I officially have enough money in my account to pay off my student loans and I don't know who else to tell! Student Loans |
- I officially have enough money in my account to pay off my student loans and I don't know who else to tell!
- After six year I just made my last payment.
- No longer a Navient “Customer”
- Getting first time calls on a Perkins loan 10 years after school?
- Will I still have to pay back my classes after going through with medical leave?
- A petition in favor of student loan forginess
- Calculating Expected Interest Accounting For Paying Off
- How do you apply for student loans for college?
- Tackling our Student Loans
- Down Payment or Pay off Student Loans?
- Reconsolidating
- Does it always make sense to pay interest ASAP that accrues?
- Question re: Defaulted Private Discover Student Loan
- Please help me pick my repayment option! I'm confused
- Trends of variable interest rate plans
- First Time Applicant
- Should I pay off one loan group or keep contributing to higher interest ones during Pandemic Forbearance?
- university loan (UK)
- Student aid to study in another country
- Can't reach collections agency
- 120k debt: worth it?
| Posted: 05 May 2020 11:58 AM PDT Starting in 2017 I took out $16k in federal student loans to pay for grad school. I graduated in December 2018 but didn't start making payments on the loans until May 2019 when I started being self-employed, at which point I owed $17.6k because of interest. Thankfully I was on an IDR plan and my monthly payment was $0 because I had no income while I was in grad school. I paid at least $500/month and by the end of 2019 I still owed $12.5k. I felt like was still in so much debt and had a slight breakdown. I had been gifted Dave Ramsey's "Total Money Makeover" book, I read it, and I was resolved to really buckle down and pay as much as possible every month. I was doing really well and had paid all but $7900, but then COVID-19 hit, forbearance and 0% interest kicked in on the federal loans, and I've been saving the money that I would've been using for payments just in case my partner or I lost our jobs (thankfully they seem to be pretty secure). Anyway, with the money I've been saving, plus the $1200 stimulus payment, plus the $1k forgivable small business loan (which is technically a grant) that I just got approved for, I have $7900 in my savings account. Exactly enough to pay off the loan (which I'll be doing in September once the interest starts accruing again). I just wanted to share my story because I feel like it's a weird thing to talk about with my family/friends. I'm still in disbelief, and even though I haven't technically made this last payment yet, my current net worth is $63... it's the first time it's been a positive number in over 3 years, and I could cry with how relieved I am to be DONE! [link] [comments]  |
| After six year I just made my last payment. Posted: 05 May 2020 10:27 AM PDT I'm so happy I'm half crying. After six long years. I just made my last payment of my fourth and final loan. I honestly didn't think I was ever going to get here. [link] [comments]  |
| No longer a Navient “Customer” Posted: 05 May 2020 05:37 AM PDT I went back to school in my late twenties around 2009. I transferred to a state university and finished up with a business degree in 2013. At the time, I had just over $40K in loans, and was working odd jobs for a few years. I eventually packed up and moved across the country to an area that was doing well economically. I've been working office jobs here for the past four years; I got a certificate in this time and generally spent money on frivolous things when I wasn't applying it to my loans. This was a mistake. I could have been out of this much earlier. I've been throwing every extra dollar I've earned towards my loans since last October or November. I had a premonition that the economy might be headed into recession given that we're on a ten-year cycle for it historically. I divested all of my hobby stocks last year and stopped contributing to my 401K to dwindle the loans down quickly. I've been lucky enough to work from home for an essential company during the COVID-19 pandemic; I realize that I am in a unique situation and many others have been adversely affected to the point where they are worried about things like rent. I haven't taken this for granted, and have still lived as frugally as possible. Even though payments were deferred through the fall, there was no point in waiting. I paid off the last bit of them yesterday. The dark cloud has been lifted from over my head. There's no time for celebration. The pandemic is ongoing, and there is still some economic uncertainty. I also have a car to pay down, hopefully before the end of the year. I would say to anyone who needs help with their own loans to listen to Dave Ramsey and you'll get some motivation. He's not perfect, but he gets a lot right. Think minimally in your lifestyle and you will get much further along than trying to fulfill all of your wants. Debt sucks; it makes you poor. I'll never take it on again without having a strategy to get rid of it quickly. [link] [comments]  |
| Getting first time calls on a Perkins loan 10 years after school? Posted: 05 May 2020 08:48 PM PDT Federal Perkins loan - Perplexing situation Good morning Reddit, There is a problem that has recently come to my attention and I'd like some advice or just to hear if someone has been in a similar situation before: I've been out of school for 10 years now. (Since 2010) I had originally defaulted on my federal student loans a few years after that. I ignored my debt up until about 4 years ago and I called to get everything consolidated and on an income driven repayment plan through fedloan. After getting everything out of default, my credit started to improve. My score after 4 years is now in the 800s. Now to my problem; I've recently been contacted by a debt collection agency named "Williams and Fudge" based out of South Carolina. The representative I spoke to informed me that I owe $3000 on a $1500 federal perkins loan that had, "fell through the cracks" and that they were managing it for my university. I checked my account on the fsa website (studentaid.gov) and that perkins loan is now there. (It hasn't been on my account until this month) It says this loan has been in default since 2011...this is where questions start to arise: Why have I never been contacted about this debt since 2011? My information on record has been up to date for years. How has this defaulted debt never shown on any credit report since 2011? I thought federal student loans aren't subject to the SoL and never fall off even after 7 years? If this debt truly "fell through the cracks" after all these years, why am I responsible for paying double the original amount in additional interest and service fees that have been tacked on from Williams and Fudge? *Edit: Going back through on my student loan history and talking to my parents, I had a total of 4 loans. (3 stafford loans and 1 perkins) My parents had taken care of the perkins loan with a lump sum payment to the university in 2011. When I consolidated 4 years ago, fedloan consolidated my remaining stafford loans, said that was all I had and that I should be in good standing as long as I continue to make on time payments. I think the university has an error on their end and is now trying to collect on a debt that has already been paid. Maybe that's why they thought it "fell through the cracks". I don't know what to do if this is the case. How would I prove that now? Like i stated, I've been out of school for 10 years. I've taken care of all my past debt. (or so I was told until now) I doubt my parents still have paperwork on a debt that was taken care of 9 years ago...I've worked too hard fixing my credit just to have something like this screw it up again... *Edit 2: Bank can't help showing payment records as they don't hold anything over 7 years. [link] [comments]  |
| Will I still have to pay back my classes after going through with medical leave? Posted: 05 May 2020 10:33 PM PDT Hello everyone! During my 3rd semester in college I was re doing classes from my 2nd semester because I was depressed and didn't do them at the time. That ended with me getting into probation and I made up those classes in my 3rd semester. I had a problem in the beginning of my 3rd semester where my advisor had put me in the wrong class, so I emailed him to put me back into the right one since I had no knowledge of the second level programming course he had put me in. I ended up getting back into that class and I thought things were okay until I went to sign up for my 4th semester classes. I had found out that I was charged around $800 for dropping that class, even though I was put in that class wrongly. They didn't say anything about it and made me sign a paper saying they were going to take that money for the dropped course from my pell grant and pay it off, but I would have to complete the next course classes or I would have to pay for those in full. When spring break started my depression came back from my family and I was having suicidal thoughts, I talked to a counselor about the probation and she said they couldn't do that and that I should talk to my advisor to get a refund, but I wasn't able to do so because of the coronavirus and me taking a couple of months to calm down. Right now I am emailing my counselor to help me with medical leave and to sort out that weird probation, but I am worried I will have to pay back the classes because I didn't do them while taking care of my mental health during these last 2 months. I really need that money to move out later this year to get away from my abusive family, but they're really controlling over me and have threatened me for my money/pell grant money, and are waiting to see if I have to pay back those classes Any help would be appreciated thanks [link] [comments]  |
| A petition in favor of student loan forginess Posted: 05 May 2020 02:22 PM PDT I dont know if anyone is aware of this petition. I signed it and just wanted to get oppinion on it. https://sign.moveon.org/petitions/support-the-student-loan [link] [comments]  |
| Calculating Expected Interest Accounting For Paying Off Posted: 05 May 2020 07:15 PM PDT So I am thinking about getting a federal Stafford loan for graduate school which is at 6.08% interest right now. I need some help seeing if my math/logic makes any sense. So I have 3 years of graduate school and I will be taking out $4500 each year because I need to have "income" which is 3x the rent to get an apartment. However, $3500 of that I otherwise do not need to be taking out. Therefore, I would pay back $3500 of the loan immediately and be left with $1000 in actual used loans for the first year. 1st Year Loan of $4500: Using A = P(1 + r)t that means this loan will cost me $306 (year 1) + $140.624 (years 2 and 3 based on the 1000) = TOTAL of $446.624. 2nd Year Loan of $4500: $306 (year 1) and $68 (year 2) = TOTAL of $374 3rd Year: $306 (year 1) GRAND TOTAL $1126.624 in interest and 3x $1000 of unpaid loans Is this math correct? Can I pay off part of a loan the same year I get it. And am I missing any other costs that come with federal loans assuming I pay on time? I really appreciate the help. [link] [comments]  |
| How do you apply for student loans for college? Posted: 05 May 2020 07:07 PM PDT I've heard federal loans are a better option. I'm assuming you fill out FAFSA first. How long does it take to get loans? Sorry I'm so ignorant when it comes to this area, any help is appreciated. [link] [comments]  |
| Posted: 05 May 2020 06:33 PM PDT Need some advice. Both my wife and I have student loans and we are trying to figure out how to tackle paying them off as soon as possible. My income =$4200/month after taxes; get annual raise approximately 5% (I work as a Healthcare Administrator) My wife income = $3400/month after taxes starting mid-June; annual raise of $2000 per year (she is starting Residency in June) My loans - total = $150,000 with loans ranging from 6-8% Her loans - total = $450,000 with loans ranging from 5-8% Current expenses are approximately $3600/month, including rent, utilities, transportation food, etc. We live in NYC, so that is why we have high cost of living and expenses. We are thinking about paying down all my loans first within 3-4 years and then turn around and tackle her loans next. We understand that interest will continue to accrue on her loans, but we think us paying off my loans first will significantly outweigh how much interest her loans will accrue. We hope to completely pay off all of our loans within 15 years. Looking for advice on how to tackle this and if this the right path? Any other suggestions will be great! Thanks in advance. [link] [comments]  |
| Down Payment or Pay off Student Loans? Posted: 05 May 2020 06:24 PM PDT Hi all, My husband and I have been saving for years for an eventual down payment on a house. He paid off his student loans before he met me, so the majority of the savings is from his years working. We live in NYC so the housing market is insanely expensive, so our 70k won't go too far. We add about 2k-4k a month (based on OT, etc) Three years ago I had close to 75k in student loan debt, right now I have about 38k left (I feel really accomplished by this - I started with around 9 different loan groups and am now down to two). One group is 7% interest, the other is 6% - right now everything is frozen so I'll be able to make more of a dent while in pandemic forbearance (who would have thought? - insert Paul Rudd meme here). Long story short is: do we take anything out of our down payment savings to pay off this debt or do I pay off as much as I can during this no interest period & then make regular payments as usual in September? We're so close to our goal of 100K in our savings (will hit that by next summer probably) that I don't like the idea of taking money out. The other side of me knows the 7% return is huge as well. To clarify one thing, the reason I'm most hesitant is because my husband has been working for the last 10 years and a lot of this is his savings. I've always managed paying my own student loans because I didn't want to burden him with my debt. He did help me pay off a 7K loan last year, which is huge & I'm super grateful. I've only been making good money for the past ~3 years so that's why my loans have been decreasing steadily, not sure if i should just keep up what I've been doing or pay it off in full. Curious to know what you guys think! [link] [comments]  |
| Posted: 05 May 2020 04:17 PM PDT Hey guys, I'm new here so bear with me. I graduated college in 2015 and finally got a hold on my finances per se. I currently have $50k in private student loans with 8-9% interest (3 separate accounts) and 1 federal loan with $20k. Unfortunately I fell into hard times within the past 2 years and missed 5 payments on my private loan (on my credit report stating 30-60 days late). It hurt my credit score severely and now I'm sitting on a 600 credit score. Now obviously if I want to consolidate my student loans I'll have to build my credit score. So here are my questions, 1) what's an average credit score to have to get a good chance of a lower interest rate consolidation? 2) now that I have all my student loans at current (nothing past due) will my past late fees affect the rising of my credit score? 3) when I finally get to a good credit score will the new lender deny me due to the past few late fees* even if I've been making full payments now for several months? (expecting 6-12 months until I finally reconsolidate) *According to credit karma the late payments were within the past year, the last two were January and February 2020 so it was recent. Sorry if this sounds confusing, I'm pretty confused myself. Thanks in advance! [link] [comments]  |
| Does it always make sense to pay interest ASAP that accrues? Posted: 05 May 2020 12:29 PM PDT I just graduated and have 43k in loans. The current accrued interest is 2.5k. Does it make sense to go ahead and pay that amount for now and then hold of on the rest until I get a job? Will this save me money? [link] [comments]  |
| Question re: Defaulted Private Discover Student Loan Posted: 05 May 2020 03:23 PM PDT I consciously defaulted on a PRIVATE Discover Student Loan 8 months ago. I simply stopped making payments, I moved out of the country and have changed my phone number. I have not been receiving phone calls. My co-signer on the loan, who agreed that defaulting was the best decision for both of us, still lives in the U.S. (New York) and said that he is ignoring daily calls from Discover. My co-signer has not and will not make any payments. I thought Discover would have sent the loan to collections by now, but they haven't. And they continue to call the cosigner. Obviously I want them to stop calling my cosigner. I also want to avoid going to court if at all possible, especially since I now live out of the country and do not want to have to come back at some future date to go to court. Here are my questions:
Thanks for any answers you can provide! [link] [comments]  |
| Please help me pick my repayment option! I'm confused Posted: 05 May 2020 03:02 PM PDT I'm choosing my repayment plan option and idk what to do. I've taken a loan of 28K and I'm thinking of paying the $25 for the next 6 months- which if I pick the variable interest rate (8.125%) will be around $292 afterwards. But- I've been told to always chose the fixed interest rate- but it's literally 10.25% for Sallie Mae rn which will leave me at $337 after this. Also I just graduated and with quarantine in place I don't even know when I'll be able to get a job so not to be dramatic but I'm feeling like this is about to ruin my life. Also should I be refinancing as soon as I can with this interest rate?? [link] [comments]  |
| Trends of variable interest rate plans Posted: 05 May 2020 02:39 PM PDT With the economic troubles across the world, and with the US govt and other govts slashing rates, is it reasonable to expect that variable interest rate plans will continue to go lower? [link] [comments]  |
| Posted: 05 May 2020 01:13 PM PDT Good Afternoon people of r/StudentLoans, I am 25 and have finally made the decision to go back to school to get an accounting degree. So my questions for all of you are what should I expect when applying, what would a good loan structure look like, and would going through my local credit union be my best option? Thank you all in advance I really appreciate any help I can get. [link] [comments]  |
| Posted: 05 May 2020 06:35 AM PDT Because of the CARES Act, I can fully pay off one of my student loans (we'll call it loan G) right now. Should I do this, or should I allocate that money towards the higher interest loans? The 2 higher interest loans are at 6.8% (combined, they total $8,778). Loan G however is only at 4.66% ($287) I definitely want to kill that smaller loan, but would my money go further if I allocate my payment towards the higher interest loans while the forbearance is in effect? Thanks!!! [link] [comments]  |
| Posted: 05 May 2020 11:18 AM PDT Hello! I have an important question. As a british citizen that has been living in a european country (not UK) for the past 10 years, can I still get a student loan for an undergraduate course at university in the UK? I've read different things in different websites such as: You can get a loan ONLY if you have lived in the UK for the past 3 years. (which isn't my case) and You can get a loan if you have lived in the UK OR A EU COUNTRY for the past three years. (which is my case because i've been living in a european country that isn't the UK) So, as an EU international student, can I get a loan or not? [link] [comments]  |
| Student aid to study in another country Posted: 05 May 2020 10:55 AM PDT In my research online, it seems that you can receive student aid to study a degree program in another county. I am American, wanting to study a masters program at a university in Oslo next year. The universities I am interested in are tuition free, granted I am accepted in the program. Aside from that, it would be nice to have some aid for materials, fees, and living expenses the university doesn't cover. It appears that there's a list of universities in countries outside of US where you are eligible to receive aid to study. Anyone familiar with the situation, aware of my options for loans? Is it only certain institutions where you can ask for aid? Realistically I would only want to take out a few thousand as I would save up to go abroad, which is also a requirement for a Norwegian study visa. [link] [comments]  |
| Can't reach collections agency Posted: 05 May 2020 10:38 AM PDT I learned from a recent credit report that my Perkin's loan has defaulted and been placed with the collections agency Eastern Revenue. I would like to rehabilitate and pay off the loan in full asap, but I have not been able to reach anyone via their provided phone numbers. They have never made any attempt to contact me, which is why the loan went into default without my knowing in the first place. I did a master's program after college and thought that all my loan payments would be deferred until I completed my education. That was a stupid oversight on my part, and I'm eager to resolve this, but I have no idea how if I can't reach them. What's the best way to proceed from here? [link] [comments]  |
| Posted: 05 May 2020 07:30 AM PDT Is it worth getting in 120k debt to study in California at UCLA as an undergrad? I wanna study finance [link] [comments]  |
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