Can someone post or link paid in full posts from someone with a job paying less than 100k? Student Loans |
- Can someone post or link paid in full posts from someone with a job paying less than 100k?
- I cannot believe this debt forgiveness bill
- ADVICE: DEBT vs DEGREE
- Undergrad Student Loans
- Received Interest Notice Saying Interest Will Capitalize 06/01/20
- Tried and true amortization excel sheets?
- Best private student loan programs
- Getting married soon, wife-to-be is on PAYE, we will be filing taxes separately in the future. Is the "partial financial hardship" requirement to stay on PAYE based only on her income if we are filing separately?
- I am one year away from finishing grad school, anticipating on having around $250k in student debt. I have a post-grad job lined up with a starting salary of $200k. How should I pay off my debt? What should I prioritize?
- Paying back loans in this environment
- How should I tackle my student loans?
- Paid in full, but not out of the weeds yet
- Parents taking out loans for both me and them
- All of a sudden my parents have placed the cost of my education on me, please tell me where to start.
- Student loan recommendations
- Navient says I'm past due on payments
- First Time With Financial Aid
- Avalanche Method VS Interest Capitalization
- Student loan is deferred w no interest but credit score says balance went up?
- Sallie Mae refinancing
- Fed Loans: Will payment amounts be reconfigured?
- Removing a Cosigner
- Zero Interest Question
| Can someone post or link paid in full posts from someone with a job paying less than 100k? Posted: 17 May 2020 01:52 PM PDT No hating or trolling going on but I Can't remember the last time I saw an average joe post about paying off loans with a salary that was less than 100k. Looking for motivation. Edit: Kudos to those that shared their stories. Very inspiring to see your journeys and the path you took. Idk how long it will take but its good to know I'm not the only one. [link] [comments]  |
| I cannot believe this debt forgiveness bill Posted: 17 May 2020 07:50 PM PDT The new bill proposed by the house will only offer debt forgiveness for the people who have not been paying off their student loans. I understand that these people are in trouble. And it is certainly beneficial for everybody to relieve them of this burden. And good for them. But.... But what about all the people who have been budgeting hard, living meagerly, and working a job(not a good one) they can barely stand week after week with the vision that these loans will be paid off one day. That's my reality. And then I get this slap in the face that the government is going to pay off 10k of these loans ONLY to the people who weren't putting a dime towards the debt? It's absolutely sickening news. How little does the government give a shit about it's people who are making this country's wheels spin. I work hard. Make barely enough to get by for my family. I live in a starter home. Have almost 0 expendable income. And they don't want to include me in this "forgiveness" plan? It shouldn't be them forgiving me. It should be me forgiving them for scamming me when I was a child and convincing us all that we had to go to college and take out all these loans to pay for it. They need to stop playing these games and come right out. They don't give a shit about us. They just want the cash flow. If you aren't paying anyway, hell, we might as well cancel that debt and pick up some votes. But if you're a sucker who has been paying then let's keep sucking you dry. We have government pensions to pay ! If anyone knows who is responsible for writing this bill then please let me know. I need to know who to riot against. [link] [comments]  |
| Posted: 18 May 2020 01:07 AM PDT 23 year old already has debt (credit cards/car loan) at about $25k. He doesn't make enough money and is living paycheck to paycheck with current job. He is interested in going to school for a bachelors degree in a STEM field, but has so money saved. He doesn't want to wait another couple of years to pay off current debt, but needs a higher paying job that requires a degree. What would his best option be? Should he just take out loans and get his degree so making payments are easier? [link] [comments]  |
| Posted: 17 May 2020 11:05 PM PDT Hi everyone, I am currently a senior in high school and will be attending college next year. I want to start early on saving up money to pay off my loans for college and I want to know where I can start. I have to pay around 11k per year and with loans and stuff, that could total up to around 46-50k for my 4 years of college. If anyone have any advice or suggestions as to how I can start early, please let me know! Thank you and take care during this time!! [link] [comments]  |
| Received Interest Notice Saying Interest Will Capitalize 06/01/20 Posted: 17 May 2020 06:53 PM PDT I have FedLoan Serviving. I thought that the interest would capitalize in September but I received a letter in my account saying it will capitalize 06/01 (total amount will be added to my account if I do not make a payment to satisfy the full amount. Did anyone else get this? Though it lists the status for each loan as deferred and the interest rate as 0% for each loan but has a dollar amount to be capitalized. [link] [comments]  |
| Tried and true amortization excel sheets? Posted: 17 May 2020 05:38 PM PDT Hello, I was wondering if anyone has links to some amortization excel sheet outlines that they found online that helped them! Im looking to fill some out regarding my student loans and would prefer sheets with an option for "additional payments". Thanks for any and all references:) [link] [comments]  |
| Best private student loan programs Posted: 17 May 2020 08:56 PM PDT Hello, I'm looking for help in searching for the best private student loan programs eligible to most college/university students. Preferebly flexible with gpa requirements and low interest rates, and doesn't require U.S. citizenship. All in all, any suggestion will matter. Please help!! [link] [comments]  |
| Posted: 17 May 2020 02:15 PM PDT |
| Posted: 17 May 2020 04:18 PM PDT I have been in school basically my whole life, so my budget has always been tight. I haven't had a chance to save much. I want to be debt-free, but I also want to live my life: buy a house, have a savings account and a rainy day fund, start investing, etc. How should I balance paying off my debt while building up my savings/investment portfolio and possibly buying a home? I should note that all my loans are federal through the Dept. of Education, some are subsidized but most are unsubsidized. [link] [comments]  |
| Paying back loans in this environment Posted: 17 May 2020 02:56 PM PDT Hello all, How is everyone approaching the current environment in which they pay back their loans? I just graduated college and am starting a job next month. I'll be coming into a little bit of money from sign on bonuses and etc. Since all student loans are in forbearance, are you guys paying things off now so everything goes to principle? Are you putting everything in a high yield savings account and paying the loans off just before interest starts again? I'm torn between paying things off today or month by month and putting things in a high interest account and paying later... Any advice is appreciated! [link] [comments]  |
| How should I tackle my student loans? Posted: 17 May 2020 02:49 PM PDT Hi redditors of r/StudentLoans, I'm [23M] not the most knowledgeable on loan payments, so I'm reaching out to you for advice. Currently I have loans up to 85K. The private, Sallie Mae loan amounts to 54K, and the public, Navient loan amounts to 31K. I graduated with a BS in computer science about a year ago. I just landed a new job that pays 52K a year, so I can seriously start to pay off my loans. (After taxes [Florida] I have about 44K left in disposable income. Would try to spend less than $300 per paycheck just for myself. Then put the rest into loans. That's like 36K a year after taxes) My public Navient loans currently have 0% interest due to the COVID situation. This helps me immensely. However, my private Sallie Mae loans are still accruing interest. Here are the rates: $16K@ 7.250% $14K @ 6.000% $13K @ 3.500% $5K @ 3.500% $4K @ 6 .000% ^ Those are Sallie Mae, private loans. My Navient, public ones are $31K @ 0.0% interest currently due to COVID, but I don't know how long that will last. I can continue to make payments on the public ones at 0 interest, fortunately. Currently, my plan is to try and put $40K of my total income into my private loans this year, as those are the highest and accrue interest. I have the means of doing this since I currently live at home, and don't have to pay bills. (I will admit my parents have been a tremendous help in paying my car + health insurance, and phone bill). I'm guessing I'll save $400 per paycheck every 2 weeks for myself, which amounts to 10K a year, and put the rest into my loans to lower them as much as possible before I move out and start to pay my own rent, car insurance, phone bill, food, etc etc. When I do move out, I'd live somewhere no more expensive than $1200 a month, and will possibly have a roommate too. Also note I work remotely at the time due to the COVID situation, so I don't have to spend nearly as much on gas at all. I plan on moving out in a year. But for that year, I want to put as much money as I can into my student loans, preferably my private one since it's harder to get rid of and lower interest rates on it, etc. My question is, what's the best way to go about this? Which private loans above should I tackle first, and how? Should I also tackle the public ones at 0%? How much can I realistically lower my loans by in one year at this rate? (I'll admit I don't know exactly how the interest works.) TLDR: I have 85K in loans. 54K private, 31K public. Public loans are at 0% interest due to COVID. I don't have to make payments on these for as long as the situation lasts, which I don't know how long. Private loans have interest still at varying percents. I live at home and don't have to pay much money towards things. Plan on moving out in a year after tackling as much as possible on loans. I currently make $52K/yr ($44K/yr after taxes, so I can put about 36K-40K into loans if I'm frugal at home). What do? [link] [comments]  |
| Paid in full, but not out of the weeds yet Posted: 17 May 2020 03:09 AM PDT Hey everyone, I wanted to share some positive news that you've all helped me achieve. I've finally paid off my student loans that were in my name from my graduation with a BA in Architecture in June 2017. In total I paid $40,108.79 in 29 months. In short, it's been an incredibly challenging but rewarding experience to be able to hold up the mirror on my spending and lifestyle habits and set actionable goals to get out of this situation. The key for me was to have an actionable plan that outlined multiple scenarios for payback depending on situation. Unfortunately, it's not the end of my run with SLs, as I still have 170k with FedLoan in a parent plus loan. The decisions I've made to obtain an incredibly expensive education sit with me on a daily basis, but I've learned to accept my decisions and realize that I've been more lucky than most to have even had the chance to get an education. I've got a new plan to pay this loan aggressively and hopefully in 5 years have it fully paid off. In the mean time, I'm using this interest period to save some cash in an emergency fund, and hoping the senate agrees to another year of 0% interest. Thank you all for your continued support in this community. [link] [comments]  |
| Parents taking out loans for both me and them Posted: 17 May 2020 05:45 PM PDT Hey guys, My dad went to USC for a masters program and graduated in 2014 and my mom did the same exact thing and graduated in 2019. They both took out loans from FAFSA for this. I started my undergraduate program at USC in 2019 and they took parent plus loans for this. Is there any sort of discount that FAFSA does for situations like this? We currently have a lot of student loans and I didn't receive any other grants/financial aid. Thank you so much. [link] [comments]  |
| Posted: 17 May 2020 01:01 PM PDT Hello Any insight into my situation would be greatly appreciated. Due to COVID, my parents have been laid off and have no income, and also little savings so I now have to pay for my own school. I was told through high school it would be paid for me, so I never saved much for it at all, in fact I have almost no savings. I will be a sophomore in the fall and expect to finish my degree on time. My tuition and cost of attendance minus merit scholarships is just over 20k per year, and I qualify for $5,000 worth of federal unsub loans. Now here is where things get difficult. My plan is to attend medical school, and I'm on track to get in. I'm not trying to be cocky but my grades are good and I'm building a good resume. So I'm not affraid of getting rejected. I need to find a private student loan to cover the remaining costs of my education, and one that can be deferred during medical school. I do not anticipate a gap year. In the fall, barring the movements of COVID, I will have a 10 hour per week SI leader job and a roughly 10 hour per week paid research position. So my income per month with those will be just shy of $700. I will be living in a dorm and using a dining plan next year. My car is being paid for by my parents, so no expenses there other than gas, which is only about $30 per month. I will go for an off campus part time job if need be. My parents refuse to cosign any loans. So how can I build credit before I apply? Loan amount would look like 20k per year all from a private loan, or 5k from the federal loan and 15 k from the private loan. Which of these is more advisable? For the private loan, since my parents refuse to cosign, my research shows that their basis for approval would be my credit score, from the private lenders that even allow me to not have a cosigner. Guess who's parents never let them get a credit card, despite me telling them I wanted to build good credit for anything in the future? So how can I build a credit score before I apply? I've heard that I can be added as an authorized user to my parents card, and they have good credit. Would that instantly give me a good credit score also? In summary, my whole world has sort of turned upside down and I really don't know what to do at this point. I also do not qualify for any sort of need based aid other than the unsub loan. [link] [comments]  |
| Posted: 17 May 2020 04:29 PM PDT I'm (hopefully) studying abroad next semester and after all my student aid is accepted I will still owe $11,000. I need some advice on where to come up with the money. [link] [comments]  |
| Navient says I'm past due on payments Posted: 17 May 2020 12:05 PM PDT I was under the impression that student loans were under a forbearance. My other student loans from a different servicer are, but not the Navient loans. Anyone else having this problem? [link] [comments]  |
| Posted: 17 May 2020 11:46 AM PDT Recently received financial aid for the summer semester, and the cost for the summer courses is less than the total amount of aid I received... so aid is sufficient. Should I reduce the aid to match what I only need for summer tuition? If I accept all the aid and only use the amount I need for tuition, what happens to the rest? [link] [comments]  |
| Avalanche Method VS Interest Capitalization Posted: 17 May 2020 09:31 AM PDT I took out 4 federal student loans for grad school and am about to graduate in a few months. My parents have thankfully agreed to my requested graduation present of paying off the accrued interest on my loans (around 4k). They said theyll just deposit the money into my account so how I use it to pay off the loans is up to me. Do you think its better to distribute the money evenly between the 4 loans and only pay off the interest or put all the money into the loan with the highest interest rate and let the interest capitalize for the other loans? My main concern is that I borrowed a greater amount of money for the loans with lower iterest rates, thereby causing more interest to accrue on them. Also I should mention that the interest rate between the 4 loans isnt really that varied (6.06%-7.6%) $20500 @ 6.6% [link] [comments]  |
| Student loan is deferred w no interest but credit score says balance went up? Posted: 17 May 2020 08:36 AM PDT I have federal student loans, my payments have always been on time, I'm in deferral due to covid but my account is current. My interest is currently at 0%. I just got a credit notification that my score went down 16 points because my loan balance increased by $31.. how is this possible if I'm not accruing interest? I logged in my loan provider account to make sure I still don't owe payments which I don't and it still says 0% interest. [link] [comments]  |
| Posted: 17 May 2020 05:45 AM PDT So I am looking at refinancing my sallie mae loans, but I'm still looking at companies. Which companies would advice. (Sitting around 62,000 with an average interest rate of 9.9% [link] [comments]  |
| Fed Loans: Will payment amounts be reconfigured? Posted: 17 May 2020 11:22 AM PDT My servicer for my fed loans is Great Lakes. With coronavirus, these loans are 0% and in forbearance through Sept. 30th. I'm not going to make any payments until sometime in September obviously due to the 0%. My great lakes loan has seven loan tokens with different interest rates. None are too terrible (between 3.1 to 4.4). Combined I owe 18,000. My required payment was only 152. Before coronavirus, I was paid ahead by a few months. I know previously, paying extra wouldn't reduce my required payments. However, with the CARES ACT, does anyone know for certain if Great Lakes will "refigure" the payments once interest starts again (Oct. 1st). For example, I have two loans inside that loan with 4.4% interest rates. Each has roughly 1,000 left. I plan to pay those two off before the end of September. If I pay those off, will my regularly monthly payment of $152 actually be less come Oct. 1st? I know traditionally it would not unless you asked for them to reconfigure the loan but I am moreso just asking if Great Lakes will do so automatically after the forbearance? It's not going to be a big deal either way but was curious. [link] [comments]  |
| Posted: 17 May 2020 06:56 AM PDT I have 6 loans, all of my student loans are through Navient. My Dad is a cosigner on 4 of those loans (total ~$16,000), all private. The other 2 are Federal Direct Loans (total~$6,400) and have no cosigner. Navient has a form I can fill out to have my Dad released from those loans as a cosigner. Has anyone attempted to remove a cosigner? I'm trying to see what the process is like and what mistakes to avoid. [link] [comments]  |
| Posted: 17 May 2020 09:19 AM PDT With the current CARES Act provision that is suspending interest on federal student loans until end of Sept 2020 (potentially 2021, if HEROES Act passes), should i take this time and aggressively put down more money on my student loans? or should I use save that money and either pay as a lump sum on a high-interest loan or invest with stocks/MF? My understanding is that if I pay more off on the student loans specifically the principal (~70000 in great lakes) , I would pay less monthly when the grace period concludes. The plan is to pay it off in 3 years to be debt free. Right now, I have 6 months of emergency funds saved up. I have a few grand in stocks (particularly in large growth stocks) & mutual funds/etfs (vanguard). I have a secure job. Any thoughts/comments would greatly be appreciated! I hope everyone is well. [link] [comments]  |
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