$5,000 Down in 2020!! Student Loans |
- $5,000 Down in 2020!!
- I am a single mother in California, teacher, who has an 80K outstanding loan that is forced to pay on I pay over half my paycheck on rent and cannot save enough for emergencies. Anyway I can get real help with this? Thanks.
- 1 year of deferment cost me 15k
- Question about current repayment plan
- 235,689.85 February Update
- MBA, student loan might help?
- I was uneducated
- Is anyone else holding off on making extra payments until they see how the election turns out?
- Does credit score even matter when applying for student loans?
- TPD Discharge Approved
- Do student loans accrue interest while you are a student ?
- TPD discharge- Can the feds make you have to pay taxes on the discharged amount in July '21?
- Loan distribution from school question
- Childcare vs Student Loans. HELP!
- Private loans appear to be my only option
- Work is possibly going to pay off my student loans, but I can't tell if my ALPLN qualify under the program!
- Cannot Find out loan balance
- My income dropped due to new job, thinking of using paystub. What is monthly payment on REPAYE 50k salary?
- Need help making decision for making a large payment towards one of my loans
- Parents won't cosign my student loan
- Would it be wise to refinance student loans to a longer term / lower monthly payment until the election shakes out now knowing Bernie is the front runner for the Democratic Party and has plans to attempt to cancel all student debt?
- Question about parent plus, icr, and repayment
| Posted: 24 Feb 2020 01:29 PM PST Current grad school student here w/ about 65K in debt from undergrad. Luckily, I wont go into more debt for graduate school because I work for the University I go to and they pay 80% of my tuition (otherwise I would definitely not be able to afford going). Currently paying off my unsubsidized student loans since my subsidized student loans won't start accruing interest until after I finish grad school. Honestly, I am just really happy with my progress and sticking to my budget in the first few months of the new year. Lets keep up the hard work in 2020! [link] [comments]  |
| Posted: 24 Feb 2020 05:08 PM PST |
| 1 year of deferment cost me 15k Posted: 24 Feb 2020 07:14 AM PST I recently had to defer my federal student loans because I was in a position where I could not pay. This was for 1 year. My loan total jumped from 71k to 86k. I'm currently on an income based payment plan. It says that I'm accruing 15$ of interest every day, I can't even afford to keep up with the interest. I know I'm not the only person with this problem, but what can I do? I'll literally be climbing deeper into debt every year. I don't go on vacations, I don't but fancy things. Can anyone help? Edit: Thank you all for tournament responses. Some are asking for more info. -I'm a divorced single Dad right now. So all the expenses that come along with a kid. Including child support. -I do have a car loan that I'm paying down (450$/month), but this was purchased before my divorce when my previous car broke down. -To compensate for the car and to pay off credit card debt I moved back in with my dad. I'm living rent free. -I make about 50k from my normal job with an additional 5ish from a side job. I'm not here looking for anyone's pitty, but I would have to pay almost 500$ a month just to keep up with the interest. I can't justify paying more than my IBR requires. I wouldn't be able to make a dent. [link] [comments]  |
| Question about current repayment plan Posted: 24 Feb 2020 11:33 PM PST My student loan debt is currently consolidated with MyFedLoans. My current rate is 6.63%. my monthly is $663.00. I am on an IDR. I make a payment of $2500 monthly. Can I get my rate to go lower than this? Should I request for a lower rate? Can I move this loan to another lender? Should I do so? I have never asked these questions, just crossed my mind yesterday to ask. Thanks guys! [link] [comments]  |
| Posted: 24 Feb 2020 11:50 AM PST February Update from thine own Baloney Monkey This calendar year I have paid down 7,804 on my student loans. Some of that has not cleared yet but my current balance is 232228.41. This is depressing but also motivating. Lately the way I have been conceptualizing my debt is to just get it down to 200,000 for this first stretch. Since my last update I have still not heard anything back from Splash Financial and I have been emailing my rep about once a week. My guess is that I have been denied but that they haven't told me that yet. The rep has been useless (Dante). I have also decided to pay anything I can over 5000 to my husband's loan and at a minimum 500 per month just to get rid of it. My spending has been pretty good but we have a few trips coming up. However, I have been making more money this year than anticipated so I'm still gunning for a 60,000 pay down. Thanks for tuning in. Posting here is a motivator for me and I hope I can inspire others to deal with their debt. [link] [comments]  |
| Posted: 25 Feb 2020 02:38 AM PST Looking for advice on how best to proceed. I'm looking at private student loans, similar to Sallie Mae. Just completed my Bachelor's, want to keep my momentum and get an MBA while kiddo is still in diapers. Total cost would be around $18,000 over two years. That's tuition, books, fees, and accounting for my employer's tuition reimbursement. With a child, we can't really afford to pay $2000 every 6 weeks or so, so I'm looking at a deferred student loan. Are there better alternatives? Any loans to avoid? [link] [comments]  |
| Posted: 25 Feb 2020 12:33 AM PST Hello All, as the oldest child in my family coming from a private high school (which I was on scholarship for) I thought that everybody took out massive amounts of loans to go to undergrad (I know not the smartest decision). I'm on pace to graduate this June with roughly 18k in Stafford loans at roughly 4.75% interest and 130k in Parent Plus loans through cornerstone at roughly 7.06% interest. I know i'm in a tough spot to start my working life but i'll expect to make a salary of 74k in Los Angeles which after taxes is roughly 53k and then I have a side hustle that makes about $300-400 a week or roughly 15k a year. That puts my yearly take home income at 68k. I'm hoping to refinance the parent plus loans but that still puts me at huge monthly payments. Any advice on what to do when I graduate would be great! *P.S. love hearing everyone's repayment stories, it warms my stressed in debt soul! *Edit I'll graduate with a Chemical Engineering degree [link] [comments]  |
| Is anyone else holding off on making extra payments until they see how the election turns out? Posted: 25 Feb 2020 02:40 AM PST I'm wondering what people's thoughts are on this. I'd love to throw extra money at my loans to see the balances go down and get rid of some of those with higher interest rates. At the same time, if there is a candidate that is elected who plans to wipe out student debt, I don't want to feel like I've paid a bunch of extra money I could have just saved. I'm not sure how likely this is, but it has made me hesitant. [link] [comments]  |
| Does credit score even matter when applying for student loans? Posted: 24 Feb 2020 09:22 PM PST I'm new to the topic because I've been fortunate to graduate undergrad with no student debt. But I've decided to pursue a healthcare career that's gonna cost me about 70-100k. I'm on my way to graduate undergrad less than a year, 780 credit score and some money saved up. I have banker friends that tell me that they'll approve anyone with a student loan. Shitty credit? Here's 80k. I know the point is to screw you, so I don't know if me living frugally right now should even matter since I'll be in debt anyway. The grands I have saved up i plan to live off but I'm sure the money will run out when I have to stop working completely. I see lots of my friends who literally spend however because their dental school, physical therapy school, etc will leave them 100-200k in debt. So it's as if I could watch my ass saving every penny and it wouldn't even make a dent. I'm not saying I'm gonna tarnish my score, but should I even be that concerned with it in considering that I will be approved to be in debt anyway? [link] [comments]  |
| Posted: 24 Feb 2020 10:08 AM PST Wow I am at a loss for words. $55k I no longer have hanging over mine and my mom's head. Still $35k to go but this is such a blessing. Thank you to everyone in this community who has given me advice along the way. Hopefully my next post will be about totally paying them off. [link] [comments]  |
| Do student loans accrue interest while you are a student ? Posted: 24 Feb 2020 06:49 PM PST |
| TPD discharge- Can the feds make you have to pay taxes on the discharged amount in July '21? Posted: 24 Feb 2020 06:16 PM PST |
| Loan distribution from school question Posted: 24 Feb 2020 06:07 PM PST My school offered me 7,500 (3,750 a semester) in loans, however, I plan on working a lot in the summer so that I can at least pay for half a semester. I live locally so the tuition isn't that much. Can I accept the full amount, and then give back whatever I don't use in the end? (I hope that question made sense) [link] [comments]  |
| Childcare vs Student Loans. HELP! Posted: 24 Feb 2020 08:43 AM PST Hello! I am currently expecting my second child and in need of advice. After adjusting for family size, my REPAYE is still about $700 per month. I currently pay roughly $1900 a month for my toddler's care, and am looking at another $1400 for the newborn to be in daycare part time in a few months. Those costs, plus NYC rent (not exorbitant but still high bc it's NYC) have me at a deficit every month until the toddler can attend public school in another year or so. I am thinking of going into general forbearance now in an effort to save $$ to cover the cost of newborn care. I should mention my student loan debt is around 300k+ for graduate school and so I make decent money but have not been able to make a dent in the principal, and likely never will. Is going into forbearance for the next 6-10 months just to save a bad idea?? I see no other way at this point. Help! [link] [comments]  |
| Private loans appear to be my only option Posted: 24 Feb 2020 04:13 PM PST To put it shortly: I have a masters degree and worked in that field for ~8 years (teacher). For numerous reasons I am back in school full time, but only for two years. At the end of this semester I will be done with my first of those two. Up until now all of my education (previous degree as well as this one) have been covered with federal loans (minus all scholarships, grants, etc). Now on the predicament: Next year I will be completing a required 1 yr clinical internship at a hospital. To pay for the internship, I have two options: pay the hospital ~$8.5k (details to follow), or retain my 'enrolled' status at the (private) university, which is ~$33k/yr, with all but ~2.5k covered by grants, scholarships, and federal loans (total loans = $12.5k) and they 'cover' the internship (aka 'pocket 25k') My contact at the hospital says that since they aren't technically a 'college/university' that federal loans can't be used. (I called 'myfedloans' to verify and the person I spoke with said they only service my loans and don't control who can and can't accept them). Is this true? Paying the $8k out of pocket is not an option for my family (myself, wife, son). So if I can't use federal loans directly for that, my options are to take 12.5k in federal loans and 2.5k out of pocket to the university, or take 8k in a private student loan to pay the hospital directly. Both my previous career and my next career qualify for PSLF. So my questions are: 1. Can I use federal student loans for an internship? If not, 2. Any recommendations on private loan lenders? [link] [comments]  |
| Posted: 24 Feb 2020 11:34 AM PST I work in the federal government and am pursuing a student loan repayment program with them. I currently have $9k of federal student loans (FFLEP), and $22k of ALPLN loans (a total of 4 of them) serviced by AES. I know my federal loans qualify no problem, but am having trouble figuring out if my private loans qualified. The program states that "Title 5 USC 5379 allows repayment of outstanding federally insured student loans made by educational institutions or banks and other private lenders as authorized by the Higher Education Act of 1965 and the Public Health Service Act." I've googled my brains out to see if ALPLN loans are authorized under the HEA and Public Health Service Act. I reached out directly to AES, and both representatives I talked to said "I don't know anything about those Acts". Since my private loans are vastly larger than my federal I'd like to tackle those first. Can anyone shed light on if they'd qualify? [link] [comments]  |
| Posted: 24 Feb 2020 07:40 AM PST With my car loan, I get a minutely itemized bill each month that tells me down to the penny what my remaining loan balance is. I have tried to navigate the horrendously chaotic and hard to use Department of Education website to try to find out this information, but without success. I have been making payments faithfully, but I would like to find out how much I still owe. [link] [comments]  |
| Posted: 24 Feb 2020 01:38 PM PST Anyone have any datapoints on new monthly payment with their paystub? 50k year salary is how much monthly payment? [link] [comments]  |
| Need help making decision for making a large payment towards one of my loans Posted: 24 Feb 2020 09:42 AM PST I have 2 student loan providers, a private one (laurel road), and unsubsidized government student loans. The private loan has a $88,000 balance, with an interest rate of 5.5%. The unsubsidized government loan has a ~$26,000 balance, split into 4 sub loans split as follows: $7000 - 4.2% interest $7200 - 3.51% $6500 - 3.04% $5700 - 4.41% Currently I pay $1100 for the larger loan each month, and a combined total of $300 towards the smaller loans each month. I'm hoping to make a large lump sum payment towards my loans (between 25-45k) and I was hoping to get some opinions on the correct course of action. I'm thinking that the best course of action is probably to pay towards the larger loan with the higher interest rate and then refinance it to get a lower payment, but am unsure of any other implications it could have. My overall goal is to make the best choice to both lower my payment and minimize the extra money I'll be paying through interest. For additional information, I've paid around $8000 towards interest this year ($5k towards the larger and $3k towards the smaller loan). I believe both give me a 1098-E form which will help me on my taxes, but I'm not sure whether the interest tax deduction is capped at all. Thanks and I look forward to any help you all can provide! As a note for refinancing /consolidating: my credit score is over 780, so I should qualify for decent rates. [link] [comments]  |
| Parents won't cosign my student loan Posted: 24 Feb 2020 12:54 PM PST I'm starting school next month. I've been working and taking classes at a local community college (I'm short 5 credits of graduating with my AA!) while I saved enough money to move out and start going to the school I wanted. Against all odds I found a room in a major city that I can save money on within walking distance of my school. I got the room and quit my job a week ago in preparation of moving in. Then I got my federal loan information back and I found I'll still need another ~4500 in tuition. Thinking it was no big deal I started looking for private loans only to realize this would be impossible without some kind of credit history (I'm 18), current employment, or cosigner. I asked my parents to cosign for me and they refused because they don't want the bad credit. I'm at a loss for what to do now-- I'm supposed to be moving in in two weeks and I don't have a job and my savings are supposed to cover rent until I can get another job. I asked my school and all they could offer was a slower learning program that would take two years instead of one-- but I still have to cover 2000 a quarter. I can pay 2000 out of pocket but I'll only have enough to cover 2 months of rent in which to find a new job. And I still need to worry about next quarter. What am I supposed to do now? Are there any good loan options anywhere that would accept no credit, no job, and no cosigner??? [link] [comments]  |
| Posted: 24 Feb 2020 06:28 PM PST I have about 100k loans with a job paying roughly 90k a year. I have no trouble affording my payments - although it does hinder my savings ability significantly. Bernie is the Democratic front runner and early polls (obviously don't mean too much) have him slightly edging out a possible trump match up. Knowing he plans to cancel all outstanding student debt - should I refinance to the longest payback period possible (usually 20yrs) to pay least amount per month while I wait for the election to conclude? I feel like continuing with my current 10 year loan is a waste of money if there is a chance it can all get cancelled in a years time (I understand there is no time table) Thoughts? [link] [comments]  |
| Question about parent plus, icr, and repayment Posted: 24 Feb 2020 10:02 AM PST My wife and I find ourselves in a unique situation: Her parent plus loans are taken out by her dad. Her sister also has loans taken out by him. Her sister is in grad school so her portion is on in school forbearance. They are first generation college grads so their parents took as much debt as possible to make it as affordable for them as they can. My wife's loans are on extended 25 year repayment term, with 24 years remaining. Her dad will be losing his job soon. He doesnt want to go back to his career and will likely be earning low wages until he dies (no retirement plan and household income is already low) Both daughters will be paying for the loans in a verbal agreement (they know they dont have to legally, but will) but we need to keep payments as low as possible due to income limitations (wife is a teacher) My question: Is it possible to consolidate wifes parent plus loans into one to qualify for ICR while leaving sisters loans in forbearance (for the next 2 years)? When dad loses his job, payments should drop to low or zero. Or would we have to wait until sister graduates to this? [link] [comments]  |
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