Pay off debt or live out your 20’s Student Loans |
- Pay off debt or live out your 20’s
- I attended a tech school for 1 year 20 years ago that shut down a few years after I left. I think they walked me thru a federal school loan that went to collections. Can this be dismissed or settled? The amount should be about 10k
- Bad news for borrower defense..
- Expected pay off date?
- Take out student loans all at once?
- I ran into some money through my father's passing. Do I pay off my $23k debt in one payment?
- Question about confirming when loans are done for good
- 23k a year for college, is it worth it?
- How much is too much for a degree?
- Review of my PSLF plan [Help]
- What happens to my loans if I die?
- Lenders for lower interest rates?
- Where should I live in law school?
- UnderGrad loan without co-signer?
- My Mom's 30 Year Old Debt (Canada)
- Loans with no interest until September... What to do?
- Best way to pay these down while in school?
- Looking to refinance my $17,000 in SL. Credit’s in the mid 700s. Where do y’all advise I go to look for the right lender?
- How to get a student loan as an international student?
- Student loan incorrectly reported on credit?
- Do I have to take out all of the loans I predicted in entrance counseling?
- Canadian Student Loans & COVID-19
- About to tackle Stafford loans, need advice
| Pay off debt or live out your 20’s Posted: 29 May 2020 06:49 PM PDT I'm 25 and have over 100K worth of student loans. I currently live in a metropolitan area with a high cost of living. Throughout this pandemic I have been given the chance to work remote long term. This presents me with the chance to move home and pay off my students loans in about 5-6 years but I'm struggling with the fact that I'll be sacrificing my 20's for financial freedom in the long run. Has anyone else done something like this? Is it worth it in the end? Any advice is appreciated. [link] [comments]  |
| Posted: 29 May 2020 12:38 PM PDT |
| Bad news for borrower defense.. Posted: 29 May 2020 04:49 PM PDT The bill that passed Congress that would have prevented the devos version of the rules to go into effect was vetoed today. https://www.nytimes.com/2020/05/29/us/politics/devos-trump-student-loan-rules.html Here's a link to another article all should be able to see https://www.washingtonpost.com/education/2020/05/29/trump-stands-with-devos-vetoes-bill-overturn-her-controversial-student-loan-forgiveness-rule/ The dems have scheduled a vote to override the veto but I doubt they'll be able to get the votes to get that done. [link] [comments]  |
| Posted: 29 May 2020 08:19 PM PDT Question for anyone good at math: If I have 47k worth of student loans, and i put $400 a month towards them (probably the most i can realistically afford), how long would it take to pay off from today's date- June 1st 2020? To just get an even richer idea, what would the pay off be for 500 put towards it per month? This is more for a mental game I can play with if I come across an extra 100 here or there. Thanks lovelies. [link] [comments]  |
| Take out student loans all at once? Posted: 29 May 2020 10:48 PM PDT I'm a recently graduated senior and the college I have decided to go to is about 27k a year and after scholarships and grants I still have around 9-7k left. My parents are saying that I need to take a 40k loan out to cover the cost of my bachelors degree. I'm a first gen college student and I have very little insight on how loans work and I honestly don't completely trust my parents' plan. I asked why I shouldn't just take out the loans per year or semester bc if I were to take out the 40k at once, wouldn't the interest just grow on all of it? But my mom was saying how the bank said it's like a credit card? And 40k is my limit and I'll take out money as I need throughout college and will only be charged interest on what I take out??? I'm honestly confused and scared about taking out that big of a loan. I would greatly appreciate anyone's input! [link] [comments]  |
| I ran into some money through my father's passing. Do I pay off my $23k debt in one payment? Posted: 29 May 2020 09:04 PM PDT |
| Question about confirming when loans are done for good Posted: 29 May 2020 05:13 AM PDT So, I was in a fortunate enough position to pay a little bit extra and knock my federal student loan balance down to zero while there's no interest accruing! I did this final payment a couple weeks ago on 5/11 and while Nelnet is showing a balance of $0.00 and a due date of N/A it doesn't feel done to me? Should I have gotten some kind of confirmation outside the balance being zero? Additionally, my Nelnet accounts are still showing as open and owing on my credit report. Am I just being impatient because it's only been two weeks, or could something be wrong? I don't know, I feel like I should celebrate being free but I am also a certified Nervous Nellie and don't feel like I'm in the clear yet and would appreciate any insight. Thank you!! [link] [comments]  |
| 23k a year for college, is it worth it? Posted: 29 May 2020 08:39 PM PDT I originally posted this in r/personalfinance but just found this sub so here ya go. Wondering if paying 23k a year is really worth it? (Might go up in the future because of my circumstances). I will major in CS as well if you're wondering. Am also looking to be an AI engineer in which I made need to go to grad school. Is it worth it? [link] [comments]  |
| How much is too much for a degree? Posted: 29 May 2020 02:23 PM PDT Yesterday I posted asking if Salli Mae was a worthwhile loan decision and was met with overwhelming disdain for them. I've been looking at different options but I was curious in your guys opinions on how much is too much in general for my degree. I want to study a BSc in Geography, preferably in England. Right now I have to pay international fees at $35000 yearly which is ridiculously expensive. If I could hypothetically cover room and board out of pocket and only need to pay $50,000 for the degree (knock the rest of the price off with scholarships or grants) would it be worth it or should I stay in an instate U.S. school (probably Florida State University)? Thanks in advance and for all the other help yesterday :) [link] [comments]  |
| Posted: 29 May 2020 09:32 AM PDT I've been reading through PSLF threads and blogs most of the morning and think this may be a viable option for my family and I. I'd like to get input from people who have researched this or gone through it to see if my plan is sound. So, My mom has ~$124,000 out in parent plus loans between me (95k), my youngest sister (25k) and middle sister (8K). My mom is a public school teacher in NY, so our plan is to:
With this plan we should have NO parent plus loans left in 2030. Is there anything I'm missing or was I wrong about a certain step? Are there pitfall to look out for? The most important part for this to work is that we keep the ICR monthly payment to at or below 1000, otherwise I won't be able to afford it. As long as the ICR monthly payment is based solely on my mother's income, this shouldn't be a problem. [link] [comments]  |
| What happens to my loans if I die? Posted: 29 May 2020 04:00 PM PDT Are they just written off, even if the money I got from them is just sitting there? [link] [comments]  |
| Lenders for lower interest rates? Posted: 29 May 2020 07:40 PM PDT I'm starting a second degree nursing program in August and need a private loan. I was approved by myself for a $55k loan through Sallie Mae with 9% (variable) interest. I'm not willing to take that interest rate so I asked my dad to co-sign and he agreed. Even with his 810+ credit score, no debt and his sizeable net worth, they gave us 7.5% variable. Where should I look that can beat the 7.5%? Or is it literally impossible to get a good private student loan interest rate? [link] [comments]  |
| Where should I live in law school? Posted: 29 May 2020 07:17 PM PDT Should I continue to live at home during law school and commute an hour each way, or rent an apartment close to the school and rack up 80k of debt? [link] [comments]  |
| UnderGrad loan without co-signer? Posted: 29 May 2020 06:35 PM PDT (Ohio, USA) Is there a way to get a loan without a co-signer as an undergrad? besides fafsa? without credit? For details the student record is really good, 4.47 gpa, 56 college credits, multiple sports, and pre-acceptance to medical school (not sure if these details matter) i'm asking this for a friend who has already gotten all from the FAFSA loans she can and would still need to pay a little over 1000 a month out of pocket but she doesn't have any money to pay that during college and doesn't have parents or relatives to co-sign for her. [link] [comments]  |
| My Mom's 30 Year Old Debt (Canada) Posted: 29 May 2020 06:13 PM PDT My mom went to school about 30 years ago for psychology. She went to school in Ontario, Canada. It's a long story but basically she had to drop out, I believe in her second year due to medical reasons. She's been carrying student debt my whole life, and has only been making payments to the collector by them garnishing her tax returns every year. She is now in a position where she has a small sum of money and would like to get this debt over with. She believes this debt is being held now by a debt collector, though after looking online it seems like this is unlikely, does anyone have insight into if a student loan this old could be held by a debt collection agency rather than NSLSC? I was also encouraging her to contact the collectors directly and attempt to negotiate a settlement price. She believes she has about $9,000 still owing, but I believe since the debt is so old, she may be able to settle the debt for around $5,000. Does anyone have insight into this? I wish I were able to give more context to the situation but honestly I'm just trying to figure out a way I can relieve some of my mom's student loan debt. If anyone has any insight into how she could do this given her situation please let me know. [link] [comments]  |
| Loans with no interest until September... What to do? Posted: 29 May 2020 06:00 PM PDT Hey! Just looking for a little input. So, a pretty big chunk of my loans aren't gaining interest until October (COVID). I also don't HAVE to make any payments on them (although I plan to). I have two other loans (one parent plus moved to private and one perkins loan) that still are gaining interest and that I have to make payments on. I'm wondering... Since this big group of loans is NOT gaining interest right now, should I throw a bunch of money at them NOW so that when they start up again the impact of interest is lower? OR do I throw the minimum at it and take this time to increase my payments on my other loans that are still gaining interest? The percentage isn't that different on all of them, 4-5% on most. Nelnet: Group of loans adding up to $25,814.26 (these are the loans not gaining any interest right now) This is made up of smaller amounts (Groups A-H) that have different interest rates, all less than 4.66%. SoFi: $28,283.96 at 4.73% Perkins Loan: $9,030.10 at 5% [link] [comments]  |
| Best way to pay these down while in school? Posted: 29 May 2020 12:01 PM PDT Hoping you can help me in how to allocate payments on my loans. I'm still in school for another 7 months and in that time I plan on paying roughly $10k toward my outstanding loans while they are still deferred (I think this is the right term?). In the past I have paid randomly without much concern for which group and how I was applying them. I know there is a "right" way or at least a better way to go about this. Which should I pay first? Should I split payments between groups? How should I attack this over the next few months? Group B, Subsidized, 4.29%, $2449 outstanding Group C, Subsidized, 3.76%, $4500 outstanding Group D, Unsubsidized, 3.76%, $5014 outstanding, interest has been paid Group E, Subsidized, 4.45%, $4500 outstanding Group F, Unsubsidized, 4.45%, $4210 outstanding, $182 interest accrued Group G, Subsidized, 5.05%, $5500 outstanding Group H, Unsubsidized, 5.05%, $6438.95 outstanding, interest has been paid Group I, Subsidized, 4.53%, $5500 outstanding Group J, Unsubsidized, 4.53%, $6818 outstanding, $70.30 interest accrued [link] [comments]  |
| Posted: 29 May 2020 04:33 PM PDT Currently with Nelnet, I have 3 separate loans 2 at 4.45 and one at 5.05 IR. Would a credit union be a good choice? [link] [comments]  |
| How to get a student loan as an international student? Posted: 29 May 2020 04:03 PM PDT Hi, I'm looking to move to California to study at a 4-year university. Does anyone have any experience on getting a student loan there or how to go about it? Any advice is appreciated! [link] [comments]  |
| Student loan incorrectly reported on credit? Posted: 29 May 2020 03:52 PM PDT Cross posted from r/personalfinance Hey guys, I have some student loans from college (c.2009) and there's some weirdness which may be causing me to have bad credit reports against me when I am, in fact, making payments. My loan holder is Navient (used to be Sallie Mae before they changed their name to duck a lawsuit) and they held all my loans, fed and personal. My mother was the cosigner on all my loans. I lost jobs, had issues, stopped paying. Few years ago (2016) my mother applies for unemployment assistance and they cancel all fed loans under her name. On my Navient history it shows $61,637.56 combined loans going away as a "Claim payment". Cool. This left me with about $15k which I still didn't pay on. Goes to collections and I end up paying 80$ a month for the last 4 years. Here's the rub: Navient's site shows the 80$ monthly payments and that they're being applied to my loans, but the "Source" of the payments is blank. It also shows that there are no payments being made to the loans (by me I guess?) and that there is no monthly balance due. Which I guess means they don't expect a payment, BUT there is an "overdue payment" amount and that keeps increasing/decreasing as the 80$ payments are applied. The loans also have 0% interest so it all goes to principle. However, they continue to report these loans to the CRA as "Charge off" every month even with a declining balance. My FED loans, which appear to be gone, also are being reported monthly to the CRA as "Collections". So are these being incorrectly reported? Payments are being made on literally the only loans I have with the holder of the only student loans I have yet my credit report says I'm not paying anything and it's really hurting my credit. Couldn't even get a $5k car loan because of "overdue payments". A couple months ago I tried to consolidate my delinquent loans and they reported back to me that they couldn't consolidate them even though the whole process was to consolidate delinquent loans. I assume this is because my remaining loans are private and I have no fed loans left? Are there any steps I can take? Any way I can get this reported properly? Money is changing hands and people look at the reports and they don't see that. Could I (with a miracle) get the last four years of failed reports corrected? Any help is well appreciated. Though, the cheaper the better. XD [link] [comments]  |
| Do I have to take out all of the loans I predicted in entrance counseling? Posted: 29 May 2020 11:33 AM PDT Just finished entrance counseling and panicking a bit after seeing the numbers. So I predicted that I'll be taking out two years of loans (20,500 each with the reimbursement bc I'll be at a city college), but I'm going to be applying for scholarships for my second year and if I get it probably won't take out a loan. It projected my graduation loan balance as being 67,000. My question is: am I now obligated to take another loan next year? What if I don't want to? They kept throwing around the words "predicted" and "estimated" which is what made me do it and I was over-estimating just in case I didn't get scholarships but am I held to this number now? ALSO it said that my "CURRENT" loan balance is 67,000 but right now with just undergrad it's 26,000 so I'm confused. They said to add future loans!!!! [link] [comments]  |
| Canadian Student Loans & COVID-19 Posted: 29 May 2020 01:56 PM PDT Hey everyone, first post here so please forgive me if I screw something up! But I have a question, I currently have a $14500 loan I'm paying off on a floating interest rate. But the payments are covered by the government until September 30 2020 due to COVID. Seeing that the interest rate on loans is currently 0% but prime is still about 2.45%, I was wondering if it would be suggest that I switch to a fixed interest rate for the rest of my student loan seeing interest rates have been cut to historic lows. That would mean it would be prime (2.45%) + 2% = 4.45% (if I understood the NSLC officer right). If I move to a fixed rate, I'll be locked in for the remainder of the loan repayment period, but I don't know if I should or leave it to floating. Which worries me if they jack interest rates up high after COVID-19 to get the economy rolling again. Let me know your thoughts, I have 0 understanding of finance besides basic banking knowledge. Cheers! [link] [comments]  |
| About to tackle Stafford loans, need advice Posted: 29 May 2020 06:51 AM PDT Earlier this year, I paid off my car very aggressively, putting every extra penny on it. I got it paid off right when the deferment period began. I decided that since it was automatic deferment, I'd put 100% of my available income toward my remaining PPL balance, approximately $4,500. I now owe $250 and will pay it off in very short order. My remaining student loans are Stafford loans, one for $6,800 with $142 in accrued interest, the other for $25,800 with $715 in accrued interest. I'm seeing a light at the end of the tunnel, but I can't keep up the kind of aggressive payments I've been making forever because I anticipate my living situation changing soon (one roommate is looking at a new job, so the other and I will take on more of the rent unless we replace him). I also have almost no savings. What I'm wondering is whether it would be better to (1) plough through the smaller loan the same way I have with the PPL and my car loan, or if I should (2) pay off the outstanding interest on both first, or if I should (3) throttle back the payments to something more reasonable and built up some savings. Any advice? [link] [comments]  |
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