Paid off $70K of student loans today! Student Loans |
- Paid off $70K of student loans today!
- This may be a dumb question...
- Grace period ending soon ~ $140k in debt.. Advice?
- Large payments each month?
- Any advice on what to do after my student loans defaulted?
- Finally Refinanced!
- Questions about Refinancing
- about Title IV Federal Aid
- Making a large lump payment to loan during grace period to reduce monthly payments
- Advice for refinancing?
- Reapply with new federal interest rate?
- Currently in the middle of Default/Rehab payments, 6 months to go. What should I expect my payments to be when the Rehabilitation Program is over? Are they more lenient?
- Can I get a new student loan if I get a deferment on old loan?
- Why is my University saying I have paid my tuition fees but SFE say they haven't given me any tuition loan?
- Refinancing
- Finally done 45,000 down the drain
- PAID OFF...and then Navient did its thing.
- Immigrated to Canada, how to pay back federal student loans in the USA?
| Paid off $70K of student loans today! Posted: 01 Nov 2019 01:16 PM PDT Paid off my last student loan today! I originally borrowed $70k for my Master's program and I have paid back 6 out of my 6 loans. I know my situation might be better than others' (I have government loans, not predatory private loans, for example), but I hope this can also empower and inspire people. What I've learned is you have to patient. It's painful, but if you're committed to patience you'll know that you'll pay your loans off. I've also worked hard to limit expenses. I lived with my dad for two years out of college. I still paid him rent but it was only $300/month. I also reduced my food expenditures, which oddly enough led to more healthy eating. My biggest recommendation is if you can be consistent in other parts of your life, you'll be consistent with paying back your loans. I think it helps that I go to the gym every day. I had a consistent part of my life to relate paying my loans back to. Moreover, the gym is cheap and is an easy way to make yourself feel good during all the years you may feel FOMO because you're not spending money on fun stuff. [link] [comments]  |
| This may be a dumb question... Posted: 02 Nov 2019 02:28 AM PDT Hello everyone, I'm a sophomore in college and I cannot go back to Western Michigan University. I filled out my FASFA on time and everything, but my grandmother filled it out wrong and I'm stuck with a $20,000 bill. I cannot take out a student loan due to how bad my credit is. What steps can I take to move forward? Thanks! [link] [comments]  |
| Grace period ending soon ~ $140k in debt.. Advice? Posted: 01 Nov 2019 09:13 PM PDT Hello all! I'm a new grad just looking for some advice on the best way to tackle these monsters. I have subsidized, unsubsidized and graduate plus loans (4-7% rates) and will enter repayment starting next month. I make 65-70k/year and currently have minimal extra monthly expenses (rent, phone, car payment...) What should my expectations be here? As many others have posted, I want to erase my debts ASAP but still be able to enjoy my life. I am currently enrolled under the standard repayment option (which is an entire paycheck) and have been debating on switching to IBR... Any advice? [link] [comments]  |
| Posted: 01 Nov 2019 05:32 PM PDT Hello! My grace period is over in about 10 days so I will be making my first payment on my loans. I have about 30k through Navient. My plan was to put $10,000 down for my first payment and then next month put $1-3k, $2-3k the next month, etc.. I understand there is an option to advance a due date or to be billed monthly, but if I plan on making these large payments each month, does it really matter? My goal is to have it paid off by this time next year-ish. Does this sound reasonable, or am I somehow screwing myself over in the long run? Context: I have a relatively good paying job out of college and will be living at home for the next year until I leave the country. I do not want the debt hanging over my head after I leave the country. If I save money, I should realistically be able to pay that way. Any advice would be great! [link] [comments]  |
| Any advice on what to do after my student loans defaulted? Posted: 01 Nov 2019 09:55 AM PDT This just happened in the last month or so and I want to make it right, I just don't know where to start. A wage garnishment just hit my paycheck this period. Any and all advice would be greatly appreciated and I apologize if this post doesn't belong here. Thanks Reddit. [link] [comments]  |
| Posted: 01 Nov 2019 02:14 PM PDT Just wanted to share that I finally refinanced and am no longer with Discover and their high interest rate (7.6%)!! I'm at 4.4%. Basically just starting the repayment journey but I'm trying to pay my 50k off quick! Hopefully you'll see me back here in the near future with some good progress :) [link] [comments]  |
| Posted: 01 Nov 2019 08:48 PM PDT Hi. I am so confused about all the intricacies of my loans and am considering refinancing but want some advice on whether it is the right now before I pull the trigger. If I get anything wrong in my novel below please correct me! I am still trying to understand all of this. I have just over $100k in federal loans. All but $3k is with Great Lakes, the rest with Navient. I have multiple loans/accounts with different rates, but the weighted average interest rate of my loans is about 6.2%. Since I started repaying my loans in 2014 I have been on an income-driven repayment plan until earlier this year when submitted recertification. I reported a joint income with my spouse for the first time and was told that I could no longer stay on the plan I was on because our household income was too high. This sucks because about $7k of interest capitalized. I know it's my fault for being uninformed but I didn't even realize this was a possibility. Anyway. I can afford to make the full monthly payment on them now and my main concern is just paying them off as quickly as possible - I am not really concerned with lowering my monthly payment at this point. What I don't understand is that two refi offers I've gotten have had a longer payment term than what is showing on my account on Great Lakes, despite offering the same monthly payment and a lower interest rate. When I go to look at my Monthly Payment Timeline on Great Lakes, it says that my final payment will be in 2026. The refinancing companies are for 10 year terms, which is a lot longer. Also, on the Great Lakes Timeline it says that two of my accounts are still on the PAYE plan and the third is on IBR, even though I was told that I no longer qualified for those programs. However it also says for all accounts the Left to Repay amount is Unavailable. There's no way this timeline can be correct, right? I just want to make sure I am not missing something about these plans. I am assuming that this timeline is wrong but maybe I just need to call Great Lakes and talk to a rep. I also want to make sure I am not making a huge mistake if I do refinance. I know of the protections that federal loans have, such as PSLF and forbearance, but I do not work in an industry where PSLF would really be an option and I'm not too concerned about not having the option of forbearance - I just want to pay these off and get it over with. Is there anything else I am overlooking? [link] [comments]  |
| Posted: 01 Nov 2019 06:52 PM PDT Question from a noob (me) so sorry if anything seems silly! What all qualified as Title IV Federal Loans? I currently have a Stafford Loan (subsidized and subsidized, $5,500 first year) but I am wondering if there are any additional Title IV loans I can get. Optimally I would like to take out only Title IV Federal Loans for college because I have an Army repayment plan that covers Title IV loans but not private loans. Thanks! [link] [comments]  |
| Making a large lump payment to loan during grace period to reduce monthly payments Posted: 01 Nov 2019 11:03 AM PDT I have tried and tried to get this answered via the Fed Servicing contact lines, but no one answers e-mails and the people on the phone just can't seem to understand my question. I want to make one large lump sum payment - I'll direct it to pay off the highest-rate loans first - during my grace period, which ends in early February. I want to know if I do that, will they automatically re-distribute the remaining balance over the same 10-year term, reducing the monthly payments. If they don't automatically do it, is there some way to ensure that is what happens? My loans are all subsidized and unsubsidized Stafford loans, if that makes a difference. Sure, I could just re-finance it through an outside option, but as I am still looking for work, I can't get a refi loan without my parents co-signing, which doesn't really help my credit and puts an unreasonable burden on them. Plus the rates on the remaining loans are not that bad, and I do intend to pay it off more quickly than the allotted timeframe anyway. Seems like a pretty simple question, but the Fed folks are just flummoxed. Can anyone tell me how best to accomplish this? Thanks so much! [link] [comments]  |
| Posted: 01 Nov 2019 06:03 AM PDT Hi all, I have been perusing this sub for the last few days considering my payments kick in this month. I graduated from undergrad in 2017 (some loans) and then did a two-year graduate program (no loans). I am in a fortunate position to have landed a good job, however, I did not anticipate the $30k+ private loan (I was, more or less, unaware of it...). I think the federal loans are at a good rate and I could have them paid off in about 2 years, thus refinancing is not appropriate. This is not exactly the case for the private loan. In weird string of events, my mother offered to make the monthly payments on the private loan. Do I still go through refinancing it? Am I able to refinance under her name rather than mine? Is this legal? I am terrified of the idea that she misses a payment and it impacts *my* credit score. I am additionally terrified of the prospect of ~$42k principal when I was planning for $12k. --- The breakdown: FedLoan 1: $5,500 @ 3.86% FedLoan 2: $6,500 @ 4.66% SallieMae: $30,379 @ 7.375% --- I greatly appreciate it if you made it this far into my post. I was quite panicked when I found out about the private loan. I am doing my best to take this in positive strides and beat this down as quickly as possible. Thank you [link] [comments]  |
| Reapply with new federal interest rate? Posted: 01 Nov 2019 10:26 AM PDT I applied last week to refinance my private loan with SoFi. Got approved for 5 years at 3.74% I have not finalized the loan yet. With the federal interest rate dropping, should I reapply for the loan to get a lower rate? Or does it not work like that? Thanks. [link] [comments]  |
| Posted: 01 Nov 2019 01:04 PM PDT Currently I'm paying about $1010 a month (and ontop of that about $395 of wage garnishment per month). I guess I owe about $23,000 remaining balance. I guess my basic question is: Once this 10-month period is over will they allow me to like, make $850 payments instead of $1400 payments? The wage garnishment is ending for me in another month but as of right now I have about $10 a month spending cash so if they are going to tell me to keep paying $1400 I'm going to do whatever I can to lower it a bit. Thanks. [link] [comments]  |
| Can I get a new student loan if I get a deferment on old loan? Posted: 01 Nov 2019 04:00 AM PDT =A collection agency for the Dept. of Education began garnishing my wages in December of 2018, totalling over $2000 when they stopped. I thought I was finally done paying them is the reason it stopped. Well, I recently enrolled at a community college and it was required that I fill out the FAFSA even though the VA is paying for it. But it turns out they stopped the garnishment $948 shy of being paid off. The only way that makes sense to me is so Central Research can keep on the line and keep collecting fees, which are outrageous and easily labeled "Legal Robbery." So my SAR came back "IN Default" This is all about two $1300 loans thirty years ago. I have made payments off and on for years; they have taken several tax refunds, and I just paid them $2300. And they say I still owe $948 and am in default. Is anyone else seeing anything wrong with this? So I've read that I can request a deferment for being enrolled in school and unemployment deferment. But what I cannot find is: If I take a deferment, can I still get additional student loans? And can they place me back in default when I recently paid them $2300? They led me to believe the garnishment would be until paid in full. And can they just stop a garnishment order leaving a balance? If so, why? I am really in a tough living situation right now and was hoping to get a loan for new housing. If anyone can answer any of these, I sure would appreciate it. [link] [comments]  |
| Posted: 01 Nov 2019 09:13 AM PDT So long story short, I had to apply for extenuating circumstances to get my tuition loan. I still have not heard back from SFE and when I log into my account it still says they will lend me £0 for tuition. My University have been badgering me to finish my registration before I get kicked off my course and the only way to do that is by paying my tuition for first year (£9000). But I got an email yesterday from them saying "registration complete, all tuition requirements have been met". I am of course over the moon about that, I cried when I got that reassurance but I'm still a little worried as SFE aren't showing they've paid it. Could it just be a delay? Anyone ever been through extenuating circumstances? Thanks [link] [comments]  |
| Posted: 01 Nov 2019 08:40 AM PDT I am looking to refinance my federal student loan. Currently it is at 6%. Who are reputable lenders with the lowest rates? Thanks!! [link] [comments]  |
| Finally done 45,000 down the drain Posted: 31 Oct 2019 05:25 PM PDT Graduated December 2014. Lived like a bum despite working my ass off. I owed Discover 20,000 but ended up paying 32,000 due to high interest. I was jobless last year but got a great one this year. Ended up paying 22,00 this year. With federal loans and private I was all paid out about 6 years after graduation. I feel two things a tremendous sense of relief and sadness for living like this for so many years. [link] [comments]  |
| PAID OFF...and then Navient did its thing. Posted: 31 Oct 2019 04:53 PM PDT I took out a SallieMae loan back in 2008 for film school $25k in two increments. That loan was paid off in July 2017. Fast forward to last week - I accidentally signed on to Navient instead of Nelnet (that one is for grad school) and it shows a balance of nearly $17k now. I've been trying to get documentation from their end with the balance after each payment but they don't show that on their website and I can't seem to get a hold of anyone. The only thing I see that maybe caused a glitch or was caused by a glitch is that my loan was sold this past summer (weird since there should have been a $0 balance) yet it's still managed by Navient? More than $30k was paid into that loan. They haven't sent me or my co-signer a bill since I paid it off or tried to contact either of us whatsoever. Oh, and did I mention it just reappeared on my credit report within the last month too? I'm not in school and I haven't been since 2016. We have the bank records, but from what I'm reading online proof doesn't really matter to them. Anyone experience anything similar or have any advice? I'm not sure where else to look for documentation or who to contact at this point. I was hoping they'd just fix it. Thanks in advance. [link] [comments]  |
| Immigrated to Canada, how to pay back federal student loans in the USA? Posted: 31 Oct 2019 03:02 PM PDT Hi everyone, I moved to Canada recently and am having issues paying my loans from up here. So far, the only way i can pay my loans is to keep funds in my USA bank account, which is a pain in the ass. I have to deposit cash in the USA, if i write a check to myself or anything it takes 45 days to clear (or more). Federal loans got back to me after I requested direct withdrawal from my Canadian bank acct and said no. If I have a USA dollar bank account in Canada, would they be able to withdrawal from that? [link] [comments]  |
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