Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- Senators Demand Investigation Into Mismanagement Of Student Loan Program
- Made full student loan payment a week late - will this cause me to have a mark on my credit
- Advice: Paying $1,000+ a month in student loans?
- Me against the Department of Education!! In need of advice on what to do next!! One loan sent to collections another in default, but neither of them actually existed.
- Trying to plan my future with 115K in student loans....
- 22F drowing in 200k in student loans... please help
- I’ve done everything but sell my blood and body. In need of advice, please help.
- Student Loans in a Foreign Country
- what loans can I take
- can you defer loans after you’ve already started paying
- How to refinance if you never graduated?
- Nelnet vs Studentloans.gov ---- PLEASE HELP
- Trying to get out of Fedloan's IDR plan
- IDR paperwork received but hasn't been processed
- Stupid Question about Federal Student Loans + IBR
- Is it even worth applying to PSLF if I have a higher income?
- Has anyone heard of this organization? Is this necessary?
| Weekly Politics Discussion Megapost Posted: 30 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]  |
| Senators Demand Investigation Into Mismanagement Of Student Loan Program Posted: 30 Oct 2019 11:39 AM PDT Twenty-three U.S. senators are calling on the nation's top consumer protection agency to investigate loan servicer, Pennsylvania Higher Education Assistance Agency, better known as FedLoan and PHEAA, for its role in a troubled student loan forgiveness program. The program is designed to help public service workers like teachers and police officers. Sen. Sherrod Brown of Ohio told NPR in an interview Tuesday:
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| Made full student loan payment a week late - will this cause me to have a mark on my credit Posted: 31 Oct 2019 12:37 AM PDT I recently have been going through some tough times as my family's financial situation has been worsening and I've been contributing more money than I have had to in the past. I took my loan off auto pay and paid about half (~$150) the monthly due around a week before the due date thinking making any payment would mean they wouldn't report negatively on my credit - but received an email saying the rest (another ~$150) was past due. I freaked out and immediately paid it even though I couldn't really afford to right now. Now I am worried that they will report my payment as late and mess my credit up. I have never missed a student loan payment in my almost 2 years of paying it back and never missed a credit card payment either so I am really freaked out. Will this be reflected negatively on my credit? Please help [link] [comments]  |
| Advice: Paying $1,000+ a month in student loans? Posted: 30 Oct 2019 06:36 AM PDT So this isn't me, but a friend of mine. Forgive me if some information is off, I'm just relaying what I've gathered over the last couple of years. 10 years back, he was in University for 4.5 years (didn't graduate) and had a total debt of $80,000 to Navient when he started paying off the debt. It might have sat there for a few years without any payments... not sure. He's making about $70,000 a year in his own freelance business (which has nothing to do with what he went to college for... figures) and is living pretty frugal and alone in the boonies. He's paying about $1,200 a month toward his loan debt. His debt is collecting about $300 a month in interest, with a reccomended monthly payment of $292/mo (what a joke). So he's grossly overpaying and trying to get that down. To date, he owes $62,000 still. Is there any routes he can take to lower the interest rate, or forgive some of the balance, or SOMETHING? He's paying so much as it is. On this route, it should be a few more years before he's paid off, but I'm just wondering if there's any advice I can pass on to him that would help him reach his goal sooner. Basically, he was a dumb kid previously and just took the loan not really knowing all he was getting into. Now he's just trying to get out of debt so he can eventually start a family. Thanks for any advice. [link] [comments]  |
| Posted: 30 Oct 2019 08:48 PM PDT (Feel free to give advice on both situations, one or the other, none, or just read to fulfill the betterment of your life compared to mine) Ok so here's the story. I started college September 2009, took 2 years off, transferred to another college in 2014 and graduated in Summer 2016. In Fall 2016 I started graduate school and then unfortunately had to withdrawal in Fall 2017. Ok whatever that's all just me struggling with trying to figure out what I want to do with my life but these dates matter so anywhoooo. Let me start with the collections issue first. A year goes by and I get a letter in the mail (end of 2018) saying that I owe $7,688 back to my college from loan disbursements in Fall 2017. Now the semesters in my grad program ran quarterly so I had withdrawn 10/10/17... 4 days after the deadline which made it too late for me to cancel my classes for the remaining two quarters which I understood.. the second week of September 2017 I got a refund for $2,868. Which was direct deposited into my bank account. I knew I was getting it because the bursars office sends automated emails every time an adjustment is made to my financial aid. I wasn't quiet sure where the remaining amount of the $7,688 came from so when I spoke to the student accounts office to get further info they had told me that their records indicated that approximately one month after that first refund was issued I was again issued another refund for $3,636 on October 25, 2017. However, I was not issued a statement letter from the bursars office with that amount, as I was for every other and when I pulled bank statements for that whole year there was no amount for that much deposited into my account on or around the dates they claim. It only showed the $2,868. Soo after I repeatedly had them verify that their records were showing that $3,636 was direct deposit and not a mailed check and also verify that the deposit wasn't returned back, I provided them with the evidence on my end showing nothing was received nor handed to me in a statement form and they still believe that I owe it back to them and sent the damn thing to collections ! I'm not sure what to do because the school already paid that amount back to the loan servicer so they will obviously not give up until they get their money back ($3,636 being that they never lost).I tried disputing it but it's pretty much me against the department of education. Any thoughts? ... also adding that I have documentation stating that they refunded the $7,688 back to the loan servicer on September 8, 2017 which was a few weeks before any refunds were disbursed and also a month before I even chose to withdrawal. Weird. Next up we have a story about a Federal Perkins loan that originated in August 2009 but found his way to the surface in January 2016. -_- now this one sort of confused student accounts Jack so much he told me he needed to take a day to figure it out. So I did my research on this mysterious loan before messing with Jack's head and here's what I found... according to the student loan database one FP loan in the amount of $1,500 was disbursed 9/02/2015 with a loan period of 9/01/2015 - 12/31/2015. The loan status of this loan simply says "loan originated." A second FP loan (and the one that gave Jack a run for his money) is a $3,000 loan that was supposedly disbursed 1/27/2016 but was established on 8/31/2009 with a loan period of 8/01/2009 - 06/30/2016 and a status of "Default, unresolved." As of a couple months ago. Now originally I was thrown off by the dates but later discovered that it can take up to 10 years for a Federal Perkins loan to be disbursed so that might be why the huge time gap? I also acknowledge that prior to disbursement of the first FP loan (or any federal loan) of the academic year the college is suppose to send to you, in writing, a letter indicating that you are receiving said loan(s) with a chance to cancel all or any loan coming to you. For every academic calendar year I had gotten emails to verify these loans coming (not always before the loan came which didn't seem right) but in the writing it would state whether it was for Fall, Spring, Summer or it might include more than one semester. The LAST three written notifications I got were on 9/12/2017 that said for Fall 2017; 12/9/2016 that said it was regarding the loan credited for Fall 2016; and 9/4/2015 that said it was for Fall 2015. But there was never a document that said anything about receiving a loan in Spring 2016 or even giving me a chance to cancel it. So then I thought, "Ok, I'm sure the letter that said Fall 2015 meant it was for the academic year which included Spring 2016." But when I look back at the loan database the only Federal Perkins loan I got that actually originated during that time was the $1,500 one that only ran from September 2015 to December 2015. Fast forward to now and you'll be where I'm at just finding out about this $3,000 loan that showed up in default.. what makes it all more interesting is that not even good ole Jack could find any record of this loan. My guess is that I was suppose to get $3000 for the two semesters $1,500 and $1,500 but something happened when Federal Perkins ceased to exists after 2015 that it just mashed both of them together and quickly put me into default for the whole thing. Either way what should I do now? Having something in collections and default has been so damaging to my credit score and neither to be my fault. My college won't admit to their mess up, I have a collections agency on my ass for money I never received, and a loan in default that not even it's own servicer has record of. Any advice? Or thoughts about this? I have all my evidence and proof (as much as I could gather) about these two loans on my end but now I feel pretty stuck. On a good note!! I had done so much research on student loans because of this that I now feel like I can properly educated my daughter and steer her away from this disastrous route before she takes it* see there really is a positive side to everything ;) Thank you everyone who takes time to read this and respond! [link] [comments]  |
| Trying to plan my future with 115K in student loans.... Posted: 30 Oct 2019 08:04 PM PDT On mobile so please forgive formatting issues... About me: -27 (F) -Graduated in 2018 with a doctorate degree in clinical psychology -Student loan debt: 115K -Currently renting an apartment in the Midwest with my new husband (married summer 2019) with one dog and one cat The situation: My husband and I have really started to buckle down on our finances since the wedding. After my internship and postdoc and becoming a licensed psychologist, I now can finally search for a job that will help me to pay off this massive debt (I currently work at a nonprofit at 50K and need to leave due to low pay and being overworked). The projection for my area is around $80,000 on average to start, at least. My husband makes about 35K per year, and likely won't be above that until he gets his own business up and running within the next few years. So that places me as the primary earner, as well as the bearer of health insurance. Student Loans: All my student loans are federal and from grad school only (my husband has no student loan debt, yay!) I needed to get on an IBR plan when I started paying them last year. I pay over the required amount per month as I am able to right now ($150 vs. $133 minimum). I could quality for PSLF at my current site but I'm hesitate to stay with a low paying job for the next ten years at the risk of not even qualifying when all is said and done after hearing the horror stories of others trying to quality after the 10 year period. Monthly Expenses: -Rent and utilities: $1, 200 -Car payment: $205 (my car, husband's car is paid off) -Car insurance : $230 (both cars) -Medical Expenses: $400-600 (I have a chronic health condition and crappy current health insurance with a high deductible plan with current employer) -Groceries, including pet food: $450 (we limit eating out to 1x per week, 2x per week at most) -Subscriptions (gym memberships, etc.): $80 -Credit Card Debt: 10K total (I pay 650 per month towards them, which is over the minimum payment and we're paying the most towards the card with the highest amount right now, about 5k). Most credit card debt is leftovers from any wedding expenses, a honeymoon, and money towards my licensure exam We currently have about 11K saved up to put a down payment on a house and we're hoping to buy next spring, early summer when our lease ends. However, we're struggling to save money towards a house in that timeframe, as my husband wants us to at least put 20K down. Also, we want to try for a child next fall, which comes with more expenses.... A few questions (and please, give any other advice you think would be appropriate!): 1. Should we cut back to just paying the minimum on our credit cards and put that extra money towards a down payment on a house? 2. My husband and I both have credit scores about 730 but I'm the one saddled with the debt, however, I have the longer credit history. How much will this effect our chances of getting a decent mortgage? Should one or both of us be named in the mortgage? 3. I get panicky thinking about my student loans. I did some calculations and I would need to pay 600 per month just to cover accumulating monthly interest 😞 I feel like I'll never pay it off and I'm worried how it's going to affect our house buying potential. Should I reconsider PSLF if I continue to, hopefully, qualify? I would also love for anyone to share their stories, if any, about starting families or buying houses when in massive debt and how you handled it, both financially and emotionally! I sometimes feel so overwhelmed and disheartened about my personal future and that of my new little family. [link] [comments]  |
| 22F drowing in 200k in student loans... please help Posted: 30 Oct 2019 08:21 AM PDT Hello all, I appreciate you in advance for reading this lengthy post about my current struggle with my student loans. I've never posted here before so please ask for more information if I haven't provided enough. Intro: I'm a 22F that just graduated college in May of 2019 and am currently in my gap year before medical school. If I don't get accepted this cycle, I will be taking a second gap year. Loans:Sallie Mae = 114kDiscover = 48kFederal = 30kWells Fargo = 9k I currently have a steady job working full time making $20/hr. As of recently, I've began budgeting and setting aside more money for savings, student loan payments, and a Roth IRA. I haven't paid toward any of my student loans so far and they are deferred until November in which I have to start paying about $1400+ a month (at a minimum). I obviously cannot afford that and since most of my loans are private, they don't do income-based repayment. Should I apply for forbearance in order to defer it until I start going to medical school where it will be deferred since I'll be a student again? Should I start paying them, if yes, how? Honestly just looking for any advice that can help me out. Thank you!! EDIT: I'm getting a lot of "why did you go to an expensive school"? Ok yes, obviously I was stupid and made a horrible mistake but that's not going to help me with paying off my current debt, so please only give me actually useful advice. I'm really just looking for advice on potential repayment options. [link] [comments]  |
| I’ve done everything but sell my blood and body. In need of advice, please help. Posted: 30 Oct 2019 11:21 AM PDT I need ideas, here's the facts 23, out of state and cannot move home to family Currently in 17k federal debt Ineligible for pell grants No contribution from family I have excellent credit My dads credit is poor, my mom has none No available co signers Went to community college for AA and am within 40 credits of BFA for ED at state school I pay my own bills. All 40+ hours of pay go towards rent, food, and other bills that my SO pays towards as well. currently have 3.8 gpa and in 3 different honor societies. Still no scholarships. Financial aid office told me there's nothing they can do aside from bump my fed loans, but it's still not enough. I am desperate and don't know what to do next. I have to finish college at this point. It's been six years off and on, and I'm within a year of finishing. I'm not working in a grocery store for the rest of my life, even if being a public school teacher pays the same w/ benefits. If you have any advice that would be helpful it would be much appreciated. Thank you. [link] [comments]  |
| Student Loans in a Foreign Country Posted: 30 Oct 2019 05:13 PM PDT I live in Edmonton, Alberta, Canada. If I was to study in a private university in the UK would I be able to take out student loans from Canada to use in the UK, or would the UK provide me a student loan even though I am not a resident there? Apologies if this question has been asked before. [link] [comments]  |
| Posted: 30 Oct 2019 05:12 PM PDT These part time entry level jobs are making me miserable, I cant take it anymore, I really cant. I would 100% prefer to drow in debt for the rest of my life than working one more day at one of these shitty jobs. Im in NC and my community college only allows me to take a certain amount of the federal loans. Are there any other loans someone with a bad gpa in HS could take in my state? [link] [comments]  |
| can you defer loans after you’ve already started paying Posted: 30 Oct 2019 05:11 PM PDT Asking about federal and private? Like for example I pay for 6 months to a year and then I can't afford until I finish school, I could defer them then? Read a lot about deferring online just couldn't find this question which would seem obvious but I want to make sure. [link] [comments]  |
| How to refinance if you never graduated? Posted: 30 Oct 2019 03:14 PM PDT My husband currently has $28k left on his student loans. I've looked into refinancing, but almost all of the options I can find only refinance if the student graduated--and the rates aren't any better than what we have now. We both have excellent credit scores so I don't see what the problem is. His current loan has an interest rate of about 5.8%, is there any way to refinance for a rate lower than that without having graduated? [link] [comments]  |
| Nelnet vs Studentloans.gov ---- PLEASE HELP Posted: 30 Oct 2019 10:42 AM PDT Hi all, I graduate from college last year and after a few months I was contacted by Nelnet about my student loans. i researched them, found out they were legit, so I made a payment plan with them, and I started paying every month. However, last week i received a email from them saying that my payment plan is going to change if I do not update my information. But when I tried to do it on their website, they sent me to https://studentloans.gov . When I went to studentloans.gov and tried to apply for a payment plan there, they said my balance was zero. Actually it said " There are currently no outstanding loans in your account " . I am a bit confuse because I have not been in this situation before and I do not what to do. One is saying I have loans and the other is saying I do not have any. What do I do? has anyone experienced this before? Thanks in advance. [link] [comments]  |
| Trying to get out of Fedloan's IDR plan Posted: 30 Oct 2019 01:27 PM PDT I had one of my small student loans sold without my knowledge. It eventually went to a collection agency, which I continued to pay without any problems. The agency then told me I would have to consolidate the loan with another loan. I thought the simplest thing to do was to consolidate it with my Fedloan. After doing so Fedloan informed me that they would have to enroll into their IDR plan because of the consolidation, and my monthly payment would jump from$350/month to $860/month. I was then told that if I paid 3 consecutive payments they would be able to reduce back down to my original payment. I paid the three consecutive payments, however the first payment was made in two payments that were equivalent to the monthly payment. It was not explained to me that the payments had to all be exact payments and I did not realize I was doing something wrong. I was declined the request to reduce my rate, applied a second time and denied again. I looked at having another company buy out my loan but they denied me because the original loan went to collections. Has anyone had a similar problem with Fedloan, and if so is there anything else I can do about it? [link] [comments]  |
| IDR paperwork received but hasn't been processed Posted: 30 Oct 2019 08:28 AM PDT I submitted re-certification paperwork for an IDR plan back in September. It was received by my loan servicer on 9/13 (I got an automated message and it shows as Received in my online account summary). I have had no follow-up since then (it said there would be follow up by 10/1). My plan expires on 11/17 if it isn't recertified, and I will not be able to make the payment amount if it goes back to the non-IDR minimum payment. What should I do? [link] [comments]  |
| Stupid Question about Federal Student Loans + IBR Posted: 30 Oct 2019 08:22 AM PDT I refinanced my private student loans with Earnest so I have those under control (the interest rate is actually now lower than my federal loans). My stupid question is - If I pay off the smaller individual federal loans (I can pay off 3 right now that are under $3k each) would that affect my IBR at all or would I just continue to pay the same amount and it would be allocated differently to the remaining loans. I think I'm just not quite sure I understand how IBR is structured. Is it based on what they believe I can pay relative to just my income or what they believe I can pay relative to both my income and what I owe? tl;dr - will my IBR be reduced if I pay off a couple of the loans? [link] [comments]  |
| Is it even worth applying to PSLF if I have a higher income? Posted: 30 Oct 2019 06:01 AM PDT So I am a lucky person in that my student loan to income ratio is not bad compared to some of the horror stories. Because of that, I am trying to figure out if the PSLF is worth applying to. Since this is my throw-away account I don't mind going in detail about my situation. Student Loan Amount: $47,000 with an average interest rate of 6.07% Current Income: 69,850 Income Next Year: $83,500. I have been making payments for 3 years already. I work for a federal government agency, so the big jump in income is the fact that I got a promotion that will take effect in January. I know with my new income, I won't qualify for any repayment plan, however, I was thinking of maxing my government 401k plan to make my adjusted gross income the lowest I can get to is $64,000. Is it worth even applying to? The student aid website only gives me figures for a 10-year plan, where I barely come out ahead. Do the past 3 years of payment count towards the PSLF or do I need to start 10 over? Would it be better to just be super aggressive and pay these off in a few years? [link] [comments]  |
| Has anyone heard of this organization? Is this necessary? Posted: 30 Oct 2019 05:05 AM PDT Hello everyone! I recently attended a student loan event with the National Student Debt Forgiveness Center. They are a private company that works with people's federal loans, acting as an "accounting service" to help people consolidate loans, pick repayment plans, and apply for forgiveness programs. I graduated in 2018 and currently work at a qualifying non-profit for public loan forgiveness. I have approximately 80k in loan debt, 30k with Navient and 50k with Sallie Mae (where the interest rates range from 9-11% for each private loan). I'm living at home, but am paying almost 1200 dollars a month in premiums on a 43k salary and need to act fast. I simply cannot afford this anymore and unforeseen family circumstances are likely to put the rest of my household further in debt. My plan is to refinance with Laurel Road, who offered me a fixed 5.3% rate 15 year plan with a $398 monthly payment (I'm currently paying Sallie Mae $855 dollars per month). I'm also not refinancing these loans with my co-signer. However, I want to consolidate the federal loans. I've been in contact with the National Student Debt Forgiveness Center, who gave me a free consultation. They are asking for $748 dollars to take my information and consolidate my federal loans on my behalf. They would switch the lender from Navient to Federal Loan. They also ask for $225 to help complete the recertification process and paper work to the public service forgiveness programs. They want to switch me to an IBR payment plan. They estimate i'll be spending 70 dollars less on my monthly premium, and have 2500 dollars forgiven at the end of 10 years. I have no experience doing federal paperwork or with loan forgiveness. My mother was the one who applied for my loans and picked the plans. Is it worth it to pay these people to ensure that the paperwork is filled out correctly and the process goes smoothly, especially for the loan forgiveness programs? Is this something difficult to do on your own? I have been nervous to do this on my own, in fear of messing something up. I'm also not sure how to get started. But I'm also wary of spending $1000 over time for someone to do this on my behalf. Is this a legitimate organization that is giving me sound advice? Help! [link] [comments]  |
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