Update on credit bureau reporting for COVID waivers - also some new info on IDR recertification Student Loans |
- Update on credit bureau reporting for COVID waivers - also some new info on IDR recertification
- "Average" Person Paying Loans? Not a doctor/lawyer/engineer
- Why would my student loan payment go down?
- Conflicting advice for mountain of debt (high salary, frugal lifestyle)
- Refinancing, surviving, etc.
- Ballpark guess at the Grad PLUS loan come July 1?
- PSLF and Forbearance Question - Trying to Understand my Options
- I am applying for my first private loan (Sallie Mae), is there anyone who can answer my questions?
- Is 60k in student debt worth it?
- When should you start paying back student loans?
- What student loans am I eligible for?
- Can someone tell me about refinancing a private loan?
- First time Student loan questions/options?
- Anyone actually have success with student loan forgiveness?
- I accidentally borrowed the wrong amount for my Grad Plus loan!
- Student loan refinancing - when is the best time for me?
- Paying loans I didn't take out
- Granny goes to grad school.
- Help. Where do I begin.
- Last year of borrowing: should I borrow what I need then consolidate my private loans with that credit union?
- IBR and Unemployment
- Student Loan Tax Offset Refund
- Should I consolidate before September?
- Should I create a new bank account for my loans?
- Cares Act credit score drop
| Update on credit bureau reporting for COVID waivers - also some new info on IDR recertification Posted: 11 May 2020 08:02 AM PDT Hi there. This weekend many of you reported that your credit bureau reports showed your status as deferred or in forbearance for loans that are eligible for the covid waivers. Some of you also showed a credit score drop because of it. As you may know, the CARES Act requires that these waivers be reported as if you were on time and making payments. I've spoken to several folks in the industry and am told that the issue is one of system programming. Up until now, there were no forbearances or deferments that should be reported as anything other than a forbearance or deferment. The servicing systems had to be reprogrammed to report these waivers as in repayment and receiving payments even though they are actually in a forbearance. That took time. The servicers must report to the credit bureaus on the 10th of each month. While they were able to get the waivers placed on the accounts by then, some were not able to complete the additional programming needed to correctly report the status by the April 10th reporting date. Hence the deferred status on the credit reports. I am told that for most if not all - i believe all - of the servicers, this programming was completed in time for the May 10th (really today since the 10th was a sunday) reporting so all the accounts should be updated in the next few weeks. I suggest checking your credit reports in a week and if not updated in another two weeks. If not updated in a month let me know. As far as IDR certification goes - they have been pushed out by six months. You can still recertify on your anniversary date even if it falls during the waivers - but if you don't want to you can wait. Just keep an eye on any correspondence you receive to make sure you aren't waiting too long and end up with capitalized interest. EDIT: If there's anyone living in Georgia that is willing to be on camera (from your home via zoom) with an Atlanta news station - and that was negatively affected by this credit bureau issue - please let me know and I'll connect you with the station. [link] [comments]  |
| "Average" Person Paying Loans? Not a doctor/lawyer/engineer Posted: 11 May 2020 02:55 PM PDT Hey! Long-time lurker... Not sure if this is the right place to post but I see a lot of people posting about their debt journey and how they paid it off. However, they usually have a high paying job (>80k), have a partner that helps support them, live with their parents, etc. Is there any interest in people reading content from a normal person like me that doesn't make >80k (not even close) but is still making progress on loans? I feel like this content would help inspire others who aren't doctors/lawyers/engineers. We are just "normal" people that either made a mistake taking out loans or wanted an education and thought this was the best way to fund it. It can be discouraging reading other peoples debt journeys when they have a "leg up" so to speak salary wise. For example, I can't live with my parents. Not an option for me. If this is of interest to others, I will post my blog (not started yet), but I feel like I can't be the only normal person that is able to pay off debt and still somehow get by. And I think one has to decide if they want to pay it off quickly or enjoy their life during. Not a plug, just wondering if people even care about this content. If not, I won't waste my time. Thanks Reddit! [link] [comments]  |
| Why would my student loan payment go down? Posted: 11 May 2020 11:52 PM PDT So every month, I pay roughly about 100/month which has been like this for several months (I make all my monthly payments), and this month, it went down to 90. Any reason as to why this would happen, or would it be the interest rate? [link] [comments]  |
| Conflicting advice for mountain of debt (high salary, frugal lifestyle) Posted: 11 May 2020 04:25 PM PDT Hello all! I'm extremely happy with my career, but it's landed me with quite a bit of student debt. The only debt I have is my student loans (All direct federal loans) and ooh boy get prepared for some sticker shock: PSLF seems like an obvious choice, but I'm not so sure. The current president has talked about ending the PSLF program, which really makes me nervous. Also, while public service is certainly worthwhile, it's not how I want to go for professional reasons. Additionally these jobs are highly competitive and even if I find one, it might require me to uproot and move somewhere else entirely. I'm also really happy in my current job/area, and I have lots of room to improve myself and my situation. My salary has the potential to double or even triple with bonuses. So, my current choice is to go with option 1) 25 year loan forgiveness with ridiculous tax bill. Recently a mentor recommended refinancing to a 30-year term in order to free up cash flow, and pay off aggressively with any extra money. Wouldn't this cost me more in the long run? It's important to me to reach financial independence. I max out my 401k (15% of gross income) and put more than 50% of my take home pay into savings. Recently I just started to invest in index funds as a tactic to save up for the tax bill on my loan forgiveness. Thank you for your input! [link] [comments]  |
| Posted: 11 May 2020 08:28 PM PDT Hi everyone! I just graduated LITERALLY yesterday, and I'm already trying to get ahead in terms of managing my debt. I have $154k in debt from my undergrad (yikes, I know). About $120k is private from Discover with interest ranging from 6-8%, and the remainder is federal. I'll be working as a nurse, so I know my income will be okay. My only other expenses as of right now is my car payment and insurance which is about $350/month, as I'm lucky enough to still live with my parents. Obviously, my loans aren't going to be due until December, but I want to be ahead of the game instead of getting surprised with an outrageous monthly payment. I have okay credit. Credit karma said I have a 753, but when I had my credit pulled for an auto loan, it showed up as a 683. Would I be able to refinance before they're due in December? Or, would I be better refinancing around then? Basically, asking when the best time to refinance is. Also, has anyone refinanced similar amounts? What companies did you use & how was your experience? I'd also appreciate any possible tips on managing this insane amount of debt. Thanks! [link] [comments]  |
| Ballpark guess at the Grad PLUS loan come July 1? Posted: 12 May 2020 12:18 AM PDT We're all expecting the federal rates to drop from their 2019 levels due to the recent rate cuts, but I'm curious to know what everyone thinks the rates will drop to. Currently at 7.08%. [link] [comments]  |
| PSLF and Forbearance Question - Trying to Understand my Options Posted: 12 May 2020 03:34 AM PDT I recently started a job with the federal government which I'm hoping will make me eligible for PSLF and my loans can be forgiven after 10 years. I was originally planning on opting out of the forbearance for the Cares Act as I'm still working but I've been reading into it more and people have said not to make extra payments if you are planning on having the loans forgiven. Instead put that money into an emergency fund or the like. Regardless of whether I'm able to enter into the PSLF my loans are on the REPAYE plan so they would be (hopefully) forgiven in 20-25 years. I'm only 4 years into my payments. I'm looking for advice- should I opt out of the forbearance? Should I just make extra payments towards the high interest loans? (I have multiple loans under my servicer with varying interest rates, both subsidized and unsubsidized and all are federal) or should I put that money elsewhere and just continue making payments when the forbearance period is over? [link] [comments]  |
| I am applying for my first private loan (Sallie Mae), is there anyone who can answer my questions? Posted: 11 May 2020 06:02 PM PDT I have two years left of school. The total I will receive from financial aid is $22,000, but only for fall/spring classes. I need an additional $8,000 to cover summer courses (2020 & 2021). My intention is to use a private loan for the summer classes. My questions are: Do I ask for the full amount or only half ($4,000), and reapply next year? If I request the full amount will it hurt my award from my financial aid reward, even though I've already accepted it? [link] [comments]  |
| Is 60k in student debt worth it? Posted: 11 May 2020 11:32 AM PDT |
| When should you start paying back student loans? Posted: 11 May 2020 04:24 PM PDT I have recently looked into my student loans and I enrolled into the auto pay system with great lakes. And started wondering if I should just wait until I graduate (2023) to start really taking care of these debts. Regarding the 0% and such. My questions: Is it worth it to start paying it off now even you can only afford to put $5 per month (the minimum payment)? Should I take this money and put it somewhere else? Since these loans now have 0% interest. Should I wait until I graduate to start making payments? [link] [comments]  |
| What student loans am I eligible for? Posted: 11 May 2020 06:18 PM PDT I will be attending university in the US as a freshman this fall. I would need to borrow around $15,000-20,000 per year for a particular university (which I could choose not to attend, just considering my options). The FAFSA government loans only pay $5500 in freshman year. I am a US citizen, but my parents live abroad and are not US citizens so they are not qualified for the parent plus loans. I heard you need a credit rating if you are applying for private loans, but I've never had a credit card. Am I not eligible for any kind of loan? [link] [comments]  |
| Can someone tell me about refinancing a private loan? Posted: 11 May 2020 02:49 PM PDT I have a private loan under Sallie Mae with a pretty high interest rate (12.5%). I was reading a few of the threads on here and was wondering; is it advisable to refinance this loan? How does it work exactly and what would you guys do? [link] [comments]  |
| First time Student loan questions/options? Posted: 11 May 2020 04:59 PM PDT Hey everyone, I apologize in advance as I have a particular case and would like some feedback, opinions. I will be going back to school in the fall. Going in as a freshman at 24 (Got my first degree from a community college in Unmanned Aircraft with no loans). I moved to another state for work, so, unfortunately, I won't qualify for instate until the summer of 2021(I have every intention of staying in this state to live and work, and can prove so). I have filled out the FAFSA and maxed out my federal grants and student loans. I have emergency savings, however long story short what I had in my regular savings was used for medical bills due to a not-at-fault car accident last year. I should be able to get that money back whenever the suit completes, which could be another 12 months at this point as its being dragged out. I am unable to both pay for school and my living expenses working part-time while in Out of State classification due to cost. I have already set up everything to get into the engineering program, and my spot would not necessarily be held if I took a gap year, so that is something id like to avoid. My credit is not the best right now, and currently only got approved with Sallie Mae at 9% for 20,000. The rest of the semesters, ill be able to pay out of pocket. My question is, do you think that taking the loan out for 9% to get me through this school year is worth it? Any other ideas on other places I should try applying? Also, would it be easy to refinance in 1-2 years when my credit is better? (I've been slowly increasing it over the last 6 months and it is a priority in my life) Thanks! [link] [comments]  |
| Anyone actually have success with student loan forgiveness? Posted: 11 May 2020 06:49 PM PDT I graduated in December, owe around 30K and start making payments next month. Thanks to some personal issues, car breaking down completely to where i no longer have a vehicle and the corona virus pandemic closing everything, i have been unable to get a job. Is there any programs out there that help with loan forgiveness? Starting to freak out about how i will be able to make payments. [link] [comments]  |
| I accidentally borrowed the wrong amount for my Grad Plus loan! Posted: 11 May 2020 02:51 PM PDT I had a complete brain fart and I accidentally put in the amount I need for one semester instead of for the whole academic year when applying for my Grad Plus loan! I emailed my school's financial aid office immediately but they're taking a while to reply and I'm freaking out. I haven't found any information on how to change the amount requested. I basically need to double the amount I requested to borrow. [link] [comments]  |
| Student loan refinancing - when is the best time for me? Posted: 11 May 2020 11:53 AM PDT i am a current medicine resident about to graduate in 2 months. The numbers I'm looking at are:
I've been trying to wrap my head around the math and I'm just having a hard time figuring it out. My question is when should I plan to refinance my loans down to a lower rate? The lump sum payment I make at the end of the current interest free period will bring my unpaid uncapitalized interest down to $12k. Should I just keep the 6% interest rate for another 1.5 months to pay off the interest and then refinance, or take the lower rate starting in October and have the interest capitalize? [link] [comments]  |
| Paying loans I didn't take out Posted: 11 May 2020 11:22 AM PDT Long story short, the shady for-profit Art Institute in SF I was going to attend back in 2012 has me on the hook with debt collectors now for delinquent loans. They (AI of SF) got shut down a few years back so I can't bug them about it. I never made any payments on any loans because I never attended the school, for one, and for two we told the financial advisor we would only be able to attend if we could cover it through grants, to which she agreed the Pell/Cal grant would cover the majority of tuition cost and no loans were needed. Collection calls say otherwise, say I have a couple loans I need to be paying back. Tried to get them to send out proof that I signed something loan related but it still has not arrived in the mail. When loan payments start back up again I'd like to have this taken care of cause its wrecking my credit score and any chance of using financial aid to attend a community college. Considering just paying them to get it over with but that's pretty wack seeing as I never got the money in the first place. Been paying anyways since they take my tax refunds to offset the debt balance. [link] [comments]  |
| Posted: 11 May 2020 08:21 AM PDT I'm 49, (have a 2 year old grandson) and start my MS degree next month. I have the means to pay for my program out right, although it would take a significant amount of money that I wanted to set aside to buy a house after I graduate. The program cost is roughly 15k. Thoughts? [link] [comments]  |
| Posted: 11 May 2020 12:22 PM PDT I've completed and paid out of pocket my first 2 years of communitycollge. Now I need to apply for student loans to get ahead. I have no idea where to start. Any advice is welcomed. I have read a few articles and read bank websites but all they say is APPLY. That's a nobrainer but what are they not telling me? Should I go with a well know bank like Wells Fargo, BOA, Chase or perhaps a local bank or credit union? [link] [comments]  |
| Posted: 11 May 2020 11:33 AM PDT I am entering my 4th year of undergrad at a university, and I will need one more private loan taken out for this upcoming year. My current loans: Total balance: $60,000 Private loan 1 balance: $22,000 (need to check amount of interest) Private loan 2 (sally mae) balance: $7,900 (need to check amount of interest) Parent plus loan (federal) : $ 13,200, $1,200 in interest This year I want to join a credit union and take my final loan out with them (about $11,000) Should I consolidate once I graduate? I will be attending graduate school after. [link] [comments]  |
| Posted: 11 May 2020 07:19 AM PDT My IBR recertification is due soon. This year I had a job making a lot more money than I've made in previous years, but I also just lost this job (fun times). I'm looking for a new one, but chances are I'll be making so little this upcoming year that I'd qualify for $0 payments. Am I going to have really high payments despite not having a job? What should I do? Particularly worried about Navient--they always seem to demand extra stuff for IBR recertification (proof of income uploaded directly to them, and they get picky about whether it's acceptable). [link] [comments]  |
| Student Loan Tax Offset Refund Posted: 11 May 2020 02:47 PM PDT Has anyone else gotten a check back from the US treasury? I had my tax refund intercepted to pay off the remaining balance of my student loan, today I received a check for the exact balance that came out of my tax refund to pay that off. My biggest concern for this is, do I have to still pay this back to the fed? I'm nervous to use the money for anything until I know what the stipulations are. Any insight would be helpful. [link] [comments]  |
| Should I consolidate before September? Posted: 11 May 2020 08:40 AM PDT Like many people, I took a 40+ hit to my credit score around the time of the new act going into effect. That's fine (I mean, not really...) because I'm not relying on my score to get me a house or car or anything right now, but I DO want to consolidate. So my question is, should I consolidate my federal loans now during the protection period (per the DOE consolidations are put under the administrative period), or wait until after September. Pros and cons? EDIT: a few people have asked if my loans are direct. Yes they are, I just checked. [link] [comments]  |
| Should I create a new bank account for my loans? Posted: 11 May 2020 02:26 PM PDT Hi there, first time loan-taker. I'm wondering if I should open a new bank account to hold my law school student loans. Right now I just have one credit card account and a regular debt/savings account with Wells Fargo. I'm thinking of opening an account with Chase and putting all of my loans in there as a way to keep track of how much I use? [link] [comments]  |
| Posted: 11 May 2020 02:09 PM PDT My loans qualify for temporary paymeny deferment as part of Cares Act/COVID relief. I hadn't realized this would impact my credit score; it dropped 20 points. How can I remedy this? Does this mean I have to suck it up and pay as usual? Edit: Also, you should check to make sure your contact info is correct. My account's email address reverted back to my undergrad school's domain, and it's not even the email address I was assigned. [link] [comments]  |
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