Here’s What The New Stimulus Bill Does For Student Loan Borrowers Student Loans |
- Here’s What The New Stimulus Bill Does For Student Loan Borrowers
- Tired of playing the math game. I'm getting rid of my student loans.
- Using extended repayment plans and avalanche method to pay less over life of student loans?
- Federal Student Loans marked delinquent, being assessed late fees, and accumulating interest despite CARES Act?
- Grad school and more loans
- Should I pay off the loan or save my money?
- Student Loan Payments
- Submitted IDR Application and have some questions
- Should I pay my federal loans in deferment or redirect the payment to my private loans?
- Help me manage 350k loans on 160k household salary
- 2019-2020 FAFSA or Private Student Loans for One Year Master's Program
- Continuing to pay Federal Loans while on COVID forbearance to reduce principal -- does this lower monthly payment? Or push forward payoff date?
- Student Loan refinancing
- fafsa exit counseling for future medical student
- College Avenue Loans
- Private Student Loan Lenders for a BA in Pure Mathematics?
- I'm applying for loans without a cosigner. Which banks offer the best deals on private loans?
- Splash Financial and Fraud Alerts
- Should I take out student loans even though I technically do not need to do so?
- Taking Loans by Myself?
- Medical School Loan Dilemma (Incoming Student)
| Here’s What The New Stimulus Bill Does For Student Loan Borrowers Posted: 13 May 2020 05:28 PM PDT Even though I doubt this will be passed I am glad the topic of student loans is still being debated. [link] [comments]  |
| Tired of playing the math game. I'm getting rid of my student loans. Posted: 13 May 2020 04:52 AM PDT I just figured I'd post this because I'm sure others might go through the same dilemma. The invest vs. pay of debt debate, where you look at your interest rate and try to say how your investments could make more, blah blah blah. I'm tired of this back and forth game. Once I get my full emergency fund, I'm going hard at my student loans again. I don't want to owe anyone any of my money, anymore. I'm tired of payments and that negative number on my Mint account. Investing can wait. I want to be free of the banks and be debt free. Just my little rant for the morning. [link] [comments]  |
| Using extended repayment plans and avalanche method to pay less over life of student loans? Posted: 13 May 2020 05:47 PM PDT I graduated in December 2018 and currently have about 44k in student loans. I have 8 loans with interest rates ranging from about 3.85% - 5.1%. I'm currently on the standard repayment plan, and my payments are about $450/mo, which we can afford, but I'm considering different repayment options to try to take advantage of the different interest rates to pay less over the life of the loans. This would basically involve switching to either the Extended Fixed (EF) or Extended Graduated (EG) Repayment Plan, which would increase the term of the loans from 10 years to 25 years and decrease my minimum monthly payments. Under EF my payment would be reduced to $227/mo and under EG my payments would start at $151/mo and ramp up to $392/mo. I would make the minimum payments on all of the loans, except for the one with the highest interest rate. I would apply any money saved from my payment reduction (and maybe apply an extra $50 - $100 each month) to pay off the highest interest loan first and then avalanche that money into the next highest interest rate loan and so on. I know that I need to check with my loan servicer first to find out if additional money over the payment amount can be applied to the principle. If this isn't the case, then I will use either a savings account or a money market account to save up and pay off the loan once I have enough. Is there some reason why I shouldn't do this though? Are there hidden fees with switching payment plans? Are there other disadvantages to doing this that I may not be considering? Thank you. [link] [comments]  |
| Posted: 13 May 2020 02:45 PM PDT I thought with the CARES Act meant that my student loans would automatically be put into forbearance and not accumulate interest through September 2020. Today I noticed that my account is delinquent and I'm being assessed late fees and accumulating interest. I've contacted my servicer and am awaiting a response, but does anyone know what's going on? I am absolutely certain that this is a federal loan, not private. [link] [comments]  |
| Posted: 14 May 2020 03:07 AM PDT I have an undergraduate degree with loans I've been paying. They are in income based repayment and I'm hoping for loan forgiveness after ten years of qualifying payments. What would happen if I chose to pursue a graduate degree and borrow to pay for some of it? Will I create a whole new situation? Will everything start over? [link] [comments]  |
| Should I pay off the loan or save my money? Posted: 13 May 2020 11:44 PM PDT I have several loans, 2 from Nelnet that are frozen from COVID-19 situation and 2 from Salliemae. I was thinking of paying off the most affordable Salliemae loan with what I saved from COVID-19 unemployment and my own savings ($1,150). Another Salliemae loan that I'm not planning to pay is $13,700. I'm going to finish LVN school around September. Right now I'm unemployed (previously a waitress). Should I decide to pay off the $1150 loan, or save my money for a rainy day and work it off as an LVN in the future? Edit: Forgot to mention that the $1150 loan will go up to $4000 after I pass this school term and enter to the next term (or what people call it "semester"). And all loans have the same interest of 8.125% and I'm on a repayment loan. They're just split up instead of being one big lump of a loan. [link] [comments]  |
| Posted: 13 May 2020 10:13 PM PDT Just had a few question regarding student loans repayment options. Background Information: I am currently sitting around 40k has of right now in student debt half through Sallie Mae and 20 Feds. My current rates are at 4-6 % between my two loans through Sallie Mae. Would it be wise to start paying off the debt aggressively ( one year of school left) or waiting to until my 6 month period post college to do payments. I personally would prefer to wait after school since my income will be greater however paying now saves me the beating of interest rates. Just looking for what people did in my shoes and their outcomes. Thanks in advance ! [link] [comments]  |
| Submitted IDR Application and have some questions Posted: 13 May 2020 09:53 PM PDT So i recently graduated in December'19 (TAMU whoop!) and i have about 21k in loans through Navient.. They just gave me my monthly estimate on payments since my grace period ends in June and its at $217/mo. which is not what i can afford with my income... My monthly expenses are about $800 and i only make about $1000/mo right now so i'd be barely making it every month by taking up a few extra hours at work when possible.. I've basically been in the dark about the whole repayment process and such bc i naively figured Navient was going to present my options and let me choose a plan well before the end of my grace period ... Looking more into it now, i had just submitted my application for the REPAYE plan that gives me a $0/mo minimum so i can pay what i can afford. How long do these applications usually take to go through? Im afraid i submitted too late (which im betting is the case) and I'll be stuck with that high payment for a few months before it may get approved.... Is there anything i can do to help my situation? Like speak with someone in Navient about extending my grace period until i hear about the application? I'm just confused on what i should be doing and prepare for since the due date is only a month away, so any advice would be greatly appreciated! [link] [comments]  |
| Should I pay my federal loans in deferment or redirect the payment to my private loans? Posted: 13 May 2020 05:38 PM PDT I have about 30k in Federal loans which are now in deferment due to CARES act. I typically paid about $300 a month on these with a $50 overpayment on the highest interest rate (12%). These say they should be paid off by 2040. I really don't want to pay my loans that long. I also have about 30k of private loans with Sallie Mae/Navient which remain unaffected. I pay about 750 on these with no overpayment, however these are on track to be paid off by 2026 and 2028. The highest interest rate on these loans is 14.5%. After these are paid I plan on taking that money to the Federal loans. Fortunately I am considered an essential worker and my income has been pretty steady throughout the pandemic. Should I redirect my federal payment to the private loans? Or continue to pay on the federal loans to get the principal down? [link] [comments]  |
| Help me manage 350k loans on 160k household salary Posted: 13 May 2020 05:31 PM PDT Hello all, Will be graduating next year and am worried about student loans. I will be graduating with almost 350000 in loans and with interest I don't think I'll ever be able to pay it off regularly. My gross income should be about 120,000 a year not including my wife's income of about 45,000. I want to buy a house after graduation, in the $250,000 price range. can someone help me with what options may be best for me so I can enjoy most of my life without worrying about debt? Thanks all. [link] [comments]  |
| 2019-2020 FAFSA or Private Student Loans for One Year Master's Program Posted: 13 May 2020 08:55 PM PDT I start my program in June (3 weeks), and I have found out the FAFSA (direct) does pay for my Graduate program for the summer semester. I know the economy has completed changed since the 2019-20 FAFSA rates were determined (I believe it is like 6% interest). I plan on shopping around on some private loans, but I wanted to get a feel for what others were experiencing? Are private loans the way to go in the Summer? [link] [comments]  |
| Posted: 13 May 2020 11:43 AM PDT I have federal student loans which currently are not accumulating interest and monthly payments are paused due to COVID. However, I can afford to continue to make payments, and I'd like to do so in order to reduce the principal of the loan. However, I'm struggling to understand, will continuing to make payments while my student loans are on COVID forbearance reduce the monthly payment? Or push forward the payoff date? [link] [comments]  |
| Posted: 13 May 2020 12:40 PM PDT Hey everyone! So my credit score is between 640 and 660 depending on which credit score you check. I am desperately trying to refinance because my rates on sallie mae are between 10% and 13%. How can I refinance or help this situation at all? Any advice? [link] [comments]  |
| fafsa exit counseling for future medical student Posted: 13 May 2020 10:48 AM PDT this may, i graduated from undergrad with around 20k in student loans. in july, i'll be matriculating into medical school and taking out around 50k in loans (for the first year). i don't know if the above information is too relevant, but when i am completing my fafsa exit counseling for undergrad, do people have any advice as to whether the standard or graduate repayment plan is better? it is to my understanding that since i will be starting school again within the grace period of 6 months, my repayment will be pushed off... (?) sorry if i'm coming across as a mess bc i am... i've tried reading sources online about loan repayment, but it's been slightly overwhelming thanks for any help! [link] [comments]  |
| Posted: 13 May 2020 02:27 PM PDT I am not so good with finances, loans, interest, etc. That is the reason why I prefer to have no debt... but I did need a loan for school. I signed up under the impression that my loan was not due until 6 months after grad and that there would be no interest until this point. When I saw the interest accruing I called my student loan advisor at school and she reinforced what she had told me when I signed up for the loan "not due until 6 months after grad, no interest accure until that time" and told me to call College Ave and have them explain their loan to me. My ignorance about loans and willingness to believe what she was saying as she rushed me through the loan docs has me in a load of interest and I am drowning. I called College Ave and they said all their loans collect interest, you signed the loan papers, etc. So my tough luck. Fine. Fast forward. With COVID my hours at work have been reduced by 75% and I cannot pay my cost of living bills, let alone student loans and compounding interest. I asked them if they would consider deferring the loan payment a few months until I can work full time agian once SIP is removed. I ASKED SPECIFICALLY about the interest this time, and was told that no interest would accrue. I just reviewed my statment to find $200 some odd dollars added to my balance in interest. I called back and a different rep told me they were sorry but whomever informed me interest was on hold was not correct. I am so frustrated. I asked them to please pull the phone call and review it. But because they are considered a private student loan lender they are not bound by federal rules (or not charging interest during COVID crisis) Does anyone have ANY advice. I hate debt and watching this grown is making me sick. Thats my rant I guess... probably not much that can be done, but I thought I would check on here and see... [link] [comments]  |
| Private Student Loan Lenders for a BA in Pure Mathematics? Posted: 13 May 2020 12:32 PM PDT Hey Reddit, I consider taking out a private student loan. I know it should be the last resort but I do not know what else I can do. Right now I need to make a choice: either accept the fact that every resume of mine or any application form I have to fill out will always contain "Education: High School Diploma" or take out $50,000 in loans to pay the tuition fees and housing. Honestly, I do not know which of the two is worse. I have done all I can to avoid taking out a private loan. I have completed two years at a community college, knocking out all of the utterly useless general education requirements, and have transferred to a local university (not a top university, but quite decent). I'm a math major and intend to go to graduate school for a statistics degree. Now, the university I transferred to, has not offered me anything but federal loans. The federal loans cover only half of the tuition each semester. On top of that, I will be living in a $400-$500 apartment close to campus. Also, I will not be working during the first semester at the new school, since I intend to take a quite heavy course load so that I can graduate in two years and have a good chance at being accepted to a Ph.D. program. I understand that taking private loans should be the last resort, but I have exhausted all options. I have also considered taking Parent Plus loans, but since I will be 24 years old next semester, I will not be eligible for that. Thus, private loans. Currently, as an in-state resident, I will need to pay $8,500 in tuition fees per semester. I also estimate that I would need about $6000 per year to pay rent plus food. Thus, two semesters at university would cost me $23,000. I need to complete four semesters, hence $46,000 for a B.A in Pure Mathematics. I intend to go to grad school right after undergrad and would like to defer payments until after I finish the graduate program. On the bright side, I will be 24 next year and will be considered an independent student, so I hope the university will take that into consideration and offer me some financial aid. Now, the reason I'm typing all this: I need your advice on what private student loan lenders I should consider? In particular, I need to pick one that would allow me to DEFER payments until I finish graduate school. I have talked with Sallie Mae about Smart Option Student Loan, and they said that I would be able to defer payments until after I finish grad school. But I'm not sure I believe that. They told me that I would need to call an agent after completing undergrad so that they would defer payments. Could anyone confirm that it's true? If no, what other private loan providers should I consider? Edit: I should clarify a few things. I was awarded $3500 in Stafford loans per semester. That means I would need to find an additional $5000 to pay off the rest of the tuition, and hence I'm considering taking out a private loan. In total, I would need to borrow $14,000 in Stafford loans and about $32,000 in private loans to pay for the entire undergrad degree. Secondly, I should have mentioned something about the career I'm pursuing -- machine learning (basically applied statistics). It's quite difficult to get a job in the industry straight out of undergrad unless you go to a top school, so most ML positions require a graduate degree. What I'm worried about is that I won't be allowed to defer payments and would need to start paying off the undergrad debt while in grad school. Thank you! [link] [comments]  |
| I'm applying for loans without a cosigner. Which banks offer the best deals on private loans? Posted: 13 May 2020 09:01 AM PDT Long story short I am paying for my own college. most likely not using FAFSA/federal aid at all because my parents aren't helping pay and without their info I don't qualify as independent since I'm not 24 yet. Because of this I'm not likely to get much from federal aid, so private loans are the way to go for me. Which banks offer the best deals for students borrowing without a cosigner? Criteria include reliability, flexibility, low-ish interest rates, and good customer service. Right now I'm researching Wells Fargo, Discover, and First Republic, and I'm also considering Sallie Mae as a last resort. [link] [comments]  |
| Splash Financial and Fraud Alerts Posted: 13 May 2020 06:11 AM PDT I am in the process of checking rates with the various loan refinancing companies (SOFI, LendKey, Earnest, etc.). As background, I have my credit frozen and a fraud alert with the credit agencies because after I filed my tax return the IRS sent me a letter that someone had attempted to use my social security number to gain employment. All of the companies have been able to pre-qualify me based on soft credit pulls after I temporarily lifted my credit freeze except for Splash. I called to ask about this and the representative confirmed that I would be required to remove the fraud alert I have on my credit. This seem highly inappropriate to me that a financial institution would require you to remove a fraud alert to check if you qualify loan services. Why wouldnt they be able to confirm your identity and respect the fraud alert? Has anyone else had any similar issues with Splash or other loan companies? [link] [comments]  |
| Should I take out student loans even though I technically do not need to do so? Posted: 13 May 2020 01:39 PM PDT I realize that this seems like a ridiculous question, the obvious answer being no, do not accumulate debt when it is not necessary. I happen to agree with this but some people in my life are advising me otherwise and I would like to get other peoples' opinions. First, some background information about me so this makes sense. I am currently a graduate student with another 2.5 years left in school to finish the Ph.D. Due to a variety of factors, scholarships, and privilege among them, I have been able to get this far in academia without acquiring any debt whatsoever. After hearing my peers discuss their student loan debt, I feel very, very fortunate that this is the case. For the past few years, I have been teaching and/or doing research where I attend school, so the cost of my education has been covered by the university and I receive a small stipend to live off of. As a master's student, this stipend was enough to cover the cost of a 1-bedroom apartment for my dog and me, as well as other living expenses (food, entertainment, etc.). While I did receive a raise as I moved into a doctoral program, the location of the university has a much, much higher cost of living. For my first few semesters out here, I have been able to live rent-free and I have been saving all the while. However, starting this summer, I will need to move out to my own place. When I say that the cost of living is expensive here, what I mean is that 75-85% of my total monthly stipend will go toward rent and utilities alone beginning this July. This calculation is assuming that I move into a studio or 1-bedroom apartment by myself (i.e., no roommates). I am currently considering other options, but for the sake of this question, please assume that my living costs in the near future will spike to four-fifths of my monthly income. No Student Loan
Student Loan
I would really appreciate any feedback on this topic. Please note that I realize that there are a variety of factors at play here and other avenues I could explore to solve this problem (get a roommate, get a cheaper place farther away and commute, somehow find time to work an extra job, etc.), all of which I am considering. For the sake of this question, though, please assume that there are no other options on the table—that this decision is purely binary. [link] [comments]  |
| Posted: 13 May 2020 01:03 PM PDT Hi, so I'm a high school senior and going to college next year. I won't be 18 until December so unless the start of school is delayed that severely I'll be a minor by the time it starts. I want to take out loans by myself - I had already planned to pay my entire education off by myself via my parents (and I don't get financial aid) with them taking loans, but they're not really willing to take them anymore. I also don't want to have to rely on them at all, so is there any way to take off loans by myself? I know that's not how it works because loaning companies can't ensure compensation from a minor but I'm sure there are kids out there without legal guardians who find ways to take loans by themselves. Thanks for any answers. [link] [comments]  |
| Medical School Loan Dilemma (Incoming Student) Posted: 13 May 2020 09:03 AM PDT Hi, I am an incoming MD/MPH student to SUNY Downstate. My MPH starts June 15, and that is the first scheduled disbursement. Currently, the total loan amount I am expecting to take is about 72k. 49K will be direct med unsubsidized, and about 23K Direct Grad Plus loan. This is according to my FAFSA for 2020-2021 aid. Moreover, the aid disbursement is split equally between the summer, fall, and spring semesters. I just realized that the interest rate drops a lot starting July 1st for both loans due to COVID-19, but my MPH and first disbursement are on June 15th. Hence, I am wondering if it is possible for me to wait until July 1st to accept the loan so that I can have lower interest rates? [link] [comments]  |
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