Paid off Sallie Mae!! Student Loans |
- Paid off Sallie Mae!!
- How do you find a balance between wanting to pay off student loans aggressively and also wanting to enjoy life?
- Has anyone had a private student loan company refuse to reamortize their loan?
- Graphs, charts, or data on federal student loan repayment plans?
- Does switching to income-driven repayment plans for federal loans affect credit scores?
- Applying my Tax Refund all at once vs. monthly?
- Do I have to separately apply for Pell Grants?
- Ready to strategize paying off these loans (any advice welcomed!!)
- Federal Loan Settlement Negotiation with National Recovery Solutions
- International student wanting to study in Michigan State University for undergrad. I got no idea please help ��������
- Question on re-certifying IBR before taxes filed
- Is there a calculator that will give me a true weighted average of all my loans?
- starting to seriously tackle student loans - any advice for consolidation, refinancing, companies that offer those services?
- Took a loan out through Discover, now I have to withdraw from classes bc I got into a wreck and am currently in hospital, what will happen?
- Would you become a software engineer to save your financial life?
- Rant about common bond
- When to overpay on REPAYE?
| Posted: 02 Feb 2020 08:20 AM PST |
| Posted: 02 Feb 2020 06:28 PM PST I'm currently repaying about $70k in debt pretty aggressively. 85% of my paycheck goes straight to student loans. I hope to pay them off in the next 3 years or so, but I started really struggling with the thought of living the next 3 years like I am now (living at home, never being able to go out w friends, not buying new things, etc) So I was wondering how people deal with similar scenarios? [link] [comments]  |
| Has anyone had a private student loan company refuse to reamortize their loan? Posted: 02 Feb 2020 07:54 PM PST For example, if you pay 10k off of a 20k loan immediately they can reamortize the loan to reduce your minimum payment so that the original loan term is maintained. I don't believe there is a requirement for private companies to do this, but I am curious if anyone has had issues getting this done. Thank you for sharing your experience! [link] [comments]  |
| Graphs, charts, or data on federal student loan repayment plans? Posted: 02 Feb 2020 07:35 PM PST Hi, I'm an prospective college student and I wanted to ask if you guys know any good data that illustrates the exponential growth of student loan repayment plans or just graphs of the progress in general that I can use to compare and better understand which repayment plan is the best for me? [link] [comments]  |
| Does switching to income-driven repayment plans for federal loans affect credit scores? Posted: 02 Feb 2020 07:08 PM PST I want to switch from a standard 10-year loan with my federal loans to the REPAYE plan in order to extend it to 17 years since I feel the total 20k difference is something I can easily recuperate in the stock market anyway. Does switching to one of these repayment plans affect my credit score or anything similar at all? Also, what's everyone's opinion of the REPAYE income-driven plan? I'm a rather high earner (engineer) but I have a fair bit of debt (~80k). It seems the REPAYE is ideal over the PAYE. Standard repayment is having me pay over $950 a month now which is too high though. Thanks for any input or experiences. [link] [comments]  |
| Applying my Tax Refund all at once vs. monthly? Posted: 02 Feb 2020 07:02 AM PST So I have a loan in which my monthly minimum payment is $300. But I also want to start applying my Tax Refund money each year towards that loan to finish faster, and also to pay less interest in the long run. But I get so confused as to how interest adds up, I know it adds up daily... so my question is: Would it be better to do one large payment each year towards this loan with my Tax Refund money, or would it be the same thing if I were to divide my Tax Refund money into 12 months, and add it to my normal $300 monthly payments? For example, if my Tax Refund Money = (x), then which is better? (x) + ($300*12 months) OR [(x/12) + $300]*12 months Ultimately, it will be the same amount if we don't consider the interest, but will the interest be the same thing, or am I better off paying it in one large sum? I kinda wanted to have some emergency money throughout the year just in case I need it, so if it turns out that the interest adds up to be the same, I'd rather do that. But if the first option is better, then I'll do that instead. [link] [comments]  |
| Do I have to separately apply for Pell Grants? Posted: 02 Feb 2020 05:16 PM PST Or do the colleges already see if you're eligible or not once you file fafsa? So is there no separate application for that? Thank you! I'm sorry if it doesn't really fit the sub but I couldn't think of a better suiting sub. [link] [comments]  |
| Ready to strategize paying off these loans (any advice welcomed!!) Posted: 02 Feb 2020 12:28 PM PST I will be finishing graduate school in a few months and want to strategize to knock down my loans from undergrad and graduate school. Just recently, I have been paying a hundred or two towards the interest on the highest rate loans that I neglectfully let grow since undergrad. Here is breakdown: 1) $34,799 2) $21,285.09 3) $20,622.52 I don't find these big numbers daunting. Really looking forward to developing the best plan as I approach graduation. Thank you for any advice! [link] [comments]  |
| Federal Loan Settlement Negotiation with National Recovery Solutions Posted: 02 Feb 2020 09:14 AM PST I am currently being garnished by National Recovery Solutions for some defaulted student loans. When they first began the garnishment, my Current Balance was $30,426.47 and they offered a 25k over 90 days or Pay In Full deal to resolve the issue. This equated to a 16.6% discount. What they don't tell you is that this offer is thousands of dollars higher than one of the (3) options they are allowed to offer you without even get approval from the DOE. I was garnished nearly $4k before I entered into a settlement for $25,643 (~10% discount) and have been garnished ~$7k, as of today. I have since researched a lot and feel that I can get a better deal, so I am going to let this settlement lapse and try another offer on the 2/22/2020. I am calculating the 3 options and they come to these amounts based on a $22,599.45 Current Balance left:
*(all options seem to be dropping the collection costs which are currently $3,530) Am I calculating these right? Why would they offer Option 1 if Option 2 is ALWAYS less? Also, is it 90% of the Principal Balance + Interest ( (PB + I) * .90) or is it 90% of the Principal Balance plus the Interest ( ((PB * .90) + I) )? Either way, I feel like NCP is (obviously) trying to get as much of their "collection" costs as possible. Does anyone have any experience with navigating this situation? Do I even need to deal with NCP? Can I just choose one of these options and just pay the DOE? When I attempt Settlement offer #2 in a few weeks, for $17k (or maybe less), what is are the chances that they will accept? Thanks for your help!!!! [link] [comments]  |
| Posted: 02 Feb 2020 08:48 AM PST Their Cost of Attendence is 55k per year and I have a scholarship of 21k per year. The cost would now become 34-35k per year. I want to take a loan so that I can become a bit more independent than depending on my mom. How early can I be eligible to apply for loan or to take a loan? I have a few co-signers in the US, so that's not an issue. I really need to know because this part is stressing me the most and my parents can be a bit toxic sometimes. Also my major is Computer Science (BS) [link] [comments]  |
| Question on re-certifying IBR before taxes filed Posted: 02 Feb 2020 02:35 PM PST As the title says my re certification date is before my 2019 taxes will be filed. Is it okay to pull my 2018 tax documents again to calculate my payment? I do not want to use the paycheck method [link] [comments]  |
| Is there a calculator that will give me a true weighted average of all my loans? Posted: 02 Feb 2020 01:43 PM PST I have about 5 loan "groups" (thanks Nelnet) that have different balances and interest rates. Is there a calculator online, or has someone made one, that can consolidate these and show me a weighted average interest rate? If I can also plug in how long the loan has been accruing interest that would be great [link] [comments]  |
| Posted: 02 Feb 2020 01:33 PM PST no point in a long intro, i don't think, since we're all in (or have been in) the same-ish boat here, so i'll get right to the numbers. my most expensive/high interest loans are through FedLoan currently, with the breakdown as follows:
...totaling $82,228.99 i have another smaller loan (~$25k) through another DoE Federal manager, but the interest rates are much more reasonable (3.5-4.4%) and i'm not as concerned with re-managing repayment on that one, as the monthly payment is under $300. other factors that may affect how much i'm able to repay a month:
the FedLoan loans currently have a default payment of $1039.51/mo, as they were taken out by my parents via Parent Plus, and unfortunately are based off of my dad's income ($80-90k) vs my own $35k before taxes ($2200/mo take home, after taxes and insurance deductions) neither of my parents went to college (though my mom went back), and neither of them have much idea about how all these loans work - basically, they made damn sure we all had to attend college so that we wouldn't end up "like them", and now i get to dig myself out of debt hell... somehow. but!! i am determined to do it. the main advice i'm looking for:
i know it may be unrealistic, but i would like to pay these off faster than 10yrs, so that i can really focus on other areas of my life without having this hanging over my head. any other advice anyone can think to offer would be immensely appreciated. thanks for taking the time to read all this <3 [link] [comments]  |
| Posted: 02 Feb 2020 12:48 PM PST I took a 24k loan out for this year for school, spring-fall, to cover classes, books, and living expenses. Got into a bad wreck four days ago and am looking at being laid up for the next three months~. What will happen with the loan when I withdraw from classes? I am past being able to cancel the loan, it is due to be disbursed through my uni in a couple of weeks. What are my options? I will now be in even more debt from hospital bills, I'll be moving back in with my parents and they cannot help me with the bills and are saying I will have to get a job as soon as I am recovered enough to. What can and can't I use student loans for? I want to be able to go back to school in the summer to try to play catch up and then of course in the fall. I don't know if I will be able to afford to move back close to my school(my parents live two states away)and keep up with hospital bills and fund my schooling. What tf do I do? [link] [comments]  |
| Would you become a software engineer to save your financial life? Posted: 02 Feb 2020 12:17 PM PST I'm 31. I attended a private university and majored in English. I also spent an additional year in school, due to mental health issues. My loan balances currently sit at $85k for private and $30k for federal. In my late 20's, it came to light that my mental health issues were the direct result of a facial deformity and the subsequent treatment of society towards me. This has been fixed with corrective jaw surgery. I am decent looking now, but I am poor and stuck living with my parents. I pay a non-negotiable $550 per month for my private student loans and $350 for my federal loans. My entry-level job as a client services representative makes only $45k, and I need to pay for most of my own health insurance. Out of the $2,200 that I take home each month, $900 is removed for student loans, leaving me with only $1,300. My parents have been charging me $650 a month during this decade that I've been living with them. Not only are they poor themselves; they've placed me into a worse situation than their own by not understanding loans and by encouraging me to attend the private university. I am at the breaking point, so last semester, I started going back for a master's degree in computer science with a software engineering concentration. The degree will cost between $30k and $50k, depending on whether I pay out of pocket or take out loans. Let's call it $50k. I've payed for the first 2/12 classes. I will need loans for the remaining 10 classes. The problem is that computer science is embarrassing to me, and social people don't willingly select that as a profession. Still, it's too late to become a doctor, lawyer, or pharmacist, and I figure that the closest shot I have at moving out of my parents' home in my 30's is to become a software engineer. I don't want to wait until my 40's to live on my own. The big question is would you rather die at home knowing that you tried your best and gave up only when things became pathetic, or would you rather spend even more money to become something that you don't want to be--and that kind of makes you feel sick to your stomach with nerdy stereotypes--just to have a shot at living a life on your own and out of poverty? I also have two final notes for consideration. One is that I used to lift weights seriously, and it was a goal of mine to compete in a power lifting contest one day. Becoming a computer guy when you don't care about technology and truly aspire to be a weightlifter seems like a fail. At the same time, making more money could help me buy better food to train (and most importantly, live on my own like a normal human adult). Lastly, I have a little money saved--enough for two more classes--but I want to continue to improve my face. I went from looking terrible to looking decent, but with a rhinoplasty, facial hair patches filled, and a jawline implant, I could look even better. This only sounds pathetic to people who were never ugly and don't understand the difference. My quality of life has increased dramatically since having jaw surgery. If I wasn't poor, I could get a girlfriend now. I can't imagine what the other touch ups--and possibly lifting weights again--could do for me. (However, if I'm poor and living with my parents, being good looking likely won't help me). Well, what do I do? Do I admit defeat in terms of the loans and accept being poor and/or dying at home? I could fix my face into something handsome and at least have that to smile about each day, right? What is my other option? I would become an engineer with an okay face who hates his job; but who gets to smile, I suppose, because at least he doesn't live with his parents. [link] [comments]  |
| Posted: 02 Feb 2020 12:00 PM PST I got a loan through common bond this semester, and it's not horrible for me. I'm having trouble figuring out how to pay online, but that's about it. However, my fiancé had a horrible horrible time with them, and I would caution people against them. He first applied for the loan back in December with his grandfather as the co-signer. After not hearing anything from them for a while, he called. They said they need his grandfathers tax information from the previous year. My co-signer didn't have to send in their tax information (as far as I'm aware), but okay. He doesn't hear anything. By this time the semester has started. He calls, they need his grandfathers W-2s. Okay... so he sends them. The person at common bond gave my fiancé their PERSONAL email and phone number. After not hearing anything for a week, he tries texting the guy, who reads his messages but doesn't respond. He calls common bond, they say that guy is out of the office for the next week. So grandfather sends in his W-2s to someone who said they will look at the application the same day. After 2 days with no response he calls AGAIN. Photos were too blurry. Grandfather re sends them. After waiting another week...they got denied. On top of the student loans he received late fees from the university because common bond dragged this out for a month. [link] [comments]  |
| Posted: 02 Feb 2020 10:57 AM PST Hey all, I'm wondering how the interest subsidy on REPAYE works and was hoping you all could help since the info I find online is all over the place. My monthly payment on REPAYE is around $40, but I just got a new job and decided I'd like to overpay to keep interest down and maybe hammer principle on my higher interest loans. But, I am currently in the first three years of repayment, and I want to take advantage of the 50% subsidy on interest (these are grad school loans). When should I be making overpayments in order to ensure that I'm getting the benefit of the 50% subsidy? Thanks! [link] [comments]  |
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