Do people not realize their loans are growing? Student Loans |
- Do people not realize their loans are growing?
- Just got 112,000 approved for 4.24% for 15 years.
- How likely is it that student loan forgiveness won’t be a thing anymore in 25 years? And by going for it I’m seriously going to screw myself over?
- I have 27K and 27K in debt. What should I do?
- Payoff
- Did I make the right decision?
- Fedloan servicing changed Direct Debit payment to two payments instead of one?
- Repaying two loans through different servicers
- Unsub loan vs Parent Plus loan, which one is worse?
- 240,000 in PLUS loans, is consolidating a good Idea????
- Private loans in collections
- Nelnet paid off loan still accruing interest?
- Need advice on META
- Help! Need help minimizing loan payments!
| Do people not realize their loans are growing? Posted: 07 Nov 2019 04:44 PM PST I was explaining to a colleague how it is hard to pay down my principal because my loan grows every month via interest. I have a 6 percent interest. She graduated with almost the same amount of loans as I did. However, she oddly believed that she was not accruing any interest and her loan was not growing. We looked at her account online and it showed a 6 percent interest rate. I tried to explain to her that she has to pay interest on the loan each month, and the amount owed grows each day with interest. She didn't believe me and said that my loan is different and maybe that's why my loan is growing with accrued interest daily. But hers wasn't growing. [link] [comments]  |
| Just got 112,000 approved for 4.24% for 15 years. Posted: 07 Nov 2019 12:33 PM PST After playing SoFi, Earnest, and Elfi against each other for two weeks, I finally settled with Elfi. TBH I'm sure I could've gotten an even lower rate if I asked SoFi to beat their rate again, but I didn't want to drag the process out any longer. All of my loans came from graduate school with an average of 7% interest. Couldn't be happier! [link] [comments]  |
| Posted: 07 Nov 2019 10:13 PM PST |
| I have 27K and 27K in debt. What should I do? Posted: 07 Nov 2019 05:18 AM PST Hello, First time on this sub, thank you for having me. I graduated in May and my loan payments start in March. I could pay them all off now, but I'd be flat broke. Is it better to pay it off, or to invest that big sum right now and pay the debt off over time (hopefully 4-6 years). [link] [comments]  |
| Posted: 07 Nov 2019 06:32 PM PST In March of 2018, I graduated undergrad with $58,000 in student loans. I made my final payment this evening. It took some sacrifices, but aggressively paying down my loans was one of the best decisions I've ever made. Denying student loan servicers the opportunity to collect interest on my loans was the best revenge I could muster. And boy, does it feel sweet. Thank you all for the moral support and advice along the way. And good luck on your own journeys. 👏🏼 [link] [comments]  |
| Did I make the right decision? Posted: 07 Nov 2019 10:26 AM PST My grandmother passed away recently and left me about twice as much as I owe in student loans. I just used my inheritance to wipe out my my debt, but now I'm wondering if it was the smart choice. A lot of articles I've seen online seem to suggest investing your money might be the more beneficial option. I guess it doesn't matter at this point. [link] [comments]  |
| Fedloan servicing changed Direct Debit payment to two payments instead of one? Posted: 07 Nov 2019 02:53 PM PST So the last two months I just noticed my fedloan servicing monthly student loan payment (I am enrolled in Direct Debjt) has been split across two payments instead of a single payment. For years it has been a single payment, currently $629. Now I am being debited twice, once for $510 and a second time for $119. It still adds to $629 but why would it be split up as two payments? I am worried this will mess with my qualifying payments for PSLF. Has this happened to anyone else?? Edit: I think I may have figured out the change. I have two different payoff dates for my 9 loans. 7 of my loans have a payoff date of 7/15/2024 and my other two have a payoff date of 10/15/2024. When I checked payment details the payment of $119 includes the two loans with the 10/15 repayment and the $510 is the loans with the repayment date of 7/15. So they must be splitting them out by repayment date now for some reason? [link] [comments]  |
| Repaying two loans through different servicers Posted: 07 Nov 2019 05:02 PM PST I have a consolidated loan from my undergrad (2006) that I half paid off, and in December I will start paying on loans for my Masters program from which I graduated in May. As a public servant (librarian), I am going to go for the Public Servant Loan Forgiveness program. I applied for Income Based Repayment two weeks ago, the PAYE program if I recall. I've gotten notice from the original lender that my payment will be $165/month, which lines up with my annual income minus 150% of the poverty limit. Should my new loans also be calculated at $165/month as well? Is it expected that these loans don't really relate to eachother since they're separate lenders? I'm trying to get a grasp on what to expect next month, financially. [link] [comments]  |
| Unsub loan vs Parent Plus loan, which one is worse? Posted: 07 Nov 2019 03:28 PM PST I got my aid awarded along with several loans I must took. My debate is whether to get Unsub loan or the parent plus loan. Can someone educate me about these two loans? Let say I will attend school for more two half years. [link] [comments]  |
| 240,000 in PLUS loans, is consolidating a good Idea???? Posted: 07 Nov 2019 02:08 PM PST I am currently an undergrad at a prestigious private university. Unfortunately, I didn't receive any scholarships and my only option was to take a PLUS loan in order to attend this school. I lived with my mom and younger sister and we immigrated about 9 years ago. We don't have any money to pay out of pocket and her income is very low. After graduating, I (or she) will have about 240,000 in loans. My question is, is it fair for me to consider the fact that her income is (and will be) very close to the poverty limit and my sister will be her dependent for a few years, and plan on consolidating the loans so that she can be placed on Income-Contingent-Repayment? I will have to pay (I will give her the money) about $60 per month for 25 years until the loan is forbidden. At the end, I will pay about $18,000 compared to $240,000 + interest. I will graduate as a Computer Engineer and even though the pay is about $100,000 per year, paying the installments on a regular repayment will be way too much. I would have to work 2.5 years to pay only the 240,000 without interest. Please share your thoughts. [link] [comments]  |
| Posted: 07 Nov 2019 03:36 PM PST Hi, I'm wondering how likely is it to be sued by a debt collector for private loans (~100k). I agreed to make payments but of course they want the full balance (yeah, right...). Has anyone experienced this? [link] [comments]  |
| Nelnet paid off loan still accruing interest? Posted: 07 Nov 2019 08:45 AM PST A few days ago I paid off one of my loans via the payoff amount. Since then the payment has been processing. The loan amount has disappeared from the total balance, but if I go to each loan detail the paid off loan has now a couple of cents of interest which I assume has grown the past few days when the payment was processing. Will I now have to pay this off to officially pay off the loan? [link] [comments]  |
| Posted: 07 Nov 2019 10:21 AM PST Currently have 7 loans through nelnet. 1 - 4783 @ 3.86 2 - 7369 @ 3.86 3 - 5257 @ 4.66 4 - 2510 @ 4.66 5 - 16870 @ 5.84 6 - 22769 @ 6 7 - 14595 @ 6.6 Total - 74k Currently on IBR at less than 200/month but recently got a job making much more. Currently making 4100 net a month after paying into matching HSA/matching 401k/etc. current monthly expenses: Mortgage: 1680 Utilities(w/s/g/ele/gas): 200 Internet: 70 Phone: 35 Food: 500 Gas: 160 Car insurance: 70 Housekeeper(high priority want): 300 Total: 3015 This leaves me with a little over 1k/month to dump into student loans. I currently have 11k in savings account as an emergency fund. I'm curious about the best way to pay off these student loans. They're currently coming off deferment in February on the IBR plan. Should I refinance these privately? Consolidate? What's the best option? I have a 730 credit score on credit karma. What else am I missing? [link] [comments]  |
| Help! Need help minimizing loan payments! Posted: 07 Nov 2019 08:23 AM PST Hello Everybody! This is my first time posting at this thread so I wanted to say first and foremost, thank you for your advice and help with this. It is truly appreciated! I currently have three student loans and an auto loan. I have been paying off my student loans since 2012 after I graduated and am about half way through paying them off. I have a 6 year auto loan which I am also at the half way point which is now at about $10,000. Two student loans are a little under $5,000 now and the third is at around $9,700. So in total Student loans: around $18,000, Auto Loan: around $10,000. My monthly payments for the loans together is about $700. The rest of my paychecks for the month go towards regular bills, insurances, and stuff so I don't have a lot of money leftover when all is said and done. I have about three years left for my Auto Loan and about 5 more years left with paying off my student loans so it doesn't make much sense to me to refinance especially when the end is almost near? I do have about $15,000 worth in stock which I was debating on using towards paying off my loans or putting towards a down payment towards a house in the future. I have been paying extra to my lowest student loan when I can to try to get rid of them faster but I don't have much savings other than the stocks that I have. Currently I can't afford to get a place on my own because of the loans so my question to the community is basically is there a way to minimize these loan payments? What would be the best way to approach this and getting out of debt faster? Thank you again for your help! [link] [comments]  |
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