Social isolation due to student loans? Student Loans |
- Social isolation due to student loans?
- Refinanced with first republic bank
- Pay on student loans or build emergency fund?
- Paying Off Part off Loan During Grace Period
- Will paying off student loans lower my credit score
- PSLF Question
- Help! I need some deciding on what loans to get or any source of income?
- Am I tackling Student Loans the right way?
- Changing Schools/Programs with a Student Loan in BC Canada
- Do I have to make payments on subsizided/unsub federal loans if I won't be in school during spring term?
- Denied by SoFi and Earnest. Not Sure What My Options Are.
- Is loan forgiveness worth it?
| Social isolation due to student loans? Posted: 23 Nov 2019 09:37 PM PST I made the now-questionable decision to take out $115k at 7% interest to get a graduate degree that has me earning a little more than half that now... while my situation could certainly be worse I still feel that it negatively impacts my mental health & it's my number one priority to pay them down ASAP. So, I'm working very hard at my new job and have become a hyper-organized person to keep track of my budget, inventory my food, etc. My friends (who think they "get it" cos they took out maybe $20k in subsidized loans for undergrad) are judgmental of this and say I've become "intense" and "need to take a LONG vacation." Now I would LOVE to take a long vacation but simply cannot do that. One friend put her loans (15k with a very low interest rate) into forbearance for a year to travel, but if I did this I would backtrack on all the progress i made so quickly. It makes me feel isolated, as if nobody understands what I'm going through but they all act as if they know what's best for me. I feel so alone in my financial situation, but I know I'm not the only one in this boat. Has anyone else felt distant from their friends or family after taking on so much debt? Did they ever finally come to understand or do you just have to keep brushing off their ignorance to your situation? How do you stick with your financial goals without driving people away? [link] [comments]  |
| Refinanced with first republic bank Posted: 23 Nov 2019 06:17 PM PST Just refinanced my student loans with first republic bank. Had ~165k left at 6.5%+ interest on IBR. If I paid over the next 19 years my interest would have grown to >120,000 and then I would most likely would have had to pay on a tax bomb. Refinanced at 2.8% over 7 years, which will be 16k in interest and roughly 2200/month. Most likely going to try and pay it off in 5 years. Feeling like FRB and my husband are saving my life. [link] [comments]  |
| Pay on student loans or build emergency fund? Posted: 23 Nov 2019 08:32 AM PST I am 25 married with 2 kids under 2. I graduated this past May and make 52k a year before overtime and bonuses. I currently have about 3k in savings. I would like to get to 15k in savings (about 6 months of bills) My first student loan payment is due first week of December (49k 4.4% average interest rate) however, I am on the Repay (income based) plan and my monthly payment is 0. Would it be better to make payments to try and keep the principle balance from increasing or put any extra money in savings? Thanks in advance! [link] [comments]  |
| Paying Off Part off Loan During Grace Period Posted: 23 Nov 2019 08:12 PM PST My wife has some federal student loans from her graduate school (Direct Plus loans I believe?). She graduated in August and has her loans deferred and in a grace period until January. She's signed up for the standard 10 year repayment plan. If we were to make a large payment before the grace period ends would that reduce her monthly payment? Here's a hypothetical scenario: $100k in loans $1200 monthly payment starting in January We pay $50k in December before her loan payments start. Would that reduce the monthly payment and we would now owe $600 per month? Or would it just reduce the amount and we would still pay $1200 per month and just pay off the loan in 5 years instead of 10 years? The numbers are all made up and hypothetical, but I'm wondering about the general idea and if I have the concept right. Thanks! [link] [comments]  |
| Will paying off student loans lower my credit score Posted: 23 Nov 2019 10:21 AM PST Hi Reddit community, I have been toying with the idea of paying off my student loans in full. The loans have about a 6.2% avg interest rate and is currently set to paid off in 2027. There's about 31k left on my loans. If I paid them all off, I would still have more than a 6 month emergency fund to pay for rent, groceries, utilities, etc. The thing that is preventing me (aside from seeing 31k go bye bye) is how would this affect my credit score? I worked pretty hard over the last few years to finally bring it to 700, but I am worried that paying off my loans early would negatively impact my score. Then if I go to buy a house in a few years I'll get bent over the barrel on a mortgage rate. From what I understand, things like avg age of credit lines and number of open accounts are a part of the equation to determine one's credit score. In theory, wouldn't paying off my loans (5 separate federal loans btw, not one large private loan) early give me less accounts, a lower avg age, and therefore a lowered credit score? Any advice from someone that has much more experience in this stuff than I do would be extremely appreciated. Sincerely, Young-rhino [link] [comments]  |
| Posted: 23 Nov 2019 08:03 PM PST I was planning on switching from IDR to PSLF now that I'm employed again as a public school teacher. Then I saw a friend celebrating that his PSLF application for forgiveness was approved, and he commented that only a fraction of them are. I've stayed on my IDR for fear of reaching the end of a ten year period only to have my application for forgiveness rejected. Can anyone verify this application process, or explain PSLF to me? Thanks! [link] [comments]  |
| Help! I need some deciding on what loans to get or any source of income? Posted: 23 Nov 2019 07:23 AM PST Hey all, I'll be attending UH in Texas as a undergraduate, and I'm curious what routes I should go for paying college? [link] [comments]  |
| Am I tackling Student Loans the right way? Posted: 23 Nov 2019 09:49 AM PST So a little backstory, I graduated in May of 2016 and started paying my loans of 6 months later in December of 2016 and ever since I have been trying my best to get these down as quickly as possible but want some advice on if I am getting them down in the best way possible. My situation. Federal Student Loan - 52K, doing the IDR plan where i pay for 20 years and the rest is forgiven if there is a balance afterwords. Private Student Loan - 34k, I refinanced a couple of times and the current interest rate is at 3.96% and that is a far cry from what it used to be FU SALLIE MAE. My plan has been to get rid of the Private Student Loan number first, it was originally 60k with like 11% interest, and then once that is wiped out start working on the federal loan as the current monthly payment is a feasible amount and the interest is subsidized for now so it hasn't increased at all in the years since. Currently I have 11k in my savings and I have continuously put money in there, a little out of each paycheck plus my overtime pay and any bonus I have received. Is this a good method to paying of the loans or am I missing something with the federal loan that is going to come back to kill me in the long term, other then I giant Tax Bill? Thanks for any advice. [link] [comments]  |
| Changing Schools/Programs with a Student Loan in BC Canada Posted: 23 Nov 2019 04:33 PM PST Quick question regarding student loans. I am currently studying in Vancouver BC. Living here has become financially impossible for me, and I'm just generally dissatisfied with my current program. There is a very similar program to what I'm taking available in the interior of the province that more suits my educational needs. I'm only 1 semester in, and am thinking about changing to this other program. How will this affect my student loans? If I drop out to switch programs will I be prevented to pursue further loans to fund my education? [link] [comments]  |
| Posted: 23 Nov 2019 10:04 AM PST I didn't get into my nursing program and wondered if I can get deferred or would have to start making payments on the loans Ive taken so far even though I won't be back in class until the fall. I keep looking at the website I manage my student loans from but I can't find anything that pertains to my situation. I also did a search on this sub but didn't seem to see anything relating yet. Forgive me english is my 2nd. [link] [comments]  |
| Denied by SoFi and Earnest. Not Sure What My Options Are. Posted: 23 Nov 2019 05:57 AM PST Throwaway account, because my primary is too detailed. I will try to make this as brief and concise as I possibly can. I tried to refinance my Navient loans--all private. I used to be on their rate reduction program. I threw as much money as I good, and got some loans paid off, but I'm still 89K deep. The interest rates are crazy now--between 11% and 13%. Their reasons for denying me were the same, more or less as SoFi. But I am not sure how they factor these things in: Affordability concerns (low positive cash flow) - Our review of your accounts indicated that your income is substantially committed to existing expenses. A positive decision is more likely for applicants with income above and beyond monthly expenditures. So, my last taxes, I made maybe 20K. Now make 55K. It's not a lot. I have also federal loan I will start paying soon. The federal loans are 150K but the interest rate is at 6%.This is a lot of debt, I understand. I have no living expenses, no credit card debt, credit score is 805. I live with my parents. I drive a used car and only pay for maintenance and gas. I do not spend much on a weekly basis, maybe sixty dollars on groceries. I'm most worried about that crazy interest rate. There is no way I can pay it down with that. I am wondering if there is a reliable company I can refinance with in the mean time until I try again with SoFi and/or Earnest. Not sure if anyone had any success with that, or was in a similar boat. Thanks! [link] [comments]  |
| Posted: 23 Nov 2019 11:49 AM PST I am ~30k in debt with subsidized and unsubsidized loans. I know those are the ones that can be forgiven unlike private loans, but I am unfamiliar with how to go about getting them forgiven. I am struggling financially mostly because of all my loan payments and any little thing will help. Also will this hurt my credit? Or is it worth it to try to forgive them? [link] [comments]  |
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