PSA HEROES ACT 10k Student Loan Change Student Loans |
- PSA HEROES ACT 10k Student Loan Change
- Student Loan Debt Free Story
- Advice for COVID grad??
- Any benefits to ending grace period early?
- Will taking out Stafford loan affect my spouse’s credit score?
- Have enough to pay off student loans, but not sure what to do
- How has student loan changed your life? Did it give you opportunities you hoped for? Has the repayment journey been smooth? Share tips and tricks that others may benefit from.
- help with Sallie Mae (possible) late payment
- Navient Held fed loans
- Highest Daily Interest Accrual vs Highest Interest Rate
- Is now the best time to refinance?
- So I have a few loans from fafsa. My parents haven’t co-signed any loans. But what would happen if something happened to me. Would they be responsible for my loans.
- Is it worth it to take 30k in Government Student Loans for a BA in Economics and MA in Management?
- Can't find my normal interest rate on Navient
- Does anyone know if anyone will offer loans over the summer even if you DON'T take summer classes?
- Student loans and HEROS Act
- Can I get some guidance on private loans?
- Goodwill Adjustment Advice
- Federal Student Loan - Best options?
- Grad Plus adverse credit
| PSA HEROES ACT 10k Student Loan Change Posted: 16 May 2020 07:18 PM PDT There was changes to the bill it will only apply to people as states in the following:
https://www.businessinsider.com/house-democrats-student-loan-forgiveness-measure-price-tag-2020-5 Basically the people who have been trying to pay their bills will not get anything. I have 0 income for example I almost applied for a forbearance a few months ago, but decided to prevent interest from building up paying about $300.00 a month, but right now I have 0 payment because of the CARES act not because of a forbearance. Personally I am livid. Even if the current bill has no chance of passing this could be passed in a few months. Please share this everywhere. Few news outlets have been covering this and students I seen get excited have no idea. [link] [comments]  |
| Posted: 16 May 2020 08:37 PM PDT I guess I just wanted to tell me story. I made my last payment today and I suspect it will hit my fedloans account on Tuesday or so. I'm 28 about to turn 29 in June. I graduated law school in May 2017, took the bar in July, was licensed in November 2017. I started paying back my loans in December 2017. I didn't think too much at that time or while I was in school about being aggressive about my loans. They didn't feel real TBH. I didn't think about them or the impact on my financial future. In November 2017 I had $56,533.62. At that time I had 4 loans. Two big ones at 6.21% interest and 6.8% interest. Two others at 5.2% or so and like 5.8% or so. I got a job making $72,000.00 in November 2017. In November 2018 I start making $84,000. In November 2019 I start making $96,000. I had been working at a law firm making like $15 an hour or so since my 2nd year of law school through November 2017 and had bought a 2014 Honda Accord in 2016 for about $18,000 putting $10,000 I'd saved from working that job and other savings from working other jobs through college. Took an $8,000 loan. Looking at my records, my first payment was $830.77 in December 2017. Looks like in Spring 2018 when I started I was paying $1200 bucks some months as much as $2400 some months I guess just based on what I felt I could afford. In the summer of 2018 I was only paying $800 a month. In fall 2018 I'm back up paying about $1,000-$1,200. I began a side job refereeing soccer like a demon in Fall 2017 and it get's to pretty epic levels in 2018. I realized I could work nights/weekend refereeing soccer. I began refereeing in middle school because my dad did and I refereed some during college to make some cash and that's where some of my savings derived from. For one league, my 2018 1099 was for $3241. I worked two other cash leagues probably just as hard. 2018 and 2019 probably made $8000 - $10,000 refereeing soccer. That's a lot of time out running around in the Texas sun being yelled at and generally treated like sh*t by people. Not sure if I'll go back to it after Coronavirus. As my income goes up it's less a % and less appealing too. Initially I was throwing that ref money into savings thinking I'd build a nice savings account for an engagement ring but after it started getting up near $10,000 I thought this is getting pretty high up there and I should probably strike at getting student loan debt free. So I took some bigger bites in the Spring of 2019. So, in February 2019, about a year in, I'm down at $43,308.95. I pay roughly $3,000 in March 2019. Probably some ref money in that payment. I then took a bunch of that ref money and paid $6,102.59 in May 2019. So by July I'm down at $32,758.32. In July I pay $2,400.00 taking me down to $30,458.85. Moving into the fall of 2019 I'm paying between $1400 - $2,750 a month. January 2020 I'm down at $20,859.28. January 2020 I get a $10,000 bonus. I put it all to my student loans. I'm down to $10,897.10. I throw another $1,000 in in January from my regular earnings. February 2020 I don't make a payment I've got some other expenses. March 2020 another $1,500.00. I'm at $7,608.88 in March 2020. I'm throwing everything at it at this point. In April I'm able to get together almost $3,000 and pay it. I pay $1,125.08 from my first May pay check. I got a $1,200 stimulus payment based on my 2018 AGI which was like $61,000. So I throw that at it May 13. I got paid again May 15 and I took $2,000 from my ref savings and $1,300 from my pay check and finished it today. So, I'm about to turn 29. I have no debt. No CC debt. No auto debt. A 2014 Honda Accord with 60,000 miles. Live in an apartment paying rent. That's a liability but no debt. I also have a couple brokerage accounts with a certain amount of money. Plenty to see me through any emergency period. I didn't jump up and down shouting. The whole thing is just kind of surreal. I'll live how I have been and just put that money into investment vehicles. I have little interest in taking unnecessary debt ever again (I'm looking at you nicer cars tempting me). I feel grateful. I'm a lucky guy in a lot of ways. [link] [comments]  |
| Posted: 16 May 2020 08:23 AM PDT I'm a recent grad from a masters program in design going into THIS ~lovely~ economy. At this point I owe a ton of money in both federal and private loans (collectively ~119000) and I wanted to know what I should be doing during my 6 month grace period to set myself up in this economy. For example should I be consolidating my loans? Should I keep them all separate or sell them all to one bank? Is there a specific method of payment that i should avoid? Am I just totally screwed here? Any and all advice or "things I wish I'd known as a recent grad" are welcome and appreciated. I know I'm probably a moron for taking this much out so rest assured that we are all on the same page about that lol. Advice only please. Thank you! Edit: again I know that this is a lot of money. I have two degrees and a lot of very flexible and marketable skills but I'm not here to beg job advice or get pity for how much debt I'm in. I signed on for it in order to pursue my passions and I don't need to explain my choices to anyone. I'm asking for respectful helpful tips because I'm a loan novice and I want to make sure that I am approaching this well (especially in this economic downturn) so please keep it respectful and on topic. I am so grateful for everything that has been sent you guys are wonderful!! :) [link] [comments]  |
| Any benefits to ending grace period early? Posted: 16 May 2020 07:43 PM PDT I've got 100k(ish) in parent plus loans in my moms name that I am responsible for paying. The loans are in grace period until October 2020. I've been paying the projected minimums on all the loans.. I'm wondering if there is any benefit to taking the loans out of grace period early? Or should I just leave them in their grace period and continue paying them? [link] [comments]  |
| Will taking out Stafford loan affect my spouse’s credit score? Posted: 16 May 2020 05:31 PM PDT I will take out about $20,000 a year federal student loan for law school during the next three academic years. My spouse wants to know if it will affect his credit score in any way. Any information will be highly appreciated. Thank you! [link] [comments]  |
| Have enough to pay off student loans, but not sure what to do Posted: 16 May 2020 11:39 AM PDT I've gotten to the point where I could potentially pay off my entire student loan balance with my emergency money and have roughly $5000 left over. However, I recently had my salary cut by 10% (organization budget woes re: pandemic) and my husband has temporarily lost his side-hustle which brought in about 25 - 30% of his overall income, so I'll soon be covering his portion of the utilities bill and putting in extra towards the rent. As much as I like the idea of having no student loan, since the 2008 Recession and seeing friends out of work for over a year, I've liked the idea of having a large emergency fund. How much would you pay down? My interest is 2.875% and alas, was not eligible for the pandemic freeze. [link] [comments]  |
| Posted: 16 May 2020 11:41 PM PDT |
| help with Sallie Mae (possible) late payment Posted: 16 May 2020 10:20 PM PDT tomorrow (sunday) is 30 days that my payment will be late. i'm paying it tomorrow. 1. will my account should that i made the payment of the 30th day since it's sunday? it won't push it to the next business day? 2. does Sallie Mae report to credit bureau at 30 days late? or 45 days late? thanks! [link] [comments]  |
| Posted: 16 May 2020 12:04 PM PDT Hello! I'm a recent grad and according to Navient my deferment ends in 3 days. I also received a notice that some of my loans will start repayment on July 31. All of my loans are federal - I thought that the CARES act automatically pushed payments back to September..do I need to contact Navient about the discrepancy? [link] [comments]  |
| Highest Daily Interest Accrual vs Highest Interest Rate Posted: 16 May 2020 09:27 PM PDT Hi everyone, I have a question about targeting which loans to pay off first. I have around $200K of student loans debts that are broken down into 11 loans between 5.31% and 7.6%. I understand that you generally want to pay off the highest interest rates first and work your way down but I'm wondering how that compares to paying off by daily interest accrual. Here is my example: A) Principal: $21,000 at 5.84% means a daily interest accrual of $3.36 B) Principal: $14,500 at 7.6% means a daily interest accrual of $3.02 I guess in the grand scheme of things, does that 34 cents extra matter that much? I was going to start from the highest interest loan anyways but thought it was interesting to find that some loans accrued more interest faster than my highest loan. Thanks! Edit: once the principle for option A is down to around $18,875, then its basically the same rate [link] [comments]  |
| Is now the best time to refinance? Posted: 16 May 2020 08:32 PM PDT Recent grad (law school) I've lined up a job in the federal government that will pay me just over $77k a year but I don't start until September. I'm leaving my federal loans alone (which is the bulk of my debt at about 150k) to do PSFL and run out the clock on them. However, I have about 27k worth of private loans from undergrad at an almost 10% interest rate I really want to refinance. Can I refinance now before the loans capitalize and save myself a few months of increasing interest rates at that 10%? Or do I have to (or should I) wait until I start my job in September? I did a few soft checks today and it looks like I can get a rate between 4-5%. I imagine I am not seeing lower rates (3% or so) because my debt to income ratio is so high. Earnest wouldn't even give me a rate and flat out rejected me because my debt to income ratio is too high (this was through their soft check only), but I was able to see my tentative rates from Lendkey and Laurel Road. I've moved back in with my parents and have no car note so I have generally low revolving payments beyond cell phone, groceries, and my credit card (which I pay the balance on each month). My credit score is just under 750. I'm unable to work right now because I am still studying for the bar exam which I will take in July (unless it is delayed to September due to COVID which could also impact my September start date with my job). In regards to my overall financial picture, I am 25 and have about 7k saved up as an emergency fund and 5k more to hold me over through bar prep and into my job. I don't have any 401k or anything like that but intend to start saving as much as reasonable in my budget (and to get the employer match) once I start working. No plans on marriage anytime soon or kids within the next 5 years at least. I do want to move out within the next year, but I can stretch that if I need to. My parents have said I can stay here pretty much indefinitely. Thank you! Any advice and tips you have would be great. [link] [comments]  |
| Posted: 16 May 2020 07:09 PM PDT |
| Is it worth it to take 30k in Government Student Loans for a BA in Economics and MA in Management? Posted: 16 May 2020 05:37 PM PDT About 1 year away from finishing my BA and then going on to do a 1 year MA program. My total loans would add up to 30,000. Is this too high? I've researched median earnings on this major and the potential pay boost from a Master's and it seems to be worth it but looking for a second opinion. [link] [comments]  |
| Can't find my normal interest rate on Navient Posted: 16 May 2020 09:59 AM PDT Hey all, I'm looking everywhere for my normal (non-CARES) interest rates so that I can make some payments towards my highest interest loan. Can anyone help guide me in the right direction to finding out which loan that would be? Everything I have found on the site shows 0%. Thanks! [link] [comments]  |
| Does anyone know if anyone will offer loans over the summer even if you DON'T take summer classes? Posted: 16 May 2020 05:25 PM PDT If it's still to cover living expenses and everything, will anyone be able to offer that? [link] [comments]  |
| Posted: 16 May 2020 09:14 AM PDT Hi Reddit— If I chose not to suspend my student loan payments during COVID and the HEROS Act passed the Senate would I still qualify for the $10,000 student loan forgiveness? Or should I suspend my payments now before it passes just in case? Thanks for the help! [link] [comments]  |
| Can I get some guidance on private loans? Posted: 16 May 2020 07:49 AM PDT Hey everyone! My parents have kind of thrown me into the deep end when it comes to applying for private loans. I have a scholarship for full tuition and two Federal loans of $2500 and $3500, but I'm still responsible for around $4k a semester and $8k a year, which we need to take out in private loans. How exactly do I go about taking out a student loan for college? Should I take out per year or just one huge loan for everything I need for all four years? Who do I go to take out a loan? Hag exactly is APR and what's a desirable one? Thank you! [link] [comments]  |
| Posted: 16 May 2020 04:32 PM PDT Hey Everyone, I graduated in May 2017 and I like to think I've been doing a decent job at paying my student loan debt. In recent months, I've been learning more about debt paying strategies and building credit. Recently, I made a Credit Karma account to get a better idea of my credit score. Before making the account, I thought I never had a late payment on my loans or credit cards. To my suprise, I saw that I had 16 late payments on my student loans, from April and May 2018, from 8 of my federal loans. I suddenly remembered that there was some confusion to when my payments began and as a result, I was late 90+ days on both of those months. Horrified, I did some research to see how I can combat this, and I found that you can write a goodwill adjustment letter to your student loan provider. To my knowledge, my family or me never received any notification on my upcoming due payments. I called my provider to see if they had a log of them attempting to reach out to me and they provided me a list of time they reached out from January - June 2018, via phone, text, mail, and email. I'm confused because I have no recollection of them ever reaching out and I checked my email, to find no evidence backing their claim. So, right now my plan is to reach out to my phone provider to see if they can provide me with a call history log to see if they ever reached out. I'm thinking about reaching out to a postal service entity as well, if that's possible. Once I have proper documentation, I will include it with my goodwill adjustment letter, and send it out. Please let me know if I am approaching this the right way. Any insight or advice helps. Since my first ever payment, I've never been late and it's frustrating to see my credit score take a hit because of this. [link] [comments]  |
| Federal Student Loan - Best options? Posted: 16 May 2020 09:18 AM PDT Hey y'all! So I just found this community not too long ago through another thread and it seems like this might be the best place to ask some questions. Im headed into my final year of college (well, more like half-year if things go to plan). I'm taking a few courses over the summer that my parents are taking over the cost for, but they are about to buy my brother a car so they can't help with my final Fall semester. I'll be taking 19 credit hours and staying at home so no on-campus costs aside from parking permit if we go back, so I don't expect my costs to be too high. I'm planning on joining the military once I finish my Bachelor's as an officer, and from what I've read, they only do loan forgiveness on federal loans - FFEL, Direct, and Perkins (and they said the Perkins were stopped in 2017). https://studentloanhero.com/featured/military-student-loan-forgiveness-repayment/ To the best of my knowledge, I don't qualify for most federal loans because of how much my parents make, so what is my best option and how do I apply for it? From what I have found through Google searches, it might be a Direct Unsubsidized Loan, so I sent in a FAFSA form, but I don't know if that is the right way to do it. Any help or advice is appreciated! Edit: Added link for sourced info [link] [comments]  |
| Posted: 16 May 2020 03:30 AM PDT Does someone have adverse credit if the only bad debt they have are chargeoffs from 3 years ago and open collection accounts based on those debts? Credit report says: Account closed Date of Delinquency: Jan 01 2017 Date Collection Accont Opened: Jul 18 2018 THANKS!! [link] [comments]  |
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