We are set to pay off the last of our student loans in April 1st Student Loans |
- We are set to pay off the last of our student loans in April 1st
- I’m starting repayment next month, any tips?
- Basic Loan Question
- Is paying off my student loans hurting my credit score?
- Taxes and Student Loans Question
- Do a lot of people take out private loans
- Avalanche method and paying unposted interest on other loans?
- PAYE and forgiveness after making payments for 20 years - Does the 20 years start after my first loan payment?
- Admin forebearance
- Your thoughts? Looking for advice
- Need help with student loans!
- Best way to pay off Unsubsidized Loan?
- Paying back student loans ($200k) while trying to purchase a home
- Death with Loan Payoff
- Can I ask the university for more federal loans?
- Question on graduate student loans
- Central Research - Silent Hold?
- Advice on Undergraduate and Graduate Loans
- Refinancing my student loans with the plan to make extra payments... can someone help me understand how this impacts the total amount I will pay?
| We are set to pay off the last of our student loans in April 1st Posted: 02 Mar 2020 04:28 AM PST And it's all I can do not to scrape out every last dime I can find in our budget and pay them off two weeks early and just survive on rice, but no beans, the last two weeks haha longest. Month. Ever. [link] [comments]  |
| I’m starting repayment next month, any tips? Posted: 02 Mar 2020 09:56 PM PST I have a combo of public and private loans and I am starting the repayment process next month. What are things I need to remember/tips to help stay on track (and sane)? [link] [comments]  |
| Posted: 02 Mar 2020 04:52 PM PST Hey everyone. I apologize if this is basic knowledge but I've been unable to find the explanation I'm looking for elsewhere. My fiancé is 4 years into a 10-year college loan plan. He has around $60,000 in debt. He pays the amount in full each month and has missed no payments. He has multiple loans ranging from 3-6.5% interest. After 4 years it seems like the principal amount is hardly decreasing. I have a small knowledge of how interest works and it seems there's no way this will truly be paid off in the next 6 years. Can someone please help explain this to me? [link] [comments]  |
| Is paying off my student loans hurting my credit score? Posted: 02 Mar 2020 11:09 PM PST Hey I'm curious if anyone has had this same experience. I just recently paid off one of my highest interest rate loans (yay!) and my credit score took a 10 point dip. I also paid off a credit card, but I do that every month. Typically my score changes 2-3 points every month, up and down. Will my score continue to drop as I pay off my student loans? I have another loan I was planning on finishing next month. [link] [comments]  |
| Taxes and Student Loans Question Posted: 02 Mar 2020 01:41 PM PST In 2019, I paid off a Perkins loan that was through my school. I didn't receive any forms (like a 1098), so I'm wondering if I can, or need to, file anything with my taxes. I paid about $2500 at once. [link] [comments]  |
| Do a lot of people take out private loans Posted: 02 Mar 2020 05:53 PM PST I see many people posting about having over $100,000 in student loan debt while the limit for federal loans is 31,000. So do most people take out private loans to cover the rest even though they can be very predatory. [link] [comments]  |
| Avalanche method and paying unposted interest on other loans? Posted: 02 Mar 2020 07:16 AM PST Hi, all. I am curious about something. Currently I am on IDR and using the avalanche method to pay my loans. Each month I make my regular payments which are applied to roughly 60% principle and 40% interest across all my loans. Then, throughout the month, I am making additional payments to the loan with the highest interest rate (avalanche method), to pay that loan off, then move to the loan with the next highest interest, and repeating this system of overpayment per loan, until all loans are paid. Using this method, I am only applying additional funds to one loan. I am wondering if there is any mathematical benefit to when I am making an additional payment, allocating some of the extra repayment to the unposted interest on ALL the loans, while still directing the majority of the extra payment to principle on the loan I'm focused on repaying. I know this wouldn't be the pure avalanche method. I am just wondering if such an approach would potentially save me money over time. I have federal loans and have read different things about how interest is compounded or not during the month, and I really don't understand that. Thanks! [link] [comments]  |
| Posted: 02 Mar 2020 03:49 PM PST I'm trying to figure out at what point would I be eligible for the 20-year forgiveness program if it were to take me that long to pay off my loans. I graduated undergrad in 2016 and started paying on my loans after the grace period, so in 2017. I started a master's program in 2018 and so I don't currently have to pay on my loans..and I've accrued more loans since. Will the 20 years be based off of my first payment in 2017 + 20 years, or will the 20 years not start until I pay on the last loan taken out? (I took out a loan last summer, which I haven't started paying on since I'm still in school). I'm talking about the program listed on #3: https://studentloanhero.com/featured/the-complete-list-of-student-loan-forgiveness-programs/ Thanks! [link] [comments]  |
| Posted: 02 Mar 2020 07:49 AM PST So I just applied for IDR repayment plan through Nelnet and they finally processed it. Looks like it will be under the PAYE program. The weird thing is that my status is now in admin forebearance. Should I be concerned? I was in good standing for my payments prior to applying and my payment wasn't due until 3/6. I am planning on doing PLSF, so just wanted to make sure this doesn't affect my chances. [link] [comments]  |
| Your thoughts? Looking for advice Posted: 02 Mar 2020 11:18 AM PST I don't make that much money (I make 45k/year). After taxes, my take home pay per month is $2758/mo. After rent, car payment, health insurance, my living expenses total to $1600 to live (I rounded up and was overly generous on how much I spend on groceries!) I am currently in a deferment period, because I finished graduate school in May 2019. However, I want to pay my loans off ASAP. Including unpaid interest, I owe $44,459.86. I have roughly $1200 to play with and I don't know how much to throw at my student loans versus how much to save. I know about the 50:30:20 rule, and ideally I would like to save 20% of my income. Is this too little though? What would you do, if you were in my situation? [link] [comments]  |
| Posted: 02 Mar 2020 02:45 PM PST Hello! I'm currently a senior in high school, and have been accepted into a couple of schools. Right now the cheapest school for me is 32k a year, not including personal costs like food and transportation. If anyone could help me figure out the best course of action to tackle this loan and what to do, how to go about it and future plans, that would be great! Thank you. [link] [comments]  |
| Best way to pay off Unsubsidized Loan? Posted: 02 Mar 2020 04:50 AM PST I know this questions has been asked numerous times, but I'm finding the information a bit overwhelming. My husband has $12,074.92 in loans with Great Lakes. The loans are currently in deferment until 2026 and he is paying $0 per month right now due to him moving to Germany with me. I am in the Air Force making about $4,000 a month, $2,000 of that going towards bills and about $1,000 going towards savings. He just recently got a small job making about $800/month. We have $8,000 in savings. I just want to understand the best course of action to paying this loan off. Unsubsidized Loan #1 - $9,530.33 Unsubsidized Loan #2 - $2,544.59 Accrued Interest - $846.84 Total Amount Owed - $12,074.92 Interest Rate is 6.8% fixed. Thank you for your help! [link] [comments]  |
| Paying back student loans ($200k) while trying to purchase a home Posted: 02 Mar 2020 06:06 AM PST My fiance and I both would like to purchase a single family home but total we have about $200k in grad plus loans (6-7% interest rate). She's about to start working and it would either be retail pharmacy ($100k) or a residency ($36k). I currently make around $100k. We live in a lcol area. Overall the monthly payment for potential houses with today's mortgage rates is about $2300(including taxes, insurance, and HOA). (3% down and today's mortgage rates) If we refinanced loans to an aggressive 5yr plan the monthly payments would be about $3300/month. So a total debt payment of $5600 at the minimum. We'd also aim to contribute to retirement savings during this time (401k and Roth IRA) so annually it's $18k to contribute from the both of us combined. Doing the math, the DTI ratio would be above 75% (worse case with the residency) Bottom line, should we just rent, refinance, and pay off the loans super aggressively or do both, refinance while paying the monthly minimums (whatever is financially feasible) and buy a house, and gain equity in a home at the same time but with risk? I realize it's a bit crazy to attempt both simply because of the DTI ratio... [link] [comments]  |
| Posted: 02 Mar 2020 10:23 AM PST I know most people on this thread try to be optimistic, but I have had the feeling that as soon as I pay off my student loans I'll die. I've also felt like I'll die before I pay them off, but now that it's a few months out and I've been striving for this for so long it feels like my purpose in life will have been fulfilled. Anyone else have an ominous feeling about payoff? [link] [comments]  |
| Can I ask the university for more federal loans? Posted: 02 Mar 2020 09:27 AM PST With the loans and scholarships I have, I owe $4800 to the university, and I'm supposed to have it paid by the 20th of this Month or else I can't register for classes next year. The alternative is I would need a private loan but I don't think I have any credit. [link] [comments]  |
| Question on graduate student loans Posted: 02 Mar 2020 04:55 AM PST I've never taken any loans before, but I am most likely going to have to take several for grad school. I have been looking into private loans vs. federal but have no idea what I'm doing. Any advice? [link] [comments]  |
| Central Research - Silent Hold? Posted: 02 Mar 2020 08:23 AM PST I'm on hold with Central Research, one of the DOE's affiliated collection agencies... been on hold for 15 minutes but it's been completely silent. No hold music, not any automatic prompts since the beginning of the call, nada. Is this kind of silent hold normal? I just want to be sure I'm actually on hold and not wasting my time in some weird limbo. [link] [comments]  |
| Advice on Undergraduate and Graduate Loans Posted: 02 Mar 2020 06:56 AM PST Hello, I am close to graduating from uni studies. I have about 110k student loans I will have to start paying off after graduation. I cannot do anything with my degree unless I seek higher education. I am afraid of taking out loans for graduate school but I have no choice. Oh my annual salary is 25,000. So realistically if I don't pursue in a higher education I do not see how can pay off my undergrad loans. Advice is appreciated how to go about paying for my undergraduate loans and applying for grad loans. [link] [comments]  |
| Posted: 02 Mar 2020 03:27 AM PST I'm looking at refinance options for 113k in student loans right now. I have an offer from Splash for 15 yr plan at 4.35% ($895/mo which is still pretty steep for me), then the 20 year plan interest rate is more like 5.05%. Earnest has that great sliding scale feature so I matched with my budget and chose the 17.5 year plan at $815/mo at 4.89% APR. I only have a small understanding of what these numbers mean in the grand scheme. My plan right now is to contribute extra $ monthly (at least $1k) while I can, but I want to have a lower minimum payment so that when unexpected things come up (car maintenance, taking pet to the vet) I have a few hundred $ of wiggle room each month. I also hate my current job even though it pays Wel, and want the ability to take a pay cut for a job that will make me happier. If I make extra payments each month, will the total amount I pay with these private companies go down or do they expect me to make 180 payments of $895 or whichever i choose. Also, I get how the interest rate matters but i can't figure out how to work it into my calculations to figure out the total payment. Lastly, I've heard Earnest is much easier to work with than Splash, who wants to sell my loans to a credit union that has 1 star ratings online. Any insight is appreciated [link] [comments]  |
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