Freedom! Student Loans |
- Freedom!
- I've been waiting to make this post!
- "Unknowingly" having private loans
- I’m trying to make sense of this
- Advice needed please! Can I get Navient late payments removed from my Credit Report?
- "Has Student Received Federal Student Aid?"
- Is the site down for anyone else. I’ve been trying to fill out my moms MPN for a parent everyday since Friday, but this keeps popping up. I want to check to see if everyone else is getting it or if somethings wrong with how I’m submitting.
- graduating later than expected, subsidized loan
- Guidance on Student Loan Rehabilitation
- Should I pay off my loans in full?
- Grad PLUS Loan vs Private
- Refinancing $88k with Delinquencies
- Is it too soon to start paying back my loans?
- If COVID continues through August, any ext on CARES Act?
- 2 years ago I had a 90 day late payment reported on fedloan, would it be better to pay off my $25k right now then submit my credit dispute form or should I fill out the dispute form then pay off my loans?
- Paying loans off all at once
- Appreciation Post for Reddit
- Pay off all my loans now or wait to see if portion of loans will be forgiven due to pandemic relief acts?
- Loans in default - options?
- I know I have to take out loans to go to college, how should I go about this
- How much is to much
- Medical School Graduate Loan Consolidation Advice?
- Paying off a loan before it accrues any interest?
| Posted: 26 May 2020 04:59 PM PDT I finally did it! Paid off the last $2k on my student loans today. I graduated in 2008 with $22k in federal and $56k in private. Paid my federal off a year early and I'm 3 years early in my private. There is hope out there for anyone who is struggling. My degree was in Political Science, and I never ended up working in the field. Got an entry level job for a bank's call center and worked my way up. I was also lucky where I was able to live with my parents for the first few years before moving out with my SO. I threw most of my "found" money at the loan and tried avoid lifestyle creep. [link] [comments]  |
| I've been waiting to make this post! Posted: 26 May 2020 09:22 AM PDT Officially paid off all of my student loans as of today. Graduated college in 2013 with about $62k of student loans. I've been working in corporate tax for 7 years and got my CPA, which allowed me to stay steadily employed and exceed the minimum monthly payment. The mental burden has been lifted. That monthly outflow for student loans will now go right back into savings. The only advice I would ever want to give is that it's better to sacrifice lifestyle now and pay off your debts. I see a lot of my friends "flexing" and stretching themselves financially. Being a conservative accountant type, that makes me so nervous, especially given the current situation with COVID. Formulate a plan, and stick to it! Even if you only throw $20 extra per month, it will help. And if your situation changes in the future, there is some comfort knowing you can scale back to minimum payments. I wish everyone the best of luck paying off their debts! A huge thanks to all the contributors on this sub, it definitely kept me motivated seeing peoples success stories! [link] [comments]  |
| "Unknowingly" having private loans Posted: 26 May 2020 10:49 PM PDT Hi everyone! I occasionally read stories on here of people who "unknowingly" had private loans that crept up on them later in life + the interest rate that it's accumulated. Scary stuff. How does this happen to people? My anxious and very catastrophic mind worries this could happen to me... though I don't see how? Loan providers are ruthless and will find you one way or another, so surely this is a really unlikely thing to happen? Is there a way to check these things? All my loans are federal and with Navient (originally Sallie Mai), it's not like Sallie Mai gave a portion away to a private company? Thanks in advance :) [link] [comments]  |
| I’m trying to make sense of this Posted: 26 May 2020 07:38 PM PDT I recently started graduate school and applied for a loan through Sallie Mae but my school states I have gone over my financial aid budget with the amount I requested. The amount I requested was $52,000 for the next three semesters. In total classes alone will cost $32,000 and the remaining $20,000 was going to be for living expenses as I was planning on not working and focusing on school. I don't understand why they would state that $20,000 for living expenses is unreasonable for a 12 month period. Any suggestions on what I can do to appeal this situation? [link] [comments]  |
| Advice needed please! Can I get Navient late payments removed from my Credit Report? Posted: 26 May 2020 07:42 PM PDT My apologies in advance if this has already been posted. I figured I would reach out here for some advice, as this is making me lose sleep at night! Literal nightmares. Here it goes... I graduated college in 2017 with about 80K in student loan debt--about 25K of it was federal though Navient. I have been up to date on my private loans since graduation, which are though another loan servicer. Meanwhile, I was having trouble making my Navient payment each month, so I kept deferring them until I could manage the additional monthly payment. I had just gotten a job in my field and was trying to get on my feet. To my knowledge, I was not notified by Navient that I was defaulting on my loans and they would report to the CB. I thought the loans were in forbearance the whole time. I just checked my credit report and noticed that I had 4 late payments on 6 of these accounts. I am freaking out because I'm applying to grad school for Social Work in the fall and will need federal student loans to make it work. I am planning on signing up for auto-payment so I can start paying these down...but is there any way I can get at least a few of these removed from my credit report? If so, what would be the appropriate steps to take? Would I have to reach out to Navient or each CB? I am fully aware that this is my fault, and I should've been more on top of it...but it was a mistake and I didn't realize. I have read about writing a goodwill letter to the loan servicer, but don't know where to start in the process of getting the late payments removed. I appreciate any advice or suggestions! Thank you so much. Stay safe!! [link] [comments]  |
| "Has Student Received Federal Student Aid?" Posted: 26 May 2020 10:16 PM PDT is a subsidized loan through OSLA federal student aid? I'm trying to fill out FAFSA as a 4th year undergraduate student... [link] [comments]  |
| Posted: 26 May 2020 06:29 PM PDT |
| graduating later than expected, subsidized loan Posted: 26 May 2020 09:44 PM PDT I have a subsidized loan with OSLA and on the website, it says that the due date to start paying it off is in January of 2021. However, I will be graduating in May of 2021. They probably aren't aware that it will take me 5 years to graduate instead of 4, thus being in January of 2021 How do I extend the date that I need to start paying if it off? Who do I communicate this to? [link] [comments]  |
| Guidance on Student Loan Rehabilitation Posted: 26 May 2020 02:07 PM PDT Background: I have about a dozen and a half single payment loans from the U.S. Dept of Education that have all moved to collections in the past 1-2 years that are not being paid. They range from $150 to $10k (average $4k), and total $78k. The original loan amounts total $57k. Disclaimer - I do not enjoy being in this predicament and am looking for a path forwards. I have no other defaults or debt. I have a bit over $100k in savings. I make $80k a year before taxes. Most of the money I currently earn and have earned can be used as needed. I posted on /r/PersonalFinance earlier where it was suggested I rehabilitate my student loans, and once rehabilitated pay them off in full. I understand doing this will remove the record of defaults from my credit report and will waive additional collection costs on the debt. I am posting here to get a bit more information and clarity on how I should go about loan rehabilitation. Questions I currently have:
I am learning about this information currently so any other general advice or insight is appreciated; thank you. [link] [comments]  |
| Should I pay off my loans in full? Posted: 26 May 2020 11:51 AM PDT Need y'all's help making a v big decision. I get paid this Friday, and I'll be right over the break even point on my student loans- so I could pay them off completely. I have $23040 left in loans, and come this paycheck, I'll have $24200 across my savings and checking accounts..... soooo should I just say f it and pay my loans off or should I just keep paying as is and keep my savings...?? I'm on track to have them paid off by this December as is. Background: They are federal loans so no interest currently, but I've still been paying. The average interest is 6.42%- I started with about $75000 in loans. My minimum monthly payment is $473, but I've been paying $1400 biweekly. I'm not worried about my job as I work for the government and am essential. I make ~$72000 and live with my parents. My only monthly expenses are food and gas- which I'm currently working from home so those are minimal (trust me I recognize the privilege in that statement). [link] [comments]  |
| Posted: 26 May 2020 09:13 PM PDT I'm going back to school (after I swore I never would after paying off $80k in loans just a year and a half ago) this fall. My COA will be around $90k for my 18month program. Clearly $41k of unsubsidized Stafford Loans won't cover me, so I need to cover the gap. Interest rates are set to drop down to 5.3% for Grad PLUS loans for the upcoming school year, however the 4% origination fee will still apply. Graduate Stafford rate will drop to 4.3%. I previously refinanced with Earnest (at 3.25% fixed) and had a great experience. I'm hoping private loaners will follow suit and drop interest rates as well. I have a FICO of >800 and a long credit history. Should I wait it out to see how private companies will react to the new lower rates? Is there anything else I should consider? I would take a fixed private rate of 3.5% over a 5.3% federal rate for a $50,000 loan. (Assuming a 5yr payoff I'd save $2,450 by going private). [link] [comments]  |
| Refinancing $88k with Delinquencies Posted: 26 May 2020 12:55 PM PDT tl;dr My loan servicers won't allow me to refi because of "past delinquencies," and I'm not sure which ones they are considering or how to remove them. My score is around 690 and rising by about 10 points a month. Explanation follows. I've got over $100k in student loans ($88k through Discover and $33 federal) and my payments are over $850/m and I'm not making a dent. /Sob story. The major reason is that I have cosigners on my loans that I need to remove. I've tried three times to get my loans refinanced, and I've even asked them to keep the same interest rate. They're not willing to play ball (screw me, huh) So I've called my credit companies, my servicers, and have gotten nowhere. It looks like I need to remove these delinquencies first, or find a lender who will take up to $88k in loans with a weaker credit score. Thanks Reddit [link] [comments]  |
| Is it too soon to start paying back my loans? Posted: 26 May 2020 04:10 PM PDT So I'm 4 years into my undergrad and have 2 years left until I can graduate after failing some classes, taking a semester off, and changing majors. I owe $20,000 in federal and $10,000 in private. I'm probably going to take out another $10,000 for this year (my fifth year). Right now I have about $5,000 in savings and work part time bringing in $600 a month. I have no major bills. I am due to start receiving a monthly $1100 educational benefit check from the VA and don't know what to do with the money. Should I start paying off my private loan? or save the money to pay off my sixth year in full so I don't have to take out any more money when the time comes? [link] [comments]  |
| If COVID continues through August, any ext on CARES Act? Posted: 26 May 2020 09:48 AM PDT If COVID and it's restrictions continue through August/September, does anyone know if we might be able to get an extension on the federal student loan relief after September 30th? I know many of us may not be able to get jobs still and will still need the same relief we're getting through Sept 30th right now after that current end date. Should we email our congresspeople to get an extension on this?? Thoughts? [link] [comments]  |
| Posted: 26 May 2020 05:45 PM PDT |
| Posted: 26 May 2020 08:28 AM PDT Does anyone know how paying off loans all at once affects ones credit score? I know there is a lot that goes into an individual's score, but was wondering if anyone had any idea how paying off 40k in loans in lump sum would affect a slightly below average score. [link] [comments]  |
| Posted: 26 May 2020 07:24 AM PDT I'm glad to share with you all that I managed to pay off 70% of my education loan while still being in the final year of my college. The credit goes to reddit where I found many students who needed tutoring and I worked days and nights to tutor them and to manage my internship at the same time. I can't express in words how relieved I feel whenever I pay any amount to ease that loan. Thank you Reddit! And thank you to all you lovely people reading this. [link] [comments]  |
| Posted: 26 May 2020 04:19 PM PDT I have enough to pay off my loans entirely and have about 4,000 left in savings. I'm wondering if I should wait until after September to start paying them all off or if should I wait to see if any of these student loan forgiveness acts come to fruition? Any thoughts are appreciated [link] [comments]  |
| Posted: 26 May 2020 09:33 AM PDT Please help! I have student loans in collections and am looking at paying them off in a lump sum. The company has given me two options: Repayment In Full or Settlement. The settlement saves about $600 - which is substantial for me right now. What I'd like to know is how each option affects your credit record and if there is a difference when it comes to default.
For my situation, if the answers are "Yes" and "No" it makes sense for me to take the settlement. If the answers are "Yes" and "Yes" then I have a decision to make. If the answer to the first question is "No" then I have no choice. Thanks in advance for any advice/help. [link] [comments]  |
| I know I have to take out loans to go to college, how should I go about this Posted: 26 May 2020 11:04 AM PDT I'm quite new to the reddit community so I apologize if this is in the wrong thread or if it violates any rules. I decided to join because I need some advice and my parents are not very helpful. To give some background, I have recently graduated HS and know the college I want to go to (and have been accepted to). Due to my family's economic situation I will not be receiving any financial support from them while I am going to college. As well, my family does not approve the school I have chosen to go to so I would not get any help from them even if they were able to offer it. I know that I am going to have to take out loans so that I can go to school. For this school year I am planning to get a loan for $20,000 and I'm going to work to pay what is left over for tuition. I guess I have a couple different questions now that I type this all out... What would you advise against doing when it comes to loans, are there any places you directly recommend for taking out loans, and any other advice you wish someone would have told you when you were doing this. [link] [comments]  |
| Posted: 26 May 2020 08:44 AM PDT I'm starting college this year for nursing, and I'm getting aid for most of the cost, but I'm still gonna need to take out a private loan of about 6000 a year if I want everything paid, what are the best places for private loans and do you think this is too much of a loan, or will I be able to handle it, Id like to think I'm pretty financially responsible for my age but I'm gonna be the first to go to college in my family so I don't really have any guidance. I just don't want to be screwed when I get out. [link] [comments]  |
| Medical School Graduate Loan Consolidation Advice? Posted: 26 May 2020 02:40 PM PDT Hi all! Hoping for some advice regarding loan consolidation for a recent medical school graduate. As someone who took a paid research fellowship before applying to residency, I had income last year and filed taxes as such. Fast forward to today -- I am trying to apply for loan consolidation (all federal/DIRECT) and am stuck at the part where they ask about "any significant decrease in income?" Since my research fellowship ended last year (~$22,000 AGI), then I would put yes. To complicate matters, I took a side job revising application essays that paid irregularly up until March 2020. Because I am considered an independent contractor, I don't get formal pay stubs that detail gross earnings for 2020. Additionally, since COVID-19, there hasn't been much business so I don't anticipate additional earnings from this gig. All of this is to ask:
Thanks in advance for any advice you guys may have! [link] [comments]  |
| Paying off a loan before it accrues any interest? Posted: 26 May 2020 02:33 PM PDT Apologies if this has been asked before. I just graduated with a $5,500 subsidized loan that I took out 1.5 years ago with 5.5% interest, and my grace period ends in November. I just wanted a sanity check— I have enough saved to comfortably pay off this loan in full /before/ it starts accruing any interest. Is this... allowed? I don't know the implications on my taxes or on my credit score, or if this could hurt me in some way? ...or if accruing a little interest could be beneficial in some way ? My credit score is good and this isn't my oldest credit account. My lender recommends paying it off over 10 years, but that feels SO long for a relatively small loan. Thanks in advance :) [link] [comments]  |
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