My student loan balanced jumped $8k overnight Student Loans |
- My student loan balanced jumped $8k overnight
- Student loan refinance gone wrong
- Questions RE Consolidation and Payment (some loans are in my parent's name)
- Can't Find An Answer
- Loans and Amortization
- Graduate school cost of living loans
- Can defaulted Government loans ( ASA / ECMC) be put in Rehabilitaiton? What if they have sent a WG letter?
- best way to manage federal loans
- Is this a good refi rate? (3.34% fixed, 5 years with SoFi)
- Student Loans caught up to me
- High School Senior with Questions
- How much financial aid limit w grants?
- Help with navient private loan
| My student loan balanced jumped $8k overnight Posted: 28 Feb 2020 10:58 AM PST I had $85k in student loans last month and have poured in over $20k a year for the past 3 years plus min balances for years before that in order to pay it down. I go in today to make a payment and I see my balance shot up to $99k. I look at my statements from one month to the next and compare to see what happened. They restructured all of my past payments so that more went to interest than to principle. I called Nelnet and they were 0 help. I finally was transferred to a specialist after 90 mins and she seems to believe that there was a mistake made in my school codes. I graduated in 2009, if they made a mistake how can they possibly come after me 11 years later!? She 'thinks' that an incorrectly filed school code had my interest forbeared during a time when I wasn't actually in school. If I was in school they wouldn't be charging me interest but if I was out of school then interest would have racked up. It makes sense. But if this is their mistake how can they come after me like that after 11 years have passed? I literally had a celebration with the fiance after I broke below $90k in debt. We are trying to buy a house. For my balance to jump up like that is the type of thing to make kids go crazy. I have been struggling. She has to call me back after she does more research. I can't sleep at night. This is so beyond wrong. I would expect this sort of thing from a private lender but from our own government? This is how we treat the youth of our country?? I feel so powerless and like I have no control. Who's to say they won't do this again in 5 years and say woops we made another mistake you now owe another $14k. I feel so hopeless like I will never get out of this perpetual debt. I try so hard to push through and do the right thing and for what? Any advice or positivity would be appreciated. Having a really rough go of it. [link] [comments]  |
| Student loan refinance gone wrong Posted: 28 Feb 2020 08:55 PM PST I have roughy $94,000 in total student loan debt with 8 different loans at FedLoan. Interest rates range from 6.06% to 3.61%. I recently refinanced all but two loans (both 3.61%, about $7,500 total) with CommonBond to 4.0%. The $86,500 was dispersed on Monday and the balance promptly showed up on their servicer's website (Firstmark). Of course FedLoan is ungodly slow to post payments and I've been checking all week to see that balance drop. The payment finally appeared on FedLoan this evening. I was excited for a few seconds but then I looked a little closer. Cue freak out. It appears as if there were 6 different payments made, each in the amounts of the 6 loans to be refinanced. However, instead of applying each payment to one of the 6 loans, each payment was applied across all 8 loans. All but one loan still has a balance. The high interest rate loans are still continuing to accrue interest at the higher rates. The lower rate loans that weren't supposed to be touched were paid in part and essentially refinanced to a higher rate. Most concerning is that I now have a payment due to Firstmark plus nearly a full payment due to FedLoan since the loans weren't paid in full! Does anyone have any insight or experience here? Is this something that can be easily corrected? Should I be contacting CommonBond or FedLoan to fix this? I have already emailed CommonBond's care team but of course I didn't see this disaster until I got off work this evening so I'll just get to spend the whole weekend worrying until I hear back. I haven't contacted FedLoan yet but I have not had successful communications with them in the past so I am not feeling hopeful there. Any advice or reassurance would be appreciated. [link] [comments]  |
| Questions RE Consolidation and Payment (some loans are in my parent's name) Posted: 28 Feb 2020 05:09 PM PST Hello, I'm considering consolidating my college loans via a private loan servicer, but I have some concerns. Currently, all of my loans are with federal loan servicers, some of which are under my mother's name. The loans in my name are taking into account my income, while those under my mother's name are taking into account her income; therefore, I am unable to afford these payments based on my income alone. I've been looking into consolidating all of my student debt through a private loan servicer, but unfortunately I'm not very knowledgeable on the subject and am worried about losing the current benefits I have with the federal loan servicer. At the moment, I'm in between jobs and have my loans in forbearance, but those under my mother's name will become active very soon. I've been told that I can't legitimately take on those under my mother's name unless I go to a private servicer. Can someone please direct me to some resources or offer some advice on how to handle this? I'm currently moving to a new city and am struggling to figure out affordable payments so that I can survive on my own once my new job starts. Thanks! [link] [comments]  |
| Posted: 28 Feb 2020 08:51 PM PST Hello, I'm on the IBR plan due to pay 0 dollars per month, can I stay on that plan but pay an amount of my choice every month instead like 300 or will that take me off the plan. [link] [comments]  |
| Posted: 28 Feb 2020 01:12 PM PST I have federal student loans through Fedloan Servicing and am currently in the REPAYE program. I am two years into PSLF. I owe roughly $170k in student loans. I am trying to buy a house, and my loan officer needs to know (in writing) if my loans are fully amortized. Two questions for you:
Thanks in advance! [link] [comments]  |
| Graduate school cost of living loans Posted: 28 Feb 2020 07:50 PM PST Hi all, I was recently accepted into a master's program that I *need* to complete as an entry level requirement into my field (Occupational Therapy). I am looking into my finances in preparation (program begins in September 2020 and is 7 semesters long, I will graduate December 2022) and I have some questions and concerns. My program will cost a total of ~46,000 with the first year totaling ~$20,400 (tuition, fees, books, supplies). I applied for FAFSA and was offered $20,500. I currently work full time and make decent money but will have to greatly reduce or completely eliminate my hours when the program starts. I estimate that I will have about $3,000 saved by the time the program starts. This leaves me with probably $5,000(? I haven't done any hard math yet) in living expenses for a year. When we aren't in classes we will have fieldwork so I don't anticipate being able to work in between semesters enough to make much of a dent in living expenses. Therefore, I have been looking into private loans. I know the general rule is to NOT take out private loans, but I need some actual advice for when you *have to* take them. I have been looking at my local credit union or SoFi so far. They seem relatively comparable, here's the stats for my credit union: 15 year term, fixed rates as low as 6%, variable rates as low as 4.3%, defer payments for up to 5 years while in school, 6-month grace period after graduating, and an option to make interest-only payments during the first 2 years of repayment. My undergraduate loans were a total of $34,250 - all federal, after interest they should be $41,134.95 when I graduate grad school. My projected salary is an average of $85,000. My questions are:
Thanks for sticking with me so far! I think that's it. [link] [comments]  |
| Posted: 28 Feb 2020 01:54 PM PST Hello - Ok, so I have a very old Government loan (36K) in default - trying to figure out best approach to deal with it. ISSUE: they sent a wage garnishment letter to a company I work for sometimes as a 1099 contractor (Some part time bookeeper stupidly told them I'm an employee on the phone). Theo loan is with ASA and ECMC is the processor My only option seems to be to try and get the loans into a rehab program - which is ok, I can make some kind of payment & it was inevitable I'd have to. 1) Does anyone know if ASA /ECMC will allow me to enter into loan rehab if they have sent a Wage garnishment letter? ( super specific question i know - but can't hurt to ask I guess?). 2) If a defaulted loan goes into a rehab program - will penalties / additional interest be added to the principal? I've been researching - but very little specific information is available/. Any thoughts or suggestions are appreciated - thanks! [link] [comments]  |
| best way to manage federal loans Posted: 28 Feb 2020 12:52 PM PST Hello all! I'm trying to figure out the best way to become debt free within 20 years. I have about 200k in student debt thanks to undergrad + grad school. During time between undergrad and grad school i missed a few payments which I mention because I believe that affects student loan forgiveness. I also had loan forbearance while I was in grad school. Since i graduated 3 years I have been early with every payment and have been paying more than my IBR requires. Now for the question. my IBR requires that i pay about 700 a month. I can afford at least 1200 per month and am trying to get my car paid off so I can make that 1600 a month. At this rate i'll be payed off in 20-25 years and have spent a LOT on interest. Now i needed the money to go to grad school and I'm very happy that I did so I'm not complaining about having to pay, just trying to figure out the best financial decision here. Am I eligible for loan forgiveness? Again, I missed a few payments ( think i was 80 days behind on one bc I was irresponsible and young and stressed, I payed all the money i owed and caught back up after this) AND i was in forbearance during grad school which i believe affects loan forgiveness as well. I work as a PA for a nonprofit hospital but unfortunately im a contracted employee through a for profit org so unless I change jobs (which im willing to do) I wouldn't get forgiveness that way (i believe forgiveness is 10 years at a underserved population which my area is AND/OR nonprofit hospital which technically I am not, feel free to correct me if I'm wrong im here for advice). Do I refinance with private loans? My credit is excellent, income is solid, I get letters every month from many private lenders wanting me to refinance for something like 3.5-4% which is much better than the 7% the government is giving me. I held off bc I don't know if I'd ever be eligible for loan forgiveness plus I have dreams that one of the Dems running on debt forgiveness will win 2020 though tbh im not holding out that much hope. Tl/dr: I owe a lot to the federal government. I'm asking if any experts know if I qualify for debt forgiveness. Should I pay as much as I can to burn through my debt or pay as little as is required and shoot for debt forgiveness OR do I refinance and go with private loan company. THANK YOU. Edit : I'm a physician assistant, I make about 110,000 yearly, my partner lost her job so rent and a few more expenses are on me right now but hopefully that will be remedied soon! It's really good information you all sent me. Ill definitely be looking into how many qualifying payments I've made and if that forgiveness can apply to me. Thank you all! [link] [comments]  |
| Is this a good refi rate? (3.34% fixed, 5 years with SoFi) Posted: 28 Feb 2020 10:09 AM PST I've been competitively shopping for a good interest rate to refinance my $61,000 of student loans left remaining. The best I have been able to get is 3.34% (includes auto pay discount, which I will be using) for 5 years with SoFi. I was hoping to get the rate even lower (fixed or variable, I was open to whatever was lowest...), but I'm excited to stop paying the 6.8% interest at which my loans are currently set! Is this similar to your experiences? Stats: My credit score is 800+, annual salary of $95,000, and I've never missed a loan payment. [link] [comments]  |
| Posted: 28 Feb 2020 03:58 PM PST My favorite time of the year. Tax season, sucks seeing the money and how much is taken but I do like getting a refund. Planning out a trip away for a couple days, new clothes, catch up on a couple bills... you know a the adult stuff. Then the IRS decides curb stomped a train wreck right into my aching skull and says no way Jose we are redirecting the funds to my 20 year old college loan debt. Ugh... anyone relate? [link] [comments]  |
| High School Senior with Questions Posted: 28 Feb 2020 07:04 AM PST Ok so basically I'm currently deciding between schools and the loans that come with it. For the Parent Plus loan is there a minimum monthly payment that my parents have to pay while I'm attending college or do they wait until 6 months after college graduation to start paying monthly payments? I hope I asked my question correctly. I just need help with this, it's just too confusing. [link] [comments]  |
| How much financial aid limit w grants? Posted: 28 Feb 2020 12:07 PM PST So my girlfriend is stressed over her student loans. She's lucky enough to get grants to pay for half her semesters. But we're not so sure the grant may come in for the summer and didn't get clarification. BUT we have until Monday to make a decision over what is the limit the financial aid should be set. So I've never had to take out financial aid and this is her first time for grad school as she didn't have to for undergrad. So we're clueless, what should she do? Should she declare the highest amount just in case? If she gets full financial aid for the semester, but then the grant kicks in down the road for half semester, (I'm told they'll put it directly into the student account) a surplus kicks in & she'll get a refund check, can this go straight to pay back the student loans she owes so far? Or is this not allowed? Or not the preferred way to handle? [link] [comments]  |
| Help with navient private loan Posted: 28 Feb 2020 07:40 AM PST My loan payment keeps going up but hardly any progress on paying them down . if it continues to increase i absolutely cannot pay it . I'm sitting at 800 a month right now . if I really can't pay it do they continue to increase payment amount ? And how do I make progress on these I would assume by paying more each month ? The interest is killing me and i haven't been able to consolidate at lower interest . do financial advisors generally help in this area? [link] [comments]  |
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