Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- 235,689.85 update January
- 2020 goals #2
- Attempted Annual IDR recertification too early, got denied. Can I do it again once it's time?
- Student Loan Repayment Optimization
- Sanity Check: How would you spend my budget?
- Early Payoff in Full?
- News/Update on paid ahead status rules
- Student Loan Refinance Calculator
- Possible Identity Theft/Fraud? Department of Eduction and Credit Report
- TIFU - Called a Collection Agency and Tried to Settle
- Need help. Not understanding my "interest paid". Trying to pay my loans off early, but something isn't adding up.
- Should I start paying off student loans now or wait to see if PSLF is an option?
- MBA Loan Refi - Is 3.9% fixed (10y term) the best I can do?
- Need to find a new loan servicer that does not require a cosigner!
- Need help deciding on where to put extra money for loans
- Advice for deciding between grad schools (and the debt I will accumulate)?
- Can I switch back to a standard repayment plan after doing a graduated plan for a few months?
- Graduate School Loans to Pay of Undergrad Parent PLUS Loans?
- Just rehabbed defaulted student loan. Need advice on which repayment plan is best for my situation.
- Tips on talking to Professional Bureau of Collections of Maryland/ is it too late for loan rehab?
- $15,900 with NelNet, best options?
- Student Loan
- Need to edit a Parent PLUS Loan
- 200k loans: Help make a plan?
| Weekly Politics Discussion Megapost Posted: 29 Jan 2020 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]  |
| Posted: 29 Jan 2020 12:57 PM PST Has increased to 236,597.43 since my last post. I haven't' done anything because I'm stuck. I'm waiting to get a decision from Splash Financial about refinancing which would bring my interest rate down to 4.35 - This would be life changing. I expect to be denied as I have been denied in the past because I own my own business and its not as stable as a salaried job. In the meantime I'm sitting on money and this loan is increasing every day. My stuckness is whether to bust out my husband's student loan before starting on mine. I have 12,000 left to pay off his - or if I should just starting paying my fed loan at 6.75% down right away. I expect but do not know for sure that our tax return will largely take care of my husband's loan (for reasons that are boring). I talk with Splash on Monday and after that will make a decision about what to do first. Thanks for listening - I pray making myself do these posts will keep me accountable. ALSO Funny story I'm technically on IBR right now and they refigured my loan repayment to be $83 a month. Hoping to pay $5000 a month. [link] [comments]  |
| Posted: 29 Jan 2020 12:16 PM PST What's up guys I'm back for round 2. My previous post -> 2020 goals #1 Last May I graduated with my masters and $60,000 in debt. I started January 2020 with $36,500 and I am currently down to exactly $32,100! Here are my monthly updates:
In summary, I hope to pay down $9,000 of my $32,100 balance over the next month to reach $23,100. With $3,600 in regular monthly payments starting in March, I am now aiming for a tentative September 2020 payoff instead of November 2020 as I had originally planned. My mouth is watering at the thought of being debt free. [link] [comments]  |
| Attempted Annual IDR recertification too early, got denied. Can I do it again once it's time? Posted: 30 Jan 2020 01:00 AM PST I attempted to re-certify (my normal annual recert, not an immediate recalculation) my IDR plan last weekend, but I noticed the IRS site only had my 2018 tax return on it, which made sense. I just got an email from Fedloan saying my request was denied and I think it was because I attempted this too early. I checked my records and last year they sent me my reminder to re-certify in March and it was due in May. I'm assuming this is all because I tried too early and they didn't get my income info from 2019, but I will call them to confirm. I didn't just get myself kicked off IDR by doing that right? I'll be able to submit again once they send me my renewal reminder and I have my 2019 info? [link] [comments]  |
| Student Loan Repayment Optimization Posted: 30 Jan 2020 12:56 AM PST Is there any kind of program that will allow me to optimize my loan repayment schedule? For example: I have 2 Loans, one of $10,000 @ 10%, and one of $5,000 @ 15%. Originally I should dump the majority of my money (i will be making more than the minimum payment) into the first loan because it is accruing more interest than the second loan, but eventually the interest earned on the 2nd loan will surpass the 1st after enough of the 1st's principle is paid off. Now I'm in the same scenario with about a dozen loans, some with a subsidized grace period and some accruing interest right away which adds complexity. Is there any kind of program that will optimize a payment schedule for a given period of time to minimize the total amount that I am paying? I am way too lazy to try and do this calculation by hand. [link] [comments]  |
| Sanity Check: How would you spend my budget? Posted: 29 Jan 2020 01:33 PM PST Hi Reddit. After reading this post about maintaining quality of life, I'd like some feedback on my plan to pay off my loans. The facts: I have $45K in loans at an average of 4.75% interest on a REPAYE plan. That means about $200 in interest accrues each month. I just hit the end of my 3 year grace period where my REPAYE plan subsidized my interest payments. I just got a raise to $35K /yr (yay) which is about $2,200 take home after tax. I'm in a relatively low cost of living area, my bills are $1,000 per month without student loans. That's living relatively frugally with a modest apartment, car, cooking most of my own meals, etc. That leaves me with $1,200 per month for loans, savings, retirement, unexpected expenses and larger purchases like tires, spending money, etc. With $200 in interest accruing each month, I want to start making $400 payments (20% of my take home) towards my loans. With $200 going to wards the principal each month, my projected payoff date is 14 years out. Here's my question: What would you do in my situation? REPAYE subsidizes half of the gap between my paid interest and the remaining interest. Would it be better to pay minimums on my student loans and max out my retirements & investments? Or is it better to pay off my loans more quickly? Would you make a smaller or larger payment? Live more frugally? Pay more towards retirement than student loans? Chill out and accept that student loans are a long-term commitment? Thanks all. [link] [comments]  |
| Posted: 29 Jan 2020 10:04 PM PST Has anyone pain off a loan from Wells Fargo in full early? There is a "pay in full" option and has a phone number to call for a quote. I wonder if anyone has done that and what the amount they accepted vs owed was. [link] [comments]  |
| News/Update on paid ahead status rules Posted: 29 Jan 2020 08:16 AM PST |
| Student Loan Refinance Calculator Posted: 29 Jan 2020 09:38 PM PST I know there's probably a million calculators online and in this sub, but I am bored, love spreadsheets, hate debt, and love to help people. So hopefully this is helpful. Sorry in advance that it's not the prettiest spreadsheet in the world—I'm on travel and only have my iPad. Here is the spreadsheet. Please save a copy and edit your copy; not sure if it's view only or edit and I can't change it on the iPad. I tried uploading a photo to imgur of my example below in the event it's on edit and someone edits it, but it was pixelated. I'll edit settings in the morning when I'm at work if it's on edit. Say Susan went to university for her bachelors and masters. During undergrad, she took out $5500 in subsidized federal loans for 3 of the 4 years. The first year, she didn't qualify for financial aid and had to take out a private loan for $5500 and had a 15% interest rate since she had a short credit history. During her masters, she took out $45000 in unsubsidized federal loans for each of the 2 years ($20000 at 6% [federal maximum at this rate] and the remaining $25000 at 7%). When she graduates, interest has accumulated on her graduate loans she's had for 2 years and her private loan she's had for 6 years. She decides she wants to refinance the private loan and the graduate loans since they have high interest rates. She's approved for a 4% refinance on these 3 loans and saves $238.03 a month! Calculated interest was done: 6 years for the $5500 loan @15%, compounding monthly. Half of each graduate loan for one year compounding monthly (1st year grad school), then add second half of each loan to respective principle and compound monthly (2nd year grad school). I wanted to show what having a private loan does to repayment. Look at how much interest accumulates! Compare the first loan's monthly payment to the next loan's monthly payment. That's a difference of almost $45/month! I also wanted to add in graduate loans since so many people have them. Interest rates from 2014 to 2016 are accurate; I actually have those loans! The private loan interest rate is high, but also typical from what I've seen on this sub. Graduate loan interest rates are pretty close to accurate; those I tried to remember off the top of my head. I'd love to hear any comments and feedback! I truly hope this helps even one person. It will have been worth the effort. Either way, thanks for looking and good luck on your repayment! [link] [comments]  |
| Possible Identity Theft/Fraud? Department of Eduction and Credit Report Posted: 29 Jan 2020 05:12 PM PST I also posted this on r/personalfinance. I'm in need of opinions/advice reguarding my credit report and Department of Education information. Bare with me, as there's a lot of dates and information I'm including. I received student loans through Nelnet from 2014 - 2017. I made a few payments in 2018 when I graduated, but fell behind and eventually stopped. A few days ago, my ex boyfriend sent me a picture of a piece of mail from Department of Education with my name on it and his address. We dated from 2014 - 2017. He and his mother have just moved to this house in 2019. We have never lived together, never had accounts together, and I have never had mail sent to his previous address. I logged into Nelnet. All personal/contact info is correct and current. Saw they sold my loan back to ED. Logged into ED and NSLDS. Both websites have his address listed as mine. This led me to check my credit report for the first time in years, and I saw that his address and my own are listed. His address was reported in October 2019. Experian's SSN Monitoring has my SSN linked to that address. My legal name, without the middle initial, is listed twice as aliases. My email address used for ED and Nelnet has been involved in 8 data breaches and my phone number in one. I have reoccurring hard inquires (11 total) from my current auto loan lender (bought in 2016), that seem to happen every 1.5 - 3 months. There is also a hard inquiry from a credit card company 15 days after the account was opened. Needless to say, I'm just very lost on what to do. I have no idea why or how my address got changed through Dept. of Ed. I haven't logged into that account since I applied for my last student loan in 2017. I haven't received an email from them for nearly three years and have never received a phone call. I obviously don't want garnishment and would like to address my payments, but if my ex wouldn't have sent me that picture, I would have never known that they were contacting me. Did my ex or someone else try to use my name? Is it normal to have your legal name ( minus M.I.) listed as multiple aliases? For your auto loan lender to do hard inquiries for years? For your CC company to do hard inquiry two weeks after the account was opened? Any help would me appreciated! [link] [comments]  |
| TIFU - Called a Collection Agency and Tried to Settle Posted: 29 Jan 2020 10:07 AM PST I recently separated from the military during which time I was under the impression that all of my student loans were in a deferred status. I was correct about this with the exception of one loan and when I logged into my Navient account I saw that one loan for $3,200.27 was 19 payments behind and was currently in default. I was completely unaware of this as they had an old address/phone/email address so I didn't know it had defaulted. (My fault I know and I accept that responsibility) I checked my credit report yesterday and I don't see anything regarding this loan on it either. Long story short I called Navient and to try and resolve the issue and was forwarded to a debt collection agency. They offered me a settlement for $2020.00 and I initally accepted it but my card didn't go through when trying to pay it because of limits I have set on my account. Its the end of the month so all of my bills are paid so I don't have much liquid cash right now to pay so I stupidly tried to pay it on a credit card which was declined because (thankfully) my cc won't let me pay off debt with their card. I don't really know what to do and I'm pretty sure by contacting them and accepting the debt settlement I screwed myself over and admitted to owing the debt. I've spent years trying to rebuild my credit and don't want this to negatively impact it as it doesn't currently appear on my credit report. I really just want it to go away but unfortunately can't pay the debt in full or even the settlement amount for at least another few days. Should I continue and accept the settlement and try to pay the $2200? Should I request a debt validation letter? I know I'm an idiot for letting this happen but any advice would be greatly appreciated. [link] [comments]  |
| Posted: 29 Jan 2020 08:17 AM PST Hello all! I am new to Reddit, and I am in search of some help regarding my student loan interest. My original starting balance on my loans was ~$170,000 in May 2018. Plugging this into a repayment calculator, over 120 months, with an average interest rate of ~ 6%, it says I would pay around $56,000 in total interest. However, if I paid this loan off in 48 months (my current schedule), I would only play around $22,000 in total interest. A nice savings! Here is my question. I have been making additional payments, and have been paying ~$4,000 per month toward my loans. Theoretically, making these payments would allow me to pay off my loan in 48 months. However, I just pulled up my interest paid for the 2019 year, and it states I paid OVER $20,000 in interest. In 2018 I paid over $10,000 in interest. How is this possible? According to the repayment calculator, after 4 years I should have only paid $22,000 in interest, with the rest going to principal. How have I already paid $30,000 in interest, and it has only been two years? I thought the whole point of paying off loans early was to decrease the amount of interest you pay. Am I missing something here? [link] [comments]  |
| Should I start paying off student loans now or wait to see if PSLF is an option? Posted: 29 Jan 2020 05:39 PM PST Hi everyone, I just started a masters in accounting program and will be finished in 2 years. My student loans are currently in deferment while I am in school. I have about 46k in student loans currently and expect to have around 76k by the time I am finished. I am interested in working for the government upon graduation and want to apply for PSLF, but I am not sure what the economically feasible way to go about this is- should I keep my loans in deferment, apply for PSLF if I land a government job and then make minimum monthly payments? I am just worried that I won't be able to get a government job or that PSLF will not work out. Am I better off paying my student loans now to reduce interest? [link] [comments]  |
| MBA Loan Refi - Is 3.9% fixed (10y term) the best I can do? Posted: 29 Jan 2020 04:48 PM PST I graduated MBA with ~$200k in loans. I would like to pay the lowest possible interest rate and I'm open to creative solutions One of the large private student loan co's is offering me a refi on 150k @ 3.9% fixed with a 10y Term. To get a sub-4% offer, I got a commitment from lender #1 @ 4% and then sent the letter to lender #2, who beat happily beat lender #1's offer. Prior to showing Lender #2 my 4% commitment from Lender #1, Lender #2 quoted their best offer @ 4.8%! Anyway, is there a better alternative? Perhaps with smaller banks? Or if I provide collateral? Can I get below 3%? I'm up for anything... [link] [comments]  |
| Need to find a new loan servicer that does not require a cosigner! Posted: 29 Jan 2020 04:15 PM PST Today my loan servicer (SixUp if you're familiar) emailed me and told me they could no longer pay for my tuition this semester due to a few non-disclosed company issues. I really hope they figure it out, but now I am short $7,500 to pay for this semester! If any of you know where I could find another loan servicer (that does not require a cosigner), or a grant, or even a celebrity or wealthy person who loves paying for students' education that would be great!! I have until April to pay the bill in full so help would be much appreciated. Thanks :) [link] [comments]  |
| Need help deciding on where to put extra money for loans Posted: 29 Jan 2020 09:03 AM PST What loan should I put extra money towards? Hi! I graduated in May 2019 and started paying my loans off in December. So far, I've paid about $12,000 (living at home making 45k a year). I have only federal loans. I am repaying the ones in my name obviously and the ones my parents took out for me (Direct PLUS Parent). I decided to do the snowball method and pay off the loans on my name first and then work on the Parent loans. This is where they are at right now: Cornerstone (loans in my name)
Great Lakes (parent loans)
So I recently was gifted about $6,000 to put towards my student loans. I'm not sure what loan to throw it at. My original plan was to pay off the Cornerstone loans by April/May, so I'm not sure if I should accelerate that pay off and put all the money there or throw it at my highest interest loan to save interest from accruing. Any advice on where to go from here would be much appreciated! [link] [comments]  |
| Advice for deciding between grad schools (and the debt I will accumulate)? Posted: 29 Jan 2020 08:59 AM PST So I am pursuing a Master's of Social Work degree. So far, I have been accepted to two schools, Loyola Chicago & Wayne State (in Detroit). I haven't received a financial aid package yet, but I do not anticipate much, if any, from either school outside of loans. WSU would cost 20k a year for tuition, while Loyola Chicago would cost 30k a year. For estimation purposes, I expect to shell out 35k a year for WSU and 45k a year for Loyola, if not a little more for both including university fees and cost of living expenses. The average starting salary for a social worker is 45k a year, but is dependent on the area you work in and what field of social work (I intend to do clinical, which has a little bit higher of a starting salary, possibly 50-60k). The two numbers I'm working with is going into 71k into debt for Wayne State, and 94k for Loyola. Another option is commuting from my parents' house and only going into ~50k for Wayne State (but my parents don't seem thrilled with that option). I currently have no debt for undergrad. I love Chicago, and anticipate moving to Chicago or similar big city post-grad. With an MSW, you do (unpaid) internships and gain connections in the city. So by going to Loyola, I would be developing a network in the city so it may be easier to find jobs when I graduate. Also, I would be happier leaving the state of Michigan finally and live in a big city. I am not super impressed with Wayne State's program. However, with social work, the place you get your degrees aren't as important as the experience you bring. It wouldn't be a dealbreaker if I go to Wayne State then job hunt in Chicago. Also, Wayne State has a good reputation in my area for producing good clinicians. My Mom claims that a 20k difference in student loans isn't a big deal. That difference seems very scary to me, especially since I don't have any loans to begin with. There's no way I won't get into debt more than my starting salary, which is the norm with this field, but I'm very nervous about picking an option that would cost more. Is 20k a big difference in the end, when I'm already getting at least 50k in debt (most likely 70k)? Is my happiness during the two years, and connections (which are very helpful but not necessary) made worth the extra debt? I have no reference point for student loans, and don't know if I should take my Mom's advice or not. I am very stressed and could use all the advice I can take. ETA: I'm going into clinical social work aka therapy, which means I need the MSW in order to be licensed. I could also do a clinical psych PhD (which is extremely competitive, takes more time, extremely stressful, and is more for research than clinical skills) or a PsyD (less competitive than PhD, more clinical focused, not free and would likely end up with same amount of debt). Every Psych professor I've had has advised people wanting to practice therapy to get an MSW over anything else. [link] [comments]  |
| Can I switch back to a standard repayment plan after doing a graduated plan for a few months? Posted: 29 Jan 2020 01:47 PM PST If have a few subsidized loans totaling $19k, I will need to switch plans temporarily--is this possible? [link] [comments]  |
| Graduate School Loans to Pay of Undergrad Parent PLUS Loans? Posted: 29 Jan 2020 01:05 PM PST I am planning on enrolling in a fully funded STEM PhD program this fall with a living stipend included. I was wondering if it's possible/okay to take out loans to pay off Parent PLUS Loans taken out for my undergraduate degree that I agreed to pay. A couple reasons to do this; much lower interest rate, after completion of my degree they can be be paid by NSF research grants and other repayment programs. I don't see any downside or why I shouldn't be able to. Would plan on maxing out the federal unsubsidized ($20,500) each year until all the plus loans are paid off. Would love any insight into whether or not this is possible/ok to do. As well as any downsides or holes in my plan. Thanks so much! [link] [comments]  |
| Just rehabbed defaulted student loan. Need advice on which repayment plan is best for my situation. Posted: 29 Jan 2020 12:40 PM PST Currently job hunting but working part-time while I search. My estimated monthly payments for the standard payment plan is half of my monthly income. I have enough savings to help get through this period. My goal is to land a full time engineering job by April. My first instinct is to go with standard repayment and dip into the savings a little bit in order to save in the long run. However, since my payments are half my income...should I seriously consider PAYE/IBR plans in-case it takes me longer to find work? Or is the best move to do a PAYE/IBR plan then switch to standard once I land a job? [link] [comments]  |
| Tips on talking to Professional Bureau of Collections of Maryland/ is it too late for loan rehab? Posted: 29 Jan 2020 12:06 PM PST I called my loan servicer, Debt Management + Collections System Default Resolution Group, to request loan rehabilitation on my defaulted federal student loan from 2011. Unfortunately, I was told in order to further handle my defaulted loan I must contact the Professional Bureau of Collections of Maryland. This kinda freaked me out, because everything I've read has advised not talking to the collections agencies. I have read that I must be completely aware of my rights before contacting the collections company. I have no experience in speaking with debt collectors, but I'm sure I'm totally capable of doing it. I just don't want to call them blindly without any real idea of what I should/should not say. Do y'all have any advice on talking to these people? Also, does the Professional Bureau of Collections of Maryland offer loan rehabilitation or is it too late for me to have that option? Again, I can't thank this sub enough. Y'all are really helping me get through a really difficult situation. [link] [comments]  |
| $15,900 with NelNet, best options? Posted: 29 Jan 2020 08:02 AM PST Hi everyone, I've been a lurker for some time trying to figure out my best course of action for repayment, but I'm very much still confused. I currently have $15,900 remaining on my student loans all through NelNet at 6.8%. Should I be considering refinancing, or aggressively repaying? I have little excess income, and the majority of what I am able to save monthly comes from the overtime I work which comes and goes. What I find frustrating is attempting to save for larger purchases, like a downpayment on a home, while having a $360 monthly payment which seems to do nothing to help these loans. Thanks for any information NelNet Balance $15,931 Group A: $3,549 Group B: $8,050 Group C: $4,332 [link] [comments]  |
| Posted: 29 Jan 2020 09:52 AM PST Received a call from a group called DOC PRAP HUB telling me they can reduce my student loan debt at a lower interest rate and lower monthly payment. They want an upfront payment of $1,200 paid over four months. Private company acting as a go-between with federal government. I could not find them online. Sounds like a scam. Anyone have any dealings with this group? [link] [comments]  |
| Need to edit a Parent PLUS Loan Posted: 29 Jan 2020 09:44 AM PST Recently applied for a Parent PLUS loan, but accidentally put the parent's birthday on the application instead of mine, the student. The school says they cannot take the loan, and that I need to change it. What is my best course of action? [link] [comments]  |
| Posted: 29 Jan 2020 08:35 AM PST Hey all, My wife is in school to be a Nurse Practitioner. She will end up with 200k in loans when she finishes schooling. I currently have no loans. Currently we bring in about $130-160k and pay a small amount of rent to a family member ($700). In a year our income will be about 220k-250k. What are the best options for me to help her co-sign her loans? (Some interest rates are as high as 10.4% YIKES). I know earnest won't let someone co-sign. Also, should we try to avoid refinancing the government loans (about 8%) in case there is a loan forgiveness plan we qualify for? Or is that unlikely? Just looking for any advice, I'm not too familiar with student loans as these are recently a part of my life (yes, I've known about them well prior to marriage). Thanks! [link] [comments]  |
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