$126,000 in Sallie Mae (8-9.25% Interest) and poor credit score... best path forward? Student Loans |
- $126,000 in Sallie Mae (8-9.25% Interest) and poor credit score... best path forward?
- Loans for college that do not need a cosigner
- Parents were sent a letter about a Navient Settlement.
- $205,000 in student loan debt. Miserable.
- Question about document processing company that almost got me
- Is paying off your student loans the quickest you can always the best?
- Grad Student Loan Options and calculations
- Saving bonuses to invest instead of putting towards loans?
- Default-Consolidation. Made 3rd payment. What now?
- Should I refinance?
- Are stay-at-home parents/part-time workers eligible for forbearance?
- Seeking Advice: $85k+ in Loans & Outrageous Rates
- Should I take the loans?
- Is debt worth it
- Are student loans worth it if I'm planning on majoring in mechanical engineering?
- How does the CARES Act affect current college students with direct Stafford loans?
- Why haven't student loan refinancing rates gone down?
- Should I take out a loan (UCONN vs WPI)?
- Perkins loan before Oct 2007 but still qualified for PAYE
- How do I enjoy my 20s but also pay off my student loans? I'm really struggling with this concept
- CARES Act & Using 401(k) Funds to Pay Down Student Loans
- Just Paid Off My First Loans
- Default student loans
- Parents Refusing to Complete FASFA
- Unable to have private loans refinanced
| $126,000 in Sallie Mae (8-9.25% Interest) and poor credit score... best path forward? Posted: 30 Apr 2020 06:03 AM PDT Hi guys, I graduated from an upper-tier college in 2016 with about $150,000 in student loans. Because of some forbearance and insane interest rates, I have not made much progress with my student loans. When I was irresponsible and naive, I was late on several payments and now my credit score is around 610. I have not missed a single payment of any sort in 18 months, and will have a collection roll off next October. I made around $40K in 2017, $50K in 2018, $72K in 2019, and (after a promotion to Account Executive in software sales), I should make somewhere between $175K and $200K this year. I want to refinance, but am curious how to do so with a low credit score. My debt-to-income ratio is getting very good, but is that factored in to refinancing decisions? For years, I was too shy to post about my situation, but that's in the past and my head is above water now. Any advice would be incredible. Another question - beyond my 4% 401(k) match and some savings, should I be putting all of my money into paying off student loans right now? EDIT: Unbelievable help. From the bottom of my heart, I appreciate it. I'm in sales, so the $175K to $200K is a guess, but $150K is a conservative, safe bet. As far as the collections account, it's for an ambulance in college that I didn't want to tell my parents about from a panic attack from getting too high lol. Yikes, I know. There is also a Comcast bill that I am disputing from the year out of college (4 years ago) that I am disputing and honestly expect to get it off the report. I have no mortgages, car loans, etc. I have plenty of late payments around 2-3 years ago back when I was being irresponsible. As for credit card debt, my limit is only $1450 ($750 and $700). Should I be requesting higher limits? Is the hard inquiry worth it? [link] [comments]  |
| Loans for college that do not need a cosigner Posted: 30 Apr 2020 04:51 PM PDT I am looking for good places to get loans without a cosigner. I have had a credit card for a few years building up credit and I am over 20 (if that means anything). What is the best place for me to look for student loans? [link] [comments]  |
| Parents were sent a letter about a Navient Settlement. Posted: 30 Apr 2020 12:22 PM PDT My parents sent me a pic of a letter they got. It says Horton v Navient class action but I cannot find anything about it. I am pretty sure this is a scam but I wanted to check in. Letter: https://i.imgur.com/cnmQwwP.png Edit: Thank you I signed the claim form! [link] [comments]  |
| $205,000 in student loan debt. Miserable. Posted: 29 Apr 2020 07:17 PM PDT I don't have a degree. I didn't know what I was getting myself into when I was younger. Seriously think that the end is near for me. Sick and tired of being a slave to another person. The way I've lived for the last few years is no way to live. [link] [comments]  |
| Question about document processing company that almost got me Posted: 30 Apr 2020 12:03 PM PDT I thanked y'all a couple of days ago, in part because a company named Slfd Processing very nearly got me—actually they did get me, I just figured it out in time to change my card so they can't charge me. I've followed up by phone, text, and email asking them to cancel and confirm cancellation of my contract. They are (shockingly!) not responding to confirm. They can't get my payments, but is there anything else I should do? They can't report this as an unpaid debt or anything, can they? Is this worth reporting to any government agencies (the California AG or something like that)? Thanks again! ETA maybe this is a question for r/legaladvice, if so please forgive. [link] [comments]  |
| Is paying off your student loans the quickest you can always the best? Posted: 30 Apr 2020 03:05 PM PDT I mean, yes it is the method that will save you the most on interest and get the loans off your back. BUT... considering ALL other non-financial aspects of life... physical/emotional/mental health AND the fact that youth does not last forever... and that time is a linear journey... I am wondering if it is worth slaving away and putting all my money to my loans instead of saving/investing more and even spending more on myself. I believe everyone's financial and life circumstances are different so there is no magic bullet answer, but I am beginning to reconsider my strategy of paying down my loans as quickly as possible. My financial picture/habits below. I am wondering if other people have come to a similar switching of gears in their student loan repayment strategies depending on your age, life events, goals, etc. I also think reaching a certain manageable amount in your principal balance might make you more willing to slow down your monthly student loan payments and do something else... I think I am close to reaching my magic principal balance amount. Me: I have always been in the "GET RID OF THESE LOANS/PAY DOWN AGGRESSIVELY" camp... it's been about 4 years since I graduated and began working... Save for some fun activities/food/comforts (and squaring away a decent sized emergency fund and monthly contribution to my retirement accounts), all my money goes to my student loans because I started with a ridiculous amount that just hangs over my head. It's mostly that interest that I want to outrun and that has been my mission since Day 1. However... I am now 32 yrs old and finding that I have no liquid savings... I want to eventually get married and own property. I currently have about 7 years left on this current plan. I will not have anything in my pockets by the time I am 39 yrs old... and also would have sacrificed a lot of other aspects of life during these 7 precious years of being "young"... I am wondering if it makes sense for me to slow down my payments at this point and prioritize other things. That said, I did a quick calculation on a student loan repayment calculator... For those of us who are trying to pay down aggressively in order to outrun interest... IDK... I have $65,000 left in loans and currently paying $1214/mo ... If I slow down and pay $451/mo, I will pay $29,654 in total interest over the life of say a 20 yr loan. The difference between the amount I am contributing now ($1214) and what I would contribute on a slower plan ($451) is about $700. If you do the math, that $700/mo that is NOT going to my loans can be invested elsewhere, or saved up for a house, spent on fun, etc. $700 extra per month x 20 years is $168,000. Now I understand that if I were to pay off my loans sooner, that extra $168,000 of non-loan money is not as significant (hope that makes sense) but still counteracts the amount of total interest I would pay over a 20 yr loan ($29,654). $168,000 extra pocket money vs. $29,654 total interest over the life of a 20 yr loan... that doesn't sound too shabby. Some food for thought... Does what I say above make sense and sound like a reasonable plan to anyone? [link] [comments]  |
| Grad Student Loan Options and calculations Posted: 30 Apr 2020 07:43 PM PDT Hello, trying to get information to help a friend out. Their current situation is that they are currently graduating grad school with about $280k in federal graduate student loans. The person lives in a high cost of living area and can only pay off ~$100-$500 in student loans in the short term (1-2 years) until they get a newer job in the future that may pay them more (maybe up to $1.5k).
2a. Is it better to invest in the long run? Hypothetically if the person would get an inheritance of 100k and invest that / use that as last resort emergency fund or just throw it all in the student loan and have no investments + emergency fund
[link] [comments]  |
| Saving bonuses to invest instead of putting towards loans? Posted: 30 Apr 2020 07:32 PM PDT My boyfriend's dad owns a rental company and threw an idea out there for me so I'm coming to you guys I graduated a year ago with $150,000 in private loans and another $20,000 federal. I refinanced the private to 4.5% and set my monthly payments to pay it off in 10 years and my federal is about the same. I've saved up about $10,000 from bonuses at work, tax refund and general monthly savings. So my boyfriend's dad owns a rental company and said that if I can save up another $5,000 I could buy a pretty nice house in a more up and coming part of Atlanta to rent out after the fall (since its predicted to become a renters market) and make passive income that way. However, $10,000 also takes a decent chunk out of my loans too (I'd still save an extra $5k for a high interest savings account). .. I used to be very gung-ho on paying my loans back as fast as humanly possible but now I'm taking a step back and thinking 10 years (plus hopefully increasing my monthly payments a bit assuming i'll get at least 1 pay increase in the next 5 years) isn't that long. However, I'm new to the loans and uneducated in the housing/rental world as well so.. I would appreciate any advice y'all have! [link] [comments]  |
| Default-Consolidation. Made 3rd payment. What now? Posted: 30 Apr 2020 05:26 PM PDT Through the collections company holding my defaulted student loans, I had 3 voluntary payments for February, March, and April. Do I now apply for the direct consolidation loan or call the collections agency again? [link] [comments]  |
| Posted: 30 Apr 2020 04:53 PM PDT I have approximately $64k in student loans that I'm still paying on. I graduated in 2010 and have been paying minimum payments every month for 10 years now. These are private loans. 16k with Navient and 48k with AES. My question is that the ones with AES have the interest pretty much all paid off ($250 left in interest). Now I'm onto the principal. Would it make any sense at all for me to try and refinance? Is there anything that can be done since the interest is almost paid off? I really don't know how this stuff all works with refinancing so I'm open to any advice. I'd also include the Navient loan with the refinance too. Let me know if you need more info to determine if I should refinance or not. Thanks! [link] [comments]  |
| Are stay-at-home parents/part-time workers eligible for forbearance? Posted: 30 Apr 2020 04:33 PM PDT I was pursuing PSLF on PAYE (all federal loans), but we've decided it's best if I stay at home or work part-time before our future children are out of infancy and return to a non-profit after. It looks like, with forbearance, you can request it for up to 1 year at a time for up to 3 years. We can file separately so my payments would be $0, but taxes would take a huge hit vs. filing jointly with a dependant (and those years won't count towards the 10 years of PSLF anyway). Thanks in advance! [link] [comments]  |
| Seeking Advice: $85k+ in Loans & Outrageous Rates Posted: 30 Apr 2020 12:10 PM PDT I have roughly $87k in student loans, one is private with a fixed rate of 12.49% and a balance of ~$30k. The other is a federal loan with a balance of ~$58k, currently 0.0% in forbearance. I do pretty well, earning about $70k since entering the workforce almost a year ago, and have been paying $1500 per month towards the loans. My healthcare job is quite secure, even during these weird times. I'm planning on going back to school in roughly two years , and really need to strategically attack this debt. Given all this, what is my best option for consolidation/refinancing? Disclaimer: Asking for a friend :) [link] [comments]  |
| Posted: 30 Apr 2020 03:47 PM PDT To start, I'm only 20 so I don't have much experience paying pills or having my own income/expenses.I'm a current CS student at a pretty good CS university doing my undergraduate and the average starting pay is about 95k right out of college. I'm going to be about 50k debt when I graduate (maybe less if I can save money during internships). I'm considering doing the 1-year master's program and getting my masters in CS, but that would put me in a total of like 110k in debt (worst-case scenario - the best case is that I find some TA/ Research position and get it down to like 80k). The medium starting salary from our master's program is 115k - Although this includes people who are late in their career and get a masters too. Like, I said, I don't really know too much about personal finance, but, just based on those general numbers, is this a smart financial decision? or will be crippling myself during my 20s by taking the loans. Like I will eventually also need to buy a car and don't want to have to put that off. My parents would be taking out the loans so we can take out the 110k if needed and I would be paying them back. Also, since I'm CS, I'd probs end up working in a high cost of living area like Seattle/L.A Is it unreasonable to assume I could pay the loan off in 4/5 years (that would be 24-30k/year) if I just lived with a bunch of roommates and tried to keep expenses low for those years? [link] [comments]  |
| Posted: 30 Apr 2020 03:37 PM PDT Hi, I'm not sure if this is the right sub but, I'll be a freshman in college this fall and tomorrow is decision day and I need guidance. I got into my dream school (PITT) and several others for nursing. However, it is still very expensive even with FA and scholarships like 28k-30k and I think that is too much for a nursing degree. I made the decision to go to my local CC and get my associate because it will most likely be free or be very cheap and than get my BSN. Am I making the right call? I don't want to regret my decision and look back at the what if's. I see all my friends committing and I feel like I'm getting left behind with the college experience, but I know that is not important. Also, I'm really worried that I won't get into the nursing program at CC, so I'm hesitant to go. I already did all of the hard work, but I feel like I have to start all over again back at square one. Pls help, this will be the last time I ask, I swear! Edit: it's per year, should have mentioned that my B [link] [comments]  |
| Are student loans worth it if I'm planning on majoring in mechanical engineering? Posted: 30 Apr 2020 07:23 AM PDT I haven't payed my college enrollment deposit yet because I am worried about the debt that I may get. I want to go to a private university, but if I do I will end up having to take 15k in loans every year. Other people are telling me that it will be worth it because I will be able to pay it off with an engineer's salary. Is it worth it? I don't want to regret this. [link] [comments]  |
| How does the CARES Act affect current college students with direct Stafford loans? Posted: 29 Apr 2020 09:43 PM PDT This is kiiinda a dumb question, but how does this affect direct Stafford loans for students still in college? I've reached out to my financial advisor and was sent an automated message that reads "CARE provides forbearance with zero interest from March 13 through September 30." I don't entirely know what that means. I'm a junior in college with $14,350.00 in subsidized loans & $3,577 in unsubsidized loans. Does that mean the interest on my unsubsidized loan is "frozen"? [link] [comments]  |
| Why haven't student loan refinancing rates gone down? Posted: 30 Apr 2020 08:30 AM PDT I currently have a 4.51% interest rate (taking into account the .25% discount for AutoPay) and I was looking to refinance my loans again for a better rate. Seeing as interest rates have gone down, why haven't the rates offered by private companies decreased? Is there a certain time span in the future where you guys expect refinancing rates to be more attractive? Thanks. [link] [comments]  |
| Should I take out a loan (UCONN vs WPI)? Posted: 30 Apr 2020 08:18 AM PDT Hi everyone! I am currently deciding between going to UConn or WPI as an undergrad computer science major. If I go to Uconn, I will be able to graduate debt-free, but if I go to WPI, I will have to take out around $60k in loans. I know that WPI's CS program is a little better than UCONN'S CS program, but I feel that UCONN's CS program is still a great option. I also feel that I'd fit in at both schools. But I have heard so many people talk about how graduating college with no debt opens up so many opportunities. At the same time, from what I've calculated, WPI's debt seems to be manageable, but I know it will restrict my spending for several years. And especially during this time of economic instability due to coronavirus, I am worried that when I graduate, I will have to pay a lot more money/pay back for a longer period of time than before. And I have heard that the prestige of your undergrad school doesn't matter that much, even though WPI isn't massively above UCONN in terms of prestige. So my questions to you guys are: Do you think it is worth it to go to WPI even if I have to take out $60k in loans for a moderately better CS program, or should I go to UCONN and graduate debt free? And how important is it to graduate debt-free? If you guys could help me ASAP, I would greatly appreciate it, as the enrollment deposit deadline is tomorrow. Thank you in advance! [link] [comments]  |
| Perkins loan before Oct 2007 but still qualified for PAYE Posted: 30 Apr 2020 11:24 AM PDT Hello all,
Thanks! [link] [comments]  |
| How do I enjoy my 20s but also pay off my student loans? I'm really struggling with this concept Posted: 30 Apr 2020 10:17 AM PDT Sorry this is a long one, but I need to know if my plan is sound and how to learn how to live my life to the fullest during this financially difficult time. I'm in my early 20s, just finishing up my bachelors degree. I owe $31,000 from this degree, all in federal loans with about a 4.53% interest rate. Now, I've decided to attend an accelerated nursing program starting in 2 weeks, which is costing me A LOT, and I have no federal loans left. I just had to take out a $42,000 private loan with a 10.74% interest rate :( So, my plan is to save money while I'm in this accelerated program for the next 16 months. I have enough saved for things I may need throughout my program, like textbooks, train passes, uniforms, emergencies, etc. I'm living back with my parents and can do this for free for as long as I want. My plan is to babysit 1-2 days a week and make $200 a week and save as much of that as possible during my program. My bills each month are less than $300, so the rest is for savings. I'm expecting to make around $60k after I graduate next fall, which is actually lowballing it for my area and not including overtime or babysitting/side job gigs, which many young nurses end up doing for extra money. I'm very hardworking and have no problem working 60+ hours in a week. So, my plan is to save some of the money I earn during my nursing program toward a trip to Europe, travel immediately after I graduate next fall to celebrate before I get a real RN job (if I don't do this now I seriously never will have the time), and then go into a serious loan repayment period for 3 years. I plan to live from home, put $2000 a month into my loans each month (pay minimum on low interest federal and sink everything else into my private loans). This will completely knock out my private loans in 3 years. I'll have to live like a broke student for those 3 years, but I'm used to it. I'll basically have just enough to pay my loans, bills and have a little fun each week. After those private loans are knocked out, I plan to attend grad school. At this point, I'll have enough experience as an RN to become an NP. I'm looking at nurse anesthetist and psychiatric NP programs in my area. These jobs make well over six figures, so I'm not as worried about the boat of loans that will inevitably come with grad school. I know I have a reasonably sound plan to pay off this insane debt quickly (or at least I think?), but I'm having a really hard time grasping the concept of sacrificing everything now for a much better future. If I do this all the right way, I'll have no foreseeable financial stress from the age of 30 on. I just am worried that I'll waste away my 20s, while everyone else is getting married, starting families, traveling, and moving out. I'm just so focused on my career and having a really successful and independent future, but I do want to stop and smell the roses along the way and live out my 20s to the fullest, even if I'm financially suffering. I get so anxious that I'll look back and regret not just taking my time with my loans and enjoying life while I was young. This might sound ridiculous, but it's important to me. How do I find this balance? [link] [comments]  |
| CARES Act & Using 401(k) Funds to Pay Down Student Loans Posted: 30 Apr 2020 10:04 AM PDT I'd like to preface by saying that I realize that pulling money from a retirement account is the wrong answer 99% of the time. However, the CARES Act seems to have removed at least some of the factors that make it the wrong answer. My understanding is that the 10% early withdrawal penalty has been waived. Also, income tax will not be applied to the withdrawn funds as long as an equal amount is paid into a qualified retirement account within 3 years. These provisions are stated in the CARES Act Division B, Title I, Sec. 2103 (see link). I'm very tempted to pull $50k from my retirement to put towards student loan debt. Background info: my income is $160k, student loan debt is $95k with avg. int. rate of 5.8%. Also, my employer has historically contributed 10% of my income to my retirement. The main drawback I can see is that I will obviously have less money in the market and therefore will miss out on its growth as our market recovers. Is there a piece to this puzzle that I'm missing? [link] [comments]  |
| Posted: 29 Apr 2020 05:07 AM PDT Just wanted to share the good vibes and encourage those who are struggling that it is possible. It was hard to picture paying any of them off when we first started out, but with some simple budgeting and a little self discipline it's possible! My wife and I had five loans between us for a total of $40,000 when we graduated three years ago (which I don't think is that bad for a combined 12 years of college). We don't make a lot of money considering we each have Masters degrees, but we've been pretty aggressively paying off our loans with the income that we have. We decided to use the stimulus payment and some money from our fairly healthy savings and pay off two of the five loans. We now only owe about $13,000 and we expect to pay the rest off in about 14 months (assuming neither of us get a better paying job). We've been using the avalanche method and are both now excited for the "avalanche" to start gaining momentum. [link] [comments]  |
| Posted: 30 Apr 2020 07:59 AM PDT Hope this question makes sense but Has anybody who's had their tax return offset due to being in default over student loans and that qualified to get their tax return back Received it yet? [link] [comments]  |
| Parents Refusing to Complete FASFA Posted: 29 Apr 2020 11:01 PM PDT I am currently finishing my first Bachelors degree, and starting an Accelerated nursing program (BSN) the week after the first is complete (in 3 weeks). This means I have one more year of school, but my parents have suddenly refused to complete the 2020-2021 fasfa, saying that they "already have enough debt" (We have taken parent plus loans in the past). They are suggesting that I file independently, even after I explained that I do not meet the requirements to do so, and BSN does not qualify as grad school, even if I have a previous Bachelors degree. What are my options? Private loans appear don't appear to be the best choice without a cosigner, but it looks to me that they may be my only option. Any help is greatly appreciated! [link] [comments]  |
| Unable to have private loans refinanced Posted: 30 Apr 2020 07:27 AM PDT I have tried on several lenders such as Credible, Earnest, So-Fi, Lend-Key, CommonBond and etc... I have $12,760 with Sallie Mae Loans and $9,000 Federal Loans. I am not going to refinance my federal loans as I do not want to lose all of my federal benefits. I currently pay $179 for my Sallie Mae loans. It will increase to 50.00 as my last loan from last semester when I graduated in December will be released off of deferment. I make 34k salary and good credit. I don't have anyone to rely on to have a co-signer. The only person I can depend on is Me, Myself, and I. What else am I supposed to do? Just say "F*** It" because I don't make enough money and I don't have a co-signer? [link] [comments]  |
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