Student Loans vs. Retirement Savings Student Loans |
- Student Loans vs. Retirement Savings
- I recently took out loans for emergency living expenses
- Returned to school, can I stop paying old loan debt while enrolled?
- Is it worth it taking out $15,000-$30,000 in private loans?
- Student Loan Forgiveness Program
- REPAYE vs In School
- Once you refinance Parent Plus loans, are they just considered student loans?
- Private and public debt with an average income
- Student loan tutor and student loan planner
- Question- how much would be to study medschool in europe more or less?
- Is there no hope if all my student loans are private?
| Student Loans vs. Retirement Savings Posted: 18 Oct 2019 03:16 PM PDT Hi everyone, I am looking for advice on how I should allocate my salary considering my debt. Between my husband (24M) and I (24F), we have $94,000 in student debt (pretty much $47,000 each), and our combined salary is 192k (I'm also getting a 20k bonus, but that's only this year). I acknowledge that we are lucky, and I want to make the most sound financial decisions considering this opportunity. We currently have $15k in savings as an emergency fund. Our monthly expenses total about $4k including our loan minimums. The breakdown is as follows: --rent: $1023, utilities: $150, cell phones (2): $70, car insurance (2): $170, gas: $250, groceries: $600, pets: $50, HSA: $192, Internet: $60, His Loans (4.875% fixed, 10 year plan): $536, My Loans (2.1% variable, 5 year plan): $880. If we actually buckle down, it seems like we can pay down this debt in about 10 months, but that would assume we don't save anything for retirement. Is this the smart financial decision, or is it better to max out our retirement accounts (I get 6% match with my 401k, but the match doesn't start until I'm employed for over 1 year and thus would start January 2021), and he doesn't get a match. I fully intend to max both of our 401ks, IRAs, and HSAs once this debt is paid off, but I don't know if I should be saving for retirement while currently in debt. Our loan rates aren't terrible either, but my rate is variable and will probably only go up. I really appreciate your help and am open to suggestions! Thanks so much! [link] [comments]  |
| I recently took out loans for emergency living expenses Posted: 18 Oct 2019 09:50 PM PDT I recently asked the Financial aid office at my school to pull out some direct PLUS loans as an emergency solution to my living situation. Being a full time student has limited my search for job opportunities and I've decided that Id rather be around 30k in debt at the end of school, but at least make it through school with the opportunity to have a decent paying job. With that said, Im in Florida, and the office knew these were emergency loans. Im about to have utilities shut off, when should I expect to see these loans awarded at the school? I can't find any information on how long they take to process or when they're disbursed in a situation like this. [link] [comments]  |
| Returned to school, can I stop paying old loan debt while enrolled? Posted: 18 Oct 2019 11:16 PM PDT Title, just that, I'm returning to school for 4 more years in a different field in Alberta Canada. I finished 4 years in another degree I won't do anything with but have been paying on that loan on and off since I left. I was reading up on loans, and noticed during a call with my collectors, they had a suddenly turn in tone when I mentioned school and reduced ability to pay. (I lost service moments later and haven't returned the call) almost as if they were stunned or dare I say panicking. The vibes I got and loosely goosey language online tell me there may be a chance to get some reprieve as long as I'm full-time enrolled. Am I right, wrong or dreaming? Thanks. PS, I have both AB provincial and CAN federal loans totalling 50k I likely won't see the end of till I'm 60. But new school and new actual career in healthcare finally has me positive about the future and stability. Working 2 jobs with no social life sucks yo, forget relationships with debt that high I'm basically a walking red flag to prospective partners. [link] [comments]  |
| Is it worth it taking out $15,000-$30,000 in private loans? Posted: 18 Oct 2019 05:16 PM PDT I'm a freshman in college. My first semester my parent had to pay around $5,000 in tuition out of pocket because they didn't have the documents needed for the fafsa and I just lived at home having to drive a 30 minute commute. Now next semester my family wants me to live on campus, but I still have no aid so I'd have to take out private loans of around $15,000 for the semester. I would really love to live on campus but I don't want a ton of debt lol. If I live at home i'll be in around $30,000 in debt by the end of undergrad but if I live on campus next semester it will be around $45,000 and of course interest. Plus I plan to go to PA school later which will be around $80,000. After typing this out this is starting to seem awful. I really want the college experience but I don't know if only one semester is worth it. I can tell my parents really want me out of the house and they keep reassuring me that with my potential future salary (around $100,000) the debt wont be too much to worry about, but there's no guarantee I'll even make it into PA school so idk [link] [comments]  |
| Student Loan Forgiveness Program Posted: 18 Oct 2019 02:08 PM PDT Just got a call from a lady that ended up leaving a voicemail since I was at work. Said i was prequalified for the student loan forgiveness program. I get scam calls daily and practically none of them leave voicemails so I was wondering if this is a scam or not. Also the lady sounded real not some auto voice dialer. [link] [comments]  |
| Posted: 18 Oct 2019 05:29 PM PDT Hi all, This is my first time posting here so might as well give it a shot. To make a long story short I went to college for 3 years taking out 14k in loans. I then left for nine months and used my grace and I'm back to school half-time finishing up. I first signed up for the REPAYE payment plan because of my income at the time and the interest subsidy on my loans definitely helped. Fortunately, I found a great job to make more money while in school. Even with school costs I can pay my monthly bill and then some on my loan, but my loan was automatically placed back into deferment. My goal is to pay this off as smartly and fast as possible. Should I opt out of the deferment back into my repayment plan so that I pay less interest during this time or should I stay in deferment making payments that way? [link] [comments]  |
| Once you refinance Parent Plus loans, are they just considered student loans? Posted: 18 Oct 2019 01:18 PM PDT I refianced my parent plus loans last year with Laurel Road and I am beginning to shop around again for better rates. Now that the loans are in my name, are they just considered student loans? [link] [comments]  |
| Private and public debt with an average income Posted: 18 Oct 2019 11:47 AM PDT Hi friends, I've come for some advice. I recently graduated and have a decent paying job (yay). I make about ~$65k a year or about 3500 bi weekly. I am currently following Dave ramsey and using the debt snowball method. Currently I am paying my CC's and should be done in 7 months (yay again). Here comes the bad news. I owe roughly 200k in student loans. Yikes!!! Yes I'm aware attending a private school was a huge mistake. I have 2 bachelors and one is completely pointless. Anyways, I live off $250 biweekly and throw $1500 at bills. Even at this rate I can't get ahead. Does anyone have advice? I'm currently on PAYE for $68k of fed debt with the rest being private. I'm seriously considering defaulting on 100k of that debt and paying the rest over time. At a minimum of $1k a month for 100k of debt I won't be able to cover my other private debt. Does anyone have advice on defaulting on private and settling? F*** credit if I can settle for 10% of that. If not, how do I get ahead with my current income? [link] [comments]  |
| Student loan tutor and student loan planner Posted: 18 Oct 2019 10:57 AM PDT Has anyone used these companies to help with student loans? [link] [comments]  |
| Question- how much would be to study medschool in europe more or less? Posted: 18 Oct 2019 10:57 AM PDT Just in case: english is not my mother tongue. Hello. Im thinking about studying medicine in europe. The problem is that Id have to pay for my food and flat for etc for 6 yeara. Is it possible/affordable? I think Id be in debt of thousands of euros after all the 6 years. What do you guys say? Id it possible? Thanks. [link] [comments]  |
| Is there no hope if all my student loans are private? Posted: 18 Oct 2019 09:00 AM PDT I have lots of debt in private student loans. I know Liz Warren and Bernie Sanders have floated forgiveness programs which would forgive federal student debt. Does anyone know if there are any forgiveness programs, either real or being discussed that would affect private debt or am I just screwed? Is there anyway to consolidate private loans into federal loans so that I would qualify for a federal forgiveness program? [link] [comments]  |
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