Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- Federal loans just entered repayment - $0.00 due
- Nelnet Federal Loan Payment Submitted Same Day As Due Date
- Paramedic entering nursing school, seeking advice on student loans.
- How do you beat Sallie Mae?
- Need advice
- Does refinancing make sense here?
- Unreasonable Perkins Loan Rehab Payment
- Using Personal Loan to Pay Off Student Loans
- Consolidate loans before going on IDR?
- Navient Private Loan help
- Private loan recommendations?
- Any recommendations for full-time evening jobs/side jobs to help pay off loans?
- Helping out a friend with garnished wages
- Great Lakes Weighted Average Interest Rate
- Refinancing loan under my parents name
- Mycampusloan.com, what gives?
- Excess Payments to loan principal with Great Lakes
- Nelnet Student Loans?
- Advice for large student loan that defaulted 10 years ago
- School won't apply pending aid to past due balance
- Just about to sign up for loans and I am a little confused and need some help.
| Weekly Politics Discussion Megapost Posted: 05 Feb 2020 12:06 PM PST /r/StudentLoans is not /r/Politics, but student loans have a political component (especially this election season) and that deserves discussion! This is an automatic weekly post designed to host discussions about legislative proposals, candidate platforms, and other political topics relating to student loans. Posts and comments that fit these categories will be removed from other areas of the /r/StudentLoans community. Comments that only loosely relate to student loans should be taken to /r/politics or a similar sub and may be removed from here. Links to external websites or other subreddits must primarily relate to student loans. The rules of /r/StudentLoans still apply. Personal attacks, speculation about the motives or debt situation of other users, and unsolicited advice will be removed. This is also not a platform for specific political advocacy; this includes linking to petitions and soliciting campaign contributions. (This weekly aggregation post is an experiment. Please let the mods know your thoughts and if you have suggestions for improvement either by commenting here or via modmail.) [link] [comments]  |
| Federal loans just entered repayment - $0.00 due Posted: 05 Feb 2020 10:38 AM PST Quick question: I have 3 federal loans with Navient that just entered repayment. My first due date, per the website, is Feb 9. The amount due is $0.00. I made payments throughout grad school, including returning unused portions of the loan as well as other payments, such as tuition reimbursement from my work. Is this why my amount due is $0? I'm currently paid ahead? [link] [comments]  |
| Nelnet Federal Loan Payment Submitted Same Day As Due Date Posted: 06 Feb 2020 12:27 AM PST I just made a payment on the same day it's due (not weekend), but didn't know that it will say processing. Will a payment be considered late if it is processed after the day it's due? [link] [comments]  |
| Paramedic entering nursing school, seeking advice on student loans. Posted: 05 Feb 2020 11:10 PM PST Hello everyone. I'm a Paramedic who is about to start nursing school at a community college this August. Prior to meeting with the school's financial aid office, I figured I'd ask you guys for some advice. My income is about $110,000 a year. I plan to go part-time in August and will have made a significant amount of money by then. The problem is, I will not have much income after that. How do I convey this on student loan applications? I have read that government loans are based on financial need. If so, how do I provide evidence that my income will be very low once I go part-time for school? Would I even be eligible for financial aid? I have never received financial aid or taken out student loans before. I'm seeking student loans mostly for living expenses. I'm anticipating about $16-18,000 a year needed to cover those costs. Is getting a subsidized or unsubsidized government loan for this amount possible for a community college nursing program? Thank you for your help [link] [comments]  |
| Posted: 05 Feb 2020 09:30 AM PST Hello, I'm at a point in my life where I have no idea what to do anymore. The decisions I made when I was 17 are going to ruin my entire life. I am 24, graduated with a 4 year degree, and am still struggling to find a career job. My great and caring friend Sallie wants me to give her a MINIUM of $1,770 a month. I am basically paying a mortgage every month on top of rent! I cut costs with everything. I don't own a car anymore, I bike everywhere. My diet consists of oatmeal, slices of bread, and rice and beans. As of right now, since I gave my entire savings to Sallie, I cannot afford food rent or loan payments for next month. I have $300 to my name; thanks 17 year old me! I was wondering if anyone had any insight on how to destroy this beast. Everyone I've talked too about their loans pay AT MOST $450 a month. Like I said I'm at the point where life just isn't fun anymore and I don't see any hope to getting out of this mess. [link] [comments]  |
| Posted: 05 Feb 2020 11:00 AM PST So I just got accepted into an accelerated nursing program which will cost ~55k just for tuition and books. I would also need to take out another 10-15k to pay my rent, bills, and food is also nice. The average starting salary for nurses in my area is ~60k. Is this a good or bad investment? I already have ~40k in loans which my parents are making minimum payments on currently as I make $14/hr and can't afford them. I want to be a nurse for more than just the money aspect but I'm feeling deterred as it seems like a bad investment. [link] [comments]  |
| Does refinancing make sense here? Posted: 05 Feb 2020 12:16 PM PST Private loan a little over 19k unsubsidized variable rate at 5.33% in repayment status. Thanks! [link] [comments]  |
| Unreasonable Perkins Loan Rehab Payment Posted: 05 Feb 2020 12:16 PM PST Good afternoon. I'll try to keep this to the point. I have a $2400 Perkins loan in default. My university has set the monthly payment for rehabilitation at $200. I understand that the code states that the payment amount is determined by the institution alone, but $200 for this balance seems insane. I would be happy and able to pay something around $100, which is still much higher than I think should be necessary. I'm self-employed with limited work. Income is $8,000. They won't budge. What recourse do I have? [link] [comments]  |
| Using Personal Loan to Pay Off Student Loans Posted: 05 Feb 2020 06:10 PM PST I just got off the phone with my bank about something unrelated and at the end of the phone call I asked if they do anything with student loans, which they do not. The rep went on to say they have friends who took out personal loans with a lower APR to pay off the student loans. I have about 7 loans that don't go above 5.05%. I can't imagine I could take out a loan for less than that. Does anyone have experience taking out a personal loan to pay off student loans and then repay the student loan? Was it a good choice? Are there things I'm not taking into account here? [link] [comments]  |
| Consolidate loans before going on IDR? Posted: 05 Feb 2020 02:24 PM PST I have 9 Direct loans (total $35,000) with interest rates between 3.4 and 6.8%. I can't afford my current loan payments on the standard 10 yr repayment plan. Consolidating my loans would reduce my interest rate, but I don't know what the final monthly payment would be, and I could end up with a really long payment period. I'm interested in going on the PAYE repayment program because I know my monthly payments will be lower than what I currently pay and it's for 20 years with no potential tax bomb at the end. Does it make sense to consolidate my loans with the gov into one loan with a lower interest rate before going on IDR (i.e. PAYE)? Is that possible or is there some issue or negative side to this potential plan that I'm missing? I know consolidating your loans restarts your payment period, but does that happen anyway with IDR? I haven't been paying into any forgiveness programs already. Please help! [link] [comments]  |
| Posted: 05 Feb 2020 06:47 AM PST Current Navient Private debt - $83K (started at $89K 8 years ago when payments began, 4 loans that can't be consolidated per Navient with variable interest between 5.5-6.8%. Payment is usually between $575-600/month on 25yr repayment plan) Co-signed by father, now disabled. I've been working two jobs for the last 8yrs to pay these loans, with average yearly income of around $70-80K (varies due to one of them being a serving job). Over the last 8yrs I haven't been able to save a single penny due to the loan payments and the cost of living (rent, car, bills, etc). I just turned 34 and am looking for some advice on this. What would happen if I just walked away from Navient and told them to take a hike? How would this impact my co-signer? He's permanently disabled, owns a house a car and has no income besides retirement and savings (minimal to average). How damaged would my credit be by Navient? I would be able to pay off every other bill I have within 8 months if I could get rid of this student loan. What are the true consequences here? I understand they could sue me, but honestly I own nothing (lease a car, rent an apt) and have less than $4K to my name currently. Navient refuses to work with me to allow me to consolidate the 4 loans or work on an interest reduction. I've never missed a payment or made a late payment in 8yrs. [link] [comments]  |
| Posted: 05 Feb 2020 04:20 PM PST Hi everyone, i'm trying to apply to a school but i'm having trouble finding what loans are better. The program is 2 years and every year tuition is 37k. I was able to get 9k in federal loans. So I need to pull a private loan of about 27k. I already have a 9k loan to my name and 18k in parent loans that i'm paying and credit score around 700 if that helps. Any recommendations? or tips on what to look for? [link] [comments]  |
| Any recommendations for full-time evening jobs/side jobs to help pay off loans? Posted: 05 Feb 2020 03:58 PM PST I've been working remotely for the past year. Most weeks it feels like I only really work for 20 hours or so. It's relatively laid-back and flexible. I'm also living at home until about early 2021 which is when my GF and I are planning to move in together. My dilemma is that I currently carry about $60K worth of school debt that I've started paying off last year (started off at $74K). I want maximize the spare time I have right now and find a second job to pay off as much of my loans as I can. I've worked some side jobs, such as pizza delivery, that weren't very suitable ( I had to work weekends; 7 days a week of work sucks) and/or unstable as in I'd only work a couple of days a week. Lately I've been getting stir-crazy doing free lance work on my PC in the evening. I'm considering finding stable full-time employment in the evening. I've been looking mostly at 2nd shift labor work since it'll get me moving and I wouldn't have to think much other than clock in, clock out. My reasoning is that this will at least give me weekend days off (or at the very least, 1 weekend day) so I can enjoy time with my GF/friends and rest before the upcoming week. Has anyone else here been in a similar situation and were able to pull it off? Do you have any side-jobs, full-time evening jobs, or other jobs that you recommend I look into that are worth the time/pay? Someone already suggested to me to find another full-time remote job but they all seem to be in the AM. Not sure how one would even be able to pull off working 2 jobs at same time; doesn't sound like the best idea. [link] [comments]  |
| Helping out a friend with garnished wages Posted: 05 Feb 2020 03:36 PM PST Hi there, so I have a friend who is in a student loan pickle who I want to help out. Basically, he didn't make very much money and his loans went in to default, then his wages garnished. The principle I believe is around 30-35k. I think his wages have been garnished for like 2 years now and his payments (in my opinion) are quite high (450 a month or so) and he does not get his federal refund. He is kind of afraid of looking in to this kind of stuff, so I wanted to for him. Is he eligible for Federal loan consolidation, or is that moot once it went to garnished wages? Is there any way to have the wages not be garnished or does that just stop when he eventually pays off the entire balance? [link] [comments]  |
| Great Lakes Weighted Average Interest Rate Posted: 05 Feb 2020 10:23 AM PST Quick question about having multiple student loans through My Great Lakes. I have 12 different federal loans for around 51K I am paying more than the minimum on currently. I found a weighted average interest rate calculator, and what I end up with is a 3.95% interest rate. So how much of a difference would I really see refinancing my student loans through a new company? I understand getting them all into one Loan with one interest rate, but is that a better deal or option? I am making $650 payments each month, I think the minimum is $628, this is not income driven plan I am just trying to pay them off as fast as possible. What am I missing here? Just thinking out loud. Thanks! [link] [comments]  |
| Refinancing loan under my parents name Posted: 05 Feb 2020 01:58 PM PST Hi, I am wondering if any of you ever been in a similar situation. I am contemplating refinancing my loans. I am considering Sofi and Earnest. With earnest I can get a lower rate, however with earnest I won't be able to refinance part of the loan that is under my parent's name (Parent plus loan). Whereas, with Sofi I will be able to refinance the entirety of my loans with my background and credit history. I think what I can do is, refinance through Sofi and later refinance the loan again with Earnest which will be under my social security. Are there any potential pitfalls with this plan? Edit: The loan under my name is quite insignificant compared to the parent plus loan. Thats why I want to refinance that portion with the lowest rate I am able to get. [link] [comments]  |
| Posted: 05 Feb 2020 09:47 AM PST I paid off a 7,000$ loan at the end of February 2019 on their site. I've been trying to access the site for the past week for my tax form and it's not loading at all. Even all my email receipts from repaying them are non existent. Anyone know what's up? [link] [comments]  |
| Excess Payments to loan principal with Great Lakes Posted: 05 Feb 2020 01:01 PM PST I am currently on IDR with a minimum payment of $0, this should be going up as I re-submitted with a higher income and am awaiting my new payment amount. I have been making payments each month, so over the $0 minimum, but looking at my Payment History the principal balance of my loans has not decreased. I have the custom excess payment allocation option to put my excess payments to the highest interest rate. Neither of the allocation options state the payments will go to the principal, is this something I need to specify in writing to Great Lakes. I do not want my excess payments to just go to my ever increasing interest amount. Current loans = $256,751.65 3 Stafford loans: 5.96%; 5.96%; 5.59% 3 Grad Plus: 6.96%; 6.59%; 6.59% The 3 Grad Plus loans have the highest principal and I want to cut into the interest they are accruing. [link] [comments]  |
| Posted: 05 Feb 2020 08:47 AM PST Hello everyone. I am here seeking info about the company my loans are through and advice on paying them back. My loans are through a company called Nelnet and I am wondering if anyone else on here has used them and what their experience has been like? The next part of info I am seeking is about repayment. I have 40k in student loan debt and want to know what the best way to pay back the loans is. I signed up for the 20 year repayment plan but currently make payments to have my debt paid off in 10 years. Any suggestions? [link] [comments]  |
| Advice for large student loan that defaulted 10 years ago Posted: 05 Feb 2020 08:47 AM PST My student loan debt went into default 10 years ago. I would like to deal with this situation and hopefully buy a house in the near future, but I am not sure how to proceed and would greatly appreciate any advice or information. Background: graduated law school in 2001. Worked a couple years then opened my own office. Was doing alright until 2008, then it all went south with the economy. Closed the office and defaulted on my loans as I had no income and they weren't very helpful with options back then. For 5 years I worked as a cook and chef in restaurants just to get by. Then moved into my parents house and looked for work in the legal field again. That was a no go, as I spent 3 years unemployed with only one interview. Current situation: I went back into the restaurants about a year ago and am currently a sous chef making around $30K a year. Aside from the student loans I have no debts or any other financial obligations; no children, no spouse, no loans, only a credit card that I keep about $100 on. I was fortunate in that no action has ever been taken on my student loan aside from granishing my tax refunds. My credit is very good (775 FICO) as the student loan entry is off my credit report. I would like to buy a house as the mortgage payments including all escrow items (taxes, ins, PMI) on a modest house are less than half what rent on a reasonable small apartment would be. But I think I need to deal with the student loan in order to make that happen, and I would hope to be able to do this without tanking my credit. I consolidated my loans shortly after graduation, so I have one loan which went into default in 2009. It is a FFEL Consolidation loan with a prinicipal of $140K plus interest of $90K (of which $40K was a penalty added for the default). (For reference, the initial principal owed immediately after graduation was $100K) From the research I have done so far online, it seems that I have two possible courses here. Rehabilitate the defaulted loan, or a Direct Consolidation loan. I'm unsure if the loan can be consolidated as its a single loan that is already a consolidation, albeit not a Direct Consolidation loan. But it also seems that repayment options are very limited with the FFEL loan. As I have no delusions of ever being able to pay this debt off in full on my current income, or to make the massive payments under a standard 10 year plan, I would need some type of IBR and loan forgiveness after X number of years. I don't know if rehabilitation would accomplish this, but I don't know if the Direct Consolidation loan is an option. I also do not know what effect any of this would have on my credit score, as there are no student loan entries currently on there. Obviously I want to minimize any negatives, especially as I'm looking to buy a house. Would rehabing a loan that had come off my report put a negative entry back on after all this time? Finally, I have some concern over consolidating the large amount of interest and penalties into a principal for a new consolidation loan. Thank you all who took the time to read this. I would very much appreciate anybody who can steer me in the right direction here. Thank you for any input or advise. [link] [comments]  |
| School won't apply pending aid to past due balance Posted: 05 Feb 2020 08:41 AM PST I'm in an online RN-BSN program at UTA. Last semester, I didn't register for my classes before the financial aid certification date. I didn't register at the beginning of the semester because the classes are 5 weeks and I planned to take them later in the semester, I'd just had a baby, and tbh I had no idea this was even a thing after several years of receiving FA. Since I didn't register by the certification date, it caused me to lose the aid that I'd already been given and generated a $2600 balance on my account for the Fall 2019 semester. I have $6600 of aid pending for the spring. I've agreed to allow the school to collect any balance owed from that amount, but they will not release the hold until the balance is paid in full. This is so frustrating because releasing the hold WOULD pay the balance in full. After going back and forth with them and getting my RN program involved to try and help, they're just sending canned responses now. They are able to release the hold from what I understand, they just won't. I'm not sure what to do. I'm considering starting my classes over at a different school. I'm not sure if this is even an option or if I just flat out have to pay them (which I won't be able to do for at least another year). If anyone has any advice on how to resolve this problem with UTA or if I would even be able to pursue another program and just re-take those classes, I'd appreciate it. [link] [comments]  |
| Just about to sign up for loans and I am a little confused and need some help. Posted: 05 Feb 2020 06:36 AM PST Hello everyone, I just applied to a community college and they want me to take out about 5k in loans. I have some grants as well and some financial aid but I dont know what to do. I heard that instead of buliding up interest and letting the loans add up that I should just sign up for a income based plan. I only work part time so will this work out? I am pretty sure my loans are federal. Not 100% sure. This is kinda confusing for me so I would appreciate the help. TLDR: I heard that I should sign up for a income based plan rather than take any loans out since it is more expensive to pay for loans and let the interst build up. Help needed. I am 17. Edit:Here is the breakdown I got from my school. http://imgur.com/a/FmKUDFq [link] [comments]  |
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