Mission: Complete. I finished paying my loans! Student Loans |
- Mission: Complete. I finished paying my loans!
- Student loan observation after a decade abroad: Shame in different places
- IBR and forgiveness after 20 years?
- Med School Student Loan/Bad Credit/Confused about co-signers
- Will not paying due to forebearance virus epidemic affect my credit score?
- FedLoan servicing still has not adjusted interest rates on my loans to 0%
- COVID19 and MyFedLoan as of April 5th
- Myfedloan still saying payment due..
- Should I spend all my savings on going to college?
- Payments
- Is it better to pay off Great Lakes and Heartland as early as possible?
- Has anyone tried or heard about FutureFuel?
| Mission: Complete. I finished paying my loans! Posted: 05 Apr 2020 12:59 PM PDT I finished undergrad with a loan balance that totaled about $8500. (My mother told me she would pay for undergrad, then I graduated and learned that she took loans in my name. She then said she would pay them back and didn't.) Most of the loan debt is debt I took in my own name, however. The short story is that I borrowed a shit load of money at 21 and 22 to pursue a degree (MLIS) with an extremely low ROI because a) I assumed I would always work for a PSLF eligible employer and b) I had no real intention to pay the money back in full. In retrospect, this was an extremely stupid and childish action to take, and it reflected my lack of life experience as much as my ignorance about the real world impact of owing so much money plus interest. After I realized my hellish mistake, I got out of the library field, into another related, more lucrative and employable field, paid my way through a second masters program while paying my living expenses, working a full time job in my field, and taking advantage of my in-school deferral to pay down my existing loans. Those years were extremely stressful, and I was pretty broke for all of them. However, the outcomes of those actions were well worth the hassle. When I started the second masters program in January 2016, I had 6 loans outstanding. When I finished in May 2019 (with no additional debt), I had 2. In November of 2018, I got an offer for my current job, for which I moved across country (again) and at which I got a 51% raise from my previous position. I threw all that money into the pit of despair that is Navient and did what I think is a commendable job with not letting lifestyle creep occur. Last Monday, March 30th, the final payment of $307.40 hit my account. I am now paid in full! It required a lot of drive and grind to get this done. In addition to always having a full time job, I worked a side job (one foot still in the library world). I have not owned a car in 9 years, and I had room mates for 10.5 years. I don't have any pets or kids, and I consider myself extremely lucky that I don't want either, loan debt or not, because I don't think I could have afforded them. I do not own property, and I have no down payment money saved. I cook all my meals at home, and everything I own is secondhand from either eBay or Goodwill. I churned credit cards to take vacations (including my loan payments, tuition payments, and rent), which were always done on a shoestring budget even considering the reduced cost, and I sold back PTO when I was able. This sub was a huge source of motivation, as were several people in my offline life. Hell of a time to complete the mission, but nonetheless I'm thrilled that it's FINALLY OVER. Lastly, I downloaded the transaction history for my account but am not emotionally ready to see how much I paid including interest. The total principal of all my seven loans was $57,876. All of them were federal, and the interest rates were: 7.9% (Grad PLUS x1), 6.8% (x5), and 5.6% (x1). [link] [comments]  |
| Student loan observation after a decade abroad: Shame in different places Posted: 05 Apr 2020 08:00 PM PDT Excuse the "generalization" but overall I have noticed a lot of serious shame in this forum, from the news, and general public about American students not paying their loans or trying to find a way out. Now I have lived all over Europe for nearly a decade and find it interesting that the collective generalized opinion on these same American students is shame towards the society and government. How can university not be free? Textbooks are how damn expensive?! Students don't receive free healthcare and even monthly cash stipends? Shame not on the borrower, shame on the government and society - especially such a wealthy one which logically excuses most of the developing world fairly. [link] [comments]  |
| IBR and forgiveness after 20 years? Posted: 05 Apr 2020 07:07 AM PDT Hello all! I'm in my 14th year of loan repayment, and at this present time I'm thinking about switching to an IBR plan. It seems to me that if I do this, I would have to make payments for an additional 20 years from this point, until the loan would be forgiven, is that correct? Also, according to the calculator tool, I would be paying $0 since I'm making so little right now... can I offer to pay a little, like $25 a month? What I was hoping is that I can switch to IBR, pay a minimal amount and then have the loans forgiven in another 6 years (which would be 20 years of me paying regular payments as well as IBR...) but again, if I'm looking at it right, that's not how it would work. Any insight is most welcome! If it helps I owe $13,000 and am currently making payments of $220 [link] [comments]  |
| Med School Student Loan/Bad Credit/Confused about co-signers Posted: 05 Apr 2020 11:54 PM PDT Hi everyone, I have some questions about co-signers, lines of credit, and what it means for me. I hope this is the right sub, if not I will delete, just kindly let me know! So to start, I have really crappy credit. When I was in my undergrad I had a really bad undiagnosed mental illness that caused mania, which when mixed with managing your own finances equals some very poor decisions that I'm now having to clean up. I accept responsibility of course, and I guess that's why I'm here! I'm now medicated lol and a lot more financially responsible now that my health is well managed. My credit score is 571 (transunion in Canada) and I have 4 accounts in collections amounting to roughly $1700. (I got into the payday loans - probably one of the dumbest things I've ever done). I have a secured credit card that has increased my score by nearly 150 points since I've got it. Good standing and no missed payments on that. My student loan account is about 20k, but in good standing, with no missed payments either. So here's the fun part: I just got into medical school! Yay! I'm so excited I can barely sit still, but am nervous about the loan process. It is a US med school (applied to 2 cycles in Canada, it's so friggen hard to get in here....), so OSAP will only cover a teeeeeny tiny portion of it. With living expenses and visa reqs on top of tuition, I'm needing a line of credit in the neighbourhood of 200k when all is said and done. My main question is will having this poor credit history and items in collections automatically disqualify me from a LOC, even with a strong co-signer? My aunt has agreed to do that for me, and she makes over 100k yearly and has excellent credit. She is however paying off her cottage, so I think that's the one debt she has. Account in good standing, never missed a payment for that. I was once told by a bank over the phone that co-signers were only for people who didn't have enough credit history to be trusted, but would not work for those with bad history. Is this true? My second question is if the above is true and my bad credit history automatically denies me, is there anything I can do to clean up my history rather quickly? My uncle told me paying off the accounts in collections won't hurt or help my score either way cause they're pretty old, but surely it must make some sort of difference in consideration of LOCs? I know they're normally a bit more willing because physicians typically yield a high income post-graduation but I'm unsure about when a student is going international if it's the same deal. Any and all advice would be so welcome and appreciated. I hope everyone is staying safe and healthy during this difficult time. Thanks so much! [link] [comments]  |
| Will not paying due to forebearance virus epidemic affect my credit score? Posted: 05 Apr 2020 05:53 PM PDT I'm wondering if maintaining that balance without making payments will affect my credit score. I'd rather pay than have the deal with contacting the credit bureaus. [link] [comments]  |
| FedLoan servicing still has not adjusted interest rates on my loans to 0% Posted: 05 Apr 2020 08:04 PM PDT Now I know there is something suspicious happening. These are all federal loans. FedLoan has a history of doing shady stuff regarding student loans. Are there any legal options that I can pursue in order for them to do what is right and adjust the interest rates on my loans to zero [link] [comments]  |
| COVID19 and MyFedLoan as of April 5th Posted: 05 Apr 2020 03:57 PM PDT As of April 5th, has anyone seen a change online or in the app indicating that your loans are in the suspended status? Mine are showing 0.0% interest rate, but the loans say they are in repayment status with no indication that they're suspended. Anyone else see something different? [link] [comments]  |
| Myfedloan still saying payment due.. Posted: 05 Apr 2020 05:47 PM PDT A couple of friends have had their payments suspended automatically without contacting FedLoan. I still have a payment due today April 5th that has not changed to $0. Not planning to pay it but curious to see if anyone is in a similar boat. Are they doing this in batches? Thanks [link] [comments]  |
| Should I spend all my savings on going to college? Posted: 05 Apr 2020 04:54 PM PDT Something bittersweet happened: My Father passed away a few months ago, and my Mums been talking about sending money from his life insurance policy to help me go to college. She's been so depressed lately, and a few days ago she came with cookies and a letter from my dad saying a final farewell. After having a good cry together, my Mum told me to check my bank account, she sent me almost all of her roughly $97,300 for college and to help us in an emergency. She said she's not financially literate and she might waste it herself (Mum and me have lived in poverty all our lives, but I'm not that much smarter!). I was talking to my boyfriend who's a finance major, and he said this is actually not a very good thing? My boyfriend said her heart was in the right place, but my Mom wasted this money by giving it to me before I graduated and it'll be drained away from the lost eligibility for financial aid. My boyfriend says I should prepay rent for my Mom, find a house with him, get a reliable car, clothes without as many holes in them etc. until down to <$20,000 because it'd be all lost without financial aid. He said that I need to wait another year to apply for aid/school, as even if I did spend most/all of it, I'd have to state on my application that I recieved it in the year which would affect my aid. My feelings say he's wrong, if the money's used for a car, house, etc. there'd still be the college loans to pay back, and no emergency fund for Mum and me along the way (especially with what's going on right now). He thinks he's right and there'd be a lot more worth for the money by spending most of it now. He felt upset that I didn't trust him and told me I'd be losing thousands by not being eligible for grants and loans that could be forgiven, but I wouldn't know because poor people usually stay poor, and anyone with financial sense would agree with him. • I live in the US and I'm 26 so I'd be an independent student, and it's my dream to get into the medical field and give back to the community, but I know it's almost impossible sans a degree. I live alone, and my Mom and I have no debts, but we're making little more than minimum wage and don't have much left over each month. I'd have to use this money to supplement the additional living expenses from switching to part-time so I'd have enough time to go back to school. It sounds like financial aid expects you to pay as much as you can and it probably doesn't account for your Mother giving you the costs of college, living expenses, and emergency money. It'd break her heart to know she might've messed things up, so I want to use the money in the best way possible to do right by her. Grants wouldn't save you that much, my boyfriend could be telling me to spend 80k to save >15k over the years right? I've no way of knowing how much to keep before its hurting me, or if I start spending more than I'd save in grants. What do you think the smartest way to use this money is? [link] [comments]  |
| Posted: 05 Apr 2020 01:02 PM PDT Is anyone student loan savvy? With having 0% interest how can I benefit the most from this? Also if I have one student loan that is a low amount should I try to pay that off first before bigger loans? Looking for any and all advice. [link] [comments]  |
| Is it better to pay off Great Lakes and Heartland as early as possible? Posted: 05 Apr 2020 12:53 PM PDT Hello everyone, I have been getting mixed answers for my situation, so I thought I should give this subreddit a try. Just to give a little background, I have some debt for Great Lakes Loans and Heartland. I have been paying monthly since his January. I could be out of debt, but some people were saying I should pay monthly because it's good for my credit score and tax. With the CARES act, Great Lakes Loan's interest rate is 0% until September. My question is, would it be a better idea to pay monthly until this September and pay the rest of the debt off for Great Lakes Loans? And pay off Heartland loans whenever I can? Thanks ahead of time. Stay safe everyone! [link] [comments]  |
| Has anyone tried or heard about FutureFuel? Posted: 05 Apr 2020 09:36 AM PDT Just saw an ad for this, but super skeptical. After googling for reviews, I couldn't really find anything. Here's the link to the landing page I was directed to: https://secure.futurefuel.io/user/onboard?token=crush-student-debt-rd0420 Has anyone tried this out before or have any opinions on this they'd be willing to share? [link] [comments]  |
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