~160k paid, 169k to go. Student Loans |
- ~160k paid, 169k to go.
- Do you have to immediately pay back federal student loans if you want to give up your citizenship?
- Paid off a big chunk of Student loans and my credit score dropped. Is this normal?
- Refinance Now or Later?
- 200k parent plus loan help
- New Years update from a loyal lurker
- Didn't know she had a Navient loan! Got a letter it was defaulted?
- Is the interest rate listed on loan details monthly or yearly?
- Is it too late to receive aid for Spring 2020?
- Close to graduating. Looking for any advice.
- I need some advice about how to lower my monthly payment
- Federal Unsub Loan
- Second opinion on refinancing
- Parents took out loans in my name, didn't pay them back, credit is wrecked
- Question regarding NIH Loan Repayment Program and PSLF payments.
- Isn’t part of the problem with working through college nowadays that entry level jobs require the college degree to begin with ? It’s not just that minimum wage is lower compared to college costs but that regular jobs beyond minimum wage won’t hire students?
- Confused about Past Due Amount
- Federal Loans vs Loan from my Parents
- FAFSA and Grant Money after graduation
| Posted: 29 Dec 2019 11:37 AM PST I'm a numbers guy and kind of did this for fun, so I'm not really sure what my point to this post is, but hopefully it can serve as some inspiration for others with huge student loan debt to show that it is possible to pay back. Some background, I graduated in 2010 with a Bachelor's and 48k in loans. Spent 2010-2012 working (but not making enough to pay my undergrad loans down much), until I went to Graduate school. After a 27 month Masters program I graduated in 2014 with an additional 177k in loans (while the unsubsidized undergrad loans grew). Here is my student loan history: -- 2005-09 Totals at Undergrad Graduation -- 8/2014 Totals at Masters Graduation -- 9/2014 SoFi: 155k @ 5.49%f 5yr ($3046/mo) + 82k F&P = 237k total -- 7/2015 Earnest: 175k @ 5.15%f 10yr ($1870/mo) + 53k F&P = 228k total -- 10/2017 LaurelRoad: 203k @ 4.37%f 8yr ($2100/mo) + 3k F&P = 206k total -- 4/2019 Commonbond: 181k @ 3.93%f 7yr (2500/mo) -- 9/2019 SoFi: 174k @ 3.082%f 5yr (3203/month) -- Original Loan Amounts: -- Total Interest Added:
As a rule, I always paid the minimums and instead saved for retirement with additional income, especially when my rate was under 4%. (Currently have 275k saved for retirement, and have budgeted to save 78k more in 2020). If nothing changes by September 2024, I will have paid an approximate total of $340k on 225k of loans; a whopping 115k of total interest. I feel like I am finally on the home stretch, and will update again in 5 years or when they are paid off. [link] [comments]  |
| Do you have to immediately pay back federal student loans if you want to give up your citizenship? Posted: 29 Dec 2019 06:38 AM PST Hi all, I'm wondering what the implications are here. Does the US government block you from giving up your citizenship if you still owe substantial money for federal student debt? Beyond this, are there any implications if you aren't paying some of your student loans? What about private ones? I'm only asking because I'm considering becoming a German citizen and you are required to renounce your original citizenship to do that. However, there are exceptions if it's not possible due to high costs or restrictive rules in your home country which allow you to keep it. Thank you! [link] [comments]  |
| Paid off a big chunk of Student loans and my credit score dropped. Is this normal? Posted: 29 Dec 2019 09:58 PM PST I've always been on time with my loans. Started paying on 45k about 3 years ago and was able to get it down to 22k this year paying double or more monthly. Over the past 3 years my credit score has steadily climbed to 800. I finally got a good paying job and made a 5k payment on the 22k remaining and my score dropped almost 20 points last month. I should mention that this 5k PIF the highest interest group. I just sent in another 6k a few days ago on the next group. Will I lose another 20+ points off this? Will my score bounce back? Just so weird to pay off such a big chunk of what's left and see my credit score the next month go down! [link] [comments]  |
| Posted: 29 Dec 2019 11:48 PM PST I've been on deferment while job hunting out of grad school. I just got a 4 month temp job and was wondering if I should jump on this income opportunity and refinance my loans to take advantage of lower interest rates sooner. Is this a bad idea since I won't necessarily have a job in May? Once you refinance, they don't let you do deferment or income-based payments, right? The uncertainty makes me think I should wait to refinance until I have a more stable job. Any advice is helpful - thank you in advance. [link] [comments]  |
| Posted: 29 Dec 2019 11:42 PM PST The situation... Between me and my other sibling my mom has just over 200k @7.6% in parent plus loans taken out for the two of us. The two of us that finished school also have 35k in our own name. Obviously this was stupid to do, I didn't have a clue what I was getting into when I started school. I really only realized how crippling this debt would be starting junior year, but at that point I figured I should just finish school. My parents have absolutely no savings whatsover, no retirement, no house. And about 80k in auto loans. Mother has only worked for the last 5 years since the youngest finished high school, making about 40k. Father is self employed, doesn't work much, mostly cash jobs. They are mid 50's. They expect us to pay it off which was what was silently agreed upon. Would it make more sense to just let thier wages be garnished instead of paying. They are only mid 50s but alcholics and I feel like they will pass on in the next 10 years...I'm making the payments now on a 10yr track which is 3300 a month, everything by my brothers 35k. Which is just too much to attempt to live comfortably, or live at all really. Debating having a conversation with my parents just to tell them to default, let their social security and income get varnished, then I can just reimburse them. It seems kind of grim Or do I slave away to my mid 30's to pay it off before I can live outside of work, buy a car, or save anything at all. Do people do this much? I guess I'll go post this on student loan defaulters too. [link] [comments]  |
| New Years update from a loyal lurker Posted: 29 Dec 2019 05:43 PM PST Hey guys. Love the community here, I've found it immensely supportive even as a lurker. Anyhow, I just finished up a one year masters program in May. I went straight from undergrad to grad school, and thankfully I had finished undergrad in 3 years. Both my degrees are in finance so I've tried to put my skill set to use in my personal decision making. I started out with $60,000 in student loans, $20,000 of which was spent on living expenses during my bachelors program. I went to a private school that specialized in finance but thankfully they were generous enough with scholarships. I also want to give a big shout out to federal grants, as they were so helpful, especially as a first generation college kiddo coming from rural poverty. The other $40,000 in student debt came from my masters degree. Like most other masters programs it didn't provide the same financial aid available as my undergraduate studies, but I am happy with my choice here. It has opened up a lot of opportunities in my career that I wouldn't otherwise have as an introvert in finance. After eight months of intense work and immeasurable sacrifice, I'm happy to share that nearly all of my graduate school loans are paid off. I now only owe the original $20,000 from my undergrad in addition to a residual $5,000 in grad school loans I expect to pay off within a month. I had carefully refinanced my loans for a lower interest rate, so I won't see the actual "paid in full" marks for the grad school loans specifically, but frankly I am not too sentimental about this. I'm a little over halfway through this nightmare but I have a plan for the remainder. I recently accepted a new job with significantly better pay and I am also anticipating a comfortable tax refund. I'm also becoming quite exhausted from my current lifestyle. I haven't been able rationalize any excessive personal expense whatsoever given my financial goals. This isn't healthy for me. I plan on cutting my aggressive payments by about 25% which, in addition to my increased pay, will allow me to finally start living. Like damn, I don't think I've gone on a qualified vacation in the last decade. I while in school I was stressed to achieve good grades and internships while developing technical skills on the side. Even now outside of academia I've kept a student-like lifestyle for the sake of this burden. Emotionally, I feel like I've been running up the mountain while with the flu since I'm high school. I'm just ready to slow down and live a little, but my compulsive finance mind is even more excited to eliminate all debts owed. I hope to finish by my 24th birthday in July. It'd be the ultimate (and last!) gift to my future self, but the schedule may fluctuate depending on my stamina. Upon my final payment I am looking forward to getting in with the r/financialindependence crowd as well as calling in for a debt free scream on Dave Ramsey's show. Ultimately, I can't complain about my loans or even the federal loan programs in general. I simply could not have efficiently leveraged my ambition to escape inter-generational poverty otherwise. I'm where I am now because of anxiety, research and sacrifice, but in this hyperconnected and globally competitive world it is the cost of obtaining my childhood goals. [link] [comments]  |
| Didn't know she had a Navient loan! Got a letter it was defaulted? Posted: 29 Dec 2019 03:04 PM PST My wife had 3 student loans through Navient. One she pays one time every month. The other two were deferred in 2013. Well at some point in 2018 the two deferred loans resumed and despite Navient having a valid mailing and email address no communication or bills were ever sent to us! This was only brought to her attention when we received a collection letter last week saying that because 12 payments were missed, the loan was now in default! Trying to figure this out we immediately logged into Navient and tucked away in a corner is an "account inbox", something you would probably never check unless you were notified to do so. In there we see notices for each missed payment however this is only something you'd find by logging into your account. My wife was on auto pay for the first loan so she never had any reason to do this. All the emails she got from Navient said "thanks for your auto pay". Can anything be done here? I'm surprised it's legal for Navient to never sent a letter in the mail or try calling her phone while each of the 12 payments were missed. The worst part is she had the money to pay them, so it's not a case of ignoring them due to lack of funds, it's a case of never being notified she had an active loan in the first place. [link] [comments]  |
| Is the interest rate listed on loan details monthly or yearly? Posted: 29 Dec 2019 06:05 PM PST For example, I have a federal loan with a principal balance of $5,500 with a 5.05% interest rate. I'm trying to figure out how much a month my interest will be so I can figure out how much to pay per loan that I have that'll go toward interest and then the principal. If its yearly, do I divide 5.05% by 12, which is 0.42% a month, making the interest (at this balance) 23.1 a month? [link] [comments]  |
| Is it too late to receive aid for Spring 2020? Posted: 29 Dec 2019 11:11 AM PST I filled out a FAFSA for 2019-2020 and one for 2020-2021? My status is processing because my college financial aid office doesn't open until January 6th. The estimate I received said I am eligible for a $2700 Pell Grant and a $12,000 Stafford loan. My question is am I way too late to receive these considering class starts in 3 week? I know the estimate isn't anywhere near a guarantee but it does seem odd they would even give me an estimated amount if I was too late. Surely older students who start school in the Spring apply late like this. Am I completely screwed? I am meeting with a financial aid advisor as soon as the office opens on the 6th. Any feedback is appreciated. [link] [comments]  |
| Close to graduating. Looking for any advice. Posted: 29 Dec 2019 08:43 PM PST Hey everyone this is my first post on this sub so sorry if I didn't follow the rules correctly. I'm an undergrad student and currently on track to graduate this summer, most likely at the end of August. I want to start dealing with anything that I can regarding my student loans and I want to be smart about it. The only thing is I don't know much about it and I'm a bit overwhelmed when I try to figure it out on my own. I just want general advice and any helpful tips to eliminate any of this debt as quickly as possible. Here's some background info: - I currently have a balance of $29,700. I have a little left so I'm thinking I'll be at 40K once I'm completely done. -I have $864 of accrued interest. - My interest rates vary between 3.76% and 5.05% on different loans - I live with my aunt (parents deceased) and currently work 33-40 hours a week, making $16/hr - Was planning on moving out upon graduation. Rent would be $600 I know this is all random information but honestly anything would help. I don't have family that can really help guide me at the moment. Thanks. [link] [comments]  |
| I need some advice about how to lower my monthly payment Posted: 29 Dec 2019 11:39 AM PST Hi, r/StudentLoans! As I'm sure everyone here knows, student loans are complicated and confusing, so I need a little advice! Currently, I have three student loans that I'm paying back and I need some advice about how to lower my monthly payment. My first loan is through my school and I have a little over $2,000 left to pay, with a monthly payment of $64 that is serviced through Heartland. Not super concerned about this one. My second loan is paid through Nelnet and that's around $20,000. Currently, I've been on an Income-Based Repayment Plan and since I don't make enough money, my monthly payment is $0. Again, not super concerned about this one, plus I think the monthly payment is pretty low if I were to pay it back now. The big issue is my third set of loans through Navient, which is a Parent PLUS loan. This loan is in my mother's name, but I make the payments on it. I have over $70,000 left to pay and my monthly payment is around $480, which is debilitating to me with my current finances. I've had a part-time job since graduating, but I've recently accepted a full-time position somewhere else, so I have secured income and I've made all of my monthly payments on time for the full amount required thus far. The student loans are my only loans/things affecting my credit. I've never rented an apartment or leased a car or anything. Basically, I think I want to consolidate my loans or refinance or whatever, but I'm so overwhelmed by the information out there, I don't know where to start. I've read that I can put my Parent PLUS loan in my name as opposed to my mother's and that could lower my monthly payment/interest rate. If anyone could give me some advice or reputable resources for me to research, I would be so grateful. [link] [comments]  |
| Posted: 29 Dec 2019 04:19 PM PST I needed about $2000 for my coming quarter at school, so I went to the 2020 aid year and accepted $2000 out of the $4400 offered. I thought that would be available for the winter quarter, but the rest of the loan offer disappeared and the loan was dispersed so I'll only get about $1000 for winter quarter. Now when I go to the loan offer, it only shows 2000/2000. Is there anything I can do to reverse this? I thought that the rest of the offer would be there if I accepted that much. [link] [comments]  |
| Posted: 29 Dec 2019 03:30 PM PST TL;DR: Active duty USAF who already used a prior HPSP (military loan program). Thinking of refinancing FAFSA loans (interest ranging from 3.150% to 5.590%) to SoFi (var: 2.31% or fixed 3.46%). Stay with FAFSA or use SoFi? Background: I have a total of $22,964.14 student loans with interest rates ranging from 3.150% to 5.590% under FAFSA's program for my grad school. I recently received a mail from SoFi offering a lower interest rate (var: 2.31% or fixed 3.46%). I am currently paying $500/month, roughly overpaying from the minimum $294~ required. I am active duty right now. I have already used a prior military loan program called the HPSP, but it only paid partially of my standing loans before I joined the Air Force. Current credit score is approximately 780+. Dilemma: The offer from SoFi is highly attractive, but I don't want to lose any (vague) government student loan protection that I have. Question: Given the facts above and if you were in my shoes, would you switch to SoFi and abandon FAFSA's guaranteed loan? I do appreciate any thoughts you guys have on this, to anyone that replies. Thanks in advance! [link] [comments]  |
| Parents took out loans in my name, didn't pay them back, credit is wrecked Posted: 29 Dec 2019 11:31 AM PST Hey Reddit, There might be another post already addressing this, but I haven't got a solid answer on this. My father took out student loans in my name years ago. I graduated in 2011. My credit started dipping recently, and I came to find out that there's about 5 years of loans that were deferred, and a ton of 90-day overdrafts that are listed as "DEPT OF ED/NELNET". Looks like he's started to pay off the remaining balance again as of April this year, but there's a ton of damage to my credit (it dropped to 190 at one point, I thought I was losing my mind or my identity had been stolen.) Now, it's slowly crawling back to normal, but I can't even get a basic credit card, and it's messed up a lot of stuff. When confronted, my father said "sorry, we didn't have any money at the time, I was depressed." I'm hearing that there may be no way to remove the 90-days from my account unless I sue him, and best case scenario, ruin my parents credit for the rest of their lives, worst case send him to jail for fraud. Not keen on doing this. Any advice helpful. [link] [comments]  |
| Question regarding NIH Loan Repayment Program and PSLF payments. Posted: 29 Dec 2019 01:04 PM PST I'm hoping someone here can help me with this, or know of who I can contact regarding this issue (Fedloan has ignored all contacts through their website over a several month span). I currently have about 400k in student loans, pursuing PSLF. I'm about 4 years into the payments (I think the total is at 37 but they only update the count every year when I send in the qualification form). For 2019-2021, I was awarded the NIH LRP, meaning the NIH pays back my loans on a quarterly basis to fedloan, for a total of 70k over that time span. I had my first payment in November, and it appeared to cancel out my due amount for December. Shot off an email asking if I had any balance due (since NIH paid 8750), never heard back, but my payment for December was cancelled. Come December 8th (literally the exact date it always auto-withdraws), they reactivated my payment despite me cancelling and removed that months payment. Now on Fedloan, it says I'm in paid ahead status until Jan 2021 but they have kept my direct debit amount active (in the amount of my previous IBR payment). My specific questions are as follows:
Thanks for your help. If anyone knows of another way to contact Fedloan that would actually get me a response from them (other than their website/generic email thing), that would be very helpful as well. [link] [comments]  |
| Posted: 29 Dec 2019 10:02 AM PST In the 60s and 70s you could get a real white collar job without college that paid more than minimum wage, and you could fund college with that. [link] [comments]  |
| Confused about Past Due Amount Posted: 29 Dec 2019 03:21 PM PST Hi everyone. I made my first student loan payment a few weeks ago. I owe $160 a month and I paid $200 because I had the resources to do so. Now, I got my statement for my second bill, which says I owe $260 instead of $160 because I have a "Past Due Amount" of $100. I cannot find anything in my account or payments about where this could be coming from. Does anyone know what could be causing a Past Due Amount? Thanks. [link] [comments]  |
| Federal Loans vs Loan from my Parents Posted: 29 Dec 2019 08:28 AM PST I am about to start a Physician Assistant Program in May, with the total cost of the program being around $95,000. I've saved enough to hopefully not need to take out any loans for living, but I will need to take out loans for the entire cost of the program. I have been planning to take out Federal Loans, but recently my parents offered to lend me the money for the majority or entirety of the program. They offered the same interest percentages as the Federal Loans. When I mentioned the possibility of getting my loans refinanced for a lower interest rate after graduation, they said that they would be willing to do this as well. I've been trying to research if this is the best option for me, but I'm having trouble finding information that is easy to understand. I am aware of Federal Loan Forgiveness if I work for a non-profit for 10 years, so in this case I may be losing money if I take loans from my parents instead? However, I also have no idea where I will end up after graduation. Honestly the concept of loans is quite confusing to me. I haven't talked to my parents about this in detail yet, and I want to gather more information before I do. I am sure that the interest rate is negotiable, as in the long run they will make more money off of me than their current plan of keeping that money in savings. I would love any advice on what option I should take, what interest rate to negotiate and if you have any websites with easy to read information about loans. EDIT: And will taking a loan from my parents negatively impact my tax return once I have a job after graduation? [link] [comments]  |
| FAFSA and Grant Money after graduation Posted: 29 Dec 2019 11:43 AM PST Hey all! I am set to graduate in the fall of 2020. I haven't taken out any loans for college, I've been paying as I go, but I have been receiving grant money from my school for good grades and FAFSA money from the government. On average, I'm getting around $9,000 a school year to help pay for expenses. Since I'm graduating in the fall, will I be sent a check for the left over money I would've used in the spring? Or do they keep that money? I've tried googling this but I haven't found any answers. [link] [comments]  |
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