Proposed HEROES Act (Covid Relief) Extends Student Loan Benefits Student Loans |
- Proposed HEROES Act (Covid Relief) Extends Student Loan Benefits
- Paid in Full!
- Tackling crippling debt - $800,000
- Just graduated, have a $140k in debt....
- Feeling stressed about paying off high student loan debt
- 2020-2021 Federal Loan Rates (Record Low)
- Buying a Home w/ Student Loan Debt
- Eligibility for loan forgiveness program as teacher
- Private Accommodation Rent
- How long did it take you to pay your student loans? How did you budget?
- Best private loan provider if I intend to go to graduate school after undergrad?
- Need advice on tackling my student loans
- Defaulted Student Loans
- “Leftover” loan money: should I repay it now or save it?
- Trying to figure out my options/plan of attack
- Will graduate with 110K student loans. Need advice and support :(
- Should I take this chance to start paying off my student loans or wait until September 30?
- Need advice on repaying student loans
- Navient Settles Lawsuit
- Discover Student Loans Concern
- Why does my REPAYE loan have interest?
- Will shopping for rates, affect my credit score?
- Refinancing Parent Plus loans after buying a house
- Forced Capitalization of Student Loans through CARES Act
| Proposed HEROES Act (Covid Relief) Extends Student Loan Benefits Posted: 12 May 2020 12:19 PM PDT Note that this would still have to pass in the Senate, but it is a good start. Highlights: -Payments paused through 9/30/21 -Income-driven recertification paused until 9/30/21 -Interest unpaid prior to 3/13/20 will NOT be capitalized -The lesser of $10k or the total borrower's balance forgiven -PSLF amended to include payments made prior to consolidation -PSLF amended to include healthcare workers who work at non-profit/public hospitals but aren't directly employed by them Text: https://docs.house.gov/billsthisweek/20200511/BILLS-116hr6800ih.pdf [link] [comments]  |
| Posted: 12 May 2020 08:32 PM PDT Paid off the remaining balance on my loans today! A big lump sum, $14.5k out of just under 20k. I was making regular payments for a few months starting back in September but stopped when my loans went into forbearance during the virus. I've still been working (turns out I'm essential) and a few days ago I noticed my bank balance had eclipsed my loans by about a thousand bucks. I was feeling anxious and tired and needed to have something under control so I bit the bullet and paid off everything in one big sum. Thankfully I live with my parents so I have very few bills besides my phone, car insurance, and food, but I still cry a little when I see my bank account back to three digits. Feels like starting all over again, but I'm just so happy to be debt-free! [link] [comments]  |
| Tackling crippling debt - $800,000 Posted: 12 May 2020 04:55 PM PDT Hey guys. I recently finished a specialty program in Dentistry and I'm now looking at a serious amount of debt. Starting at undergrad, I went to a top private school and had to take out a ridiculous amount of loans to go there (they had an early assurance program for the dental school that I ended up going to). Undergrad debt: $175,000. - $50,000 of this debt is federal student loans. The other $125,000 is private with an interest rate of about 8%. I ended up going to Dental School right after because of the early assurance program, and this is where my loans really started to get way out of hand. The dental school I got into was approximately $123,000 per year however two years ended up costing a couple thousand more. I also did a specialty program in Pediatric Dentistry immediately after I got my DDS. This program was for two years and it was $75,000 per year. Dental School Debt: $652,000. - that was incredibly painful to type. I would go into the specifics on my loans for dental school but it'd take forever. I have private loans from dental school with interest rates from 5% - 10%. Total Debt: $827,000 without interest factored in. Currently, I'm working at a private practice making approximately $275,000 per year before taxes, however since COVID-19 has basically shut down the country I've been out of work. Fortunately, my county is reopening next week and I will have a stable income once again. Any advice would be appreciated. Edit: Salary will be $345,000 by November. [link] [comments]  |
| Just graduated, have a $140k in debt.... Posted: 12 May 2020 07:19 AM PDT So I have 140k in student loans, 99k of which are private loans, the other amount are government loans. I know I am one stupid idiot for ever thinking this was a good idea, but I know I wanted an education, and now I deeply regret all of this. There's no way I can make the payments suggested... around $1300 a month for the private loans and I don't even know about the government loans. Where do I begin? How do I not get absolutely crushed? Can't go back home, as I have a lease. I know pay as you earn is a thing with government loans, but I've looked it up and apparently it's not a thing for private loans. What do I do? Please help me? [link] [comments]  |
| Feeling stressed about paying off high student loan debt Posted: 12 May 2020 05:46 PM PDT So far I've paid off two federal loans thanks to the stimulus check but I still have 109K to go (almost 11K in accumulated interest). Just thinking about it drives me nuts and I'm sure a lot of you feel the same. I've seen similar posts here about this on Reddit but sometimes I feel like I could never finish. Especially now that I don't have a full-time job since I quit my job back in February. I have a side hustle so far talking to people from all over the world helping them practice English, but that's more to pay bills like my phone since I live with my family. I have 7K in savings but that's what I'm using to survive off of until I find work. So far I'm not spending much money since I've been stuck at home but at the same time those high numbers in my student loans give me anxiety. I know right now the interest is 0% and I don't have to pay anything now but when that goes away, those numbers are gonna keep sky rocketing. People with high student loan debt, what have you done to relieve this kind of situation? [link] [comments]  |
| 2020-2021 Federal Loan Rates (Record Low) Posted: 12 May 2020 10:43 AM PDT The 2020-2021 Federal loan rates are set based on today's 10-year treasury auction. Based on the formula, here's what they will be: - Undergraduate Direct Loans: 2.75% - Grad Direct Loans: 4.30% - Grad and Parent PLUS Loans: 5.30% Those are record lows for all three loan types. [link] [comments]  |
| Buying a Home w/ Student Loan Debt Posted: 12 May 2020 04:13 PM PDT First-time Home Buyer (potentially) here in need of advice. My wife and I recently welcomed our first child, and we are beginning to consider possibly leaving our rental and purchasing a home. We have been paying $1200/month for the last year and a half on our rental home, which is an old home but is enough space for our small family. Currently, before tax, our combined income is approx. 120k/year. Growing up, my parents never owned a home, therefore I am extremely hesitant to take the plunge without careful evaluation. My primary hang up is that I recently graduated law school with $80k in student loans. Luckily, the $80k is the only debt that we have. Both cars are paid off and we have never used a credit card. I've recently started a stable job, therefore our plan is to begin to aggressively pay off this student loan in order to become debt free. If we were to purchase a home, we have agreed to keep it under $200k, which would buy a nice home in our area of the country. My question is this: would it be smarter to pay off my student loan completely over the next 3-4 years/continue to rent before purchasing a home? Or is it feasible to own a home in that price range while simultaneously paying off the $80k? I feel that my earning capacity has great upside, but the thought of taking on additional debt on top of my student loans does make me hesitant, especially considering that there is not necessarily anything wrong with our current living situation. Should I save money for a down payment while also paying off the $80k? Or focus all energy towards the student loan? Thoughts? [link] [comments]  |
| Eligibility for loan forgiveness program as teacher Posted: 12 May 2020 11:28 PM PDT Hi I am posting this on behalf of my significant other who has been teaching for 5 years at low income title 1 public charter school. I was helping her do some research and had a few questions. Tried calling loan servicers but they are super busy so wrote an email and am writing here while waiting for response. Some basic relevant info:
On the loan programs we looked at:
Finally, she got a better job offer at a better school with more pay. It is also a public charter but it is not on the TCLI directory and not sure if it is title 1 (seems not). Does this affect her eligibility for any of the above loan forgiveness? Thanks if anyone can give some insight into this. [link] [comments]  |
| Posted: 13 May 2020 02:46 AM PDT I lived in private accommodation at a university for 3 weeks until I moved home, have paid my first two rent payments, and my last payment is due, despite not living at said accommodation for 7 months. In the UK, university accommodation rent has been cancelled by universities due to COVID-19. I didn't choose to live in the private accommodation that I'm in a contract with because the university essentially told me I had to live there because their own accommodation was full. With the ongoing COVID-19 pandemic, my private landlords are not willing to negotiate rent prices despite many tenants not actually taking residence in their accommodation. Without looking at my contract yourself, is there any advice anyone could give me on how to proceed? I have 1 week until my landlords add an additional 3% on top of my rent prices. [link] [comments]  |
| How long did it take you to pay your student loans? How did you budget? Posted: 13 May 2020 01:56 AM PDT I am still a student from a CCC who got admitted into UC Berkeley for Chemical Engineering (other UCs as well but berkeley is my 1st choice). Won't get much into the reason but I have reason to believe that I will be paying OOS tuition. Only applied to UCs and not into other state universities/private institutions so i have no choice. Also OOS tuition is gonna be relatively the same anyways for all UCs so I'm likely gonna pick Berkeley. Let's just take worst case scenario that I receive absolutely no grants (very likely anyways), no scholarships etc. That would be around $70K per year. However, with money i saved up being a student worker in my CC and some help from parents, I could probably bring it down to $50K just for my first year. Hopefully, I can also get work-study but who knows with this whole covid situation but anyways back to the main point, how did you pay/how are you paying for student loans? How much of your monthly salary is going into repaying student loans and how difficult has it been for you in general? Any tips on how to budget and choosing how many years to repay? Any advice as well on my current situation as a student and possible ways to bring my cost down? sorry for the long post and thank you! [link] [comments]  |
| Best private loan provider if I intend to go to graduate school after undergrad? Posted: 12 May 2020 07:03 PM PDT Hi there, I'm about to go to college and my school did not offer anything but federal loans that don't even cover the tuition fees. Thus, I would also need to take out a private student loan. But since I intend to go to graduate school after undergrad, I'd want to find a private loan provider that would allow me to defer payments until I finish graduate school. Could you recommend a loan provider that allows deferring payments longer than 4 years? Most of the private loan lenders that I have found on the Internet do not offer a deferment period beyond the four years of undergrad. What should I do? I've considered the Parent Plus federal loans, but I do not want to drag my parents into this. I have a credit score of 760, and I hope to qualify for student loans without a cosigner. [link] [comments]  |
| Need advice on tackling my student loans Posted: 12 May 2020 08:59 PM PDT Hi Reddit, Just finished up and I'm about $15k in debt (I'm also suffering from an ISA that takes 20% of my pre-taxed salary, but that's not what I'm here to discuss) Through Great Lakes, I have 2 Subsidized and 2 Subsidized loans:
(Principal @ Interest Rate) I ran my information through the Loan Simulator from studentaid.gov and was given these options I can afford to go the repaye option, but I would be living rather close to paycheck-to-paycheck. These leaves me to my questions:
Thanks again for all your help! [link] [comments]  |
| Posted: 12 May 2020 05:25 PM PDT 2019 Taxes were filed and accepted a few weeks ago through H&R. I now have my anticipated refund date of May 29th. My 2018 taxes were garnished because of my defaulted student loans from 2016. I'm curious because I filed long after March 13th, will the DOE still take my refund, to where I'd have to call them to request it back, or do they not touch it after March 13th? I already have a refund date, just curious if the DOE still has to take the funds from my return as a formality. [link] [comments]  |
| “Leftover” loan money: should I repay it now or save it? Posted: 12 May 2020 03:41 PM PDT I'm a full time masters student with the federal Grad Plus loan that covers all of my tuition and living expenses while I'm in school. My university closed and switched to online learning in March and also ended my housing contract for the rest of the year so I'm now staying with my parents for free until (hopefully) in-person classes resume in the fall. I now have $10k in the bank that was supposed to be for living expenses/food/rent/travel etc for March-September. When I graduate in 2021, I'll have about $90k in federal loan debt that I plan to pay off in 2 years using an aggressive repayment method like snowball or avalanche (haven't decided yet). With that in mind, should I simply pay back that $10k now or save it? If I saved it I would either ask for less loans next year or put it in the bank to use as a "safety net" after graduation. Thanks for any input :) [link] [comments]  |
| Trying to figure out my options/plan of attack Posted: 12 May 2020 03:35 PM PDT So long story short, I was originally going to pharmacy school, my sophmor year I worked in a pharmacy to see if I liked it and I hated it. I finished out my semester and then dropped out to try and figure out what to do next. I then started back up with school taking online classes at a community college to get so if my general classes out of the way before going back to a university. I have roughly $70k in private student loan debt with a co-signer. From my time in pharmacy school. I also have 8k in federal loans but those are deferred because of my enrollment status. While I did take 6 months off of school once I started back up I got my deferment paper work and sent it to the school to fill out so my loans would be deferred. Apparently they were lost in the mail, because AES said they never received them. I now have defaulted on my loans despite being in school full time. I called the law firm that my INvestEd private loans were sent to and asked what to do, like if I could just resolve this by sending in my transcripts from the past two semesters that I've been in school full time he said I'd need an attorney to do so and that he's just there to collect the payment. So then I asked about doing loan rehabilitation paying the $500 a month and he said he would talk to INvestEd and that I should call him back tomorrow after he's talked to them. Should I get a lawyer to fight them about my enrollment status? Or should I just see what they say about doing loan rehabilitation? Any suggestions or advice would be greatly appreciated! [link] [comments]  |
| Will graduate with 110K student loans. Need advice and support :( Posted: 12 May 2020 03:32 PM PDT Hello everyone, I am 21 and will be graduating with my master's in Global Health from Georgetown University with 110k. I did my two undergraduate degrees at one of UCs in California and was given a full-ride. Most of the alumni that I talked to from my master's program start with a salary of around 70k. I am very worried that I will not be able to pay back my student loan. I went straight to my master's program because I was desperate for the Georgetown reputation. I was not offered any financial assistance. Thinking about how poor I am has been scaring me the past few days (I come from a family of refugees that lives below federal poverty level). Am I in deep trouble? Any advice will help me. [link] [comments]  |
| Should I take this chance to start paying off my student loans or wait until September 30? Posted: 12 May 2020 11:21 AM PDT All my loans are federal, and with the CARES Act there 0% interest and deferment until September 30. I have about 24k in my name, and my mom has about 37k in PLUS loans that we both agreed I would pay back. I used my stimulus check to pay off credit card debt and now I want to tackle on my student loans. I work from home and live with my parents, so I don't have any major bills besides my cell phone. Should I start paying them now while there's 0% interest so that way if I throw $1k then it's the entire $1k or wait? [link] [comments]  |
| Need advice on repaying student loans Posted: 12 May 2020 02:34 PM PDT Hello Reddit, I have $65k student loan debt and I'm hoping you all can give me some good advice on which to tackle first. All loans are government loans through Nelnet. My loans are grouped into 8 sub-section.
Which of these should I tackle first? Or should I continue paying the minimum balance (About $287 a month) plus any extra I can spare that month? Pay wise, I make like $70k a year as an hourly worker but I also started delivering groceries and I make a few dollars from that. Expenses wise I am currently paying for rent ($1350, California, LOL), a car note ($296 per month but will be fully paid off in Sept/Oct), and random expenses like food, gas, etc. Also, I receive a bonus every January of about $5k after taxes and I receive company stock every March and Sept (RSUs) that equal about to $5k - $7k. *EDIT: My original plan was to continue paying monthly minimum and then paying one big lump sum to a specific loan group come bonus season. [link] [comments]  |
| Posted: 12 May 2020 12:02 PM PDT Navient, one of the nation's largest student loan servicers, has settled a student loan forgiveness lawsuit. Here's what you need to know - and what it means for your student loans. Navient Student Loans If you have a student loan, there's a good chance that Navient is your student loan servicer. Navient, which spun off from Sallie Mae, has more than 10 million student loan customers and services more than $300 billion of government and private student loans. The lawsuit, which was filed in federal court in New York in October 2018 by members of the American Federation of Teachers, the second largest teachers union in the U.S., alleged that Navient systematically misdirected borrowers into student loan repayment and forbearance programs when they really should have been directed into the Public Service Loan Forgiveness program. As a result, the plaintiffs claim they missed out on payments that could have qualified them for public service loan forgiveness, which enables public servants to have their federal student loans forgiven after meeting certain requirements. For the rest of the article please see the following link https://www.forbes.com/sites/zackfriedman/2020/05/10/student-loans-navent-lawsuit/#930d53c20c60 [link] [comments]  |
| Discover Student Loans Concern Posted: 12 May 2020 11:08 AM PDT Hi all, First time posting here as I need some advice. So I was supposed to graduate in December, but due to some unfortunate circumstances I had to finish up one class this semester. At the beginning of last semester I got a letter from Discover saying basically 'Don't worry, your school has communicated to us that you didn't graduate in may, we'll adjust the repayments for when you actually do graduate'. I just finished my last class last week and am officially a college graduate. Unfortunately the job I had was lost because of the virus and I won't be able to return to it, and the job market around me is basically non-existent. What few jobs there are I have applied with no bites at all. I thought this wouldn't be too huge of an issue with federal loans forgiving debt until September and my loans not being due until 6 months after my graduation. The issue is that we just got a letter from Discover about my private loans saying that the repayments are starting next month, which would be 6 months after when I would have graduated in December. I assumed since they knew about my extra semester the first time and said that they would adjust repayment to the date of my graduation, that would be the date I actually finished all my classes. I thought my private loan repayment would not begin until November/December. I have tried calling but was on hold for a while and will try again later. I'm not sure what to do, as I said I have applied to just about every job I can find, but the virus has everything shut down and I literally have no way of being able to pull off these payments. If I were to refinance or take a different loan to pay this off, would that delay my repayments? Thanks for the help. ~ A very nervous and scared college grad [link] [comments]  |
| Why does my REPAYE loan have interest? Posted: 12 May 2020 11:43 AM PDT I graduated med school in May 2019 and entered repayment July 2019 when I started residency. All my loans and their associated interest got combined into a lump sum and I picked the repaye plan to take advantage of the interest benefit. My understanding was that I pay a % of my income and if that doesn't cover the monthly interest, the government subsidy will cover it. However, I've accumulated over $1,000 in interest since July (when my interest and principal was lumped together). Why am I accumulating interest with the repaye plan? Does the government subsidy only cover 50% of the unpaid interest after my monthly payment and the rest gets tacked on as interest? Thanks guys [link] [comments]  |
| Will shopping for rates, affect my credit score? Posted: 12 May 2020 03:23 PM PDT I am looking to apply for a private loan (not eligible for Federal). Wanted to apply to multiple banks to see which ones giving me the best rate. Will all these applications affect my score? [link] [comments]  |
| Refinancing Parent Plus loans after buying a house Posted: 12 May 2020 02:32 PM PDT Hello! When I was in school my mom took out parent plus loans to pay for my college education. I just bought a house a month ago. Just for some perspective, the purchase price of the house is a few thousand below my gross yearly salary. I'd like to refinance the parent plus loans into my name. I know there's only a few companies that do this. I'm the only one paying on them anyways. My mom made payments while I was in school and I've been paying on them since I finished school. I'd like to refinance since my mom is unable to buy a new house with this much debt and my credit score is pretty good so I could probably get a way lower rate than what I'm paying right now. Should I wait a certain amount of time after buying my house to start the loan refinancing process? Anyone else done something similar? I'm worried about all the credit inquiries. Also for reference, my loans are probably 1.75x my gross yearly salary. A much bigger loan than my home mortgage. [link] [comments]  |
| Forced Capitalization of Student Loans through CARES Act Posted: 12 May 2020 08:14 AM PDT As the title suggests, when I reviewed my account after everything was deferred, all of my interest was immediately capitalized to the principal. This means my principal amount is now much larger and the interest amount will grow. This is ridiculous. The CARES act should not have allowed this to be an outcome. I understand and appreciate the deferment, but not if it meant capitalization on unpaid interest. That seems crooked and purposeful. I just wanted to shine some light on the situation since I can't seem to find any articles or other posts that discovered this concerning outcome. EDIT: my servicer is Nelnet. [link] [comments]  |
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