Cares act Student Loans |
- Cares act
- What's the best way to make payments while there's no interest?
- REPAYE and student loans
- Private loans without a co-signer?
- Georgia tech for free or notre dame (80k loans)
- 32k now or later
- I hate student loans ��
- Making a payment
- Refinance terms less than 5 years?
- Grad Plus Loan Question
- Can I take out more federal loan money than what is awarded?
- how legitimate is studentloan-help.org ?
- Can I use my spouses student loan to pay off my student loan?
- Nelnet Late Payment Removal - Payoff
- Large change in income after recertifying PAYE plan
- About to graduate - don’t know what I’m doing
- New graduate w/ $60,000 debt, Advice would be great!!!
- Looking for some encouragement
- New Job, Throw Everything at Private?
- Difficulty getting tax record
- Being charged interest on deferred subsidized loans?
- What if there were no payments on PLUS loan?
| Posted: 07 May 2020 03:49 PM PDT I had made a previous post where a friend of mine was inquiring about getting her tax refund back after it was garnished by student loans. I finally have an update (i said i would update when i got answers) apparently the CARES Act allows you to get your tax refund back from student loans if it was garnished on or after March 13,2020. My friend got her refund check in the mail today (it takes 30-60 days to process the refund)original post [link] [comments]  |
| What's the best way to make payments while there's no interest? Posted: 07 May 2020 08:11 PM PDT I have four loans that are currently not accruing any interest through to October due to the CARE act. I'm trying to figure out what the best way to take advantage of this is. When I first graduated, I didn't know much and made the mistake of paying off four small loans with low interest and leaving the larger ones that accrue more. I definitely don't want to make that mistake again as it has cost a lot of money!
The loans are:
Normally, for every 100$ that I pay in, I pay $40 to G, $25 to H, $20 to F, and $10 to E. Since the CARE act started I've been putting all my payments towards loan G, as it accrues the most interest. Should I keep making all payments towards G, or should I split it up between the others more? I was thinking maybe 50% of all payments to G with 25% each to F and H. Before CARE, I'd paid ahead enough to not have any payments due until April 2021, but of course they'd still accrue interest. I'd like to keep as far ahead as I can as I'm unable to work much (yay health issues!) and so money is tight. [link] [comments]  |
| Posted: 07 May 2020 10:30 PM PDT I'm Graduating Medical school this month. I will be doing a 4-year residency and possibly a 1-year fellowship. Currently have 290k in loans, all federal loans. I will be making 70k before taxes and plan to live at home (a roughly monthly estimate on expenses is 1,500 - single and no kids). Rest for loans, retirement, or investment. 1- Overall everyone recommends REPAYE. I don't want to consolidate my loans and use the avalanche method to take care of the highest interest loan first, anything wrong with that? Once the subsidy hits 1st of the month, plan on making 1,500 toward the highest interest each month ( would that work or a better way to approach ? ) - Loan is from MOHELA 2- Any excel sheet to figure out the REPAYE and how much interest I will be accruing vs payments I will be making? - to figure out how much can I pay off in the 4 years 3- I plan on contributing to ROTH as much (annually 3k) or should I lower the monthly loan payment and contribute more? 4 -I have roughly to figure out the REPAYE and how much interest I will be accruing vs payments I will be making? 2019? or any other recommendation - stocks ) or pay back loans before the interest consolidates (currently 0% interest) or wait till august and make a big payment ( if I do make a big payment, should I target the highest interest ?) 5- Anything else you can recommend feel like I'm a mess financially Thank you [link] [comments]  |
| Private loans without a co-signer? Posted: 07 May 2020 10:30 PM PDT Hello, I am starting an accelerated nursing program which I will be graduating in October 2021. Currently, the school I am attending has awarded me 12,500 in govt loans to help pay for the cost. However, this unfortunately does not cover the entire cost of the program and thus I need to resort to private loans. I have never taken a private loan out and was naive to think that I could just be given one as I have good credit and recently finished paying off my car. So far, every website I have looked at requires co-signers if I want to take out a loan to pay for my school. The few that I found required ridiculous payments of $150 and up a month, which I can't afford as I am already squeezing by till I graduate with what I have saved up for rent and other expenses. As of now, my father has passed away a few years ago, and my mother almost passed away last year and consequently has racked up a ton of medical debt. I am unsure of what to do at this point as I don't really have any family to turn to for help and I have been pretty self sufficient since I graduated high school. If anyone could give me some tips or help on getting a deferred loan without a co-signer, or perhaps some other way of paying for my school that would be great. Right now for this semester I still need to pay off $6,372 by the end of June. [link] [comments]  |
| Georgia tech for free or notre dame (80k loans) Posted: 07 May 2020 09:57 PM PDT I want to be engineering or cs, but I am also interested in other things and if I switch notre dame will have more opportunity. It would also be a better college experience aside from academics [link] [comments]  |
| Posted: 07 May 2020 09:48 PM PDT My fiancé has about 32k in student debt split into 4 loans about 8,000 each. Interest rate is average of 5 %. I have some savings and some money in stocks. 40/60 $100,000 total. Should we refinance to 1 loan maybe get 3.5% and make payments. Stay as is and hope for student debt forgiveness. She is a social worker so hopefully would qualify for forgiveness. Or pay it off in a large chunk and be debt and monthly payment free? Any thoughts I'm open to. What are the chances this debt is actually forgiven vs hoping someone else solves problem? [link] [comments]  |
| Posted: 07 May 2020 09:44 PM PDT Hi everyone, Can someone help me understand this as this is all new to me. Sorry if it's a dumb question.I originally started my loan at $43,313. After graduating and accrued interest, I ended up at $47,203.26. My first payment was due in January of $514.70 out of that payment $141.38 went to my principal and the remaining $373.28 was applied to interest. My second payment in February was $514.70. $301.02 went to my principal and $213.68 went to interest. My third payment in March after COVID hit I paid $514.70 again. Except $316.07 applied to my principal and $198.63 went to interest. Why is it that my first payment went all to interest and almost nothing to the principal? Also, If I pay off the interest I accrued and ask Nelnet to apply the $3,900 to the areas that interest accrued will it make any difference? TA [link] [comments]  |
| Posted: 07 May 2020 01:40 PM PDT I came into a little bit of money and was thinking of putting it towards my student loans. Should I A) pay off one or two of the smaller loans or B) make the payment and let the dreaded Navient choose how it is dispersed through the different loans? [link] [comments]  |
| Refinance terms less than 5 years? Posted: 07 May 2020 07:56 PM PDT Do any banks offer student loan refinancing at terms less than 5 years? Looking to lower my rate but not add any years to the balance [link] [comments]  |
| Posted: 07 May 2020 04:45 PM PDT Going to keep this short and to the point. During UG, me/my parents co-signed on some loans for me to finish UG. Unfortunately, I was unable to stay current on the loans. They are charged off. these are about 10 years old. Current credit score 680. About 5 years ago, I tried to do a PhD, but dropped out due to not wanting to go to academia. According to my loan statement, I had a Grad Plus Loan for it, it was like 5 or 10k. My federal loans are current and in good standing (consolidated) and I have been making payments monthly. I am hopefully heading back to school in Fall, and my degree is going to cost a pretty penny. A. Will those charged off loans affect me in getting a Grad Plus Loan? B. If I got a Grad Plus Loan before, and my credit actually improved since then, should I be eligible again? [link] [comments]  |
| Can I take out more federal loan money than what is awarded? Posted: 07 May 2020 04:38 PM PDT Hi all, I am registered for online classes this summer. Was not a student previously in the 2019-20 school year. I'm a freshman. Was awarded $3500 in subsidized loans and $500 unsubsidized on top of $1500 in Pell Grant money. If I understand correctly, I can take out a total of $8500 in loans during my freshman year. I was awarded $4000 for summer session (& total in 2019-2020). I need every penny I can get. Is there any way to have the loan award amount changed? Thanks! [link] [comments]  |
| how legitimate is studentloan-help.org ? Posted: 07 May 2020 04:26 PM PDT Not gonna lie, I found this on a yahoo email ad, but its still worth checking up on (for anyone who has used it xD) Let me be clear, I do not want the opininion of anyone who hasnt explicitly used this site before or have an understanding of it. the site - studentloan-help.org edit: its a scam [link] [comments]  |
| Can I use my spouses student loan to pay off my student loan? Posted: 07 May 2020 04:19 PM PDT Maybe this is a rare circumstance and forgive me for my ignorance. My spouse is going to graduate school. I finished my masters and am making payments on my student loans (17K). My thought is since my current loan is accruing interest now and my spouse's is not why not take out more in their student loans, pay mine off, and continue to make payments towards their student loan. TLDR: My student loan: 17K accruing interest Spouses (current grad student): 5K no interest until 6 months after graduation - can get 2X the amount needed for school in student loans. Solution? - consolidate both loans using Spouse's student loan and thus utilizing no interest aspect. Anyone know if this would work? In theory this seems like a no brainer but feel like it is too good to be true. Thanks for any responses! [link] [comments]  |
| Nelnet Late Payment Removal - Payoff Posted: 07 May 2020 03:51 PM PDT Looking at buying a home this fall.. I've been super aggressive over the last couple of years cleaning up a couple of hiccups from 2015 and am down to my 3x late payments with Nelnet from summer of that year. From their website and according to this sub/other online sources, Nelnet doesn't work with Goodwill letters or assist with removing late payments on federal loans due to the Higher Education Act. Does anyone have experience or any luck having them remove late payments after they've paid the remaining balance? I can swing it now to fully clear up my credit history, but if there's no benefit to closing it early I might as well absorb the late payments and continue to accrue "on time" payments to minimize the impact. [link] [comments]  |
| Large change in income after recertifying PAYE plan Posted: 07 May 2020 11:57 AM PDT I am a medical resident on the PAYE plan and recertified my plan back in March. I am graduating in June at which point my income will increase substantially ($60k --> $350k). Am I required to recertify again with the new income, or can I wait until my usual time to recertify next March? I'm planning to make pretty large payments toward them either way, but my understanding is once I recertify and no longer qualify for "financial hardship" then some (10% of loan value) of my accumulated interest will capitalize and if possible I'd like to avoid that for as long as possible [link] [comments]  |
| About to graduate - don’t know what I’m doing Posted: 07 May 2020 10:16 AM PDT Hi everyone! I am graduating in June and I know nothing about paying student loans. I believe I am going to pay through Sallie Mae. I have money saved up and would like to start paying. I've heard that there is something to do with 0% interest at this time of COVID? Does that mean I should pay as much as I can now while the interest is down? And if anyone can give me a rundown on how interest works, as well as unsubsidized vs. subsidized, that would be helpful. Sorry for being clueless, I could google this stuff but I'd love to hear from you guys better. Thank you! [link] [comments]  |
| New graduate w/ $60,000 debt, Advice would be great!!! Posted: 07 May 2020 01:36 PM PDT **80,000 loans basically, sorry for the miscalculation* I have been a long time lurker on this sub and now I am seeking advice regarding my various loans from my undergrad degree! I am honestly very uneducated about what to do with my loans and how to proceed in the smartest way possible with my various loans (what they don't teach you in school fml) and any help or advice would be greatly appreciated!! Here is some of my loan information: total student loans: ~~$80,000 Sallie Mae Smart Option Student Loan
Federal Direct Subsidized Loan
Federal Direct Unsubsidized Loan
Federal Perkins Loan
Federal Direct Parent Loan for Undergrad Students
University Loan another $5,000 for 8.25 % PCN bank (campus door) --> start paying 6 months after grad --------------------- I know there may be some missing information but I am honestly finding it hard myself to figure out exactly all my own info! If it helps I will have a starting salary of $85,000 starting in September with a sign on bonus of $10,000 that I get once I start and my credit score currently stands at a 743 (with no outstanding cc debt) Thank you again for any help and congrats everyone on the progress they make on their debt!! [link] [comments]  |
| Looking for some encouragement Posted: 07 May 2020 01:32 PM PDT Happy Thursday everyone, My wife and I are currently in our fourth month of student loan debt snowball. Other than our house and her car, it is the only debt we have. When we first started in January, we had a combined total of $68,000 to pay off. She had 3 loans ~$4000, $10000, and $25000 of which we have officially paid off the $4000 one in April. I have one loan for $29000. Our next loan to tackle is the $10k one, which I would like to have paid off by the end of the year. We have been adding $1000-1200 towards the principle plus the monthly to drive down the balance for the target loan. Is this the right thing to do in terms of paying them off early? Is there anything else I can do? I feel like this is going to take forever and feel impatient. We've definitely decreased our spending but aren't eating ramen every night. Just really looking for some encouragement to keep going or Im open to any suggestions to optimize my game plan by changing things up. Thank you all for your time and recommendations. Edit: Due to COVID-19 and the removal of penalties on federally backed student loans, we decided to not make any payment on our $25k and $29k loans since they also won't accrue interest until September 1. We plan to use those savings and apply them to the $10k loan. [link] [comments]  |
| New Job, Throw Everything at Private? Posted: 07 May 2020 09:39 AM PDT Hey everyone. I just began a new job at 23 years old and I have approximately $70k in private and Federal loans (50k private, 20k federal). I am able to after all costs considered throw around 3k a month at my loans. During this time with the interest freeze on fed loans, should I throw all 3k monthly at private, or tackle the smallest loans first (ie: Dave Ramsey Debt Snowball method)? [link] [comments]  |
| Posted: 07 May 2020 11:49 AM PDT 20 years old Only have had 1 job and made $500 Never filed taxes Fafsa needs my letter of non filing Need to make an account Asks me for credit card Applied for credit card Got it in the mail Cycle ended Tried to use it to get my record online but it's says it doesn't match their records Now I'm in a rut because irs won't let me ask for a mail copy of transcript (I've sent 3 requests even before they stopped doing this) and I need this information for my fafsa verification [link] [comments]  |
| Being charged interest on deferred subsidized loans? Posted: 07 May 2020 05:24 AM PDT It looks like Great Lakes has been charging interest on my subsidized loans, while I'm in grad school. Is this right? I thought interest was waived on subsidized loans during the in-school deferral period. If I'm correct, does anyone know what I should do? Proof: https://i.imgur.com/f9y4KeU.png (note that the un-subsidized loans have been paid off for several months) [link] [comments]  |
| What if there were no payments on PLUS loan? Posted: 07 May 2020 11:19 AM PDT To make it short, One of my parents took out a PLUS loan for me for my first year of school. My parent is actually disabled, so they haven't been making any payments. I thought that they were- I also graduated in 2018, so it's been some time. Would I be liable for this? I already have a 22k loan that is in my name that I've been paying on. [link] [comments]  |
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