It's depressing to see so much of my paycheck go to student loan debt. Anyone else feel sad when making that payment? Student Loans |
- It's depressing to see so much of my paycheck go to student loan debt. Anyone else feel sad when making that payment?
- An explanation of Next Gen
- MA judge orders devos to forgive loans for 7200 Corinthian borrowers
- Question about payments
- What Loan Repayment Plan Did You Choose?
- Should i pay down our student loans ASAP?
- Anyone who has used student loans to pay for grad school... help!
- Yeah, this seems like it will go well.... /s
- Do I have to apply for a private loan every year?
- Can you go over your aggregate Stafford loan limits as a 5th year?
- When’s the right time to refinance?
- Student loan timing?
- Should I go with 2.53% variable or 4.74% fixed?
- Husbands refund taken, followed steps, Dpt refuses to give it back
- Another post seeking loan advice: amount, public vs private
- How do I get my incorrect information in NSLDS corrected?
- Require help and advice for international student loans.
- What is the best way to pay extra on your student loan bills?
- Question About Loan Forgiveness (College Access Loan)
- How do I proceed with handling loans?
- Loan Servicing Changing December
- Student loan vs. car loan
- Will 20/25 year forgiveness be as unreliable as PSLF
| Posted: 26 Jun 2020 12:00 PM PDT I just made an additional, separate $1000 payment from my paycheck to pay down the remaining $63K. The amount that I owe is still large and it's sad to see so much of my hard- earned money each month that I can't keep. Yes I know going to grad school was my decision so it's my fault and I regret this often as it was a waste of my time and money. [link] [comments]  |
| Posted: 26 Jun 2020 06:25 AM PDT The press release yesterday caused some angst and generated some questions so i thought it might be a good idea to give some clarification. One of the biggest complaints over the years from borrowers has been not knowing who held their loans or having to deal with multiple servicers or servicers changing. Such confusion can and does lead to default in some cases. The ED has done a pretty decent job over recent years trying to ensure borrowers have all of their federal loans in one place but the issue still remains. The other issue that is more behind the scenes is that all the servicer platforms are different. Most are home gown and have been around for decades. They don't always talk to each other well which can cause issues when loans change servicers (which is a big reason why there's a payment count issue with PSLF) and it has led to different servicers having different rules operationally. To fix these issues the ED developed this NextGen project. The point isn't to have one servicer - having a single servicer for 44 million student loan accounts would be a nightmare and fraught with peril. We've seen that before when a single servicer managed all the Direct Loan accounts. The point is to make the borrower experience better by having a single website, single phone number and single platform. So yes, there will still be multiple servicers - but you won't see that. What you should see is a one stop website for every Direct Loan borrower (those with commercially held FFEL and Perkins aren't included in this) and a single phone number for every DL borrower. Remember when the CARES Act passed and everyone was trying to figure out based on how their servicer displayed their info whether they had loans eligible for the waivers or not? That won't happen under NextGen because the single platform means everyone's loans are displayed the same way. Remember how some servicers allow you to designate extra payments to specific loans online but some don't? That won't happen anymore either due to the single platform But behind the scenes when you call it could be someone from Mohela that answers, or from edfinancial or one of the other chosen ones. You won't know and it, hypothetically, won't matter. As far as PSLF goes, it's unclear if fedloans will keep that processing. The rules for PSLF aren't changing so whether they do or not shouldn't matter As far as timing - sure - it could happen by the end of the year as stated in the press release - but when have you ever known a system change to be on time? As far as players - Nelnet has a dispute out there for being denied the contract - so that could also delay things and it could change the final players involved. Should you be worried by this transition? Probably not. But it never hurts to keep copies of your important documents. It just makes good sense when you are dealing with important financial matters. Will there be glitches along the way? Maybe - this will be an enormous change to 44 million accounts. I recommend planning to have patience. If things really go south I'll be here to help as much as I can. In short - this NextGen thing should be a big improvement for the borrower experience and should help everyone have an easier time successfully managing their loans. [link] [comments]  |
| MA judge orders devos to forgive loans for 7200 Corinthian borrowers Posted: 26 Jun 2020 05:07 PM PDT Great way to end the week. I know the attorney mentioned in the article and she's been a fierce advocate for student loan borrowers for many years. Another fun fact..someone from AG Healy s office was one of the negotiators with me in the 2016 negotiated rulemaking session for borrower defense. https://www.commondreams.org/news/2020/06/26/huge-win-court-orders-devos-cancel-loans-mass-students-defrauded-corinthian-colleges [link] [comments]  |
| Posted: 27 Jun 2020 12:31 AM PDT Hey guy! So I'm currently in school and due to some very poor and not well thought out decisions, I now have 2 big student loans through Sallie Mae. When I graduate I have six months before my payment start. My question for you guys is if I graduate with my bachelors degree and start looking for a job in my field but also go back to school for a different bachelors degree well I still have to make my payments or will they be postponed until I graduate again? I want to actually graduate so that way I have my degree but then go back to work on another one as well. [link] [comments]  |
| What Loan Repayment Plan Did You Choose? Posted: 27 Jun 2020 12:26 AM PDT I just graduated from school and I'm still working at my part time job while I'm looking for a full time job. My personal student loan debt isn't that much, but I will also be paying the PLUS loans that my parents took out for me, which is about 2.5 times larger than mines. I'm not sure if I should do an income based plan or the 10 year plan. The income plan allows me a lot of leeway in case I'm not able to find a full time job especially considering everything happening in the world right now, but I would still be able to pay extra if I ever wanted to. The 10 year repayment plan shouldn't be anymore than about $200 a month though which seems reasonable for me right now. How did you figure out which plan was right for you? [link] [comments]  |
| Should i pay down our student loans ASAP? Posted: 26 Jun 2020 10:44 PM PDT Hi everyone, thank you in advance. My SO and I have combined SL of around $48k @ 6% interest. We have graduated/soon to graduate and expected to have jobs with a combined income of around $250k in the coming months. Since we are moving to a new city where we except a much higher cost of living, we do not want to be burdened with a high student loan monthly payment. Should we try to pay down our loans as fast as we can, or just "ride it out", By "riding it out" I was expecting to have everything payed within 5 years at under $1000/month. Another option is refinancing? If we can get maybe a 3.5% interest rate, we could pay around 870/month and have it payed in 5 years as well. I do know our income is significantly higher than the loans, but just seeing if you think we should knock it out in maybe 3 years at around $1500/month, or 4 years at $1100 or take our time. Thank you. [link] [comments]  |
| Anyone who has used student loans to pay for grad school... help! Posted: 26 Jun 2020 04:00 PM PDT I'm going to grad school in NYC in the fall. I qualified for the max federal unsubsidized student loans ($20.5k/year), and I am using it to pay my tuition. Luckily my tuition is really affordable, but I am confused. I am a new student, and I owe my fall semester tuition (~$13k). It says it's due mid-July. However, the loan funds aren't disbursed until August. Does this mean I have to pay out of pocket? Or do I not actually have to pay in July? I've been having trouble contacting financial aid, so I thought I'd reach out. Thanks guys! [link] [comments]  |
| Yeah, this seems like it will go well.... /s Posted: 26 Jun 2020 07:36 AM PDT "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/#62e9f7a5626b Does anyone else feel like there are going to be a whole bunch of problems with this? [link] [comments]  |
| Do I have to apply for a private loan every year? Posted: 26 Jun 2020 05:16 PM PDT I have two and a half years of college left and I need to get a private loan for 2 years or 4 semesters. Can I get a loan to cover the 4 semesters or am I forced to apply every year? [link] [comments]  |
| Can you go over your aggregate Stafford loan limits as a 5th year? Posted: 26 Jun 2020 04:56 PM PDT I'm entering my 5th and final year of college. My school's financial aid award says that I received some subsidized and I subsidized loans, but I have already gone over my aggregate limits. Is this a mistake, or does your aggregate limit increase if you stay in school another year? [link] [comments]  |
| When’s the right time to refinance? Posted: 26 Jun 2020 03:11 PM PDT Hello, I had 95K federal graduate student loan, and i have paid it off down to 83K so far. Making extra payment these days too, during whole covid situation. All in all, i now have 4 loans left (2 are paid off). My interest rate on avg is close to 6%. But i think i can bring it down if i were to refinance it with sofi or earnest. Also, i have this weird fear now, since, DoE are going to change our servicer, is there a chance they may screw up our loan numbers etc? Thank you [link] [comments]  |
| Posted: 26 Jun 2020 02:21 PM PDT Hi all. I'm starting grad school in the fall (mid August) and submitted my FAFSA a few days ago. I've never taken out student loans so I'm not exactly sure how they work. Will I get the funds in August? Does it go straight to me or to my school? I'm planning my loans covering living expenses- but how exactly does that work? I'd like to have my August rent and living expenses covered by these loans if possible but again I have zero idea how any of this works. Any information would be super helpful and appreciated. Thank you!! [link] [comments]  |
| Should I go with 2.53% variable or 4.74% fixed? Posted: 26 Jun 2020 10:13 AM PDT Hey guys, I'm sure you guys get questions like this all the time, but I appreciate any help insight. I'm currently trying to refinance 3 private loans totaling about 52k. I got approved for a loan for 10 years (my desired timeframe) for the two rates above. So which one do you think will be better over the long run? The monthly payments are $495 for the variable rate and $550 for the fixed. Now, I plan on paying more than my monthly payment (about $600/month) to pay off the loan faster, but what do you guys think will be more beneficial over the long run? I don't really know how variable rate loans work so if anyone has any insights that would really help. [link] [comments]  |
| Husbands refund taken, followed steps, Dpt refuses to give it back Posted: 26 Jun 2020 01:16 PM PDT In 2018, we filed taxes together for the first time. I dont work, and the Dept of Edu took my husbands refund! We filed the injured spouse claim thru the IRS, it was approved, and then the Dept of Edu took it AGAIN! They refuse to give it back and say it's an IRS issue. The IRS is saying the dept of edu is the problem. I've made 20+ calls about this and no one will help me!!! They keep pointing the finger at each other. This is bullshit! That money was my husband's, and with me not able to work, we need that money. Like, BAD. Were a family of 5 living off of one income and I have a very expensive procedure for my back which would let me go back to work, but we cant afford it unless they give me the money back! Not to mention I am in agony ALL THE TIME. It feels like a 3rd stage labor contraction in my back, except it never goes away! It's hard for anyone who isnt experiencing this to even understand. I've even contemplated suicide to get out of this pain. But then we found this procedure that could totally heal me, and I desperately need it done! I even had my loans dismissed due to disability, and they still wont give it back! We have no idea what to do! I hope to God someone here can help me!!! [link] [comments]  |
| Another post seeking loan advice: amount, public vs private Posted: 26 Jun 2020 12:01 PM PDT Ok, so I'll preface this by saying I spent the last decade working in finance, where I hated my life and am now doing something totally different which will require a 2 year grad program (not an MBA). It's pricy, but I've got a pretty good nest egg saved up. I've got the federal grad school loan options, but private loan offerings have come in so much cheaper given my historical income (2.7% rate with autopay on a 5yr loan for the full amount vs the 4.3% for Stafford and 5.3% for the PLUS, and also doesn't require an OID on the loan amount unlike federal options). Based on current swap rates, I'm leaning toward variable rate, but the fixed rate option is obviously slightly higher than the Stafford at ~4.5%. I've been out of the loan game for almost a decade since I paid off my debt in the first two years out of undergrad (soul crushing austerity measures were in place, basically a result of my terrible life in investment banking). My current inclination is to take the Stafford for protections and backfill with private for the gap, and pay small a portion in cash while maintaining liquidity to invest/in the event of something catastrophic happening to me or my family. Is that an insane choice? TL;DR: Is it crazy to forgo the protections on federal loans to go with a much cheaper private loan option? [link] [comments]  |
| How do I get my incorrect information in NSLDS corrected? Posted: 26 Jun 2020 08:14 AM PDT I graduated with a Masters Degree in 2014 and my student loans have been in repayment since. In March 2020 I took one online class for a certification from a for-profit online university. Today, FedLoan sent me a letter saying that my loans were in repayment and in a grace period due to my change in enrollment status. When I called FedLoan they said that my loans were associated with the online University, the grace period would stay, basically did not believe me or help me, and gave me a fax number to send a letter disputing, but could not tell me what to dispute....? This incorrect information has thrown my students loans from 2014 into a grace period that *i do not want*. How do I go about even getting this fixed? Thanks any and all for information. *sorry for cross-posting out of desperation* [link] [comments]  |
| Require help and advice for international student loans. Posted: 26 Jun 2020 10:41 AM PDT Hi there, I have gotten in touch with my school's student finance board which hasn't helped me. I have been provisionally accepted into school, awaiting funding. I am planning on taking out a private international student loan, and I do have a cosigner. However, due to me being based in the UK, I do not have a permanent US address. Is it fraudulent/against some other law to put down my cosigners address as my permanent address? Or is this acceptable given the circumstances? Of course when I do get to campus (whenever that is because of COVID) I would update it to my dorm address. Thank you in advance! [link] [comments]  |
| What is the best way to pay extra on your student loan bills? Posted: 26 Jun 2020 06:19 AM PDT For example: If I have an extra $300 a month to put towards my student loans, is it better to pay that $300 a month on the same day as my automatic payment? Or is it better to pay it on a day in between automatic payments? Which makes the most mathematical sense? For sake of the example, assume I have 50,000 in debt at a 4% interest rate. [link] [comments]  |
| Question About Loan Forgiveness (College Access Loan) Posted: 26 Jun 2020 10:01 AM PDT Maybe a dumb question but I was curious if theoretical loan forgiveness being proposed would include more than just federal loans? I have loans under the College Access Loans program in Texas that I took out when I was younger and kind of forced into it without being able to do my own research before hand and now I'm just wondering if student loan relief ever came, would I be out of luck because I took money through HHloans and not the federal program? [link] [comments]  |
| How do I proceed with handling loans? Posted: 26 Jun 2020 09:30 AM PDT Long time lurker, first time poster. Lots of information to cover: I have 2 degrees, bachelor's and master's and approximately $120,000 in loans. I have not worked since 2016 (SAHM) due to being the full time caregiver to my special needs child. I estimate I will be able to return to work in approximately 1-1.5 years (non negotiable at this point). We are expecting a second child, so family of 4, income is approximately $90,000/year. I have been in IDR for 2 years with $0 due. Just recertified and found that payments are looking to be about $500/month on IDR, which will really stretch our monthly budget. We could comfortably afford $300. Our only debts are mortgage, one car loan (which we are planning to pay off in the next couple of months), and a small amount of consumer debt (less than $3000). Our income, while sufficient, does not come out to equal amounts every month. A large chunk (25%) of the considered income comes in the form of a yearly bonus, so our monthly income is sufficient for our daily living but does not afford much wiggle room. We also have medical costs to consider. Questions: I am considering consolidating my loans with the goal of reducing my monthly payment. My concern is that I have 2 $20,000 loans taken out in the early 00s that are locked in at a 2% interest rate (2% and change, but I can't find the exact number). The rest of my loans are more of a standard 6-7% interest rate. Should I include the low interest loans in consolidation? Would I have to consolidate these loans? How is the interest rate calculated for consolidation? How is the current economic climate affecting interest rates? Is it better to consolidate now due to lower rates, or is this just a blip? And can I still qualify for IDR if I consolidate my loans? I've read and researched, but honestly finance is not my strong suit. Ultimately the plan is to return to work in 1-1.5 years, live off of 1 income and pay off the loan/s with my earnings as fast as possible, but that is not our current situation. I'm looking for the best way to minimize my payment for the next 12-18 months until I can return to work. Thank you! [link] [comments]  |
| Loan Servicing Changing December Posted: 26 Jun 2020 08:50 AM PDT According to Forbes, servicing will be changing at the end of the year. So what are you thoughts on this? [link] [comments]  |
| Posted: 26 Jun 2020 08:37 AM PDT If you have extra money to put toward a loan which one are you attacking? My car loan is 3.59% and my SL (private loan) is 4.18% (so very little difference) but the monthly payments are 310 vs 685 respectively. They are estimated to have a payoff date in the same calendar year of 2025. Student loan projected Feb '25 but I have knocked a couple months off of this and the car is November. Do you attack the SL since the interest rate and monthly payment is higher or do you attack the car loan to build equity (even if it is a depreciating asset)? It is a 4runner which is known to hold value very well. [link] [comments]  |
| Will 20/25 year forgiveness be as unreliable as PSLF Posted: 26 Jun 2020 08:30 AM PDT Seeing how many people were disqualified for PSLF makes me worried about 20/25 year forgiveness. I did the math and I actually pay less in the long run by doing IBR/20 year forgiveness with a tax bomb at the end. However, I'm worried that after 20 years it ends up not being forgiven seeing as my loan balance will actually be higher at that point. I was reading how the majority of people have been rejected for PSLF. IBR and forgives seems a bit more straight forward without so many requirements, so hopefully there won't be as many rejections? Thoughts? [link] [comments]  |
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