Huge changes coming to student loan servicing Student Loans |
- Huge changes coming to student loan servicing
- Does anybody feel stagnant even though they’re making progress
- Should I consolidate my student loans?
- My gf's parents won't co-sign for her student loans and we have no idea on what to do!
- Is graduate school worth the loans?
- Frustrated with PSLF.
- Collection Account Practices
- Does anyone know the appeal date for Rosenberg v. ECMC?
- Perkins loan in default, 22 years later a collection agency called
- Private student loans with good credit but no cosigner
- Is $100k in graduate loans worth it? Is public service loan forgiveness a viable option?
- How do I find out my monthly estimated payment per group? (Nelnet)
- Credit score dropped over 100 points
- 0% interest tuition options
- Help--Different types of Direct Loan Consolidation Plans?
- Is $6000 at 7-8% each semester worth consolidate/refinance?
- Consolidating Federal Loans
- Loan Monthly Payment Advice
- I have to take out private student loans. Which provider is the least predatory?
- Should I refinance again after only 3 months?
| Huge changes coming to student loan servicing Posted: 25 Jun 2020 04:33 PM PDT Forbes: Huge Changes Are Coming To Student Loan Servicing. https://www.forbes.com/sites/adamminsky/2020/06/25/huge-changes-are-coming-to-student-loan-servicing/ Looks like Great Lakes and Navient are out of the student loan servicer game come December. [link] [comments]  |
| Does anybody feel stagnant even though they’re making progress Posted: 25 Jun 2020 07:50 PM PDT Been on this journey since November 2018. I graduated in May of that year with 98k of student loans, private and federal. It took me a few months to find a job, move (school was in a rural town, job needs to be in a city), and getting a solid emergency fund (I probably had 2k to my name when I graduated school!) Since Nov 2018, I have gotten my debt down to 72k and I only owe my Direct Subsidized and Unsubsidized loans. I should be completely debt free ( I also have a small car loan) by October 2023, and that's assuming I don't put my work bonuses or raises towards my loans, which I typically do! I mean, 98 down to 72 is pretty good progress. But I still feel so stagnant. I think what makes it worse is my partner is debt free (didn't go to college) and has a large investment fund and plans to be financially independent by age 40. I feel like I can't even do investments or anything because of this debt! Is anybody else on their debt free journey and feeling like this? [link] [comments]  |
| Should I consolidate my student loans? Posted: 25 Jun 2020 08:07 AM PDT Hi everyone, I'm looking at about 90,000 in debt between undergrad and grad school through loans mostly through Sallie Mae. Most of my rates are between 9-10%, but now I make about 60,000 a year, is there anything I can do to lower my rates potentially by consolidating? [link] [comments]  |
| My gf's parents won't co-sign for her student loans and we have no idea on what to do! Posted: 25 Jun 2020 09:21 PM PDT My girlfriend is trying to go to a local trade school in a bigger city and is really having a rough time finding a way to pay. To give an idea, the college is $20,700. She applied with fasfa but they only approved her for $12k. That leaves her to find a way to pay for the $8,700 also cost of living to substitute the work she will be loosing while going to school. Her parents won't co-sign for the loans which Is understandable but that leaves her with very little options. The school is a very big beauty institute and requires tuition up front. Her class is set to start July 21st. We are currently trying to find scholarships and Grant's to help with no avail. I was really really hoping someone here has some insight on what to do or where to go. Pleaseeee send help <3 [link] [comments]  |
| Is graduate school worth the loans? Posted: 25 Jun 2020 11:41 PM PDT I'm not sure if this post is allowed so if not please remove. I currently have about 10k in federal student loans (no other debt), I am about to enter my junior year of college and looking at my finances for the upcoming year, I don't foresee myself having to take out anymore loans for this third year and hopefully my fourth year as well. I am pursuing a general science degree not in anything technical but I have conducted research in data science and am interested in pursuing a masters either in statistics or epidemiology. I have been heavily considering attending graduate school abroad for many reasons since starting college, mainly financial, I don't need advice on that decision or even the process of obtaining a visa, learning a new language, Getting into school, etc. Unfortunately, I've received a lot of push back from my family and peers who think abroad for grad school is irresponsible even though I've found programs that would cost me less than 2k total (excluding cost of living and visa requirements/fees). Some programs I've researched in the states come with a hefty price tag that absolutely freaks me out. Sure there is funding, the ability to RA/TA, scholarships, etc. but none of those things seem like a 100% guaranteed. The degree just doesn't seem worth the price tag. For those of you that took out loans for graduate school, was it worth it in the end? Am I just being really naive about this whole situation? [link] [comments]  |
| Posted: 25 Jun 2020 07:38 PM PDT I have been with my government employer since May 2014. Got notice I had been with the employer officially for 5 years and now vested in the retirement program (first year was an internship). I graduated from a MPP program in May 2015. I requested an IDR plan and was approved and then my loans were transferred from great lakes to fed loan in December I think. I learned today that I was put into adminstrative forbearance for two months and since then have had an additional 8 forbearance periods. Each as a result of waiting for the IDR to clear or some other issue with my loans. I've never been unemployed and had no reason I would have not been able to pay my monthly payment. I'm frustrated because I called today to check on my PSLF progress. I have 35 qualifying payments. How on earth is that possible?!? I've been with my employer for 60 months, if I ignore the 6 month grace period and the the 10 month long forbearance periods, that should be 44 payments. I'm not sure how I wouldn't have had qualifying payments. I've been in autopsy and pay a week before they're due. The rep said she would have two of the forbearance periods reviewed. But I'm bothered. Each time I called to make sure all my payments were good for pslf to reps said yes. When I was in between IDR approval I continued to pay the due amount until it changed. What am I missing here? [link] [comments]  |
| Posted: 25 Jun 2020 11:23 PM PDT I defaulted on my private student loan. The account was closed and sent to a collection agency in 2018. My credit report shows a NEW INSTALLMENT loan opened by the agency in 2018 with remarks stating the account is in collection. Since there is a specific section on credit reports for collection accounts I would assume the account should be listed under this section. On my credit report, it now seems like I defaulted on TWO student loans which would negatively impact my credit score and ability to borrow. Does anyone know if this is standard practice? [link] [comments]  |
| Does anyone know the appeal date for Rosenberg v. ECMC? Posted: 25 Jun 2020 07:33 PM PDT This is going to be huge, just need a date to look forward too. [link] [comments]  |
| Perkins loan in default, 22 years later a collection agency called Posted: 25 Jun 2020 06:17 PM PDT Throwaway account... I received a call from FH Cann & Associates... they wanted to verify my identity, to which I said no as I had no idea who they were. Anyway, they claim that I have a Perkins loan of $4K that is now $12K. I dropped out of school 22 years ago and never paid back my loans. I screwed up my credit and it took me 10 years to get back on my feet. I pulled my credit report today and don't see anything in default and nothing about a loan. I know a collection agency won't just go away. What can I do to settle? I really can't afford to pay anything substantial as I'm currently out of work (independent contractor). Thanks for any advice or help. [link] [comments]  |
| Private student loans with good credit but no cosigner Posted: 25 Jun 2020 08:53 PM PDT I'm 19 and my credit score is ~750, but my parents refuse to co-sign any loans and I don't have anyone else to cosign . I already maxed out all my other loan/grant options, but I still basically have to pay sticker price for undergrad since my family's income is too high. Do I even have a chance of getting approved for any private loans? I'd need student loans for 2.5 years of school which is about $45k total even though I go to a public in-state school :/ [link] [comments]  |
| Is $100k in graduate loans worth it? Is public service loan forgiveness a viable option? Posted: 25 Jun 2020 11:32 AM PDT I am currently looking at a dual MSW/MPH program at a well-regarded private school, and am receiving a fair number of scholarships— so right now it is the cheapest this school will ever be (tuition discounts because of COVID). I appear to be looking at about $75k in tuition and and additional $20k in living expenses, and I'm just wondering if those of you who have similar debt feel that it's worth it/plausible to pay off. Almost anywhere I would want to work would be eligible for public service loan forgiveness, but I've heard they're kind of sketchy about actually forgiving people's loans. Pay as you earn seems like a decent option, but my (very serious) boyfriend has $150k in debt from law school and he no longer wants to be a lawyer, so I don't exactly want us to be crazy debt buddies. There are other programs that I could wait a year and apply to, that would put me in far far less debt, so this isn't the end-all-be-all of my grad education. I guess I'm asking— do you feel like your loans were worth it? Are they a source of constant stress or just a fact of life? Do you feel constrained to choosing certain jobs that will help you pay off your loans or feel like you can never take a vacation? I'm just not sure. Edit: I have a BA in Sociology and Anthropology. I have worked in youth development for the past couple of years and want to gain more training in that area, but don't want to pursue traditional teaching. I have very specific, well thought-out reasons for pursuing a dual degree, so I wasn't really looking for input on that. I also should have been clearer: Public service is my calling. I think PSLF is a good plan for me because I do not wish to work in any other capacity, at least not for the next 10 years. I'm not choosing that plan because it seems like an easy way to get rid of debt or something??? I plan to work exclusively in non-profit, schools, and want to focus on comprehensive health education and wellbeing for adolescents and youth— which is why I'm interested in the client-focused social work and the public health degree to round it out. Since you weirdos seem to assume I haven't thought this through. Literally only asking for advice about debt, preferably in the form of personal experience. [link] [comments]  |
| How do I find out my monthly estimated payment per group? (Nelnet) Posted: 25 Jun 2020 01:05 PM PDT Hey guys, I just graduated last month so will be starting to make payments towards my student loan debt in the next six months. I'm at around 34,000 in student loan debt, with 18,000 of those being federal loans. The other 16,000, are through private lenders, and will actually be paid off before I have to start making monthly payments on them in November (about halfway there already, with one of the two loans not accumulating any interest). When I open my Nelnet app on my phone, it shows that my estimated monthly payment will be $182 per month, but it doesn't break it down per group (7 loans, totaling the $18,000 balance). Does anyone know how I can see that? I plan on doing a standard repayment plan, attacking the debt with the Avalanche method. Once I figure out the estimated monthly payments, I'm going to use the bury.me tool to form a plan [link] [comments]  |
| Credit score dropped over 100 points Posted: 25 Jun 2020 03:00 PM PDT My credit dropped 110 points because my student loans had "remarks removed from account" according to Credit Karma. Is this in relation to the COVID/CARES act stuff? Most people had their credit effected over a month ago not last week [link] [comments]  |
| Posted: 25 Jun 2020 02:29 PM PDT I have a private loan from tuition option, before covid it was 12% interest and now it went down to 0% post covid just like my mohela. Anybody has tuition options and know when will 0% will end cause I want to pay it off snowball strategy lol [link] [comments]  |
| Help--Different types of Direct Loan Consolidation Plans? Posted: 25 Jun 2020 12:44 PM PDT Hello! I'm thinking about direct consolidating my loans. However, I may be going back to graduate school in the fall of next year, 2021. I also am thinking about refinancing my loans with So-Fi. Ultimately, I want to be able to pay as little as possible per month. There are a gazillion different types of loan consolidation, and I'm confused how to know which is the best for my situation. I owe around 60k, and currently have a job that makes $15/hr (yes, it's a depressing circumstance, I know). I was thinking about the REPAYE/PAYE option... but how does that affect my chances of refinancing later with SoFi if I want to do that? Thanks! [link] [comments]  |
| Is $6000 at 7-8% each semester worth consolidate/refinance? Posted: 25 Jun 2020 04:15 PM PDT We are taking out $6000 private loan for each semester for my husband, he should be done within 3 years in total, so 6-7 semesters, each loan is about 7-8% rate, all different lenders, is it worth trying to consolidate at the end and refinance it? This is what we are taking out so far, but last 2-3 semesters might be less if We both get a better paying job to pay for it [link] [comments]  |
| Posted: 25 Jun 2020 11:27 AM PDT I have $37,000 in a mixture of subsidized and unsubsidized federal Stafford loans all services with Nelnet. I have a total of 14 loans adding up to the amount stated. Does consolidating with nelnet help? I already make a payment monthly to them but I'm not sure how it's applied to my loans. They offer consolidation but I'm not sure what the real benefit is. It just seems like they'll average out my interest rates into one loan... but by consolidating I think I become ineligible for future relief in the future. Any input? Advice? Comments? [link] [comments]  |
| Posted: 25 Jun 2020 10:09 AM PDT Finally taking a serious look at getting this debt down! I have all federal loans and am able to pay more than the minimum required each month (yay) I have: When making payments towards this monster, it it correct that I want to start with the unpaid interest, then tackle the principal balance? It currently automatically putting the majority of my payments towards the unpaid interest anyways. If I'm on the right track, lovely! Thanks! [link] [comments]  |
| I have to take out private student loans. Which provider is the least predatory? Posted: 25 Jun 2020 01:10 PM PDT Federal loans barely cover anything so I'm gonna have to subsidize with private loans. Which company is generally more lenient and has lower interest rates? [link] [comments]  |
| Should I refinance again after only 3 months? Posted: 25 Jun 2020 09:12 AM PDT I refinanced a private loan for approx 21.5k with CommonBond back in March 2020. The rate with autopay reduction is 5.25% (down from originally 7.9%) and payment term is 10 years. I was shopping rates with credible and was offered a preliminary rate of 3.82% with a 5 yr term from Penfed. The amount is 20.5k and my payments would go from $230 to $380. I pay $400 currently so this is doable for me. Assuming I get officially approved, is there a downside to refinancing again after 3 months? I think my credit score will drop a bit but I'm not planning on applying for another loan anytime soon. Also, does anyone have experience with Penfed? Thank you! [link] [comments]  |
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