Celebrating the little victories Student Loans |
- Celebrating the little victories
- Question about debt capitalization (a bit confused about the process)
- Should a parent or guardian of mine co-sign a long every spring semester until I graduate?
- Contemplating getting a dorm in hopes that I’ll have a real “college experience.” Should I do it? I’d have to take out $5500 in loans
- Best Option for Student Loans?
- Should I go to dental school
- Just found out I owe an extra $21,000
- Debt Consolidation
- PAYE minimum payment wrong? Please help!
- Deferment is ending & I need a game plan.
- IBR to something else
- Balance Transfer
| Celebrating the little victories Posted: 06 Dec 2019 10:52 AM PST Been lurking here for awhile, never posted in this subreddit before. But celebrating a milestone this week and wanted to share somewhere. I work in healthcare, after 8 years of college ran up about 230k in student loans. Spent the first few years not taking them seriously enough. Was paying a little extra every month, but really wasn't paying attention to how much progress I was making. Had an "Oh s***" moment this spring, realizing that even paying a bit above my minimum payment, the interest was outpacing me. Was also making a huge mistake in putting too much money in savings. Started reading up more on financial strategies, bought a few books, listened to some podcasts. Decided to do the Dave Ramsey scorched earth method to get things paid down. However, I decided to do a modified snowball method. Instead of paying loans in order from low to high balance, I'm paying off high interest rate to low, but specifically targeting the lowest balance of the highest interest rate loans (which happen to be 6.8% currently). At the start of April, I owed about 4k on my car note and 222k on student loans. After making a large payment out of savings in May and paying things aggressively since, as of this week my car is paid off and my student loans are now below 149k! My goal was to get under 150k by January 1, and I made it with a few weeks to spare. Next year's goal will be to get below 100k. Onwards and upwards! [link] [comments]  |
| Question about debt capitalization (a bit confused about the process) Posted: 06 Dec 2019 08:31 PM PST Let's say I have a 20k loan and accumulate...6k in interest over a period of deferment. From my understanding, when I enter into repayment, that amount in interest becomes a part of the principal and I will begin to accumulate interest (on a daily basis) based on that new total of 26k, which is obviously more interest per day. Is that a correct understanding? I read some other comments about capitalization and people mentioned being dinged twice - does this mean that some additional amount, other than interest, is added to the principal once I start repayment, or am I correct in my initial understanding? [link] [comments]  |
| Should a parent or guardian of mine co-sign a long every spring semester until I graduate? Posted: 06 Dec 2019 05:40 PM PST Hi I'm an undergraduate Freshman who is close to finishing their Fall semester but I really don't have any money to pay for next semester except some loans that's about $2,000+ total. I go to a cheap university that's pays like $7,000-$8,000 per semester. For the fall semester every year until my senior year I can do this bootcamp thing in the summer and they'll pay for college but the only problem is they'll only pay for fall semester and not spring. I'm planning on using College Ave or Sallie Mae for loans and I know APR and interest rates are a thing. So should I do this or not? [link] [comments]  |
| Posted: 06 Dec 2019 02:12 PM PST It's a school in NYC. I live literally 20 blocks away from it. But it's very hard to make friends there since it's a commuter school. I've been contemplating getting a dorm in hopes that it'll be easier to make friends and also begin to get the "true college experience." However, id have to take out $5500 in loans. I'm in my second year of college and I already have $2750 in loans. Should I do it? Do y'all think it's worth it? I'm a nursing student, if that helps. [link] [comments]  |
| Best Option for Student Loans? Posted: 06 Dec 2019 01:32 PM PST I am a third year law student and I have to take out my first loan ever for my final semester. I need about $8000-8500. Is the FAFSA the best way to go or are there better options that also allow for the option to defer? [link] [comments]  |
| Posted: 06 Dec 2019 10:45 AM PST I was recently accepted into dental school, and I need major advice on whether the student loans is worth it. Mandatory cost of tuition/fees for all four years is about 270k-280k. Now obviously there will be living costs added on for four years. It is estimated that living is 40k per year, which would bring the total to 440k for all four years (the COA). I've talked to students who said it's possible to live on less, say 30k/year. Now I don't believe this takes into account loan fees and accrued interest over the four years. I'm personally highly skeptical of going due to the insane cost. I've heard opinions from many that say it is still worth it at the end of the day with the salary as a dentist, and the sky is the limit when it comes to income. [link] [comments]  |
| Just found out I owe an extra $21,000 Posted: 06 Dec 2019 03:50 PM PST So I am refinancing my loans and during this process I discovered I owe an additional $21,000! I guess I just came here to vent about it but my friends don't seem to understand why I'm so upset. I have been plugging away at my loans, and I've been really proud at how far I've come. This just set me back so far. I was looking to move out on my own by next year but now I don't think that's possible. I have a big weekend planned and now I just feel weighed down by all this stress. 21 grand! I can't believe it. [link] [comments]  |
| Posted: 06 Dec 2019 02:20 PM PST I am looking for some advice on consolidating all my loans to get one interest rate. I have all of my loans through the same loan company, but the rate vary. I currently make one payment for my loans, but could consolidation help me lower my payment? My current payments are ~$550, but I pay $600 for each payment. [link] [comments]  |
| PAYE minimum payment wrong? Please help! Posted: 06 Dec 2019 02:12 PM PST I just started working and I make around $75,000 a year. I'm contributing $150 per month to my HSA and $750 or so to max out my 401k which would drop my AGI closer to $50,000 I believe. My auto pay through Navient is set to be $470 each month starting on Monday. When I put it in the repayment calculator at studentloans.gov it says I should be paying closer to $280 per month. I submitted my PAYE request with a paystub since I don't have a tax return yet, but I thought they would calculate my AGI including my 401k and HSA contributions since they were listed on my paystub. Am I completely off on my math here or is Navient ripping me off? Please let me know what you think because an extra $200 a month would be huge for me. Thanks! Also, I'm trying to pay the minimum as I work for a non profit and I'm enrolled in the PSLF. [link] [comments]  |
| Deferment is ending & I need a game plan. Posted: 06 Dec 2019 11:59 AM PST Hi guys, I am currently in grad school, however I still work full time & bartend on the side. Last December when I began grad school I applied to have my loans placed in deferment. Now, a year later, my forbearance application is about to expire. Despite still being in grad school until Summer 2020, I would prefer to not reapply for forbearance, as I don't want to continue to accruing interest. My loans: - Sallie Mae $17,967 with an interest rate of 10.5% - Great Lakes $19,247 with an average interest rate of about 4% - Wells Fargo private loan $78,442 with interest rate ranging from 7-10% When I log into Great Lakes it mentions that I will not be responsible for paying the loans until 2024. I considered applying for IRB for the federal loans but my I'm not sure what to do about my private students loans. I would rather not push them off for another year because regardless I will have to determine a solution sooner or later. What can I do about lowering my payment for the private loans? My debt to income ratio is a bit high, so it has made it even more difficult to identify a solution. I'm sorry if I'm missing any significant information, as I'm very bad with this stuff, so please let me know! [link] [comments]  |
| Posted: 06 Dec 2019 07:02 AM PST Hi Everyone — I'm sort of embarrassed to be in the situation I am and to be writing about this now, but I have a quick question. I currently have 65k in student loans (consolidated direct loans). I'm on an IBR plan. My loans are OLD. Starting next year I'm going to be making too much money to qualify for IBR. I understand I should stay on it because interest capitalizes (at least, I think I understand that), but my payments are going to be too high for me. (I live in NYC and cost of living is so high that I hate how they calculate discretionary income.) I'm finally getting super serious about paying my debt - which is credit card and student loan debt. I was thinking if I switched to another repayment option, I could take the money I save on my monthly student loan payment and add it to the credit card payments...once those are paid off, I keep using that money and add it to the student loan payments. Basically, avalanche/snowball method. Any thoughts about the pros and cons of going off IBR to help me get out of debt faster? If so, any specific recommendations about plans? Probably standard or graduated, right? Edit: I do not qualify for PAYE or REPAYE. [link] [comments]  |
| Posted: 06 Dec 2019 04:37 AM PST So my mom is paying my sister's student loans for her and she's been getting 0% APR credit cards, doing a balance transfer, and then paying off the card. She's been doing this for years to save on interest. Now I know its DANGEROUS to do this. If you don't pay it off on time the interest rate jumps to like 20%+ but is it ILLEGAL? I remember reading somewhere that you weren't supposed to use credit cards for student loans. She's been doing it for years and hasn't had a problem yet. Bonus info: Loans are Parent PLUS loans through Great Lakes. [link] [comments]  |
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