[Visual] I paid off approximately $32k of student loans in 2.5 years and tracked it all through data and graphs! Student Loans |
- [Visual] I paid off approximately $32k of student loans in 2.5 years and tracked it all through data and graphs!
- Experian has marked all my student loan accounts closed
- Company reimburses student loan debt, what to do next?
- Sallie Mae Repayment Options - Repayment Plan?
- Pay tuition with a credit card and pay off the card with a loan
- Grants for grad school
- EDRP with the VA/Nurse Corps/NHSC
- Question about pell grants and unsubsidized vs. subsidized loans
- Will getting married help me qualify for more financial aid?
- Question about Grad Plus endorser
- Why didn’t I receive the amount I accepted/was approved for?
- Which private student loans should I use?
- Can I ask for a Plus Parent loan I just declined?
- Refinancing with Navy Federal vs Others?
- How do you pay the origination fee on a federal loan?
- Have Outstanding Interest Before March 13, on IDR plan , Cares Act Forbearance put in place ( Automatically) ... Will Prior interest Capitlize ? Will IDR Plan be redisclosed ? It's stated this Cares Act will Not harm anybody in its text , But Can I trust my situation wont be harmed ?
- Starting college soon, job offer cancelled, what to do?
- I will be a new student in the fall and have some questions.
- Are rates predicted to drop?
- Would not paying loans that are in forbearance from the CARES Act increase the amount due per month after September 30th, or would your monthly amount due remain the same, with additional months of payment added at the end of your loan?
- Last semester of undergrad
- Help me understand interest accrued on student loans while in law school
| Posted: 02 May 2020 07:25 PM PDT Hi everyone, at the end of 2020 I finished my student loan payments! I've been a lurker on here for a while now and am happy to finally join the "Paid in Full" club alongside many of you! In addition to that though, I also have found an excitement in going through the data from my loan provider during this time and creating some charts for visualization purposes and some eye-opening takeaways. The first graph, Total Loan Balance Over Time shows the life and death of all of my 6 loans that I took out throughout my university studies, combined. The second graph, Individual Loan Balances Over Time shows the life and death of those 6 loans broken out individually - as you can see I approached it via avalanche method. The purpose of doing this all was for me to visualize how interest works between Unsubsidized vs. Subsidized loans and how much it can grow over time. As a whole, some key numbers:
I was quite shocked when I realized that out of the total amount that I paid, 16% was in interest, and that's with paying it 4x faster than the 10-year term originally assigned, plus with my highest interest rate loan being 6.8%. I also learned that had it not been that I was continually exporting out my data from my loan provider, it would have been extremely difficult to access the .csv file and data. After I paid it all off, I was still missing some data from the last several few payments and my loan provider pretty much removed all access to my account history and it took several calls/emails in order to get that data as well as all proof of payment. So, lesson for anyone else interested in doing something similar, export out all your data before your last payment! This was honestly an enjoyable little project for me - I would love to do something similar for anyone that is interested! There are a lot of other personal factors that I didn't want to get into at this time (income, living situation, methodology for payments, etc) but someday I may get more in depth and write a more thorough article or something like that, depending on the reception. I hope this was helpful for anyone or at least different than a regular "I paid them off!" post. I'd be happy to answer questions and would love to hear any comments! Good luck everyone! [link] [comments]  |
| Experian has marked all my student loan accounts closed Posted: 02 May 2020 09:56 AM PDT I just noticed this in my Experian account - all my student loans are marked "paid, closed" but that's definitely not true - I still have a balance. Is this some type of error from the federal forbearance that my loans are in currently? Anyone else seeing this? [link] [comments]  |
| Company reimburses student loan debt, what to do next? Posted: 02 May 2020 04:31 PM PDT Hello all, To keep a long story short, a company I'm accepting an offer for a will offer a modest starting salary and benefits that will include $2,000 towards student loan debt a year, up to $10,000. I only have about $28,000 in loans and planned on paying it off in under 2 years after making a full salary in this position. Would anyone be able to walk me through what the smartest course of action is? Before, I wanted to pay everything off immediately, but now that I know they can give me up to 10 grand over a 5 year period, I'm slightly confused as to what to do. Would it be better to pay it off in two years and just take the 4 grand from them? Or should I pay it down low enough in a year or two so that the remaining balance will be paid off by the company every year until the balance is 0? Thank you for any advice you may have. [link] [comments]  |
| Sallie Mae Repayment Options - Repayment Plan? Posted: 02 May 2020 09:03 PM PDT Hi Everyone! I am currently due to start repaying my Sallie Mae Loans in November of 2020, however, I am due to give birth to my first child in October of 2020. I will not be able to make the 1,200 monthly payments for a few months due to recovering from childbirth and having a newborn. I considered putting the loans into forbearance for about 3 months but I also heard about Sallie Mae Repayment Program. How would I go about getting myself enrolled in this program? Any advice? [link] [comments]  |
| Pay tuition with a credit card and pay off the card with a loan Posted: 02 May 2020 10:10 PM PDT I'm trying to pay for my tuition upfront with a credit card to get the rewards points and then use the federal loan that was awarded to me to pay off the credit card. There is no fee to pay with a credit card at my school. My concern is if the loan will be sent to me instead of my school. I'm afraid if it's sent to the school they'll just refund me the credit card payment and apply the loan to my tuition. Instead, I'd like the loan sent to me so I can cash the check and just pay off the credit card right away. [link] [comments]  |
| Posted: 02 May 2020 08:24 PM PDT Hi all, I am graduating with my BA this summer and will be attending my graduate program in the fall(overseas). I hope this is the right sub, but I have a question about grants. So I read that if you are going to grad school you are considered independent and will not qualify for any grants or parent plus loans? Well, initially I was supposed to graduate In December of 2020. I already filled out my FASFA for the 2020-2021 school year and received 5.3k in grants for the government. I was wondering if there is any way around this? Could I possibly allocate that grant for my graduate studies somehow? Any loops holes? Technically I shouldn't be independent because I am only 19. Anyways thanks for any advice you give!! [link] [comments]  |
| EDRP with the VA/Nurse Corps/NHSC Posted: 02 May 2020 02:12 PM PDT Anyone have experience with EDRP through the VA? Or the nurse corps? Haven't seen very much info about it and thought I'd ask here. In what ways are you repaying student loans? Any info would be greatly appreciated! Thank you! [link] [comments]  |
| Question about pell grants and unsubsidized vs. subsidized loans Posted: 02 May 2020 02:29 PM PDT Hello! I'm not sure if anyone can help me or not, but I'd appreciate any information given to me. :) Currently, I owe $16,000 in student debt (Bachelor's degree, business management) and my husband owes over $30k for an associate's he never finished. I'm just a little confused about pell grants and unsubsidized vs subsidized loans. When my husband and I went to our community college, we were like 18 or 19 but living on our own. No help from parents and didn't make a lot of money. Probably minimum wage. Somehow, all of my loans are unsubsidized so I've been charged a lot of interest already. My husband, well, I don't know how he owes 30k for an associate's degree at a community college. He went for several semesters, but don't think that's the reason he owes so much. I suspect there were maybe uncashed checks that were never subtracted from his balance. (I'm having him make some phone calls on Monday to find out why he owes so much. More than likely there were no errors, but I just want confirmation before we start paying this debt down.) This is where my question comes in: I know several people around my age who owe no money (or very little) on student debt because they didn't make much money and it was all covered by grants. Why would my husband and I not have qualified for this (we were dating at the time so our incomes weren't lumped together)? Does it have to do with when the applications were put in (first come first serve) or because of the application not being filled out correctly? If it comes down to an error of incomes not being recorded correctly, is there a way to go back and correct this (with proof) to where we wouldn't owe so much federal aid? (I know this isn't likely, but again, I just want to make sure I understand everything before I pay money all this debt off.) If we weren't going to get pell grants, that's whatever, but I really can't understand why we would have been hit with the loans that accumulated interest while still attending school. If anyone has any links that give more info on pell grants, different loan types, etc. I would really appreciate it. We don't owe any private loans, just federal. [link] [comments]  |
| Will getting married help me qualify for more financial aid? Posted: 02 May 2020 06:06 PM PDT So I'm currently a sophomore in college. This year I qualified for less than 6000 total combined in federal subsidized and unsubsidized loans. I'm 20 years old and lived with my mom up until recently, and she makes over 80k a year. I receieved no pell grants or anything. My moms EFC on our Fafsa was over 10k I believe. She doesnt actually pay for anything besides helping me while I lived at home. My question is, I recently moved out on my own and will be supporting myself 100%. My fiance is in the military and will be getting out soon. We have been together for almost 5 years and are planning on getting married but don't have a date set yet. My question is: if we get married, how will this affect my financial aid eligibility? Will I be eligible to recieve more money in federal loans? Will I possibly be eligble for a grant if our income is low enough? How low would our income have to be for that to happen? Would my mother's income still affect me in anyway if I'm married and on my own? [link] [comments]  |
| Question about Grad Plus endorser Posted: 02 May 2020 04:34 PM PDT Hello, I am needing Grad Plus loans to pay for school, and I have adverse credit. I will need an endorser. The only person I can get to endorse me is my mother, and besides a less-than-stellar credit score, everything else is fine. She is not 90 days or more delinquent on any accounts. However, my mother is now telling me that she remembers having some of her checks garnished, which she made arrangements with the loan servicer (federal loans) to stop the wage garnishments. She isn't a very tech savvy person, and she told me that she wasn't aware she was even in danger of garnishment. Apparently she was told that they tried to contact her multiple times, but she does not recall any letters (doesn't mean any weren't sent; they could have just not been noticed or whatever). She says if she was aware that they were going to garnish her wages and that she was supposed to be paying installments on her student loans, she had the money to do so and would have. She has no repossessions and is current on all of her accounts. I am afraid to accept an offer for pharmacy school because if I enroll and cannot secure any funds to pay for my tuition, I will have to withdraw. This will impact future career prospects. Is there any way that I can still use her as an endorser on a Grad PLUS loan? I thought about looking into whether or not we can dispute the garnishment (again, her wages aren't being garnished right now and she's making satisfactory payments for multiple months now) due to her not being aware of what was going on. Is there any way that I can explain this situation to the Department of Education to allow me to use her as an endorser? Thanks. [link] [comments]  |
| Why didn’t I receive the amount I accepted/was approved for? Posted: 02 May 2020 07:23 AM PDT I feel like I'm missing something obvious. I am borrowing through the Federal Graduate Unsubsidized Loan. Awarded 15k. Only accepted 9.5k. Why did I only receive 9.4k? $100 in my account balance. Obviously not a crazy amount missing, but I'm attempting to live off my savings with no income for 2 years. Every penny counts. Anyone have any insight? I can't get ahold of my schools financial aid office for the life of me. [link] [comments]  |
| Which private student loans should I use? Posted: 02 May 2020 03:41 PM PDT I don't know which one I should use so please help me decide which is best. Do you think Sallie Mae is good? Also, how much should I collect? Please help me because I don't want to do anything wrong. [link] [comments]  |
| Can I ask for a Plus Parent loan I just declined? Posted: 02 May 2020 09:39 AM PDT Hi guys, I'm a senior in high school and committed to a uni in the US recently. I didn't accept my parent plus loan but my family has since told me that we do need to take it out at least partially. Will my financial aid office allow me to add the loan back to my account? Will I have to fill out another form if that happens? Thanks. [link] [comments]  |
| Refinancing with Navy Federal vs Others? Posted: 02 May 2020 06:34 AM PDT Hey guys. I currently have a private student loan through Navient with about $89K left to pay off. I was recently told that I should consider refinancing in order to get a more fixed monthly payment to help with budgeting. My brother is in the Navy and could refer me to Navy Federal to refinance through, but I'm looking for other options. I have heard horror stories about credit unions like SoFi, so I'm wondering if anyone has advice of where else to look. Thanks! [link] [comments]  |
| How do you pay the origination fee on a federal loan? Posted: 02 May 2020 01:44 PM PDT I'm taking out a PLUS loan for $42000, so the origination fee is almost $2000. I will probably just pay the origination fee upfront by paying for part of my tuition out of my savings, but what would be another option if I didn't want to put the $2000 down? If I take out more in the loan, it's just going to increase my origination fee and not cover the amount anyways. I also don't want to take out anymore money. $42,000 is enough 😅 [link] [comments]  |
| Posted: 02 May 2020 12:55 PM PDT Hi I do have many thousands of Outstanding interest that is Not capitalized... my payments could never cover my interest so it would grow but I have always done my Recertification on time and have been on IDR plan. Now this Cares Act Forbearance comes along , put in place automatically. It's said it will Not harm anyone , so the only reason somebody doesn't want to be in it is to have Auto debit. Now my question is , can the servicers really screw me and others in my situation at the end since they implemented the Cares act as a Forbearance rather than Suspention. Can I be sure for me that I have been in IDR , the prior interest will Not Capitalize, or in another word the plan doesn't get redisclosed ? I see conflicting news , the Department of Education said there is No benefit Not to be in this Cares Act , but yet they have never addressed my Concern. So 1 ) will prior Interest Capitalization happen if you were in the same IDR plan and continue to be and this Automatic Forbearance applied ? 2 ) will your terms be redisclosed? ED says No harm , But I want to be sure. Please comment if you really know at least the response to one of these two. Thanks [link] [comments]  |
| Starting college soon, job offer cancelled, what to do? Posted: 02 May 2020 12:46 PM PDT I'm going to a community college out of state and moving there soon, already leased an apartment with a couple month's worth of expenses saved up and some extra for emergencies by working through high school. The cost of living is significantly less than where I'm from. Had a part-time position at a hotel dropped. I was planning on finding work to help pay my way through my first two years at school before transferring to a 4-year university but the outlook on finding work right now is looking grimmer every day. What should I do? At this point I'm considering taking out a couple thousand in student loans as a backup in case I can't find work. Even the grocery stores in the area have dozens of people waiting for a part time shift... [link] [comments]  |
| I will be a new student in the fall and have some questions. Posted: 02 May 2020 10:36 AM PDT I have not decided a college but it will be between 20k a yea or 11k. The 20k school is much better but will the 9 extra screw me? I'm not sure at all how student loans work so is there a basic guide or something? Any help is appreciated thanks! [link] [comments]  |
| Posted: 02 May 2020 06:40 AM PDT I graduated with about 320k in student loan debt in 2014 (originally federal loans at 6.9% and 7.5%), I refinanced last year to 4.87% 15 year loan with CommonBond (285k), and am down to 250k. Credit score 800. I was originally paying slower due to my financial advisor recommending to invest extra rather than pay down the loan with the new rate, but I've decided that even though financially it may make more sense to invest, I have got to get this monkey off my back. I was wondering if anyone has gotten any good refi rates lately? When I looked it seemed the rates were pretty similar to my current one. Any idea If rates are predicted to go down any time soon? [link] [comments]  |
| Posted: 02 May 2020 07:42 AM PDT Basically the title. I would like to pay off individual student loans with the highest interest during this time, but I don't want to end up in a position where I have to pay more per month at the end of this federal forbearance period. I can't find an answer anywhere and Navient wouldn't give me a straight answer on the phone. Thanks [link] [comments]  |
| Posted: 02 May 2020 05:43 AM PDT I am senior that is trying to finish college this semester but I haven't been able to find a cosigner that qualifies. The inquiries will hurt my credit score and I'm not sure what to do. Does anyone have any advice? [link] [comments]  |
| Help me understand interest accrued on student loans while in law school Posted: 02 May 2020 03:18 AM PDT Hi! I am starting law school this Fall and want to make sure I am doing my calculations correctly for the interest I will accrue from my loans. If I borrowed $10,000 a year for 3 years with a 6.08% interest rate... Year 1 Loan would accrue $608/year in interest for 3 years for a total of $1824 by the time I finish law school. Year 2 Loan would accrue $608/year in interest for 2 years for a total of $1216 by the time I finish law school. Year 3 Loan would accrue $608/year in interest for 1 year for a total of $608 by the time I graduate. So, at the end of 3 years my principal of $30,000 in loans borrowed will have accrued a total of $3648 in interest ($1824+$1216+$608). Am I calculating this correctly? Any feedback is appreciated! [link] [comments]  |
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