Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- Paid the last of my loans off yesterday!
- 138k paid in full!!!!!!!!
- Minimum credit score to not need co-signer
- Question about settling a Navient loan - is my offer too good to be true? What am I missing?
- Laurel Road users: Has anyone had their interest rate reduced by uploading a 2nd household earner's paystub?
- Which refinance company is better?
- I have a 15yr 3.94% interest private loan...is that interest still high enough that I should aggressively pay off?
- Scam Warning - 714-406-4370 (Student Loan Financial Assistance)
- UAS problem
- settling a student loan in collections - am I about to get screwed?
- Advice / Suggestions Needed - First SL Payment due Next Month
- My interest rate is pretty good. Is it still worth looking into refinancing?
- Credit ruined from myfedloan account; Third-party "loan management" to blame? Help!
- $200K in student loan debt - need advice/confirmation on my plan
- Freedom Docs got me
- Student Debt and Investing Survey
- Daily Compounding Interest on small student loan
| Weekly Politics Discussion Megapost Posted: 23 Oct 2019 01:06 PM PDT /r/StudentLoans is not /r/Politics, but student loans have a political component (especially this election season) and that deserves discussion! This is an automatic weekly post designed to host discussions about legislative proposals, candidate platforms, and other political topics relating to student loans. Posts and comments that fit these categories will be removed from other areas of the /r/StudentLoans community. Comments that only loosely relate to student loans should be taken to /r/politics or a similar sub and may be removed from here. Links to external websites or other subreddits must primarily relate to student loans. The rules of /r/StudentLoans still apply. Personal attacks, speculation about the motives or debt situation of other users, and unsolicited advice will be removed. This is also not a platform for specific political advocacy; this includes linking to petitions and soliciting campaign contributions. (This weekly aggregation post is an experiment. Please let the mods know your thoughts and if you have suggestions for improvement either by commenting here or via modmail.) [link] [comments]  |
| Paid the last of my loans off yesterday! Posted: 23 Oct 2019 10:41 AM PDT $37k in 1 year and 8 months! After graduating college, I got a job as an engineer and I've been paying between 1.5k and 2k per month. I also had all private loans, so I refinanced with SoFi and got a much better rate! [link] [comments]  |
| Posted: 23 Oct 2019 09:27 AM PDT My wife and I finished paying off 138k in student loans!!!! First off without her I would never have been able to tackle this debt as quickly as we have. She is a speech language pathologist. I graduated in 2017 with my Master's of Occupational Therapy from a private university in southern california. All of the debt we paid off is from this degree. We did it by living well below our means, working overtime, avoiding trips and restaurants and by cooking all of our meals. We listened to a lot of dave ramsey and followed a modified version of his plan. We used the debt avalanche and kept more than 1k as an emergency fund. We also maxed our roth iras last year but still his teachings kept us focused on the light at the end of the tunnel. Wahoo!!!!!! [link] [comments]  |
| Minimum credit score to not need co-signer Posted: 23 Oct 2019 11:11 PM PDT I know it's probably not as simple as just needing a number, but I figured I'd ask. In 19, my current credit score is 733, and I only have 105 left in credit card debt to pay off. So it may go up very slightly next month. My only negative factors are low age of credit (oldest being 1 year and 2 months) and low number of accounts (2 credit cards and 2 student loans). Will I still have trouble finding a loan without a co-signer? As I probably would have issues finding one, as my parent has a low credit score and she says she won't qualify as a worthy co-signer. [link] [comments]  |
| Question about settling a Navient loan - is my offer too good to be true? What am I missing? Posted: 23 Oct 2019 04:15 PM PDT So....I have loans with Navient totaling about $135,000 (I know, I know, I KNOW, I was a VERY dumb young kid). I've been on payment plans galore over the years, had my interest rates as high as 9% and as low as 1% (on the special repayment plan). Anyway, I haven't been able to make any payments over the last approx 5.5 months and I just got two separate letters in the mail from them, the first one advising that the account is under review for litigation and that I still have time to work something out with them. The balance showing on that letter is about 50k, which is obviously WAY freaking less than my actual balance. The second letter (dated about a week later) advises the same thing basically, but doesn't give an actual amount and just says "Make us an offer" to prevent the account from being placed in default. Am I missing something here? Is it ACTUALLY possible that they'd be willing to only make me pay 50k when my actual balance is about 135k? I'm planning on calling them tomorrow to discuss everything and obviously take advantage of this amazing opportunity if it's true, but I just wanted to check with Reddit first to see if there's something glaring that I'm missing? It does say on here that it would be reported to the credit agencies as "settled for less than the full balance." Honestly, if I can save myself 85k, I'd say that's worth the ding to my credit, right? Is something like that viewed as badly as bankruptcy? Or what? I'm just kind of freaking out, because I honestly thought I'd NEVER pay this behemoth off and if I could cut it down to 50k, I might actually have a chance to really do so and not have this albatross hanging around my neck anymore. It says I have until 10/28/19, so I want to act quickly! Any advice, recommendations, insights are greatly welcomed. Thank you! [link] [comments]  |
| Posted: 23 Oct 2019 10:09 AM PDT I am submitting documentation to have my loans $38,000 s tudent loan currently held by Navientrefinanced through Laurel Road. My amount owned is split between 4 separate loans, each ranging from 5.2-6.5% and LR is offering a consolidated 4% , 7 year term (3.75% with the -0.25% autopay deduction), which could save me about $5,000 over the lifetime of the loan. However, there was also a little window that said:
I submitted my GF's paystub but wondering if anyone has actually ever qualified for this and to what effect? Also, this is not a cosigner, so I am wondering how and why a 2nd household wage earner would be beneficial to them? [link] [comments]  |
| Which refinance company is better? Posted: 23 Oct 2019 08:55 PM PDT I am currently looking to refinance my student loans in the coming weeks. I've looked around for rates and it seems like my best options are with either SoFi or Earnest. Here is what they offered compared to my current (averaged) interest rate with 4 Discover loans of 7.10% (once again averaged) each with a 15 year term. Sofi: 10 year Fixed = 4.73% Earnest: 10 year Fixed = 4.57% I have heard negative things about both companies, but even more negative things about Earnest since they were acquired by Navient. Any advice on either? Who would be better? I'm leaning towards SoFi since their reputation and reviews seem more positive overall. And may be worth it for less stress and headaches. [link] [comments]  |
| Posted: 23 Oct 2019 07:31 PM PDT I have been throwing pretty much all my income at my federal loan and am finally seeing the light at the end of the tunnel as I am scheduled to pay it off by early next year. (yay!) Which will then bring me to my private loan. I have an $80,000 loan with first republic and my interest rate is 3.94% for 15 years, with a monthly payment of $626. I bring home ~$6k/month with ~8k/yr in bonuses in the SF bay area. I am 31 years old and at the time of life where I am thinking about more expensive things (namely maxing out ira/roth/hsa, child rearing expenses for a future fetus, and possibly a home if I ever move). $626 is not a huge portion of my take home pay. Should I just make minimum payments and move on with my life? Or should I pay off the loan in 4 years ($1500/month with all my bonuses thrown in). First republic has a deal where if you pay off your loan in 4 years they will reimburse some of the interest. Based on an interest calculator I found online, if I pay the loan off in 15 yrs I will by that time pay over $20k in interest. Maxing out retirement ends up being over $2k a month so with a $1500 student loan payment every month it would make things pretty tight. [link] [comments]  |
| Scam Warning - 714-406-4370 (Student Loan Financial Assistance) Posted: 23 Oct 2019 01:32 PM PDT Just a warning for you vulnerable people in debt like me, I unfortunately fell for said scam but I don't want this to happen to anyone else. They will leave a message but you won't get a call, somehow it goes right to voicemail. Woman either goes by Rebecca or Nadine, she will say something like "there is great news about your student loans" don't fall for it. They're called "Student Loan Financial Assistance", which is a very vague name and searching it doesn't show anything. I signed some sketchy document because I am a moron, they have my social security number and bank account number (I've called the bank about it and am going to change my account number). The guy on the phone seemed genuine, gave me his "personal phone number" but turns out the phone number is just another company number. Beware! [link] [comments]  |
| Posted: 23 Oct 2019 03:23 PM PDT So foolish little me fell behind on payment. (Not due to lack of money, parent handle it and due to some frequent moves, they lost track of us and didn't get the mail to pay them and fell late.) now they have accelerated the payment. Big problem is that when I went onto their website to deal with it. First it turned out the account I had saved on there was deactivated, then they could find my SSN in their system, then when I looked up by document. the letter they sent also turned out not to be in their system and could be found by that. anyone know what might be the problem? [link] [comments]  |
| settling a student loan in collections - am I about to get screwed? Posted: 23 Oct 2019 08:25 AM PDT So one of my smaller loans went to collections (formerly sallie mae, now "EOS USA". The original amount was $3566 and we have agreed to an $1800 lump settlement amount. They sent over the settlement offer and it says "This letter confirms our verbal agreement to accept $1,800.00 as full settlement and satisfaction of your obligation on the following account(s)". I assume this means the rest of my debt can't be sold to another agency for collection after I pay the $1800. However, I spoke to them about having the collections account deleted and they said they'd be able to do that for me. The letter they sent says nothing of the sort. When I called and spoke with them again they claimed they are unable to send a letter stating they will delete it before I pay, but if I pay over the phone they'll send me a document saying they will delete the account as I stay on the phone with them. QUESTIONS
These may be dumb questions but I'm totally lost and any help is greatly appreciated. [link] [comments]  |
| Advice / Suggestions Needed - First SL Payment due Next Month Posted: 23 Oct 2019 10:42 AM PDT Hi Everyone, Hoping to get some advice as to the best way to tackle my student loan debt. Details below: Total Debt: $172,861.62 Loan 1: Interest Rate: 7% Accrued Interest $6,300 Current Payoff: $66,450 Loan 2: Interest Rate: 6% Accrued Interest $1,963 Current Payoff: $22,463 Loan 3: Interest Rate: 7.6% Accrued Interest $4,317 Current Payoff: $62,117 Loan 4: Interest Rate: 6.6% Accrued Interest $1,329 Current Payoff: $21,829 My plan was to do the extended repayment option and use all the extra money to tackle the 7.6% loan first. Crucially I am living rent free with my parents at the moment and so I have extra money to throw at it. My take home monthly pay after 401(k)/HSA/Benefits is $5,800. Does this plan make sense? Anything I am not thinking about correctly or should consider? Any advice is welcome. Thanks! EDIT: These are federal loans and fixed interest rates. [link] [comments]  |
| My interest rate is pretty good. Is it still worth looking into refinancing? Posted: 23 Oct 2019 12:42 PM PDT I have ~$130,000 of private student loans left to be paid with SoFi @ 4.813% fixed rate. My credit score is good at 721. I'm on a 15 year repayment plan with a min payment of $1,025. I'm paying $1500 per month. I'm thinking of seeking out a 10 year repayment plan with a lower interest rate, but I'm not sure I'll be able to find better rates. I've gotten rates from a couple of other lenders as I look to refinance, but everything seems to be higher or the same rate even with a cosigner. Any chance of me finding anything better? Is it worth it to keep looking? Is there any chance SoFi might offer me a better rate if I call them and say I'm looking to refinance? [link] [comments]  |
| Credit ruined from myfedloan account; Third-party "loan management" to blame? Help! Posted: 23 Oct 2019 10:06 AM PDT Last month, my credit took nearly a 200 point hit when delinquent payments from myfedloan.org appeared. I got in touch with them and learned they were servicing my student loans. My address was correct buy my account was set to paperless billing so I did not receive mail. My email was correct but I didn't know the website so messages were sent to spam. Oddly, my phone number was wrong. I didn't recognize the phone number at all. On the phone, they told me it was most likely a third party "loan management" company's phone number. However, I don't recall ever signing up with such a company. I almost did, once, but didn't go through with it. Thankfully. I think what happened was that this loan management company that was trying to trick me into having them manage my loans had begun to sign me up with myfedloan.org. The whole thing felt shady and I backed out before signing anything. The guy was very angry. I'd be willing to bet that he never canceled what we had discussed and I had no reason to think this account was active. Anyway, in the interest of being agreeable and hoping to resolve the hit to my credit, I paid all of the delinquent charges. I filed a dispute with myfedloan.org to get the delinquent marks on my credit removed. I just explained that I had not been contacted about his account. I heard back today that my credit dispute was denied. Should I try the credit bureaus? Is the burden of proof on the student loan servicer? Should I try to contact myfedloan.org another way? Maybe I should file a dispute with myfedloan.org alleging fraud against that loan management company. Any ideas? Thanks! [link] [comments]  |
| $200K in student loan debt - need advice/confirmation on my plan Posted: 23 Oct 2019 09:05 AM PDT Hi - new to reddit in general. Last resort for help in trying to figure all of this out. I've been to several financial advisers who have told me conflicting things. I work in business at a fortune 500 company with an MBA and decent salary and I still can't figure this out...hoping to have advice from others facing similar situations? Current situation: $200K in SL debt ($180K in federal, $20K in private with variable interest rte currently at 4%) - grad loans for MBA $30k in credit card debt - avg APR 18%. $181K owed on mortgage. Value of property $240K. Interest rate 4.35% $9K owned on car. Value of car $15K $10K in savings (mutual funds...diverse portfolio) $100K in 401K Credit rating around 675 due to debt/income ratio I'm 35...annnual income $130K + 20% bonus (not guaranteed). Monthly income after taxes/HSA/benefits - $6500 Expenses: $1200 in federal loans - minimum pay to cover interest $242 in private loans $1200 in credit card payments $1800 - mortgage/utilities/HOA $500 - car payment/car insurance/gas $500 - gym/cable/cell phone/internet $500 - food $400 - emergency fund/savings $150 - miscellaneous Currently my plan is: Take out $30K in home equity loan to pay off credit card - never get into cc debt again and hope my emergency fund can cover most Put all the cc payments money towards private loans, starting with highest interest (home equity, student loan, car payment) Pay minimum federal student loans - covering at least interest same time, work on finding another job that offers at least same base + more equity incentive and hope I get lucky continue making at least minimum payment on interest no matter what until 20 years of forgiveness and/or hope I get lucky with a job that will pay out Would anyone do anything different? sadly im only able to contribute 7% to my 401K and not saving enough to really every have a significant savings that would allow me ability to take more risks with my job. Any advice welcome! [link] [comments]  |
| Posted: 23 Oct 2019 08:52 AM PDT Well. Today, I am those little old people everyone talks about. I paid money to a loan consolidation company that I had no idea was doing something I could do for free. They didn't make that known either. Surprise surprise. I cancelled my "subscription" yesterday but, of course, the charge had already posted today. Anyone have experience with them? Did they easily process a refund and then not charge you every month? Or was it a hassle to get your money back and secure again? [link] [comments]  |
| Student Debt and Investing Survey Posted: 23 Oct 2019 11:30 AM PDT I've created a survey gathering information about how students are paying for college and how many have student debt. I'm also collecting information about how investing can help you pay off your student loans and create long-lasting wealth in your life. Please take my survey, it will probably take you about 1-2 minutes. I am using it for a class project and I will also share the results with all of you. I will greatly appreciate your help! Thank you. [link] [comments]  |
| Daily Compounding Interest on small student loan Posted: 23 Oct 2019 09:55 AM PDT Just like the title says... My sophomore year of college (2016) I took out a Federal unsubsidized loan of $3000 dollars from a particular loan servicer, lets call them BigDumby Loanz. I'm lucky because $3000 was the only boost I needed to finance my tuition payments, and as you will see, I would be in very hot water if I had borrowed a more significant amount... I graduated in May 2018, and made my first payment after my 9 month grace period in March 2019. It was a $1000, bringing the principle down to just above $2000, including interest. Awesome! Or so I thought. Because 6 months later (now) when my next payment is due, I log into my account to find that $600 of capitalized interest has accrued on principle, bringing the total I owed to $2600!! I get a rep on the phone from BigDumby Loanz, and they tell me that DAILY COUMPOUND interest had been accruing on my account since the day I took out my loan (2016!!) And only after I made my first payment did all of that interest capitalize. It's a 4.6% daily interest rate for the record, which is about 33 cents per day when not compounding. Is this a common business practice for Student Loan servicers, or is BigDumby Loanz just super scummy?? I'm really glad and really lucky I didn't take out a bigger loan. I would have owed an extra $6000 for a $30000 loan! Edit: I'm new to the sub, it looks like posting the name of your loan servicer is okay. BigDumby Loanz = Navient Edit 2: u/ANGR1ST figured it out. The rep I talked with miscommunicated, saying that my interest was compounding rather than accruing. Also my loan is a little older than I thought it is, so daily simple interest at a rate of 4.6% for 3 years comes out to be just a little less than $600. Thanks for all of the comments that helped me figure this out! [link] [comments]  |
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