Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- How we got into this mess?
- 100k in student loans
- Listening to Borrowed Future podcast and feeling like dumb sh*t for being in 130K in student loan debt
- IRS Retrieval Tool isn't working
- I want to go back to school, but I already have so much student debt from my (useless) bachelor's degree
- Has anyone gone through the REPAYE or PAYE repayment plans? What was it like working with IRS?
- Filing taxes jointly or separately - IDR Plans
- I missed the first couple months of student loan payments after school. These are the only delinquencies in my credit report but they have murdered my score. Can I do anything?
- Need advice on wife's student loans
- Your loan experience?
- Options for student loans when not eligible for a government grant or any scholarships
- Fiancee getting screwed by employer tuition reimbursement
- Student loan
- What is the effect of getting out of default on my credit score?
- I had to call Sallie Mae to ask them the phone number to fax my enrollment verification to. The lady on the phone said that I could also upload my verification to my account, but I don't remember how. Can someone help?
- Confused!
| Weekly Politics Discussion Megapost Posted: 08 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: 09 Jan 2020 12:17 AM PST You know, this is how we go I to this mess. 18 year old kid: I'm an adult now but not sure what to do with my life. Retail and food service are the only places that hire without experience or a degree. I can go to college or to a trade school. Parents: you need to go to a 4-year college and get a degree and then move out. 18 year old kid: where should I go and what should I pursue? Parents: where ever you want, as long as you live on campus away from us. You'll figure out what you want to do once you're in college. 18 year old: my financial aide isn't enough to cover college, what do I do? They say you make too much money. Parents: just get private loans 22 year old (kid): okay now that I have six figures in debt because my parents generation didn't actually plan for my future they just push me off the college with no advisemeny whatsoever I need to get a job to pay down these crushing student loans. Potential Employer: Unfortunately because you have no experience in this field you're not a good fit for this job. But you can work in our mail room for $12 an hour. 22 year old: well $12 an hour won't even pay for an apartment let alone pay back my student loans. Potential Employer: you have to start from the ground floor and work your way up or maybe consider further education get a master's degree. Parents: when are you moving out? Why don't you get a rear job? 22 year old: no one will hire me without experience. Parents: well stay there for a few years and move up. That's how we did it. We started at the ground floor, moved our way up then retired at age 55. 25 year old: I've been working in the mailroom for a few years I'm looking to see if I can move into accounting. Employer: unfortunately you still have any experience in accounting however we do have an unpaid internship we could offer you to gain some experience. 25 year old: how would I pay my bills then? Employer: well if you go back and get your master's degree you can apply for financial aid do the internship with us. 28 year old: okay I finished my internship and have my master's degree I'm looking to move into the accounting department. Employer: okay sure, it starts out at 40k a year but with your experience and education we can offer 48k but maybe even more if you get your CPA Parents: you're 28 years old, when are you moving out? 28 year olde: when I save enough money for a down payment for a house. You need at least 20% down. 29 Year old: okay I got my CPA what are my options now at the firm. Employer: what we can move you from a junior accountant to a mid-level position and we can bump the 55000 a year. 29 year old: unfortunately that's not going to work my loans are coming out of deferment this month because my parents weren't dirt-poor I had to get a bunch of private loans that don't qualify for income-based repayment. $55,000 a year is barely $3,000 a month and my minimum payment for my student loans is nearly $2,000 a month. I would expect at this point with 4 years of experience a master's degree and a CPA that be earning nearly $100,000 a year. Employer: unfortunately we can only offer small increases you every year and the only people that are making that kind of money are partners at the firm. Parents: when are you going to move out of the house you're almost 30 years old still living at home; 29 year old: I can't afford to move out. My student loans are about to come due take up 2/3 of my take-home income and because you guys do not give me any kind of advisement when I was 18 and you felt that I was grown up enough to make life decisions that need directions enough to suffer the consequences for next 20 years. 29 year old (2 months later): here is my resignation as of 2 weeks from today Employer: why are you leaving? You've been with us for five years and valuable asset to the company! we've invested so much time and your growth as a person we expect you to retire here. 29 year old: you were the ones that wouldn't give me a chance when I just finished and then made me jump through hoops just to get my life started then when I needed you after I did everything that you require me to do you slap me in the face. I'm taking a senior position at another firm that's going to pay me more than double what you're currently paying me and now I can actually begin to start my life at the age of nearly 30 years old. Monologue: if I rent a cheap apartment drive a 15 year old car eat beans and rice and don't do anything for the next 10 years I should be able to pay off all my student loans and hopefully by then I will found somebody to marry and the can start having kids by the time I'm in my mid-40s. That my friends is the story of the millennial. We didn't have the option of finishing highschool debt free and find jobs that paid us enough to be independent. We were pushed into college by our parents without any proper guidance and lived with the consequences. Now this isn't my story but this is the story of many people that I know. my parents from the very beginning were very much involved in helping me make the right decisions in from a financial standpoint we're able to help me through most of my schooling. they helped me make it very difficult decisions and make good career choices to the point where I was comfortable with taking over my own life at that point. I'm forever grateful for everything to my parents did for me and set me up for success. Most people were not this lucky, most people follow the story that is above and while there has to be some accountability to the generation, ultimately the people that raised my generation just led everybody down the wrong path. [link] [comments]  |
| Posted: 08 Jan 2020 08:55 AM PST I'm 20 years old, I just finished my degree in history and I'm looking at starting a PhD in the same. PhD programs are funded, so I won't be taking on more debt, but God damn was undergrad painful. I had to take out private loans in addition to federal loans. The tldr is my family couldn't contribute anything due to various reasons, but had a large enough taxable income that I got basically no aide. I know I need to refinance all of my loans into a single loan, so I have a single payment, but to be honest I have no idea how to start that. Additonally, I'm kind of freaking out, because, while my loans will remain in forbearance while in grad school, Im still going to be hit with interest. I don't know if you guys can help, but some advice would be greatly appreciated. Edit Yall are really helpful, and I'm deeply grateful this community exists. [link] [comments]  |
| Posted: 08 Jan 2020 01:13 PM PST Anyone else with major student loan debt listen to this Dave Ramsey podcast? Just interested in overall impressions. I agree with like 60% of it. 4 episodes in and so far it's interesting but not helpful for those of us who can't go back in time and not take out loans for school [link] [comments]  |
| IRS Retrieval Tool isn't working Posted: 08 Jan 2020 05:19 PM PST I'm trying to link my tax return to FAFSA and it won't accept my information for whatever reason. I've entered in my address in every conceivable way, but it still won't accept it. I'm worried that because there's a '#' sign on my listed address but I can't enter in that sign on the website. Any tips or tricks I should know about? Am I just screwed? FAFSA doesn't let me input the information manually unless it's a 1040, but I only have a W-2 [link] [comments]  |
| Posted: 08 Jan 2020 09:31 AM PST Hi all, first time posting on this sub. Also going to cross post with r/FinancialPlanning because why not. For background: I'm 24. I graduated 2 years ago with a bachelor's in sociology. I currently work in a city that's notoriously expensive for it's cost of living, and therefore have to live at home to save money and commute 4 hours a day to and from work. I work in health care and make okay-ish money, but spend the vast majority of my income on my student debt while I try to save the rest as much as I can. I pay about 900$ a month and have about $85k in debt - most of which is private loans. I could go into how I landed in that much debt, but to make a long story short - 17 year old me was told I'd be better off going to a private college, didn't have full understanding of how much debt I'd leave college with, and had no idea what to do with my life at that age but everyone else went to college - so why not. Now I just wish I could go back and make a different decision, and am facing the consequences big time to the point where it's starting to take a toll on my mental health feeling so stuck. I've finally realized I so badly want to be a nurse - but the problem is, to do so, I need to go back into an accelerated program, most of which are very expensive. My goal is to eventually get a master's in nursing. I want to go back and get the BSN ASAP to hopefully be able to advance my career, but have no idea how I'm going to deal with additional debt or pay for it. My job doesn't have tuition reimbursement, and I don't have a ton of financial support from my family. Basically, if I don't go back to school I'll miss out on my biggest goal in life but have some end in sight for paying off my debt. On the other end, if I do go back to school, I'm really unsure of how to finance it other than more loans. Do I just say screw it and add more numbers onto the garbage fire that's my student debt right now? Or do I give up on my dreams and just deal with what's already on my plate? I feel so stuck, so any advice or thoughts on this would be super helpful. Thanks : [link] [comments]  |
| Has anyone gone through the REPAYE or PAYE repayment plans? What was it like working with IRS? Posted: 08 Jan 2020 02:34 PM PST The federal student aid website states that "You may have to pay income tax on any amount that is forgiven.". These plans are the only plans that meet my financial capabilities right now based on the FSA repayment calculator. Can people here discuss what the aftermath with the IRS looks like if they have gone through it. Thank you/ [link] [comments]  |
| Filing taxes jointly or separately - IDR Plans Posted: 08 Jan 2020 02:25 PM PST We got married last year and were looking forward to the tax benefits that come from filing jointly, before we realized that we're doubling our household income and that will affect my Income-Driven-Repayment plan by approx. $400 extra a month. I'm considering re-filing my yearly IDR (which would be due in February anyways) before I file taxes, hoping that will solve the issue for at least a year. Is this even legal? Is it a loophole? It seems theres no way for me to determine if filing jointly or separately would be better without filing both ways to see what the outcome is, just short of actually hitting "submit". I guess technically there's two issues - 1) preventing a huge increase in monthly payments, and 2) whether to file jointly or separately due to the doubled income. FWIW: USA, and I have to be on an IDR for the PSLF Plan. [link] [comments]  |
| Posted: 08 Jan 2020 05:21 PM PST |
| Need advice on wife's student loans Posted: 08 Jan 2020 12:46 PM PST First time poster thanks in advance. Wife owes 26k in federal loans average interest is 6% across 8 loans. she is a stay at home mom with no income she also never completed a degree. We are ready to knock these loans out but I would like to refinance for the best rate possible I am having trouble due to the fact she has no income and no degree. Any advice is welcome thanks! [link] [comments]  |
| Posted: 08 Jan 2020 07:53 AM PST What company did you get your private loans through, and what was your experience like (happy with rates? Bad customer service? Etc.) I'm researching companies to find the best fit for my student loans and would like to hear from current/past customers so I have an idea what I'm getting into. [link] [comments]  |
| Options for student loans when not eligible for a government grant or any scholarships Posted: 08 Jan 2020 11:20 AM PST My best friend and I are going through nursing school and she needs a loan or financial aid. Her FAFSA was messed up by our school and she isn't eligible for any financial aid or scholarships from our school, and also has not had any luck getting a student loan through her bank. Is there anything else that she could do? Her parents really can't help her either. She works full time now and barely makes it for rent ($600 a month), and does not have like any savings currently. [link] [comments]  |
| Fiancee getting screwed by employer tuition reimbursement Posted: 08 Jan 2020 02:30 PM PST My fiancee's employer offers tuition reimbursement as a defined benefit. She decided to take advantage of it, and last fall she completed her first semester with straight A's. Quite a feat for someone who's also working full time -- I couldn't be prouder. Now the time has come to get reimbursed, and her employer is trying to screw her out of her reimbursement. The original deal was that the employer would reimburse half of the tuition, at the end of each semester, with certain stipulations, such as maintaining a B-average (she got straight A's, so no problem there). Tuition is ~$5,000/semester, paid monthly during the semester, so expected reimbursement is about $2,500. Fiancee figured she had enough income to cover the remaining $2,500, with one small problem: the reimbursement happens at the end of the semester, while the payments are due during the semester. So, she took out a small loan for the first year of school in the amount of $7,000; for the first semester, she paid $1,500 out of pocket and the loan covered the other $3,500. The idea was to use the loan to help with payments until reimbursement came through, then to use reimbursement to pay back the loan. Now her company is saying that they're only reimbursing for $750, because that's half of what she paid out of pocket. We're both livid. Her decisions (both going to school and taking out the loan) were all predicated on the expectation of $2,500 reimbursement. She formally requested this amount last summer when she signed the contract, so it's not like they were surprised -- they're apparently just looking for legal ways of wriggling out of the deal. The way things stand now, since the terms of the loan were for a year, she's also got the same problem if she wants to stay enrolled for the spring semester. To recap: Tuition is $10,000/year, employer appeared to offer $5,000 to help and is likely to only provide $1,500. What a rotten deal. [At one point last summer, she mentioned that she would need a loan, but didn't ask me for one (she is so self-reliant and I love her). If I had known this was going to happen, I would have just offered to loan her the $7k myself. It's completely flabbergasting that you can only get reimbursed in the full amount if you already have the money to pay for school.] Anybody have similar experiences? Any tips on how to proceed? [link] [comments]  |
| Posted: 08 Jan 2020 02:01 PM PST I am adding two student loans to my already consolidated loans. The loans were in default and I want to add them to my consolidated loans to remove them from that status. I completed the application this morning. How long will it take for this to be completed?? [link] [comments]  |
| What is the effect of getting out of default on my credit score? Posted: 08 Jan 2020 12:49 PM PST |
| Posted: 08 Jan 2020 12:09 PM PST Just like the title says, I have no idea how to upload documents to my account. Can someone help me out? [link] [comments]  |
| Posted: 08 Jan 2020 09:43 AM PST Hey all, I'm a little bit confused about my best course of action here regarding taking a loan to finish school. Real quick: Short term targeting an associates (1 year to finish) Long term targeting bachelor's Work part time, I own some investment property. Nothing crazy, a few hundred per month 27yo Is it worth it for me to try and get a loan for somewhere around 20k to finish my associates, job hunt, and then decide on a bachelor's? Or damn the torpedoes full speed ahead bachelor's degree, hit the market at 30, and take it from there? Or just do neither and work a city job? Thanks y'all [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