Plan to pay off student loan next week, how will this affect my credit score? Student Loans |
- Plan to pay off student loan next week, how will this affect my credit score?
- 20K in Student Loans Payoff Method
- Rand Paul introduces HELPER Act
- Best way to go about paying off my federal loans?
- Long shot - looking for one of you that talked to me about borrower defense
- What loan options do I have?
- Currently planning to take out a private loan to pay for rent/living expenses for college
- What’s your total amount of debt and what are your monthly payments?
- Charged after paid in full (need advice)
- What interest rate(s) should I monitor over the next ten years that might prompt me to refinance?
- What documentation to provide when self employed
- Public Service Loan Forgiveness (PSLF)
- Claiming Interest Payment Tax Deduction on PLUS Loans
- Map VS Pell Grant? (Illinois)
- I tried paying off a student loan
- Help!!
- Consolidation of a mix of Private and Gov Loans
- So my state has adopted a student loan bill of rights for a while
- Disbursement Question
| Plan to pay off student loan next week, how will this affect my credit score? Posted: 05 Dec 2019 07:20 PM PST Three years ago I started with a student loan balance of of $134k (average interest rate of the four loans was 6.2 %). For the last three years I lived well below my means (65%+ of my income went to these loans), paid down the higher interest rate loans first and controlled my monthly expenses. I now have enough saved up to pay off my loan plus an emergency fund. I have been paying in large chunks of about $10k every few months. I am planning on buying a house in a 11 months when my current lease ends, and a thought occurred to me, how would this affect my credit score? I want to make sure to get the best interest rate on a home loan (and hopefully save up enough this year to avoid PMI). My current credit score is 801. This is my oldest line of credit by far, so the question I have is would it be wise to pay it down to a point where it is barely generating interest (maybe down to 2k) and pay the minimum payment of $170 for 12-14 months? This would pay it off in full shortly after getting a home loan. Or just say to hell with it and pay it off? [link] [comments]  |
| 20K in Student Loans Payoff Method Posted: 05 Dec 2019 09:44 AM PST Situation I am 22 years old with $57K salary ($4.5K pre-tax/$3K post-tax) and $20.8K in student loan debt (not too bad). My salary is scheduled to increase to $62K by August 2020 and then to $72K by August 2021 but I'll probably leave this job before then to pursue other stuff (entrepreneurship/working for the government is quite boring and unfulfilling). I live frugally and have set up a system where I will only allow myself to spend $324/mo outside of recurring monthly living expenses (~$1.1K with rent being $735/mo). My loans are all federal and currently in forbearance until the second week of August 2020. I am currently attending school for my MBA since my job is paying for it. Once forbearance is up I will be expected to pay roughly $145/mo (again, not bad). Plan/Numbers I have planned to pay off my loans using the Snowball/Avalanche method and will start by making either a $4K or $1.5K payment next month. I cannot select which loan I can direct payments to specifically but Great Lakes (loan provider) states that any excess amount will be applied to the Unsubsidized loan with the highest interest rate first and then by condescending interest rates from then on out. Here are the loan details: Direct Subsidized Stafford $3,580.45 4.660% fixed Direct Unsubsidized Stafford $2,457.53 4.660% fixed Direct Subsidized Stafford $3,574.06 4.290% fixed Direct Subsidized Stafford $5,602.01 3.760% fixed Direct Subsidized Stafford $2,810.37 4.450% fixed Direct Subsidized Stafford $2,818.48 5.050% fixed My payment strategy is as follows: Note: Each number represents the payment amount I will be making each month from Dec. 2019 through July 2020. There isn't really a set order of how I will pay. $3,937 $3510 $3317 $2910 $2387 $1943 $1767 $1457 TOTAL = $21.1K Here's my dilemma. After doing the calculations I will be broke at some point during this strategy and will be about $1.5K short of being finished by the time the forbearance period is up and interest starts piling. Good news is that it'll be on one loan (3.760%). My apartment lease it up in Feb. 2020 and I want to move somewhere with cheaper rent, possibly in the $500/mo range (I live in middle Georgia where housing is relatively inexpensive). I've considered selling my car to buy a cheaper one to also help out. I estimate I can net $6.5K from selling my car and buying a $2.5K-$3.5K car instead. I've even contemplated living in my car for a few months to save on rent also before selling it. TLDR: Is it best to save up to pay off my loans in full (pay some interest), max out frugal lifestyle and pay off in increments before the forbearance period is up (pay no interest), or move my money through investment accounts to profit off of it leading up to the end of the forbearance period (some risk/pay little to no interest)? [link] [comments]  |
| Rand Paul introduces HELPER Act Posted: 05 Dec 2019 08:31 AM PST |
| Best way to go about paying off my federal loans? Posted: 05 Dec 2019 10:47 AM PST Hi everyone, I need some advice. I currently have about $23k in federal loans. I'm going to be a teacher (graduating in May) so I won't be making much money, about $2500 a month after taxes. Originally my plan was to do the standard 10 year plan and pay $257 a month, then after 5 years apply for the teacher forgiveness that covers $5k of federal loans if you make qualifying payments on time. I did the math and figured out that if I did this, I could have my loans paid off in 7 years. But now, I'm wondering if it would be better to make the minimum payments on the loans ($180) and apply for PSLF after 10 years of qualifying payments? I also have a couple of housing options available after graduating that I'm not sure what to do about... I could continue living at home and save money on rent/utilities and groceries, but my family situation is a bit of a mess and most of the time I want nothing more than to get out ASAP. I have another option of living with one of my moms friends son (same age as me) in a 2 bedroom 1 bathroom house that I would only have to pay for utilities and groceries. However, he has special needs and while I like him as a friend I'm not sure what it would be like to live with him. Then my last option would be to get an apartment and live with one or two roommates. If you have any words of wisdom, that would be great! [link] [comments]  |
| Long shot - looking for one of you that talked to me about borrower defense Posted: 05 Dec 2019 06:21 PM PST You told me you received approval but got no relief because you had paid the loan off. If that was you, could you please ping me? [link] [comments]  |
| Posted: 05 Dec 2019 11:09 PM PST I'm a dental school dropout going back to undergrad for a 2nd bachelor's degree. I'm considered a junior/senior in terms of credits, and I told FAFSA I'm an independent student since I'm over 24. I'm only getting $11,500 per year, but my school's CoA is 22,000 per year. How do I cover the gap with loans? Are there any federal loans that I could take out, given my status (independent, 2nd bachelor's)? I've never taken a federal loan before (except a small one for the 3 weeks I spent in dental school and it was paid off) so I shouldn't be hitting any limits. I've looked into Discover student loans...should I just get a Discover student loan? [link] [comments]  |
| Currently planning to take out a private loan to pay for rent/living expenses for college Posted: 05 Dec 2019 10:17 PM PST I'm starting college soon and I'm planning on taking out around 30k to pay for rent/utilities and food while I'm starting online college. Just want advice all around (where to look for getting said loans, how said loans work, anything I should be warned about, and anything else I should know in advance) [link] [comments]  |
| What’s your total amount of debt and what are your monthly payments? Posted: 05 Dec 2019 10:06 PM PST I graduated this past May and I have 35,000 in loans to pay off and just wondering what everyone thinks a good amount to pay is [link] [comments]  |
| Charged after paid in full (need advice) Posted: 05 Dec 2019 03:18 AM PST My student loan company (my Great Lakes) just took out nearly $700 from my bank account even though I've been paid in full for several days now. Has anyone had something similar happen? It normally wouldn't be a huge deal, but between refinancing and the holidays I need that money back ASAP. EDIT: I just went in to turn off auto pay and it says "you have no Great Lakes accounts eligible for Auto Pay". That leads me to believe that once it was paid in full no money should have been deducted. [link] [comments]  |
| What interest rate(s) should I monitor over the next ten years that might prompt me to refinance? Posted: 05 Dec 2019 04:28 PM PST I just consolidated and refinanced my federal loans and begin repayment later this month. Instead of setting a yearly calendar alert to remind me to check if I'm eligible to refinance into a meaningful lower interest rate, what interest rate/market(s) should I monitor? For example, if the fed lowers rates, which prompts lenders to lower SL refinance rates, what can I do to automate some sort of alert that notifies me? Is there anything in the market that I can monitor? Does any company/blog regularly publish average rates that I can subscribe to? In a perfect world, I'd love to set up an alert that says if X rate = Z%, email me and suggest I do a soft pull refinance check. Trying to be smart about opportunities to refinance down the road and don't want to miss out on a refinancing window due to changes in the market. Long-winded but I hope it's clear what I'm asking. Thanks, [link] [comments]  |
| What documentation to provide when self employed Posted: 05 Dec 2019 12:28 PM PST First year being self-employed. I am currently recertifying IDR. Income has taken a dramatic drop from prior year. What documentation do you provide when you're self-employed and don't have a tax return yet? [link] [comments]  |
| Public Service Loan Forgiveness (PSLF) Posted: 05 Dec 2019 01:00 PM PST What date would I be eligible for PSLF for my federal loans given these three dates below?
When I login to myfedloan, the info doesn't seem right. I've been on a qualifying plan since 2009. It shows: Public Service Student Loan Forgiveness details: Qualifying Payments Made, Qualifying Payments Remaining, Estimated Eligibility 15, 105, 03/28/2022 [link] [comments]  |
| Claiming Interest Payment Tax Deduction on PLUS Loans Posted: 05 Dec 2019 09:32 AM PST I graduated in may and have been heavily paying down on interest on plus loans before my grace period expires. Is this something I can claim on my taxes, even though the loans are in my Dad's name? [link] [comments]  |
| Posted: 05 Dec 2019 10:05 AM PST Hey guys, First time poster here so I'm not sure of the rules, but I am transferring from a community college to a 4 year university in Illinois, and I was awarded a MAP grant which is offered by Illinois for approved Illinois colleges, I was just wondering if this is the same thing as the PELL grant which you get federally, or if those are two separate grants. I have recieved the Pell Grant before but not the MAP grant so I was confused as to what it is [link] [comments]  |
| I tried paying off a student loan Posted: 05 Dec 2019 06:35 AM PST I noticed the other day that one of my student loans, after 7 years of "repayment" was $37.00 more than the original loan. I had the money in my account to pay off the loan (one of my highest interest loans anyway) so I did that. Or I thought I did. I paid exactly the amount shown and lo and behold, there is still a balance on the loan. For $1.48. My scheduled payment is at the end of the month and this particular loan was slated to have $13.92 paid towards it (as designated by FedLoan, however it is they decide...). I am wondering if anyone can tell me: A: Why, when I paid the total of the loan, two days later there is still a balance and B: What happens to the additional 12.44 that would normally go to this loan? I am suspicious of FedLoan and what they will do with that extra. I know I should assume it will just go towards another loan but I can also see it just disappearing into the ether that is FedLoan accounting. Thank you! [link] [comments]  |
| Posted: 05 Dec 2019 08:14 AM PST Hi all! I graduated a few years ago from law school with $187k in student loans from Myfedloan. I have an income based repayment plan paying $700 a month which doesn't even cover my interest. My interest on the loans is 7.65% which has made my total debt balloon to $235k. I make an ok salary but I live in NYC, so living is expensive. I live with my SO and split our monthly rent of $2800 and usually have about $100 a week to live on after paying all bills, stuff for living (I.e. groceries, etc). I just got an email saying I have to recertify meaning most certainly my payments will be going up in January. I have looked into going private loans which have lower interest rates but all of those loans would require me to make monthly payments of $2000+ which is just not possible. Is there any thing I could or should do to make this more manageable? This massive amount of debt is paralyzing and preventing me from even thinking about buying a house or getting married. Any guidance would be GREATLY appreciated 🙏 [link] [comments]  |
| Consolidation of a mix of Private and Gov Loans Posted: 05 Dec 2019 09:18 AM PST Hello all, I have unfortunately had some ups and downs in my educational history and after 8 years will now be graduating with a stressful amount of debt. I have taken out both gov loans and private loans to pay for my education/expenses. I am looking to reduce the interest rates of my many loans through consolidation. I will likely have to go with a 20 year plan, as I don't think I could make the monthly payments with a 10 year. I have done some preliminary research, so am not completely in the dark. Mostly, I am wondering if I should consolidate all of my loans, both private and gov, into one big low-interest loan. Or if I should consolidate the private loans and gov loans separately. Or, maybe there are other options I haven't considered. Any advice, guidance, or information is greatly appreciated! [link] [comments]  |
| So my state has adopted a student loan bill of rights for a while Posted: 05 Dec 2019 10:36 AM PST What's great is that it requires lenders to be licensed in said state so that they can collect legally from said state residents. I don't want to say what state I live in here but I've noticed six months after the law went into effect that my lender still isn't licensed to practice in my state (nor has it ever bothered to sign up). Can I potentially use this to my advantage as far as lodging a complaint against my lender due to how unfair they've treated my loans? [link] [comments]  |
| Posted: 04 Dec 2019 11:37 PM PST How are student loans given out? I am looking to take out a student loan instead of a private loan but from what I have read, all of the money gets sent to my school. What happens then? Especially if I need the loan for living expenses? [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