Should my boyfriend pay off his ex-girlfriends student loans? Student Loans |
- Should my boyfriend pay off his ex-girlfriends student loans?
- $122k of student loan debt at 29 and growing $600/mo.
- I am 23, have $31k worth of direct student loans racked up (minus interest) over 5 years in a STEM degree. Grad school seems unrealistic although I have a plan in place for what I would like to study. What should my plan of action be?
- Am I being unreasonable?
- What is the tax rate after the loan is forgiven in 20 years?
- In need of advice for my student loans/situation
- Transaction declined on Student Loan
- Setting up approved non-profit for PSLF
- How can I make the most of my work's student loan debt contribution program?
- Chose a School that makes sense
- Did I correctly consolidate $180K in student loans?
- Navient minimum payment calculation
- FAFSA 2020/21 IRS Data Retrieval
- Sofi offered me 5.4% on 45k refinancing for public+private loans, is this good?
- Should I pay off my interest now?
- Would consolidating give you lower monthly payments on federal loans?
- Refinancing question - Will a cosigner get me a lower rate?
- FAFSA not enough
- Can you do IBR and PAYE etc etc with consolidated federal loans?
- Qualified Business Income Deduction as it relates to Income Based Repayment Plan
| Should my boyfriend pay off his ex-girlfriends student loans? Posted: 01 Oct 2019 02:48 PM PDT My boyfriend and I are in our mid 30's, have been together for 8 years and are looking to settle down. Only problem is his credit sucks. It sucks because he co-signed for his ex-girlfriends student loans (😑 idiot!!!), and she has stopped paying them. They were together for 7 years and they were childhood friends, he basically got talked into doing it thinking he could trust her because of their long history. He came to me the other day asking my opinion on if he should pay her loans off to clear his name and credit. She owes $36,501. He doesn't have the money and would basically just start paying monthly. He's tried getting ahold of her for years and he can't. He's called her, her cousins, sisters.. no one will talk to him and they've all moved from where he knew they were last. I'm indifferent about it because it is so much money, and because I have student loans too (would be nice if he payed mine off!! 😜), however I know it would help our future to have him get his credit score back up. Is there ANY way he could get out of the loan, or consulate/negotiate/etc? Is there ANYTHING he could do besides paying them off for her? Thanks in advance!!! [link] [comments]  |
| $122k of student loan debt at 29 and growing $600/mo. Posted: 01 Oct 2019 11:10 PM PDT I went to a state school for undergrad and amassed 30k debt by the time I need to start repaying. I struggled to find a path and career with just my bachelors so at 27 I decided to go back to school and get my masters. By 29, I've earned my masters, and got a fulfilling career, albeit a career within the nonprofit sector that doesn't pay much money. I decided for my masters to do an online program (for personal reasons) but an established one that came from a school with a great reputation in my field. Ultimately I went to a private school for my MPH. Now I'm left with 122k+ of student loan debt that I am simple unable to pay the required monthly payment (~1k / mo). I have discussed this with the loan provider and am working to shift to a pay as you earn scheme and hopefully apply for the public service loan forgiveness program (which is tricky as I work for an organization abroad). In making the shift to this scheme, I will pay a more manageable monthly payment, but I will not be paying anything close to the ~$600/mo interest. Therefore I will not be paying anything off but actually accruing more debt while trying to pay. I literally get a visceral reaction talking about it and lose sleep quite often thinking about my mountain of debt. Do I consolidate and refinance? Do I leave it and pay 120 monthly payments (aka 10 years) worth and hope my debt (which have only grow exponentially in those 10 years) will be forgiven? Is this another option I'm not aware of? I'm hoping mainly that someone out there will tell me it's possible to make it through this. [link] [comments]  |
| Posted: 01 Oct 2019 06:07 PM PDT Every time I check to see how much money I owe it seems to go up. I am also in a position where I will get a $6k education award by next year, but that will not put a dent in my debt. Right now my loans are in forbearance. Hopefully my school I graduated from can match this. Say I wanted to attend a public university with $10k/yr tuition and fees. How would I pay for this, and would I want to work at the same time? How would I pay off the combined undergraduate and graduate debt? Or should I just move on? [link] [comments]  |
| Posted: 01 Oct 2019 06:27 PM PDT I (20M) was going to write a large post but I've decided to try to keep this short and sweet. Is it unreasonable for me to not stick to my plan of transferring to a university after cc because I would have to go $20k+ in debt? If you care to read on, then here's some background: I'm a business administration major and I'm about to graduate from a community college. I was in a pathway (2+2/Transfer) program but decided to just graduate and not transfer at the last minute. I did this because I am absolutely terrified of loans and a good job out of college isn't guaranteed. My parents keep telling me that "everyone goes into debt sometimes" and that i'll "struggle but probably be able to get through it." Everyone that I talk to seems very lax about taking out student loans and it seems that I am the only one who stresses out about them all the time... and I'm not even in debt yet! Am I being unreasonable by wanting to just graduate with an associate of science degree instead of obtaining my BA in Business? My goal was to work in HR but I could probably break into that field with just an associates degree... right? Don't get me wrong... I would love to keep going but I am terrified of debt. I just need help and some sound advice. If this isn't the right place for that, then please point me into a different direction! Thanks so much everyone! [link] [comments]  |
| What is the tax rate after the loan is forgiven in 20 years? Posted: 01 Oct 2019 04:35 PM PDT |
| In need of advice for my student loans/situation Posted: 01 Oct 2019 06:09 PM PDT Hello, I've had some success within the subreddit in the past when it came to my student loans and refinancing. I was hoping some of you could help my girlfriend in a similar fashion. She is currently able to make all of her payments, but is stretched thin at the end of each month. Her goal is to lower her monthly payments to make her financial situation more viable. The facts: Net Salary: $2400 a month Monthly Expenses Expenses (rent, electricity, internet, gas, public transit to work, food): $800 Car Payment: $126 (9 months left on loan) Credit Card Payment: $89 a month Total: $1,015 Loan Information MyFedLoan Loan Type/Principal Balance/Interest Rate/Monthly Payment
Total: $132.35 Parent PLUS Loans (Nelnet)
Total: $656.07 Grand total: $1803.42 Her PLUS loans are in her mother's name, and she makes less money than my girlfriend, which may be beneficial. From what we gathered on the internet, it's sounding like she should consolidate her PLUS loan and get on the 25 year plan. If her mom were to consolidate the loans, how would it affect her? Would it affect her credit score in any way? Any advice you have is welcome and appreciated! [link] [comments]  |
| Transaction declined on Student Loan Posted: 01 Oct 2019 11:02 PM PDT My student loan dropped last week, but the transaction was declined because the amount (2459) was above my daily transfer limit (1500). How long does it take for the money to be returned back to the finance company so it can be sent out again? [link] [comments]  |
| Setting up approved non-profit for PSLF Posted: 01 Oct 2019 06:27 AM PDT Has anyone been able to set up an approved non-profit to have their student loans enrolled in the PSLF program? I am interested in setting up a non-profit centered around raising funds to assist others in paying off their student loans. My plan is to host fund raising events then use those proceeds to create "post graduation scholarships" to help others pay off their student loans. There would be certain criteria/rubric that would identify which applicants would receive the "post graduation scholarship." This post graduation scholarship would be paid directly to the loan. My thought, if I could create 30 hours of work a week, and the non-profit was an approved non-profit. Would I be able be an employee and have my loans entered into the PLSF. I would maintain my current full time job while managing this program. Any one have experience or thoughts on this? [link] [comments]  |
| How can I make the most of my work's student loan debt contribution program? Posted: 01 Oct 2019 06:19 PM PDT My work just announced that starting next month, they will be implementing a student loan debt contribution program where they will contribute $100 a month (total available contributions capped at $10,000 per employee) to cover outstanding college loans for employees. Right now I have just over $7,000 left at a 4.744% interest rate. To get the $100 monthly contribution from my employer, I just need to make the minimum monthly payments on my loan ($278.23). I want to make the most of this, and have it so I'm paying the least amount of money out of my own pocket, but I'm kind of confused. Up until now, I've been putting any extra money I could at my loans (paying off almost $28k in three years), but with this program I feel like the $100 would cover any monthly interest that accrues, as well as some of the principle (after I've made my minimum monthly payment), so I'm wondering if I should just stick to the minimum monthly payment. Anyone have any experience in a situation like this? Any ideas would be greatly appreciated! [link] [comments]  |
| Chose a School that makes sense Posted: 01 Oct 2019 03:38 PM PDT College is expensive, and everyone knows that at least if you're in the United States. But that doesn't mean that you don't have options. Community colleges and in-state universities offer the best bang for your college tuition dollar. Most people get into the most trouble when they cross state lines to pay out of state tuition, international tuition, or private school tuition. The best piece of advice I can give to avoid student loans is to choose a university that makes sense, is affordable, and doesn't break the bank. They're out there-you just have to look for them. Cal State System for in-state students is very affordable, junior colleges, in-state universities that have transfer programs for your major. Don't get a single dorm, live at home rent free if you can. Commute to school. Too often people go into debt for the "experience" over your education. Prioritize your college education, you can have the college experience when you're out of school and have money to party. Avoid for profit schools and private universities (unless you're rich this doesn't apply to you) and you'll be fine for the most part. Don't be afraid to suck up your pride, live at home, rent cheap rooms, and go to a two year school or a "lower ranked" university to get the same degree for less unless you're in finance or very niche jobs, MOST companies do NOT care where you went to school as long as where you went is accredited and reputable. [link] [comments]  |
| Did I correctly consolidate $180K in student loans? Posted: 01 Oct 2019 12:56 PM PDT Should I consolidate my loans and are there any cons to what I'm doing? I'm worried there was something I missed or some "catch" I recently filed the consolidation of loans application on the StudentLoans gov site because it looks like my loan amount decreases $80 a month and reduces my interest rate but I'm not sure: Below is my student loans. I have 6 accounts. The lowest interest rate are the Perkins around 5%, but one of my accounts is up to 6.84%. I'm currently on the REPAYE plan. 1-2: Two Perkins Loan with my university: Around 16K 3-4: Direct Unsub: Around 25K 5-6: Direct Sub: Around 150K My understanding is that consolidating should reduce my monthly payment + Interest Rate. However, it extends the time of the loan. However, I thought loans are forgiven after 25 years on the REPAYE plan [link] [comments]  |
| Navient minimum payment calculation Posted: 01 Oct 2019 07:05 AM PDT Anybody know how Navient calculates the minimum required payment? I'm on a standard repayment plan, and the minimum payment has been steady all year, despite some overpayments made toward the loan with the highest interest rate (not toward the next month's minimum). After paying off one of the loans, the minimum payment has dropped 75%, and I'd like to figure out how this is calculated. I also plan on giving them a call tonight, but just want to see what the community has to say. Thanks! [link] [comments]  |
| FAFSA 2020/21 IRS Data Retrieval Posted: 01 Oct 2019 03:26 PM PDT So I tried using the IRS data retrieval tool for my 2020-2021 FAFSA but it does not work. The error message: "We are unable to provide you with your Federal Income Tax Information. Double check the information you entered and try again or return to StudentLoans.gov and enter your responses to the financial questions using the information provided on your Federal tax return." I have been retrying it for the past hour checking all spelling, spaces, and hyphenation. I don't know if maybe the website is down right now? Or is it an issue on my end? I'm freaking out because I do not want to be filling it all out manual... I have too many things to worry about right now. My parents are no help and I'm trying to do this alone. [link] [comments]  |
| Sofi offered me 5.4% on 45k refinancing for public+private loans, is this good? Posted: 01 Oct 2019 08:29 AM PDT I got $26k public at ~4.3% and $19k private at 10.9% currently. I graduated about 16 months ago (undergrad). My credit score is 754, but I've been on deferrment for 1 year and have not yet made a payment. My priority is having the lowest monthly payments as possible, as quickly as possible, because right now I'm looking at about $550/mo I'm wondering if this is a good deal or not? I really don't want to make this first $550 payment and right now with this sofi offer it'd be $314 [link] [comments]  |
| Should I pay off my interest now? Posted: 01 Oct 2019 12:49 PM PDT I'm currently almost towards the end of my grace period after finishing school with my first payments beginning in November. I have heard that there are benefits to paying off my already accrued interest before my grace period is over or before the interest capitalizes. I have about $3000 in already accrued interest and could pay this off before November from my savings. Will this help in the long run or not make that large of a dent in my pay off time? Trying to make sure I understand capitalizing interest correctly, so any incite to that would be so helpful! [link] [comments]  |
| Would consolidating give you lower monthly payments on federal loans? Posted: 01 Oct 2019 08:49 AM PDT |
| Refinancing question - Will a cosigner get me a lower rate? Posted: 01 Oct 2019 08:17 AM PDT Hi all, I'm about to apply to refinance my college and grad school loans. My score is in the high 700s, so I figure I'll get a decent interest rate. My question is, if I were to have a friend or relative co-sign on the refinancing loan application with me, would I get an even lower interest rate? If so, how much lower do you think? Is there anything else I can do to ensure the lowest rate? My current loans are all federal, $43,000 at a 5.95 average interest rate: $5,313 at 6.41% $19,736 at 5.41% $17,719 at 6.41% [link] [comments]  |
| Posted: 01 Oct 2019 09:50 AM PDT I need some help y'all. Here's the situation. I fill out a FAFSA and they give me 3500 a school year (1750 a semester) The problem is 1750 doesn't cover a semesters tuition at Arizona State (15 credits, special fees) My dads income is too high for me to receive grants, but the problem is he doesn't pay my tuition, our agreement was he would pay back my student loans if I graduated (I was not the best HS student 😂) I would love to get a private loan to cover all of my costs, including rent, but I maxed out my credit cards early and my dad (despite his income) has a terrible credit score due to a divorce and other stuff. Besides the old school method of just getting a second job (I currently work 25 hours a week), what can I do? I would get another job as a last resort because I just need so much time to do my design school projects. Thanks! [link] [comments]  |
| Can you do IBR and PAYE etc etc with consolidated federal loans? Posted: 01 Oct 2019 09:04 AM PDT |
| Qualified Business Income Deduction as it relates to Income Based Repayment Plan Posted: 01 Oct 2019 07:47 AM PDT Please direct me to another r/ if this question is better answered elsewhere. Looking at my new monthly payment, Navient/the Fed did not include my qualified business income deductions (QBID) in their 20% of discretionary income calculation. Is this correct? I cannot find any literature on this specific question searching Google. Last year my accountant had not filed my tax return yet, so I simply estimated my income (overestimated to be safe). My payment was half of what it is this year (despite making virtually the same amount). I figure their employees just did a poor job last year, oh well. It is not a huge difference this year, but it will definitely change how I manage funds moving forward if my business spending will not affect my loan repayment amount. Tl;dr: does the QBID count towards taxable income as it relates to the IBR plan? Thanks. Graham [link] [comments]  |
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