How the IDR tax bill works Student Loans |
- How the IDR tax bill works
- $31,338 in Student Loans - How should I deal with this?
- Is there a way to predict how much you will be taxed on student loan debt that is forgiven?
- IDR Plan Advice: At my current salary, my Projected Loan Forgiveness ($222,532) exceeds what I will pay ($218,432 over 240 months). At what point will my salary be high enough that the amount I pay will exceed Projected Loan Forgiveness?
- I recently consolidated 2 of my private student loans (1 from Discover and 1 from Sallie Mae) through Sofi. My new loan is all setup and running but my private loans are still active and have payments scheduled. How long does it take for those loans to get paid as completed?
- In high school I took so many college credits that I have 45 credits and can be considered a sophomore
- Unpaid interest on unsubsidized and subsidized loans
- 35 2nd bachelors/masters lots of student loans
- Refi Rate Competition + Matching
- College School Debt Problem
- Trying to buy a home but need help with plans paying student loans.
- Student debt problem
- Living Abroad, Self-Employed and Student Loan
- PSLF - payments made in forbearance do not count as a qualifying payment unless forbearance was an error
- If you need a laugh: I paid off another loan and they still charged me my monthly autopay, so...
- Need advice for 80k in private student loans!!
- Direct Parent Plus Loan - Taxes
| Posted: 06 Feb 2020 04:24 PM PST We get a lot of questions about how the taxes work for the forgiveness on the income driven plans. This article does a decent job explaining how it works. https://thecollegeinvestor.com/22725/student-loan-debt-forgiveness-insolvency/ [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| $31,338 in Student Loans - How should I deal with this? Posted: 06 Feb 2020 07:22 AM PST Hi all, . I am 27 years old and make around $41,000 right now. I've been thinking of maybe putting $10,000 towards my loans and keeping $7,000 for emergency fund. I know it's recommended to target the loans with the highest interest first but I've also noticed that my bigger loans for example Navient loan #1 accrues quite a bit of interest even though it's only 3.8% (I'm guessing because it's a larger sum of money) And no, the interest is not a huuuuge amount but I still don't like giving away $20 every month just because lol. I was wondering which loans you guys would recommend to target first and if you think doing $10,000 is the correct decision? Any other advice would be much appreciated as well.
Total = $24,704.58 Minimum payment $257.05 10 year repayment plan ECSI Perkins Loan $6,634.00 – 5% Monthly Payment $74.25 Final total of all loans = $31,338 [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is there a way to predict how much you will be taxed on student loan debt that is forgiven? Posted: 06 Feb 2020 02:51 PM PST I'm on IBR and may wind up with loans being forgiven after the 25/35 years or whatever because I never pay them off completely. Is there any way to calculate what I'll owe in taxes based on the loan amount forgiven? Right now I owe around $45k. All under IBR. Thank you! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2020 11:48 AM PST I want to know if and when I will be making enough money to justify paying them off faster. Anyone out there have a working model where I could plug my information into to find out the salary at which my payments overtime will exceed my projected loan forgiveness? Factors: 1) Have graduate student loans 2) Currently make $85,000 per year Loan Information: Current Balance:$202,956.39 Loan A: Interest Rate: 5.600%, Accrued Interest: $81.33, Last Payment Received: $8.22 on 01/27/2020, Outstanding Balance: $4,234.79, Principal Balance: $4,153.46 Loan B: Interest Rate: 6.800%, Accrued Interest: $213.96, Last Payment Received: $5.11 on 01/27/2020, Outstanding Balance: $2,799.86, Principal Balance: $2,585.90 Loan C: Interest Rate: 4.500%, Accrued Interest: $136.59, Last Payment Received: $7.29 on 01/27/2020, Outstanding Balance: $5,663.59, Principal Balance: $5,527.00 Loan D: Interest Rate: 5.410%, Accrued Interest: $2,692.95, Last Payment Received: $30.06 on 01/27/2020, Outstanding Balance: $25,483.92, Principal Balance: $22,790.97 Loan E: Interest Rate: 6.000%, Accrued Interest: $67.57, Last Payment Received: $6.40 on 01/27/2020, Outstanding Balance: $3,304.23, Principal Balance: $3,236.66 Loan F: Interest Rate: 6.800%, Accrued Interest: $225.27, Last Payment Received: $5.38 on 01/27/2020, Outstanding Balance: $2,947.65, Principal Balance: $2,722.38 Loan G: Interest Rate: 6.800%, Accrued Interest: $1,645.61, Last Payment Received: $12.58 on 01/27/2020, Outstanding Balance: $11,184.11, Principal Balance: $9,538.50 Loan H: Interest Rate: 7.900%, Accrued Interest: $4,803.38, Last Payment Received: $119.29 on 12/31/2019, Outstanding Balance: $15,690.38, Principal Balance: $10,887.00 Loan I: Interest Rate: 7.900%, Accrued Interest: $5,579.49, Last Payment Received: $155.71 on 12/31/2019, Outstanding Balance: $19,791.49, Principal Balance: $14,212.00 Loan J: Interest Rate: 6.410%, Accrued Interest: $3,639.59, Last Payment Received: $16.58 on 01/27/2020, Outstanding Balance: $16,207.59, Principal Balance: $12,568.00 Loan K: Interest Rate: 7.210%, Accrued Interest: $3,639.53, Last Payment Received: $18.23 on 01/27/2020, Outstanding Balance: $17,459.53, Principal Balance: $13,820.00 Loan L: Interest Rate: 6.210%, Accrued Interest: $3,312.04, Last Payment Received: $28.83 on 01/27/2020, Outstanding Balance: $25,173.09, Principal Balance: $21,861.05 Loan M: Interest Rate: 6.210%, Accrued Interest: $3,312.04, Last Payment Received: $28.83 on 01/27/2020, Outstanding Balance: $25,173.09, Principal Balance: $21,861.05 Loan N: Interest Rate: 7.210%, Accrued Interest: $754.37, Last Payment Received: $3.61 on 01/27/2020, Outstanding Balance: $3,491.37, Principal Balance: $2,737.00 Loan O: Interest Rate: 6.800%, Accrued Interest: $4,836.45, Last Payment Received: $36.20 on 01/27/2020, Outstanding Balance: $32,284.00, Principal Balance: $27,447.55 [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2020 07:23 PM PST | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2020 07:49 PM PST The Stafford loan limit for freshman is 5,500 dollars and I was wondering, if I am technically a sophomore can I get more in Stafford loan limits [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unpaid interest on unsubsidized and subsidized loans Posted: 06 Feb 2020 09:11 PM PST My wife and I are trying to attack our student loan debt. We have some Unpaid interest on unsubsidized and subsidized loans. My strategy was to make the minimum monthly payments on all the loans and pick a mix between the avalanche and snowball on the unsubsidized (so pick loans with similar loan amounts but pay off the highest interest off first. On her loans we have about $500 worth of unpaid interest. She recently went back to grad school so it appears the unpaid interest on the subsidized loans has stopped increasing. My question is: should we focus on cutting the unpaid interest down on all the unsub loans so that doesn't accrue more interest or just go with what we have and prevent new interest from accruing with minimum payments and use the remaining funds to attack a specific loan. I know I'm making this sound more complicated than it needs to be. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 35 2nd bachelors/masters lots of student loans Posted: 06 Feb 2020 07:48 PM PST I'll be 35 when/if I start school this year. I have a totally unrelated bachelors and really really want to study ecology. I can't imagine I will make much money at it but my desk job and corporate job has put me in a deep depression. I love the environment more than people and want to work towards protecting it. BUT I'm worried a ton of student loans will be a big depressing weight for me and my husband. Bc of my age and having a bachelors, I don't qualify for certain grants/loans and would need to take out maybe 60-80k (lots of private loans) for 2 more yrs of bachelor and then masters (estimating). It could be more. I would be at a state school where cost of living is a bit lower but so are wages. Are there any thoughts on alternatives? I really want to do it but the thought of the debt. my husband is not a us citizen and wants to be a paramedic when he gets his gc so he would also be going to school and couldn't support us fully if he does that. Has anyone else followed a dream career that was expensive but don't make a lot of money in the career? How did you deal with the debt? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refi Rate Competition + Matching Posted: 06 Feb 2020 07:09 PM PST Hello fellow student loans people. Been perusing this sub for about a few weeks now and gotten some good insight on my about to be started refinance journey. Interested to know here though about how some were able to get one refi firm to match and/or best another refi firm? I get the whole "call them up, provide screenshots" etc etc but I guess what I'm asking is whether or not anyone who had success doing this did it by sending screenshots of the pre-approval rates or the actual offered rates post application / hard credit pull? Not opposed to applying to several firms to get their actual offered rates but then again not too excited to have several hard pulls on my credit report listed for a year or however long they keep it. So tell me: screenshots of pre-approval rates or post application rates? Thanks! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2020 08:34 AM PST Now I don't know if I'm in the right area for this kind of question, but I thought I would at least check. So I'm 2014, I attended college for 1 semester and dropped out after it was over. (VERY stupid of me, please don't lecture.) Well it's 2019 now and for the past two years I've been trying to go back to school, but a different college than I previously attended. The current college requires my previous Student Records but my previous college is holding them hostage until I pay $5,400 for the apparent year I was there. Now the question is: How can I pay this? I'm assuming I would need to take out a personal loan to pay this, but just wanted to check if I have different options. Thank you! TL;DR : I dropped out of college in 2014, trying to go back now. Owe $5,400 before I can go back. How do I pay? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trying to buy a home but need help with plans paying student loans. Posted: 06 Feb 2020 02:52 PM PST I am a 30-year-old Nurse who just graduated. Been working as a Nurse since June. I currently still live with my mom since I am a single dad and it was easy for school and it was someone to watch her. Well, I have been saving for a house and now it seems almost impossible with my loans coming into play. This is what I am working with. Income about 3,800 a month Cash on hand $16,000.00 Bills Car Loan $265.52 Car Insurance 120 Phone Bill 120 Electric - 130 Internet - 60 Total 695.52 a month Around $3,200 leftover a month Student Loan Provider Navient. All loans are FFELP except two.
Total Payment: $350.63 The total amount of loans $39,739.77 REPAYE without forgivness paying over 190 months (15.8 Years)
REPAYE with forgiveness paying over 120 months (10 years)
My question is since I work for a non-profit do I just do a consolidation into a direct loan and get into a REPAYE plan at 6.25% and pay 10 percent of my income for the next ten years and hope that I can do the loan forgiveness. Or do I wait for a house and hit my loans head-on? I really want to provide my daughter with her place and not have to rely on grandma. Can I even afford a house when 10 percent is going into loans for the next ten or 16 years? What is the best option for me? Thank you all for your advice. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Feb 2020 02:13 PM PST So a few years ago i decided to go back to University and I did not realize I did not have financial aid I only ended up finding out after a few weeks in the semester as a result I withdraw from all but 2 classes however I was only given a half refund for the classes and ended up owing about 4000$ without me even knowing. Has anyone experienced this before and do you think it is possible to dispute this debt now? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Living Abroad, Self-Employed and Student Loan Posted: 06 Feb 2020 12:42 PM PST Hi all, I am confused about student loan IBR when I am living abroad. I'm making about $25k a year. What I know is:
However, when it comes to my student loan IBR, what tax information are they going to use to determine my monthly payment? It will be $0 based on federal tax but it will be a different amount based on self-employment tax. I can't afford paying both the 15% self-employment tax in addition to student loan payment.... Can someone please help me clarify? Thank you so much. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 05 Feb 2020 07:06 PM PST I just spent about 40 minutes on the phone with customer service. Sometimes you get someone who is actually kind of helpful (shout out to Hannah). Fed Loan has miscalculated my number of qualifying payments for YEARS. Tonight I find out that various events can trigger forbearance even if you don't request it. Sometimes switching repayment plans triggers forbearance, for example. Sometimes recertifying your income can trigger forbearance. If you're in forbearance and a bill doesn't issue, your payment doesn't count. Even though I have made 120 qualifying payments, some of my payments weren't being counted because they were made during forbearance. The CSR from PHEAA indicated this was their error because a bill had actually issued and I paid. But here's the scary part: I have been trying to tell PHEAA for years that I made these payments. It wasn't until tonight when I spoke with Hannah that I actually got some real answers. Despite multiple people reviewing these same issues over and over, it was Hannah that noticed that PHEAA messed up and miscalculated. Some of my payment reviews were denied for no reason. Hannah requested overrides for these, which I should hear back on in 30-60 days. So, the lesson is, find a good CSR, be diligent about asking how they are calculating your payments. You can request a payment review. And if that doesn't work out, keep calling until you get someone with answers. tl:dr Fed Loan was miscalculating my number of payments until a good CSR reviewed my records and requested overrides on payments I should have received credit for. The errors were caused by an incorrect forbearance status. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| If you need a laugh: I paid off another loan and they still charged me my monthly autopay, so... Posted: 05 Feb 2020 04:50 PM PST | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Need advice for 80k in private student loans!! Posted: 06 Feb 2020 03:10 AM PST So long story short I took out 2 private student loans which equal 1k a month payments to Navient. I am the primary on one and my father co signed one and I have used up all my forbearance and deferment. There willing to bring down payments to roughly 600 month for 6 months but that's my mortgage payment so that isn't going to work. I am late on my first payment as of January 22. My father works for federal government as a contractor so he could be in trouble as well with the one loan due to if he gets a new job in future and has to do security clearance. I have 3 kids and my wife with messed up credit already but make enough to provide for my family right now but can maybe make a 150 to 200 payment on loan. But of course telling them that they didn't want to hear that and they of course aren't willing to help me get that low. So any advice would be nice? Thanks [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Direct Parent Plus Loan - Taxes Posted: 05 Feb 2020 07:12 PM PST Hello, what can I do to alleviate this load if the parent who took out the loan is going to retire and wont be able to pay the monthly bill? As the student, I can start paying for it, but since the loan is not under my name but does claim to be a load for me, can I put it in my taxes if I start paying for it? [link] [comments]  |
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