Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- I started paying my $99,000 of student loan debt three years ago. This year, I paid off over $30k. $52k to go. Here's to 2020...
- 235,689.85
- I repaid $33,431 in 2019.
- I’m 127,000 in SL debt. Going to start tackling it this year.
- First loan taken out in 1994, just finished paying everything back. Little pat on the back for myself.
- New Year’s Motivation
- 34K in loan, how should I finance?
- Starting the new year right
- Is refinancing worth it?
- Provincial loan vs. Bank loan. Which one should I take?
- Student Loans "closed'...
- Should I refinance?
- 2020 goals #1
- Wife going back to college - Loan options
- Paid off loans in 5 months (before grace period ended)
- Looking for a little assistance.
- Navient Amount Due increases with Overpayment?
- Who to refinance/consolidate my loans with?
- Unable to Log into StudentAid.gov?
- Pay student loans with credit card?
- Student Loan through Discover (or other options)
- Loan Value Permonth
- Nuance question on parent plus loan
- Need suggestions
| Weekly Politics Discussion Megapost Posted: 01 Jan 2020 12:06 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]  |
| Posted: 01 Jan 2020 04:50 PM PST Graph of my progress: https://imgur.com/wBixeuL I graduated with a BA in 2014 with an almost useless Lib Arts degree. I maybe paid some meaningless payments between '14-'17, but nothing substantial enough for me to go back and look. In August of 2016, I enrolled in flight training adding almost 60k to my 4-yr university student loan debt. In May 2017, I finished flight training and finally in October 2017 I landed my first full-time pilot job (still wasn't high paying). In July 2018, I moved on to a new job and started making significantly more. In April 2019, I began training with a regional airline (hence the small amounts paid starting April 2019) and in June 2019 I completed training and earned my Airline Transport Pilot License. For three months I was on-call (i.e., "on reserve")...And now, here I am today...52k to go. Oh, and I moved in with my mother in July 2018...so here's to 2020 and hoping I can somehow, by the grace of the student loan gods, pay this S.o.b off and get out of my mom's house! Feel free to ask anything. [link] [comments]  |
| Posted: 01 Jan 2020 11:00 AM PST Posting for accountability. I'm hoping to get my loan from 235,689 to 190,000 this year. I'll post monthly updates to stay on track. Wish me luck, I'll need it. [link] [comments]  |
| Posted: 01 Jan 2020 02:12 PM PST I live on the opposite side of the country from my parent in a HCOL area, and I'm single (i.e. only have one income). The white-knuckling it took to make last year's repayment total possible was absolutely wretched. To that end, I'm endlessly thankful for the people in my life who have cheered me on and supported me when I'm ready to flip a table and be done with this already. Just $7,311 to go and I'm free from this ball and chain FOREVER! I'm rapidly losing steam but posting here for accountability. Happy new year, r/studentloans! [link] [comments]  |
| I’m 127,000 in SL debt. Going to start tackling it this year. Posted: 01 Jan 2020 10:17 AM PST Happy New Year! Posting here for accountability. My goal for this year is to finally face this beast and knock it down to 5 figures. I've got a budget in place and am working on increasing my income. It's one big fat unsubsidized consolidation loan with the U.S Department of ED. These bastards are tacking on $19 in interest per day at 7.5%. I shopped around for lower rate, but decided not to go for it so that I can keep the benefit of switching to income-based repayment if need be. Solidarity, all. [link] [comments]  |
| Posted: 01 Jan 2020 06:27 AM PST Browsing this sub this year has made me focus on finally paying these off. Took my first loan out for undergrad in 1994 and last loan in 2002 for final year of medical school. Was stupid and didn't pay any interest during training and they blew up to just over $200,000 before I finally started paying them off in 2008. I'm extremely fortunate with a very well paying job and it feels amazing to finally pay these things off. I wouldn't be able to do what I do without loans so I'm grateful they were available. Besides the enormous cost of school currently the interest rates and compounding over the years of schooling and training are absolutely devastating to professional and non professional students. Hoping for some reform politically as I know a lot of my well paid colleagues are still struggling with this debt. [link] [comments]  |
| Posted: 01 Jan 2020 12:58 PM PST Happy New Year Everyone! I just paid off all of my undergraduate loan debt! Took me 5.5 years throwing everything I had at it; started out at 85k. Still have one grad school loan at 11k which should be done in about 4 months. Almost done!! Keep up the good work! [link] [comments]  |
| 34K in loan, how should I finance? Posted: 01 Jan 2020 08:56 PM PST I'm graduating in May with a full time job lined up(76K before tax). I'm planning to live with my parents until I pay it back. With my income tax around 24-25%, is it reasonable for me to pay 2000 per month toward loan payment?? Will i be able to live 'comfortably' enjoying leisure activities?? Thank you for the help in advance! [link] [comments]  |
| Posted: 01 Jan 2020 11:36 AM PST I just scheduled my first extra payment toward academic year 2011-2012. My goal is to pay this loan down to under $7k this year (currently over $14.8k). [link] [comments]  |
| Posted: 01 Jan 2020 10:42 PM PST Posting on behalf of my spouse - I'm lucky enough to not have any student loan debt so I'm still learning my way, but hoping to get some input here on my spouse's loan situation from higher education. Current loan situation: Private Loans -25k sallie mae, variable interest ~5% Federal Loans - 12k unsubsidized loan at 5% - 3 separate loans at 3k each, at 4.5, 5.5, and 6% interest - multiple other smaller loans ranging from 3-7k, anywhere from 3.7-4.5% interest (in total, a sum of 33k) Curious on if people think refinancing will play any helpful role here -- my spouse didn't seem to think so and didn't want to bother with a hard credit pull, and since I'm still learning wanted to hear other people's input. I'm aware from some initial reading that refinancing federal loans generally can be disadvantageous as you waive many privileges (such as loan forgiveness, income-driven repayment), but not sure if those would apply to her in her field of work (animation). I'm aware this is a highly individual question, so I'm more looking for big picture input (ie I don't expect anyone to be able to give a precise quote on what a refinancing would look like). I'm not sure if I'm unnecessarily quibbling about something that might only be a few tenths of a percentage point, but in my mind, even if one loan was changed by 0.5% that might mean a savings of $1000 in interest! Our finances if pertinent/helpful: I'm a MD doing fellowship, so I earn ~75k a year, but salary will go up to at least 200k in mid-2021. Spouse currently working, earns the equivalent of roughly 50k a year, but may have short term gaps in finding jobs due to working 3-6m contracts. We have an emergency fund built up. Both of our credit scores ~780 and no other outstanding debt. [link] [comments]  |
| Provincial loan vs. Bank loan. Which one should I take? Posted: 01 Jan 2020 10:38 PM PST Hi, I'm a starting uni in a couple of days, I'm applying to financial aid w the government of Quebec. Nevertheless, I've heard that banks offer loans as well. Does anyone with experience have recommendations or any advice on this? Thanks [link] [comments]  |
| Posted: 01 Jan 2020 09:28 PM PST I attended school at IADT (International Academy of Art and Technology) which shortly merged with Sanford Brown. Didn't have any problem with the school, however the professors were a little troubling in regards to just how much the "advisors" would help when degrees were rewarded. Too true as I was dropped like a bad habit after graduation. Many of the corporations that were supposedly talking to my advisor were clueless as to who I even was. Long story short...there were MANY promises that were made and none were fulfilled. I keep a pretty good eye on my credit score and in the month of November something very strange happened. My credit score jumped roughly +78 points. I checked the account and made sure that everything looked kosher, and well...I saw that all of my student loans were being reported as "delinquent" and in the red. I know I haven't paid anything on these accounts so it wasn't a surprise...but why did my score go up... 2 weeks before Christmas as I am waiting at my opthalmologists' office, (super long wait) I started looking at my credit history and hoping that maybe the +78 increase was a real thing and that I actually don't have any debt. How great would that be? Well...I can tell you that ALL of my student loans are closed and my current credit report reflects about 60k gone from my credit report. Who knows...it MIGHT be an error...but if it isn't then this is a major win.. might never win anything else in my lifetime...but I'll take this over the lottery any day. [link] [comments]  |
| Posted: 01 Jan 2020 07:33 PM PST Hi! I have about 90k in student loans, with an average interest rate of 6.8%. My payments are $828, subject to IBR (which I barely qualify for). Right now, I'm looking at 2036 to fully pay off my loans. Looking into it, payments for a 10 year term would be about $1k a month, and a 15 year term would be around 800. Obviously, paying off sooner is better. But my income fluctuates without really being able to predict it, so I worry a lot about being able to make a higher payment. Is it better to go with the longer term and overpay when I can? Or go with the shorter term and eat ramen if I have to? Thanks!! [link] [comments]  |
| Posted: 01 Jan 2020 11:49 AM PST What's up guys. I'm pacing across the track with the finish line in sights by the end of the year. I thought I'd make monthly updates up until that oh so sweet dopamine drop. I graduated in May 2019 with $60,000 for two degrees but I have since cut that total debt by about half. I have $36,500 in refinanced student loans outstanding but I also have $5,500 in idle net cash reserves. I'm also expected some reimbursed PTO totaling about $2,000 after taxes. I'm paying about $3,000 each month now which is about 10x my minimum payment on a standard plan. I am holding so much cash because I intend on moving soon, which will be later reimbursed by my new employer. The new job will allow me to make up to $4,500 in monthly payments but I will likely just settle for $3,500 in payments instead. It's taken the breath out of me to get where I am now and I could use some chill out funds. Anyhow, with those estimates I expect to finish by November 2020 at the latest, but September is also a real possibility given a nice tax return and consistent $3,750+ payments. [link] [comments]  |
| Wife going back to college - Loan options Posted: 01 Jan 2020 06:53 PM PST As the caption says, wife is interested in a associate degree from a private college. We are here in US on visa and hence would need to take out a loan as a non-citizen. We have half the total amount in our emergency stash. Contemplating if we should use it or take out a full amount loan? Also what are the best options for a loan i.e. banks, credit unions or any online route? Anything in particular that we should be looking or try to avoid? Thanks in advance [link] [comments]  |
| Paid off loans in 5 months (before grace period ended) Posted: 01 Jan 2020 06:52 PM PST |
| Looking for a little assistance. Posted: 01 Jan 2020 06:34 PM PST Hello everyone! I'm very new to this forum so forgive me if I'm being ignorant. The reason I am reaching out is due to difficulty paying off my student loans. For a backstory, yes, I messed up and went to a school that is $60k plus a year and received a degree in Exercise Physiology - not the most viable degree for a career. I graduated in May of 2016 with a private debt of $112k Private and about $23k federal. It wasn't his fault by any means, but my father and I had an agreement that he would pay off the interest accumulating on my loans while I was in school but did not. Because he was/is the co-signer on my loans, he had me take out a $250k life insurance policy so in the event of my demise he would be able to pay it off - I believe it it understandable, so I obliged. I could get into the more personal stuff if you readers would like a greater explanation, but him and I are no longer communicating due to personal reasons having nothing to do with this. Luckily for me, I was able to move in with my mother and live rent-free as I tackle these loans. Over the course of the last 3 years, I've been able to get my private debt down to about $99k, still owing the federal and paying roughly $14k a year in private student loan interest. I've done things to advance my career like changing jobs into the Manhattan, to be a private trainer as well as run business development for the owner of the private gym. I have yet to tackle the federal student loans as I simply can't afford to pay those. My bills currently total in about $2200 per month and my earnings run anywhere from $2600-$3200 per month($1400 in loans, $800 in car insurance/lease - I don't count food because I will typically bring or eat from home). I've attempted to refinance almost everywhere, but been rejected due to my low credit score. My mother is currently the co-signer on my brothers loans and cannot co-sign a refinance for me as we just refinanced on our house and her credit score isn't favorable either. I'm blessed to have a mother as caring as mine. I understand this isn't a pity party, and the debts I have are from my own choices. What I was wondering was, if anyone has had similar experiences, or knows of outlets in which people do help others tackle their loan debts. I appreciate you all for reading and hope I didn't offend anyone in the process by putting my case before others in worse conditions. [link] [comments]  |
| Navient Amount Due increases with Overpayment? Posted: 01 Jan 2020 02:23 PM PST Hey all. Currently my IBR plan has me paying 1,000 usd each month. I'm paying 1,000 with autopay and paying an overpayment of 1,500 the week of the due date. For a total of 2,500 per month. I looked at my bill today and it says my current due amount is 3,253 on 8/20/20. Is this pushing back my due date? Looks like it is. But why is the payment increasing to that? Thanks for your time! [link] [comments]  |
| Who to refinance/consolidate my loans with? Posted: 01 Jan 2020 06:00 PM PST I currently have $20,285 in student loan debt comprised of: Loan A ($5,067 at 4.20%); Loan B ($7,805 at 4.04%); and Loan C ($7,413 at 3.51%). The weighted average interest rate is 3.89%. I graduated in 2018 so my repayment period began in January of 2019. Currently, my last payment will be in December of 2028 if I follow the minimum payments. I want to look into refinancing Loan A and Loan B if I can get an interest rate between 3.51% and 4.00%. I will refinance all of the loans if I can get a rate that is 3.50% or lower. What lenders would you recommend checking with? Thanks! [link] [comments]  |
| Unable to Log into StudentAid.gov? Posted: 01 Jan 2020 09:16 AM PST I've been trying to login to studentaid.gov for about two days now. I'm trying to use the same information I'd been logging in. It tries to log me in, and then about 5-10 seconds later I receive an error message:
Is anyone else having this issue? [link] [comments]  |
| Pay student loans with credit card? Posted: 01 Jan 2020 02:58 PM PST I will be starting to pay off my student loans in a month or so. I was wondering if I should pay off my student loans with my credit card and then pay off my credit card with my debit. This way I can get points and cash back. Or should I just pay them off with my debit and skip the middle step [link] [comments]  |
| Student Loan through Discover (or other options) Posted: 01 Jan 2020 02:15 PM PST Hi everyone, Happy New Year! I currently in my undergrad and am applying for a second student loan through Discover because I want to pay off a Wells Fargo loan with it, and some government loans with it. Usually though, the loan connects through the school so I wouldn't be able to pay these off with the loan. I am asking if Discover gives you the money in your bank account for usage or if it connects through the school... the bank isn't giving me answers. Thanks! [link] [comments]  |
| Posted: 01 Jan 2020 01:57 PM PST Hello all, I've got several student loans and want to track the current value in an excel sheet but I haven't found a way to go back in the past and see what the value of the loan was at any given time. Does anyone know if Navient and Mohela have a way to pull those values? Similar to how you can export credit card purchases [link] [comments]  |
| Nuance question on parent plus loan Posted: 01 Jan 2020 07:45 AM PST If the parent plus loan is in my fathers name, and he retires and doesn't have income. Can I technically consolidate the loans and place them on IBR and pay $0? [link] [comments]  |
| Posted: 01 Jan 2020 10:16 AM PST Need a loan for bad credit but don't have a cosigner .. help !! [link] [comments]  |
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