I might be in the worst position of anybody in this entire subreddit. Student Loans |
- I might be in the worst position of anybody in this entire subreddit.
- $244,000 in Debt from Undergrad and Feel my Life is Over
- Reality Check
- How will my SL debt affect living in a foreign country and my future partner's finances?
- A few questions
- Can the FSA actually track where my money goes?
- First payment due in Dec and wondering what to do with saved money
- How to handle defaulted federal loans
- A few Questions
- Successful PSLF?
- [Question] Anyone use SallieMae College Planning Calculator?
- First payment due in Dec and wondering what to do with saved money
- Trying to figure out most efficient repayment
- General Student Loan Refinancing Question
- Please help me pick a repayment plan
- Refinancing??
- Student Loans on my mind...
| I might be in the worst position of anybody in this entire subreddit. Posted: 03 Nov 2019 08:55 AM PST I've cried enough and thus there are no more tears. I'm in a extremely terrible financial position. My story is long but I'll keep it succinct to keep this post readable. I studied for years to get into a medical health professional school (won't disclose which). During my last year I was arrested and put on deferred probation. The state board refused to let me do my fourth year and thus I was kicked out of the program due to the charge. This is all years ago and spilt milk by now. No, I cannot go back into the program. It's USELESS now. Now I'm in HUGE amounts of debt considering it was a private school. Here are my loans that I owe: Grand total of: $202,698.02 as of 11/03/2019 Breakdown of loans:
Other debt: Besides this, I owe approximately $3,000 in medical debt. Facts about me:
Things I've thought about:
Things I want you to know:
Thanks for taking the time out of your day guys, I appreciate the support. It means a lot. Edit: Thank all of your for the overwhelming support. I really appreciate each and every single one of you. You do not know how much your feedback and support means to me. I am doing my best to reply to all of your comments over the nextmday or so! I hope to get to everybody! <3 [link] [comments]  |
| $244,000 in Debt from Undergrad and Feel my Life is Over Posted: 03 Nov 2019 11:15 AM PST Hello as the title has mentioned I am currently a recent graduate of a 4 year STATE UNIVERSITY with a major in Aeronautics. I chose to come to my school to become a pilot and after 4 years I am glad to say I am one. The major downside is that with all my loans and interest, I am now sitting at a whooping $244,000 in debt. I am not sure if this is the highest ever recorded, but it is what it cost me. Out of this, about $218,000 is in Private loans and the rest is in Federal Loans. During my time at school I applied for many scholarships and was never awarded much money and my father made to much for me to qualify for much federal aid. Where I am lost at with the feral aid was the fact I could not qualify for any more money do to my mother being deceased from cancer. (She passed away when I was 14) Ever since I was little I wanted to be a commercial airline pilot, but it unfortunately cost me this much debt. I did not Attend Embry Riddle University as some people may ask, but rather a State University in Ohio. My biggest question is realistically what can I do to make payments on these? I am estimating my payments to be about $2400 a month for the next 15 years and as a recent graduate who is also flight instructing, I am earning around $1300 a month. It will not be until I get to an airline when I can expect my yearly pay to reach $60,000 and that will not be for another year. I am blessed to have had my dad cosign for me, but this is a burden for him as well. I am working 60 hours a week and don't even have a life anymore because I devote most of my week to sleeping and working. For anyone wondering why I decided to go down this career path, it was because I am truly passionate for aviation and have always been as far as I can remember. Unfortunately it borderline cost me an enjoyable life for as far into the future as I can see right now. The good news is pilot jobs are in high demand and the pay is also $100,000+ about 5 years into an airline with some even being on the $160,000+ within 7-10 years. I know I may get bashed for this, but if anyone has any tips on paying this off without it ruining my life they would be greatly appreciated. I have also reached out to the loan companies, but they have no help for me at all. The one rep from Sallie Mae told me I'd be better off not paying on it. I feel the real question we should be asking our politicians is not how to pay for school, but why are the University's charging so much? I have also attached a list of all the loans I currently have out form school if anyone is curious! Thank you all for any tips you may have for me! AES/ PNC Bank: $29,966 Sallie Mae: $125,842 Citizen's Bank: $22,767 Lendkey: $22,859 Discover: $11,796 Federal Loans: $31,122 [link] [comments]  |
| Posted: 03 Nov 2019 09:55 PM PST Hey there, I've been dating a girl who's getting a PsyD from a for profit university - she has a ton of loans. by the time she's able to earn a single dollar she will have 400k in loans, mostly government loans for tuition but some private loans for living costs - I don't want to go into this blind and I've been doing that so far. She has admitted to having little understanding of her situation, not being good at finances and wants to put off worrying about it until she's in a place too. She also wants to move in and doesn't have much money to live on- she wants me to support her for a couple years. I have a friend paying back 1k a month on 200k worth of loans and he says he'll be paying till he's dead. My girlfriend might be able to earn 120 before tax and maybe work up from there, we live in LA. But she wants to live a better life style and pay the loans down with as little a payment as possible and have the rest forgiven after 20 years. is it really that easy?.. What is this going to look like? some calculators have said her payment could be anywhere from 1k-4k a month How can I get a better understanding of this because I feel like I need it before we merge our lives any more. thanks for any advice and comments [link] [comments]  |
| How will my SL debt affect living in a foreign country and my future partner's finances? Posted: 03 Nov 2019 11:43 PM PST Let's say I have federal student loan debt (under $200k USD) for 2 degrees. I move overseas and establish residency in a foreign country. My partner (who has American citizenship and is a dual citizen) and I get married and reside in said foreign country. To what extent will my debt affect him and his American assets/credit score? How will income based repayment work if I'm earning money in a foreign currency? (Less than USD.) Is there a tax credit for paying SL debt -- especially given that as an American, I am expected by the IRS to pay income tax on my worldwide income? Please don't tell me to default as I plan on returning to the USA in the future and I'd like for the government to not seize my bank account or extradite me lol. Thanks in advance. [link] [comments]  |
| Posted: 03 Nov 2019 07:28 PM PST So I just recently graduated and have around 22k in student loans. I'm looking at some of the interest rates on these direct loans and 5% is pretty high. All these become activated starting January 2020 when my grace period is over. Does the interest accrue every month starting January no matter how much I pay? Life if I pay a certain amount, does it still accrue interest? My Loans look this right now:
Is there anyway I should pay of these individually in some type of order or way? Or the 232.40 combined that I owe in Jan for all? I'm super new to this so any guidance is much appreciated. [link] [comments]  |
| Can the FSA actually track where my money goes? Posted: 03 Nov 2019 05:16 PM PST First time borrower here. When filling out my FSA paperwork, it warned me a couple times that Federal Student Loans can only be used for school expenses, or else I'll be subject to an acceleration. Once my Direct Unsubsidized Loan hits my account, is the fed actually able to track where I spend the money, and therefore accelerate my payments, or is this more of a "tip?" I wanted to use the loan for rent payments. [link] [comments]  |
| First payment due in Dec and wondering what to do with saved money Posted: 03 Nov 2019 04:59 PM PST First payment due in December and wondering what to do with saved money Hi! I'm fairly new to this sub. I joined after going over my payment options with my parents and having a complete mental breakdown :-) This sub has already helped ease my anxieties tremendously, but now, I'm looking for more personal/direct advice. Some background, I currently make about $22,000/yr and am expecting a slight hourly raise (a couple of dollars, realistically) within the next year. I am living rent free and only have to pay for the bare necessities (groceries, medical expenses, etc.). I work at an elementary school as a paraprofessional. I have a current balance of $28,213.95 in federal loans from my bachelor's degree. Here's a breakdown of each:
At the moment, I have $7,750 saved, and by the time December rolls around, it's likely that number will jump to around $9,000. Within the next couple of years, I'm hoping to get my master's, and I'll be fully responsible for paying for that. I'm interested in school counseling as well as teaching, so I could potentially be eligible for loan forgiveness. With all that being said, would it be best to focus on paying off my undergrad loans with the money saved? Or should I also be saving for my master's? Should I set some of the money aside? Going off that, should I use the money saved towards the monthly payment (~$300), or should I make a HUGE payment? If so, then should I spread it across all of the loans or pay off a couple of loans in their entirety? I understand that this is a simple question with probably a fairly easy course of action, but I'm the first in my family to go to college and would appreciate anyone's advice based on past/current experience. Thanks in advance! [link] [comments]  |
| How to handle defaulted federal loans Posted: 03 Nov 2019 08:32 PM PST I defaulted on some ffel loans (16k at 3% interest. Principle + interest is around 20-21k now). I've been broke and assetless for many years but recently got a decent job and some money in a bank account. I've got letters from private collections now and I'd like to avoid wage garnishment and bank account seizure of possible. Is it possible to pay back just the principle + interest directly to my original lender or the education department or am I forced to negotiate with private collections and pay their fees? Could I be eligible for paye or anything like that or must I have a low income? How likely is an administrative bank account seizure with no warning? Thanks [link] [comments]  |
| Posted: 03 Nov 2019 07:53 PM PST So I just recently graduated and have around 22k in student loans. I'm looking at some of the interest rates on these direct loans and 5% is pretty high. All these become activated starting January 2020 when my grace period is over. Does the interest accrue every month starting January no matter how much I pay? Life if I pay a certain amount, does it still accrue interest? My Loans look this right now: Loan A (Direct Subbed): $3500 @ 4.29% Loan B: (Direct Unsubbed): $2338 @ 4.29% ($338 have accrued over last 4 years since unsubbed loan) Loan C: (Direct Subbed): $4500 @ 3.76% Loan D: (Direct Unsubbed): $1118 @ 3.760% ($118 accrued over last 2 years) Loan E: (Direct Subbed): $5500 @ 4.45% Loan F: (Direct Subbed): 5500 @ 5.05% Is there anyway I should pay of these individually in some type of order or way? Or the 232.40 combined that I owe in Jan for all? I'm super new to this so any guidance is much appreciated. [link] [comments]  |
| Posted: 03 Nov 2019 08:49 AM PST Has anyone successfully had their loans paid off with PSLF? I'm about 8years in with working for a non profit but only 2 years in with paying my loans back. So I will soon have the employment requirement but far from 10 years of payment. Trying to gauge if it's worth it? [link] [comments]  |
| [Question] Anyone use SallieMae College Planning Calculator? Posted: 03 Nov 2019 06:16 PM PST I'm a senior in college trying to get ready to enter the workforce and I need to start planning for my repayment of loans. Anyone use this service or have a service they like to use? [link] [comments]  |
| First payment due in Dec and wondering what to do with saved money Posted: 03 Nov 2019 05:29 PM PST Hi! I'm fairly new to this sub. I joined after going over my payment options with my parents and having a complete mental breakdown :-) This sub has already helped ease my anxieties tremendously, but now, I'm looking for more personal/direct advice. Some background, I currently make about $22,000/yr and am expecting a slight hourly raise (a couple of dollars, realistically) within the next year. I am living rent free and only have to pay for the bare necessities (groceries, medical expenses, etc.). I work at an elementary school as a paraprofessional. I have a current balance of $28,213.95 in federal loans from my bachelor's degree. Here's a breakdown of each: Group A - Outstanding: $4,396.12 - 4.29% Group B - Outstanding: $1,750 - 4.29% Group C - Outstanding: $4,500 - 3.76% Group D - Outstanding: $2,224.40 - 3.76% Group E - Outstanding: $5,500 - 4.45% Group F - Outstanding: $2,176.77 - 4.45% Group G - Outstanding: $3,780 - 5.05% Group H - Outstanding: $3,886.66 - 5.05% At the moment, I have $7,750 saved, and by the time December rolls around, it's likely that number will jump to around $9,000. Within the next couple of years, I'm hoping to get my master's, and I'll be fully responsible for paying for that. I'm interested in school counseling as well as teaching, so I could potentially be eligible for loan forgiveness. With all that being said, would it be best to focus on paying off my undergrad loans with the money saved? Or should I also be saving for my master's? Should I set some of the money aside? Going off that, should I use the money saved towards the monthly payment (about $300), or should I make a HUGE payment? If so, then should I spread it across all of the loans or pay off a couple of loans in their entirety? I understand that this is a simple question with probably a fairly easy course of action, but I'm the first in my family to go to college and would appreciate anyone's advice based on past/current experience. Thanks! [link] [comments]  |
| Trying to figure out most efficient repayment Posted: 03 Nov 2019 08:43 AM PST The general rule of thumb I hear is that any payment in excess of the minimum should be applied to the loan with the highest interest rate. That makes sense, cause then you're shortening the lifespan of the fastest accruing interest rate. But wouldn't it be better if the excess payment was applied to the loan that had the highest total interest amount due? If a loan has a lower interest rate but a higher principal, then the total interest amount due will be higher than that of a loan with a higher rate but a lower principal. Am I right in thinking this? [link] [comments]  |
| General Student Loan Refinancing Question Posted: 03 Nov 2019 02:15 PM PST I have come to present some questions I have not found answers to after perusing the Interwebs for about 2 hours. So general information:
I don't know if all that information was necessary but, here are my questions:
Definitely something I'm still looking into but won't take action at least till March or so (due to personal situation), but any kind of information and experience will help! Thank you! [link] [comments]  |
| Please help me pick a repayment plan Posted: 03 Nov 2019 12:32 PM PST Hello r/Studentloans! My grace period for my loans ends soon and I will begin making payments in December. It's time for me to pick a repayment plan and I'm doing a lot of research, but I'm getting a little overwhelmed and would appreciate some insight! I would really appreciate some more information, your perspective on the various repayment plans, and some more personal experiences than I could find than on various articles online. Here's some information about me!
Considering my current situation, I am particularly looking into Income-Based Repayment plans or potentially applying for deferment until I can get a better grasp on how much I can pay back when I start generating income. I'm still in the middle of researching everything however, and I'm definitely open to hearing other options so please let me know any information you might have to offer! Some more specific questions I have are: * What are the pros and cons for IBR plans? I think I understand the pros, but not the cons as much.
Obviously I am doing a lot of research on my own, as well. The fact that I am in an extremely privileged situation in terms of my loans, and the amount of support I am receiving from my family is also not lost on me. I'm extremely grateful for their support, and hope to pay it back someday! I'm just a little overwhelmed in the information-gathering part of the process, so I am really looking forward to any help you might be able to offer me. Thank you so much! [link] [comments]  |
| Posted: 03 Nov 2019 10:35 AM PST Hi all, I'm looking for advice on moving forward in paying back my loans. The gist is I have no Federal loans and all private parent plus loans. All the loans are under my parents still and I'm trying to figure out the best way to pay them all back without doubling the amount I already currently owe due to my loans currently having a 7% interest rate. Because of this, I've been looking into refinancing my loans and think I qualify (due to my credit score and my parents offered to co-sign) but I don't know if I actually qualify due to how many loans I have and how much I have out in loans. So basically, is there a way to refinance +$60,000 in loans and if so does anybody have any recommendations on places to refinance through? Also if anybody has any other ideas please lmk!! [link] [comments]  |
| Posted: 02 Nov 2019 04:00 PM PDT Hey all. Just having a bad, bad day. I am 27 and becoming consumed with my student loans. Realizing that when I am done with my accelerated nursing program that I will have 100K in student debt. I originally planned on going to med school so I have a previous undergrad degree. I later found that nursing was for me and here I am back in school. It was a necessary step, but that doesn't ease the pain of student debt. I find that I have a very hard time when I'm around friends who have no student loan debt, have been established in their careers for a while now, and are racking up savings and buying homes. Or just seeing other people's lives. Maybe I should delete my social media? Anyone have any advice for getting past this and not letting loans hang over your head? When I am done I already plan on living way below my means and pay my debt off as soon as possible. Ugh. These days are the worst! Staying positive and future oriented is easier said then done! [link] [comments]  |
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