COVID Relief Bill Student Loans |
- COVID Relief Bill
- I defaulted on my student loans twice and have no idea what to do
- Obligatory celebration post
- Should I wait to pay off my wife’s student loans?
- Which website is better to dispute federal student loans?
- (Graduate Student) Guidance on a Best Route?
- What if we donated to one another?
- Sallie Mae
- My student loan is now due in 08/2021 and no interest is being currently cumulated. But my credit score is still dropping because no payment is being made towards the loan. This shouldn't be happening because this is a student loan and we received relief from paying it because of COVID-19.
- Completely new to student loans? Curious about my living situtation.
- With the lowest interest rate on student loans since 2005, it’d be smart to take out the max loans offered to me this year to pay back older, higher interest student loans - right?
- Canada Student Loans Lifetime Limit
- Help with defaulted student loans
- Pay off the interest of two loans or a large portion of one?
- Will my parents be notified about my student loans
- Inherited IRA and IBR’s
- Just Consolidated All Private...
- WWYD: parent plus
| Posted: 05 Jul 2020 07:04 PM PDT I am starting to read about this Bill that will allow an emplyer to pay off $5,000 for a student loan as a tax break incentive. How do I make a proposal to my Director that sounds educated and would allow them to want to consider this bill? I don't want a hand out, maybe some guidelines and pointers on how to go about this. I work in healthcare going to College for my A.A in Arts, planning on my Bachelors in Social Work and finishing with my Masters Degree..I plan on working for the same company as I have been doing for the past 2 years. I have glowing employer reviews and no write ups. [link] [comments]  | ||||||||||||||||||||
| I defaulted on my student loans twice and have no idea what to do Posted: 05 Jul 2020 08:43 PM PDT Hi everyone, This is my first post on Reddit, so I'm sorry if the formatting is off. I (35F) am seeking some much-needed advice about my loans. I owe a substantial amount for graduate school, which I paid very little of and eventually went into default. I signed up for rehabilitation, but messed that up as well. I missed one payment and was slightly (less than 24 hours) late on one two others due to a time difference from living abroad. I didn't realize that this slip up completely canceled my rehabilitation opportunity until recently. I have continued to make payments since these instances and wasn't contacted by anyone from the debt collector (I was in the middle of an overseas move, so there was a chance that a letter could have been lost). Now, when I go to pay online it is asking me to pay the balance in full. What are my options here? I have both Direct and Indirect loans as well as Federal GradPlus loans. Can I still try consolidation? Do I have to file for Bankruptcy? There is no way I can pay even a portion of what is owed. Please don't waste your time telling my how stupid I am and that I have completely screwed up. I am in this situation due to my own actions and I know it. I completely hate myself right now so be kind. Any real advice from people with good knowledge of the loan system and/or someone who has also been through this is much appreciated. [link] [comments]  | ||||||||||||||||||||
| Posted: 05 Jul 2020 06:45 PM PDT Been carrying student loan debt for almost 20 years. Reached a high point of 65k a couple years ago after my wife and I finished our masters. Bit the bullet and cashed out some stocks to pay off the final 20k this evening. Feels amazing! A few pointers that I followed to get to this point: -refi if you can get a better rate. We shaved over a point on average going through Sofi. -minimum payments won't get you anywhere. I made the minimum payment for the first 10 years and was disgusted when I realized how much interest I'd paid vs. my principal. Even if it's an extra 20 bucks a month, pay more than what is due from the onset. -make it automatic. Set a monthly amount and just setup autopay and don't think about it. Of course always direct your over payments to the highest interest loan. Auto payments also often result in a .25% reduction on your rate. -throw in a few extra bucks every now and then. If I ever had a cash inflow from tax returns or a work bonus, I'd always throw a quarter of it towards my loans -if you are currently in school and have 5k in cash on hand, always take advantage of the 529 tax credit. When getting our masters we saved 5k in taxes by simply shuffling money into 529s and paying tuition directly from the 529 -do the math on your investments. I use my avg. interest rate as my break even point on other investments. If you think you can earn more in the stock market, then you are better off putting some money there and not every penny against loans. I earned an annual avg of 12% on the stocks I cashed, which is a much better return than avoiding interest on my loans. This holds true more today now that student loan interest is no longer tax deductible for many people Best wishes to everyone else on their journey! [link] [comments]  | ||||||||||||||||||||
| Should I wait to pay off my wife’s student loans? Posted: 05 Jul 2020 07:16 AM PDT Due to the interest pause, I've just put all of the money that would normally go toward both mine and my wife's student loans and put it aside in a savings account. I now have enough that I can completely pay off her loan balance (~20k). My loan balance is much higher but our interest rates are similar. The one thing keeping me from paying her loan off is the potential for what a second stimulus bill could include, specifically some relief for borrowers. I'd hate to wipe out her loan balance and then find out that some relief will be provided that she would lose eligibility for. Is this reasonable to hope for or should I just knock them out? [link] [comments]  | ||||||||||||||||||||
| Which website is better to dispute federal student loans? Posted: 05 Jul 2020 11:44 PM PDT Should I submit my complaint thru CFPB or studentaid.gov? I am trying to get them to remove the defaults on my credit report because they or my college made a mistake and forgot to defer my loans. I read my rights on the studentaid.gov website and clearly, they did not follow the law. [link] [comments]  | ||||||||||||||||||||
| (Graduate Student) Guidance on a Best Route? Posted: 05 Jul 2020 11:39 PM PDT Quick Backstory: I am currently finishing up the 1st year of my 3 year graduate program in the next few weeks. Graduate school was the first time I had to take out loans for school, since I thankfully got a full-ride scholarship in undergrad. After Year 1, I have a Beginning Principle of $49,320 and $920ish of Accrued Interest, so far. This includes: - Direct Unsubsidized Stafford Loan of $20,500 @ 6.080% interest prior to COVID. Accrued Interest of $470ish - Direct Student Plus Loan(Grad Plus?) of $16,752 @ 7.080% interest prior COIVD. Accrued Interest of $450ish - Direct Student Plus Loan(Grad Plus?) of $12,068 @ 7.080%, Accrued Interest of $0.00 I assume I will need to take out a similar amount for the 2nd year of the program, and then maybe half of this amount for the 3rd year. So maybe $120-130K ish at the end of everything. Advice Needed: I currently have some money saved up that I am looking to make the most effective use of. Would putting some of it towards these loans be smart? Do any of you have some advice on what I should do from here, and how to most effectively handle this situation throughout the next few years to stay ahead of my debt? Thank you for your time! Any and all comments are encouraged! [link] [comments]  | ||||||||||||||||||||
| What if we donated to one another? Posted: 05 Jul 2020 10:57 PM PDT I 31F, like many in this thread have about $60k in student loan debt. What if we each donated to each other over the course of how ever long so that we all made gains in reducing our loans? For example we provide either our student loan info and we make payments example $1, 5 etc or cash app info and just again donate $1,5 etc to that person. Yes it's a little bit of money but if 5 thousand people in this sub donated 1 dollar to one person thats 5k someone just got put on their loans? I'm not sure if I even know if something like this would work but I know without help, I'm going to be buried under these loans. [link] [comments]  | ||||||||||||||||||||
| Posted: 05 Jul 2020 06:13 PM PDT So I don't personally have Sallie Mae, I have Federal and a different private loan. My previous experience, like other peoples has been terrible. My brother had gotten a private loan through them and he ended up passing after having it for only two years and they wouldn't give my parents a break since they were the cosigners and they were demanding money weeks after he died. I told my husband, then boyfriend, this and he still went through with taking a loan out with them. He finished school, did a deferment a couple times and now we've been paying it back for like a year or so consistently. The problem is his grandma co-signed for him and they keep harassing her, when he had it deferred and while we've been making payments they just keep calling her. He wants us to pay it all off with a credit card (I don't even know if you can do this, mine won't let me attach one to my account; he said she asked if we could because she doesn't want them calling anymore) because even though there's a note on his account to stop they haven't. Has anyone else had problems with Sallie Mae harassing them or their cosigners? They never call us, only his grandma. [link] [comments]  | ||||||||||||||||||||
| Posted: 05 Jul 2020 11:06 AM PDT How can we stop our credit scores from declining because of a loan that isn't due till next year? [link] [comments]  | ||||||||||||||||||||
| Completely new to student loans? Curious about my living situtation. Posted: 05 Jul 2020 03:39 PM PDT Hello! I am completely new to student loans as I've been at community college for the past year, but now I'm transferring into university. I was put on the waitlist for dorms, and even after doing the math at my university it's more expensive for me to live in the dorms than it is for me to live in an apartment. My apartment rent for me and my roommate is $1050 each per month, as it's in Austin it's quite expensive. I also have my tuition for free as I have Hazelwood from my dad being in the military. I don't know if this will hurt me in financial aid or help me use more of my loans. I'm still waiting on my financial aid package from the university so I'm so confused about loans, and I know for sure I'm going to university in the fall already two of my classes are in person. I need help figuring out if I can afford to pay my rent with student loans, and what do I do if it won't cover it? I'm pretty sure I will get a federal grant too with the hazel wood, so I would just be able to take out the max amount of loans to go to school. [link] [comments]  | ||||||||||||||||||||
| Posted: 05 Jul 2020 07:27 AM PDT Reviewing my financial aide for fall today I realized that federal student loan interest (I've been offered both unsubsidized and subsidized Stafford loans) is set at 2.75%. Other loans I have out have a higher interest rate (also both unsubsidized and subsidized stafford loans), so like my title says, it makes sense to take out the max offered to pay back the higher interest loans, right? I realize it's not changing the total owed (at the moment) but over the lifetime of the loan I know I'll see a difference in what I pay back. Of course I'd like to be debt-free as soon as possible, but if this current time has taught me maybe I'll only be able to afford the minimum payments over the course of 10-years. Of course, I want to double check there isn't something missing here before I accept the loans offered. I already screwed myself out of free money to finish my course once this year, so I want to make sure I'm not doing something dumb. [link] [comments]  | ||||||||||||||||||||
| Canada Student Loans Lifetime Limit Posted: 05 Jul 2020 03:24 PM PDT I'm just wondering if anyone could clarify. The maximum funding in Canada is 340 weeks - on the phone I was told that did not include summers. With each school year being about 35 weeks, does that mean one could technically receive funding for up to ~9 years or so? Any and all information about the lifetime limit is appreciated. [link] [comments]  | ||||||||||||||||||||
| Help with defaulted student loans Posted: 05 Jul 2020 12:09 PM PDT Hey guys, New here sorry if I'm not doing this properly or if this isn't the right place for this post. I took out a couple of loans for a school straight out of HS. Not much luckily less than 5k I transferred from the university and continued my studies. Fast forward a few years later and I find that my loans from the first university are in default and they went into repayment 2 years after I transferred. This has ruined my credit. Does anyone have experience with something like this? I was still enrolled when they went into repayment. I can repay at anytime but would like to know if I can fix my credit before. [link] [comments]  | ||||||||||||||||||||
| Pay off the interest of two loans or a large portion of one? Posted: 05 Jul 2020 06:02 AM PDT My grandfather is giving me $5,000 to apply to my student loans, and I'm trying to figure out how best to apply it to my Parent PLUS loans. Figures included at the bottom. TL;DR, should I pay off interest on both loans to avoid capitalization, or should I apply the chunk of cash to one loan? I graduated in May 2020, and I haven't yet chosen a payment plan or entered into repayment. My interest from undergrad also hasn't capitalized, and of course my federal loans are currently frozen at 0% interest (helpful for math!). I've heard that it's best to pay off interest before it capitalizes, and I could pay off the interest of these two loans and still have about $1,000 to apply to the principal of my higher-interest loan (PP2). But I could also apply the full $5,000 to the higher-interest loan and secure a lower monthly payment for that particular loan when I enter into my payment plan. Can you all help me understand the benefit of paying off interest in general vs. cutting down on one loan in particular?
(and of course, I'm putting the $5,000 in a savings account until September 30) [link] [comments]  | ||||||||||||||||||||
| Will my parents be notified about my student loans Posted: 05 Jul 2020 07:30 AM PDT Hey guys, So I am an incoming freshman who took out a federal subsidized loan of 3500. (that was the only loan I took out). I was wandering if my mother would be notified that I took out that loan. She didn't want me taking out loans and there is no way we can afford college right now with everything going on. People who have taken out federal subsidized loans, did ur parents get a notified? [link] [comments]  | ||||||||||||||||||||
| Posted: 05 Jul 2020 07:32 AM PDT My wife and I both have student loans. We both work in education and are working our way towards PSLF, so it's in our interest to keep our payments as low as possible. She has a small inherited IRA we haven't touched that we are planning to use as a down payment for a new home. The IRA wasn't a Roth so it will count as taxable income. My question is if we take some of this to use for our down payment, does this qualify as a "Significant change of income" when doing the recertification? I don't want our payments to be based on a higher income than we really have. Also on a somewhat related note. My wife gave birth to twins in March (hence the new house). I'm assuming since recertification is based on our 2019 filing that I can't have the twins factored in to our our payment until the recertification for 2020? Thanks! [link] [comments]  | ||||||||||||||||||||
| Just Consolidated All Private... Posted: 05 Jul 2020 03:03 AM PDT I graduated a private school in Dec 2019, and fortunately was able to begin working right away, and then due to COVID, my private bank pushed the start of my loan repayments back, however I was still paying about $1200/month just to get ahead. Between FAFSA and my Private I am about $50,000 into debt and I need help figuring out these payments. I was able to consolidate all my private loans to one with my parents as the co-signers for a 10 year loan of $17,000, 5.5% interest with monthly payments at $190.00 per month. Looking into my FAFSA loans I have about $12,000 worth of Perkins loans that with my current profession will expire in 5 years of working. My FAFSA loan payments do not go back into repayment until October 1st. Should I continue to pay the 1200/month on my private loans and then when FAFSA is time to be repaid pay the minimum on those loans and then try to continue to pay 600-800/mo on my private loans. Unfortunately I do not have any experience in loan repayment and my family is not much help in advice in this area, so any recommendations are appreciated! [link] [comments]  | ||||||||||||||||||||
| Posted: 05 Jul 2020 04:39 AM PDT Looking for different perspectives...have 150k fed grad loans in my name (5.7% rate) and 75k loans (6.0% rate) for bachelors degree in my parents name as parent plus loans. I received zero guidance on student loans and what to do or the consequences of taking on so much debt at 18/22. I was actually pressured immensely to take the path I did or I wouldn't have. My parents always told me they'd help pay for college and help me pay off the loans. They make good money and spend frivolously. They've been letting me pay the full monthly payments for the grad AND parent plus loans. They've always made me feel guilty with off handed comments about needing to pay and keep saying they'll help in a couple of years. The problem is I can't get ahead on the fed loans in my name while paying full parent plus loan payments. The interest rate on the parent plus loans is also a problem. What would you do? Tell them we need to split the parent plus loan 50/50 until I get the grad loans down to a more reasonable amount? Pay nothing to parent plus or keep paying both parent plus and grad? [link] [comments]  |
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