Paid off my first student loan! Student Loans |
- Paid off my first student loan!
- Dropped classes and now owe over $10k. Please help
- Income-based repayment and tax filing status
- US Address While Living Abroad
- What’s a manageable amount of debt?
- Sallie Mae sent me an email today saying my 1098-E form is incorrect.
- Sallie Mae's COVID-19 relief is an absolute JOKE. What should I do?
- Rant about about student loans
- Student loan without a co-signer
- Federal Loan stimulus again
- Will your credit score decrease if you don't repay back loans during suspension?
- CARES Act appears to cover some loans over 10 years old - If they're held by the Department of Education
- Consolidating Student Loans?
- Options if you don't qualify for Income Driven Repayment Plan - $80K in Federal Loans - Direct Plus/Parent Plus - $600 monthly
- Coronavirus Student Loan Tricks
- I'm absolutely screwed?? Starting the process to apply for undergraduate student loans and I just found out my parents will not co-sign.
- How do you pay off student loans?
- Tax Refund Garnished, Returned?
- 310k in med student loans, questions about REPAYE
- To pay or not to pay...
- Well this is a weird one - having a negative balance on our student loan, now what?
- will forebearance affect my REPAYE when re-initiated?
| Paid off my first student loan! Posted: 31 Mar 2020 08:37 AM PDT I started working and paying off my loans in September with a balance of $82,000. Today i'm at $70,784 and I paid off an $8,000 loan! I know that there are a lot of people without jobs right now so I feel a little guilty boasting about this but i'm just so happy, i've been working towards this for 7 months. I also know it doesn't seem like much but i'm so proud! 9 more to go lol dies a little inside [link] [comments]  |
| Dropped classes and now owe over $10k. Please help Posted: 31 Mar 2020 06:40 PM PDT I made some bad decisions and dropped from full time to under half time (3 credits) late this semester. I was recovering grants and federal student loans of the amount of 10,100 to pay for this entire semester and about 2500 of that was a refund that I put towards living expenses. I am now seeing a due balance of 10,100 on my account and can not afford to pay that back right now. What can I do? I am going to call them as soon as they open tomorrow but I'm terrified [link] [comments]  |
| Income-based repayment and tax filing status Posted: 31 Mar 2020 06:13 PM PDT I am graduating from professional school this coming May, and will likely apply for an income-based repayment plan for my student loans. Because I had zero income this past year, I was hoping that once I sign up for a plan, my first year payments will be $0, while still having those payments count towards eventual forgiveness of my loans. I was told by my school that I should file my taxes this year even though I had no income, so my payments would be $0 for the first year. My problem is, my mom ended up claiming me as a dependent when filing her taxes at the advice of her accountant.... I didn't know she did this until recently when I was getting my tax documents ready. How will this effect my student loan payments? Will it go off her income or mine? I also want to mention that all my loans (both undergrad and grad loans) are under my name, and I'm not expecting my parents to help pay for my loans. All loans are federal loans as well. [link] [comments]  |
| US Address While Living Abroad Posted: 31 Mar 2020 09:51 PM PDT I'm currently living outside of the US, but use my parents' home as my address in the US. (I lived with them long term before I left, so not a big deal while transitioning.) BUT my parents have since moved. Do I update my address on my loans to that address or to my address here in my new country? [link] [comments]  |
| What’s a manageable amount of debt? Posted: 31 Mar 2020 09:17 PM PDT Hey everyone. I'm looking to move on campus this upcoming fall, and the pricing is astronomical. I have the option to stay home for free and commute- this is not ideal for me as I'll be driving 1hr to get to campus 2-3 days a week. Or I could take out a private loan to secure on campus housing. Student housing for a year would be around $12,000. Based on what I've paid in tuition and fees so far, if I stayed at home I would have approximately $25-30k in student when I graduate. If I stayed on campus for my final two years, my student loan would be double that (50-60k). My question is what is a manageable amount of debt to accrue? I don't want to be paying on these loans for the rest of my life, or take several years to make noticeable dents in the principal amount. I'm a dual major for HR and PR, looking at a post graduate job in Dallas, TX if that makes a difference. [link] [comments]  |
| Sallie Mae sent me an email today saying my 1098-E form is incorrect. Posted: 31 Mar 2020 08:23 PM PDT Hello all! I received an email today from Sallie Mae saying the 1098-E form that was sent to me in late January had an incorrect amount. They've sent an updated 1098-E and I've confirmed via the website that this is true and that I've paid a significant amount more in interest. The fun part is I've already filed my taxes and received monies in return. I should be keeping track of how much I pay in interest on all my loans to prevent this horrendous miscalculation from happening again. Has this happened to anyone before? What do now? [link] [comments]  |
| Sallie Mae's COVID-19 relief is an absolute JOKE. What should I do? Posted: 31 Mar 2020 11:21 AM PDT In response to the pandemic, Sallie Mae is offering all (or most?) borrowers 3 months of "emergency forbearance." When I asked how this differs from regular forbearance, the rep said "It doesn't count toward your 12 month forbearance maximum." "So it still accrues interest through the 3 month period?" "Yes." I'm one of the folks who's fortunate enough to be working remotely. However, my income relies heavily on commission, and I'm an advertising sales consultant. Companies simply don't want to market right now, and as a result, my commission is pretty much nonexistent. Due to that, I can't afford my April loan payments. For those who are familiar with Sallie Mae, do I have any other options? I'm currently in a bit of a panic. [link] [comments]  |
| Rant about about student loans Posted: 31 Mar 2020 06:44 PM PDT Hi! So this is mostly a vent/rant about my student loan journey... not sure if this is okay... I'm 24 years old. I feel really terrible about taking student loans. I majored in ethnic studies & psychology. As much as I loved learning, I didn't do that well in school... I have a 2.9 GPA. I currently might take some classes to raise it up to a 3.0 depending on my financial aid (which has not been awarded) but I'm almost out of pell grant. And I'm scared to take out more loans. If I have no more grants given to me by the university, I'm looking at about 5k more in loans. I'm currently 25k deep. 5k are Perkins loans. I plan on being a teacher and do loan forgiveness program. Thankfully, I love teaching. But part of me feels terrible for the number of loans I took out. I went to mid-tier university (UC Davis) here in CA. I was convinced to go to this school and told that taking out loans was not a bad thing. I should have dropped out my second year because I have mental health issues. (I had undiagnosed BP 2 and the depression became a disability... as well as ADHD, GAD, & fibromyalgia). This is part of the reason I took out loans. Now, I'm scared it will affect me financially. Mostly because I realized so many of my friends didn't take out loans. I tried working, but it was not enough and I had scholarships as well. I could have definitely worked on being more financially savvy but I didn't. There are so many regrets and feelings I have now. I wish I did community college or CSU, but the adults who helped me get into college were insistent I go to a UC. Ultimately, now I recognize it was my decision in the end. I'm regretful because I didn't love my experience in a traditional college setting. (it was full of heartbreak & mental health challenges) I guess, I just want to ask how bad is my debt... 5k are Perkins loans & 20K are fed loans (subsidized). I guess I'm still learning about loans. I was just told to take out my subsidized loans. I still want to go to graduate school eventually. But all my future options are jobs that make about 50k ~ 80k a year after graduate school. And I'm scared that I will probably go up in debt about 40k because of graduate school. (Hopefully, I attend a CSU which will decrease the cost). I guess I want to hear any stories of similar struggles or inspiration... Also, where do I start? Should I start paying off loans as soon as I can even if I plan on loan forgiveness programs? I feel like now I'll never afford a home or children because of these loans and my pursue of a career. [link] [comments]  |
| Student loan without a co-signer Posted: 31 Mar 2020 06:33 PM PDT I know it's damn near impossible to find a private lender that doesn't need a co-signer but I just wanted to take a gander and see if anybody had to go through the same situation. I don't have anyone that can co-sign me so I'm on my own. I've already got the federal loan but it's not enough like 2.5-3k per semester is missing. I've looked into private loans and I haven't come across one that doesn't require a co-signer. To make matters worse, my credit is also poor. At this point if there's one private lender with a high interest rate I'll take it if it means I can go to school. I just need something. Please, if anyone could give me some ideas here it would be greatly appreciated. [link] [comments]  |
| Posted: 31 Mar 2020 10:04 AM PDT Does anyone think that they (the government) will eventually give people $10,000-$30,000 federal loan forgiveness, like discussed before, because COVID-19 keeps getting worse? Just wondering if anyone has any better idea than me. [link] [comments]  |
| Will your credit score decrease if you don't repay back loans during suspension? Posted: 31 Mar 2020 08:42 AM PDT So I read all federal student loans will be suspended, but when I logged on to my account to see my balance it now says 0% interest rate, but my payment due date remains the same. Im currently still in my grace period so I haven't paid anything yet, but I was wondering if it would effect my credit score if I continued not to pay. [link] [comments]  |
| Posted: 31 Mar 2020 10:54 AM PDT My experience is with FFELP loans, which are loans created by Title IV, Part B of the Higher Education Act of 1965. I verified that my loans are currently held by the Department of Education through Studentaid.gov and that they are FFELP loans. I was informed by Nelnet that my loans aren't covered by the CARES Act, however, the CARES Act provides as follows: SEC. 3513. TEMPORARY RELIEF FOR FEDERAL STUDENT LOAN BORROWERS. (a) IN GENERAL.—The Secretary shall suspend all payments due for loans made under part D and part B (that are held by the Department of Education) of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.; 1071 et seq.) through September 30, 2020. (b) NO ACCRUAL OF INTEREST.—Notwithstanding any other provision of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.), interest shall not accrue on a loan described under subsection (a) for which payment was suspended for the period of the suspension. (c) CONSIDERATION OF PAYMENTS.—Notwithstanding any other provision of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.), the Secretary shall deem each month for which a loan payment was suspended under this section as if the borrower of the loan had made a payment for the purpose of any loan forgiveness program or loan rehabilitation program authorized under part D or B of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.; 1071 et seq.) for which the borrower would have otherwise qualified. I get that it's taking some time for servicers to implement the new guidance, but I don't exactly have a good reason to trust them to do it expeditiously or correctly after all these years. I'm instead doing my own CYA early, rather than relying on them. [link] [comments]  |
| Posted: 31 Mar 2020 02:33 PM PDT Took out a parent plus loan with a 7.06% interest rate. I also have unsubsidized and subsidized loans with a 4.53% interest rate. Will those two interest rates be combined when I start paying back or will my interest rate decrease? [link] [comments]  |
| Posted: 31 Mar 2020 02:06 PM PDT My mom is single/head of household, 70 y/o and only recently unemployed. Monthly gross income (social security, deceased fathers pension) is roughly $4K. Based on loan disbursement dates and each loan (group) being "Direct PLUS" she doesn't qualify for any of the 4 income driven repayment plans listed ( studentaid.gov). We're basically at the point where we know she will never pay off this loan balance entirely - so we're looking to find an option that will allow her to pay THE LEAST amount each month for the rest of her life. Right now she's paying way more than she can afford and my goal is to get monthly payments dropped by at least 50% (~$300). We're already capitalizing on CARES Act. Are there any other IDR plans outside of those 4 that apply to Fed loans? Outside of refinancing with a private lender, what is her best option for repayment? Any advice/sources of info that you can provide here would be greatly appreciated. Yes, I am helping pay each month. [link] [comments]  |
| Coronavirus Student Loan Tricks Posted: 31 Mar 2020 10:11 AM PDT I know a lot of the details are still fuzzy but does anyone have any cool tricks they are using given the changes to student loans from the coronavirus. Personally I no longer see the point of paying any amount on student loans right now since they aren't accruing interest until September. Don't see why I wouldn't take the money I was going towards student loans, put it in a high-interest savings account (like Marcus - 1.7% interest) and pay all that at once in September. I know this is pretty minor but am wondering if anyone else plans to do anything out of the ordinary [link] [comments]  |
| Posted: 31 Mar 2020 10:10 AM PDT To make it clear- I have NO ONE that will co-sign. I have no credit as well. I will be 18 next month so I could open up a credit card if I have to. I was planning to take out student loans for ~20000$ a year. Well I have no idea where to go from here. I feel like I might just have to drop all my college endeavors. [link] [comments]  |
| How do you pay off student loans? Posted: 31 Mar 2020 12:25 PM PDT How are student loans paid? Do they deduct money from my credit card or?? [link] [comments]  |
| Tax Refund Garnished, Returned? Posted: 31 Mar 2020 11:46 AM PDT So I did my taxes early this year and I knew it was going to be garnished for student loans, that being said with everything that is going on with my family and employer, we could really use that money. With the new bill that passed stopping the garnishment of refunds temporarily, will that be sent back to me or am I out of luck since I filed before the bill was active? [link] [comments]  |
| 310k in med student loans, questions about REPAYE Posted: 31 Mar 2020 11:31 AM PDT So I've got about 310k in loans. Planning on REPAYE for 4 years in residency then transitioning to private loans once I start practice. So I've heard that if I file a 0 income tax return in 2019 then my loan payments will be 0. Do I have to file a separate tax return to take advantage of this? In 2018 I was claimed as dependent relative under my parents income taxes. If we do the same for 2019 will I still be eligible for the 0 payments under repaye? [link] [comments]  |
| Posted: 31 Mar 2020 07:23 AM PDT My husband and I are lucky that are jobs are secure, which means we aren't struggling with bills. His loans total about $130k (he's on IBR) which means we'll be paying for what seems like forever. My question is... should we continue to pay his loans now or put them on hold and save the money? We're moving next month and I'm pregnant, so the extra money in our savings would be nice. He has about 14k in interest alone, so even with the new 0% interest rates, if we made the payments as normal, it wouldn't make a huge dent. It wouldn't hurt us to make the monthly payments, but it would be nice to have that extra money if there are no consequences to not paying for right now. I'm not sure what the right thing to do is. [link] [comments]  |
| Well this is a weird one - having a negative balance on our student loan, now what? Posted: 31 Mar 2020 05:28 AM PDT We requested a payoff amount and made our final payment on 3/26 (great!) but while the payment was processing over the weekend FedLoan updated our account to reflect the switch to 0% interest on 3/13. This dropped our outstanding interest to what it was on 3/13 so when I woke up this morning the payment had gone through and we now have a negative $15 account balance. Is winding up with a balance something that happens from time to time? Should I email FedLoan to give them a heads up? Honestly I knew the 0% thing was coming down the road but I was so eager to pay this off I did the impatient thing instead of the prudent thing of waiting. I don't even care about the $15 as much as I don't want to spend the next 90 days jumping through bureaucratic hoops to get that magic "you've paid off all your shit" letter. EDIT: what about Direct Debit? We have a payment scheduled to get pulled from our account on April 4th and it's still showing as an upcoming payment. I would hope FedLoan would stop pulling payments since our balance is now less than $0 but maybe I'm giving them too much credit. Have other folks who paid off loans cancelled Direct Debit afterwards? [link] [comments]  |
| will forebearance affect my REPAYE when re-initiated? Posted: 31 Mar 2020 08:57 AM PDT Hi all! I am on the REPAYE plan. My next payment is due april 9th so I want to do the emergency forbearance to stop that, but I am afraid it will mess things up when I want to go back on the REPAYE in september. Can anyone advise if forbearance is as easy as just stopping it and resuming the previous payment plan, or will I need to re-apply? Thanks! [link] [comments]  |
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