Paying off loans vs Enjoying life Student Loans |
- Paying off loans vs Enjoying life
- Qualifications for a Student Loan
- Need some convincing with student loan refinance please
- Can I pay $100,000 down with only $1000/month?
- Does Gift of College still work for MyGreatLakes?
- Sister’s default loans are affecting my loan options
- Excess Payment Preference
- Saying off a Navient Loan...General Q So I Don't Screw Myself Over
- Navient reallocated minimum payment?
- Refinancing us loans while working in uk
- Trying to figure out which loan repayment plan is the "best"
| Paying off loans vs Enjoying life Posted: 26 Oct 2019 04:20 PM PDT I've seen so many posts (both here and on other sites) where people recount their repayment journeys and say things like "I never ate out at restaurants" or "I didn't do anything that cost money so no going out to bars or to movies" or "I worked 7 jobs and had no free time." And I'm just wondering where we draw the line between repaying loans and enjoying life? Also, I feel like most of these stories are from people who could get the loans payed off in just a few short years. My current min payment for private is $435 on a 20 year plan. Between that and my min fed payment of $288, I can barely scrape by on my current salary. (I'm looking to switch positions because of this.) However, I realized if I pay an extra $256 I can drop that down to a 10 yr repayment. If I up the extra payment to $500, though, it only knocks another 3 years off. With my side gigs (Uber and freelance copywriting), I'm hoping to bring in around an extra $500 (after taxes) a month. If I put the extra $256 in, I still have some money left over, but if I commit the full $500 I'm back to scraping by. Obviously, a lot of this changes if/when I get a better salary and if/when I get better refinances, and I'll adjust accordingly. But overall, I'm wondering if paying off a loan 3 years earlier is worth missing out on 7 years of fun (or whatever ratio it ends up being). I'm not saying blowing through all you extra money every month is what you should do, but denying yourself meals out or a night out with friends/family for X amount of years just doesn't seem good for you. So, I guess the question I want to ask is, what path did you/are you taking? Are you giving up on a bunch of other things to knock a few months or years off your loans? Are you the type of person (like my sister) who just pays the minimum and doesn't worry about it because it's "just money"? Or do you exist in the middle where you give up some stuff, but allow yourself to keep some money to do fun things once in a while? How has whatever path you're following worked out for you? [link] [comments]  | ||||||||||||||
| Qualifications for a Student Loan Posted: 26 Oct 2019 08:20 AM PDT I'm a 25 year old American, wanting to go to a private American university overseas in the Netherlands. Their tuition is pretty reasonable at almost 22k usd a year, plus 12,880usd in estimated costs for everything else like housing and transportation, resulting in a total of almost 35k. I'm starting in spring (January 7th.) If I want to see the next semester, I have to get my tuition amount down to 1,500usd or less, and the due date is not until March (if I want to do summer classes) or April (if I just want to do autumn classes.) My financial aid is decent: 1,822usd in Pell Grant and 9,500usd in federal direct loans as I am independent. I also received a scholarship that would pay 25% of my tuition cost thanks to the fact I had a 3.88 GPA in high school, so around 5k usd. I still need a private student loan to help me out with the rest of the costs. Sadly, I ruined my credit while I was young and married, now divorced and with a 490 credit score at its highest. I have no family (deceased or disowned,) but I do have a friend who is loaning me to pay half of my debts in collections (they're all in collections,) and I haven't had a line of credit out in over the last three years. The rest of the debts are going to be around 3,000usd which I hope to pay off half of them before moving in December, leaving me with around 1,500usd in collections. I see no point in claiming bankruptcy when I'm so close to finishing payments. I have applied to Sallie Mae, and they denied me (obviously,) saying that my collections accounts were what hindered me. I know that Funding U will also look at what accounts you have open, and I know my collections accounts hold me back immensely. Does 1,500usd remaining in collections with a bunch of the remaining ones paid off sound like a good enough deal to get a loan from Sallie Mae/Funding U? Is there a better option? I may also be able to pay off the 1,500usd remaining with my tax return. I tried calling Sallie Mae themselves to see if this would be fine for the requirements, but they could only give me vague, uncertain answers. I don't blame them, but I was just wondering if anyone else has had this sort of situation or knows how it could be handled. [link] [comments]  | ||||||||||||||
| Need some convincing with student loan refinance please Posted: 26 Oct 2019 02:10 PM PDT I am deciding whether or not I should refinance by student loans. Any responsive comment is appreciated. All of my loans are federal. I have loans as follows: $15,500 at 5.84% $13,000 at 6.21% $9,000 at 5.41% $4,000 at 4.5% My annual income is $72,000. My expenses (which have gone through enough revisions and lists to where I feel confident about them) leave me with an unallocated $500 per month. I pay $800 per month toward my loans. MEFA quoted a refinance interest rate of 3.9% for a 7-year repayment plan. I have exactly 7 years remaining on my loans after this month. Is it a no-brainer to refinance? I think I "only" save between $2,500 and $3,000 at the minimum based on my current payments, although I could save more if I added $200-300 more per month with the unallocated funds. Thanks in advance [link] [comments]  | ||||||||||||||
| Can I pay $100,000 down with only $1000/month? Posted: 26 Oct 2019 05:53 PM PDT Let's say: I have 10 student loans for $10,000 each, each at 6% interest rate. I only have $1000 each month to pay them down. Can I put 9 in deferment and pay one down in 10 months? Then put 8 in deferment and pay another one down in 10 months? Then put 7 in deferment and pay another one down in 10 month? It's just really hard to come up with more than $1000 bucks extra a month to pay these loans. The minimum payment on each is about $50 per month. [link] [comments]  | ||||||||||||||
| Does Gift of College still work for MyGreatLakes? Posted: 26 Oct 2019 02:05 PM PDT Thinking about signing up for the Chase Sapphire Reserve card to gain the bonus points - but there is no way I could organically spend 4k in 3 months to secure the bonus...I was looking into Plastiq as well as Gift of College gift cards. On the Gift of College website I was able to add a 529 Plan for MyGreatLakes but I wanted to confirm/hear if anyone has ran into any trouble using this method to churn. [link] [comments]  | ||||||||||||||
| Sister’s default loans are affecting my loan options Posted: 26 Oct 2019 11:30 AM PDT My sister dropped out of school a few years ago and hasn't made any payments on her loans ever since. My parents co-signed on these loans, and as a result, everyone in the family is screwed over when we try to apply for loans ourselves. I haven't built enough credit to apply for loans on my own, so I'm getting denied frequently when applying with my parents as co-signers. So far I've only been able to secure Discover loans and a private loan from Wells Fargo (since I was denied the student loan option). These loans have very high interest rates and I still have about 2 more years worth of loans to take out, so I'd really like to find cheaper options. Is it possible to find relatively low-interest loans in my position? Anyone have experience with this? [link] [comments]  | ||||||||||||||
| Posted: 26 Oct 2019 10:37 AM PDT Assuming everything goes to plan, in December I am going to be able to start making extra payments toward my graduate student loans. I am looking for some ideas on how to optimize repayment. I have the following federal loans:
I am currently in a REPAYE plan. Currently my monthly payment plus the interest subsidy does not cover my monthly interest accrual, so every month my account balance creeps up. Once I am able to make extra payments, I have a choice of how I'd like to apply those excess payments:
(language from mygreatlakes.org) My gut is telling me to choose the custom allocation and start working on the highest interest rate and move through my loans in the order I listed above. I think that would be optimal; as long as I remain in REPAYE, my interest oughtn't capitalize, and I can just pay the interest at the end. Are there reasons I should choose the standard allocation, even if I stay in REPAYE for the duration of my repayment? I am planning to pay off the loans as soon as I can; I am not eligible for PSLF. [link] [comments]  | ||||||||||||||
| Saying off a Navient Loan...General Q So I Don't Screw Myself Over Posted: 26 Oct 2019 10:18 AM PDT Ack! It should read --*PAYING off a Navient Loan... I have a really small loan (~2K) with a cosigner. The interest is around 11%. My Navient loans are going to skyrocket soon, because I'm getting booted from their Rate Reduction Program, because I was on it for too long. I have to refinance my loans. Navient recommended Earnest. At any rate, I have to get the loan done with to cosigner to make refinancing "easier." I have enough money in savings to pay off the loan online. The question is "How?" It's a dumb question, but I am extremely distrustful of Navient. Do I just go online under "Make a Payment," "specify for each loan," and just pay the amount as stated? I believe that this is the payoff amount if you pay it online. Has anyone done this, and is there anything that I need to make sure before I give them 2K ? Thanks! [link] [comments]  | ||||||||||||||
| Navient reallocated minimum payment? Posted: 26 Oct 2019 01:29 PM PDT Does anyone know why Navient would reallocate the amount of each minimum payment that is applied to each loan? I took out 3 equal loans for 3 years of law school and paid one in full (we'll call it loan #3) in August. My minimum monthly payment was then reduced to $510.54 per month, with $244.47 going to loan #1 and $266.07 to loan #2 (these have been the minimum payments on these two loans since I started repayment last year). I made no extra payments in September, but made a large ($3,500) extra payment to loan #1 on the first of this October. My autopay minimum payment was still $510.54 this month, but I just noticed that only $138.66 was applied to loan #1 and $371.88 was applied to loan #2, instead of the normal allocation. I am not sure why this happened as I always make extra payments on the first of the month to the loan I am targeting, I always select to pay the full minimum payment regardless of any extra payments, and this never occurred last year while I was targeting loan #3 in the same way. Since I can't call Navient until Monday morning, does anyone know why this might have happened and if there are any negative consequences I should watch out for? I am on the standard 10-year repayment plan. [link] [comments]  | ||||||||||||||
| Refinancing us loans while working in uk Posted: 26 Oct 2019 10:33 AM PDT I studied undergraduate in the us and did a masters in the uk where I currently work. I accrued roughly 110k in loans throughout and would like to refinance, but most popular options I have found cater to those working in the us and earning dollars. Gross Pay: £60k Net Pay: £40k Stafford direct $12k at 3.5% Stafford direct $27k at 6% Graduate plus $79k at 7% I don't have dependents, I'm a veteran with a service connected disability. [link] [comments]  | ||||||||||||||
| Trying to figure out which loan repayment plan is the "best" Posted: 26 Oct 2019 09:32 AM PDT Sigh... it's that time where I've gotta start paying back these loans, and I could really use some advice. I currently owe 287k (lol). Right now I'm in a year of residency where I'm only making 50k until next July. I MAY or may not choose to do another year of residency, but lets assume I don't, and lets also assume I get a job starting in July that pays ~110k. My question is now which loan repayment plan(s) are best for me. The repayment options I'm considering are: I was thinking standard just because it's the shortest time frame, although I would likely not be able to start this year during residency paying that much so it would likely be an extra year or two than what's listed if I started off with an income base plan for now. Thanks in advance to anyone who chooses to help me :) [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