US Gov't bait and switch Student Loans |
- US Gov't bait and switch
- Thank you for advice
- Best advice and repayment plan for someone with $200k+ to pay off?
- 14 years in default
- Monthly payment on IDR is “$.00” ?
- 1st student loan payment is due this Friday.
- Do you get Grants each year for student loans?
- How to file 2019 taxes (married) for 2020 income-driven plan eligibility?
- Missed recertification letter....options.?
- Can you request a higher loan amount from federal if what they give you is not enough?
- Update: Unable to sign in - Anyone else having issues?
- Cannot link to IRS
- How does Borrowers Defense affect IBR?
- Re-applying
- Paying for grad school after a crisis?
- Parent Plus Loans Refinancing
- MBA Loan vs Tuition Reimbursement?
- How does annual income affect approval of private student loan refinance rates?
- Need $5k loan for tuition
| Posted: 05 Jan 2020 05:46 PM PST I want to be real for one moment and share my experience, maybe some advice. I'm turning 29 soon and although I'm very thankful for the opportunities I've had in life and how far I have come, I'm still sitting on $39k in student loan debt. I am one of the lucky ones. I had several AP courses and dual enrollment credits. I also spent 1 year at a community college and worked three jobs (hardware store, Applebee's, and in the school library). This meant I had to actually just pay for my last 2.5 years at a state university, plus housing. My mother took out tens of thousands in loans with the intention of me paying her back. In a way, it was a gift that those loans vanished when she passed. I'm sure she would have got a kick out of that. I had a few scholarships and some grants, mostly in the $1-$2k range. I wrote essays, applied, things like that. There was the Michigan Promise Scholarship for $4k - CANCELED by the new republican state legislature. It was never received. $200 or so in food stamps per month, CANCELED in about a year by the same state legislature with a BLANKET ban on any students, regardless of income or parental assistance. My Federal "work study" doing dishes paid $7 per hour and capped hours worked. There was the Federal SMART Grant for $4k/year - I only received it for 1 semester, it was CANCELED by the newly Republical 2011 US House. This was earned with a high GDP in government approved majors, $12k I was promised in total when I signed up evaporated. All in $20k I took out in loans was to replace all of these broken promises. That same US Congress then offered me a loan! It collected interest for years before I was able to pay then regularly. I'm lucky enough to think paying them off is in my 3-year plan, most expect them to be there indefinitely. This $39k could be going to a house, towards a small business, or invested. Instead I'll be paying thousands of dollars in interest to the government and its contractors. Education is a non-partisan issue. It is our past, present and future. We need to make college and trade school obtainable for today's kids and we need to right the wrongs of the past. That's my main 2020 voting issue, and the end of my rant. [link] [comments]  |
| Posted: 05 Jan 2020 11:32 AM PST Thank you, all of you. Your recent posts made me realize that my SL balance hasn't moved...at all in years no matter that I've made on time payments. Therefore you inspired me to get serious about my balance. I'm finally at a point where I can contribute more than the minimum so that's my headstrong goal going into 2020. Please keep posting your lemon and lemonade stories of successes and failures so we can continue to learn. As of today I owe $42k. [link] [comments]  |
| Best advice and repayment plan for someone with $200k+ to pay off? Posted: 05 Jan 2020 06:57 PM PST Hey everyone! I am so new to this whole thing and would really appreciate anyone taking the time to read this monstrosity and giving me some solid advice. No matter how much you owe, it sucks and I know a lot of people here can relate to feeling totally overwhelmed. So my story, I went into pharmacy school with $0 in student loan debt and walked out with ~$238k. Current interest rate 6%. Kill me. I graduated in May, moved across the country, and only just now have found employment. I'll be making a base salary of ~$67k with room to make nearly double annually, BUT the extra is entirely dependent on how many shifts I am able to pick up beyond my base contracted hours. Moving on. My first payment was due in December, but I switched over to income-driven repayment at that time (Great Lakes is my servicer for the majority of my loans, Heartland for Perkins loans with that first payment due in April). So I've payed $0 thus far as I have been unemployed. I haven't started my job yet, I am still doing pre-employment stuff, but hopefully looking at Feb 1 or thereabouts. I have no significant savings and I'm looking at a $2600 monthly payment under the standard repayment plan if I switch or am forced to switch to that. With my base pay, after all deductions I'd be bringing home ~$3600 a month it looks like, so that is DEFINITELY stretching it. I would ideally like to pay this beast off as soon as I can, and plan to throw a lot of income at it, but I need money to... you know... live. So. -First real question: since you typically recertify annually for income based plans, do I LEGALLY need to tell them I got a job before that time? Is there anything I absolutely need to do or just should do since there will be a drastic increase in my income? As in having one. Or can I just make hefty payments on my loans (maybe around $1500) even though I technically have a $0 monthly payment? I am aware it's all still accruing interest and I plan to make relatively large payments as soon as I have income no matter what. Just want to avoid living paycheck to paycheck after bills and groceries and such. -Second: Will I even still qualify for income based plans with my salary? I've read that $55k is the cutoff for qualification. However, I've also read that if you start on an income-based plan, you can stay on it even if your income eventually exceeds that salary. I think the intention was based on a small percentage increase though, not "I was unemployed and then got a job" so I'm not sure where I stand there. -Lastly, if I do qualify for income-based plans, what are everyone's opinions on loan forgiveness? After 20-25 years I would receive about $300k in forgiveness (kill me) and then I'd basically have to pay about $84k in income taxes that year plus the taxes on my usual salary, if I understand correctly. However, I'd be saving about $50k overall if I set up a bank account to plan for that day. I wanted the power to help people and this is the current cost of doing business, so I'm not really as distraught as I probably should be. If I have to pay $2600 a month for ten years so be it. I would just like y'alls best advice for what to do from here. Thank you so much for coming to my TED talk. tl;dr oh god what have I done [link] [comments]  |
| Posted: 05 Jan 2020 10:01 PM PST Hi everyone, I did some searching on your lovely forum and couldn't find anything that answers my question, so here I am. I borrowed $12k in 2006 to party and buy textbooks for my A.S. I've not made any payments, not a single one. Never spoke to anyone, never had a "real" job, always got paid cash for construction, etc. Now that I'm an adult (39) I figure I should start trying to settle-up, fix my credit and buy a house. Oh, and I'm properly employed, so I figure they'll find me and start garnishing anyway. I've got 6 grand in the bank and was thinking I could save a couple more months, put together say 15k and get a settlement or something. Is this realistic? Anyway I can avoid the insane amount of intrest that has likely accrued? Thanks in advance for anyone that can offer advice, and a happy new year's to all. [link] [comments]  |
| Monthly payment on IDR is “$.00” ? Posted: 05 Jan 2020 04:46 PM PST I recently applied for an income-driven repayment plan on my federal loans. I graduated in May and just entered repayment, and my original monthly payment was $288. I work for a nonprofit and make $34,000 a year and I have private loans I'm paying off as well so $288 was not ideal. I received a notification that I was approved for IDR and for 12 months I will owe "$.00". Does anyone know what amount this is or if they made a mistake in the message by leaving out a numeral? Thanks in advance! [link] [comments]  |
| 1st student loan payment is due this Friday. Posted: 05 Jan 2020 08:22 AM PST I need some advice on my student loans. I have two loans, one for 2200 and one for 5500. The $2200 loan has an interest rate of 4.6%. The $5500 loan has an interest rate of 4.2%. I have about $10,000 in my savings so I could pay both of the loans off, but I don't really want to do that because then I would literally drain my savings. I plan on paying off the $2200 loan when the first payment is due. However I've been thinking, should I pay 2200 towards the $5500 loan or go ahead and pay the $2200 loan completely off? [link] [comments]  |
| Do you get Grants each year for student loans? Posted: 05 Jan 2020 04:50 PM PST Hello All, Simple question and I figured this would be the place to ask. I am in the process of applying for student loans, and after filling out my FASFA I was awarded a nice amount of grant money. Since I will need more than a year to complete the Bachelors program I am working towards I am wondering, when I reapply for financial aid next year, and assuming that my financial situation does not change can I generally assume that I would get grants again, or is this a one time things? Thanks for the input! [link] [comments]  |
| How to file 2019 taxes (married) for 2020 income-driven plan eligibility? Posted: 05 Jan 2020 03:15 PM PST I graduate in May 2020 and will have approximately $65k in loans. I intend to enroll in one of the income-based plans so that I can pursue PSLF. I want only my income to count for that plan. My understanding is that my husband and I will need to file "married filing separately" in order for only my income to count. Do we need to file that way for 2019 (which would be the most recent tax return when I apply for the plan)? On the studentaid.gov FAQ page, it says that for REPAYE, alternate documentation can be used if the last tax return was filed jointly but the spouses are now separated, but the language is different for PAYE/IBR/ICR. link [link] [comments]  |
| Missed recertification letter....options.? Posted: 05 Jan 2020 11:30 AM PST This issue is currently two-fold because studentaid.gov is down and has been for a few days. But, we went through every email account and DID NOT receive a note about recertification from fedloan. We only noticed because our bill this month is $3300. Yep. $3300. Of course there's no one we can talk to today. What are my options? Can we request forbearance until our IBR is fixed through fedloan? This will cripple my family. Help? [link] [comments]  |
| Can you request a higher loan amount from federal if what they give you is not enough? Posted: 05 Jan 2020 12:18 PM PST If you fill out a FAFSA and you're an independent student, it tells you are eligible to receive $11,500 for the school year (i dont even know what this means, two semesters? Three? My school has Winter, spring and fall only)... Tuition and fees per semester (program is 5 semesters total) is $10,700. Employer will reimburse you $8670 back as long as you pass with C or above. So since you have to cough up $10,700 at beginning of every semester and Federal is saying you're eligible for $11,500 per year, thats pretty much gonna disappear after the first semester alone. How the heck do you pay for the remaining four semesters upfront? Can you tell federal that $11,500 is not enough for the school year? Would the employer reimbursement (at end of every semester) help in letting you borrow more since you will be paying most of it off as you go? [link] [comments]  |
| Update: Unable to sign in - Anyone else having issues? Posted: 05 Jan 2020 09:08 AM PST I created this post 3 days ago Unable to log into student aid.gov. The next day the website had a pop-up that said it was undergoing maintenance with times it would be unavailable. I went to login today and the popup is gone since it's past the "maintenance period" and when I login it now asks me to "Confirm Contact Information" I have tried my username, email, and phone number. All successfully log me in and take me to a "Confirm Information" page. I enter the contact information that I know is on my account and it continually says this about my email.
It's almost like I can't enter the same email address, or "confirm" my information. It's like, "enter all new information!" Has anyone else tried to login to their student aid account, received this page/prompt, and successfully completed the information? If so, *how* because I don't want to start tying my account to other email addresses. What am I missing? [link] [comments]  |
| Posted: 05 Jan 2020 02:31 PM PST Hey guys, can anyone help me. I am trying to switch my loan payments from the default payment to income based repayment. I am doing this so I can put the entire payment on my highest interest loans. But whenever I try to change it on navient's site. It then directs me to student loan . gov. From there it tries to make me link to irs. I have confirmed my username and password. But when I fill out the address information, it consistently gives me an error. So I cannot complete the process. I cannot see anywhere on the irs website to confirm or change my address to make sure it is all accurate. Please and thank you. [link] [comments]  |
| How does Borrowers Defense affect IBR? Posted: 05 Jan 2020 02:30 PM PST I have about 36k in loans from the now closed ITT Tech. I attended from 12/11 to ~6/14. Did not graduate. Withdrew after feeling like I was getting nowhere with them as well as some personal stuff. Anyway, I am currently on IBR and considering Borrowers Defense. My IBR recert is happening now and from what I can tell my payment will go from $0 to $11. Possibly as high as $50 which, for now, is fine. My question is, if I submit for Borrowers Defense, does it screw up my IBR or chances of it? I saw the option in the app to have my loans go into forbearance or not. Does it matter which I choose? Will it affect my IBR? What if my Borrowers Defense is denied? What happens to my IBR then? I tried googling as wasn't able to find much so any help is appreciated. [link] [comments]  |
| Posted: 05 Jan 2020 02:11 PM PST Hey guys, first post. I'm looking for some advice. So I finished my foundation degree in marine and freshwater biology around a year and half ago. Now post degree I've had alot of time to think about what I wanna do and I've been looking at going to college to pursue something completely different. My question is, would I beable to reapply for student finance to cover my college fees even though I already have a degree ? (UK btw) [link] [comments]  |
| Paying for grad school after a crisis? Posted: 05 Jan 2020 11:26 AM PST Hi all! My long-term SO is now planning to become independent from their parents after years of emotional abuse. They are finishing their last semester of "undergrad" before taking two more semesters to finish a Master's. Their job outlooks are great, with an average starting salary approaching $80k in their field with the Master's. I'm not sure of their student loans at this point, but I'd guess that they have around $40k in student loans from undergrad? They don't have much in savings, as all money they make during the school year is required by the family to go toward tuition. They only have around $1k of savings. Tuition and fees at the Master's level will be ~$47k for the year. They are required to finish the Master's within the year, as it's a special program linked to the Bachelor's, so taking time off to work isn't possible. We are both overwhelmed with finding the best way to make this work. Beyond paying for school, we'll also need to make sure their rent is covered and potentially a car payment depending on where they live. I can't really have them live with me because I'm too far from their school and need my car for work. They don't have a car. We are making an appointment with financial aid at the school this month. Any advice for paying for not only school, but living expenses without family support? What are the best loan options? What should we be avoiding at all costs? And how do good job outlooks play into our consideration of these loans? If you have suggestions of other subs to post this in, let me know! I just figured other students/recent students might have the best advice. [link] [comments]  |
| Posted: 05 Jan 2020 06:58 AM PST Has anyone successfully refinanced their parent plus loan for a lower interest payment? My parent plus loans are not in my name, but I make the monthly payment each month for my parents (in addition to my loans for grad school). Avg is $1000 a month. My parents inquired with SoFi to refinance the parent plus loans to try to get lower then the 7.9% interest. They came back with the same interest rate but with a 15 year payment plan instead of the 25 year payment plan we currently do, which I felt wasn't a good deal. Any one have any luck with other lenders for refinancing or any other strategies to get a lower interest rate? Thanks for your help!! [link] [comments]  |
| MBA Loan vs Tuition Reimbursement? Posted: 05 Jan 2020 10:40 AM PST $60k program cost. Employer will reimburse $15k/year over three years ($45k total) with a two year post-program work commitment or the $45k must be repaid. No guarantee for promotion or raise. Does it make sense to: A) Borrow $60k for entire program cost and hold tuition reimbursement in HYSA for two years in-case I leave employer. After two years apply $45k to student loans. B) Use $45k tuition reimbursement as I go through the program. Potential risk of leaving employer and having to repay $45k. Looking for opinions on A vs B and/or something I'm not considering. Thank you! [link] [comments]  |
| How does annual income affect approval of private student loan refinance rates? Posted: 05 Jan 2020 06:10 AM PST I have a 10.5% apr private student loan. Payments begin next month. I've been prequalified to refinance at 5.11% apr at my current income. Within the next month or so my income "should" increase to 1.5x my previous income. My question is if I waited to refinance with these higher incomes would my approved interest rate be lower? Or is approved interest rate predetermined by credit history and income only affects whether or not I would be approved to take on the new loan? Ive searched online and can't find an answer to this. Also, my current loan company allows forbearance for up to 12 months. At my current income I believe I might be able to meet their "financial hardship" standards. Would it be a bad idea to claim financial hardship for a 12 month forbearance and then refinance at the end with another company to save money for a year? I guess it worth noting that my goal isn't to pay off the loan sooner, but rather decrease the payments to as low as possible and just treat my student loans like a income tax. Any help would be appreciated. [link] [comments]  |
| Posted: 05 Jan 2020 09:16 AM PST Where do I go? Sallie Maes? Discover? Can't have a co-signer though. Federal loans aren't an option atm but I have $15k of it accumulated from past years [link] [comments]  |
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