- I've been searching for a community or forum like this that connects, and gives a voice to, individuals who carry student debt. Does anyone know of a larger community out there? I find it rather hard to believe that there isn't a more organized means of communication amongst 45 million Americans.
- Paying off/Mitigating Debt While in School
- If I switch from income based to graduated repayment will my interests rates increase and will I still be able to target certain loans without my monthly payment increasing?
- Direct Parent Plus Loan Question!
- Do student loans affect ability to get a mortgage? Factored into your cashflow?
- Navient loan mysteriously Paid Off...
- I would like to refinance my private student loans
- Blindsided by $17,000 in private student loans
- Can you appeal for a lower PAYE payment? I sent in for my second recertification and waiting for the amount. Expecting a small increase this year. More next when I lose my last dependent.
- Ways to get a lower payment?
| Posted: 13 Oct 2019 05:28 PM PDT |
| Paying off/Mitigating Debt While in School Posted: 13 Oct 2019 12:39 PM PDT I haven't seen a lot of posts from people who are paying down/mitigating their debt while in school so I decided to share my story. Also, for the past month I have been pretty depressed seeing my friends go out while I stayed in to save money, and because of this, I wanted to share my story so that others in a similar position can be motivated. With that being said, I graduated in 2014 with a bachelors degree and about $30,000 in student loans. Although I worked for a few years after graduating, I never made significant payments on my student debt. I worked at nonprofit organizations and was on an income based repayment plan. I used my americorps stipend to pay the interest on my loans (stupid I know). So when I started law school, I basically had all of my undergrad debt. Luckily I received a full tuition scholarship for law school, so my debt amount isn't as bad as some of my peers, however, I did take out loans for living costs. By my second year of law school, I decided to see how much loans I had accumulated. The amount wasn't too shocking because I had a rough estimate of my debt, but I still wasn't happy about it. I had accumulated about $61,000 worth of debt (including my undergrad loans). At that point I decided to stop taking out loans for living cost. (If I would have continued taking out loans for my living expenses, I would have graduated with about $90k in student loans) To be clear, I took out $20,000 for living cost my first year and $10,000 for my second year of law school. After deciding that I would not take out anymore loans, I had to make a plan to gain more income. At that time, I worked at a nonprofit making $17 per hour. They limited my hours to about 14 hours per week. I also externed for a federal agency, where I didn't get paid but I gained a lot of experience in employment discrimination law. Although I wasn't making much money my 2l year, I was able to survive off of my salary (and the $10,000 loan). Going into my third year of law school, I realized that not only did I need to earn more money to cover my living costs, but I also needed to save for the bar and bar related expenses, such as living expenses for when I'm not working, bar exam related fees, etc. I knew that in order to save enough money for the summer and have enough money to live off of, I would need extra income. The place I interned at during my first and second year of law school downgraded, so I couldn't continue working there. Therefore, near the end of my 2l summer internship, I applied to paid law clerk/internship positions. I was fortunate enough to receive two offers - one at an investment firm and another at a law firm. I currently work 33 hours per week making $30 per hour at the investment firm and $25 per hour at the law firm. Everything that I make at the investment firm goes into a savings account and everything that I make from the law firm goes towards my living expenses + paying down the interest on my loans and cc (about $900 worth of debt). Some people say it's hard to work while attending law school, and while that's true, it's definitely possible. I also want to add that I'm a BARBRI team leader, meaning I get a free bar prep course and a $500 stipend each semester (totaling $1,000). Anyway you can save money counts! BARBRI is expensive, it can be up to $4,000 without any discounts/promotional deals. When I was offered a team rep position with the organization, I jumped at the opportunity and couldn't have been any happier. I really like my supervisor, and I helped get my friend a position with the company, too. Plus, every interview I went on, I mentioned that I'm a hard worker and I use my internship experiences as proof. I received multiple full-time job offers this way. As you can see, I'm an advocate of hustling. Get out there and make that money, don't let it make you! My schedule - Monday through Thursday, I wake up, go to work, then go to class during the evenings. Friday I work at both jobs, then see my boyfriend for date night. On the weekends, I run errands and study. Sometimes at work, if it's slow, I'll do homework. I rarely go out and spend money and it makes me sad, but I realized that if I want to meet my financial goals, living frugally is crucial. Every time I wish I could go out or every time my friends plan exotic trips that I can't attend, I think to myself, I saved $30,000 by not taking out loans for living costs. I could have taken out another $10,000 for the spring semester of my second year and $20,000 for my third year of law school. I praise myself for making smart financial decisions. I also started paying down the interest on my loans, which is about $2,000. I pay about $300 per month. Moreover, I'm saving for next summer, a time when I'll be studying for the bar. I graduate in May and I won't start my post grad job until August. My goal is to save at least $6,000 because I live in a high cost living area. I know my schedule is intense. But there's something about having a budget and meeting my financial goals that motivates me to keep going. Also, don't compare yourself to your friends. I don't compare myself to others because I may not be in their financial situation. Some of my friends are getting help from their families; some don't mind the debt because they are going into high paying positions. Regardless, I know my financial situation and what I can and cannot afford based on my income and my future earnings (I'm going into the public sector after graduating). I wanted to write this post, because there are a lot of people who get discouraged on their debt free journey; you see your friends going out every weekend and you wish you could too. Trust me, I know; I've gotten discouraged too; but by focusing on my small accomplishments and finding joy in free/low income activities, I'm staying sane haha. Five years after I graduate law school, I plan on buying a house. That means three years after graduating, I'll need to have all of my loans paid off. I knew that would be easier paying off $60k of loans vs 90k. I was also able to accept a position in the public sector because I knew I wouldn't be drowning in debt. Yes, for the first three years of my career as an attorney, I'll be living like a poor law student, but that's not the end of the world and that's by choice. By living frugally, I know I'll achieve my goals. Thanks for listening! [link] [comments]  |
| Posted: 13 Oct 2019 04:07 PM PDT |
| Direct Parent Plus Loan Question! Posted: 13 Oct 2019 08:03 PM PDT Hi guys! I'm looking for some advice here. I have two Direct Parent Plus Loans serviced through myfedloan.org. They are in my father's name, so I guess I would be the co-signer for these as the former student. They were created in 2011/2012 and now have about 26k left in repayment at 7.65%. Now my father is getting older and is semi-retired and does not earn a significant income. I don't know his exact income, however I'd guess it is less than 30k. I CAN afford the payments, however I'd love to free up the $600 per month that I'm paying towards these two loans if possible/legal. Because these are in my dads name, do I have any options in terms of forgiveness or income-based repayment considering now he is hardly working? Or since I was the student, would they then look to me to assume the payments anyway? Thank you all in advance! [link] [comments]  |
| Do student loans affect ability to get a mortgage? Factored into your cashflow? Posted: 13 Oct 2019 04:43 AM PDT Most millennials say they want to own a home someday. But they're not buying as young as prior generations. For some, student loan debt is a factor. And the high cost of rent in many areas can make it difficult to save up for a down payment. [link] [comments]  |
| Navient loan mysteriously Paid Off... Posted: 13 Oct 2019 04:37 PM PDT I logged on to my Navient account today to pay a student loan that was admittedly quite a bit passed due. It has always said what the current and passed due amounts are but when I went in there today it says that it is paid in full. I did not make a payment on it and nobody else has my log in info for the website. When I look at the payment history it says that a "claim payment" was made in the full amount by "US Dept of Education/Navient". I am very confused. Anyone have any insight as to what is going on here? [link] [comments]  |
| I would like to refinance my private student loans Posted: 13 Oct 2019 12:17 PM PDT I attended one semester at a private music school before dropping out and doing it full time without a degree. Is it possible to refinance my debt without the degree? I would really like to just get to a fixed rate instead of variable (and rising) as it currently is. [link] [comments]  |
| Blindsided by $17,000 in private student loans Posted: 13 Oct 2019 09:11 AM PDT I(23M) attended a private, for-profit college from 2014-2015 when I was 18. At the time I thought the entire $30,000 tuition was being covered by my scholarship and a need based grant. However, I recently received a certified letter from the college stating that I owed a private student loan amounting to $17,000. I found the original paperwork I signed in 2014, and realized that the "grant" I signed for was actually an 8% interest, private student loan. I have not attended the school since 05/15 or ever made a payment on the loan, nor has it shown up on my credit report that I check regularly. My questions are: The statute of limitation on debt in Virginia is 5 years which I assume would be up in 06/2020 since I never made a payment, and it shouldn't affect my credit past 12/22, so am I better off ignoring it and letting it fall off or trying to pay it down? The college had not previously contacted me, has not reported the delinquency to a credit bureau, and has not sent the debt to collections despite no payment in over 4 years. In the letter they stated that I was $6,200 past due, but offered to work with me on getting caught up. They stated that if I don't they would send the debt to collections. Should I take them up on this offer, and if so, how should I go about it? How can I try to continue to keep it off my credit reports? If I decide to pay off this debt how should I go about it? I have a small savings, but nothing that would put a huge dent in this amount. The original plan called for a 120 month repayment at $188 per month. If I'm frugal, I could put $300 a month toward it. With a credit score of ~690 would it be worth it to look into refinancing for less than 8%? I was completely blindsided by this, but I have verified the paperwork that I do owe this debt, and it's my fault for not reading the paperwork well enough. Thanks in advance for helping me figure out what to do. [link] [comments]  |
| Posted: 13 Oct 2019 06:23 AM PDT Is there anyway to appeal for a lower PAYE payment based on expenses? I dont want to ask for deferment as I am working at a place that qualifies for PSLF and I worry that it will someday didappear. I have stayed current, but I have been slowly draining my expenses. I love my job and dont want to lose my house, but I am hemoraging money. I cant get another job as I am slowly working my doctorate (full scholarship) Basics Income: 65k (4200/m take home) (Divorced) Dependents: 1 (0 next time around) Monthly expenses Mortgage: $1600 (1350 in 2 years) Home maintenance/repairs: 200 est Lease: 325 Gas: 150 Utilities: 325 Insurance: 200 Internet/phone: 105 PAYE: 650 (10 mon accumulated PSLF) Total: 3550 before food, health costs and emergencies. 210k in a PAYE consolidated student loan (120 Par Plus/ 35 UG subsidized staff loan/ 55 grad plus from my MBA)
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| Posted: 13 Oct 2019 11:26 AM PDT So I just consolidated and did a IBR plan. On the phone they repeatedly told me I'd be paying $110 a month starting in Nov. Well now they posted my statement and I owe $237 a month. I absolutely cannot afford that. I've tried all of their available options for getting a new payment but everything income based screws me because I make $55k. My expenses are out the ass due to medical bills and taking care of an adult relative so I truly cannot afford the $237. Has anyone had any luck calling and asking for a lower payment? Or any legitimate ways to get a lower payment per month? I want to be paying this but I cannot afford this and I really got blindsided because they told me it would be way lower after I consolidated. [link] [comments]  |
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