Been out of school 9 years and have only paid off about $6,000 of a $103,000 principle. What am I doing wrong? Student Loans |
- Been out of school 9 years and have only paid off about $6,000 of a $103,000 principle. What am I doing wrong?
- Help! 200k in debt, final year of undergraduate. I need a plan.
- Navient never sent me my loan money... Has this happened to anyone else?
- Approach to $83,000 in Student Loans @ 1.5%
- Can colleges limit lender options?
- Question about loan forgiveness
- Refinance medical student loans as an international?
- Please review and advise our $56k student loan situation!
- Discover SOL
- In my situation, are Private loans my only option after Federal loans?
- Federal loan distribution/servicer question
- Refinancing Private Loans
- Kaplan University BDAR
- Did some number crunching, and I still don't understand how my $88k loan is $145k
- Wasn't given the refinance option I wanted, should I still take it?
- Can't find a lender to consolidate my Wells Fargo loan currently @6%
- Consolidating loans tips
- Loan payments and family planning
- can you pay federal subsidized loans while youre still in school?
- Student Loan Advice Needed!
- Wages Garnished 2019
- Pay off Loans ASAP??
| Posted: 24 Jun 2020 11:24 AM PDT I really need to get a handle on my student loans. I consolidated a few years ago but it seems like I'm constantly just paying interest. I paid over $6,000 on interest in 2019. I really don't want to be paying the equivalent of another rent each month but apparently only paying $690/month doesn't do anything. Could use tips! [link] [comments]  |
| Help! 200k in debt, final year of undergraduate. I need a plan. Posted: 24 Jun 2020 04:20 PM PDT Background:
Plan so far and my questions: (*** This is what I need help with ***)
Any tips, recommendations, and advice are greatly appreciated!!! Also, I just want to clarify that as a Registered Nurse (RN), there are many ways to increase the salary ceiling: specializing in a field/unit, going the Nurse Practitioner route, etc. Minimum salary information in this post is solely based on new graduate RN rates, since, well, that's what I'll be next year! **Edit:**I feel like many people have commented on my situation, but not many have actually read my post and addressed my questions. I've condensed my post in hopes that I can get advice and answers instead of people just commenting on the amount I owe. (Yes, I know it's a lot!!! That's why I'm asking for help!) Thanks! [link] [comments]  |
| Navient never sent me my loan money... Has this happened to anyone else? Posted: 25 Jun 2020 02:05 AM PDT They said $2700 was disbursed in February 24th but i literally never gotten any money this past semester [link] [comments]  |
| Approach to $83,000 in Student Loans @ 1.5% Posted: 24 Jun 2020 08:10 AM PDT Graduated roughly 3 years ago and I now have $83,000.00 in student loans, which is comprised of a many small and medium loans, all consolidated at 1.5% from an original average interest rate of 4.83%. I know that 1.5% on any student loan anywhere is an excellent rate. However, I find myself internally debating whether I should pay it out over the 9.5 year payment plan I am in now or if I should tackle it faster with more payments. The monthly payment on the S.L. is $781.00/mth., and I will have it paid by the time I am roughly 38 y.o. if I follow the payment plan as is. Also, the total interest over the life of the loan is estimated to come out to be $6,100.00 according to the Bankrate student loan calculator. Under my old payment plan, after only 2.75 years of payments I had paid almost $15,000.00 in interest at the 4.83% rate :O - FML. I am looking for thoughts, feelings, ideas, anecdotes, and/or arguments on whether an expedient payment tactic is the right path, or if I should let the bank take the wheel with my life and only pay my minimum payment. TIA [link] [comments]  |
| Can colleges limit lender options? Posted: 24 Jun 2020 05:57 PM PDT Hello! I'm starting nursing school this year and am having to apply for private student loans to cover the remaining amount I'll owe. When I spoke with my schools financial aid department they informed me that they only accept private loans from two companies. Are they able to limit who I can get a loan with? I prefer to use my bank as it's a credit union and not have to have extremely high interest rates. I would think as long as I'm approved for the loan and they receive the funds it shouldn't matter who I finance with. Thanks! [link] [comments]  |
| Question about loan forgiveness Posted: 24 Jun 2020 09:26 PM PDT So I recently read this article about student loan forgiveness plans with Joe Biden. In the article they mention things about public universities and private historically black universities. I currently attend a private university and when I am done with my education I will owe about 30k in subsidized and unsubsidized loans, and my dad will owe anywhere between 140k-160k with parent plus loans. So what I am wondering is, do any of these plans help me in any way? Like I am hopeful that I can get a good enough job where I can start paying them off in an efficient way so I don't owe money for the rest of my life (keep in mind I will be paying most of the parent plus loans but my dad will help as he can). I am just worried because coming out of college with close to 200k in loans seems terrifying for just an undergraduate degree. I think I might want to possibly attend law school eventually and this makes me either not want to do that at all or struggle with working a full time job that will help me go to school part time. Overall I am curious if these plans for loan forgiveness will help me at all in the future if they were to go into effect, or am I kinda screwed out of it because of the school I am attending. [link] [comments]  |
| Refinance medical student loans as an international? Posted: 24 Jun 2020 02:14 PM PDT My wife is a resident physician who just completed her residency and is going to be an attending soon on a work visa (H1B). She has several student loans totaling around $300K through generous extended family and friends who co-signed the loans when she was on a student visa (F1) in medical school. All of these student loans are private, some have variable interest rates hovering around 4-5% and some fixed around 6-7%! Now that she is going to be making her real salary (around $250K), would there be a way to consolidate and refinance her loans on her own (no co-signers) on a lower interest rate as a non-citizen? Does anyone have recommendations on a bank or credit union who may help us achieve this? [link] [comments]  |
| Please review and advise our $56k student loan situation! Posted: 24 Jun 2020 06:14 AM PDT We are trying to figure out my boyfriend's student loan strategy. We both just finished grad school in May and are living together in the Midwest. Our job status: Loans: Our assets: Our expenses are manageable - $1500/month for rent and all utilities, no car payment, we watch our entertainment spending, cook at home, and are overall pretty frugal. We are wondering the best way to approach paying off these loans while managing the uncertainty in today's economy. Our questions - I have suggested using the $15k in his investment account to pay off the bulk of the Sallie Mae loan, given the crazy interest rate. What do you think of this? His parents are hesitant to have him deplete that account. If we made that big lump sum payment, we could easily pay off the rest of the loan by the end of this year. Additionally, what is the best way to pay off the Federal loans? My boyfriend won't be pursuing PSLF, and we are hoping to pay these off sooner than the typical 10 year time frame. We appreciate any and all advice! [link] [comments]  |
| Posted: 24 Jun 2020 10:26 AM PDT I'll try and keep this as short as possible. I defaulted on my Discover student loans way back in 2014. The loan was well over 150k at the time of default. Over the next couple of years the debt was sold around to different collections agency's and they'd call and I say I couldn't afford. Didn't really get any further than that, no garnishments or court orders. As of now the default has fallen off of two of the three credit reports. How can I go about having the default removed from the last one? I haven't been contacted by a collections agency in well over a year and the SOL has ran out as I am in Georgia and it's 6 years from last payment. [link] [comments]  |
| In my situation, are Private loans my only option after Federal loans? Posted: 24 Jun 2020 03:19 PM PDT I completed my FAFSA, but unfortunately my mom makes too much money and the best they could offer me was $3,250 per semester as a Federal Direct Unsub Loan. It's not bad, but by their calculations that will only cover a third of my tuition. I applied for Federal loans for my state, and just got flat-out denied. Is my only option left to go and get private loans? If so, where should I go to get them? For some context, my mom does make an "upper middle class" wage, however due to some poor life choices she is in borderline crippling debt. I'm not mad at my mom or anything, but it's just lame. Any help would be awesome. [link] [comments]  |
| Federal loan distribution/servicer question Posted: 24 Jun 2020 06:52 PM PDT A little bit off the normal topic of posts here... So my undergrad loans are all serviced through FedLoan. I will be starting a grad program this fall and was wondering if my federal loans I take out for it will automatically be serviced through FedLoan as well since I already have an account or if there a chance they will be randomly assigned to another servicer like Nelnet or whatnot? Additionally, when I finish my grad program if the loans do get serviced through FedLoan will they combine with my undergrad loans and be re-calculated into a new 10 year payment plan or would I have "two" payments owed, one calculated for the 6 years left of my undergrad plan and one for the new 10 year grad plan? [link] [comments]  |
| Posted: 24 Jun 2020 11:20 AM PDT I am currently looking into refinancing my Private Student Loans. I have approximately $44K worth of private loans and $130k worth of federal loans. I am currently looking to refinance only the private loans due to the interest being 7.740%. As for my federal loans I am happy with them staying federal loans for now since there is no interest on them. My plan is to pay off my private loans as soon as possible so that I will only have the federal loans to deal with. Currently I have been paying around $1,500-$2,000 a month on these private loans since I've entered repayment two months ago. I was looking to find any good recommendations for refinancing my loans. My credit score is 750, but I will still need a co-signer because the age of my accounts and my income are still low. I'll appreciate any recommendations or advice that is offered. [link] [comments]  |
| Posted: 24 Jun 2020 08:59 AM PDT Does anyone have any material from Kaplan University that they would be willing to share for a BDAR claim ? I'm desperate. [link] [comments]  |
| Did some number crunching, and I still don't understand how my $88k loan is $145k Posted: 24 Jun 2020 02:06 PM PDT I added up all my disbursments for ITT Tech, and Art Institute and the total came to $88,675 for 5 years of education. I've been on various forms of repayment, between IBR and Forbearance. I added up all my payments, and I've paid $42,856 over the last 10 years. I currently owe $145k. How is Navient (then Sally Mae) managing to make my loan balloon up almost double while I paid off 50% of the original loan. I feel hopeless at this point, because it hardly seems fair that this has happened while I was paying the best I could. How am I suppose to go through another 10 years of this (20 years of my income) and hopefully it goes down instead of still going up like it has been? [link] [comments]  |
| Wasn't given the refinance option I wanted, should I still take it? Posted: 24 Jun 2020 11:41 AM PDT Hi fellow debtors, I tried to refinance 35k of student loans that are sitting at 6.024% interest rate on a 7 year repayment schedule to a 4.5% interest rate on a 5 year repayment. I wanted to get the loans paid off and over with. I was not accepted on a 5 year plan, but rather offered a refinance at 4.45% interest rate on a 10 year repayment plan. My question is, should I still take the offered refinance? The interest rate is down 1.5%, but I've heard that the interest is front-loaded so even if I do pay extra each month I may be paying a higher interest amount long term. My obligated monthly payment would decrease which is nice for flexibility, but that is not a major concern of mine currently. Thoughts? [link] [comments]  |
| Can't find a lender to consolidate my Wells Fargo loan currently @6% Posted: 24 Jun 2020 10:30 AM PDT Hello all, Trying to make a very long story short-my dad missed two of my student loan payments and it sunk my credit from high 700s to mid 500s. I paid the two missed payments ASAP as soon as I found out. There is about 45k left on the two private loans through Wells Fargo. I have a monthly payment of $409.00. Is there someplace I can consolidate? I've tried Sofi, Discover, and Citi Bank and have been denied by all because of my new horrible credit score. I have a great job, pay my credit card off in full every month, rent a nice property, and have a perfect history besides the two payments I wasn't aware of because my dad is a prideful fool. Any advice on what I should do? I've been paying the loan payment on time for the past 3 months now that I've taken it over. Do i try to just throw as much money at it as I can since I can't seem to consolidate? Please advise. I feel like I'm stuck. [link] [comments]  |
| Posted: 24 Jun 2020 03:13 PM PDT Hey guys, does anyone know of any companies or tips to consolidating your loans into one low interest rate loan? I'm currently at 6 smaller federal loans (lowest interest rate being 3.75%, highest 4.75%). Any additional insight into the pros/cons in doing this would be greatly appreciated. [link] [comments]  |
| Loan payments and family planning Posted: 24 Jun 2020 11:00 AM PDT Hi, I'm looking for advice on how to address my spouse's student loans through a combination of refinancing, TLF, PAYE, PSLF, and/or your suggestions. I'm fairly skeptical about relying on TLF or PSLF. We haven't filed any paperwork yet for PSLF and I'm unsure if there is a way to retroactively account for the past 2 years. Spouse: SPED Teacher at a Title 1 school and should qualify for TLF in June of 2024 or 2023 depending on if the first year counted due to not yet being fully licensed (I'm still looking for that answer). ~50k AGI. We filed jointly this year so we'd now have to wait until 2021 to be eligible for the PAYE program. Current Balance: $65k (federal loan) remaining with 2/3 @ 6-5.3% and the rest is pretty close to ~3.5%. Currently, our payments are $791.01/mo. Previous Plan: I have been paying down the loan aggressively with monthly payments of $1,325. My goal was to reach a balance of just over $17,500 as we qualified for TLF and then be done. Eliminating the payment is an extremely attractive option as we start our family... but waiting until 2023 or 2024 to start a family is becoming an increasingly disappointing timeline. Current Thoughts: Ideally, I just want to lower the payment and interest rate so that these loans are not as much of a mental barrier to starting a family for me. Another goal of mine is to keep our budget below a single income so that we have our options open in terms of child care.
So Reddit, what would you consider the best options to be? It doesn't need to be something closely matching the above. I'm sure I left something out so please feel free to ask if essential information is missing. Thanks for your time! [link] [comments]  |
| can you pay federal subsidized loans while youre still in school? Posted: 24 Jun 2020 01:59 PM PDT No interest loans btw. i'm going to be a senior this year and had to take out a loan for the first time this summer after losing my scholarship. I took out 1200$ in subsidized federal loans and most likely will have to take out another 1000, im going back to my job in the fall, can I pay them off before they are due? (so I never have to pay interest) [link] [comments]  |
| Posted: 24 Jun 2020 12:07 PM PDT Hi all, I am a long time lurker on the student loan and personal finance reddit. I am about to graduate with my PhD in chemistry and have about $39k in student loan debt. I have already paid off $45k in Sallie Mae loans from working 3 jobs while getting my PhD. I still have $15k in Sallie Mae loans and am hoping that it will be down to $7k by the time I graduate. The economy isn't doing too well, and I am concerned about being able to get a job in industry versus getting a postdoc. While I don't have that much student loan debt, I also have a car loan $17k and I am worried about being able to pay off my debt as quickly as possible in a postdoc since I will be moving somewhere much more expensive to live. I have also been looking at starting salaries for industry positions and I am concerned because they are lower than I anticipated with a $60k starting salary. I am not sure I can pay off my debt as quickly as I want to with a postdoc and even with some of the industry positions available. I have been following Dave Ramsey's debt repayment method and his advice is always to get a higher paying job. I have been financially stressed for so long and I am tired of living paycheck to paycheck. Additionally, I am worried my degree has no value and I've wasted a huge chunk of my life. Should I apply to every job and just hope I get the highest paying one even if it doesn't require a PhD? Is it career suicide to do a postdoc? Is it possible to repay my debt quickly with a postdoc? [link] [comments]  |
| Posted: 24 Jun 2020 11:32 AM PDT Hello, In 2019 I had a wage garnishment notice. I paid off the amount 2 weeks before the garnishment date, however my next two checks (weekly pays) after the date both had garnishments. I got refunded for one, but not the second. Now, it's only $52 bucks but it's mine. I've called and called and called. Debt collection company said they couldn't help. My old employer apologized, but did send a copy of the check. The number I call (myeddebt) is 90 mins minimum to speak to who I need to. Apparently the dept I need doesn't have a direct number. They always say it's not there and will research it, call back in 4-6 weeks. Did this twice, nothing. Reps supervisor asked for a copy of the check. Which can only be mailed, they have no email or fax. Cannot be overnighted with delivery confirmation, he says. I've sent it 3 times, waited their 8 weeks and nothing. Is there anything I'm able to do here? I'm in Ohio, far as I can tell there isn't some board I can complain to. It's been since January 2019 and at this point with the time I've put in, it's almost pointless. Thanks anyone who reads it. [link] [comments]  |
| Posted: 24 Jun 2020 08:10 AM PDT Hi, so just a little background. I am 22 and just graduated college last month. I currently have around $12k saved between investments, 401k and a high yield savings account. I was also lucky enough to get a job right after graduating and am making $55k/yr in NJ. I currently have four separate federal student loans which are obviously not charging any interest now. I paid off the interest on one of my loans and the loan details are as follows: Loan 1: Principal : $5,500 Interest: $682 Rate: 3.76% Loan 2: Principal: $6,500 Interest: $665 Rate: 4.45% Loan 3: (paid off interest and some of principal) Principal: $7,440 Interest: $0 Rate: 5.05% Loan 4: Principal: $7,500 Interest: $100 Rate: 4.53% So, I have a decent amount of money saved already and was wondering everyone's thoughts on my approach to paying these loans back. I love investing and feel better when my money is being invested rather than put into a loan (psychological thing for me) even though in the long run I can be saving more by paying off these loans. I already paid the interest on my highest interest loan. I have my grace period until November, so do you guys recommend paying off the interest on the rest of the loans and roll back on my savings? Would appreciate any guidance or advice that you guys can give. Thanks! [link] [comments]  |
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