During loan freeze: Pay off credit cards or pay down some of student loans? Student Loans |
- During loan freeze: Pay off credit cards or pay down some of student loans?
- How can I find out what my interest rates were / will be on my loans so I know which one to put the money towards first?
- Post 3/13 Refund data point
- Confused on what to pay?
- Pay Navient using Parent's Bank Account
- Should I take out student loans during these uncertain times?
- What are you doing with the extra money not going into loans?
- best way to pay off?
- Is college still an option for me?
- Second Bachelors: Nursing
- Can student loan be privatized without my permission?
- First time taking out student loans, a bit overwhelmed
- Grad PLUS Loan Credit Decision
- My Great Lakes - lower payment after forbearance is over?
- Going to college soon...
- How can I get a private loan without income
- Do you get charged anything if you accepted a loan that hasn't been disbursed?
- Need help understand how student loans work? Please help
- Can I file a lawsuit?
- 40K remaining in loans, 40K in Savings. How should I repay?
- Loan Forgiveness
- Married filing separately vs jointly with large loans
- Refinance a 2nd time?
| During loan freeze: Pay off credit cards or pay down some of student loans? Posted: 04 May 2020 06:16 AM PDT Need some advice. I have about $10,000 in high interest credit card debt and $78,000 in federal student loan debt. When loan payments were frozen I diverted the monthly payment (as well as other money- I am lucky to be able to work from home so I'm saving on commuting costs etc) to my credit card debt. If I continue this pattern I am on track to pay off all the credit card debt by December 2020. *This includes the assumption that my student loan payment will resume in September. BUT, now I'm wondering if this is the smartest thing to do? The credit cards have super high interest like anywhere from 21%-24% so I feel like I should pay those first. But then I look at some of my student loans and the way the payment is broken down, some of them only have payments going to the interest and nothing to the principal. So I don't know. Any thoughts from people who are more money savvy? Thanks for any help! Update: Lots of people are asking if I have an emergency fund. I have a 10k emergency fund that I'm not touching because of the unstable economy and job market right now. Thanks to everyone for all the helpful insights! [link] [comments]  |
| Posted: 04 May 2020 10:47 PM PDT I want to put my usual payments towards my student loans (I don't want to wait until September 30 I want to do it now, monthly) but I want to put all of it toward the loan with the most interest rate first. So when September comes and interest rates return (if they do) that one will be closer to paid off first. But my loan info just says all of them are zero interest. If I pay will it just apply the payment to all of them evenly? *I have five loans. [link] [comments]  |
| Posted: 04 May 2020 05:45 PM PDT 3/18/20 Had an auto-payment initiated. After Cares implemented all future auto-payments halted due to administrative forbearance. 4/3/20 Requested Refund (a Monday) per CARES 4/27/20 - Payment disappeared off of MyFedLoan (a Monday) 5/4/20 - Refunded autopayment showed up in my Checking account [link] [comments]  |
| Posted: 05 May 2020 12:54 AM PDT I'm new to all of this loan stuff. I'm transferring in the fall and I've been offered 0 subsidized and enough unsubsidized to fund my tuition and rent. So, while I'm in school, I only really have to pay the interest is this right? Since its funding everything. I'm a little confused! [link] [comments]  |
| Pay Navient using Parent's Bank Account Posted: 04 May 2020 10:48 PM PDT Hurray, my dad offered to help me with crippling student loans for a few months. Is it possible to set up a direct payment linking my dad's bank account? The website only seems to give me the option to add a bank account that's in my name. In the alternative, can he pay from his end (i.e. go to the bank and make a deposit into Navient)? Thanks. [link] [comments]  |
| Should I take out student loans during these uncertain times? Posted: 04 May 2020 09:21 PM PDT A little background:
I can afford to pay for 50% of my remaining tuition, so I would need $7,000 in loans. I am debating whether or not taking out a private loan right now would be okay. So far I am on track to getting an offer from my current internship, but alas, these are uncertain times and who knows what will happen a month from now. I have no previous loans and am asking my uncle(who is well off, has no children , and has good credit) to help co-sign, although I plan on paying back the loan myself.Any advice would be appreciated. I was looking into taking out a loan through Wells Fargo. [link] [comments]  |
| What are you doing with the extra money not going into loans? Posted: 04 May 2020 09:39 AM PDT Investing the money that would usually go into loans then paying the loans once the interest rate goes back to normal as sort of an "arbitrage" opportunity. Thoughts? What have you guys been doing? [link] [comments]  |
| Posted: 04 May 2020 07:16 PM PDT hi! ok so I have a student loan rn and I have all the funds to pay it off and its subsidized so I dont have to pay it until after graduation. should I pay it now? if so, what's the best way to do it to build my credit score? all at once or in small chunks over a period of time? or should I wait until im required to pay it? (I am not worried about me spending it from now until then because I have a separate savings account and I won't be tempted to touch this money) [link] [comments]  |
| Is college still an option for me? Posted: 04 May 2020 02:15 PM PDT Im 28 and Ive yet to recieve my bachelors. I made some really bad financial decisions and Im pretty sure used up all my grants, and the amount of loans I recieve are almost maxed out. Almost at 50k I still have another 2 years of schooling if i am able to do full time schooling. I considered a parent loan plus, but from what Ive read it only applies to dependents. Im at a loss. I dont know what to do. [link] [comments]  |
| Posted: 04 May 2020 01:46 PM PDT I'm looking for some advice. I'm planning to go back to school for a second bachelors in nursing. For the two years I'll be in school, I'll have a debt of approximately 90k in private and federal loans. I also have some student loans from my first degree approximately 15k. I don't want to move back home after graduating with my nursing agree so I'm worried about finances. So any nurses in California can tell me how they are doing with their student loans? Some financial tips, advice, am I making the right decision? Also I live in California and My first degree is in public health & I unfortunately haven't been able to get a job with that. [link] [comments]  |
| Can student loan be privatized without my permission? Posted: 04 May 2020 10:12 AM PDT I had student loans with sally mae that were eventually sold to Navient. I noticed my payments did not decrease with the CARES act, so I called navient. They told me that because Sally Mae sold my student loans to them (Navient), they are now private and not eligible for this interest free period. I have never taken a private student loan and never refinanced / privatized any of my loans - is this possible? It sounds like they are trying to pull one over on me... [link] [comments]  |
| First time taking out student loans, a bit overwhelmed Posted: 04 May 2020 09:58 AM PDT So I'm returning to school in the fall, and I'm taking out student loans for the first time. I'm wondering, do I just go to FAFSA's website and do it all through there? Are there other resources to look into? What sort of things do I need to provide to prove what my tuition/housing costs are? Really appreciate any help! [link] [comments]  |
| Grad PLUS Loan Credit Decision Posted: 04 May 2020 02:48 PM PDT Hello friends! My Grad PLUS loan decision from my college of choice came in and said that I am able to be rewarded the right amount I need! I applied for my credit check and have not heard back. How long does this usually take? Also, what does the government define as an adverse credit history? I missed a credit card payment once 5 years ago. Will that mean I won't get the loan? [link] [comments]  |
| My Great Lakes - lower payment after forbearance is over? Posted: 04 May 2020 10:40 AM PDT I have my loans through My Great Lakes. Before the CARES Act forbearance, I was actually paid ahead until November, with my monthly payment being $269, and the loans scheduled to be paid off (assuming that payment every month) on 11/2028 (10 years). Looking at them now, it says I don't owe until November this year, and that "Monthly payments of $246 will be due starting 6 months from now", and my loan is scheduled to be paid off on 06/2029. My question is, why is my monthly payment going to be lower when payments would be starting up again? I haven't initiated any changes to my loans. [link] [comments]  |
| Posted: 04 May 2020 01:21 PM PDT Wasn't sure where I should post this, so feel free to redirect me to the right place. — My cheapest college (excluding community, which my family is highly against) is around 88k for four years. I personally wouldn't mind community college, but my family is pretty damn toxic, and I feel like I wouldn't be able to properly focus on school with them around. It's a pretty good school, but I don't know if it's worth all that debt. Honestly, I've contemplated suicide over the thought of my future loans. I'm also scared about jeopardizing my family's finances if I screw up in college, or fail to get a job after graduation. I really don't like my family all that much, but I wouldn't put them through 88k of debt. I wanted to know if 88k is worth it for an undergrad degree in nursing, or if I should look for other options. [link] [comments]  |
| How can I get a private loan without income Posted: 04 May 2020 12:41 PM PDT Hi! I will need to pull a private loan of about 70k a year and I have an income of about 20,000 per year with a credit score of 700. I'm not entirely sure how to get a student loan of that amount without a co-signer. I'm the first person in my family to attend college and my parents have bad credit and any application I've added them to have been rejected. I want to know how much I need to increase my income to obtain student loans of 70k and what credit score needed. Emphasis on the income part. Thank you! [link] [comments]  |
| Do you get charged anything if you accepted a loan that hasn't been disbursed? Posted: 04 May 2020 12:04 PM PDT I accepted a fed direct unsub loan way back but didnt sign anything so it's been put on hold. Does the fact that I accepted it mean I have to pay interest even if it was not disbursed? I have just submitted a cancellation notice but since it has been a while, I am worried. Thanks! [link] [comments]  |
| Need help understand how student loans work? Please help Posted: 04 May 2020 11:18 AM PDT I understand that I may be coming off a bit naive here but I am fortunate enough to not have had student loans for undergrad, however, I got accepted to grad school abroad and now have a million questions. I was told to apply via FAFSA, is that the same as Sallie Mae? I understand there are also Private student loans too, which is the better option? Since I am going to be living abroad with no full time job and not too much cash on hand - will they also include cost of living expenses in the loan? If so, how much? At what point in the process can I apply for scholarships? Thank you in advance!! [link] [comments]  |
| Posted: 04 May 2020 11:13 AM PDT I had a student loan with a private lender called Sixup PBC, Inc. I had a total loan amount of $8,271 to pay for my student loan. The company payed half of the amount for my fall semester and still had to pay the remainder of the money $4135 for my spring sem. I got an email a day or two before my tutuion was due saying that due to their finances they can't pay the remainder of the money. Apparently I wasn't the only studnet who received this and 1000s of other studnets also recieved it. Apparently my fincial aid office told me that the company is no longer in business which i'm not sure because im still paying for my loan. How come a studnet is repsosbile for paying the loan when they backed off from the contract. I wanted to know if I can file a law suit aganist them for backing out of the contract and if I should even pay them $4000 because from my understanding I think they filed bankruptcy. I also heard they had some legal issues with the state of Texas as well. I'm also attaching my loan contract and agreement. [link] [comments]  |
| 40K remaining in loans, 40K in Savings. How should I repay? Posted: 04 May 2020 05:48 AM PDT I have been repaying the minimum on my Student Loans for about 3 years now and barely making a dent on to total. I've been fortunate enough to be able to get a great job and save some cash over the years and I'm looking for some guidance on how I should go about repaying my debts. Salary: $90,000 Federal Loans in my name: $28,000 total/ $380/month (rates average about 4.5%) Parent Plus Loan (in my parents name but I pay): $14,000 total /$300/month (rates average about 5%) Savings (mostly company stock): $40,000. This savings has been consistently rising over the past few years due to the industry that I work and stock "gifts" awarded for promotions and my pay deduction. Even with COVID-19 I am pretty confident in my ability to rebuild this savings if I decide to empty this account and hope to invest more. Other Debts: 10K in 0% interest CC Debt Car Loan: 25K I am just trying to determine what makes more sense, should I empty my savings to repay these loans with the hope to invest more and potentially buy a house within the next year, or should I maintain the minimum payments and finish the loans in 7 years? [link] [comments]  |
| Posted: 04 May 2020 09:33 AM PDT Hypothetically speaking, if the government were to create some relief of cancelling student loan debt due to COVID, would this most likely only be for federal loans or private as well? I know this is highly unlikely, but I am curious here. [link] [comments]  |
| Married filing separately vs jointly with large loans Posted: 04 May 2020 09:19 AM PDT My husband and I have a somewhat unusual/complicated situation. I'm trying to sort out if it would be best for us to continue file taxes separately or start filing jointly. We've got some whoppers of student loans and met in grad school. We've been on a combo of IBR/PAYE since 2013. I am trying to run the simulator on financialaid.gov, but it's giving me numbers that are a lot different than when I've checked in years past. Here are the financial details using round number for simplicity sake: Loans: $300k each, interest rate after consolidation is about 7.5% for us both (we each borrowed $185k which had accrued interest above $250k by the time we graduated) Income: $130k for him, $100k for me Dependents: 1 toddler, 1 due later this year IBR payments currently: about $1200 for him, $450 for me bc I claimed our child in 2018 (I graduated a year later also and my loan terms are slightly better) In the past when I've calculated our IBR payments they would go up to about $1500-2000/month each if we filed taxes jointly, so we've filed separately and lost out on some tax benefits. Now with 2 children we'll miss out even more I think. When I ran the simulator this week it suggested if we filed jointly our payments would stay similar to what they are now, which I don't understand. It would be great if we could file jointly but I don't want to risk this simulator suggestion being wrong. Can anyone explain how IBR is calculated if you file jointly and both have massive student loans? [link] [comments]  |
| Posted: 04 May 2020 09:01 AM PDT Hi all, Last year around 8 months ago, I refinanced my student loans with Sofi/Mohela. Total Student Loan Debt: $163,000. Is it possible to refinance again for a lower interest rate? Would I refinance with Sofi/Mohela or someone else? I'm asking this due to lowered interest rates as a result of the COVID pandemic. Also, not sure if it matters or not, but my salary last year was $150,000. Thank you for your help! [link] [comments]  |
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