- Public service announcement: When you sell your personal car during the 3-year monitoring period of your disability-discharged federal student loans, you do NOT have to report your personal car sale as income. ��
- Incorrect 1098-E Discover
- We are on the IDRP, but our monthly payments don’t cover the interest. Our income is not expected to go up. We would never have signed up for this if we had realized the forgiven amount would be taxed as income! We will end up owing the IRS as much money as we initially had in student loan debt.
- Completely trapped - can’t get student loan for past due semester, can’t get personal loan to pay it
- Student loans sent to collections. Not sure where to start. Help please.
- Strategies for student loan debt > age 50
- Should I refinance? 137k in student debt.
- Idk what to do any advice
- Out of country marriage and student loans
- Student loans sent to collections looking for Help
- Just Got out of Default but money is still taken out of my account. PLEASE HELP
- Income-Based Repayment plan but moving abroad. What steps to take?
- Keep being put on standard plan
- Refinancing
- Question about IDR
- Can you use federal student loans And Pell Grant to study in another country than the us?
- HALP - Income Based Repayment RAISED my payment
- Graduated 5/19 with 30K in student loans - Paid down to 22K by 01/20 - Should I adjust my strategy/goals
- Consolidation vs. Rehab for defaulted loans
- How does income-based repayment work with someone whose income changes on a week-to-week and year-to-year basis given income is certified annually?
- What Year & Proof of IRA Contributions for PAYE
- Can Someone Check my Work?
- FDAC Letter, is this a common scam?
- Those very low-interest variable rate loans (SoFi, LendKey, Earnest, and the like)
| Posted: 04 Feb 2020 09:24 AM PST Of course, it's different if you work for a car dealer and earn commission for every car you sell - that you DO need to report. 🚗 But if it's your own personal car and you sell it for personal reasons while your discharged federal student loans are within the 3-year monitoring period, that does NOT count as income from working. Therefore, it's NOT a reportable income to Nelnet. I tried finding this specific kind of information on Google with no luck, so I had to call Nelnet (888-303-7818, 7 AM - 7 PM CST M-Sat) to find this out. Now I'm making this information visible to Google for all to see who have the same question that I had. [link] [comments]  |
| Posted: 04 Feb 2020 07:35 PM PST Just a warning to everyone to double check their interest paid 1098E form through Discover. I paid off my Discover Student loan in April 2019, only paying about $200 in interest in 2019. However my 1098E form says I paid close to $800 in interest. This is the second year in a row that the form has been incorrect. This year I noticed before I filed taxes and they are correcting it in 10 business days. Last year, however, I did not notice, and only was made aware of this when Discover sent me a check and new 1098E in May. They gave me a small check to cover any fees to edit my taxes, but still super inconvenient. Moral of story, they definitely have an issue in their tax department. Quickly calculate your interest paid in 2019 by adding up the interest in your statements to double check. [link] [comments]  |
| Posted: 04 Feb 2020 09:03 PM PST We started out with $57k, but it's already at $71k and won't be forgiven for another 15 years. We could sell our house and pay off about $35k from equity, and our retirement plan allows a "hardship withdrawal" that you are not taxed on. I hate this so much! Any recommendations???? Should we just let it balloon and hope laws change? Or file for bankruptcy then? [link] [comments]  |
| Completely trapped - can’t get student loan for past due semester, can’t get personal loan to pay it Posted: 05 Feb 2020 12:29 AM PST Hi everyone! First time here. I'm so desperate for answers and help right now. [link] [comments]  |
| Student loans sent to collections. Not sure where to start. Help please. Posted: 04 Feb 2020 03:55 AM PST So I have $27k principal with interest and fees for a current balance of 42k. I don't think I ever made enough money to pay towards this loan until recently. They've sent me a collection letter from Action Financial Services with a payment address to US dept of Ed. I know I owe it, but where to start? They state there is a reduced one time payment that would likely eat all my savings. Anyone worked with something similar and can shed some light on what that reduction could be? I've read of statute of limitations on loan repayments but don't believe it is available against a gov't backed student loan. I'm afraid if I contact them they will take a more aggressive approach to recoup the loan. Had $10k private loan adjudicated against me and they wiped my savings account twice. Any insights are appreciated. [link] [comments]  |
| Strategies for student loan debt > age 50 Posted: 04 Feb 2020 09:32 PM PST I have a tonof student loan debt -$70,000 consolidated federal @ 7%. The "minimum payment" on the basic payback rate is ~ 550/mo. Given my age (55), house and car payments, I'm inclined to just give in and make the payments until I die. We live very humbly, but I want to at least be able to afford to fly and visit my mom before she dies. And of course this sounds like a rationalization, but all of the cognitive research is coming in and demonstrates that in terms of happiness, people get more bang for their buck before age 70 than living like paupers to have more money post 70 when (for many) mobility becomes limited and life expectancy is dicey. Either way, I'm just talking about being able to eat out occasionally, drive an old Honda and visit my mom. In other words, I'd like to have a bit of money to be able to fix my car so I can get to work and make money as opposed to sending all of my money to Mohela Short of lucky political machinations for all, does anybody have any advice? Am I being stupid? I haven't investigated, but I always toss the private loan offers in the trash - maybe I'm an idiot? Thanks! [link] [comments]  |
| Should I refinance? 137k in student debt. Posted: 04 Feb 2020 01:55 PM PST Hello all! Admittedly I am not on this sub as much as I should be. But I am somewhat familiar with your community and their fine advice. Law School = $137,000 in the 3 years it took to go from enrollment in the fall of '16 to graduation in '19, pass the bar exam in July, and secure an entry level attorney job in the quasi-rural midwest by November. That was even with half priced tuition. Before going on, I would like to say that I used my summer's interning or working in the legal field for experience and even had a part time (decently paid) clerk job throughout my entire 3rd year of law school. By no means was I taking days off. In the end, I have been left with a single loan servicer and a lot of debt. I have looked at refinancing because interest rates are low and frankly I've heard that it can be super beneficial to getting ahead. Currently I am in an IBR plan (Income based repayment). In short, I was running out of money between the bar exam and finding a job so I switched to an IBR from my standard 10 year repayment plan. It was a big step backward from where I wanted to be but $1500 a month in a standard plan versus $90 in an IBR just made more sense. I need to build my emergency fund and have $ for living/car repairs/etc. So, should I refinance? If so, is it worth my time to refinance some of my loans versus all of them? The information I have been seeing hasn't been all that helpful with its quotes; they all save me ~$100-185 a month at best but don't necessarily come across as an obvious decision. TL;DR: $137,000 in student debt. Salary: $40,000 (<--bonuses to come) Rent (w/ utilities): ~700. Credit Score (according to my bank): 749 Should I refinance? Is there any calculations I should be doing? Any dangers? Any company I should stay away from? Cheers! [link] [comments]  |
| Posted: 04 Feb 2020 01:12 PM PST So I have a student loan of 17,000 and I have no way what so ever to pay it back. I can't work due to my special needs son he needs 24/7 care and my husband already pays for everything else and idk how to go about finding the proper student loan forgiveness. Any ideas or advice? [link] [comments]  |
| Out of country marriage and student loans Posted: 04 Feb 2020 08:23 PM PST Me and my fiancé are planning a destination wedding come next year. With that being said, she has over 100k in student loans. The way her repayment plan works is she pays a minimum percentage/payment every month based off of her yearly salary and come 2025 the student debt is forgiven. Problem is.... if we get legally married, it will take both of our yearly incomes and the minimum payment will be expensive. If we don't get legally married in the US and have a out of country reception, but she changed her name, will that raise any red flags or be considered fraudulent? Thanks in advance! [link] [comments]  |
| Student loans sent to collections looking for Help Posted: 04 Feb 2020 07:32 PM PST i have 19k in loans includes the Loan + interest as of today . got a letter from a collections agency in the Midwest. I haven't worked in years , i got hurt at work . i tried to get on the Plan as you pay for your income . tried 3 times , every time i sent it in i was told after weeks of waiting that what i sent in didnt match what they had so it was wrong and couldn't be processed and they wouldn't say what was wrong , and to try it again . i saw in this thread to contact them https://www.reddit.com/r/StudentLoans/comments/eyoyqf/student_loans_sent_to_collections_not_sure_where/ since my Income is zero and i cant pay im guessing my only option is to head to court since from looking around they want money no matter what .my credit score is screwed from the Medical Debt so they cant tank it much more going to note also got like 50k in medical bills also that i was send letters for , by attorneys but since i have nothing for them to take they gave up , ^related to when i got hurt at work, and why i cant pay for my Loans. any help is appreciated thanks . [link] [comments]  |
| Just Got out of Default but money is still taken out of my account. PLEASE HELP Posted: 04 Feb 2020 06:35 PM PST I just got out of default by doing a loan consolidation through Great Lakes for my student loans from Citizens Bank. I was told that I would be in good standing and no more money would be taken out of my Citizens account. Well I just gotten almost $700 taken out of my account under the charge DDA Debit Debit Memo. I was on the phone for more than 2 hours with Citizens and they no answer from me. I then called Great Lakes and they said they didnt take the money. Could anyone help me please and thank you! [link] [comments]  |
| Income-Based Repayment plan but moving abroad. What steps to take? Posted: 04 Feb 2020 09:49 AM PST Just for background: I have a consolidated federal loan with a current balance of $120,098 and principal balance was $101,000 - OUCH. I've been on an income-driven repayment plan for the last 5 years when I started paying them off after grad school and have had to put my loan in forbearance a few times due to layoffs and other extenuating circumstances where I could not pay. Anyways, my recertification every year is in July and it's obviously gone up as my income has gone up over the last 5 years but I will be moving to Australia at the end of this year and I'm concerned about this recertification process. I will still be filing taxes in the US of course, but my jobs will not be US-based. Does this matter? Does anyone has any information on this or can point me to some literature? I've been struggling to find information. Thanks! TL;DR: will be moving abroad with a loan of 120k; I'm on an income-driven repayment program and want to know how will this effect my future payments. [link] [comments]  |
| Keep being put on standard plan Posted: 04 Feb 2020 06:17 PM PST In the past 2 months I've consolidated around $91,000 of student loans with Fed Loan, and submitted IDR application to recalculate payment. Before consolidation, my FedLoans were on an IDR, and had been for 2-3 years. Post consolidation, I've submitted 2 paper applications requesting IDR, and both times my result is to be put on standard repayment. My AGI (marries jointly) is around $35,000. I checked on their website, and verified that all my loans qualify for a number of IDR plans. I'm planning on spending Friday morning on the phone with FedLoan to find out why now for the second time they didn't put me on an IDR. The first time it was because they still have my maiden name on file, and I signed the application with my married name. I've since got the ball rolling on a name change, and resubmitted my IDR application with my maiden name signature as requested. Has this happened to anyone else? I know this is crazy thinking, but It almost feels intentional, like they know I want PSLF and they're refusing to put me on a qualifying plan. [link] [comments]  |
| Posted: 04 Feb 2020 12:04 PM PST Hi all! My university path has been odd and weird and long, so I need some advice on what to do in terms of refinancing after I graduate in May! First stop, Private University (1 year) - about 19k loan, other 55% was on scholarship - Federal Loan Second stop, Public University (1 year) - about 26k loan, no scholarship - Discover/Sallie Mae split Final stop, Public University (3 years of work in 2 years) - Will be about 35/36k Looking at about 81k before any interest. I am wanting to work in collegiate athletics after graduation. Pay can range anywhere from 30-50k starting, depending on what university I can get into. I am planning on still bartending for 1-3 more years on the weekends after graduation and essentially taking all that extra income and putting it towards my student loans, while I can live off of my salary, or put extra onto the refi from that. I guess my question, is who should I be looking into refinancing with? Credit score in the 680-720 range. Sincerely, millennial scared of crippling debt. [link] [comments]  |
| Posted: 04 Feb 2020 10:21 AM PST Do $0 payments count as consecutive payments towards loan forgiveness plans [link] [comments]  |
| Can you use federal student loans And Pell Grant to study in another country than the us? Posted: 04 Feb 2020 05:36 PM PST Just looking for some clarification on this matter. I'm in the US and I applied to schools in Canada for the fall, and now figuring out the loan end of things. Just wondering if you can use federal student loans for studying outside of the country Some of the information makes it look lile I might only be able to use those if I'm studying abroad through a us college/university program which won't be the case for me. Usually try and Google everything myself but it feels a bit vague If anyone has some clearer knowledge I'd really appreciate the help! [link] [comments]  |
| HALP - Income Based Repayment RAISED my payment Posted: 04 Feb 2020 08:38 AM PST So I don't even know whats going on right now. I was making the full payments for about a year (10 year plan at $965 a month). Im a public defender so I finally decided to bite the bullet and go income based repayment and apply for Public Service Loan Forgiveness. I used my 2018 taxes that show an income of about $41,000. They approved me but they raised my rate to $970 a month! I dont know how thats possible considering I was on the full repayment plan at $964. I am using Great Lakes. Whats happening?!?!?! [link] [comments]  |
| Posted: 04 Feb 2020 10:12 AM PST 23 y/o - Salary $42,000/year - loan balance $22,000 Interest accrues at a rate of $100/mo I have created a budget that allows me to put $1,000 towards my loans per month. This would allow for me to be debt free by 25 and begin saving at least $1,000/month for a down payment on a home. I have thought about acquiring a second job to allocate an extra $500 or so per month towards my loans. I appreciate any insight from any fellow reddit user. If this post doesn't accomplish anything for me, I hope it encourages you to take your finances into control and build a plan. Note: this process is not easy, it is draining to see my quality of life compared to many of my peers but I see the long term benefit of sacrificing now [link] [comments]  |
| Consolidation vs. Rehab for defaulted loans Posted: 04 Feb 2020 07:56 AM PST I'm weighing the pros and cons of both options right now. My loans ($75+k) have been in default for a very long time and were transferred back to the government in 2015 for collections. My experian report shows that the records of default will show until June and August of 2021. I have federal sub/unsub stafford and perkins loans. I am considering just consolidating them now instead of rehab so that I can get into the REPAYE plan now. Does a direct consolidation loan including a perkins loan still qualify for REPAYE? My husband just consolidated his federal loans last night to qualify for REPAYE instead of IBR. I am a stay at home mom and he makes around $76k/year before taxes. Basically we are trying to get our minimum payments lowered for DTI so that he can purchase a home within the next year using his credit and income and to free up more money each month to tackle debt and save for a downpayment. He also has private loans that he just refinanced to cut the interest rate in half. My hope was that the hard pulls now won't matter in 9-12 months when applying for a mortgage as long as those accounts are in good standing. My thought process is that I will have a default on my history for either 9 months (rehab) or 1 year longer if I consolidate, but would consolidating and having those next 9 months of good payments on a new consolidation loan do more for my credit score than doing rehab and then consolidating to qualify for REPAYE since the dafault is scheduled to come off in 2021? The 10% of discretionary income versus 15% is tempting, too. I am also seeing the fees for both (16% for rehab and 18.5% for consolidation). Has anyone successfully negotiated these? Thank you! It's time to get control of my finances and we are finally in a position to tackle these, I am just torn on what would be the smarter way to go here. [link] [comments]  |
| Posted: 04 Feb 2020 02:13 PM PST My income is very highly variable... by week, by month, and by year. I'm confused by what to do for my annual student loan income recertification... I don't want to over- or under- pay, but I honestly don't know what I'll make each month or year... even roughly. I also have an odd situation that makes me not want to reach out to my student loan servicer. Can anyone advise what to do, and/or where, besides my servicer, I could potentially get advice? [link] [comments]  |
| What Year & Proof of IRA Contributions for PAYE Posted: 04 Feb 2020 12:10 PM PST Context - My wife and I both have student loans and are both under the PAYE program. Our income has changed since we had a baby last year and she is now currently unemployed. We did not want PAYE to calculate based on last year's tax return because it included her income (she received income most of the year) + my income. Instead, we submitted an income change form showing our new situation (only my income). Questions - I calculated our AGI (with student loan interest deduction and IRA contributions) and then what our student loan payments would be under PAYE at this AGI and the amount we're paying is higher (looks to be close to our Gross income) 1) Should I re-submit an income request with a separate document showing our student loan interest deduction as well as a document showing IRA contributions and thus adjustment to AGI? What would this documentation look like? 2) If I contribute more $ to our IRAs to further reduce our AGI before I submit an income adjustment request, should it be towards 2019 or 2020? Thanks! [link] [comments]  |
| Posted: 04 Feb 2020 12:00 PM PST I am working on setting up all my student loan things to be totally on top of it, but realizing I am really not sure what I'm doing. Here's what I am doing, can you let me know if there's anything I am missing so far and/or answer the questions at the end? My grace period is going to end at the end of the month, and my goal is to start making qualifying payments towards PSLF. I had some TEACH grants that are being converted to loans.
Questions: Do I need to consolidate if all my loans are through one servicer? My IDR was approved using 2018 tax info from the IRS, but I make a lot more now because I'm working full-time (I indicated my current salary on my IDR application). When/how do they change how much my monthly payments? Thank you! [link] [comments]  |
| FDAC Letter, is this a common scam? Posted: 04 Feb 2020 10:19 AM PST |
| Those very low-interest variable rate loans (SoFi, LendKey, Earnest, and the like) Posted: 04 Feb 2020 05:36 AM PST This is a general question about these private refinancing companies that currently advertise rates as low as 1.9% for variable interest loans. Does anyone actually get that rate? About a year and a half ago (when the rates were even lower), I checked my rates with one of them and they offered variable rate loans at close to 5% for roughly $10k of outstanding debt, consistent payments, and a 750+ credit score. I feel like it's unlikely that a young person with any student loan would have a credit score of 800+ since it probably takes many years of credit and lots of income to build a score that high, and I also feel like $10k isn't really that much debt. So I expected to be a prime client that they'd wanna "grab" from the clenches of the government, LOL. It made me wonder whether those advertised rates are just a "hook." (Note: yes I realize that gov't loans are safer, I just have a personal issue with giving the government any more interest money at all...so much that I'd rather give it to a private company...but this part really belongs in the "political discussion" section haha.) This is just a general question because those are very attractive rates, especially to someone with a low balance (that I could probably pay off before they raise the variable rate too much). Thanks! [link] [comments]  |
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