One down, Seven to go! Student Loans |
- One down, Seven to go!
- Student loan anxiety
- Recent grad in need of debt assistance & advice.
- How likely is it for forbearance to be extended
- I know they say Great Lakes has corrected issue but I haven't seen change on my end? Maybe bad luck?
- Already 50,000 in student debt and I’m only a junior
- Question about Unbury.me
- Is it worth it for my wife and I to use the money we're setting aside for our CARES Act eligible loans to pay off our highest interest but lowest balance loans?
- SoFi written statement?
- Is anyone trying to take advantage of the 0% interest with NAVIENT?
- Recently graduated, Confused what to do now
- Buy a house or work on paying student loans???
- Question about the basics of student loans
- Feeling pretty overwhelmed. Not sure if I should consolidate or not.
- When do Great Lakes loans come out of forbearance?
- when should I apply for student loans
- Is taking advantage of deferment worth it?
- 401k Loan to Payoff Student Loan- Thoughts?
- Loans help in understanding
- College sophomore unsure of how to start with taking loans out
- *DENIED* After years awaiting a borrowers defense claim for loan forgiveness from ITT loans
- Do I need to apply for a loan to see what my interest rate will be?
- Teacher Loan Forgiveness Question
- Best course of action?
| Posted: 10 Jun 2020 08:11 PM PDT As the title says, I've paid off one of my student loans! Granted it was the smallest one, but it feels really great to have one completely paid off. I've been lucky to be able to take advantage of 0% interest right now and hope to keep that up with the others. Gotta keep up the grind to finish the rest! [link] [comments]  |
| Posted: 10 Jun 2020 09:23 AM PDT While aggressively dealing with my student loans I've come to realize how anxious I am as a person. As it stands, I am about a month and a half away from paying off my remaining balance if I continue to live off of rice and beans. That being said, I ffffing hate rice and beans. It's been such a long road to get to where I am now and I am so, so tired. I feel drained of all energy and my happiness is being affected by it. I am not eating enough and I am not being physically active enough. I find it socially inappropriate to talk about personal finances with my friends so when I interact with them I feel like I am seen as not having done anything for the last year. Many of them come from obscenely wealthy families so they wouldn't understand anyways. I've given up everything for the last 13 months to get to where I am now and I honestly don't think I can handle the next 45 days. For the last couple weeks I've been trying to rationalize spreading my payments over the next 4 paychecks instead of the next 2 but I know I can't justify spending money on recreation while owing anything to anyone else. I'm starting to think I have OCD lol. I feel like I'm stuck between a rock and a hard place. I know this sounds nonsensical because I'm so close to the finish line, but the days are going by so slowly as I approach it. I feel like it will never come. [link] [comments]  |
| Recent grad in need of debt assistance & advice. Posted: 10 Jun 2020 06:15 PM PDT Desperate need of debt assistance. Hello All, I come here seeking advice and strategies to tackle my school loan debt. I feel so stagnant and lost. I come from a very poor family where I am a first-generation college student. I don't have family to live with- everyone has moved or passed away. (No parents/grandparents/siblings) I was not really taught about loans but just knowing I needed them to go to school then get a good job to pay them back. In hindsight, I wish I would have worked a lot more to offset the cost of taking out so much. But que sera, sera. I am trying my best to tackle them now. Fast forward, I graduated with my doctorate degree in physical therapy of December 2019. I am no longer a student but I do not have steady work either. I have not been able to secure a job yet due to the pandemic and test centers closing. Figuring out whether to keep Ubering to have money to live on or...to stay home and study for a licensure test I can't even afford to sit for because I don't want my credit cards to not be paid has been a constant struggle. (Credit score poor to fair) -1bedroom apartment with utilities (800all in/month)-no internet or cable. -Own my car- no car payments. -A few credit cards to pay off ($8k total) debt to income ratio=close to 90% (had to use for school expenses) -Phone/gas/car insurance/food/phone bill~$400/month I budget and skimp as much as I can(rice and beans)- I don't go out to eat. Make everything at home. Attached are what I have accumulated in loans from undergraduate and graduate school: Basically- there is a mix of federal loans and private Private loans: $49,863 @ 8.375% and $29,882 @ 8.375 Fed loans: varying rates and amounts: https://imgur.com/a/aFLgEac A) The best type of strategy to take and a timeline of what to expect? I have heard different aspects of loan forgiveness. B) I know I have to work on my credit score to get better refinancing rates going forward. My only income at the moment is ubering/donating plasma. Any way to boost that score more quickly? C) any other strategies to help my financial situation while having the degree knowledge that I do? D) What do you think is the best thing to set myself up to not only have a respectable credit score but manageable school loan debt? I need to have a long term solution that I can stick to since I'm fairly new out of school. I need to start correctly and not have to double back. I believe I am able to help people but feel like I can't if I'm so stressed into what I have going on. I got into this field with a passion to be genuinely grateful for the opportunity of helping people but I feel defeated every time I login into that loan screen for trying to do the right and responsible thing. I apologize for the long post and any help would be appreciated. Thank you all for always helping the people who come here in need because it goes a long way. [link] [comments]  |
| How likely is it for forbearance to be extended Posted: 10 Jun 2020 09:24 PM PDT How likely do you think it would be for the government to extend loan forbearance? It's extremely unlikely most people with student loans will be able to comfortably start paying again at the end of September, it's easy to see a lot of loans going into default and it not helping the economic recovery we need from this. [link] [comments]  |
| I know they say Great Lakes has corrected issue but I haven't seen change on my end? Maybe bad luck? Posted: 10 Jun 2020 06:41 AM PDT On May 9 I got a notification from CK that my score had increased 64 points due to a "remark added by Great Lakes" then on May 24 my score dropped 63 points due to remark being "removed from account". Has this happened to anyone else? Could it be that I was one of the unlucky ones that saw a "false" bump at first not knowing that the it will drop back and stay? [link] [comments]  |
| Already 50,000 in student debt and I’m only a junior Posted: 11 Jun 2020 02:13 AM PDT I'm already stressing about this. I'm worried that I won't be able to pay this with any job I get. Any advice? [link] [comments]  |
| Posted: 10 Jun 2020 05:55 PM PDT Hey all, I just had a quick question concerning inputting data into unbury.me. When inputting the data in and it asks for the principal remaining is that the (Original Balance + Unpaid Interest)? Here is an example, I took out a loan for $5,500.00, and currently it has $372.95 Unpaid Interest. Would that mean the principal remaining are those two numbers added together? Thanks, [link] [comments]  |
| Posted: 10 Jun 2020 01:11 PM PDT Federal Loan 1: $33,745.68 @ 5.375% Federal Loan 2: $35,566.83 @ 4.15% avg Parent Plus Loan (I've agreed to pay this, I know I'm not obligated to): $47,817.08 @ 7.65% Private Loan 1: $27,190.91 @ 4.957% Private Loan 2: $1,488.34 @ 12.875% Private Loan 3: $1,486.68 @ 8.265% We're setting aside the money we would have been paying towards Fed loan 1+2, and the Parent Plus loan. We were planning on making a lump sum payment before the CARES Act expires. But then we realized that the amount we'd set aside, we would have enough to pay off Private Loan 2+3. The minimum payment is only $50 for each of those two loans. We figured getting those over and done with would free up some monthly cash. I'm curious to hear what you all think about this. [link] [comments]  |
| Posted: 10 Jun 2020 05:29 PM PDT I am currently trying to refinance my student loans. One of the companies that I am trying to go through is SoFi. Part of the application is a written statement that explains all income sources to make up wages. Has anyone else had to do this? If so what did you include in the statement? I am assuming it doesn't have to be a novel but I don't know what they want me to write other than "I work as an RN at XYZ and I make X amount of dollars every two weeks." Any help appreciated! [link] [comments]  |
| Is anyone trying to take advantage of the 0% interest with NAVIENT? Posted: 10 Jun 2020 03:53 PM PDT I am having trouble finding the pre COVID interest rates to pay down the highest rate first. Anyone know where to find these? [link] [comments]  |
| Recently graduated, Confused what to do now Posted: 10 Jun 2020 10:23 AM PDT Hello Brokepeoplelikemyself, I just recently graduated college and have realized it's time to take over my finances. I have more or less neglected it over the past four years and have not realized how far down I really was. My parents handled my student loans and they have stacked up relatively high. I now have $46,000 worth of SallieMae loans at around 10% interest rate (wtf). I also have around 30,000 on Fed Loans at 0-3.6%. I have a good base in my bank account (approx. $20,000) and have accepted a job starting in September making $53,000. I will have to live on my own however and pay for everything from rent to utilities, etc.. Should I take everything I have in my bank account and throw it towards my loans with higher interest rates? Or should I continue to grow my bank account, wait a couple more months then begin to pay off my student loans while I have a salary? What are the some of the first steps I need to take? Thank you. NeverHadACowboyHat [link] [comments]  |
| Buy a house or work on paying student loans??? Posted: 10 Jun 2020 10:35 PM PDT For as long as I have imagined buying a house has been my first priority and goal in life. However, as this once distant goal is so close within reach I am wondering if I should put it off due to my student loans. I still have a little bit of time to decide what I want to do. I've recently graduated with my master's degree and I'm currently working 20 hours a week at a pretty low wage. Now that I have my masters I can get a higher paying job. So I'm thinking I would be ready to buy a house after 3 months of employment with the new job. I'm looking to buy a two family home that way I can supplement my income with rental income from one of the properties. However I have $60,000 in student loans. The conventional repayment has the payments at about $600. However I would most likely go with an income-based repayment plan which would probably be around 200 to $300 a month. Currently I I don't have many bills. This would change if I bought a house. I could work full-time on just paying down my student loans. I'm trying to figure out what I should consider and carry the heaviest amount of weight when making this decision. I'm also keeping in mind that all my student loans are at 0% interest currently due to covid. [link] [comments]  |
| Question about the basics of student loans Posted: 10 Jun 2020 09:35 PM PDT After scholarships and federal loans, I still need around 7,000 USD to pay for college per year. Can anyone guide me through the basics? Such as what's better, a fixed or variable rate, are there specifically any good places to apply for one, etc. [link] [comments]  |
| Feeling pretty overwhelmed. Not sure if I should consolidate or not. Posted: 10 Jun 2020 10:59 AM PDT Hi everyone! I am currently looking at consolidation options for my loans, and am feeling pretty overwhelmed. Is the general consensus here that I should go for PAYE? I appear to qualify and would be paying less total than a 10 year plan. If anyone here is interested, I would really appreciate hopping on the phone with someone whose more experienced in this field. Thanks! [link] [comments]  |
| When do Great Lakes loans come out of forbearance? Posted: 10 Jun 2020 01:56 PM PDT Am I missing something? I have a mix of Stafford loans currently serviced through Nelnet and Parent Plus loans currently serviced through Great Lakes. All of Nelnet loans say they are coming out of forbearance 9/30/20, first payment due 10/08/20. Great Lakes says they are coming out of forbearance 11/20. Anyone know why that might be? I didn't put anything into forbearance myself, this is all just based off of the automatic forbearance the CARES act put in place. Shouldn't they both be coming off at the same time? [link] [comments]  |
| when should I apply for student loans Posted: 10 Jun 2020 09:06 PM PDT I'm going to college in the fall but I don't know
I would appreciate any advice [link] [comments]  |
| Is taking advantage of deferment worth it? Posted: 10 Jun 2020 08:59 PM PDT Hello another new grad here trying to make sense of the best path forward. I recently graduated with my Pharm.D. which is exciting except it took me a while to get there and in the process i accumulated 200k in debt, about 100,000 in private and 100,000 in federal. My interest rates are mostly acceptable with the vast majority being below 5% aside from a few that is 6.5%, 6.7% and one higher balance at 7.99% (which just kills me). I will be starting a residency in a few weeks where the pay is more or less survivable but I will be living at home and while my parents arent able to help with my schooling they are willing to help me with just about everything else other than car insurance and phone. With that said i figured out that i can pay my monthly minimum that will be due in November which will be about $1,800 a month, however, it would leave me with little "back up money." I am ready and willing for the rice and beans movement as i want to get ahead of these as early as i can but also do not want to screw myself in the process. I am also eligible to defer my loans for the year since i will be in my residency and all my loans recognize this as a justifiable reason. My thought was that if i defer my loans my subsidized government loans wont accrue interest for the year and while the others would i can make interest only payments towards the lower interest loans and make higher payments towards the higher interest loans to bring down the principle. I can not see any downside to this as i would be making payments on the interest so nothing would capitalize at the end of the deferment but i do not want to pretend i know much about finance, just a lot of google and youtube, wondering if anyone had any insight on this and what they would do. Just too summarize i am in 200K debt and will be making 40K during a year long residency. My monthly minimums across all my loans is $1800 and i am wondering if its worth defering my loans, paying interest on all of the but targeting the higher interest ones more so. Sorry if this does not make any sense either. [link] [comments]  |
| 401k Loan to Payoff Student Loan- Thoughts? Posted: 10 Jun 2020 05:07 PM PDT Wanting to gather this groups thoughts/feedback on an idea. I am considering pulling a loan out for my 401k to payback my student loans. I owe $38,500 on student loan. It was refinanced with AES at a 4.25% interest rate. Right now it is about $4.57 I pay in interest per day. I have $56k in 401k available. My thoughts are that I would rather owe myself money, then pay interest to a company. [link] [comments]  |
| Posted: 10 Jun 2020 04:57 PM PDT Hi so im new to this loans thing and need help. So my tuition final amount is 10,000. I have federal sub and unsub direct loans of 5500 and 2000 respectively. So i want to borrow the 5500 dollars which is sub. I want to pay back this loan before I graduate in 2 years (im gonna be a junior) My question is how? What is the fastest way of doing it? Correct me if I am wrong but this is what I understood so far- sub is interest free until 6 months after I graduate as the government pays for it. Therefore, the amount that I should pay back is 5500 plus fees but no interest added on top, assuming that I can pay back before graduating. I want to pay back the 5500 dollars as soon as possible. Is it possibe to pay that in one sitting, like within or less than one year. What options can I take for the fastest and least expensive way? If I am wrong in my assumption of my understanding, please correct me and advice me on what to do. Thanks! [link] [comments]  |
| College sophomore unsure of how to start with taking loans out Posted: 10 Jun 2020 10:48 AM PDT So I go to a private institution, and I've done everything in my power to keep my spending as low as possible (commuting, FAFSA, scholarships, etc...) Thankfully I didn't have to take out any loans last year, owing about $12,000 for two semesters. That said, my mother and I were scraping by with pennies. I can't have that happen again this year because I doubt I'll be able to even continue attending school. This year I'm getting about $40,000 in financial aid. This includes two federal loans totaling at $6,500. The problem is that I'm still going to owe about $6,000 out of pocket. Am I even able to take out a private loan that small? (unsure if tuition will go up due to everything that's been going on this year) I've done the math and if I do this for the next three years I'll only owe about $37,000 before interest which is great considering the average amount of student debt at my school is upwards of $150,000 per student. I need help on where to even begin with private loans though. I don't have a credit score I was thinking about getting a gas card or something to start that. In addition, I don't know what company to take a loan from or if I can even get such a small sum. Not to mention looking for the lowest interest rate. Any help is appreciated [link] [comments]  |
| *DENIED* After years awaiting a borrowers defense claim for loan forgiveness from ITT loans Posted: 10 Jun 2020 10:29 AM PDT Today I received an Denial email for my ITT borrowers Defense Loan Forgiveness, that was filed years ago! FRAUD they were shut down for! From fixing my entrance exams to passing to fulfill enrollment numbers to lying about federally recognized job numbers and wages to open book final exams to keeping all excess grant/loan money and the government has the nerve to state the reason for dismissal of my claim is due to failure to state a legal claim and lack of evidence" , you can't prove shit that comes out of their mouth or the charts they showed you that were quote un quote federally recognized statistics or the fact they gave open book final exams due to lack of time to have taught the required curriculum! My brother in-law was an instructor there from the day they opened the location I attended and by the time they had closed their doors he was DEAN and well aware of everything Myself and everyone else is claiming! They preyed on those looking to better their lives and did everything in their power to profit off of those vulnerable unsuspecting people!!! I asked for reconsideration and doubt that will go anywhere told my brother in-law he'll be testifying to the truth when I get a lawyer ! 😂 Wednesday 🤬Rant 👋🏼 [link] [comments]  |
| Do I need to apply for a loan to see what my interest rate will be? Posted: 10 Jun 2020 02:12 PM PDT I'm talking about private loans. I know they're trash, but they're really the only option I have left. I started filling out an application for discover but I don't want to have to commit to anything. If I finish this application, will I be committing to anything or will I be able to just leave it if it doesn't meet my standards? [link] [comments]  |
| Teacher Loan Forgiveness Question Posted: 10 Jun 2020 02:50 PM PDT Hey everyone!! I just had a question about TLF. I was wondering if anyone had applied after working at a Title 1 Charter School and got approved for TLF. I've been hearing mixed things about charter schools not being included. For context, I'm at a charter network in NYC and my school has been on the teacher cancellation low income schools directory (TCLI). TIA! [link] [comments]  |
| Posted: 10 Jun 2020 09:56 AM PDT First, I understand that I may be in a better position than some folks, so I am extremely grateful and appreciative and do not take anything for granted, especially in the times we're in! Trying to figure out whether I should get rid of 75% of my loans now and liquidate majority of my brokerage account, or continue on the path I have being going slowly chipping away while still building net-worth, savings, investments, etc. I am 24. I have noticed that the amount of debt, while very manageable for my situation, is starting to take a toll on my mental health, living at home etc., so not sure what the smart move here is. Looking for some advice. Brief details on my situation: I have three private loans totaling $96K+, weighted average interest rate is 6.04%, I overpay every month, I pay $1300/mo. Loan 1: $35,532 at 6.62% variable rate Loan 2: $38,443 at 5.24% variable rate Loan 3: $22,648 at 6.49% variable rate I was thinking of killing the highest interest rate loan (Loan 1), using some savings to kill Loan 3, then refinancing Loan 2 to even lower rate after. Salary: $72k 401K/company match: 50% of the first 4%, currently at $31k, 80% of the way to being vested. I contribute 16%, 8% to 401K and 8% to Roth (all through Fidelity). Brokerage Acct: $46K Savings: $12K Equity: I have $20K worth of equity in a company that two of my best friends and myself built from scratch that we are working on outside of work. Currently, it generates about ~$300/mo profit for myself, though I have not taken a distribution yet and don't plan to for a while, and is growing extremely slowly. Living at home with parents; no rent What should I do? I appreciate your feedback. [link] [comments]  |
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