Settle loans for less during coronavirus emergency? Student Loans |
- Settle loans for less during coronavirus emergency?
- Should I put the $1,200 stimulus towards my student loans or save it?
- Any Advantage to Paying Weekly vs Monthly?
- Student Loans with Nelnet
- Payments already made during suspension period
- will putting my loan into forebearance until September add money to my principal?
- Is it worth it to have 100k+ debt for Columbia University?
- Is it normal for the amount owed on student loans to increase over the years instead of decrease?
- Fedloan payment automatically held
- Higher Education Servicing Corp just told me that my Stafford loans totalling $16,000, which I have paying on a IDR for the last 7 years, is a Private Loan and not eligible for any of the CARES help. Why did I think Stafford loans were Federal loans?
- PAYE vs REPAYE
- Got a federal loan refund and not sure what to do with it?
- My tax refund was garnished, when will I get it back?
- Help With Forbearance Question
- For visibility only - I've updated the stickied COVID post with the new FAQ the ED just put out
- Older Student Choosing Repayment
- Federal Loans vs Sallie Mae?
- Nursing Student Loans
- Opinions on loan strategy
| Settle loans for less during coronavirus emergency? Posted: 02 Apr 2020 03:14 PM PDT I heard through the grapevine that now is a better time to settle student loans, since things are wacko with the coronavirus shutdowns. Does anyone know more about this? How important is it to hire someone to facilitate? I have no knowledge about this. I would love to get rid of my debt that has basically been sitting unpaid for a long long time. [link] [comments]  |
| Should I put the $1,200 stimulus towards my student loans or save it? Posted: 02 Apr 2020 05:44 PM PDT I am 22 years old. I am currently $18,100 in student loan debt. I was in university for three years and didn't finish. I do plan to go back to school soon. Since I've been out of school, I've been working full-time. I just started making payments last month. The minimum amount I have to pay monthly is $189.99. I decided to pay triple. I paid $570.00 last month. I know with the coronavirus, people are supposed to be getting a stimulus check. I filed my 2019 taxes and I believe I am below the income threshold to receive the full amount. I have been working since August 2019. I was thinking about putting the stimulus check towards my student loans to get them paid off quicker. My mom thinks I am stupid for doing this and should save my money. I honestly just want to get out of debt sooner rather than later. I still live with my parents. I am currently not paying rent, but I pay the water bill which is $150.00 monthly, cell phone $40.00 monthly, and my student loans: $189.99. I even considered working overtime to increase my payment amount. I make $11.25 per hour and I work 40 hours per week. What do you guys think? [link] [comments]  |
| Any Advantage to Paying Weekly vs Monthly? Posted: 02 Apr 2020 01:47 PM PDT Hi everyone, Let's say I was going to pay off my federal loans (fixed interest rate) at a rate of $200/month. Is it better to pay $50 each week, or $200 once a month? Does one of these methods accrue less interest than the other? Thanks for your help. [link] [comments]  |
| Posted: 02 Apr 2020 04:50 PM PDT Currently I have 6 separate Direct Loans (3 sub and 3 unsub). I applied for forbearance, but only 5 out of the 6 have switched status from "Repayment" to "Forbearance Covid-19 Pandemic). Should I be contacting them or just wait it out. I've also noticed that these loans are still accruing interest. Does anyone know when the earned interest be backdated to March 13th? [link] [comments]  |
| Payments already made during suspension period Posted: 02 Apr 2020 10:56 AM PDT Hi all, I had a payment due on 3/28 that I scheduled before the suspension was put in place and which has already posted. Based on guidance from the Department of Education (https://studentaid.gov/announcements-events/coronavirus), we can request that our servicer refund any payments that have already been made from 3/13/20 onwards. I called Navient to request the refund, and they said they would do it but that it would take 3 weeks. They said that alternatively I can call my bank and say that this was an unauthorized payment and then I would get the refund sooner. This seemed fishy so I just asked for the refund in 3 weeks. Did anyone try the unauthorized payment route and have success? [link] [comments]  |
| will putting my loan into forebearance until September add money to my principal? Posted: 02 Apr 2020 08:36 PM PDT Mohela told me that putting my loan into forebearance until September will raise my principal and payoff amount by around $12,000. How is that possible? I only pay around $550 each month. [link] [comments]  |
| Is it worth it to have 100k+ debt for Columbia University? Posted: 02 Apr 2020 08:14 PM PDT I'm a high school senior and I recently got admitted into Columbia University with little financial aid (27k a year). In contrast, I got a full tuition scholarship at NYU (55k a year). How valuable is an Ivy League education? Is it really worth the debt? I'm planning on studying medicine, so I also have to think about med school... [link] [comments]  |
| Is it normal for the amount owed on student loans to increase over the years instead of decrease? Posted: 02 Apr 2020 08:13 PM PDT I've been paying off my $90k student loans for over 8 years now. I've only able to pay the minimum payment each month. But I've made every payment and am always on time. I just looked at two of my $10k loans and I now owe $12k on one and 13k on the other (variable APR that's been increasing if that makes a difference?). Is this normal??? Shouldn't the amount I owe be decreasing each month since I'm paying off the interest plus some of the principal each month? If that's not how it works, can someone please ELI5? [link] [comments]  |
| Fedloan payment automatically held Posted: 02 Apr 2020 07:06 AM PDT My payments are automatically paid on the first of every month. After reading lots of posts, I was kicking myself for not turning off automatic payments in time, but it looks like they paused them. I'm actually surprised they followed through! [link] [comments]  |
| Posted: 02 Apr 2020 11:28 AM PDT |
| Posted: 02 Apr 2020 05:11 PM PDT So, I know this has been beaten to death in some ways, but I was curious for some input on my situation. I feel I have a reasonable grasp of both plans. I'm a graduating medical student and my spouse has no debt. Due to the size of my loans, we have to pursue an income-based plan since standard repayment plans are beyond our capacity during residency. The debt: 255k at 6.3%, all federal loans. My debt priority: pay a doable amount during residency (5 years) but then pay it off quickly (2-3 years) as an attending with the ultimate goal to pay my entire loan amount. I will still do PSLF paperwork (as I will be at a non-profit hospital) but won't necessarily count on that happening. My wife intends to keep working and most advice that I am reading says to go with PAYE due to the ability to file taxes separately and then only make payments based on my salary. This effectively would lower the monthly payments. Alternatively, REPAYE would count our combined income no matter our filing status and therefore have higher monthly payments -- but still have the benefit of interest assistance. All that said -- and help correct me if I am missing something -- since I intend to pay off the debt and not pursue debt forgiveness then is there any reason that I shouldn't pursue REPAYE? This would allow the simplicity and tax benefits of filing jointly and still reduce the total amount of interest negative amortization that will occur during residency. Even if we pay more per month due to her working it all still is working towards our ultimate goal of paying it off. Thanks for your thoughts and help! [link] [comments]  |
| Got a federal loan refund and not sure what to do with it? Posted: 02 Apr 2020 03:07 PM PDT Hi Reddit! (I'm posting on mobile- sorry for any formatting issues) I'm in a bit of a predicament. I'm a college senior and like many other college students, I was sent home in March due to COVID-19. My school altered our tuition/room and board bill to reflect this change. Because of this, I got a loan refund of approx $2500. This refund was from my federal loans (subsidized and unsubsidized). I have approx. $52k in student loans (oof) outside of this. These loans are federal and institutional aid through my school. The federal ones will start to be due in November. The institutional loans aren't due until June 2021. I haven't graduated yet so I'm not sure what my monthly payment(s) will be. My question for this subreddit is: what do I do with this money? Should I pay it all in one chunk towards my federal loans the second I can, since that's where they came from? Or should I split it over time into my monthly payments once they begin to take pressure off of myself? How can I avoid paying the most interest in the long run?? The loans I am being refunded are as follows: Federal Direct Subsidized Loan: $1,815 Federal Direct Unsubsidized Loan: $659 Sorry if this was confusing at all- I'm still learning about all of this and navigating the "real" world! Thanks everyone! Any advice is greatly appreciated. [link] [comments]  |
| My tax refund was garnished, when will I get it back? Posted: 02 Apr 2020 08:16 AM PDT I was expecting a nearly $3,000 tax refund this year, and then on March 17th, it was applied to my wife's student loans. My understanding is that we should be refunded due to the covid rules. Is that true, and if so, does anyone know if I need to do anything proactively, or will it just happen? And when? [link] [comments]  |
| Help With Forbearance Question Posted: 02 Apr 2020 09:47 AM PDT Hi everyone! I'm very happy to see that all my federal loans in FedLoan Servicing show a 0% interest rate. I never requested this, but I'm also seeing that all of my loans say "Forbearance" as their status: https://www.screencast.com/t/GdiCMqiB However, when I go to the automatic payments screen, I see an option to "Suspend Payment": https://www.screencast.com/t/sJbUXEvs Can anyone help me understand whether I'll owe payment on the 16th or not? If my loans are in Forbearance, I'm not sure why I have the option to suspend payment. I'm trying to ensure that I won't owe payment on April 16th. Thank you so much for the help! [link] [comments]  |
| For visibility only - I've updated the stickied COVID post with the new FAQ the ED just put out Posted: 02 Apr 2020 07:35 AM PDT Don't upvote this post or comment here - it's just for users looking for new covid posts so they know to read the updated stickied post [link] [comments]  |
| Older Student Choosing Repayment Posted: 02 Apr 2020 09:36 AM PDT So I recently graduated at the age of 42. I'm currently trying to decide on a repayment plan. I'm not making a ton of money, 47k a year, and I'm currently employed by the Government. I have 36k in loans right now. I'm leaning towards PAYE right now (if I'm still working for gov in ten years I'd qualify for PSLF) but I could also just pick the plan with the lowest possible payment and know that I'd be finished paying right around the time I am eligible to retire. I don't have much invested for retirement, so it would be nice to have the extra monthly income for that. I'm also not really in any debt other than a car payment. I'm just feeling kind of overwhelmed by the choices, so any insight is appreciated, [link] [comments]  |
| Posted: 02 Apr 2020 07:14 AM PDT Hi all, I'm attending law school in the fall and am trying to decide the best place to take out a student loan. I filled out my FAFSA and was offered student loans through the university with an interest rate of about ~6%, however i believe i would be able to get a lower fixed rate through Sallie Mae. Every article I've read says to always take federal loans before thinking about a private lender, but if I can get a lower rate w Sallie Mae, why wouldn't I go with them? Are there some pros/cons I'm not aware of? Thanks! [link] [comments]  |
| Posted: 02 Apr 2020 11:35 AM PDT Are there student loans specifically for nursing programs? [link] [comments]  |
| Posted: 02 Apr 2020 11:12 AM PDT My wife is a teacher in MI, I just did a small payoff on our mortgage to eliminate having that payment. This has been a long time plan for us, to pay off the house first in case she loses her job. Now I'm working on getting her loans payed off. She has two loans consolidated through fedloan, they total about 45k. We both have good credit and not much debt, I was considering having her refinance to private loans since rates are low. This was right before the virus hit obviously. Right now I'm thinking to just let it go to forbearance (should be automatic, since she has auto withdrawals), to keep a little cushion until September. Then maybe refinance then. Obviously things could change drastically by then, and we'll evaluate then. [link] [comments]  |
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