Looking to recertify on IBR ($500K combined in student loans) but self employed Student Loans |
- Looking to recertify on IBR ($500K combined in student loans) but self employed
- How to make a second degree work financially.
- Having trouble paying for community college
- Repaye and PAYE
- Confusion on IDR
- Need Advice with Wells Fargo Offer
- Earnest STILL setting up my loan?
| Looking to recertify on IBR ($500K combined in student loans) but self employed Posted: 19 Oct 2019 04:20 PM PDT So my husband is a dentist and we bought a practice in April. Last year (in our combined tax return) we made about $265K combined. Our loan payments are about $3,200 per month. Since buying the practice in April we've taken about $22K out of the business as a salary. He's made about $50K this year through his second job (so he'll end up with net earnings of around $80K this year). We're trying to aggressively pay down the debt we have in the practice so we're trying to hold off on taking money out of the practice (as much as possible). His "salary" is just cash that we transfer from our business checking account to our personal checking account (so not sure what documentation to provide to the IBR as we don't want to wait til after tax time to adjust our payment amount). I make $75K and have about $40K in loans. We're thinking we're going to file separately this year to minimize his loan payments. What documentation will the servicer need to evidence his income? I am [link] [comments]  |
| How to make a second degree work financially. Posted: 19 Oct 2019 04:35 PM PDT So I am 26 years old and have 46k in all federal student loans from my bachelor's degree in social work. Unfortunately I only make about 35k per year. I have been graduated for about 3 years and been working in my field and have come to the conclusion that social work is not what I want to do for the rest of my life. I am exploring other career options I am interested in, one of which is cybersecurity or computer engineering. I am not concerned about my ability to succeed in the courses, but I am concerned about how to pay for it. A second degree at my state school, just for the cost of tuition, would be around 45k. The lifetime undergraduate loan limit is 57k. If I am able to complete a program I would be able to make enough money to pay back my debt, but I do not want to start and not be able to finish due to loan costs. Is it even possible for someone with a good but not excellent credit score and a pretty high debt to income ratio to get 45k in private student loans? [link] [comments]  |
| Having trouble paying for community college Posted: 20 Oct 2019 04:36 AM PDT I won't be getting anything from Fasfa due to my mother and stepfather making too much (100K+). My mother and I have been no contact for over a year due to abuse from her and my stepfather. I went to uni, but my mental health made it really hard for me to do well in my classes. As a result I dropped out and moved in with my grandparents. Since then I have discovered that I have bipolar disorder and am on medication to better handle it. I am now more confident in myself and feel ready to start taking classes at my local community college. I want to become a ultrasound tech/sonographer. They wont be taking applications for my program again until Jan 2021, so I'm trying to get done with all my general Ed classes by then so I can qualify. I currently have a job but I'm in debt because of some medical bills plus my grandparents are practically charging me for breathing. My grandparents said that they will pay for what I can't for my tuition ($2,100) but I don't want to have to owe them so much. I already owe them so much money due to getting my wisdom teeth out ($1,800 +26% interest). I just want to know if there are any grants, scholarships, or anything out there that I can use help me pay for school. [link] [comments]  |
| Posted: 20 Oct 2019 01:06 AM PDT I have been on PAYE since 2013 but read some articles about the interest subsidy on repaye. Is it worth switching? I know repaye is 25 yr while PAYE is 20 yr for grad loans. [link] [comments]  |
| Posted: 19 Oct 2019 11:29 AM PDT I can't seem to get a clear answer or i'm just not getting it. When applying for IDR is it based on my take home pay after taxes or my salary before all the deductions? [link] [comments]  |
| Need Advice with Wells Fargo Offer Posted: 19 Oct 2019 04:25 PM PDT My SO and I decided to stop paying SO's ~73k in Wells Fargo private Collegiate loans and various credit cards about 1 year ago. We decided it would be prudent to maintain my credit and let SO's go. I have managed to settle the all the credit cards and have just recently paid off about 75% of the remaining federal loans (never late, decided to leave the keep the 3.15% loans for now). So, pretty much all that is left is the Wells Fargo loans. A few months ago we got a letter saying the loan would be discharged and transferred to a different department. We have not received any threatening letters thus far from Wells Fargo. The most recent communication was an offer letter (which is the first offer of any kind) to settle for 40% of balance. I have around $8k I'm willing to throw at this right now. I'm wondering if I should counter their offer with the $8k, do nothing, or retain a local lawyer that specializes in student loans. One lawyer I spoke with said they typically will work on retainer for 10% of amount. He said they'd be willing to do $5k single payment or $6k divided into $300 monthly payments. Any advice would be greatly appreciated! [link] [comments]  |
| Earnest STILL setting up my loan? Posted: 19 Oct 2019 03:22 PM PDT Anyone with experience with earnest know how long they take to set up your loan? I see my loan and its terms online but it has said "we're setting up your loan" since september 20th. Interest is accruing already and I have no option to pay yet. Is this normal? [link] [comments]  |
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