Paying the minimum forever Student Loans |
- Paying the minimum forever
- Advice for selecting repayment plan
- Is there a way to take on my mom's ParentPLUS loans and still have an income-based repayment plan?
- Is the avalanche method the smartest method for my situation?
- Question about child dependents
- Rant: I called my student loan service
- Overpaying Navient loans
- [Question] Applying for a Parent plus Loan through SoFi
- Fed loan payment doubled
- IBR and filing separately when does it make sense?
- Anyone know the Conduent Contact Number?
- Anyone else baffled by the new nslds/studentloans.gov update?
- Student loans and DTI
- Parent plus loans from ITT tech
- Refinancing Sallie Mae Student Loans
- Was I smart to refinance my federal loan? And should I throw a big chunk of money at the refinanced amount as a first payment?
- Reaching the aggregate 31K loan limit
| Posted: 25 Feb 2020 02:17 PM PST I was wondering what happens if someone only pays the minimum forever (thus never paying off their loan). I know having outstanding loans makes it much harder/impossible to get new loans (car, mortgage), but what if you never want to own real estate and what if you always buy cars used & upfront in cash? Or what if you somehow save enough to buy a house in cash (might as well pay off the student loan by that point)? btw this is not my situation. I was talking to someone about this and I couldn't find reasons why this was a bad idea after they brushed off the mortgage and car loan argument. Can you get in trouble in other ways? Can the federal government come after you if it becomes clear that you never plan on fully paying off your loan? [link] [comments]  |
| Advice for selecting repayment plan Posted: 25 Feb 2020 09:37 AM PST Hey all. I am scratching my head to figure out which repayment plan I should enter. Ideally I would like to pay them off as fast as possible by paying extra on a monthly basis. I do not think that I would make it to loan forgiveness due to the amount. My info: Medical student about to graduate. Currently receiving annuity payments netting around 36k per year. However, the payout for this will be ending in around 2 years and will be on a resident salary of 54k (est.) in addition for the next 3 years. 64k in debt with avg 5.5% rate. Getting married in the fall. Estimating partner's income to be around 48k per year. She has approximately 32k in loans mixed between federal and private. I was advised by the school financial advisor that we file separately in upcoming years as we do not plan to have children during that time and to pick an income based repayment plan that would give us more room for months where we might not be able to pay extra towards the loan. I am aware that REPAYE takes into account my partner's salary regardless of filing status. The loan simulator from the .gov recommends that I sign up for REPAYE [link] [comments]  |
| Is there a way to take on my mom's ParentPLUS loans and still have an income-based repayment plan? Posted: 25 Feb 2020 04:54 PM PST I have some federal student loans in my name and my mom took on a fair amount in ParentPLUS loans. She seems to think that there is a way to take on her ParentPLUS loans for myself without making it private and still having an option for an income-based repayment plan. Is this possible? The loans are only in her name, not co-signed even though she took them on for me. [link] [comments]  |
| Is the avalanche method the smartest method for my situation? Posted: 25 Feb 2020 01:06 PM PST My grandma very kindly gifted me $1,500 to put toward my remaining loans, but I'm having a hard time figuring out if the avalanche method is truly the best option here. I'm just not good with math so I'm not sure how to weight my options accurately. Loans:
I guess I just see $8,825 with only a .5% difference in the interest rate compared to the $3,500 loan and wonder if I should split the overpayment amongst these three loans somehow. Does principle ever factor into the avalanche method when interest rates are pretty similar? And I wasn't even considering the little $650 loan, but should I be?! Yikes. I'd really appreciate any help, even if it's just explaining how to calculate this correctly! Thanks much! [link] [comments]  |
| Question about child dependents Posted: 25 Feb 2020 11:21 AM PST I am divorced. If my ex husband claims my 2 children as dependents on his taxes am I still able to use them In my family size for income based repayment plans? [link] [comments]  |
| Rant: I called my student loan service Posted: 25 Feb 2020 08:32 AM PST So I called Great Lakes as I have been having issues with my auto pay deactivating every month. First off: my customer service rep sounded drunk. Kid you not. Slurring, not listening to what I was saying, slow speech. I never would make a claim like this normally, I'm still in shock and incredibly annoyed that he was the person helping me. He let me know that the community college I am taking certification classes at keeps updating my status every month, but I think they are doing it so late that my account goes into repayment before they update it back to student deferment. And if they're updating late for every class it's turning my auto pay off every month. I asked if just changing it to scheduled payments months in advance would help and he kept trying to convince me to deactivate the schools ability to put me in deferment. Which I would therefore lose the govt paid interest. I had to specifically ask him about this and he was wishy-washy about it before finally answering. Do they benefit from me paying interest over the govt paying it? If so, that would explain... Then after the call I tried to wait for him to hang up to leave a survey and he would not hang up! I had to hang up on my end! Tried to email a customer service complaint and the website crashes when you hit submit. Convenient... TL/DR: Great Lakes sucks. I felt like I was being mislead and I swear to you my representative sounded intoxicated. Also, you can't email a customer service complaint. [link] [comments]  |
| Posted: 25 Feb 2020 12:10 PM PST My minimum payments are 239, but I want to pay 1100 monthly to get rid of my Navient loans within the next 6-7 months instead of 3 years. Anything I need to be aware of in doing this? I want to be sure the overpayments go to the principal and not "pre-pay" any future interest. Has anyone done this with Navient before? Thanks! [link] [comments]  |
| [Question] Applying for a Parent plus Loan through SoFi Posted: 25 Feb 2020 07:39 PM PST I am applying for a $9,500 parent plus loan through Sofi. Sofi requires you provide documents from your loan including you name, amount, ect. The loan through navient was taken out and is still in my moms name. Will I get rejected for this loan because of this? Does my mom need to apply for the loan through Sofi instead? [link] [comments]  |
| Posted: 25 Feb 2020 09:10 AM PST Hello! My wife's federal student loan payment just doubled and then some- anyone else have this happen to them? We're in the process of trying to get ahold of someone. TIA [link] [comments]  |
| IBR and filing separately when does it make sense? Posted: 25 Feb 2020 07:35 AM PST I am a teacher and just graduated with a masters degree thus I am about to start repayment on my loans again. I am seeking pslf and have already made several years of payments. I was just researching how to lower my payments, since I am a teacher and income is limited, and saw that you can file taxes separately from your spouse to decrease monthly payments. When does it make sense to do this? [link] [comments]  |
| Anyone know the Conduent Contact Number? Posted: 25 Feb 2020 04:05 PM PST I've been trying to find a phone number to use to call in order to get tax info. Whats the best way to chase them down for a human being since them taking over ACS education? Anyone know anything? [link] [comments]  |
| Anyone else baffled by the new nslds/studentloans.gov update? Posted: 25 Feb 2020 12:07 PM PST So it looks like there was a large update, the NSLDS website is gone and now leads you directly back to student aid. gov, formerly studentloans.gov. I cant find any summary of my loans anywhere, and the new calculator (loan simulator) is a mess. It is recommending an ICR as my lowest payment amount when I know for certain my amount on REPAYE is lower. I am very frustrated, has anyone else seen this/had luck with the new website? Link; https://studentaid.gov/ [link] [comments]  |
| Posted: 25 Feb 2020 07:17 AM PST I'm still in school. Working fulltime and school full time. If I enter into early repayment on an IDR plan. Will it adjust my DTI when underwriters look at my credit report? Currently underwriters believe I repay 2% per month on all of my student loans (which I dont because I'm in deferment) which puts me at a 94% DTI ratio. This is particularly problematic as it is wildly inaccurate to assume... [link] [comments]  |
| Parent plus loans from ITT tech Posted: 25 Feb 2020 02:24 AM PST I started school on December 5th 2011. My first loan disbursement through my lender was after I finished all of my first semester classes. 6 years later, my dad gets a letter in the mail stating that there's a parent plus loan through FedLoans attached to my name that he owes $15,000. The $15,000 was disbursed on November 25th 2011. (Remember, I didn't start until December 5th). The school I attended has been shut down. I honestly don't think he ever signed a parent plus agreement. How can I request documentation proving that he signed the agreement? Additionally, can anybody explain to me how parent plus loans are disbursed? Are they typically dispersed prior to the student taking the first course? I'm not sure where that $15,000 went to? Also, it seems that all of my loans are accounted for under my own name in my own account. how can I get information about how much the total program cost vs how much was paid out through my lender? I want to see if there's $15,000 missing somewhere? I am extremely confused. Any information would be greatly appreciated. [link] [comments]  |
| Refinancing Sallie Mae Student Loans Posted: 25 Feb 2020 09:24 AM PST I am in the process of refinancing my two Sallie Mae student loans with incredibly high interest rates. One loan is for $35,000 with 11.5% interest rate and the other is for $29,000 with 7.0% interest rate. My question is should I just refinance the 11.5% interest rate loan or should I consolidate the two loans and refinance both? It looks like I will be able to get a new interest rate of 5.07%. By consolidating and refinancing both loans, I would save an additional $1,115 or $19/month. Is it worth consolidating and have a much larger payoff amount to save the extra little bit? I plan to pay off my loans using the snowball method so consolidating would make this method more difficult. Thank you in advance! [link] [comments]  |
| Posted: 25 Feb 2020 09:14 AM PST Hi Everyone, So I've been paying my student loan, a consolidated federal loan at 5.5%, $29,000 for $212/month for 20 years since 2016. I just graduated and was worried about not having a stable job etc etc so I extended out the term. Since then I am now at $26,000 left on the loan. Last night I couldn't sleep, stressed myself about having student loans and being tired of them, and decided to refinance the $26,000 with SoFi at 4% for 5 years. My payments now are going to be $500 a month. My fiancée and I make a combined $140k we can afford to pay an extra $1000 a month on my loan to pay $1500 a month. We have $10,000 on hand that we could just throw at the $26k for the first payment. Would that be smart to do or just do smaller, but still big chunks at a time? Just an insight to our finances, she has no student loans at all, and she has a mortgage with our payment being $1600 a month. Everything else we spend is paid off by end of the month. Thanks! [link] [comments]  |
| Reaching the aggregate 31K loan limit Posted: 25 Feb 2020 04:30 AM PST What happens if I reach the aggregate loan limit if 31K while I'm still enrolled? I'm in nursing school so transferring isn't really an option. [link] [comments]  |
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