Weekly Politics Discussion Megapost Student Loans |
- Weekly Politics Discussion Megapost
- Is it smarter to pay off all your loans as quickly as possible or should I save money while paying it off at a slower rate?
- Paying off loans - getting the hang of it.
- College debt~90k
- Is going the IBR/PAYE route crazy?
- Pay down 2 loans! Finally!!!
- Student loans paid through wage garnishments and I want my money back (is it possible?)
- Parent has high paying job & assets: I received no financial aid and don’t know how to pay for college.
- Help With Information Regarding Refinancing?
- Help on old student loan
- Pellgrant Question
- Father dumping 50k of loans on me? (help!)
- Wells Fargo private loan with co signer.
- I don't know what I owe
- Getting a loan for a for-profit school
- 2020 goals #3
- (22F) My bf (22M) wants to pay his mom's 90K parent plus loan
- Advice on grad school debt
- PSA - don't submit the combined PSLF/TEPSLF form
- Loan resold for a lower balance?
- Student Loan Debt (12 loans outstanding 29k)
- I'm kind of foreign to the refinancing option. In my situation, is refinancing a wise thing to do? Or should I just stick with my current plan
- Lowering the payment without going into forbearance
- Navient made a mistake
- Thinking about decreasing my monthly payment plan and make another payment the day after to reduce principal- correct or not?
| Weekly Politics Discussion Megapost Posted: 26 Feb 2020 12:07 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]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 07:41 PM PST This is more hypothetical as I won't be in this position for at least another year. But I have been lucky enough to be able to live at home rent free and just secured a very nice paying job at 80k. I have roughly $90,000 in student loans left from starting at 105 last summer. So basically my question is should I just pay off all my debt as quickly as possible (a little under 2 years) and let my savings basically go down to 0 and build back up or should I start building a savings account as I pay back my loans once I reach ~10 or 20k in debt (in roughly a year and a half) [link] [comments]  | |||||||||||||||||||||||||||
| Paying off loans - getting the hang of it. Posted: 26 Feb 2020 07:39 AM PST Had 95 K all federal graduate student loans. Started paying off in November and have brought my debt down to 89K. For someone who earns 65K (but will earn more soon) it sure does feel good to bring it down in 4 months. Think I can pay it off. Also im living frugal af. Literally just spending money on rent and food. Thats it. [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 03:57 PM PST Hello everyone, I completed my undergrad studies at a uni in the US, and was very careless with my loans. I'm a first generation student, and I was awarded a bunch of small scholarships (a few academic and one athletic). My studies were in Earth Science and I feel that I went into the right field for what I'm passionate about and the current climate of the job market (pun very much intended). I got a job within 2 months of my graduation in December 2019. And I'll be starting to pay off my loans while I live at home. My job is hourly but I'll have the potential of making up to 70k USD before taxes. My plan is to pay double on my loan repayment which will probably be around 1600 a month, which is honestly crazy and my own fault. However I did learn a tremendous amount and I feel that I didn't completely shoot myself in the foot. My employer is going to help me get a masters degree which will up my pay in the long term. I've been having severe anxiety because of my poor decision making, but I know I can't change those decisions now, and only can make better decisions going forward. Any advice? [link] [comments]  | |||||||||||||||||||||||||||
| Is going the IBR/PAYE route crazy? Posted: 27 Feb 2020 03:58 AM PST I am a soon to be graduate of a MHA program that unfortunately I had to finance with student loans. I will have about 55K in loan when it's all said and done. My monthly repayment per the student aid website will be around $600/month under the traditional 10 year plan. Using the PAYE option as a single income married filing jointly with 2 kids, my payment would be about $150/month. The student loan site estimates that if I were to stick with this plan for 20 years and experience 2% salary growth a year at the end of 20 years I would have paid about 38K and about 71K would be forgiven My question is to please tell me why I am crazy for thinking about paying the bare minimum for 20 years and then prepping for the potential tax bomb over that time?? Even if I were to pay a full 40% on the entire forgiven amount (worst case scenario) that would be a payment of 28K. That would make my total loan payback or around 64K or what it would be if I did the 10 year standard payback. I'm a big believer in avalanching/snowballing your debt, BUT if I'm going to pay the same either way then why not extend it and have a lot less monthly income/cash flow stress? Please tell me why I'm wrong and crazy for thinking about doing this [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 12:35 PM PST First time poster and I just want to say thanks to this reddit sub I was able to use advice and methods to pay down a 50k loans. A little back story I have been struggle for the past 10 years to bring down these loan since 2010 that I either got on an IDR, pay only the interest, going back and forth on forbearance or just ended up defaulting and try to stay current. It all came to blow 2 years ago when my 20k private loans completely defaulted and Navient offered to settle for 10k and do monthly payments to complete in 4 years. I only did about 8 months, unfortunately due to some bad financial choice in my early 20's I had to file unexpectedly for bankruptcy and that messed up my settlement with Navient. Once everything settle down I tried to get my settlement offer back but it went to a collection agency and I got a better settlement offer for 4k. Now its finally done I made my last payment for the 4k and use some of my refund to pay off a $500 fedral loan. Now I'm down to 30k. I finally got 2 loans out of the way now just 8 more loans to go. Sorry if this was long, but it was a long road and I think in a couple more years I will be done I hope. Wish me luck. [link] [comments]  | |||||||||||||||||||||||||||
| Student loans paid through wage garnishments and I want my money back (is it possible?) Posted: 26 Feb 2020 10:51 PM PST I graduated from a private school in 2014, this school was closed down in 2016 for defraud and would take students moneys and the school wouldn't provide any supplies we needed to pass our state board exam. Only the people who were attending in 2016 was able to get a full refund. So I couldn't get a refund that way Anyways I also tried asking for student loan forgiveness because I was told that it was an option for me (single mom, and homeless) but because I didn't provide proof at that very moment within 30 days to even ask for the forgiveness I was not given the chance to even apply. I have proofs through all these years that we have been struggling and I have them with homeless shelters and they show dates on there. I have received a phone call from legal aid after (2) years that I tried working on this and now have a set appointment to see them, and my question is am I still able to get those $20,000 back since that money belonged to my kids it's their taxes? [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 06:39 PM PST I'd like to go to school for a BA degree in kinesiology and attend PT school after that. I'm a fairly average senior with a 3.67gpa and 1230act and 28 act. I've received $7000 in scholarships and a offer for $5500 in the form of an unsubsidized loan for the school I'd like to attend. For some context, my dad worked a very high paying job in Hong Kong prior to us moving to the states and my family has assets totaling over a million. Unfortunately because of this, I received no financial aid and the scholarship I'm offered would leave me paying $12,000 yearly for 4 years with the addition of post-graduate schooling. The prospect of accumulating nearly $50,000 in debt even if all goes according to plan terrifies me. My parents are unwilling to help me pay for college and despite applying to numerous scholarships, I don't know how I'll possibly pay for college without a hefty loan. My question is, is taking on this amount of debt a bad idea? What's the best way I can pay for it? Should I be looking into an entirely alternative college / career? I'd appreciate any advice and thank you in advance. [link] [comments]  | |||||||||||||||||||||||||||
| Help With Information Regarding Refinancing? Posted: 26 Feb 2020 11:27 PM PST I finished physical therapy school with about 120 k, so I know about living frugally and paying off my stuff. My loan rates seemed reasonable overall. However, my wife is about to finish nursing school and her loan rates seem atrocious 9-10%. She's about to graduate and I know refinancing is probably a good idea if we can get lower rates. Is there anything I should watch out for? Are there good companies that are recommended? Does it matter what company I go with if the terms are the same - should I just go for lowest interest rate? Thanks for any insight into this. Thanks! [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 03:17 PM PST So a bill collector reached out to me this year stating I had outstanding student loans. I disputed them in a certified letter and waited for proof. They just mailed me back. Seems I must have had a federal student loan from 30 years ago and didn't realize it. I had lots of grants and such but didn't remember a federal loan at all. And nobody in 30 years asked me to pay anything on it. Nothing on my credit nothing. Must be a glitch in the matrix! So they are saying I owe $9,600 Principle $5,080 interest $2,741 Collection fees Now I don't remember the loan, but I was a party heavy kinda guy 30 years ago. They validated and sent me one page showing a loan for $3,200 with my signature on it (yes it matches) from 8/28/1990. But nothing else. What should I be doing. Send them another letter asking where the $9,600 principle comes from when they are only showing one loan for $3,200? If they only show me a signed loan agreement for $3,200 is that what I have to pay, not the $9,600 they are saying I honestly didn't even know about the $3,200 so the $9,600 could very much be a mistake on their part. Are they required to show me loan agreements signed? If the $3,200 is valid, I have to try to find any banking statements to see if this is something I paid somehow already. What can I ask them to do to get it off my records? Say I will pay the $3,200 and the interest and wave the collection fees for a one time lump payment? I guess same goes with if they can show me the loans for $9,600. What can they take off for a up front payment. I know fed loans they can't probably wipe away interest or touch the principle in negotiating. [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 03:01 PM PST I hopped on the government website to check my loans/grants for college and while longer people king under my pellgrant I noticed that for the 2018-2019 year there was 4,571 disbursed and 1,524 remaining to be paid. But this year there was 6,195 dispersed and 0 remaining to be paid. What does remaining to be paid mean? [link] [comments]  | |||||||||||||||||||||||||||
| Father dumping 50k of loans on me? (help!) Posted: 26 Feb 2020 02:13 PM PST I'm a first timer in this subreddit, please let me know if I should be posting this somewhere else. Thank you!!! So right now through my school I have Direct Subsidized/UnSubsidized Student Loans taken out which amount to around 25k, and then Federal Direct Parent Loans adding up to around 50k (which is increasing very quickly). My dad said that he would make the monthly payments for the parent loan and I promised I would pay back the students myself. 3 and a half years later now he suddenly changed his mind and said that I need to pay back ALL the loans. The monthly payment for that currently is nearly 500$ just for the parent one alone and I definitely can't afford that, especially with my own on top! What I'm currently wondering is, can I be held responsible for the parent loans even though they're in his name? I just want to know if he can screw me over somehow by declaring bankruptcy or passing it onto me somehow. I graduate in May so I basically have 0 knowledge about this stuff. To clarify, me and him are not on good terms and he's a very malicious person, so it's likely he will do anything in his power to screw me over if he wanted to. Also he lives outside the US and I live in the US WA (first generation), but he has citizenship. (idk if that information is needed but in case somehow that's relevant). Thank you so much! [link] [comments]  | |||||||||||||||||||||||||||
| Wells Fargo private loan with co signer. Posted: 26 Feb 2020 03:24 PM PST I have a WF loan that is in good standing currently, but I am looking at going on disability for a injury at work. What are the odds that they are going after my co signer if I tell them that I am unable to make my payments due to my disability? [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 02:15 PM PST I went to a vocational college for 1 semester 5 years ago, I had my loans deferred. The last two years I have had my federal tax refund taken for the loan. At this point I've paid $12,000. I would like to know how to find out what I still owe [link] [comments]  | |||||||||||||||||||||||||||
| Getting a loan for a for-profit school Posted: 26 Feb 2020 01:08 PM PST My wife went to a for profit school, and is paying off about 10k (left) in $500 increments through a payment plan through the school. The interest is in the 10%+ range. I am trying to refinance it, but can't find anyone that works with her school. Private loans have crazy interest rates too. Options? [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 10:32 AM PST What's up guys I'm here for month 3(ish). My January post: 2020 goals #1 My February post: 2020 goals #2 I had started with about $60,000 in debt when I graduated from my masters program in May of 2019. This amount includes both undergraduate loans ($20,000) and my graduate loans ($40,000) because I had went straight from my undergraduate to an accelerated one year grad program. I really disliked the feeling of having debt so I've been obsessively paying this crap off ASAP. For the last ~10 months I've been paying off an average of about $3,000/month, or $150 per work day. The month of February has all but passed and a bunch of cool stuff has happened. I paid off about $2,400 to bring my balance to $29,700 from $32,100. Some updates here:
Assets / Receivables:
** I'm not going to cash out my 401k, it is just a happy-thought type addition to my mental math here. I am not making any additional contributions for now, however. In summary, I feel confident I could pay off at least $9,700 this upcoming month to my student loans. This would reduce my current balance of $29,700 to about $20,000. I'll likely hold on to about $2,000 more in cash than I would otherwise until I'm settled in and develop a closer relationship with my employer. Regardless, I don't see any reason I shouldn't be able to finish before December of 2020 unless I lose my job. I work in government consulting and possess coveted security clearances and credentials, so I should be rather airtight even if a recession hits anytime soon. I've maintained very close ties to my previous employer as a backup plan, however. Emotionally, I feel myself starting to lose my traction. I had mostly devoted both my sanity and finances entirely towards my loans after graduation because of how much I feared that $60,000 balance and $350/monthly interest expense, but the thought of a $20,000 balance and $60/month interest expense is far less scary. The strength of my motivation is slowly draining as the source of it is pivoting from fear to determination. In other words, I am no longer terrified of my debt, but I just think it'd be really empowering to finish it off by the end of the year. I suppose it is not a bad thing to longer be scared of one's own debt, but TBH sheer terror has been a fantastic motivator for me so far. [link] [comments]  | |||||||||||||||||||||||||||
| (22F) My bf (22M) wants to pay his mom's 90K parent plus loan Posted: 26 Feb 2020 04:09 PM PST I've been dating my bf for 5 months so this is a pretty new relationship. I am very conscious of money and have expressed from our first date that one of my goals is to pay off my student loans within a year, which we have in common. We are very open about finances, and I recently asked him if he could figure out what his student loan situation is (he had no idea how much he owed because his mom had taken loans out for him when he was 17) and it turns out he has 125k in loans, across 5 loans, all with 6%+ interest...I am horrified and have been trying to figure out how to navigate this. There are a couple of moving parts to this so bear with me. 1.) He only has one loan in his name for 35K, the remaining 90K are in parent plus loan (loans that only the parent is legally obligated to pay for) that his mom has not paid a dime on since signing for them. 2.) With where he went to college, the loans should at most be 90K, so how did the total get to 125K? I suspect something funny is going on... 3.) His loans kicked in this past November, so it has been 4 months and he has no idea if his mom has made payments because she refuses to talk about them. 4.) His mother is extremely irresponsible with money and has put her family in debt in the past. She doesn't have a problem with living in debt and is very confrontational when my bf tries to reason with her about making a payment plan. Currently, his parents are threatening to kick him out if he doesn't take on all the debt himself and they have not been clear on if they will help him at all. He makes 70K and could easily afford an apartment and only pay the loan in his name, but he doesn't want to end his relationship with his parents by not taking on all the debt. SO: I feel very strongly that he should only pay the loan in his name until his parents agree to make reasonable contributions to help him pay the parent plus loan. However, my bf is worried about destroying his relationship with his parents and wants to take all the debt himself. Of course I want him to have a strong relationship with his parents, but what parent jeopardizes their child's financial future like this? This debt will cripple our financial future together and I don't know if I can/should support his decision to take all the debt himself. Please help! [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 06:10 AM PST I'm a graduate student and will be graduating in May. I am starting to look for a job and it looks like I'll be starting out somewhere between 60-65k. My grad school loans are sitting at $94k, probably going to be closer to $96k by the time I start working because graduate school loans are the worst. Any advice on what repayment plan I should look at / how to begin to tackle this enormous debt? [link] [comments]  | |||||||||||||||||||||||||||
| PSA - don't submit the combined PSLF/TEPSLF form Posted: 26 Feb 2020 06:04 AM PST | |||||||||||||||||||||||||||
| Loan resold for a lower balance? Posted: 26 Feb 2020 08:16 AM PST I have had federal student loans that I refinanced through Earnest for an almost 2.5% lower interest rate about a month ago. I've been throwing money like crazy at them before my first payment kicked in and I've been checking the account almost regularly just to stay on track. After my first official payment on 2/16, my balance was about $4100 and a week later when I rechecked the account, the balance was $3400. I checked the payment history and it says that the loan was resold and the unpaid balance was now the $3400. Is this something that happens frequently or am I missing something? [link] [comments]  | |||||||||||||||||||||||||||
| Student Loan Debt (12 loans outstanding 29k) Posted: 26 Feb 2020 09:39 AM PST Asking for advice. Should I consolidate/refinance my loans? I have a weekly garnishment from the department of ed for 15% of my salary. Recently had both federal and state refunds garnished as well under the TOP program. What other options do I have? Thank you! [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 08:36 AM PST Been paying them off since 2013. I have 22k remaining, over 7 loans. 2 of these loans have a 3.4% rate, while the other 5 have 6.8%. There's about 6.8k in the 3.4% loans, and 15.2k on the high interest loans. Im currently on one of those payment plans that increase every 2 years, as my reasoning was i'll probably make more as I get older to be able to afford paying them off on time, which has worked out nicely so far. But i'm wondering if combining those loans into 1, or doing some other fancy refinancing thing will be help me out by decreasing the amount of interest i'm paying overall? [link] [comments]  | |||||||||||||||||||||||||||
| Lowering the payment without going into forbearance Posted: 26 Feb 2020 04:40 AM PST This is cross posted in the personal finance reddit since someone suggested this would be a better place to post it. Is it really possible to get on an income driven repayment plan that doesnt just put you into a deferment or forbearance if you make less than, I guess, what they're expecting? I've been on deferment for a while, because now instead of asking if I've had a change in income, it asks if my income has decreased. Once my recertification comes back up I think I'm going to mark yes just to put in updated amounts to see if I still qualify (because I have no idea if I do or dont and none of my loan servicer's reps can really tell me if I do or not). My biggest concern is my boyfriend's loans, though. He consolidated his loans and they ended up putting him in a forbearance, and he needs to recertify his stuff too now. But I'm worried that, if we try to recertify, they're just going to push him into a forbearance again. I know you only get so many of those, so I dont want him to use them all up now to push it off. So how do we get a lower payment without going into forbearance again? To clarify how this happened, we consolidated his loans and put in a request for income driven repayment, but he doesnt make enough so they put him in forbearance for 6 months. This, I guess, is how my deferment keeps happening. But I want to make payments and I dont want us to use up whatever cushions we have for when/if times get tough on us. We live in Tennessee. Not sure if that will help, but I imagine it might. These are all federal loans I'm talking about--no private loans. For some reason he's gotten two emails with different estimates payment amounts. One was about $250 and the next was about $370. It'd be preferential to get those under $200 a month, though. Whether I have to help him with the payment or not. His total loans last I saw were around 36k. Mine are about 27k. [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 08:12 AM PST After being on the phone with my loan provider(navient) off & on for days, then being sent to the department of education and then back to navient. I finally solved why my subsidized loans where accruing interest. They said its a mistake and there IT department will fix it within a week. This is my 5th year of school and there was no reason for them to be accruing interest. It was literally the loan company making a 1000 dollar mistake.... wild [link] [comments]  | |||||||||||||||||||||||||||
| Posted: 26 Feb 2020 06:24 AM PST I am currently on the standard payment plan for 10 years, I pay about $750/ month. Between $500-650 of that goes to principal. I have a good salary (and have built up an adequate safety net) so I am trying to strategize paying more principal. If I change my payment plan to where the monthly payment is about $400, that payment will take care of most of the interest for the month. Then the day after that payment goes through, I would make a principal only payment to loans with the highest interest. Am I correct in how I am thinking about this, that it is kind of a loophole to not pay as much interest? Notes: Though smaller payments would increase interest paid over x years, I plan on paying them all off in about 5 years. I am not worried about losing my job or taking a pay cut in the next few years. I would do the income-based plan that uses your discretionary income. I am looking for a way to pay off the principal as fast as possible. [link] [comments]  |
| You are subscribed to email updates from /r/StudentLoans: Reddit's hub for advice, articles, and discussion about educational loans. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
Your Affiliate Money Printing Machine is ready -
ReplyDeleteAnd earning money online using it is as easy as 1, 2, 3!
Here is how it all works...
STEP 1. Input into the system which affiliate products the system will advertise
STEP 2. Add some push button traffic (this LITERALLY takes 2 minutes)
STEP 3. See how the affiliate products system grow your list and sell your affiliate products all on it's own!
So, do you want to start making profits?
You can test-drive the system for yourself risk free...