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    Wednesday, March 4, 2020

    A Rare Positive Post! Student Loans

    A Rare Positive Post! Student Loans


    A Rare Positive Post!

    Posted: 03 Mar 2020 02:21 PM PST

    I got approved for refinance! Previously, the interest I was accruing every month was equal to my rent... Refinanced to nearly half the interest rate, and I finally feel like I can do this, like I'm really making progress month to month. Yay! My bank actually discouraged me from refinancing because I could have stayed in deferment for a few more years while I'm in grad school (and accrue $30,000 more in interest to line their pockets, sounds great...NOT) I am so excited to be on the path to repayment.

    submitted by /u/fergalexis
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    Do we anticipate the Fed dropping interest rates to extend to private loan refinance?

    Posted: 03 Mar 2020 07:05 AM PST

    Last I checked my rates was before this economic fiasco, which haven't dropped substantially enough for me to go through refinancing (5.3% 20yr term).

    Are private refi companies impacted by fed rates like mortgages? I don't have a very firm understanding of the underlying framework for these lending companies. Regardless, I'll check again after my annual review/increase in June.

    submitted by /u/alixer
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    Please help, federal taxes intercepted !!

    Posted: 03 Mar 2020 08:11 PM PST

    Hi all, This is my first time posting here. So sorry if i leave anything out. I was wondering if anyone could give me info on how or if i can get any of my federal return back after its been intercepted by my student loans. For preface my loans went into default at the end of last year. Due to my father passing and going through a divorce i just kind of lost track of them. Since i found out about the interception i have contacted the lender and set up for direct draft to get back on track. But the lender representative said she couldnt answer any questions about them taking my taxes. And trying to get through to an IRS representative is almost impossible. So basically i just would like to know should i cut the loss or do i have a chance on getting my return. And i dont know if it matters but im in Oklahoma, usa and the loans equal up to less that $18,000. TIA.

    submitted by /u/QueenRice89
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    Private Loan Consolidation

    Posted: 03 Mar 2020 04:17 PM PST

    My Federal loans were just forgiven via PSLF but I still have around $85k in Private Student Loan debt with 4 different servicers. I'm debating the benefit of consolidating. Some only have 8 years left, others 13-15. Interest rates vary from 6.9–10%. It would be nice to have one payment. Has anyone consolidated only Private student loans. Any recommendations or companies to go with or avoid? I have a good amount with Wells Fargo and they send me offers frequently. With the fed rate dropping thinking it may be a good time.

    submitted by /u/ttownmeg
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    Wife went to an online college years ago but didn’t even get through one year and we’re on the hook for the entire tuition... any way out?

    Posted: 03 Mar 2020 05:33 PM PST

    We were in our early 20's at the time and my wife had just finished her associates degree at a community college a couple years earlier. She thought she wanted to pursue a career in writing/ journalism so she found an online school called Fullsail university. It was gonna be a two year stint to finish her bachelors degree and the tuition was like 22k. I gave her the green light not really looking into it well enough cuz she was so excited about it, but life ended up in the way as she happened to be progressing in her job at the time so she didn't finish. Now we're stuck with the tab, is there any way out of this or do we just hafta piss the money away and move on? Currently it's about 400 a month but I'm not sure of the interest rate. Any help is appreciated.

    submitted by /u/Sickranchez87
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    Self-Employment trouble with IDR request/renewal on FedLoan Servicing

    Posted: 03 Mar 2020 10:45 AM PST

    Please help! I have been trying to renew my IDR plan on fedloanservicing.com and each time it keeps getting denied. I think it's because I am now self-employed, but I can't figure out what documents I need to submit to them for them to approve it. In October 2019, I quit my full-time job to start a business. Since our business is just starting out, I can't afford the student loan payments that I was making before. My income has significantly decreased.

    I have already submitted a signed letter, business license, business tax ID, general ledger of finances, and bank statements. At this point I don't know what other proof to submit that I am making less money. The only other thing I can think of is that I read somewhere that you can have "fake" paychecks made. I don't have any real paychecks because I am co-owner of the business so we just pay ourselves directly from our bank account. I could also maybe send them my tax document that I just finished up. But it won't totally be accurate because for most of 2019, I had a higher salary.

    I tried contacting them via phone number, but of course it's all completely automated and it won't let me talk to a real person. I also tried emailing them, but haven't heard a response.

    Have any of you had to deal with and IDR plan from Fed Loan Services while being self-employed?

    submitted by /u/Sefira23
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    Question on Refinancing/Consolidating Student Loans.

    Posted: 03 Mar 2020 12:30 PM PST

    Hello,

    I have the following student loan debt;

    Fed Subsidized; $14,832 at 5.75%

    Fed Un Subsidized; $5,070 at 5.75%

    Private Student loan 7,345 at 6.34%

    Total $27,247

    I just refinanced my home loan to a 3.25% fixed interest loan form a 4.375%. Rates have dropped due to the market dropping and i was thinking it may be worth taking advance of doing so with student loans as well. Any recommendations on who to approach for this? I am not really sure how to approach this.

    submitted by /u/Naeya1mj
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    Need advice with Future Finance

    Posted: 03 Mar 2020 03:40 PM PST

    So my situation is this

    I have a £1500 overdraft and am kinda approaching it I have a credit card of which I pay minimum payments every month I have a part time job that pays me at least £500 a month.

    I'm tempted to use Future Finance (£2k minimum loan) to get me back to a steady footing, and I'm going to start driving within the next few weeks so need some finance for that upkeep, and I would like to contribute to the mortgage with parents.

    Future Finance have said that for a £2k loan, it will be £1k for 2 months, and I would be paying £5 a month while I'm studying, and that's upped to £55 a month 3 months after I graduate in August. With the £2k loan, I'm paying £4600 across 7 years. Is this worth it?

    submitted by /u/SuitableEconomist2
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    How can you do X-tra payments to the principal ?

    Posted: 03 Mar 2020 06:20 AM PST

    BTW I do have FedLoan. It doesn't give you the option.

    submitted by /u/nanalv2001
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    Is school not for me?

    Posted: 03 Mar 2020 01:36 PM PST

    I recently decided I want to go to a trade school, specifically unoh. My plan was to get a loan and live on campus. I've tried 4 different banks and all say I need a cosigner, I have no one to cosign. I dont qualify for fafsa and dont/wont make enough to cover the cost on my own. So my question is, am I screwed without a cosigner? What are my options? Thanks in advance

    submitted by /u/CrownCarbon
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    [UK] Student Finance, Parent Living Abroad

    Posted: 03 Mar 2020 12:03 PM PST

    I have a parent who lives abroad permanently but I did not see an option to select that. It appeared as though the default option for this is for parents living abroad temporarily. Do you guys have any idea on how to select that/what to do? Thank you for any help.

    submitted by /u/Scheibenpups
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    Better Interest Rate With Fed Interest Rate Cut?

    Posted: 03 Mar 2020 11:18 AM PST

    How long it takes a bank to cut their interest rates after the fed does? For each fed cut is it guaranteed that a student loan servicer will also cut its rate as well? Will a loan servicer recheck your credit score before giving you a better rate even if you are already serviced by them?

    submitted by /u/jon11c
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    Granite State question

    Posted: 03 Mar 2020 10:51 AM PST

    Hi all,

    Right now I'm on a combination of unsubsidized and grad plus loans. I will most likely be doing another grad degree (not using student loans) after my current one ends in September. I was wondering if anyone has gone through the process of deferring loans manually with Granite State? From my own research, it appears as if its just a matter of proving that I am in another eligible university using their online form. Can anyone confirm?

    submitted by /u/Swpalmer7
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    Can I save up Stafford loans?

    Posted: 03 Mar 2020 04:31 PM PST

    I was thinking, since my parents are paying for my college tuition (but not room and board), I can take out a stafford loan every year and just use the $40,000~ or so I have saved up to start a business. It would be great since the loan is a low fixed interest one that gives me a 6 month grace period. But I'm not sure if it's even allowed to not spend any of that loan amount and save up 4 years worth

    submitted by /u/throwaway420x2250
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    How to calculate total interest rate

    Posted: 03 Mar 2020 08:58 AM PST

    1. This may be a dumb question but I've tried googling and couldn't find the answer.

    I have about 300k in student loans all through one lender. But the 300k is a sum of about 14 subsidized and grad plus loans with interest rates ranging from 2.5% to 7.5%. How can I calculate the total interest of the loan? Is it just as simple as adding up all the interest rates? (If I were to do this, then my interest rate would be 91%, which doesn't seem right).

    1. I was thinking of consolidating but I was told that wasn't necessary since all my loans are through the same lender. Is this correct?

    2. Also, any good loan repayment excel spreadsheets out there?

    submitted by /u/folklore24
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    Best Option for Student Loan Repayment

    Posted: 03 Mar 2020 05:02 AM PST

    Hello everyone!

    I will try and keep this post short and sweet, but I am looking at the different options to deal with the student loan debt that I've accumulated while going to undergraduate and graduate school.

    This June I will be graduating with my Doctor of Chiropractic degree and I will have close to ~240K in student loan debt. Thankfully, all of my student loans are federally based with no private loans taken out. I do truly believe that I can payback all my debt over a matter of time, but I need to know what options I have when it comes to repayment.

    Standard repayment vs income-based? From my understanding, income-based has a smaller monthly payment, but the debt will ultimately accumulate faster because of interest. I have also seen articles about loan forgiveness - is that an option?

    Like I said earlier, I want to fully repay back all of my loans, but at the same time, I don't want to be a slave to my debts right out of the gate.

    Disclaimer: I currently have a family of 4 that I will be supporting coming out of school and I already have plans as working as an associate for 3 years. After that time, I will be completely buying out an already established practice to acquire full ownership in my local area.

    submitted by /u/ChiroNate
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    Student Loans not on credit report?

    Posted: 03 Mar 2020 05:40 AM PST

    I refinanced my private student loans a few years ago with a local bank called Bank of Virginia. Bank of Virginia was bought out by First Citizen's Bank. Now, My loan payment company (UAS echo) still says it is financed through Bank of Virginia. There's no record of the account on my credit report. I asked for a copy of my promissory note, and they sent one. However, it does not have my signature on it, and contains only my original address and the account number, but no other personal identification, including I don't believe an interest rate. I'm wondering if anyone has had any experience with this. I was looking to refinance, but I'm wondering if it's possible that I don't have to pay at all (I know not likely, but I figured I'd ask!)

    Thank you! :)

    submitted by /u/CaseyRiley1991
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    [Canada] I’m starting my repayment period this month and it’s due by April 1st.

    Posted: 03 Mar 2020 05:17 AM PST

    Hello all, my repayment period for my student loan is starting this month and it started on March 1st. My grace period of 6months ended already. I have both Federal and Provincial student loan since if you applied to one, your automatically applied to the other.

    I took a year off from school and I plan on coming back this September but I don't make much money right now since I only work minimum wage.

    What steps should I take now?

    submitted by /u/redditaccount_14
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    If a person has the Pell grant, does it still expire after 6 yrs if the student only took 2 classes per semester?

    Posted: 03 Mar 2020 04:40 AM PST

    What happens if you don't do a second semester one year? Is the second semester held against you even if you didn't receive the aid cheque?

    submitted by /u/Senseless_misery
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