Escaped from Sallie Mae Student Loans |
- Escaped from Sallie Mae
- Recently refinanced to a 5-year, 1.70% adjustable rate. Why are refinance rates so low?
- Struggling to find a place to live while paying off student loans
- Update in borrower defense. The shenanigans continue
- Navient Acting Weird?
- Double Edged Sword
- Just refinanced with SoFi
- PSLF - qualifying jobs.
- Income Based Repayment Calculations and Taxes
- Can someone explain to me why the government is allowed to capitalize interest multiple times (like when switching payment plans?)
- Pharmacy School
- Considering refinancing federal loans. Looking for advice
- Loan Rates
- Interest expense deduction on refinancing
- Loan Term vs. Interest Rate as determining factor in selecting private loan? Advice needed
- Relatively Small loan, Needed relativeley fast advice
- Balance Increase But I’m Making Payments?
- Leaving NYC to pay off 40k in one year?
| Posted: 07 Dec 2019 12:59 PM PST Finally was able to escape sallie mae and get a refinance with Citizens Bank. Was able to reduce my loans from 7% variable to 5.14% fixed and brought down to 4.89% with auto withdraw. Easily cut my monthly payments down by over $300, side benefit of the local Citizens Bank branch being in my town and get along well with the people there so I can always go in for anything unlike many other refinancers that are mostly online and don't have to navigate through many robo questions to finally get to someone. [link] [comments]  |
| Recently refinanced to a 5-year, 1.70% adjustable rate. Why are refinance rates so low? Posted: 07 Dec 2019 10:43 AM PST Hi /r/StudentLoans, I'm 4 and a half years out of college with about $14,800 in remaining student debt from my undergrad career (Public University, In-State). My starting balance was around $23,000. I recently refinanced my public loans to a private company on a 5-year, adjustable term and got a 1.95% rate with a .25% discount for using auto-pay. I couldn't believe how low this was since there are online savings accounts with higher rates than this.
Prior to my refinance my loans were entirely public through the Dept of Education/Great Lakes servicer, with a mix of unsubsidized and subsidized loans (lowest was 3.2% and highest was 6.8%). The average of interest rates adjusted for balance was 4.6%.
My question is - how are private rates so much lower than even the public, subsidized rates? Are current public, subsidized rates this low?
My payments actually went down slightly even with a shorter remaining term. If anyone out there is in a similar situation I highly recommend looking into a refinance (from a reputable company)! [link] [comments]  |
| Struggling to find a place to live while paying off student loans Posted: 07 Dec 2019 08:54 PM PST I just need to vent for a second. I owe $68k for a bachelors and part of a masters that I didn't finish. I wanted to be a teacher and athletic trainer, but couldn't handle the secondary environment and having a difficult time finding an athletic trainer job and currently working as a amazon driver and my student loans are in forbearance. My rent is 1400 a month for a 1bd apartment and this is cheap for the area I live in. My lease is up in February and I know I cant renew it because I need to pay my student loans. I am scared I am going to become homeless and currently can barely pay my bills. Im taking it day by day but its hard to not constantly be scared that I wont be able to pay them off no matter how frugally I live, because I cant seem to find a higher paying job. any advice to help fix my situation? or anyone else in a similar one? [link] [comments]  |
| Update in borrower defense. The shenanigans continue Posted: 07 Dec 2019 05:42 AM PST This will surely be challenged as the policy isn't part of any regulations. https://www.politico.com/news/2019/12/06/devos-student-loan-relief-077539 [link] [comments]  |
| Posted: 08 Dec 2019 01:49 AM PST I have my federal loans on auto-pay (I have for the past several years and I've made no changes with my linked bank account and I always have more than enough money to make the payment). My payment is due the 7th of every month and I always log in to make sure the payment has started processing and gone through. Sometimes it takes a few days for payment to be taken out of my bank account and says "processing," on Navient, but I've never had any issues with the payment going through. I checked my Navient account on the 7th and my December payment said "processing", which is what I expected, so no problem there. But I just checked my account again and the December payment has completely disappeared. The "recent payments" section of my account goes from November ("payment received") to January ("auto-pay"). I have no "past due" notice, but my loan balance is still the same. Is anyone else experiencing this? [link] [comments]  |
| Posted: 07 Dec 2019 05:24 PM PST Currently in grad school, now up to $90K in loans and honestly .. I'm only in school to defer payments. Sad, I know. [link] [comments]  |
| Posted: 07 Dec 2019 10:46 AM PST Had 23k of private loans at 10%, just refinanced them to 4.5% with SoFi. Cut the payoff time in half! [link] [comments]  |
| Posted: 07 Dec 2019 06:39 PM PST I'm a teacher. I just returned to work after having my first child. Your girl can't hang. Balancing all of it (including my perfectionism) isn't working. Would love to hear what other jobs would qualify me for PSLF. I'm about three and a half years out from total forgiveness. [link] [comments]  |
| Income Based Repayment Calculations and Taxes Posted: 07 Dec 2019 05:55 PM PST My husband had 280,000 worth of student loans. He's on year 3 of a 20 year repayment plan and is using IRB. He pays 750 a month which is less than the interest so the loan is still increasing. Since the loans are still increasing, we may have 400,000 forgiven at the end of the 20 years. I'd like to help my husband pay less per month (have a lower ICB calculation) and save money for when we have to count that 400,000 as income when it's forgiven so we can pay the taxes on it. Here are some questions I have that may help me get there:
Thanks for any input you have. [link] [comments]  |
| Posted: 07 Dec 2019 05:36 PM PST Basically—why should government make a profit off student loans? It just seems cruel, especially to folks who are switching to lower-monthly-payment plans because of financial hardships. Interest capitalization makes sense for private sector loans; there's a profit motive involved. But why should this private sector principle apply to public sector loans? Isn't the initial interest capitalization enough to provide the Education Department the revenue they need to administer/service the loans? [link] [comments]  |
| Posted: 07 Dec 2019 10:28 PM PST So I am not sure if this is the right place to post, but I'm really curious on how student loans would work after I finish some perquisites. I'm currently paying around 7k per year at a university that is close to home, but the funding comes out of what I have saved from working/scholarships. But it seems like the pharmacy school in Vancouver (where I would like to enrol in after prereq's) is around 17k (judging from the tuition fee's on UBC's website) per year for an average of 4 years, excluding living expenses. How exactly should I approach my tuition fees for the 4 years down in pharmacy school? I could probably pitch in 5-7k per year, but the rest seems so daunting. I also don't want to put stress in my parents either.
[link] [comments]  |
| Considering refinancing federal loans. Looking for advice Posted: 07 Dec 2019 01:14 PM PST I'll be graduating this May and seeking advice on refinancing my loans. I work in healthcare and have a steady income and great credit. I'll be finishing my doctorate degree so I won't be needing the deferment offered by federal loans once I graduate. Are there any reasons not to refinance all of my loans (federal and private)? Background: From my undergraduate degree have a Wells Fargo loan of around $43,000 with interest rates ranging from 6.7-9.7% which I know I want to refinance. I then have $81,000 in federal loans with Great Lakes for both undergrad and graduate school with interest rates ranging from 3.4-6.8%. [link] [comments]  |
| Posted: 07 Dec 2019 09:15 PM PST Have they made any changes to student loan interest rates for federal loans? I know they lowered rates for current borrowers but can those of us with older loans that are higher interest refinance for a lower rate? Talking strictly government student loans not private. I consolidated a while back and at that time they didn't have any programs to lower the interest. [link] [comments]  |
| Interest expense deduction on refinancing Posted: 07 Dec 2019 04:23 PM PST Okay interesting question I can't figure out. Say over the course of the year, I have Loan A and it was, for the most part, deferred and accruing interest while in school. Loan A accrues more than $2,500 in interest. Immediately after deferment ends, I refinance Loan A to become Loan B, where the new servicer "pays off" Loan A and all interest is capitalized into the Loan B principal. Is the accrued interest still deductible? Am I just automatically assured to receive the full amount of deduction because the interest was "paid off"? Do I have to pay some of Loan B's "principal" in order to be eligible for the deduction? Additionally, I made over $90,000 in salary each year but am expecting a substantial raise increase soon, so I can't get the deduction next year. But, since I only worked half of this current year because I recently graduated, I earned less than $50,000, and still qualify for this deduction, correct? [link] [comments]  |
| Loan Term vs. Interest Rate as determining factor in selecting private loan? Advice needed Posted: 07 Dec 2019 07:26 AM PST I'm in the process of getting a private student loan to cover the cost of the final two semesters of a one year accelerated nursing program (I have maxed out federal loans, etc). At this point, I'm choosing between two loans (both fixed interest rates) - one from Ascent with a 6.62% interest rate and one from Discover with a 5.74% interest rate (5.99% while in deferment, which would only be until October 2020 at the latest). The main difference is the loan term - the Ascent loan has a 10 year term, and the Discover loan has a 20 year term. My plan is to pay off whatever loan I end up with in 10 years or less. Is there any advantage to choosing the 10 year over the 20 year loan term when the 20 year loan term has the lower interest rate and I'm going to be paying them back in the same time frame? I would think I would save money if I go with the lower interest rate and then just pay double the monthly minimum payments so that the actual loan term ends up being 10 years or less. Neither company charges prepayment penalties, as far as I can tell. My co-signer is hesitant to choose the 20 year loan term because he "doesn't want a 20 year loan on his record"; if I pay it back in 10 years or less, though, is there actually any difference in how a 20 year vs a 10 year loan term "looks" on a credit report? Advice? I would also be interested to hear if anyone has had any negative or positive experiences with either Discover or Ascent and how that would impact your decision if you were in my current situation. Thank you so much in advance! [link] [comments]  |
| Relatively Small loan, Needed relativeley fast advice Posted: 07 Dec 2019 11:20 AM PST 25 year old about six years into Bachelors scheduled to graduate with one more semester after this current one. I got a decent job right out of high school, and enrolled in online classes. With some help from my parents and taking only a few classes at a time while working, I was able to avoid taking out any student loans. A full semester is usually around 6000-8000, which cuts it close, but is manageable for me most of the time. Im going to be behind this semester and my final one due to some unforseen expenses, and was trying to figure out what to look for in getting a loan. Looking for something around 10-12k to cover everything, but I need it sooner rather than later. Really inexperienced with this kind of stuff so I appreciate any help that you have to offer. [link] [comments]  |
| Balance Increase But I’m Making Payments? Posted: 07 Dec 2019 05:28 AM PST I'm making my IDR monthly payments to Fed Loan, but credit karma told me my balance had increased on my loans. Why is that? The only thing I can figure is that three months ago I totally spaced and paid a day or two late. Could that be it? [link] [comments]  |
| Leaving NYC to pay off 40k in one year? Posted: 06 Dec 2019 06:19 PM PST Hi! Kind of new to reddit. I'm going to graduate in the Spring from school in NYC and will have about 40k in student loans. I was able to get a job offer back home in Wisconsin for 60k a year. If I move back in with my parents and there is a very low cost of living where I'm from, is it realistic that I could pay off the majority of my loans in 1.5 years? I'm looking to move back to NYC afterwards and don't want more than 10k in debt while I am here. I also know there is a lot more to debt than just these numbers, but wondering if it is a smart move to go home short term and use the majority of my paycheck for a year for this- is it worth it? [link] [comments]  |
| You are subscribed to email updates from /r/StudentLoans: Reddit's hub for advice, articles, and discussion about educational loans. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment