150k in loans, recently laid off, what job should I get?? You’ll laugh at my degrees Student Loans |
- 150k in loans, recently laid off, what job should I get?? You’ll laugh at my degrees
- Have $10K in debt owed to university from 2016... where can I get a personal loan to pay it off to continue education?
- Pay off loans or Roth IRA?
- Living on student loans
- Student Loan Discharge - Corinthian Colleges
- Got a letter saying I will be garnished.
- Worth it to refinance?
- Should I pay off my loans now or wait for TLFP?
- PSLF with deferred/$0 payments?
- Variable Rate Question/ Refinance
- yes or no: private student loans for one year rent if it would be the pretty much only debt i have
- Going to grad school. What is the advantage of federal unsubsidized loans over private loans?
- Which student loans to pay off first?
- Anyone else stressoling about forgiveness?
- Shorter vs Longer Loan Terms Pros/Cons?
- Paying rent??
- Attending less than part time while in deferment
- Best Going Rate for Refinance?
- Should I reduce my payments to minimums until I can sell off enough stock to pay off my loans in one lump sum? Read below for details.
- Recent Grad, Big Monthly Loan Payments, Advice/Guidance Appreciated
- Recertification Timing
- Should I apply for PSLF even though I would switch from Nelnet to FedLoan servicing?
- Want to die. Student loan defaulted.
| 150k in loans, recently laid off, what job should I get?? You’ll laugh at my degrees Posted: 26 Nov 2019 11:08 AM PST I have a little over 150k in federal student loans, nearly all of them would qualify for loan forgiveness with a qualifying job. I have a bachelors and masters in music performance. I play the tuba, not a useful instrument like piano or violin. I began a second masters in music therapy when the recession hit and I couldn't finish that degree, which in hindsight is probably a good thing because there are not many music therapy jobs and the ones that exist don't pay that well. Flash forward - I ended up getting a paralegal certificate and have been working as a paralegal in private law firms since 2012. Two places I've worked have laid me off due to lack of revenue (once in 2013 and again on Friday). I worked at a larger auto accident firm for three years but there was no room for advancement and we got $1,000.00 raise every other year, no bonuses. Working my butt off so an attorney can buy his/her second vacation home isn't a trend I'd like to continue. I got laid off of Friday. Boss said that they were $1million short on revenue for the year. Now that I have a chance to seek a career change, and given my ballooning debt, the smart move would be to find a job with loan forgiveness. However my degrees in music don't tend to impress potential employers. What job would you suggest that has loan forgiveness and requires little to no experience? I was thinking Post Office, I'd get to meet so many dogs!!! Thanks for reading this far! TL/DR: op has massive student loan debt and seeks an entry level career with loan forgiveness [link] [comments]  |
| Posted: 26 Nov 2019 07:15 PM PST I went to college for several years between fall 2012 & fall 2016, & I was very close to graduating & earning my bachelor's degree (like only 6 credits). But during my last year I was attending, I was "randomly" selected for verification for my info I put on my FAFSA application for my financial aid, and since I was 22 at the time, they needed my parents' tax information. Well, they wouldn't accept my dad's accountant's documentation and would only accept official transcripts from the IRS, but for whatever reason, they were never mailed correctly and he couldn't get them, despite the fact that he called 3x to get them to send it. Because of this, my financial aid was not approved, and I was stuck with a $8K bill I couldn't pay, it was immediately sent to collections, & the agency tacked on $2K. So between 2017 & now, I've been pretty much working for a living and living paycheck to paycheck. I also got into a monthly payment plan with the collections agency, and I've been making on-time monthly payments ever since. At the beginning of the year, I tried to re-enroll into that university to finish my degree, but they told me that I can't until the balance is paid in full. Then I recently moved & tried to attend another university, but I was told that my transcripts will not transfer until the balance is paid in full. So basically in order to go back to school to finish my degree without having to start over & have all that time/money in student loan debt not be a total waste, I have to pay off this debt ASAP. The problem is... everywhere I apply keeps denying me a loan. My credit score is around the 650 to 680 range, but my credit history isn't long or extensive anyway. I also recently took out an auto loan for a new used car for $11K earlier this year because my old car crapped out, so that definitely affects my debt-to-income ratio. Before taxes, I bring in about $30,000/year, as I am a courier who works for an independent contractor at the local Amazon delivery station at $15.75/hour. My rent is also dirt cheap and I only pay like $197.50 a month, as I live in a cheap, small studio apt. for $395/month & have a roommate to split costs (we live in a rural area of the Southeast near a relatively large metro area). Other than that, I don't really have a whole lot of bills other than typical stuff (utilities, Wi-Fi, phone, insurance, etc.). The vast majority of my jobs since I've not been in college have been jobs that don't require much skill, training, or especially education to do (such as food service & transportation), but I'm personally sick & tired of having to work jobs that expose me to harsh elements (such as a hot kitchen or having to be out in the heat/cold with Amazon delivery, etc.) and would like to have a job in the field I love or something similar. But in order to do that, I MUST get my degree so I can start building my career. But in order to do _that_, I need to get this balance taken care of. But where can I get approved for a $15K loan? I need $10K to take care of the balance and likely around $5K extra just in case the financial aid I would get for enrolling in the new school & submitting a FAFSA isn't enough (which is not unlikely, given that the tuition seems to be a bit higher than the previous college I attended) and then risk being in a bad situation I'm already in & trying to get out of. If anyone knows of places I can get approved pretty easily for a loan that amount or close to it with my credit score range, debt-to-income ratio, & income, please let me know. Any more knowledge on this subject is greatly appreciated. Thanks. [link] [comments]  |
| Posted: 26 Nov 2019 07:07 AM PST Hi everyone I'm an mba grad working a one-year contract with possibility of extension. I just got to 6-7 months of expenses saved up in my emergency fund (originally thought I'd need a full year to be conservative, but I want to save for my retirement since I only have $20k in it). My emergency fund has $21k in it, mainly through me being very frugal. I currently make $43 an hour ($89k yearly more or less). I borrowed $56k in federal loans to pay for school/cost of living (loans are at about 6.5% interest rate on average). Should I prioritize paying these off vs saving for retirement? (I don't get 401k matching at work so I'd only be doing my Roth IRA which means I can pull money from my contributions penalty free if needed). My goal is to pay the loans off in 10 years but ideally much less time; long term a goal is to buy a condo but that's another story. Thanks everyone! [link] [comments]  |
| Posted: 26 Nov 2019 05:44 PM PST I am going to try to keep this short. I have never taken out any loans and I have an associate degree from a community college, I'm now attending a state university and still haven't yet thanks to financial aid. I honestly don't know much about them or what I might be getting myself into, but I definitely need some help now. I am trying to take full course loads so I can get done in the time span I wanted to work around my apartment lease, as the only reason I moved is for this university and there is little reason to live here otherwise. Both of my parents passed away very unexpectedly, so my life within the past year has not been good or conventional. I have managed to make it through this semester without working from what I had left from them and help here and there from other family, but it has run out and I am not in a good place with my mental health to battle it, many college hours, and working to maintain my bills at the same time. I was offered $5500 subsidized and $7000 unsubsidized federal loans for this current semester and the spring semester, which would help me take more courses and pay my bills until the next fall semester if I was frugal enough. Is this a terrible idea? I really want to get this degree for a number of reasons, otherwise I would quit now and find some average job elsewhere to dedicate myself to without any other responsibilities. [link] [comments]  |
| Student Loan Discharge - Corinthian Colleges Posted: 26 Nov 2019 01:35 PM PST I am part of the Corinthian College fraudulent loan discharge class. About half of all my student loans are affected, the other half are from a different, legit, college. My loan servicer, MyFedLoan, keeps putting all of my loans into an administrative forbearance. I keep calling and asking them to remove the forbearance. I have never been behind and am on an IBR plan. I also work for a non-profit, so stand to potentially have the second half of my loans forgiven under the public service loan forgiveness plan (hey we are staying optimistic). Now, they are telling me that I cannot pay towards ANY of my loans and they have refunded me ALL of the payments I have made to any of my loans ever. Hundreds of dollars hit my checking account today from this. I feel like this is illegal. Is anyone else in a similar position? What do I do now? I am racking up thousands of dollars in interest on loans that I don't know whether they will be forgiven, and cannot pay towards them. Please help me. I am drowning in this. [link] [comments]  |
| Got a letter saying I will be garnished. Posted: 26 Nov 2019 08:49 PM PST So 32k in student loans, have made poor choices with money most of my life, never even finished school. I just turned 30 and while I have a decent job I still live paycheck to paycheck. My job requires me to heavily invest money back into it. (Im a mechanic and tools are not cheap) I called them today and talked to them and honestly they where almost no help to me at all, saying they could settle it for one lump sum of 27k. I have two kids, and a wife. Like I said I know this is my fault for just ignoring it, but hey like I said I am an idiot and thats why I'm here so roast me or help me give me a good laugh idk what the F**k to do. Thanks for your time people. [link] [comments]  |
| Posted: 26 Nov 2019 02:02 PM PST I recently started my career and was wondering if it was worth it to refinance a few of my student loans with somewhat higher interest rates. I have several loans totaling roughly $54,000. However, four of the loans are:
The other loans average about 3.75% so I would only be refinancing the above loans most likely. They are federal loans so I would be giving up the federal protections that come along with the federal loan program. My annual salary is $110,000 so if I am planning on being aggressive and having the loans paid off in five years, as is, is it worth it to refinance? will I even save that much compared to the protections the federal loan program offers? [link] [comments]  |
| Should I pay off my loans now or wait for TLFP? Posted: 26 Nov 2019 02:04 PM PST I'm a teacher anticipating qualifying for the teacher loan forgiveness program at the end of the 2020-2021 school year, which should forgive $5,000 in student loans. After aggressively paying towards my loans for the past 4 years, I currently have 3 direct loans and owe a total of $8,782.63. My plan since choosing an education major was always to use the teacher loan forgiveness program, but looking at my finances, I realized I actually have enough to pay the loans off. Should I pay my student loans off now or wait for another year and a half to apply for the $5,000 loan forgiveness? [link] [comments]  |
| PSLF with deferred/$0 payments? Posted: 26 Nov 2019 12:47 PM PST Hi all, I just had to recertify my loans for Income Based Repayment, however, since I started a new job last October after graduating, my 2018 income was very low and my payments are now $0.00 (was planned to be ~$240). My loans were supposed to come out of deferment in March 2020, but after recertifying, my next payment due date now says March 2021. I currently work for a public university and wanted to take advantage of PSLF (I've handled the 501c3 stuff). I already missed out on 1 year of qualifying payments because the loans were deferred. I've been making monthly payments since last winter. Am I correct that my 120 qualifying payments won't even begin until 3/2021? Thank you! [link] [comments]  |
| Variable Rate Question/ Refinance Posted: 26 Nov 2019 12:15 PM PST Currently my loans are at a fixed 11% and my payments are doing nothing to bring down the amount. I applied to refinance through Splash Financial, and got approved through their lender U-Fi. They offered me a variable rate of 4.76%. I've never had a variable rate and am not sure how much it would increase over time. The max amount the interest can reach is a scary 16%.... should I refinance for this variable rate and make payments for a year or two, until my amount is lower and I have a higher paying job, then refi and qualify for a lower fixed rate? Any advice? This is the only offer I qualify at the moment. Anyone have a variable rate, if so, how much did it increase over time? Thank you! [link] [comments]  |
| yes or no: private student loans for one year rent if it would be the pretty much only debt i have Posted: 26 Nov 2019 02:43 PM PST hello all, i apologize as i know a variation of this question has been asked a lot. next year will be my last year of college. when i graduate, without private loans, i expect to have around 10k in fed loans, maybe a little under. if i take out private loans for rent i would graduate with about 30k debt total. i expect to make 50kish my first year. is this a big amount of debt? stupid idea? obviously less debt the better but i really would like not to have a million roommates again next year. thanks! [link] [comments]  |
| Going to grad school. What is the advantage of federal unsubsidized loans over private loans? Posted: 26 Nov 2019 08:13 AM PST Everywhere I look, the going premise is "Before taking out a private student loan, exhaust your federal student loan options first." But I'm really not sure WHY I need to do federal before private. My wife (co-signer) and I both have good credit, and I've been quoted rates below the federal rate. My wife also has already her doctorate, and took both federal and private loans. Her experience with private (Discover) has been much better than the federal loan. According to her, their customer service was vastly better than federal. So assuming I can get the exact same rate with both (6.08% I believe?), why would federal be the prevailing option? [link] [comments]  |
| Which student loans to pay off first? Posted: 26 Nov 2019 01:16 PM PST I'm currently trying the avalanche method to repay my loans. I have 11 separate loans with a total of ~$50,000. Most of my loans have interest rates of about 3.1% - 4% but some are higher. My question is, which of the following loans should i pay off first: - $12,456 at 5.7% - $2,903 at 6.5% I know typically, when following the avalanche method you would pay off the highest interest loan first but I've already accumulated about $150 in interest from the $12K loan. Any input is appreciated!! [link] [comments]  |
| Anyone else stressoling about forgiveness? Posted: 26 Nov 2019 09:18 AM PST Basically I'm considering moving back home for a year or two to eliminate an estimated 50k of my student loans and be within striking distance of paying it all off. Every time I see an article about forgiveness, it gives me anxiety about giving up a year of independence and over 25k for basically nothing. I think its still worth it, its just frustrating. The other option would be to save those overpayments and then make the payment only if it isn't forgiven, but then I give up a year of interest [link] [comments]  |
| Shorter vs Longer Loan Terms Pros/Cons? Posted: 26 Nov 2019 09:16 AM PST I've got two good rate offers from both Laurel Road and Lendkey for about 4.80% to refinance about 80,000 dollars of Private Student Loan Debt. Currently 2 Years into my 10 Year Loans with Citizens Bank for 6.40% interest. Right now I only make about 1000-1200 biweekly so I figured I'd try to either keep my Loan term at 10. Lend Key offered me a ten year but Laurel only offered me either a 15 or 20 Year. Obviously either way I'm gunna pay less a month but am planning to do overpayments regardless. Any advice on what the advantages are to different loan terms? I could take a 15 which would drastically lower my monthly payment and then just over pay every month so that I pay it off in 8 for example. If I'm ever in a financial pinch I'd have less money to owe every month. Just weighing the pros and cons. What are the advantages and disadvantages of shorter and longer loan terms? [link] [comments]  |
| Posted: 26 Nov 2019 09:11 AM PST Can you use some of your student loans to pay rent? If so, is this a smart idea? Need honest answers [link] [comments]  |
| Attending less than part time while in deferment Posted: 26 Nov 2019 11:58 AM PST My wife's loans from undergrad are in deferment while she completes her masters. They appear to be deferred until January 2021. But this semester and this coming spring for her thesis she's actually only taking one three credit class each- less than part time. Her loans are half private through Sallie Mae and half fed through GreatLakes. I spoke to Great Lakes anonymously today, and they said she should disclose to them that she's no longer part time, and accordingly it will take her out of deferment. My question is- does she HAVE to disclose this? Will she face penalties for not disclosing if they find out on their own? We can afford the payments if they have to start, but obviously it'd be nice to have another year breather to just make them as we can. [link] [comments]  |
| Best Going Rate for Refinance? Posted: 26 Nov 2019 11:43 AM PST I have roughly $47K total left and it is split $15k and $32k with 2 different loans. My plan is to pay off the $15k loan lump sum and refinance the $32k loan which is currently 7.5% to a 5 year fixed and pay off as quickly as I can. I am looking to see what rates people have found as of late, I quick checked SoFi and they offered 4.5%. Looking to get under 4%. [link] [comments]  |
| Posted: 26 Nov 2019 10:43 AM PST Like all of you, I took out ~75K in student loans between my undergraduate and masters degrees (both engineering). I graduated June 2018 and to date have paid off just over 25K. This eliminated all of my private loans, so the remaining 50K is entirely federal, with 17K of that at 6% interest, the rest is spread out between 3-5%. I was fortunate to take a job at a startup that has had incredible success. My starting salary was 75K, that has recently increased to 100K. I also have a generous stock option package. In total my options when fully vested have a current value of ~550K, though I've only vested 30% of them. My first opportunity to hit a liquidation event and take advantage of the long term capital gains tax rate of 15% will be July 2020. Coming from a lower middle class family and being a first generation college student, I've never had the potential to access this much money before, so I'm very overwhelmed. My initial thought was to reduce my payments to minimums and sell off enough stock to wipe out all of my loans in one lump sum next July. That way I can take the money I would be throwing at the loans and contribute to my Roth IRA/401k. However I want to be as smart as possible with this money. Would it be better to pay off the higher interest federal loans and just hold onto the low interest debt? Should I keep paying as much as I can in the mean time instead of reducing to minimums until July? [link] [comments]  |
| Recent Grad, Big Monthly Loan Payments, Advice/Guidance Appreciated Posted: 26 Nov 2019 10:26 AM PST Hi, So I recently graduated Pharmacy school in May and got a job this month. I had to start making payments on my loans this month and had to request forbearance/IDR (two different servicers) to postpone the payments (haven't been paid yet). The loan payments were going to be around $1700 for one servicer and $2000 a month for the other servicer. Which would make my loan payments nearly $4000 a month... I have 300k+ in loans and they're split between Parent Plus loans/Stafford loans/Graduate Plus loans (which I think are all Federal loans). Which means if I refinance/consolidate(???) I lose some options that could be helpful like IDR/Forbearance. My brother recommended that I go to a credit union and consolidate my loans to get a lower interest rate and only have to make one (hopefully lower) payment every month. (My current interest rates are between 6-7%, which seems pretty good?) After reading a bit on this sub I'm not sure what I should do. If I could get some guidance or advice that would be great! Thanks [link] [comments]  |
| Posted: 26 Nov 2019 05:34 AM PST I just got my recertification notice for January 25th so my repayments can be recalculated in March. My income is about 20k less this year so I would ideally like to use my 2019 tax return to recalculate, but I probably won't be able to file until mid February. How much wiggle room do I have on that recertification date? Can I submit a week or two late so I can get my 2019 taxes done? I know paystubs are an option but the difference in gross and AGI will cost me about $100 a month. [link] [comments]  |
| Should I apply for PSLF even though I would switch from Nelnet to FedLoan servicing? Posted: 26 Nov 2019 07:14 AM PST So i just started working at a 501c3 nonprofit, and nelnet let me know I would qualify for the PSLF program ( i even used the eligibility tool and it says i am eligible.) I am currently on the PAYE IDR plan. (520$ a month) My goal is to work her long term ( this is my 3rd job since 2017. First job eliminated my position after 6 months and 2nd job was a 18 month contract, I work in IT Networking). I am thinking about applying but am skittish about it as Nelnet said that FedLoan Servicing would then be my servicer and not Nelnet. At a quick glance Fedloan appears to have more negative reviews, and so far my experience with Nelnet has been pleasant with them making no errors or mistakes. Does anyone have any advice or the same kind of experience doing this? How did it go? Thanks!!! [link] [comments]  |
| Want to die. Student loan defaulted. Posted: 25 Nov 2019 07:42 PM PST Hello, I had my loan set to autopay, which it did for a year or two. Then my loan got transferred to another creditor. I'm not sure what happened, but I think my autopay wasn't being sent to the right place. Anyway, because of stupid, severe anxiety I haven't been looking at any of the emails or letters I've been getting. It's six months later, and I have a notice my loan has defaulted. I'm not really in a position to be able to pay it back in full like they want me to. They say my loan is defaulted and accelerated. I am not sure what the amount of my loan is. Probably something like three thousand to five thousand. I have an under the table job which is barely covering rent and my other federal loan, which I am paying each month. I have undiagnosed mental health problems and I'm functional, but find it hard to apply to jobs. I really don't know what to do. I left my phone at work and can't call my family or the financing office. I need some help. [link] [comments]  |
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