the ballpark of ~$350. Plus the $775 option for the 5yr with Earnest, the total I would be paying a month would be around $1125.00. IMPORTANTLY, the cheapest repayment option offered through FedLoan is the "Graduated Repayment Plan", where the Starting Payment is $435.99 with the "highest payment" being $1,302.67 over the course of 119 payments (~10yrs). I was thinking that I could do this "minimum payment" option and apply the remaining $689 that I'd be repaying anyways through financing ($1125 that I'd be repaying total if I refinanced the three largest loans minus the $435.99 with the graduated repayment option) to the balance of the more aggressive loans, it might actually be cheaper to stay with FedLoan and not refinance at all. But I'm unsure how to run the numbers on that and know definitively. Do you believe refinancing, generally, would be advantageous for me? If any of you know how to run the numbers, could you maybe walk me through how to figure out exactly how much I'd be saving in interest by doing so? Also, if I refinance, will I be penalized for prepayments? I want to be as aggressive as possible and minimize interest paid and the term of the loan itself. [link] [comments]  |
| Sallie Mae: Can I pay a week after my due date without trouble or will I get a late fee? Posted: 03 Oct 2019 06:54 AM PDT I'm in a situation with paychecks where I cannot pay my ~100 dollar balance on time. I can pay it exactly seven days later. I'm not sure why I'm not finding this anywhere on the website, it almost seems like Sallie Mae wants to skirt around giving out any kind of knowledge on leniency. I know with my other loans (Fed and ECSI) that I can pay up to 30 days before getting punished with anything. Is Sallie Mae any different, given its reputation? Thank you. [link] [comments]  |
| Should I refinance private student loans with personal loan? Posted: 03 Oct 2019 09:20 AM PDT I graduated from college in May, so my grace period is about up. I have about 27k total in private loans with interest. I have the option to refinance with a personal loan through the bank I have my loans with. Here are some deciding factors:
Is it worth it to have a $275 payment and lower interest but have the risk of a personal loan instead of a student loan?? Any advice would be great. [link] [comments]  |
| Dying From Student Loan Debt. Need Advice Please:( Posted: 03 Oct 2019 10:53 AM PDT Hey guys, So long story short I went to an out of state pharmacy school for a couple semesters (expensive) and things didn't work out too well. I transferred back to a college in my home state for the next 3 years and over that time accumulated an insane amount of student debt. It's finally that time to pay and I am stuck and have no idea what to do...I'll list the loans and their interest and specifics with them. 1. Great Lakes-Parent Plus Loan (Mother's Name): $63,795.91 (6.4% Interest) 2. Great Lakes-Stafford Loan (My Name): $21,060.20 (3.75% Interest) 3.Wells Fargo-Private Student Loan (Step-Father Co-Sign): $45,226.31 (7.24%) GRAND TOTAL: $130,081.31 MAKES ME WANT TO THROW UP. I'm basically paying interest every month and only taking a fraction off of my principal balance. I don't want to rant about how screwed up interest is and how they trap students with debt but if anyone has any advice or ANYWAY of helping, please let me know. I can't make these payments currently and even if I did I'd be paying them off for 30+ years. If you need more info let me know and I'll be happy to provide. Consolidation isn't possible due to the 3 loans being in 3 separate names. Any help is greatly appreciated. Thanks guys :( [link] [comments]  |
| Posted: 03 Oct 2019 03:04 AM PDT Hello all, I just became an American citizen and don't know anything about financial aid. I am applying to accelerated nursing programs that start on January 2020 and May 2020, which FAFSA do I file for? The 2020-2021 or is it 2019-2020 since a spring start is still under a full traditional academic year which will fall under 2019-2020? please help. [link] [comments]  |
| How does Fed Loan look at individual brokerage accounts while paying them back? Posted: 03 Oct 2019 05:05 AM PDT I am on an income driven repayment plan. It works well because right now I am only bringing home about 2k a month. My hobby is the stock market so I opened and account and wanted to put about 5-7k into the account to invest. Will Fed Loan look at that and want to take more money each money from me? I think right now they are taking about 7-10% out of my bi weekly check [link] [comments]  |
| Navient did not credit full payment to my account Posted: 03 Oct 2019 08:18 AM PDT It's worth noting that I am not in active repayment yet. I made a payment of $530, all of which was removed from my checking account. The amount was processing in Navient for several days as a payment of $530. Today, it posted and the amount was changed to $510. This has never happened with one of my payments before. Is this legal? Where did the $20 go? I have emailed Navient, but I haven't gotten a response. Edit: I finally was able to reach a rep. After submitting my bank statement, they have acknowledged the error agreed to apply the $20 to my loans. There's no way this was accidental, right? [link] [comments]  |
| Are some of you starting to minimize payments for your loans in case Bernie wins in 2020 Posted: 03 Oct 2019 03:26 PM PDT |
| sallie mae and possibly severing from them? Posted: 03 Oct 2019 02:46 AM PDT hiya, i'm new and know nothing welcome to the ride so the gov't loan and my scholarships didn't fully cover extra college expenses so i took out a loan w sallie mae that will, with interest if paid on time every time, end up being ~ $40k cost for me total. terms are for repayment to begin 6 mos after grad, yadda yadda. after skimming this sub, it seems sallie mae isn't a great private loan company? if my cosigner has good credit, is there another private loan company or another way of getting more money loaned to me without sallie mae? and if so, since i've already signed w sallie mae, is there a way for me to sever that deal after this academic year and do my next 3 years w loans from elsewhere? i know it's a lot of questions in one and i'm sorry if this doesn't make sense - thanks for any advice in advance [link] [comments]  |
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