This group is the best thing I’ve stumbled upon Student Loans |
- This group is the best thing I’ve stumbled upon
- Could I avoid paying subsidized student loan interest if I paid it all while re-enrolled on a deferment?
- Loan Advice - 6 figures in debt
- IBR Question
- Just want to complain!
- Student loans - revised pay as you earn marriage loopholes or workarounds to not combine income
- 5 year Perkins Loan
- How often are you allowed to be approved for a deferment?
- Navient Private Loan Fraud
- My barebones budget.
- From a drowning student!
- Tricky Question: PAYE Qualification
- Don't know where to turn to
- IDR denied due to marriage?
- What should I do?
- Options besides FedLoanServicing/Refinace
- IDR request denied
- Is it true I can't pay down my interest?
- Perkins loan in default still eligible for cancellation?
- Preparing for graduate school with undergraduate debt
- Please ELI5 how making an overpayment affects my student loan?
- PAYE plan still forgives after 20 years if income raises?
- Are there any loan companies that provide loans to international students?
- Consolidate FFEL and Perkins loans to one loan?
- Help Finding Loans For International Education
| This group is the best thing I’ve stumbled upon Posted: 08 Oct 2019 06:29 AM PDT I just want to thank everyone who tells their story of conquering the seemingly impossible by paying off student debt. As a recent grad trying to save for when I have to start paying it really gives me so much hope and calms my anxiety of trying to pay for my loans soon. I just want to thank everyone who posts and encourages each other, this is one of my favorite groups to be apart of. [link] [comments]  |
| Posted: 08 Oct 2019 11:36 PM PDT Recently my application for deferment was approved because I am now attending school at least half-time. Again, the messages for paying while in school are appearing and I keep thinking since subsidized interest is halted as a student, this could be a great way to make payments in the future. So hypothetically, could I simply enroll for a couple classes when I'm ready to start paying? This would make the fight against interest practically non-existent as a student. [link] [comments]  |
| Loan Advice - 6 figures in debt Posted: 08 Oct 2019 05:53 PM PDT Hello. I am 23 years old and I finished my Masters program this past May. I am currently coming to the end of my 6 month grace period and need advice. I am trying to figure out what is the best course of action for repaying my loans. 4 of my loans have a 7% interest rate and the rest fall between 6-2% interest rate. They are all federal loans through the state. My loan company is offering me plans between 10 years and 25 years. I am currently enrolled in a 10 year problem that is 1,600 a month. I currently make around 2,600 a month, this is what I make after tax. I make 45K a year. I'm luckily living rent free at the moment. Should I stick with the 1,600 a month even those it takes away half my months pay or should I do income based repayment? Or is there another option that I am not seeing? Also, what loan forgiveness programs/grants are out there to look into? I know there is a lot of drama with some of the programs that deny a lot of people that meet the requirement. Any information will help. [link] [comments]  |
| Posted: 08 Oct 2019 09:54 PM PDT Hey all, I am a new grad doing a residency in my respective field. I have about $124,000 in student loans right now at about 5.5% interest. During residency year, my income is about $46,000 before taxes. Last year in school I earned about $19000. If all goes well, I should hopefully be earning in the neighborhood of $120,000 next year, although pharmacy is quite saturated and this certainly isn't a given but I am willing to do what I need to do to get full time employment. I plan on aggressively paying off my loans once done (within 3 years). I am single and don't plan on being married for another 3 years. I have about $5000 in the bank right now and feel ok financially. For context, I am 28 years old. It appears REPAYE is the best option for me. From my understanding is that it stops interest from capitalizing? What do you think? Thanks for the help! [link] [comments]  |
| Posted: 08 Oct 2019 03:19 AM PDT I have a Masters degree and a decent full time job. Also have a part time job to pay off debt. I know I'm not in horrible shape, my fiance and I each have a car loan and I have $30k in student debt. I just paid off my car (7 year loan in 2.5 years!) And am now putting that payment towards my student loan in addition to my regular student loan payment. I consolidated and technically have 2 loans under one umbrella that I pay $361/month on (total). I have the option to direct the extra payment towards one loan at a time, which is what I did to pay it off faster, but this morning I noticed it just allocates a bigger part of my monthly payment to the other loan. I know it'll take the same amount time to pay them both off, I just liked the idea of having one gone. It's just so frustrating. 41% of my monthly payment goes toward interest alone. Everyone complains about millennials being snowflakes that expect stuff to be handed to them (referring mainly to student loan forgiveness but apparently health insurance). I have worked hard for everything I have and have a good job. I pay taxes in addition to a buttload of student loan interest. I have paid back what I borrowed. It's just depressing and frustrating. And never mind health insurance, in addition to all those taxes and interest the government gets from me, I pay $180/month for health insurance. My employer contributes about $500. And the plan sucks. #murica. /Rantover thanks for listening TlL,DR student loans suck and the government are thieving bastards [link] [comments]  |
| Student loans - revised pay as you earn marriage loopholes or workarounds to not combine income Posted: 09 Oct 2019 01:12 AM PDT I'm not married, but if I want to get married and continue the student loan program under revised pay as you earn terms, a couple must combine their income. I would never agree to this as my significant other makes way more than me and would in turn boost my loan payments through the roof. My end goal is to get loan forgiveness and pay the bare minimum each month until that happens. Are there any tricks to hide marriage or is it just hiding in plain site? Marriage licenses aren't tracked at the federal level, would it be as simple as claiming single on tax returns while married? The feds as I understand it have no way of verifying if a couple is married. I could take this a step further and get married out of the country to ensure no domestic record of marriage exists. All I know is I will eventually get married but I will need to go above and beyond to make sure my income is not combined with my future wife. Choosing a different loan option other than Repaye is not an option either as I'm determined to pay the bare minimum on my loans as I feel I was tricked into investing heavy amounts of money into a worthless degree. Am I missing alternative options such as non-formal marriages such as domestic partnerships ect? Is it really that easy to get married in the USA and claim single on your tax returns since it can't be verified? [link] [comments]  |
| Posted: 08 Oct 2019 06:43 PM PDT So I received my bill for my perkins loan and it says I will need to pay $120 a quarter. My math said this was completely incorrect and should be maybe half that. I contact the distributor and they loan is not a 10 year Perkins loan, but in fact a 5 year. Is this possible? I dont have a problem paying it off faster, in fact, I prefer it. However, I have never heard of a Perkins loan not being 10 years. Was wondering if anyone else has seen something similar. [link] [comments]  |
| How often are you allowed to be approved for a deferment? Posted: 08 Oct 2019 11:56 PM PDT [USA] Over the phone I spoke with a rep from my loan servicer. He simply asked me when I think I will graduate. I told him realistically 2 years from now. I recently got a deferment approval noting it is until 2021. I'm not exactly sure what this means, but I hope I haven't "used 2 years" of it already just by telling him an estimate of my graduation date (could be even later; I don't know!). I'm sure there will be times in the future where I will need to stop school, make a couple payments, and return to deferment as I have a work and home life that gets in the way from time to time. Is there a limit on how often or how long one can re-enroll and be placed on loan deferment? Any input here is greatly appreciated. Thanks to anyone reading! [link] [comments]  |
| Posted: 08 Oct 2019 11:25 PM PDT Has anyone been contacted by Litigation Practice Group associated with Coast Processing regarding their Navient private loans? [link] [comments]  |
| Posted: 08 Oct 2019 02:11 PM PDT I'm 27 just started a new job that was a $4/hr boost from my old job with promotion potential. My old job was temp-turned-permanent because i couldn't find a job despite sending out over 1000 applications in 2 years. I still can only make minimum payments. I have credit card debt from medical expenses as well. Hopefully in 2-5 years i can move out. Here is my budget with only the necessities. [link] [comments]  |
| Posted: 08 Oct 2019 01:41 PM PDT Dear everyone here! I know that this will probably bother you a lot but I do not know where else to go, sorry. I am currently a sophomore student at an American University in Kosovo and I am facing awful difficulties to pay my tuition which is 6500 euros per year. I know that this may not sound troublesome to someone but to me and in my country it is. So this is my story: I had a 50 % scholarship in the first year and that helped me a lot. However, this year they cut off my scholarship and unfortunately, my parents decided to stop supporting me because they can not afford it. In less than one month I will be forced to leave my university because I alone can not afford it. I am not a perfect student, I had a GPA of 3.5/4.0 in the first year of study and I worked a lot for it. I know I could have worked more and have an outstanding GPA but believe me I tried my best. This will literally destroy me and my will to live because so far, University is all I have. I tried to get a part-time job as well but it is very difficult in my country. If any of you have financial advice or could help in any way, I would be grateful for life. PS, if any of you can offer me an online job I would be willing to take even with minimal pay. ( I have 1 year and a half experience as a customer service representative)Thank you all in advance! xoxo [link] [comments]  |
| Tricky Question: PAYE Qualification Posted: 08 Oct 2019 05:13 PM PDT Hi all - I have a tricky question. I would be ever grateful for wisdom or direction. I cannot find the correct rule/regulation and need to be 110% sure on this answer regarding PAYE eligibility: Direct loan issued after Oct 2011. No outstanding Direct or FFEL Loan when a this new direct loan was issued, BUT there WAS a balance on a consolidation loan (consolidated Janurary 2007). The consolidated loan paid off underlying FFEL loans. So, on paper, it looks like this would qualify for PAYE, but not certain. Tricky. I am really grateful for the help of the community on this one. [link] [comments]  |
| Posted: 08 Oct 2019 12:50 PM PDT Currently my gf is trying to get enrolled in a nursing program here in Louisiana. She moved here from Georgia less than a year ago. Her tuition is going to cost $28k but with the estimated grants and loans bringing it down to about $15k. But she needs to lay that all off before she graduates roughly a year and a half from now. But with her current bills there is no possible way of ever accumulating that amount of money. She is 20 years old and still counted as a dependant under her father who makes roughly 60k and has 3 other kids to take care of by hisself. I guess im just trying to figure out if there is any way of finding a loan or anything that can help her pay off school before she graduates a year and a half from now and even possibly keep paying off the loan for a while afterwards. Any helpful advice is welcome. [link] [comments]  |
| Posted: 08 Oct 2019 12:38 PM PDT I make a relatively low nonprofit salary and have very high student loans ($100k+). I have been on IDR for the past 3 years making payments toward PSLF. I got married last year and we filed jointly in April, so this was my first IDR recertification based on our joint income. My husband also has substantial loans ($100k+) and has been on IDR, although he does make more money than I do and was paying more per month accordingly prior to our marriage. My request for IDR was denied and I was told that even if I used REPAYE (for which I am still eligible), my payments would at least double and that my husband's payments would go up significantly as well. We haven't gotten his decision back yet, but I'm confused about how getting married -- if otherwise our incomes and loans remained relatively the same -- would make us ineligible for IDR. If both of our payments go up, that means we'd be paying a much higher % of our combined income while we have the same combined debt burden, same expenses, still two people to support etc. Can anyone enlighten me? The staff at Fedloan weren't much help. [link] [comments]  |
| Posted: 08 Oct 2019 03:37 PM PDT I am a first-year at a private university. I have already accepted around 8k per year in student loans. Half is subsidized and the other unsubsidized. My financial aid has a 7k gap, which means that's what I have to pay out of pocket. My sister told me not to worry about it because she's happy to pay it. She hasn't paid anything at all and my school just emailed me saying that I will not be able to go into the spring semester since I have an outstanding balance. I told my sister and she said she wasn't going to pay my tuition anymore because she doesn't want to. She said that I have to pay it on my own. The only option I have is to get loans to pay for it since my mom is broke and doesn't take care of her money. My dad got deported, so he's living off of what my brothers and sisters give him since he can't find a job. So, here is my question: Should I get the 7k loans per year and stay at my school but be 76k in debt when I graduate? Is that a lot to be in debt of? Should I transfer to a community college? Or should I drop out? [link] [comments]  |
| Options besides FedLoanServicing/Refinace Posted: 08 Oct 2019 03:50 AM PDT Currently $103k in debt (bachelors and two masters). Navient sold my loans to FedLoanServicing a while ago. I've been paying on my loans since 2012 when I finished grad school but only could do the IBR (single mom working at a non-profit) fast forward to now, still be paying on the loans (owe about 10k more now than I did 7 years ago) did my recertification and they bumped my payment up to $1600. Been calling multiple times a week and constantly getting different information on how to request a lower payment. Explained I've been on maternity leave for the last six months with no income besides my husbands. Also explained we cannot afford that payment as daycare is costing us $2300 a month for the twins as is once I go back to work next week. I'm so sick of getting run around and wondering about options people have of refinancing with a different company outside of FedLoanServicing. I know this debt is never going to go away...I'm just hoping I can continue paying the minimum on it until the entire student loan crisis just implodes in on itself. (Which I'm guessing it has to happen eventually because the economy is not getting any better with my generation drowning under student loan debt) Any advice would be greatly appreciated. [link] [comments]  |
| Posted: 08 Oct 2019 03:22 AM PDT Just received an email indicating that my recertification for IDR was denied and that I'll receive a letter in the mail explaining why. I'm currently 5 months away from being eligible to apply for PSLF and am concerned that this will hurt my chances of having my loans forgiven. Anyone have this same experience but was able to get back on an IDR plan? And if not, did if affect their PSLF application? Thanks. [link] [comments]  |
| Is it true I can't pay down my interest? Posted: 08 Oct 2019 01:44 PM PDT I started paying on my loans in January of 2005 when I consolidated them into one loan that is serviced through Edfinancial Services. Loan 1 was for $27k and Loan 2 was for $19K. ($46 total) I've been making payments faithfully for 14 years. I've never missed a payment and over the past few years, I 've been paying extra. Currently, my payments are paid up until April 2022. However, I still continue making payments, but they refuse to put the extra payment amount to the principal, they just keep telling me my payments are paid up in advance. After paying on these $46k for 14 years, I still owe right under 18K. I also have a decent interest rate of 3.875%. I've worked for a Nonprofit organization for 25 years and thought I'd be eligible for the public service forgiveness after 10 years, but was rejected because I consolidated the loans. After numerous conversations with many people, all I keep getting is Student Loans aren't set up to pay off early unless you pay them in full. I'm not allowed to pay down the principal, which makes me think the loans would have a much lower balance if this was allowed. If my advance payments were credited toward interest, that would cover half the balance. Is it true I can't pay down my interest? Should I make a bank loan for a specific amount of time to get rid of this debt? This really should be this difficult to figure out. [link] [comments]  |
| Perkins loan in default still eligible for cancellation? Posted: 08 Oct 2019 01:32 PM PDT I have a Perkins loan that apparently is in default. I'm a teacher in a high need content area at a low income school. My job makes me eligible for deferment and cancellation after five years. A couple years ago I filled out paperwork for cancellation and gave it to my school's office to sign and certify. I asked them to send the application on to my loan servicer (the bursar's office at my university). Apparently it wasn't correctly sent. Around the same time I moved to a new address, so much of my mail didn't arrive at my new house. I stopped seeing bills, so I assumed my application had been accepted and I stopped paying. I was recently contacted by a debt collector about my loan. I verified that my loan is in fact in default. The debt collector told me that because the loan is in default, I am no longer eligible for loan forgiveness. I told her I would need to contact my university directly to verify that I'm ineligible. I plan to call them tomorrow. Before I do, what should I know? Is this actually true? Edit: typo [link] [comments]  |
| Preparing for graduate school with undergraduate debt Posted: 08 Oct 2019 07:14 AM PDT I graduated from college in 2014 and plan to attend graduate school in a Ph.D. program starting in the fall of 2020. I currently work (30k income post-tax) and have 7 student loans ($22,961 total) with interest rates ranging from 3.5% to 4.41%. I did some research and have been paying extra towards my loans that have the highest interest rates, but I'm wondering what the best strategy is when preparing for graduate school? If I understand correctly, when I go to graduate school my loans go back into deferment, so should I be focusing my efforts on just the loans that have the highest interest rates, or should the subsidized/unsubsidized part factor in as that would affect the interest that continues to accrue during grad school, right? In short, should I be focusing on targeting the highest interest rates for the unsubsidized loans, or just the highest interest rate loans regardless of the type of loan? And should I be focused on paying off the same loans before I start grad school as I am when I'm in grad school? For reference, here's my basic loan info:
Minimum payment is $225/mo but I pay $420 (yeah, yeah, I know) and put everything above the minimum payment towards the loan I'm currently targeting. tl;dr what is the best way to pay off loans with grad school approaching (and does the strategy stay the same during grad school?) [link] [comments]  |
| Please ELI5 how making an overpayment affects my student loan? Posted: 08 Oct 2019 12:54 PM PDT I'm back in school and have decided to pay the interest on my unsubsidized student loans while they are in deferment, but even with Navient's explanation of how making overpayment affects my balance, I'm still not very sure which is the best option. This is what it says:
If I'm looking to pay the interest while deferred is it better to advance my due date (which I assume means my final payment in the 10-year schedule is moved up?) or to be billed for the full monthly payment (does that mean taking the loan out of deferment?) Thanks! [link] [comments]  |
| PAYE plan still forgives after 20 years if income raises? Posted: 08 Oct 2019 12:32 PM PDT Sorry if this has been asked before, couldn't find it. On the PAYE plan it says your remaining balance is forgiven after 20 or 25 years. Is this still the case if your income significantly gets higher within those 20 years? Thanks in advance! [link] [comments]  |
| Are there any loan companies that provide loans to international students? Posted: 08 Oct 2019 11:32 AM PDT So, I'm an American student who plans on studying in Europe. My college is NOT on the International FAFSA/Federal aid list. Are there any loan services that provide aid to someone going overseas to study - besides those risky personal loans? THANKS. [link] [comments]  |
| Consolidate FFEL and Perkins loans to one loan? Posted: 08 Oct 2019 11:17 AM PDT Hi everyone. A few questions for you all. I am in the process of consolidating my perkins and FFEL stafford loans because I will be working in the public sector starting this coming year. I am wondering if consolidating all of them into one loan would be ok. Is there any benefit from consolidating perkins loans together and FFEL stafford loans together? They are currently with different servicers. Consolidating them to one servicer will make it simpler but is there any other pro or con to consider? all of my other loans are Direct loans and qualify for PSLF. It is my understanding that there are no benefits to consolidating these. Lastly, I initially thought I would have to transfer all of my loans to Fednloans now but I was told that all of my loans will be transferred to Fedloans once I enter the PSLF program without triggering capitalization of interest. Thanks for reading. [link] [comments]  |
| Help Finding Loans For International Education Posted: 08 Oct 2019 10:56 AM PDT Hey all, Come April 2020 I have the opportunity to enter a very nice Japanese university first as a research student, and then a master's student after testing into the program. The only issue—and I mean only issue—that I've got is funding it. Unfortunately many u.s. based lending institutions aren't affiliated with Tohoku University. That being said, is there anybody here who has first-hand experience with funding research or grad programs overseas with loans? I almost feel like I need to find a personal loan that has a grace period until after I graduate, and disburses directly to me. However that sounds like a pipe dream. Any advice would be wholely appreciated, it has been a dream of mine to pursue graduate studies at this university, I just need to iron out the funding. Thanks for taking the time to look over this long frantic post! [link] [comments]  |
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