$100k in student loan debt; how does our budget look? Student Loans |
- $100k in student loan debt; how does our budget look?
- Repayment advice with CARES act
- Hello, I just got a check from my school and the description is Cares Act-Covid19 ER Fund
- Joe Biden and Student Loan tax - Graduate students?
- fafsa help i’m independent
- Low-Interest Rates for 2020-2021 School Year
- Changing Careers but Earn Too Much for Student Loans
- Confused, lost, and in-need-of-guidance transfer student
- Will paying during the grace period lower my monthly payments?
- Using loans to pay loans?
- Removing the Grace period from student loans
- Cost of attendance
- Between a rock and a hard place while trying to pay for college.
- Could I sue my parents for negligence? (In theory)
- Will I be Approved?
- Planning Ahead
- Grad school starting June 29th, rates dropping July 1st
| $100k in student loan debt; how does our budget look? Posted: 24 May 2020 03:33 PM PDT Hey, folks. I was just wondering if you guys might take a look at our budget and just see if it checks out. My fiancée and I are getting married in December. We are both law students working at law firms this summer, and both firms have offered us full-time associate positions after we pass the bar a year from now. We intend to accept these positions, making a combined income of $170k. I will have $100k in student loans between undergrad and law school; she will have no student loans. Neither of us has any other debt of any kind. I'm personally a little torn between either paying off my loans in 3 years OR paying them off in 5 years while investing more in our retirement. Here's the monthly breakdown we've tentatively figured out (partially based on estimates of items such as rental prices in the area, utility expenses, etc.): Monthly income after taxes: $10,300 401k: $850 Savings (House downpayment/Emergency fund): $1,200 Rent: $1,200 Utilities/rental insurance: $330 Vehicle-related expenses: $350 (both of our vehicles are paid off) Car payment (in case my fiancée wants to get rid of her old car and get something new): $480 Food: $550 (grocery and restaurant) Phone/subscription services: $150 Pet care: $130 Healthcare/HSA/medicine/gym: $910 (this number is probably too high due to our employers having solid healthcare coverage, but I figured I'd be conservative on the estimate) Life insurance: $100 Student loan payments: $3,250 Money to play with: $800 Total: $10,300 The idea is that I will pay off my student loans 3 years from the month I start working. I'll be debt free by the time I am 30 years old. Should I consider putting more toward student loan payments and less toward retirement, vice versa, emergency fund, or some other option I'm not considering? There seems to be various opinions on the emergency fund. Dave Ramsey folks say $1,000 until debt is paid off. Suze Orman says 8-month emergency fund. The general consensus I see elsewhere tends to be 3-6 months, which I think is probably correct. I think my fiancée and I will both put our signing bonuses toward the emergency fund, and she has a small inheritance that she's going to take early and put it toward the emergency fund as well. That should cover at least 3 months, and we'll keep contributing at least $1,200 in savings as we work toward a downpayment on a house. Also, for simplicity, I'm not including hypothetical raises and bonuses over time, even though those typically happen. My plan is to throw any of my raises and bonuses at the student loans. I hope I covered all my bases, but if you notice something glaringly wrong or unaccounted for, please let me know. [link] [comments]  |
| Repayment advice with CARES act Posted: 24 May 2020 09:08 AM PDT I have both federal and private student loans. The 3 federal loans I have are at the same or lower interest rates (6.8%, 5.48%, 6.41% fixed) than the 2 highest interest rate private loans I am currently targeting (6.8%, 6.8% fixed). The combined amount for the loans is roughly $20k federal and $7k private. Since my federal loans are currently at 0% interest/forbearance due to the CARES act, is it in my best interest to take the monthly payments I would have typically put towards those federal loans and use it to pay down the private loans? I hope what I'm describing is clear enough... the coffee was weak this morning. Also, apologies if this is a dumb question. I am always second-guessing my logic when it comes to loans. [link] [comments]  |
| Hello, I just got a check from my school and the description is Cares Act-Covid19 ER Fund Posted: 24 May 2020 08:06 PM PDT I'm a little confused, is this a loan that I need to pay back later or is this sort of like the stimulus check? [link] [comments]  |
| Joe Biden and Student Loan tax - Graduate students? Posted: 25 May 2020 01:18 AM PDT I know Joe Biden is proposing a new IBR plan, if passed (I get that this is a large contingency) is he planning on limiting its access to undergraduate loans? I'm concerned more with his proposal to change the tax code on forgiven loans. Is he proposing a change only to loans under that plan (and thus undergraduate loans)? Looks like from his website that this part of his plan would not affect graduate students at all [link] [comments]  |
| Posted: 25 May 2020 12:02 AM PDT So I claimed as independent, however i'm going to move out fall 2020 but when I try to apply for fasfa they basically add me as an dependent. Can I say that I am unable to enter my parent's information since I do not meet the requirement as an independent for the FASFA website? I am confused plus I really can't meet my parent's information. My parents do not pay for my college. [link] [comments]  |
| Low-Interest Rates for 2020-2021 School Year Posted: 24 May 2020 06:59 PM PDT As many of you may already be aware, federal student loan interests have dropped to 4.3 and 5.3% for direct unsubsidized loans (DUL) and grad plus loans respectively for the 2020-2021 school year. I will be starting at a medical school this upcoming school year. My question is if I have savings to pay for half of the school (years 1 and 2), would it make more sense to take out student loans now (so that I can lock in that interest rate) or continue with my normal plan of paying off as much of my tuition as I can by myself and then take out students loan later for years 3 and 4 (and risk the interest rate going back to normal) to cover the remaining COA (~200k)? If I took out loans for years 1 and 2, I would likely only take out my maximum DUL amount of 42k per year to stay within the 4.3% interest rate. I have heard to never take out unnecessary loans however I don't know if I would ever be able to take out loans with this low of an interest rate in 2 years. What do you guys think? Thank you! [link] [comments]  |
| Changing Careers but Earn Too Much for Student Loans Posted: 24 May 2020 06:26 PM PDT So I am in my 30s and I want to go back to school so I can change careers. But my current job pays too much for me to qualify for enough student loans. But if I am going to go back to school, I will have to quit my current job. So I don't understand how my current employment is relevant to this calculation. I will be unemployed or working minimum wage if I am going back to school. Same as every other poor college student. Can anyone offer advice? I never went to college and navigating all of this is so confusing and frustrating. Are there programs for people like me? [link] [comments]  |
| Confused, lost, and in-need-of-guidance transfer student Posted: 25 May 2020 12:58 AM PDT Hello, After two years at community college, I am finally transferring to a four-year university. All of the schools I was accepted at offered a whopping $0 of aid so I will be paying $15k in tuition and another $15k in room/board (only dorming for one year). At this point, I'm thinking "what the f*** do I do so that I don't ruin my life for the next 20 years?" My parents won't be helping me pay and I don't want them to so this is on me. I have a summer to get my crap together. I refuse to stick my head in the sand and "deal with it later" when it comes to my loans (as others may do because they're young) so I hope someone can help me out with answering my questions and providing advice. My questions are:
Edit:
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| Will paying during the grace period lower my monthly payments? Posted: 24 May 2020 12:26 PM PDT I graduated this May, and my exit counseling predicts that my monthly payment on my federal loans will be about $300 a month. If I put as much money as I can toward my student loan balance before my grace period ends in November, will my monthly payments end up being lower than $300? Or was my monthly payment already decided once I graduated? [link] [comments]  |
| Posted: 24 May 2020 09:08 PM PDT So I just graduated with my undergraduate degree and will now be attending graduate school part time in the fall while I work in a full time position I just got. From my undergraduate work I have both federal and private loans. Now for my graduate degree I have been offered federal loans that are more than what I need for my tuition, and my job will handle my cost of living. Would it be a) unlawful and b) stupid of me to take out the full amount of federal loans I have been offered and use that to repay the private loans which have a higher interest rate and less friendly terms should I ever fall on hard times? I have checked and I won't max out my graduate total loan limit by doing this. Thanks for any advice I'm given. [link] [comments]  |
| Removing the Grace period from student loans Posted: 24 May 2020 04:41 PM PDT I am applying for a mortgage and in order to qualify we need my student loans out of the grace period and into a repayment plan. I graduated last month and the loan servicer myfedloan is telling me that legally I have to use the full 6 months of grace period or consolidate. They are unable to remove the grace period even if I request it. What else can I do other than consolidation to get the grace period removed? Consolidation will take too long [link] [comments]  |
| Posted: 24 May 2020 07:14 PM PDT Do private loans max out at the cost of attendance generally? I've gone back to school as an adult and have more bills than that, just trying to find out if its worth looking for private loans so I can work less. [link] [comments]  |
| Between a rock and a hard place while trying to pay for college. Posted: 24 May 2020 03:26 PM PDT Hello! I am a junior in college. I currently attend an out-of-state university, but I also come from a relatively poor family. This being said, I have no idea how to pay for my schooling. Both of my parents are on permanent disability income, and my mother does not actively build/use her credit. In the past my father has helped me get parent PLUS loans, or co-sign other loans... but he recently has filed for bankruptcy and is now unable to help me. Prior to finishing my sophomore year, I did have a job with my university; However, I was let go shortly after spring break. There are no other people in my family or friend circles that I can go to for help, and I do not have any income. I've been looking for a job, but my hometown and surrounding area are relatively rural, so a decent job is difficult to come by for someone my age / skill-level. At this point I have no idea what to do. My own credit is around 700 (both Transunion and Equifax), but that doesn't seem to be qualifying enough since I have no income/pay stubs (I am continuing to look for employment). If you have any advice at all I would greatly appreciate it. The FAFSA does not help me out much, besides the PELL grant, which obviously will not cover the costs of an out-of-state tuition. [link] [comments]  |
| Could I sue my parents for negligence? (In theory) Posted: 24 May 2020 03:25 PM PDT My parents never explained what student loans were or whyI had them. I was stuck with the bill after I graduated literally thinking I got through school on "financial aid". 33 and I'm still in debt for an education I got nothing out of 11 years ago when I could have attended a state school for free. Know what you're getting into. [link] [comments]  |
| Posted: 24 May 2020 01:46 PM PDT I have a 720 credit score, but my credit age/history is low (I've only been building credit since December of last year). What are my chances of being approved for a student loan without a co-signer? [link] [comments]  |
| Posted: 24 May 2020 04:04 AM PDT My spouse is about to finish grad school in a year with about $160k in student loans (unfortunately unsubsidized so it has been collecting interest since they were pulled out). What are our best options to get ahead of this? I'm thinking paying early, re-fi upon graduation (private? but have also heard private student loans are terrible). Any advice is appreciated! [link] [comments]  |
| Grad school starting June 29th, rates dropping July 1st Posted: 24 May 2020 05:26 AM PDT I am planning to start grad school on June 29th, the total cost of the program over 1.5-2 years is about 17k.
If rates are dropping on July first, should I try to pay for my first semester out of pocket rather than paying towards my undergrad debt immediately? And then take out the loans needed afterwards? I have about 11 months worth of savings which equals about 13k total savings/checking. I have minimized most of my expenses and am in the process of refinancing my house to save my wife and I another $120 a month total. Also, when I do take out loans for the graduate program what type of loan should I look for? How do I see what the interest rate is? When I took out my undergraduate loans I did not pay attention to rates or any of that at the ripe age of 18. Our only debt other than our house is my student loans. So realistically I'm hoping to pay for some of the program while I'm in it. I will be getting my masters in teaching SPED-LBD on an alternative route to teaching and working the whole time. [link] [comments]  |
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