I am freeeeee!!! Student Loans |
- I am freeeeee!!!
- Chipping away at debt
- Pros/Cons
- Do you need to re-certify IBR after switching providers?
- Things that keep me up at night.
- Failing SAP, but no holds placed on my financial aid? And it still says expected pay out is Jan. 11th? Am I getting my aid?
- I am confused a SLM loan...Sally Mae??
- Thought final student loan was paid... Until....
- Income based repayment plan to target high interest loans?
- Was your degree worth the loan?
- Extended Fixed Payments Application Question
- If the payment authorization date is on time, but the payment effective date is late, is my payment late?
- Taking out my first student loan need advice!
- Credit score for multi year loan?
- Daily Compounding Interest on Fed Holidays
- Edfinancial student loan payment
- IBR?
| Posted: 28 Dec 2019 12:31 PM PST Master has given Dobby a sock! I made my final student loan payment today!! Total amount paid is a little over $51,000. Interest was $9,500. Lessons I have learned - Deferment/Forbearance can add lots of interest, being careful when accepting grants that have employment requirements (Teach Grant) and living on loans might have seemed like the only option I had at the time, but also I could have tried to work harder or picked up a side gig much earlier on. I also learned how to budget and how interest works and that information I can take with me forever. Graduated in 2011, deferred and forbearance. Got married in 2017 and saved and paid for that wedding in full first. Didn't get serious about paying until Sept 2017 and payed most of it off in the past 2 years ($16k in 2018 and $20k in 2019) by working a job I hated that had on call and over time and also tutoring for cash on the side and not buying new stuff and what not. As soon as I got the loans down to a reasonable number I took a job back in my field for less pay and have been keeping my head down and making large payments. I feel like this sub has been a HUGE factor in my post today so thanks everyone for your posts, responses and information. I spent hours reading about others' advice and success stories- so thanks for having this place! Happy New Years Everyone! [link] [comments]  |
| Posted: 28 Dec 2019 09:05 AM PST I started the year with $90,000 in student loan debt. I changed my life and made paying them off a higher priority. I had been going for the 10 year loan forgiveness plan, but between hating my job and not trusting the government to follow through and actually forgive the loans, making the change was easy. I currently owe $66,000 on my student loan and am hopeful that by the time 2021 rolls around my loan will be below $20,000. I have to remind myself that there is light at the end of the tunnel. [link] [comments]  |
| Posted: 28 Dec 2019 11:53 PM PST What are the pros and cons of a federal loan compared to a private one? [link] [comments]  |
| Do you need to re-certify IBR after switching providers? Posted: 28 Dec 2019 07:52 PM PST My fiancé has been paying back her loans through IBR for the past couple years. In October, she submitted her IBR re-certification for 2020 and was approved by Great Lakes. In mid November she transferred her loan from Great Lakes to FedLoan without any issues. She made her normal payment through FedLoan in December. She just logged into her account tonight to find out that her January payment has increased about x10 which means it defaulted to a 10 year repayment plan (which is exceedingly unnaffordable). On top of that there is a notice saying that IBR re-certification forms were never submitted. So now my question, did she need to submit forms for 2020 again after switching providers? If so there was absolutely no clarification on this. Also, will she be able to re-certify ASAP or are we screwed for all of 2020? Were going to call on Monday to sort all of this out but trying to get some preliminary answers if we can for some peace of mind. Thanks! [link] [comments]  |
| Things that keep me up at night. Posted: 28 Dec 2019 02:49 AM PST My current student loan due is $77,572.85. I started to repay it May 2015-the amount was $78,558.00. Of the $24,000 I have paid since graduating in May 2015, only $1000.00 has been applied to the principal balance. $1000.00!!! The original loan taken out was $61,000. With interest and capitalization I'll pay $167,836.00. [link] [comments]  |
| Posted: 28 Dec 2019 11:10 PM PST Super confused at this point, had a failing SAP but no holds have been placed on the financial aid at all from what I'm seeing, and it still says my aid is expected on Jan. 11 when I look at my award page. I can't contact my school until the second, when I will have to pay them or wait out my aid. Anyone know if I should prepare to cough up some cash. [link] [comments]  |
| I am confused a SLM loan...Sally Mae?? Posted: 28 Dec 2019 07:51 PM PST I took out a loan in 2007 that defaulted. It was SallieMae Financial or SLM Financial corp. They sued me in 2010 and filed a lien at the county recorders also in 2010 though I have no real property. It doesn't show up on my credit report nor the national loan database?? I am not sure if that is the correct name but I have searched. I checked the courthouse and the last activity is recorded; 03/06/2013 WRIT OF EXECUTION RETURNED FROM LOS ANGELES COUNTY WHOLLY UNSATISFIED. COSTS $ 30.00 . and that it was moved to another courthouse in the same county where they handle all civil cases like this. How come I never hear anything. Really not since 2010? [link] [comments]  |
| Thought final student loan was paid... Until.... Posted: 28 Dec 2019 03:32 PM PST This is a post for my girlfriend as I've been out of student loan debt for a while and she refuses to get a reddit account... Anyway January 2018 my girlfriend made a mistake to her private loan company (LendKey) and tried to cancel the transaction online. It was January 1 and their website kept on erroring out so she couldn't. She tried to call them and they were closed so she had to wait another day to call. This was the full amount owed and therefore her loan account was closed later on.. She got a hold of somebody, explained the situation and they said they would cancel it. Two days later a manager called her to tell her they weren't going to stop the transaction as her bank was preventing them and there was nothing that could be done. Long story short this was a flat out lie as their payment department didn't begin the process until the following week - and her bank said there was no way to do this unless she setup a block. After going back and forth with LendKey telling them she revoked their right to debit the account and they still did a week or so later, her bank advised her to debit a fraud claim. She did and heard nothing back. February 2018 rolls around and her bank calls and said the merchant didn't have authorization and then credited her account. Now fast forward to Oct of THIS year, she gets a random call from LendKey saying her account is past due over a year and she owes almost 2k more than the amount she paid off the year before (6500, now is just over 8500) and all their scare tactics to get their money. She files a dispute with LendKey and hears nothing until two weeks ago... They claim they sent out a letter this year (September, 3 months ago - requested twice and noting can be found in their system of one ever being sent out) that states LendKey refunded the money and that her account was reopened. She calls the bank and the bank has zero money from then. The bank tells LendKey this and that the bank also fronted the money almost two years so. LendKey at this point puts her and the bank on hold and a guy gets on the phone and says something along the lines of "it is now our right to back charge you interest and late fees to the date your bank paid you". And hung up. She now gets that guys voice mail every time she calls OR it's forwarded and noting is ever returned. We've filled a claim with the BBB and FTC and we plan on still fighting this the best we can. We have an official letter from her bank stating the amount on the date that LendKey supposedly paid never was received. What else can we do? Im ready to call the state but not sure they would care seeing as it's a private loan... TL;DR a private loan company supposedly refunded money (that can't be found) from a fraud case two years ago. The bank refunded the money without getting anything from the loan company a month late. Now the loan company is back charging her with interest almost two years and just over 2k more. What else can we do besides file claims with the FTC and BBB? [link] [comments]  |
| Income based repayment plan to target high interest loans? Posted: 28 Dec 2019 06:59 PM PST I have seen a post in the past on this, but can't find it. Sorry for the repeat. Just want to confirm if this is true? 10 year plan has me paying 2k per month. I have some 3% and some 7% interest loans. Would it be possible to do IBR (I do qualify). Make the minimum payment of $800 (in my case) and then direct the remaining $1200 I normally would have paid, toward the highest interest loans? Does the 10 year plan already do this, or does it evenly distribute. If it does evenly distribute, wouldn't it make sense to do IBR to help target the higher interest loans? Anyone doing this? [link] [comments]  |
| Was your degree worth the loan? Posted: 28 Dec 2019 08:45 AM PST I'm thinking about going to University in Australia and all these post about loans really scare me. It's a tough journey and I salute you all for enduring it [link] [comments]  |
| Extended Fixed Payments Application Question Posted: 28 Dec 2019 11:56 AM PST Hello, For those who have applied or are knowledgable about it, when will I know the results to my request of changing from IDR to Extended Fixed? I sent the application and they sent me a notification saying my forbearance was accepted, but nothing about the request to change the plan. My guess is the forbearance was accepted bc it says when you apply it's automatically requested. Thank you [link] [comments]  |
| Posted: 28 Dec 2019 01:12 PM PST With all of the holiday mess going on, I completely forgot about my student loan payment (I will set it up to pay automatically from now on). It was due today 12/28 and I made the payment today. I got a confirmation email saying "thanks for making your payment", but the email says "payment authorization date: 12/28/2019" and "payment eff. date: 12/30/2019". Does this mean I have made my payment and it will be considered "on time"? Or will my payment be considered late? I've never been late on a payment and I'm really stressed about it. Thanks in advance. [link] [comments]  |
| Taking out my first student loan need advice! Posted: 28 Dec 2019 10:21 AM PST Hi, I need to take out a $6000 student loan from a private lender for this semester. Which institutions should I look into? I have Bank of America and my parents have Capital One and are willing to cosign. I've already used FAFSA loans. Any advice is greatly appreciated! [link] [comments]  |
| Credit score for multi year loan? Posted: 28 Dec 2019 09:14 AM PST I want to apply for the multi year student loan from citizens Bank, but does any one know the credit score requirements? My score is 740+ but I only work part time so I'm going to have a co-signer whose credit score is 670. Would that be enough? Do they even check/consider my score since I will have a co-signer? [link] [comments]  |
| Daily Compounding Interest on Fed Holidays Posted: 28 Dec 2019 08:53 AM PST Short backstory: I've been checking my student loan servicer account daily for the last few days because I just got on REPAYE and want to see exactly when my interest subsidy is subtracted. Yesterday when I checked my accruing interest, it seemed as though interest was only added for the 24th and 26th. I'm not sure if this is an error that will be adjusted later or if the the daily interest was figured out taking federal holidays into account somehow. Can anyone shed light on this? [link] [comments]  |
| Edfinancial student loan payment Posted: 28 Dec 2019 05:19 AM PST So I have two student loan accounts; one is in my mom's name ( it was for the parent PLUS loan though I make the payments for that one) and the other one is in my mom's name. So I've been paying the one in my mom's name for 2 months now. I usually pay like two or three days before the due date and the money usually comes out of my bank account the next day. I just started making payments on the one that is in my name and I made the payment that is due today ( 12/28) on 12/26 at like 11pm. I know it was too late to be processed that same day. So I check the next day (12/27) and it says " payment processing 12/27 " so I assumed that it would be processing that day. However, I checked my bank account today and the money hasn't come out of my account. I checked edfinancial and it still says " payment processing 12/27 ". I know it's a Saturday today but shouldn't the money have been taken out? I'm confused. I checked to make sure the routing number and account number where correct and they are. What do I do? Should I make another payment? Will i be late? [link] [comments]  |
| Posted: 27 Dec 2019 10:14 PM PST Should I try to pay the absolute minimum and just wait out 20 years for my loan to be forgiven? [link] [comments]  |
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