82% of students believe their degree was a good investment BUT they would have chosen a different major. Student Loans |
- 82% of students believe their degree was a good investment BUT they would have chosen a different major.
- Bye, student loans!������
- 15 years later and I’m finally free! My divorce with Nelnet is final!!!
- Why would interest make up 8% of my payment this month when the loan itself has 3.4% interest rate?
- Extra Payment Applies to Interest First
- student loan repayment advise
- Prepaying student loans with prepaid giftcards
- First time private loan help
- Loans in collections, but I am in deferment?
- Can my classes be cheaper then what I was originally told?
- Student loans in default, one time payment deal?
- Anyone attend University of the People?
- Defaulted loans in rehab, 2019 tax return being offset tomorrow by ED.
- Approaching $200,000 debt...fffff..help me please
- Activist Petition - Responsibility on the Colleges’ Part for Repayment Ability
- Recently married with Questions about co-signing IDR form
- Student aid for study abroad
- How do apartments evaluate student loans?
- Am I doing the math correctly on this?
- How exactly does student loan forgiveness work?
| Posted: 27 Feb 2020 12:09 PM PST Today's article from CNBC. Considering the amount of student loans some of us are dealing with for certain degrees and majors, I was wondering how many people here would have selected a different major. I would have chosen a Comp sci track over the Bachelors of Communications I completed. [link] [comments]  |
| Posted: 28 Feb 2020 05:24 AM PST I shared this in the Dave Ramsey thread but wanted to share here, too. It can be done, y'all! Budgeting is your friend (especially zero-based budgets) and reminding yourself a few years of sacrifice is worth the satisfaction of knowing your blood, sweat and tears worked hard to pay off your debts. I just hit SUBMIT on my final student loan payment! Feels so surreal! I set a goal to pay them off before turning 30...didn't quite make that but I'm only 30 + 2 months so I'm still calling it a win!😉 We have both cars and my spouse's student loans left but HECK, I'm celebrating this victory! A few things to note: •This took 7.5 years. •I started with $25k in loans, maybe a little more but mine were bought out and I can't find my starting balance. •I paid only the minimum payments for the first 3 years or so and was FED UP when I realized my balance had hardly moved. •After having enough, I started paying extra when I could. Even $25 or $50 extra each month makes a difference. •It wasn't until December of 2019 that we started a zero-based budget, adopted the Dave Ramsey Baby Steps method of snowballing debt and truly starting making our money work for us. •All was done making less than $50k combined. You don't have to be crazy high earners to crush debt. In fact, it's almost easier when you're used to living off nothing vs. getting a taste of things you think you need or deserve. PS — I got a Starbucks gift card from a friend in BS 4/5/6 a few weeks back and resisted the urge to use it the next day, knowing I would love a treat come today. I am so thankful for the lessons of discipline, hard work and delayed gratification. Waiting for the good stuff feels so much better than the impulsive ways of my past. Doesn't mean I'm not tempted by impulsive spending anymore, I'm just learning how much better it feels to tell my money who is boss.💪 [link] [comments]  |
| 15 years later and I’m finally free! My divorce with Nelnet is final!!! Posted: 27 Feb 2020 01:13 PM PST I know, I know, it's a long time and not impressive but it's finally over!!!😆 My apologies for poor formatting, any errors and typos in advance. This is my first post and I'm just so excited! If you are interested see below my payment progress, salary progress and backstory. Warning! It's a very long post! ——————-Payment Progress——————- Total of 19 federal loans. 9 from grad school at 6.8% and with 0.25%autopay discount it dropped to 6.55%. The remaining 10 from undergrad consolidated with interest of 2.875% with the autopay discount. —2004-2015 total owed $83,549.66 —1/29/2016: $83,000. The year I was determined and focused on paying off the loans. I had 6 months of emergency savings which helped with my decision. —4/24/17: $80,527.88 —12/28/17: $74,022.68. I found reddit, the finance subreddit and this subreddit. I downloaded a free budget app that was recommended in the finance subreddit to keep track of my monthly expenses. It was really helpful to visualize my expenditures. —12/24/2018- $61,429. My new year goal was to pay off my loans by end of 2020. —8/15/2019-$31,780 . I dipped into all of my emergency funds and savings for a new car to increase my extra payments. I chose to make extra monthly payments rather than a lump sum just incase I had an emergency situation. My car is very old and I did have a medical expense at the end of the year. —12/30/2019- $15,492. I could taste freedom! —2/27/2020- Big Fat Zeeeero.00🤩 I'm waiting for my last pay off statement from Nelnet and update on my NSLD/FAFSA account. I plan to print both statements and frame them!😆 Emergency funds: 0.00 The pot is empty🙃 My plan now is to save the same amount I was paying my loans last year, ~2400 per month, for the rest of the year to replenish. Then next year open a Roth IRA and max it until retirement. I estimated that I paid with interest somewhere between $100,000-110,000 in loans in the past 15 years. ——————Age/salary progression————— —Age 14: ~$800 sophomore in high school. My 1st job. Hostess at a local mom & pop restaurant. The superintendent at my high school had to sign a waiver my job required in other for me to work part-time —Age 15-17: ~3k in high school, cashier at a retail store. I paid for my drivers ed class, prom dress, hairstyle, make-up and splitting cost for a bootleg limousine ride to the prom. I quit one retail job then got another one. —Age 18-20:$4-6k in college. Summer job and working on campus part time. I paid for whatever extra school supplies i needed for college not covered by federal loans. —Age 21: $56k new grad job in the Northeast VHCOL. I owed around $23,000 from undergrad. I was on the standard payment plan and helping mom with bills. My mom worked 80 hours a week day/night shifts /2-3 jobs. I also bought my first car, a fairly new car with ~5,000 miles. I still own that car 15 years later! —Age 22: $49k moved to the Southeast LCOL and got a new job. I've lived on my own (no roommate) since then. —Age 23: $53k new job. Dept of Edu transferred my loans to Nelnet. —Age 25: $58k new job and paid off my car loan a total of ~$26,000 with 8% interest. I developed a hatred for car loans after this experience. —Age 26-29: $60k -$62k new job and grad school for a dual masters degree. Total debt was just over $75,000 from grad school including interest that accumulated from 2 years of deferment. I made monthly payments on the IBR plan after graduating. I worked part-time while in grad school for 2 years( earning half of my salary for the year). My budget was very very tight! —Age 30: $72k Relocation to the Southwest MCOL and new job. I paid some extra on the loans when I could. The loans were down to 73'ish. then back up to 75, then 78 even with no missed payments and it was up to $81,000! I assumed I would die with these loans so I stopped stressing about them and paid the minimum required with the IBR plan. —Age 31-32: $74k-$75k new job. Total student loans owed at age 32 $83,000! I started freaking out! I was also losing my student loan interest deduction as well. At the same time I was still saving for my emergency fund. —Age 33-37: $92-$108k. Relocation to the Northeast VHCOL and new job. I was tired of paying these loans. I started paying extra using the avalanche method. I first paid off my credit card from moving expenses. I also started saving for retirement at age 33. Better late than never. I reduced my monthly expenses to the bare minimum. My main monthly expenses in order of most expensive to least are: Student loan with extra payment, rent, parking at my job, grocery, cell phone, electricity, gas, gas for my car, home supplies, car insurance( bi-annual), Netflix. I used the free WiFi at my apartment and at work as my internet. I also took advantage of YouTube DIY tutorials to reduce my expenses including haircare, make up, car maintenance, home repairs, fitness, recipe ideas etc. I replaced the headlight bulb of my car watching a YouTube tutorial. I was so proud of myself! 😁 ————————Backstory————————— So I was raised in a single parent home with my siblings living in poverty in a horrible high crime neighborhood. My only chance for higher education and a well paid professional job was going to college and paying for it with federal student loans. My EFC was zero all 4 years. I moved out at age 21/22 after I graduated. I have been living on my own since then. I tried the roommate lifestyle my freshman year in college and hated it! I'm single. Mr. Right is lost somewhere 😁I still want to have children someday. I made the decision to wait until I was debt free to have children. The experience of living poor, the many many many sacrifices, lack of resource etc, I can't go through that again. To this day my mom is still struggling financially. I'm not trying to repeat the cycle of poverty. My mom was not aware I had student loans until this past year when I told her I wasn't coming home for the holidays to save every penny to pay the last $40k. She was so shocked she offered to sell her home, my childhood home, and move-in with my sister. I shutdown that idea. It was my burden to bare and not hers. I could have paid these loans sooner but I had to balance dealing with some life obstacles, reasonably enjoying myself and family time while paying them off. The Dept of Education will always be here but I won't. While paying these loans on a single income without any financial support from anyone, the debt did not stop me from moving to different states, taking on new job opportunities and having fun ( budget conscious adventures). I continued paying my loans wherever I moved. I traveled a bit, just low budget traveling within the U.S. before my recent job. I love road trips. I took many road trips including driving for hours with my nieces and nephews to my first visit to Disney World! My sister had some discounted tickets with her connections. I took advantage of any opportunity to travel cheap. I went to a friend's wedding in Hawaii and the couple paid for the hotel resort and all I paid for was my flight and my food. Also, thanks to my current job I went from 0 to $100,000 in retirement savings. Yeah, I know I'm still behind with my retirement but it's better than nothing. I do some international traveling for my job. I've been able to cross-off things on my bucket list thanks to my job. One of my favorites, the first time I flew international business class and my first airport lounge experience. I don't like flying but international business class was a game changer! 😎 My only debt remaining was my student loan. I'm officially debt free! 🤩 I have achieved my no-debt-by-40 goal! So no car loan, no credit card debts, no mortgage etc. I finally have a real positive net worth!!! Also another unexpected achievement from last year, my credit score went up to 845 and has stayed above 800 since then. I assumed you need multiple credit cards to achieve a very high score. I have had only one credit card since I was 18, Discover card, plus paying back my student loans all these years without a missed or late payment. I considered buying a house but after crunching some numbers and doing my extensive research, homeownership is no longer my goal. I won't really need the very high score but it's still nice to have 😊. I know they're various ways to repay school debt but this is the option that worked for my situation. I hope sharing this information is helpful especially for those single income folks, living alone with no financial support from a partner/spouse/family or anyone. If you are doing this 100% by yourself, you can do this! Learn from my mistakes. Hang in there with those payments but make sure you have a good strategic plan to pay it off. It's okay to take some reasonable breaks, it can be overwhelming. You work so hard on your own, once in a while you deserve a reasonable reward during this journey. There's light at the end of the tunnel. Good luck to EVERYONE paying back their school loans. [link] [comments]  |
| Why would interest make up 8% of my payment this month when the loan itself has 3.4% interest rate? Posted: 28 Feb 2020 03:49 AM PST |
| Extra Payment Applies to Interest First Posted: 27 Feb 2020 09:37 AM PST Hey guys, specific question here. I see that Earnest has a policy where extra payments apply to interest before principle. My plan was to choose a lower per month payment plan to be safe and apply extra payments every month as much as possible. Is the fact that it applies to interest first screwing me? Let's imagine interest rate is the same because the difference is negligible to me and I don't want to get caught in the weeds with that. Situation 1: 450/mo + 150 extra/mo Situation 2: 600/mo + 0 extra/mo Will these situations be equivalent? Or should I factor the way the extra money is applied to my decision? [link] [comments]  |
| Posted: 27 Feb 2020 09:35 PM PST So I recently graduated with a master's in clinical mental health counseling in December 2019 and I had also previously earned a bachelors in psychology. I originally attended a community college and did a lot of credits there but then I made the stupid mistake of transferring to a small private school to finish my undergrad and then earn my masters. In total, I took out over $70,000 in student loans and the approximate total that I have now is $77,429 ($70,747 principal and $6,682 accrued in interest at a 5.4% interest rate, $57,000 of them being unsubsidized loans). I kick myself all the time on daily basis for making the decisions I did as I did not grasp the full ramifications of what pulling out loans truly entailed but what's past is past and I want to do my best to control my present and future as I'm much more mature and aware of things now. I recently got a job as a full time substance abuse counselor at a detox facility 9am-5:30pm) that is currently paying me $21.00 per hour which rounds out to about $42,000-43,000 per year if I maintain it and I can get a raise after almost a year there. I also am currently working full time as a telephone Helpline/Crisis Counselor where I make $16.18 per hour which rounds out to about $33,000-$34,000 from my health benefits there. I work the overnight shift (9pm-5:30am) there and have been working there for 4 years. I have been working these two full time jobs for the past month and while it's been tough, I've been able to manage thus far. If I were to keep doing this my income would basically be around $70-75 k per year. I live at home with my parents but I do pay the electric bill, water bill, for my phone, family groceries from time to time, our at&t uverse bill, and often pay for family meals,and assist with other financial obligations when they come up. I'm single, I don't go out pretty much, except to the gym often ($20 per month). I have also had a long time desire to join the military, not just for the loans, but that would definitely be nice to have them help with that or a HRSA job where they could help pay it for me. But I'm struggling to decide which way is better. To keep working 2 full time jobs or to try to join the military as I've wanted to for some time now? Or does anyone else have other suggestions on what options I should consider? Thank to those who read this long post!:) [link] [comments]  |
| Prepaying student loans with prepaid giftcards Posted: 27 Feb 2020 04:50 PM PST I wanted to revive this as a previous post on this has been archived. I just did a test $200 payment with a metabank VGC over the phone to process as a debit card payment and it just went through. If you are interested in maximizing credit card points, this is a path for you. The previous post suggested using 0% promotional APRs, which I do not condone. If you cannot pay off the balance in full each month, I highly recommend to NOT take this approach. My loan provider is MyGreatLakes and I was able to do this over the phone. Here's the archived post. [link] [comments]  |
| Posted: 27 Feb 2020 08:08 PM PST I recently graduated in November with my business degree and have decided to go to nursing school. I got accepted into clinicals and the total cost is right at $20,000 for a 2 year program. This includes books, tuition, scrubs, shoes, etc. My parents paid for my first degree ( whatever scholarships and TOPS didn't cover), but pretty much said I will mostly be on my own for this one and will they only help here and there. I talked to financial aid today and they told me I am ineligible for federal loans and that I must take out a private loan. I am new to the whole loan situation and am unsure where to start. I've heard to stay away from Sallie Mae and Navient. Is there any thing I should look out for and what are my options? Thank you! [link] [comments]  |
| Loans in collections, but I am in deferment? Posted: 27 Feb 2020 06:10 PM PST While I was still enrolled full-time, time came to pay for classes for the semester and stupidly I ignored the messages in my email from Nelnet and procrastinated getting my fathers signature and tax information. My funding was pulled from 2 years ago and I was hit with a bill of $7000 and unable to pay it went to collections. I am unable to get my transcripts, take more classes until I pay it off or it is settled with the collection agency. I have other student loans with Nelnet but those are all in deferment, is there anything I can do? I feel like I am in purgatory and its going to take forever paying $100/monthly so I can go back to school. [link] [comments]  |
| Can my classes be cheaper then what I was originally told? Posted: 27 Feb 2020 01:07 PM PST I was told my classes would cost $3.5k so I had to take loans out. And I just viewed the total bill and it seems like they only cost $1.7k but honestly I have no idea how to read this info correctly. Someone help me please. [link] [comments]  |
| Student loans in default, one time payment deal? Posted: 27 Feb 2020 12:58 PM PST As per this post before https://old.reddit.com/r/StudentLoans/comments/fa2cma/help_on_old_student_loan/ I seem to have just found out I have 30 year old student loans in default that I didn't know about. I'm going to contact who the government website says is handling the loan to get it cleared up. It's a federal loan - 5 of them. Looks like (rounded totals) $9,600 principle $5,000 interest $2,600 collection fees When I call them and offer to pay it all up front, will they work with me a bit. I know principle can't be taken off. And I assume with federal loans the interest stays. But can I say I didn't know about the loans and you never tried to garnish my wages or anything. Let me pay right now the principle and interest and you can 1099c me and forgive the collection fees? Is there any negotiating to be done with defaulted federal loans? [link] [comments]  |
| Anyone attend University of the People? Posted: 27 Feb 2020 12:47 PM PST I'm planning to attend starting with this summer semester. Does anyone know if Federal Student loans can be deferred while attending? What is the quality of education like? TIA [link] [comments]  |
| Defaulted loans in rehab, 2019 tax return being offset tomorrow by ED. Posted: 27 Feb 2020 04:03 PM PST so today I found out my return is being offset by the Department of Education while i'm rehabilitating the loans through National Credit Services. On the Rehabilitation Agreement form that I signed with NCS, one of the points stated that "After the date on which the my loans are transferred to ED's loan servicer, ED will refund to me at the address on my billing statement ANY INVOLUNTARY payment ED receives (for example, a Treasury Offset). Does this mean they will give me my tax return back after I complete the rehab? Or is there any way I can prevent them from offsetting my return in the first place? I also contacted the ED Student Loan Ombudsman today and they had me email them a picture of the signed agreement with NCS and told me to call them back next week concerning this issue. Any advice would be nice thank you [link] [comments]  |
| Approaching $200,000 debt...fffff..help me please Posted: 27 Feb 2020 12:49 PM PST Starting to do some research and I need some help. I'm up to my eyes in student loan debt. It's almost at $200,000 now at 7.2% after 9 years. Like many people in this predicament, I went to law school during the subprime crisis/financial meltdown, but did not get a biglaw job. Instead, I started off with lower paying jobs at smaller firms, but now I'm at more comfortable salary in a mid-COL area. About $145,000/year gross. I've been on IBR since the beginning, and my current payments are around $1,000 which doesn't do anything for the principal. I could've been more aggressive with paying down the loan and tightening the belt, but I wanted to live life as well...not parties and travelling, but got married, bought a house, bought cars, had kids, etc. Nothing extravagant but when I wasn't making $145,000, I couldn't afford to pay $2,000/mo since I was making closer to $50,000. My wife took the opposite route, and paid down her $120,000 worth of student loans aggressively and thankfully had a six figure job upon graduation to be able to do so. She now has zero student loans. As far as other debt, we have our mortgage ($230,000 left @ 3.5% - $1,600/mo) and car payment ($600/mo, $19,000 left @ 2.99%). We have enough savings to pay the car off today and plenty left over in savings if we wanted, and that would leave us with just the mortgage, as far as joint debt. We generally don't want to have debt, and while we make about $245,000 combined, I don't want to burden her with my student loan debt. Also, we generally keep our finances separate, but we want to make sure we support each other in making good decisions, saving enough, etc. We generally split household costs as well. The question came up as to whether it makes sense to ride it out for another 16 years or so for IBR vs refinancing and paying down debt aggressively and cut into my own savings. Of course the tax bomb and whether forgiveness of debt will happen is an unknown - who knows what kind of games they might play in the future (looking at the PLSF debacle), so that makes things even murkier. I can't even find a calculator that takes my prior payments into account to do a comparison. So what say ye? Just pay down the car, and be more aggressive on the mortgage, and ride out the student loan until forgiveness? What types of rates are available nowadays, even if I qualify? I do have great credit (+800), but do student loan refinance lenders use a different formula? Thanks for any help. [link] [comments]  |
| Activist Petition - Responsibility on the Colleges’ Part for Repayment Ability Posted: 27 Feb 2020 11:52 AM PST Hello Redditors, Please sign and share my petition (http://chng.it/nqGPHnxf) to help struggling student debtors who have been mistreated by their institutions of higher education. Thanks, Mark [link] [comments]  |
| Recently married with Questions about co-signing IDR form Posted: 27 Feb 2020 08:05 AM PST Hi, this is the first tax season for my wife and I, as we were recently married so I have a few questions. My wife has a about 40k in student loan debt and I have none. We filed our taxes separately as to avoid her payments going up. She is on the PAYE repayment plan and is going through the process of recertification of her loans and I have been asked to co-sign the IDR form. I have a few questions about what this means for me. Will this go on my credit history/ show up on my fico score? Will I even be associated with the debt? Any and all information is welcome! Thank you [link] [comments]  |
| Posted: 27 Feb 2020 11:40 AM PST I want to study abroad at a foreign institution but I basically can't find a single American private loan company to provide loans. The U.S. government provides loans to go to a few out-of-country schools but not all. Sallie Mae also will loan for some schools but not all. Are there any other options? [link] [comments]  |
| How do apartments evaluate student loans? Posted: 27 Feb 2020 07:49 AM PST Hi all, I've been googling this to no avail. I hope someone can help answer this. I'm currently still in school and graduating in May. I am moving to a new city and need an apartment before my job starts in June. The apartment I'm interested in says for the application they'll run a tenant screening process which will include a standard credit/renter check but also includes debt obligations. From what I've found online they are just looking at monthly obligations but since my loans have no required payment yet and are deferred until graduation I don't know what will happen. Will they create an estimated payment schedule or will it show up as no monthly obligation? My 6 month grace period will end in November. Thank you in advance! [link] [comments]  |
| Am I doing the math correctly on this? Posted: 27 Feb 2020 11:31 AM PST I have about $62,000 in student loan currently. My loans are stafford federal through Great Lakes. Currently I pay $1400 a month in two payments of $700 each on my loans. I'm tired of my loans accruing any amount of interest. In addition to the $1400 I pay on my loans, I also want to make a daily payment equal to the amount of compounded interest accrued daily. I used this site to calculate how much interest each loan accrued over the course of one month. I then took that amount and divided it by 30 to see how much I should pay each day. I did this for each of my loans and came to a grand total of $10.75 I should pay daily to keep the interest off across all my loans. Here is an example of the math I did: $3384.83 @ 6.55% accrues $18.52 a month in interest if left untouched. So I took $18.52/30=0.62 I should pay each day. I did this for everyone of my loans. If I do this payment daily I know the principal will get smaller and the $10.75 will be more than the daily accrued interest, but I want to keep it fixed at that amount for assurance. Maybe I'll recalculate every two months. This plan would eliminate all interest from my student loans though, right? Thank you for reading all of this. My loans are: 3,101.69 5.750% fixed pay 0.50 daily 1,537.25 6.550% fixed pay 0.28 daily 5,281.87 5.350% fixed pay 0.79 daily 2,277.27 6.550% fixed pay 0.42 daily ---------------- ----------------> $10.75 daily 5,144.01 4.250% fixed pay 0.61 daily 1,079.62 6.550% fixed pay 0.20 daily 8,220.13 6.550% fixed pay 1.50 daily 12,246.90 6.550% fixed pay 2.24 daily 19,708.27 6.550% fixed pay 3.60 daily [link] [comments]  |
| How exactly does student loan forgiveness work? Posted: 27 Feb 2020 08:07 AM PST I owe loans but I haven't found a decent paying job in my career field. I have been applying and after 6 months my interest will start accruing. Is there anyone to get my loans wiped out or pushed back to before interest starts accruing? [link] [comments]  |
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