DeVos remarks at today's FSA conference Student Loans |
- DeVos remarks at today's FSA conference
- Monthly Payment amount expected to increase by $700 on a Pay As You Earn Plan for Public Service Loan Forgiveness
- Completely brain farted and missed my deadline to recertify for Fedloan IBR... how screwed am I?
- My grace period ends this month as I’m in a gap year between undergrad and med school. Advice?
- Just received a small inheritance. Don't know how to proceed.
- Is there a subreddit that focuses on increasing income rather than decreasing loan payments?
- Separated but still file taxes jointly, can I use just my income for IBR?
- Relative has 70k debt at a 10% rate out of college from a private lender (sallie Mae) and can’t afford the monthly payment ($980). We need help
- Found out my student loans are for a degree that I wasn’t enrolled in. What should I do ?
- Forgot to Accept Fed Direct Subsidized Loan
- IBR Tax Bomb and Capitalization Question
- PAYE vs REPAYE (1 Million Times Over)
- Exit counseling
- I'm in Remission!! Now for Student loans...
- NEED HELP ASAP. No credit, no co-signer
- Question about retroactive in state tuition?
- Refinanced again 18 months later
- Old loans...new (higher) interest rates
- Quitting job early to reduce IDR?
- Anyone ever refinanced through MEFA?
- Tried to refinance with SoFi - got denied
- Sen. Paul has a new plan to help reduce student loan debt.
- My younger sibling is getting significantly less financial aid for college than me or our other sibling, and I can't figure out why?
- Student Loans HELP PLEASE
| DeVos remarks at today's FSA conference Posted: 03 Dec 2019 12:47 PM PST In case you are interested. This week the department of education is hosting it's annual federal student aid conference. It's in Reno this year for the curious. Today DeVos gave her keynote. This link is a press release outlining her remarks. https://www.ed.gov/news/press-releases/secretary-devos-shares-vision-better-stronger-federal-student-aid-annual-training-conference Highlights include an intro to their new chatbot named Aiden as well as updates on NextGen. [link] [comments]  |
| Posted: 03 Dec 2019 08:36 PM PST Student Loan at $107K. My individual monthly payment is $260 and is projected to go to $914/Month if my wife and I file jointly again. My projected Public Service Loan Forgiveness payoff date is late 2026. My wife has $30K in student loans; she will begin her PSLF journey in February 2020. Is it worth not filling jointly and losing other tax benefits of being married? What are those benefits anyway? My mindset is that there is little to no tax benefit that we could receive from being married that will justify an extra $700 a month for me alone. Her estimated payment will be around $300/ a month. We gross about $135K collectively and net about $7500/ month after taxes and deductions from work. (Both work in education). My sincerest apologies for any typos. Edit: Typos [link] [comments]  |
| Completely brain farted and missed my deadline to recertify for Fedloan IBR... how screwed am I? Posted: 03 Dec 2019 10:40 PM PST This one is completely on me. I got so used to seeing the fedloan email notifications telling me that my payment was being deducted from my bank account that I just tuned them out, including the email notification for recertifying for IBR that came through in October. Been paying on autopay for five years and never forgot to recertify... completely my bad. So, of course I didn't notice anything was amiss until $1400 was deducted from my bank account today. That was an unpleasant shock. I went straight online and sent in my IBR recertification, but it's 10 pm so obviously calling Fedloan to see what damage I've done is going to have to wait until tomorrow morning. I'm pretty much resigned to never seeing that $1400 ever again, but is this going to screw me over significantly going forward? What options do I have available when I call Fedloan first thing tomorrow? Do I need to apply for a forbearance as well? [link] [comments]  |
| My grace period ends this month as I’m in a gap year between undergrad and med school. Advice? Posted: 03 Dec 2019 05:17 PM PST Hi all! I'm a first-gen college student from a lower middle-class background. Every step of high education has required that I do a ton of my own research, since I don't have family or family friends to guide me, but nothing has been as confusing as student loans. I graduated undergrad with $17k of loans at the moment. My grace period ends in a few weeks and my upcoming payment is $130. My plan is to apply to medical school for entry in 2021 and graduate in 2025. Fingers crossed that I'm well on track for that. I plan to move in with my long-term SO for school and they will have some of their own loans but will have an estimated $80k starting salary, which should help lessen the amount I borrow for COL in med school. We'll be splitting rent, groceries, etc. for the first time. I currently work a very low-paying job at a non-profit to gain experience. My gross annual income is $16,800 and I am considered rent-burdened since I live in a high COL area. Needless to say, things are very tight. I'm currently only saving $150/month after all my payments. I'm applying for REPAYE now, but I believe all my IRS forms are from my part-time job last year, not my current full-time position. I also made very little at my old position. If I input my real gross pay, REPAYE estimates that I will pay $0/month. My questions:
Thank you in advance! I'm trying my best to learn! [link] [comments]  |
| Just received a small inheritance. Don't know how to proceed. Posted: 03 Dec 2019 06:36 AM PST Hi! I just received an inheritance of $8,000. I currently have around $40,000 in three loans, two government and one private. My payments are around $350 a month right now. I don't know whether I should put it all towards the loans now, or if I should put into a bank account and just have my monthly payments covered for ~two years. I know I'll ultimately pay less if I put it towards the loans now, but the thought of not having to think about how to pay my loans for a while is very enticing. What do y'all think? [link] [comments]  |
| Is there a subreddit that focuses on increasing income rather than decreasing loan payments? Posted: 03 Dec 2019 11:28 PM PST I have 170k in private loans and make 55k a year. Is there a community that discusses options and techniques to increase income. I think that's a much better focus than just whining about these loans for the rest of my life. [link] [comments]  |
| Separated but still file taxes jointly, can I use just my income for IBR? Posted: 04 Dec 2019 01:09 AM PST Husband and I are separated, we still file taxes jointly. No kids at home anymore. Can I still request an IBR for my student loans on just my income? He doesn't contribute anything to my household. [link] [comments]  |
| Posted: 03 Dec 2019 03:25 PM PST Hello! My relative just graduated school with a job paying 35k a year and barely has a credit history. She just found out how much she owes to this company and she's freaking out. Her parents are in debt too and wouldn't make good candidates for co-signing (and neither would o for that matter since I have my own loans). Want advice would help! We're both extremely stressed from this. Are there any companies that would be more willing to refinance? She works at a 501c3 nonprofit, but I doubt that would help at all for private loans. Thank you!! [link] [comments]  |
| Found out my student loans are for a degree that I wasn’t enrolled in. What should I do ? Posted: 03 Dec 2019 01:08 PM PST Hello fellow loanERS First off I attended college from 2004 to 2008 frist received my Associate Degree in fine arts. Then studying BA in theatre. A few years later I enrolled in a personal training program in 2014 for the CERTIFICATE. Not the Associate degree. So that mean No math no English needed. I didn't take those classes. I had taken those class already. The first time. Looking at my payment history/a break down of my loans it seems to be that I was "charged" for the Associate Degree in exercise science. Which in the school attend is a 2 year program. I completed the CERTIFICATE. My question is can I do anything to fix this, being changed for a degree I wasn't actually enrolled in. Any ideas of tips are greatly appreciated. Thanks [link] [comments]  |
| Forgot to Accept Fed Direct Subsidized Loan Posted: 03 Dec 2019 10:51 PM PST I was late this year getting my financial aid approved this year because of my schools office needing some tax papers from the IRS. Eventually everything worked out and I received my financial aid and was reimbursed the extra amount left over from the aid. Usually my school has you view you financial aid offer and accept loans if you are offered them. Since i was so caught up in getting my aid cleared i forgot about this part. Now as I am registering for next semesters classes i have come across the page where i accept or decline the loans offered to me. This gets to my question, If I accept the federal direct subsidized loan that was offered for me this semester will it still be credited to my student account, or is it to late? [link] [comments]  |
| IBR Tax Bomb and Capitalization Question Posted: 03 Dec 2019 07:53 PM PST Hello everyone! I was encouraged to crosspost a question that I posted on PF deep in a thread. I live in a community property state where I earn 145k/yr, and my wife has about 90k worth of student loans and is on an IBR. Due to MFS filing status and community property, her payment on IBR is $0 as she cannot find work. There are lender processes in place to ensure that I am a cosigner on her loan since she has access to my finances; however, the repayment amount does not calculate my income. My question comes around capitalization. Once her loans were out of forbearance, they were capitalized once and we decided to move to the IBR. This is the way it operates, as I understand, and as long as she continues to pay her mandated amount of $0, the loan will not capitalize further. So, we're only going to get hit with the accrued interest every year, which would put forgiveness at 250k based on the studentloans.gov website (which was way better than my initial capitalized 490k assessment, thank goodness). Some questions:
Thanks for any help you can provide! [link] [comments]  |
| PAYE vs REPAYE (1 Million Times Over) Posted: 03 Dec 2019 01:28 PM PST I know this has been hounded to death on this sub but I still don't quite get the difference and wanted to ask. I graduated back in May and my loan payments are coming up fast. I'm going to apply for an income-based plan to help keep my payments as low as possible. I just got hired for a new job, but it won't start until after my first payment is due. What I'm saying is, I can't just use a calculator because I have no idea what I'll be making yet, month to month. I know my hourly rate, but I don't know how to calculate net or gross income or anything. I have about $26k in debt, subsidized and unsubsidized government loans. My highest interest amount is 5%. I don't know what I'll be making yet. I'll be married sometime in the next few years, so it matters that PAYE takes into account my spouse's income (as I understand it). I know REPAYE has the interest subsidy, but lacks an income cap. Neither my spouse nor I will probably be making that much in our prospective careers, so I don't know how much the cap will matter. I don't necessarily want it to take my spouse's income into account, because that will probably make my payments higher. I know I'm the 4000th person to ask about this, but any advice would be great. EDIT: Note, I will also not be doing PSLF, I don't have the chance for that in my field. [link] [comments]  |
| Posted: 03 Dec 2019 06:57 PM PST If I withdrew from over half my classes (stupid, I know, I'm just asking for help) and I got a letter saying I need to do exit counseling, am I still good to register for next year? [link] [comments]  |
| I'm in Remission!! Now for Student loans... Posted: 03 Dec 2019 10:52 AM PST Bummer right..but I'm about to finish up with school in May of 2020. I unfortunately took put $20k in Student loans, I do have a job lined up that is a potential of 44 up to 50k with bonus. Also, I have some money that I was given after the illness it is around 12k. Should I keep that for future medical payments,bills, etc. As I just went into remission! I want to make sure I don't get a medical bill that kills my finances. Figured someone could give a young soon to be grad some advice. How should I go about it? Thanks. [link] [comments]  |
| NEED HELP ASAP. No credit, no co-signer Posted: 03 Dec 2019 06:24 PM PST Hi everyone. I currently need a loan for $18,000 via private loan. I do not have any credit or a co-signer. Has anyone been able to receive a private loan in this situation? I need it for the 2019-2020 school year. This is my last loan before I graduate undergrad. My parents are not helping anymore and I can't get federal loans because of that. Thank you. Edit: I have a credit score of 646 but no credit history [link] [comments]  |
| Question about retroactive in state tuition? Posted: 03 Dec 2019 05:42 PM PST I don't know if this is even a thing, I'm merely speculating. I started college at a private college in another state in 2009, fully planning to make said state my permanent residence (which it is.) During this entire time, my parents did not claim me on their tax returns as a dependent. I owned multiple cars that were registered and titled in the state I was attending school in, I lived in a house off campus. I even had a library card and registered to vote in the state, and paid and filed federal and state income taxes in that state, as a resident of that state. I started to realize around 2011 that I should qualify for in state tuition by now, so I applied, was turned down because of a "preponderance of evidence" which imho was just their way to get money out of me. I was stuck paying out of state tuition all the way until 2013 when I took a break from school. During this time I had everything I mentioned above, including an in state license, after that interview and denial, I don't know how they could refuse me in state tuition. In their words I wasn't a "resident for tuition purposes." Which baffles me, drivers license, cars registered & titled, voter registration, fed & state taxes, not claimed as a dependent, library card....I have no idea how they were able to brand me an out of state student. Is it possible to retroactively try and see if anything can be done about this? I ask because I have a significant amount of loan debt that was due to being out of state when I honestly believe I was well qualified for in state residency. [link] [comments]  |
| Refinanced again 18 months later Posted: 03 Dec 2019 01:20 PM PST Providing an update to this post. I originally refinanced my loans about a year and a half ago and got a 4.37% fixed rate (with autopay) from LendKey. I've paid ~$18.5k in principal and ~$4k in interest since then, bringing my current balance to ~$56k. I decided to take a stab at refinancing again, and found MEFA via credible. I was quoted a pre-qualification rate of 3.7% fixed for a 7 year term. I went through the actual application process and that's the exact rate that I ended up getting. 10/10 recommend refinancing again if you have paid down a decent amount of principal or if you haven't done it in awhile. Happy to answer any questions and so thankful for this community! [link] [comments]  |
| Old loans...new (higher) interest rates Posted: 03 Dec 2019 01:07 PM PST I have some really old Stafford loans ($10k balance now ...orig $40k in 1999) that I have been chipping away at and they used to be very low interest (under 3%). They are currently with AES. I recently went back to school and took out some new loans (Fedloans). I took an inschool deferment/forbearance for a couple of years. Now...it looks like my Clinton-era interest rates have shot up (between 4-6%). Is this correct? Can the interest rate of an existing student loan change like this? Sorry...i'm really dumb about this stuff but I thought that the rates were fixed unless you refinanced or consolidated. Did the deferment trigger an interest rate adjustment? [link] [comments]  |
| Quitting job early to reduce IDR? Posted: 03 Dec 2019 01:04 PM PST Hi Reddit, we are in the middle of buying a house and of course as luck would have it my FedLoans IDR are up for renewal. At the same time, On December 31st my current employment will end and on Jan 2nd a have a new job lined up. Our taxable income has significantly increased since the last time I filled out the IDR form and the new repayment amount may kill the home buying process (DTI and all). One of the options I was thinking of to not have the monthly repayment amount balloon was quit my current job 3 weeks early (end of this week) and proceed to fill out the IDR form while out of a job to get my repayment amount as low as possible? Does this sound legal? Any other ideas on how I should go about this? I read somewhere that I can choose to submit up to two year old tax returns, should I just submit the one from two years ago that lists low income? [link] [comments]  |
| Anyone ever refinanced through MEFA? Posted: 03 Dec 2019 04:18 PM PST If so, anything you can share about DTI at the time of refinancing would be great. Trying to figure out what their approval requirements are [link] [comments]  |
| Tried to refinance with SoFi - got denied Posted: 03 Dec 2019 08:48 AM PST I'm trying to figure out what went wrong here, but mostly I'm just peeved I wasn't able to refinance my Sallie Mae loan and wanted to vent a little. Thanks for listening. I wanted to refinance one private loan I have with Sallie Mae that is about $5200 with a 12% interest rate (I had bad credit at the time). I was worried my high DTI would not allow me to refinance, and this might have been why. I have a federal student loan at approximately $270K (professional degree) but I make just shy of 6 figures, so I hoped that would help. I have about $7K in credit card debt (although I pay more than the minimum each month, my understanding is that the minimum payment is factored into your DTI ratio), and a car loan under my name, but that my dad pays for ($500 p/m). I am wondering if when they pulled my credit (I have pretty good credit, mid 700s) the actual amortized payments for my federal student loan was used (which is about $2K, but I am on IBR so its much, much less in reality) and my car loan. I should have disclosed my dad's car payments as "extra income." I'm going to write them to ask them for the specific reasons. Perhaps this will help me in the future so I know where I need to improve. I am just so frustrated that now I ran my credit for nothing... I really hoped with my good credit score and decent income I would be able to refinance and get a much better interest rate. I know its only 5K out of massive student loan debt I have, but something is better than nothing. I guess I will have to ride it out with Sallie Mae. Anyone else have similar experiences? [link] [comments]  |
| Sen. Paul has a new plan to help reduce student loan debt. Posted: 03 Dec 2019 02:15 PM PST Senator Rand Paul (R-KY) has a new plan to help reduce student loan debt. What are your thoughts? I like the idea of being able to use tax-free income to reduce student loans, but with the current political deadlock I don't see it passing the House even if it gets through the Senate. [link] [comments]  |
| Posted: 03 Dec 2019 01:24 PM PST I'm the oldest and I graduated college back in 2015. One of my siblings graduated college in 2017. We both were able to get enough financial aid to cover the cost of tuition. However my third sibling who is going to the same University is not even getting half of what we got. My parents income hasn't increased that much from when I was in school, so I'm not sure why she's not getting the same amount that I got. On top of all this my dad was diagnosed with Stage IV pancreatic cancer last September. He's still here and still working, but my parents are dealing with a ton of medical bills now, they really don't need more thousands of dollars worth of parent loans. Is there a way to get FAFSA to give my sister more money? Right now my sister is only getting $3250 per school year in aid. Tuition plus fees per year is around $12000. [link] [comments]  |
| Posted: 03 Dec 2019 12:24 PM PST So I have approximately $40,000 of student loan debt I am currently repaying under my bank. I have 10.25% interest rate and between the two loans I currently pay $650 a month and it's breaking my back. They do have a refinancing option and I have applied and got approved but the lowest they go is about $370 a month at about a 7% interest rate. Recently due to medical issues I cannot work as much and am still struggling to even meet that. Does anyone have any other loan companies/recommended other loan services that they have had good experiences with? I really just need something that can offer me very low interest rates, no matter the length of time ( I will literally be okay with pay it off for even 25+ years, I just need the financial stress to be lessened until I can get past these rough couple of months, excluding the option of deferment) Any advice would be amazing, I feel like I'm drowning here [link] [comments]  |
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