Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- I have 425k in student loan debt...cautionary tale? Just need to say it out loud to the world?
- Anyone ever choose to take their time paying off student loan?
- Using a student loan to pay for housing?
- Is it possible I would pass the Brunner Test?
- My AGI has changed since my most recent tax return, can I still use the AGI on my return to apply for IBR?
- Any advice on consolidating loans?
- Weird
- Student loans due soon, don't have a real job, is there a way to get any help for 2-3 months?
- Does this disqualify me from discharging almost half my loans for a school closure? (images included)
- I got a letter from a collection agency
- Rent.
| Weekly Politics Discussion Megapost Posted: 27 Nov 2019 12:06 PM PST /r/StudentLoans is not /r/Politics, but student loans have a political component (especially this election season) and that deserves discussion! This is an automatic weekly post designed to host discussions about legislative proposals, candidate platforms, and other political topics relating to student loans. Posts and comments that fit these categories will be removed from other areas of the /r/StudentLoans community. Comments that only loosely relate to student loans should be taken to /r/politics or a similar sub and may be removed from here. Links to external websites or other subreddits must primarily relate to student loans. The rules of /r/StudentLoans still apply. Personal attacks, speculation about the motives or debt situation of other users, and unsolicited advice will be removed. This is also not a platform for specific political advocacy; this includes linking to petitions and soliciting campaign contributions. (This weekly aggregation post is an experiment. Please let the mods know your thoughts and if you have suggestions for improvement either by commenting here or via modmail.) [link] [comments]  |
| I have 425k in student loan debt...cautionary tale? Just need to say it out loud to the world? Posted: 27 Nov 2019 05:02 PM PST TLDR: don't be as stupid as me by putting off real life and live off student loans for 10 years. First off I have to say I don't know if I have a real purpose for posting my story. I don't know if I need advice, words of encouragement, or a dose of reality check. If anything take it as a cautionary tale of what NOT to do with student loans. This is a secondary account I just made so as not to be personally identified. So as the title states I have accumulated 425k in student loans over the course of about 10 years. I don't think this is close to what I actually borrowed but compounding interest has ballooned it significantly. These are all federal loans thankfully so I have some options and safety net with that but that's also what made me feel a false sense of safety in continuing to borrow. I have a bachelor's and 2 masters degrees. One in clinical psychology which I took 7 years to complete. Every year I lived off the loans mostly, doing side jobs here and there for extra money. I was living with depression and anxiety and a general sense of hopelessness and apathy about the purpose of life. Every year there seemed to be something going on that made me feel like I couldn't go any faster with my degree or take on a real paying job. My aunt and grandmother both got cancer and died and I was caregiving for several years. Then my best friend got cancer and spent a lot of time by her side too. Of course these seem like excuses because in reality I could have done more than just be depressed and anxious about everyone dying. I didn't feel like I had the energy emotionally or physically. I made the final push after my grandmother died and finished my internship and degree. So I do have that to fall back on if I want to make a go of it as a therapist but it's been 2 years since I graduated and I don't feel the motivation or confidence yet to become a therapist. That will take 2 more years of internship and low/non paying jobs to accomplish. Money did not feel "real" to me and I felt this debt would not effect my quality of life. My plan is/was just make the minimum payments until they forgive either with PSLF if I can accomplish that or after 25 years. The things that really worry me now is that I feel like I have basically set myself up to live in poverty for the next 25 years in order to keep my payments manageable. Maybe that is delusional and I should actually be trying to make a lot of money. I just personally feel like I don't have what it takes to have a successful career like that. I wouldn't mind working for the post office or a non profit and just living a frugal little life. The other thing that worries me is what will happen in 25 years when worse case scenario these loans are forgiven and I receive a huge tax bill. I would hopefully be insolvent or have saved up enough to pay it or make a payment plan. I worry that my parents home and other inheritances will be in jeopardy because of this. I basically told my mom we should see about leaving the house to only my sister to avoid any large assets being in my name at that time. These are things I did not think about when I started this debt. I was utterly naive that this would grow so large and that there would be reprecussions down the road. Even when I was at 100k after my first masters that number seemed so huge to me that it didn't seem like it would matter to take more loans at that point. I was extremely short sighted and foolish and uneducated about money and debt. I dont think interest and compounding interest even occured to me. So here's another shame that I want to put out too. Due to some situations with my life after graduating and that I had basically become accustomed to not working a living on student loans...I enrolled in yet another masters degree. So I am now living off those loans but that will end soon after this semester I will stop all loans and schooling. I have to get on with my life and live in the real world and make a real living. In a weird way I feel like I am addicted to loans. I've just been going on this hamster wheel of accumulating debt and being in school forbearance and never paying on it...not a dime. This is why I would tell people to be very careful about using loans for living expenses and especially if they have any kind of mental illness or problems that would make them become dependent on them. If anyone is curious I did this by taking one class a quarter every year for 7 years at a private grad school so I always made sure I had a big refund check. It was never enough actually though, I would always be broke right before the next check was coming... but I always knew it was coming so I never worried or tried to get a job. I did work...just not gainfully in a way that would fully pay for my bills and life in general. So I'm sure this story sounds really irresponsible and crazy and I'm not expecting sympathy. If anything maybe this story will make you look at your loans and say thank God I wasn't as stupid as this girl. I am thankful for my health and my family/friends and everything I have. I'm even thankful for my degree and all I learned from it and that I have that to fall back on. Educationally I have what it takes to make a career. But emotionally and physically (I have some health issues as well) I feel like a loser. But at least I look good on paper. Happy Thanksgiving everyone. Thanks for listening if you did I appreciate this space here to let this all out. [link] [comments]  |
| Anyone ever choose to take their time paying off student loan? Posted: 27 Nov 2019 08:07 AM PST Say you have a relatively low-medium balance and low interest rate with average income. Is it worth it to focus all of your time and energy into paying off your loan instead of focusing on saving for other things in life such as a home, travel, car, and other things? I mean if you were to pass away 2 years from now, I'm sure you wouldn't think "I wish I had paid more to my loan", right? I know most will promote the aggressive pay-it-off-ASAP approach but what are your thoughts on a little more balanced approach? [link] [comments]  |
| Using a student loan to pay for housing? Posted: 28 Nov 2019 12:26 AM PST I'm going into my senior year of Computer Science and anticipate graduating in 12 months. I've been considering getting a house with my girlfriend and another friend and splitting the rent with them. I have such a busy workload with school that I wouldn't have time for a job if I want to finish my degree. Is it possible to use a student loan to pay for rent and living expenses? If so, which type of loans should I consider first? I've never had a loan before, but I know my school offered me a Federal Loan once upon a time. [link] [comments]  |
| Is it possible I would pass the Brunner Test? Posted: 27 Nov 2019 11:44 PM PST I don't expect to ever be able to get mental health treatment. Without mental health treatment, I don't expect to ever be able to hold a job. Without a job, I don't expect to ever be able to rise out of poverty. Without rising out of poverty, I don't expect to ever be able to pay my student loan debt. [link] [comments]  |
| Posted: 27 Nov 2019 08:05 PM PST Just hoping for a quick and dirty answer: My federal student loans are about to go into repayment. When I completed my most recent tax return my AGI was about $20k (I was a lowly graduate student). I started a job in June and now make $66,000. Can I apply for IBR using my tax return AGI so that my payments are lower for a little bit longer or do I need to document my higher income and use that? If so, how would I do this? I am worried about my application being denied and don't want to do the wrong thing. Thanks for all of the help. [link] [comments]  |
| Any advice on consolidating loans? Posted: 27 Nov 2019 07:36 PM PST I have 40k in student loans and trying to consolidate them. I only make 11 an hour and working on trying to get a car too. So in total about 50k in loans. Any advice? Just hate the stress of multiple loan payments. [link] [comments]  |
| Posted: 27 Nov 2019 07:30 AM PST I was trying to get a copy of my transcript but the University I attended said I would need to rehabilitate a loan that was apparently taken out but I had no idea about. Anyways, I called the loan company and they said I would need to make 6 monthly payments of $700 first so that the loan is rehabilitated. The thing is, my take-home pay from work is only $1200. Apparently there's no way to work with them, it's $700 a month or nothing. It's been really difficult having to pay them half my monthly paycheck. Im wondering why the university would require this, since I owe no money to them directly. The company is a third party called Heartland ECSI. 2 questions:
edit: yes it's a Perkins Loan. [link] [comments]  |
| Student loans due soon, don't have a real job, is there a way to get any help for 2-3 months? Posted: 27 Nov 2019 04:31 PM PST I'm currently working as a medical scribe and make really terrible money, "full time." My schedule depends on the doctor's availability, I work M-F 8-5 and have never gotten a paycheck over $550 before taxes. I get a little below $1,000 a month currently. I am also trying to study for the MCAT and requested days that I would likely otherwise have them off anyways, off. So I work around 3 days a week. I take it in Jan, but may have to push it to March if I can't sign up for the test. I want to study and probably quit around Feb. either way. Plan is to take in Jan or March, and also apply for a way better job (like in HR, I was a psych major). 6 mo grace period is about to end in January, first bill is due and its $300. I live with my parents and my father is the only worker - he makes great money but I don't know if I can ask him to cover me a bit. I also have credit card debt (around $4000) and was hoping to use my salary to pay off credit cards. Is there a way to defer student loans a few more months? Or is my best option to pay minimum on credit cards for 2-3 months while I study for the mcat and also pay the minimum on student loans, so I can cover both without getting late fees. And then apply for a real job after I take the test? [link] [comments]  |
| Posted: 27 Nov 2019 09:53 AM PST Does Verified Competency count as something comparable to Transfer Credits? Above the signature on the Loan Discharge Application: School Closure, it states: I did not complete the same or a comparable program of study at another school through a teach-out plan, by transferring credits or hours earned at the closed school to another school, or by any other comparable means. I did complete a comparable program at another school. The school I completed the program at did not accept the prior school's credits or hours, and the prior school did not offer a teach-out plan. I did it with "Verified Competency" (Grades show up as V's, paid $50 per class, image attached). I worked in the industry I was going to school for (restaurant/culinary), so I think that could be the definition of the Verified Competency. There are no Transfer, Test Out/Satisfactory/Advanced Standing, or Prior Learning Credits on the official transcript from the school in which I got the comparable degree. See the image here: https://i.imgur.com/w9NKijl.png I feel the "comparable means" disqualifies me, but I still want to give it a shot (praying it doesn't get flagged for perjury, fines, or imprisonment). Think it's worth it? Backstory/Specifics: AI of Indianapolis closed for good on December 28th, 2018. My student loans are through AI of Las Vegas, which is the "mother" campus, and is in the midst of possibly closing. The school is not closed yet, but all signs are looking that way. Enough for my loans to be deferred and for an official letter to come in the mail saying to fill out the "Loan Discharge Application: School Closure"" paperwork from Navient. [link] [comments]  |
| I got a letter from a collection agency Posted: 27 Nov 2019 12:35 PM PST So, I really made a mistake. I have about $2600 in tuition fees that I haven't taken out a loan for. It's been on my to-do list but my dumb self forgot about it. I got a letter from a collection agency. Am I still eligible for my student loans? Can I go to my college's financial office and ask to take out a loan? I completed the required financial counseling and MPN a while ago. If I can't take out a loan, what are my options for where to go next? Do I need to panic now, or do I need more information to decide when to panic? Thanks in advance I went to class really early so I could talk to the financial office, only to find out that the campus is closed due to weather [link] [comments]  |
| Posted: 27 Nov 2019 11:26 AM PST I go to a community college, and i owe about 1800 in classes already, i signed 2 $2,500 loans, one being subsidized and the other being unsubsidized. Making it $5000 in loans i have for school. In the fall of 2020 i want to get my own apartment and not work for a year because of the career I'm pursuing. thinking with the 5000 i have saved up by then, is it smart to pull out another 2 or 3k for the rest of the rent i have for the year? I have a girlfriend going to the same school and I'm honestly trying to make ends meet for that year. ALSO it is only 12 months and I'm done..... do i need to just work weekends and pay that rent? [link] [comments]  |
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