Paid off my parent's Parent PLUS loans! Student Loans |
- Paid off my parent's Parent PLUS loans!
- My plan of attack
- Graduated with Bachelor's, need to do a few more classes, best way to get loans?
- College Debt Problem
- Do I have any options to obtain a student loan?
- Need advice, do people find it better to pay their student loan as fast as possible (2-5 yrs) or to take their time (5+ yrs)?
- Discover student loan repayment plan
- Quick question about loan interest and income based plan.
- Student Loans Questions. Hefty Federal Undergrand Loan, Wanting to Go to Grad School and Start Paying Undergrad Loan Now. Also Have One Parent Plus Loan.
- Plastiq for government loan servicer
- PAY OR REPAYE
| Paid off my parent's Parent PLUS loans! Posted: 30 Nov 2019 04:27 PM PST Hey everybody! My parents made too much for federal aid to cover my cost of attending undergrad and they couldn't pay the difference, but they were willing to take out Parent PLUS loans for me. The balances at the start of repayment were Group B: $8,591 @ 7.9% Group D: $5,134 @ 7.9% Group E: $4,053 @ 7.9% Group G: $3,833 @ 7.9% Group I: $14,690 @6.41% From the beginning they made it clear I owed them this money and I had to pay them back. Initially I didn't even realize the loans weren't in my name. However, this did mean I didn't need private loans to attend school full time, which was really useful. The first four loans had a higher interest rate than any of my loans, so I decided to pay those off first. Then something really convenient happened. My loans were on REPAYE. When I started work I didn't have a tax return to send in for certification, so I sent them a paystub and my payment was set at $404. However, I was hired in the middle of the year. Since IDRs are based on annual income this made my income appear smaller the next year when I recertified and my payment dropped to $162. This didn't cover interest, activating the REPAYE interest subsidy. The highest interest loan in my name was at 7.21% so I planned to pay that before Group I. One day I realized that because of the interest subsidy the effective rate was lower. I did the math and realized I was paying only about 4% on my highest interest loan. This meant for one year before I recertified again and my payments went back up in September it would actually be cheaper to finish paying off the Parent PLUS loans. This gave me huge motivation and I pushed hard to finish. My $900 apartment was full of mold and cockroaches so I moved into a much nicer place with a bunch of roommates for much less money, about $550/mo after utilities. I increased my extra payments from ~$2000 to ~$2500. After I paid off the 7.9% loans I celebrated by going to Florida to watch a rocket launch, then my car needed a big repair, then my sibling who doesn't get much time off work suggested a road trip, so I spent about $350 on that, and when the dust settled at the end of September I still owed $243 on Group I. At that point I was so close I decided to eliminate it anyway the next month when I had the money and pay the extra $0.16 in interest to do so. Since I'm paid at the end of the month I realized I'd have the money on October 31st, Halloween. My paycheck came that day and I sent the $243 out that morning. A few days later Group I vanished off the roster. My dad bought me a Jack O' Lantern ice cream cake that weekend. It just felt really great. I've always liked Halloween a lot. From now on, it's going to feel even better. [link] [comments]  |
| Posted: 30 Nov 2019 06:12 AM PST I had 55K in loans, was teaching H.S. and not making any real progress in my loans or in life. This is what I did and my story- skip to 8 for my plan:
What I did before this new plan (started 2 months ago) was that I would just autopay $1.5k each month and that would be spread around, but it didn't make much of a difference. Now, instead of fishing I and spear fishing my loans and being very strategic. What do you guys think of my plan? [link] [comments]  |
| Graduated with Bachelor's, need to do a few more classes, best way to get loans? Posted: 30 Nov 2019 12:43 PM PST Hello my friends, I hope you are doing well. Thank you in advance for your time and help. Some background info on myself and my fiance. Her- Graduated this May with Bio Degree, needs to do a few more random classes for nursing program. Myself- Same degree, we graduated together, need to take out loans to study for med school entrance exam on my own time (not enrolled in a school). My question is, we have both used up all of our FAFSA semesters. Since we graduated are there any alternative programs or methods to get federal aid or subsidized loans? For myself I may not need to be enrolled but I will have to study and work less. Are there any other ways to get loans that you are aware of that will be low interest if possible? I am so grateful for your help in this difficult time of transition and stress. All my thanks, Ell [link] [comments]  |
| Posted: 30 Nov 2019 10:27 AM PST Now I don't know if I'm in the right area for this kind of question, but I thought I would at least check. So In 2014, I attended college for 1 semester and dropped out after it was over. (VERY stupid of me, please don't lecture.) Well it's 2019 now and for the past two years I've been trying to go back to school, but a different college than I previously attended. The current college requires my previous Student Records but my previous college is holding them hostage until I pay $5,400 for the apparent year I was there. Now the question is: How can I pay this? I'm assuming I would need to take out a personal loan to pay this, but just wanted to check if I have different options. Thank you! TL;DR : I dropped out of college in 2014, trying to go back now. Owe $5,400 before I can go back. How do I pay? [link] [comments]  |
| Do I have any options to obtain a student loan? Posted: 30 Nov 2019 03:56 PM PST I am a 32 year old college student with ~160 hours and a 3.2 GPA. I was 2 semesters from graduation at The University of Alabama, then when I transferred that turned into more than 2 years. I had planned on going to law school with a music degree but I couldn't stop writing code so I am studying computer science. I do not have any federal loans, but I have too many hours for them to pay for my education. Do I have any options for private loans? I do not know anyone who will cosign for me. [link] [comments]  |
| Posted: 30 Nov 2019 03:41 PM PST I'm about to graduate (hopefully) soon and I started thinking about my student loans. I'm 51k in debt and I'm thankfully interest free as long as I reside in the country. I got no other debt, I have a car and still living with my parents, I have plans on moving out in a yr or two but it's not a priority. I'm personally split between paying it off in less than four yrs just for the sake of paying it off or taking advantage of it being interest free and just pay the minimum while saving up for other things/invest. Obviously, I will need to take in other factors such as my wage and living cost and other expenses when I start making my payments but I'm just interested in seeing what people think is the best thing to do. [link] [comments]  |
| Discover student loan repayment plan Posted: 30 Nov 2019 02:01 PM PST After paying a minimum payment of $463 a month on my loans for the last year and a half, I have basically stayed at a stand still with the the debt I owe. I am done being emotionally and mentally prisoned by my debt. I have recently attained a FT position as a dental hygienist and plan on putting the income of every Thursday (600-1000 a month) I work towards my debt. That being said, I want to know what the best plan of action should be to get this paid as fast as possible. Debt info: Loan 1: $16,804 - 5.9% interest Loan 2: $21,233 - 5.9% interest Loan 3: $15,100 - 5.49% interest I just set up an automatic payment of $204 a month that will go directly towards Loan 2. How should I dispense the $600-$1000 to most effectively reduce my debt. TIA [link] [comments]  |
| Quick question about loan interest and income based plan. Posted: 30 Nov 2019 01:43 PM PST Hi there. I have a quick question. Right now know 137,800 in loans income is 92k monthly is 1600 payments. Interest is about 800 a month or so. If I were to do a income based plan I looked around and saw I would probably be having monthly payments of 900 or so. If I were to do this, would 800 still go to interest and only 100 to principal? Or would it be like 50/50 and interest would just build without going to 0 every month. If I do the monthly based payments, could I then just add extra payments to the principle?? Just trying to fund a way to not pay 800 a month in just interest. The federal rate is like 6% on interest for me I did the free quotes to refinance and got around 4.8%. I'd rather stay with the federal loans for the benefits just in vase6. [link] [comments]  |
| Posted: 30 Nov 2019 01:20 PM PST Ok, so I made a lot of dumb decisions during my undergrad. It took me almost six years to finish college and I will owe $51,000 principle and a total just under $55,000 with interest when I graduate in May. About $32,000 of that is actual tuition and the rest is loan refund money I used as living expenses (I was stupid). My career plan is to become a military officer and my recruiter informed it can take up to two years to leave for OTS from the day I am hired by the hiring board and recommended I knock some grad school out of the way. Good news is my local college offers a grad program that's only $18,000 total if you borrow just the right amount needed and don't accept any loan refunds. I can also finish it online later if I head to OTS before I finish and I can take up to 5 years to finish it. I rather try to knock most of it out of the way now rather than being active duty, working 12 hour days and trying to do it after work. If I choose to do grad school now I can defer my undergrad loan right? I can also take out a new FASFA for Grad School regardless of what I owe on my undergrad loan? I can also defer my undergrad loan while I am in grad school. Is it easy to qualify for the FASFA Unsub loan for grad school if you already owe a lot on your undergrad loan? Also Only about $10,000 of that $51,000 is throw a parent plus loan I took out when I was 22 and 23. We have not repaid it yet. My relationship with my parents was kind of rocky and at times we haven't gotten along. I haven't told my dad how much I owe yet. After I do loan exit counseling, I'm assuming the Feds will notify him of the loan. He's only responsible for that $10,000 correct? The other $40K doesn't effect him at all correct? So no major credit hit or anything. I do plan to start paying off large chunks of it now rather than before its too late. [link] [comments]  |
| Plastiq for government loan servicer Posted: 30 Nov 2019 11:49 AM PST Has anyone used Plastiq before to make payments on their student loan with a credit card? I use Fedloan Servicing. [link] [comments]  |
| Posted: 30 Nov 2019 09:07 AM PST I'm about to graduate with about 65,000 in federal student loans. I have no paid any interest yet or any payments as I'm graduating soon and getting ready to figure out how to manage all of this! My first job will be about 21,000 yearly. Should I do PAYE or REPAYE when the time comes to start paying my loans? [link] [comments]  |
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