When Can I Buy a Home with Boyfriend? Student Loans |
- When Can I Buy a Home with Boyfriend?
- $100K student loan, paid off in 26 months
- Feelings on running down the clock on an IBR?
- Nelnet only showing half of loans
- Can I borrow the annual maximum amount of a Direct Unsubsidized loan for a partial year of school?
- Question about deference of undergrad loans into law school
- Lost and Need Help
- Question about Line of Credit Loan Issue
- Who Should I Choose to Refinance With?
- Is it possible to make college your full time job?
- How likely is student loan debt relief?
- Credit score tanking for missing my $0 a month
- Advice re: default federal loans in collections
- My EFC is too high but I already took the classes
- Options for paying for college
- REPAYE clarification
- Do I need a co-signer?
| When Can I Buy a Home with Boyfriend? Posted: 12 Jun 2020 06:25 PM PDT Hello! I am 23 and I graduated Dec 2019 with a bachelors in nursing and have been working as a nurse full time for 4 months now. I had to take out loans for both housing and tuition for 4.5 years of college with a total debt of $61,000 (both federal and private loans). Since I have started working I have gotten my debt down to $45,000 with a generous $5000 graduation present from my parents. Since I am paid hourly (factoring in nights/weekends/overtime) I typically make between $3,600-$4,000 a month after tax. I have been with my boyfriend for 8 years and we want to get engaged this year and get a home together; the only problem is my debt. He has a wealthier family and has no debt, no car payment & is savings all of his income right now. We both live at home in our parents basements; and it's getting really hard to watch all our friends move out/get engaged/etc; I feel like I am stuck in a rut because of my debt. Does anyone else feel extremely jealous watching their friends who don't have debt? My parents have always said I should live at home until all my debt is payed off (which is very generous of them, but I don't think I can wait that long). My question for you all is; what is your advice for me as to how much of the $45,000 I have left I should try to pay off before getting a house with my boyfriend? We both really want to buy one as opposed to renting or living in an apartment. My credit score is 680... would I even be able to get a home loan? My boyfriend has good credit; would it have to be under his name? I know he already has enough saved for a down payment, but I have nothing saved as I have been putting almost all my money to my debt...I would feel so guilty if he put the down payment down and I didn't contribute. Should I start saving for a down payment? I'm such an impatient person.. my brain says to suffer through another year living at home but my heart wants to be an adult and move out and get engaged Sorry just had to vent! Someone please give me advice *Edit* Living at home really isn't bad, my parents are great! Im just anxious to start a new chapter [link] [comments]  |
| $100K student loan, paid off in 26 months Posted: 12 Jun 2020 05:30 AM PDT International student here. I wanted to get an MBA in the US. Enrolled at Emory University's 2 year MBA program. With little to no savings of my own, I had to rely on loans to pay for tuition and living expenses during my two years in school in Atlanta. Thanks to some scholarship, I was able to keep my debt under $100K. (Check out the tuition and fees if you are unaware of MBA costs in the US). Now the good thing is that I got a high paying job out of school, and was determined to pay off loan quickly as possible. Some tips for anyone looking for tips on paying down an apparently insurmountable loan: There are just two ways you can kill it - get a Lower interest rate, or make extra payments (or both). You can rely on loan forgiveness etc, but I don't know what's the probability of that happening. I'd have gotten a lower interest rate loan if I could, but there's not many refinancing options for international students. A Few Tips:
There's no shortcut or silver bullet available, but good habits will make this process easy and the end result rewarding. I had set myself a target of 10 years initially after graduating, then reduced it to 7, then 5, and finally got tired of paying high interest and knocked it off in a little over two years. Be intentional and with the right strategy and discipline you can do it too. All the best. [link] [comments]  |
| Feelings on running down the clock on an IBR? Posted: 12 Jun 2020 01:13 PM PDT Hi, all, I wonder about collective feelings about running down the clock on Direct Unsubsidized loans currently in income-based repayment. I currently make ~27k self employed with 136k in student loan debt. I anticipate my income will increase, but even at its upper limit, we are talking about something between $40k and $60k. Here is my dilemma--if I don't rice-and-bean it, that ~27k is enough for me to make my IBR payments, fund my 401k, and save up the 25k necessary for the eventuality of taking ~100k as income in another 20 years, all while having a very comfortable quality of life (we already cook at home and rarely go out and commute primarily by bicycle/own cars outright). According to the Federal Student Aid calculator, doing it this way ultimately saves me about $75k in total payments, too. Is it not smarter to do that than choose to live off of a small fraction of my already modest earnings? It seems like the only things I truly sacrifice by playing that long IBR game are getting a (new) mortgage or a platinum credit card. If I can sleep a little better and have a little less stress and have a little more money to modestly enjoy my life, I feel like that seems like a reasonable trade-off, but what do you all think? And yes, I am aware that I personally took out the loans in the first place. I've got plenty of guilt internalized about it already, so no sense in exploring that angle collectively. [link] [comments]  |
| Nelnet only showing half of loans Posted: 12 Jun 2020 09:27 PM PDT This is actually a post for my fiancé. Long story short we were looking at ways to increase his credit score and fixing his student loan problem is at the top of that. So, we login to his account on nelnet, and it's showing one loan made up of 3 groups totaling 27k. However, his credit report is reflecting a student loan amount of 43k all owned by Nelnet. He has no idea how much his original loan was (letting teenagers borrow huge amounts of money yay), so we don't really have a frame of reference for how much it should be. I have looked everywhere on this site and cannot find the additional 16k anywhere. Has anyone else experienced this with this site/servicer? I'm not sure if it's a glitch or if they've been reported inaccurately, or if nelnet has separate account for different loan groups or something? Any help would be amazing. [link] [comments]  |
| Can I borrow the annual maximum amount of a Direct Unsubsidized loan for a partial year of school? Posted: 12 Jun 2020 07:33 PM PDT Quick question for anyone who has been in a similar position - I am starting a graduate program that will take just shy of 2.5 years to complete. Per the financial aid department, I am eligible for maximum amount of Direct Unsubsidized federal loans for the first year ($20,500), and presumably each year after that. According to their website, the loan will be divided into three disbursements, one for each term, at $6830/term. During my third year, I will be taking only 1 term of classes. Does anyone know if I will be able to get a full $20,500 loan for that single term? Or only a partial one at $6,800? [link] [comments]  |
| Question about deference of undergrad loans into law school Posted: 12 Jun 2020 02:32 PM PDT Hi, I'm a recent graduate from undergraduate, and I plan to go to law school within the next 2-3 years. I have about 90k in student loans right now. I plan to go to a law school with a full ride or as close to a full ride as possible. My question is, with 90k in student loans and plans for law school, how feasible is this plan? Let's say just for simplicities sake that I do get a full ride, and I've paid off about 20k of the 90k. Is there such thing as deference of my undergrad loans if I pursue law school 2-3 years after undergrad? [link] [comments]  |
| Posted: 12 Jun 2020 11:15 AM PDT I feel like I am way in over my head. I have $33,808 in Federal student loans and $158,663 with Sallie Mae. I went to school to be a pilot, changed majors, and now am in management. I was promised a decent well-paying job but due to the pandemic, I only make $17.50. I am in the grace period now and thinking about them gives me near panic attacks! I desperately need help. I was told I could consolidate all of my loans and do an income based repayment option perhaps with Great Lakes but I don't even know where to start. Does anyone have any good advice or anything? At this point I feel I will be paying student loans until I die. Please help! [link] [comments]  |
| Question about Line of Credit Loan Issue Posted: 12 Jun 2020 05:12 PM PDT I have been getting denied during many attempts of trying to refinance my student loans, as well as a small personal loan I have. The reason is essentially always the same, an excessive revolving bank balance, which has been explained to me as my credit utilization being too high. My credit utilization for my 3 credit cards is always under 1%. This is a real pain and is making it very difficult to refinance and get better terms for loans as I start making a higher salary. The issue is I believe this is being set off by a line of credit that is showing up as a closed credit account even though the loan is in deferment. Therefore under credit debt I am seeing 57,000 (the line of credit loan outstanding) over a total available credit of around 45,000 (this is only from my credit card limits) Do any of you know a way I can refinance this line of credit into a regular loan and who I can use to do this, or will I have to attempt to get it changed to an open account? The servicer is not providing these loans or funds anymore so that is their reasoning as to why the account is marked as closed, and I got nowhere on the couple or attempts I have made at this in the last year or so. Thank you very much in advance. [link] [comments]  |
| Who Should I Choose to Refinance With? Posted: 12 Jun 2020 12:34 PM PDT Hello everyone! I'm currently working on refinancing my student loans, and was looking for some advice. I have a stack of letters I've received in the mail from at least 10 different student loan/debt refinancing and consolidation services. From Discover and credit unions, to SoFi and Earnest, there's a lot of options lol. It has become daunting trying to take a day to research all of these, so I was about to just choose SoFi since I haven't heard anything bad about them and they specialize in student loans. I figured I would see if anyone in the glorious reddit community had any recommendations before I decide though! So.. i was hoping to hear some of your experiences with certain refinancing companies! Or any advice/cautions that you have for me, or anyone else refinancing! Side question: I was hoping to be able to consolidate my credit card debt into the new loan when I refinance... does anyone know if this is possible/ an okay idea? Thanks so much in advance! [link] [comments]  |
| Is it possible to make college your full time job? Posted: 12 Jun 2020 09:42 AM PDT Warning: Stupid questions ahead. I am a single mother (34) who wants to go back to school. I have my associates and quite a few credits towards my Bachelors in Communications. I would like to complete my Bachelors and move on to my Masters in Counseling. I envy those who work and study at the same time, but with a child I am finding it very difficult. There just isn't enough hours in the day. I am researching student aid and scholarships and Pell grants. Can I pull out a student loan to cover tuition and living expenses? Should I? I currently have very little debt. I can't live off $13.00/hr any longer. Any advice would be greatly appreciated. [link] [comments]  |
| How likely is student loan debt relief? Posted: 12 Jun 2020 01:20 PM PDT I'm still making payments on my student loans but find it difficult to spend all this money if Biden is going to do something about it in 5 months. Anyone else in the same boat or have more information on what is most likely to happen? [link] [comments]  |
| Credit score tanking for missing my $0 a month Posted: 12 Jun 2020 06:14 AM PDT Sorry if this has been asked before or if I'm in the wrong subreddit. I don't really understand student loans at all. In fact, I went to school on scholarships and my parents took out student loans to help pay for their own bills and left me with the debt (we're estranged now). So I am in my doctoral work so I still don't have an actual payment, but my credit report is being hit with missed $0 payments each month. So I log into fedloan servicing and try to make a $0 payment and of course they say that thats not possible. What do I do? I'm trying to buy a car and secure an apartment closer to my lab, but my credit report is slowly tanking. Its still salvageable, but I just want to figure out this issue before things get worse. Any help is appreciated! [link] [comments]  |
| Advice re: default federal loans in collections Posted: 12 Jun 2020 08:14 AM PDT I have three federal student loans that are in default-- I am now in a position to pay them off, and I want to pay them off in full ASAP. Two of them are with the ED and the other is serviced by my university (NYU). My question is in regard to the two that are with the government: I checked the NSLDS and it says I have $40,785 with the ED. Myeddebt.gov also says the same thing, though when I contacted them, the automated machine said ~$48k. It also says they outsourced collection to PBCM. I was unable to get someone on the phone at the ED. I called the collections agency and asked them to verify the debt, they said the extra $8K was for collections fees but said that they wouldn't mail me verification of the debt, or provide a breakdown of what I owe. I plan on sending PBCM a certified letter asking for this verification but in the meantime can I start to pay off this debt on myeddebt.gov and/or mail check to the ED? Or do I have to pay everything to PBCM directly? I'd like to deal directly with the government as much as possible and also have everything in writing. I'd like to know how I can get the most accurate # of what I owe, without just sending thousands of $ into a void because a collections agency told me so over the phone. I'm trying to pay these off in good faith but am getting the runaround! Any advice or previous experience you can provide would be MUCH appreciated. [link] [comments]  |
| My EFC is too high but I already took the classes Posted: 12 Jun 2020 11:55 AM PDT Because of Covid19 , my Spring 2020 payment date was extended but bc my parents have a 70,000 efc i am not eligible for loans or grants. I already took the classes and passed. What can I do? How will I pay for these? [link] [comments]  |
| Options for paying for college Posted: 12 Jun 2020 10:51 AM PDT I am a student at Kent State University in Ohio. I just finished up with my first year here. Basically, I have no idea on earth how I can pay for school. My parents don't know much of what to do because my dad had a full ride and my mom is still in debt but tells me everything is different nowadays. I am majoring in flight technology which is essentially pilot school and of course makes this about twice as expensive as normal tuition. I was awarded $5,500 for the year, which barely covers room and board. I screwed up bad my first semester because I wasn't allowed to fly due to a complication with a medical certificate needed by the government and so I wasn't motivated at all. My options now seem extremely limited. I honestly don't think I can make enough money to pay for this all myself, my parents can't afford to help much at all, my parents credit is too low to co-sign for loans, my suffering gpa limits any scholarships as of right now, and I don't qualify for any government grants I can find. Please let me know of any ideas at all you may have. My mom is saying she doesn't think I can go back to school this year, and my dad is saying I should join the national guard or ROTC. I feel so stuck and honestly I'm a little heartbroken. Thank you for any help. [link] [comments]  |
| Posted: 12 Jun 2020 05:19 AM PDT If my monthly required payments on REPAYE are greater than accrued interest every month, then I don't receive any benefit from REPAYE. Is this correct? [link] [comments]  |
| Posted: 12 Jun 2020 08:49 AM PDT My credit is 750. I'm currently 22 and I work a minimum wage job. Recently accepted into nursing school, but things are rough right now after my mom passed, and my dad just filed for bankruptcy. Do I need a co-signer to take out a loan if my credit score is good? I'm thinking of around 6k. Any advice would be super helpful, thank you in advance! [link] [comments]  |
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