Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- Pay off by account or by loan? 18K debt..that just doesn’t seem to be going down..
- Not even making a dent in all of this student loan debt.
- 116,000 in parent plus loans - ICR plan?
- Does mail get sent to my house?
- Recent Grad - $30k federal loans. Thinking about paying off quickly as possible..
- Any disadvantage/risk to consolidating FFEL loans?
- State treasury collecting percentage of my dad's social security, but the loan servicer is unknown?
- Getting student loans, EFC too high for fafsa, but family doesn’t have enough money rn to pay for a 30k tuition.
- Aid not covering nursing requirements
- Taking out a loan to pay for school
- Interest vs. Principal payments
- Paying Off Private Student Loan and Credit Card Debt While Still in College
- Any reason not to take advantage of refi bonuses? Planning to refi and repay within the same month -- might as well take the $500 bonus, right?
- Trying to refinance. Normal not to see rates until you fill out the entire application.
- Can't get my payoff amount for PEAKS
- Need help on consolidation and rate of pay
- Wells Fargo Stops Charging Late Fees
| Weekly Politics Discussion Megapost Posted: 04 Dec 2019 12:07 PM PST /r/StudentLoans is not /r/Politics, but student loans have a political component (especially this election season) and that deserves discussion! This is an automatic weekly post designed to host discussions about legislative proposals, candidate platforms, and other political topics relating to student loans. Posts and comments that fit these categories will be removed from other areas of the /r/StudentLoans community. Comments that only loosely relate to student loans should be taken to /r/politics or a similar sub and may be removed from here. Links to external websites or other subreddits must primarily relate to student loans. The rules of /r/StudentLoans still apply. Personal attacks, speculation about the motives or debt situation of other users, and unsolicited advice will be removed. This is also not a platform for specific political advocacy; this includes linking to petitions and soliciting campaign contributions. (This weekly aggregation post is an experiment. Please let the mods know your thoughts and if you have suggestions for improvement either by commenting here or via modmail.) [link] [comments]  |
| Pay off by account or by loan? 18K debt..that just doesn’t seem to be going down.. Posted: 04 Dec 2019 07:02 PM PST Hello! I currently have six separate groups for loans through Nelnet, totaling around 18K. Minimum payment is about 130 a month, I try to pay between 300-400. It is just driving me crazy that it feels like my overall loan is going down fast enough. Would it be stupid to split the general payment? Like pay around 250 for the overall loan, and then throw 200 to a group as a whole. Just is frustrating to see the large number every time I log in. Any advice on how to deal? [link] [comments]  |
| Not even making a dent in all of this student loan debt. Posted: 04 Dec 2019 07:21 AM PST So I am sitting on 77K of student debt with no degree to even show for it. I was one year away from bachelors and the fed cut me off. The actual money that I borrowed was around 50K. I had to go into deferment multiple times due to being unemployed for long stretches. This year things have turned around financially and I have been getting consistent work so far. I started paying on my student loans right away. But after watching the balance closely each month I am shocked that the needle is barely moving. My minimum due is around 382 per month and I often pay closer to 400. Looking at a snapshot, from May until now, the balance has only gone down 145. WTF?! [link] [comments]  |
| 116,000 in parent plus loans - ICR plan? Posted: 04 Dec 2019 06:14 PM PST Basically I want to see if I am missing anything/if this is a good plan My boyfriends parents took out a total of 91k in 11 separate parent plus loans (weighted average interest 7.3%) and they accrued nearly 26k in interest leading to a massive 116k total Monthly payment of $875 on a 25 year fixed extended plan but only $148 is actually being paid to principal (!) and they absolutely can't afford more per month His parents make about 90k gross income (that is being very generous) combined and filed taxes jointly last year. The loan is in his dads name who maybe takes home 60k gross MAX. Not sure the exact amount but adjusted gross income is probably closer to 50k. Their household size is 3. Here's the plan: consolidate the loans through student loans.gov, spouses file taxes separately this year so the discretionary income calculation is smaller (I estimate on the ICR plan a $300/mo payment at best, $700/mo at worst case), and they apply for ICR and pay as little as possible for the next 25 years because otherwise they'd still be paying $875/mo for the next 23 years anyway. Cons: capitalized interest if they switch payment plans or become ineligible for ICR for some reason, and a more costly tax bill for filing separately Pros: smaller monthly payments over an equivalent amount of time, yearly re-evaluation means they would pay less if they make less and we do not anticipate their salaries increasing [link] [comments]  |
| Does mail get sent to my house? Posted: 04 Dec 2019 06:25 PM PST I am applying for a loan to cover my last semester of college. My mom has an awful habit of opening my mail and it gets on my last nerve even though I've asked her to stop. I don't really want her in my business or in my finances so will studentaid.gov send information about the loans to my house? [link] [comments]  |
| Recent Grad - $30k federal loans. Thinking about paying off quickly as possible.. Posted: 05 Dec 2019 12:59 AM PST I recently graduated and earn 100k+ in a high cost of living area. I'm hoping to pay off these loans as quickly as possible as they just got out of grace period. I looked at my loans and saw they developed $800 in interest since I started school (4 years). I was thinking about paying $1k/month to get these loans out the way by 3 years. I know its advised to also save for an emergency fund but I'm thinking if I should save less and add more to my loans as I feel pretty secured in my job. As of now I have no monthly payments. What do you all think? [link] [comments]  |
| Any disadvantage/risk to consolidating FFEL loans? Posted: 04 Dec 2019 06:39 PM PST I'm planning to consolidate my FFEL loans for PSLF, but I don't want to lose out on other opportunities if PSLF falls through. [link] [comments]  |
| State treasury collecting percentage of my dad's social security, but the loan servicer is unknown? Posted: 04 Dec 2019 10:42 AM PST I feel like I'm stuck and I'm hoping someone can help: I currently have about 60K in student loans, 40k are with Fedloan Servicing and the rest are private student loans under AES. All of my loans are current and in good standing. My dad is cosigned on my Federal student loans. Recently, my dad received a letter in the mail from the US Department of the Treasury, advising that he owes a debt to the US Department of Education, and the treasury will withhold up to 15 percent of his monthly Social Security benefit. Thinking this was a scam, he ignored the letter, but I did my due diligence and checked with both my loan servicers to confirm that everything is current and in good standing. It is, and there are no records of anything defaulting or going to collections. Well low and behold, his Social Security came in and they indeed took 15%. When my dad called the number on the letter, they stated 5 payments of XXX amount would bring the account current, and from there they would work out a fair monthly payment. When he asked who the loan servicer was, they stated they "can't access that information". What's even crazier is the amount. They stated the debt is almost 20k. They also stated they couldn't locate the loan originator. What's unusual about this is my tuition was never even close to 80k, which is why this 20k amount is so puzzling. I've also never been contacted in regards to collecting this debt - just my father. I feel like this is an unusual situation, and I have no idea how to proceed from here. The Department of the Treasury doesn't seem to have any information, and I can't call on my dad's behalf because I'm not connected to this, other than it stating it's from the department of education and me being the only one in the family with student loans. Any information or advice is greatly appreciated. [link] [comments]  |
| Posted: 04 Dec 2019 06:11 PM PST How can I take out more loans from the fafsa if they only gave me an estimate of $5500 to take out? [link] [comments]  |
| Aid not covering nursing requirements Posted: 04 Dec 2019 09:28 AM PST So I am applying for nursing school to start in the fall. Application is due January I find out around the end of February or March if I got in. I was going to go ahead and take anatomy and physiology 1 and microbiology along with lifespan psychology and medical terminology this coming spring semester as those courses are required for my college to receive your AAS in nursing. Well I applied for financial aid and was told that the medical terminology and the lifespan psych are not going to be covered, because those courses are not towards my degree. Yet they are required for nursing. My major right now is human science allied health biological sciences. My school doesn't have a prenursing major or any other major that includes those requirements. Anyways my question is, is this normal ? I feel like this is something that makes zero sense. [link] [comments]  |
| Taking out a loan to pay for school Posted: 04 Dec 2019 04:14 PM PST Hell everyone so currently I'm a transfer student that is finishing up my first year quarter at ucr. I've ran into some financial difficulties and need to pay off my tuition by the end of the quarter which is next week. My only option is taking out a loan since my me and my parents don't make much. How do these loans work I'm most likely trying to take out a parent plus loan, but I feel bad if I make my parents take it out. Is taking it out worth it? [link] [comments]  |
| Interest vs. Principal payments Posted: 04 Dec 2019 11:03 AM PST Hi all! Novice question: Does anyone know if there is a way to make payments only to the principal balance on student loans through FedLoan? Or is that wishful thinking? Just made my first payment out of grace & noticed that most went to interest and a small amount went to principal. It is my first time borrowing & first time making payments. I am on the PAYE repayment plan. Thanks! [link] [comments]  |
| Paying Off Private Student Loan and Credit Card Debt While Still in College Posted: 04 Dec 2019 10:02 AM PST My situation requires a lot of explaining, and I am at the end of my rope. I thank anyone who reads this in advance because I know this is lengthy. I have a current balance of $30.7k on a private student loan from my first year of college at a private school straight out of high school. After dropping out, I worked odd-jobs, did half a year in the military before getting separated, went to a community college where I got an AS in Engineering, a private music school, and finally now a state school to finish a chemical engineering degree. My education since community college has been funded by scholarships, grants, and federal loans; I am currently at the undergrad cap for all subsidized and unsubsidized loans as well as my Pell Grant cap. I have made a variety of bad financial choices due to a lack of responsibility, drug abuse, untreated mental health problems, and intervals of having and not having parental support. I also have $11.5k in credit card debt from purchases I made in the military during a manic phase. I still have 5 full-time (~16 credit) semesters left at my state school before I finish my degree. This upcoming spring semester and the summer following I will be on a co-op, so I will be working full-time and not paying any tuition. However, I am having trouble figuring out how I will pay my monthly credit card bill and private student loan payment while taking classes (the minimum payment for each is ~$300/month). My mother has very generously been paying my tuition and a handful of bills (e.g., cell phone, car insurance, occasional groceries) while I am in school after a long period of separation; she has done this for one year of music school and one semester of state school. My rent (~$350 to $400/month), gas for my car (~$120/month), utilities (~$90/month), and misc. expenses (e.g., clothing, books, psych meds, therapy) I pay out of pocket and have been since community college via federal loans and working both full-time and part-time jobs depending if I'm taking classes. The best part-time jobs I have found in my area pay ~$12/hour, and while I used to work 25 to 35 hours/week, I now have cut down to 20/week to do well in school to avoid repeating any classes. Recently I have been getting ~$400 checks every two weeks after taxes, which will not be enough to cover all my expenses moving forward. I have been living paycheck to paycheck and have $200 in savings. For the last couple of years, my bank has given me a lowered interest rate and lower monthly payments via a debt management plan, and my student loan has been deferred (hardship) but still accruing interest. By January 2020, I will have reached the max time interval for both in-school and hardship deferments and the debt management plan. I have begged with both banks but to no avail. My mother has offered to split these bills with me, but she cannot afford to do this for all 5 semesters. I have tried to apply to transfer credit cards and loans for consolidating debt, but I have not been approved for the necessary limits even with my mother cosigning. I do not know what to do. I have been plagued with immense guilt, regret, and self-inflicted financial stress for years. I have had medical professionals advise me to not work full-time and try to finish my degree at the same time for my mental stability. I feel like a leech to my mother, and I want to not burden her with these expenses for any longer than I have to. I feel like I'm looking down the barrel of a gun I've loaded myself, and I am free to take any honest and constructive advice. [link] [comments]  |
| Posted: 04 Dec 2019 08:35 AM PST So Sofi gives $500 for a minimum $5,000 refi (through my employer), and a bunch of other refi companies give similar bonuses. My plan is to get $5k cash, refi a $5k portion of my FSL, and immediately repay the refi loan. Then I'll repeat every few months, collecting bonuses from all the refi companies as I payoff my loans. It's basically a 5-10% discount, and it almost seems to good to be true. . .am I missing something? [link] [comments]  |
| Trying to refinance. Normal not to see rates until you fill out the entire application. Posted: 04 Dec 2019 11:58 AM PST Requested rates from a few different places. Only one gave me rate info. The others want a co-signer, want me to upload documents, want the co-signer to upload documents all before giving me an idea of the rate. Is this normal. Will moving forward in the application affect my credit? I understand checking rates does not but if I'm moving father in the process will it impact my credit? [link] [comments]  |
| Can't get my payoff amount for PEAKS Posted: 04 Dec 2019 07:13 AM PST Hey everyone, hope I can find some help here with trying to get my private loan company to give me my 10 day payoff amount for both loans I have through PEAKS. I was in the process of getting them refinanced through Earnest but the only thing stopping me was getting my payoff amount. It's been over a month of me calling PEAKS when I have some time, I've called several times and only get put on hold when I do get a chance to call. I estimate that I've been on hold for almost 2 hours with them. I also sent a message through their website asking for my payoff amount and haven't heard back from them that way either. What can I do next to get my payoff amount? [link] [comments]  |
| Need help on consolidation and rate of pay Posted: 04 Dec 2019 02:45 AM PST Hi everyone. So I'm not sure if this is the right place to post this or not so please feel free to let me know if I am in the wrong sub. I'll try to keep my question as short as possible to make sure I'm not wasting anyone's time. I'm one of the people who didn't think his decisions through before going to college and have ended up racking up just under 60 grand of debt to my name, plus even more that my parents are tied to. I have two loans coming due in January (Sallie may). One is requiring payments of a little over 500 dollars and the other wants payments of a little over 300 dollars. Now my issue is that one, I don't have a great job and on my income can barely afford to live at times, let alone pay an extra 900 dollars a month. Two, I am currently trying to get a job in the navy to have a better career path and a real chance at paying off the loan, but my dream is to do naval special warfare and I'm looking at about 6 months minimum before I will qualify for said job. I've read that it's possible (and recomended before I join the navy) for me to consolidate my loans into one large loan, and as a result have a chance at a lower interest rate. Additionally, I've read that I might be able to get my monthly payments pushed down to an income driven level that my 7.25hr job will be able to actually pay. However, I am completely unsure of where to even start. Is it possible to do these things I have read, and if so how? Is there anything else I can do to help make paying off these loans a little easier? [link] [comments]  |
| Wells Fargo Stops Charging Late Fees Posted: 04 Dec 2019 06:21 AM PST "On November 15, 2019, Wells Fargo stopped charging late fees on student loans, and waived all unpaid late fees on student loans. No more late fees on student loans can make a positive difference in your payoff journey, but it's still up to you to keep your payments current. To learn about the impacts of late payments, please refer to our open new windowStudent Loan Payments FAQ." [link] [comments]  |
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