My spouse has exhausted FAFSA Aid, now he's on Sallie mae private loan, I am her cosigner. Can I apply for FAFSA for myself? Student Loans |
- My spouse has exhausted FAFSA Aid, now he's on Sallie mae private loan, I am her cosigner. Can I apply for FAFSA for myself?
- My experience refinancing with ELFI as a furloughed employee.
- Financial aid too low, tuition too high.
- How much will my minimum federal student loan payments be?
- Using student loans for non-tuition expenses? For other debt?
- Loan deferment while in grad school
- Current Student Loan Strategy - Am I Missing Anything?
- Best Repayment Plan For Me
- Borrowers defense application approved... But not really.
- Better to pay back loans with newly acquired funds or keep money so I don’t take loans next semester?
- Consolidation multiple private loans.
- Variable or Fixed Interest Rate?
- Can I get entire federal unsub loan refunded to me if there is no balance on my school account?
- I Broke the Student Loan Repayment Calculator
- what to do as an undergrad
- Refunding interest on loans while still enrolled
- Best Private Loan with Cosigner Release?
- how do grace periods work in this scenario?
- When are federal student loans considered effective?
- studentaid.gov complaint/feedback down?
- Kaplan University
- When to apply for a Grad Plus Loan?
- Loan Advice
- Is now a better time than pre-crisis times to get a federal loan?
| Posted: 06 Jul 2020 02:16 PM PDT My husband has run out of federal loans, two bachelors degree are to blame. He is now taking private loans to finish his chiropractic school. His credit is poor so I am consigning his private loan. I have a desire to pursue MBA to further my career, can I apply for federal fafsa aid even though I am consigning for private loans? [link] [comments]  |
| My experience refinancing with ELFI as a furloughed employee. Posted: 06 Jul 2020 05:50 PM PDT I wanted to write out my experience as a furloughed person trying to refinance their loans in case anyone else will have questions in the future. A few quick details to show where I am at:
Starting the last week of May 2020 I decided to try and refinance my loans. I used Credible to compare servicers and went with ELFI because they gave me the lowest rate at 5.10% interest and combined my 38K and 45K loan into one. I was on my way to being approved. However, I was hit with an unexpected furlough announcement and was told I would be furloughed for the entire month of June! I had to let ELFI know, but they would not approve my loan refinancing anymore unless I was back to work even though my furlough was set to only last a month and I gave them an end time. Luckily my furlough ended a week early and so I e-mailed ELFI and they actually approved me right away. Unfortunately, my Sallie Mae loans would take time to be zeroed out by ELFI and so I still had to make the July 3, 2020 payment to them at that god awful 9.125% interest. ELFI informed me it could take anywhere from 1-3 weeks for the loans to be zeroed out at Sallie Mae. Anyway, that is where I am currently at right now and I hope this was helpful somewhat. TL;DR You can't refinance your loans while furloughed (at least through ELFI) but you can get pre-approved after you apply and turn in all the necessary documents. [link] [comments]  |
| Financial aid too low, tuition too high. Posted: 06 Jul 2020 11:46 PM PDT I apologize in advance for formatting, I'm on mobile. I recently graduated from a community college with my associate's and applied to my dream University (Arcadia University) where I plan to study biology and eventually join the pre-physician's assistant program. I was accepted and paid the enrollment deposit already but after receiving my bill, I realized that the tuition was pretty high ($29,580). My parents combined make too much for me to recieve much aid which is a bummer. My mom wishes for me to be able to go and suggested taking out a loan and reassuring me she'd "pay it back" but I have a gut feeling she doesn't understand the gravity of taking out an almost $30,000 loan every year so I want to explore other options first. I'm open to re-evaluating my choice of university if it comes to that. Are there any scholarships available to be awarded by August 1st for transfer students? How about work-study? I'm open to all suggestions. [link] [comments]  |
| How much will my minimum federal student loan payments be? Posted: 06 Jul 2020 06:37 PM PDT Hi all, I graduated in December of 2019 and started working in January 2020. Since then, I have put roughly $1400 a month to my loans to eat away at them. I decided that it was time for me to move out on my own and am getting an apartment. Since I graduated 7 months ago and coronavirus hit, putting all federal loans on forbearance, I've yet to have a single loan payment actually due, therefore, I'm a little unsure of how much I will be actually owing each month, and I don't know if my loan payments will go down from what they were supposed to be since I've paid off so much as it is. My original loan breakdown: $2,000 at 5.05% $5,500 at 5.05% $4,500 at 4.45% $1,000 at 5% $2,000 at 4.45% $4,125 at 4.53% $699 at 4.53% Total: $19,824 My CURRENT loans (reflecting original interest rate): $3,500 at 4.45% $502 at 4.45% $3,125 at 4.53% $715 at 4.53% Total: $7,842 With the budget I've created, I plan to allocate $500 a month to my loans, which I'm assuming will be above the minimum payment. However, I would like to know what my minimum payment will actually be. Is it true that each federal student loan has a payment of $50 a month, making my minimum payment $200? Or does each one have its own unique payment due? Or does it go off total debt /10 years (I believe that is the standard repayment period)? TLDR; How are monthly federal student loan minimum payments determined? [link] [comments]  |
| Using student loans for non-tuition expenses? For other debt? Posted: 06 Jul 2020 02:59 PM PDT I'm very new to the idea of student loans. I was hoping to go to a university and pay out of pocket... well, thanks 2020 but I guess that's not happening. I've also incurred credit card debt. I was thinking about getting student loans to pay for school and off load my credit card debt.. purely for the idea of not having to pay it until I graduate. Thoughts? Advice? [link] [comments]  |
| Loan deferment while in grad school Posted: 06 Jul 2020 06:46 AM PDT Hello all, I recently made the decision that I would like to enter grad school this fall because there's just not enough jobs available right now. I'm still in the "grace period" for my undergrad loans (I graduated December 2019). Every single loan I took out was federal...does anyone know off hand if I can get my undergrad loans deferred while I'm in school working on my Master's? [link] [comments]  |
| Current Student Loan Strategy - Am I Missing Anything? Posted: 06 Jul 2020 11:50 AM PDT Hello! I'm new to Reddit but not the student loan world, and I'm looking for a new set of eyes on my current strategy in case I've missed anything important. This is in two parts; My Loan and The PLUS Loan. I graduated in 2014. I currently make about $42k/yr net. My Loan: I have just under $33,000 under my name currently. They are federal, with a 4.625% interest rate and it's currently under a IBR repayment plan, consolidated. The payments are usually $290/mo, but obviously on hold for now. I have $10,000 saved up currently to throw at it at some point, but currently I have enough in my savings to pay it off in full. I would be wiping out my emergency savings and the savings for my wedding next year, though. Currently, the plan for my loan is to pay it off within 5 years. The PLUS Loan: My parent took this loan out for me, and I fully intend on taking responsibility for paying it off. It is currently sitting at $88,000 (I know), federal, with an interest rate of 7.5% on the ICR repayment plan, consolidated. The payments are about $500/mo, which is the major issue. My parent is not capable of paying the required IBR payments on the loan, due to how the servicer looks at their income. They make about $40k/yr net, but their spouse is on SSI due to disability, and they have two dependants (one child, one adult on SSI due to disability). They also have a great deal of credit card debt that they only make minimum payments on. We have talked to our servicer about lowering the payments, but $500 is the amount they deem appropriate currently. We will be trying to restate our case for the next recertification date. I am also currently not capable of making the payments, due to my income not being much higher and needing to prioritize my loans and expenses. The plan I was banking on was getting my parent's loan down to $0 on ICR, and having them keep the loan until forgiveness kicks in (in or near 2035 or 2040). I would then take responsibility for paying the tax bomb that results from that (I've calculated it to be about $68,000, which I have plenty of time to save for). We could talk about how I shouldn't have gone to an expensive school for a useless degree all we want (which yes, I know), but it's already done. Securing a higher income in my field isn't easy, and being in a creative field I don't have many communicable skills to transition to a higher-paying field, nor do I want to do that. A second job is possible once things are less deadly, and I do occasional freelance work from home already. Thinking about what I should have done for school won't help me now. Now I need to look ahead at solutions. Is there anything I could be doing better to fix this situation? Thank you in advance for any help or suggestions you can provide. EDIT: I meant ICR not IBR for the PLUS loan. Also, if we can't reduce the PLUS loan payments to $0, we'll just get them as low as possible and I'll take over payments. The last thing I want to do is leave my family out to dry for my choices. [link] [comments]  |
| Posted: 06 Jul 2020 09:04 PM PDT I just graduated and I'm planning on doing the exit counseling soon. I have all federal loans, subsidized and unsubsidized totaling around $20,000. I currently work at a bank part time until I'm able to find a job that pays more, which hasn't been easy considering current events. My parents also have PLUS loans roughly around $40,000-$50,000 (give or take) that they took out for me, which I'm supposed to pay back as well. While I'm looking for a job, in case my grace period ends before I'm able to find one, I'm sure my parents will pay for the PLUS loan (I haven't talked to them about it but knowing them they more than likely will). I have a car payment that is $300 that I pay for myself, but other than that I have no bills since I'll be moving back home soon. So, considering all of the factors, in your opinion what will the best repayment plan be for me? Standard: $206 (Initial payment) $24,761 (total w/interest) Graduated: $116 (initial payment) $26,048 (total w/interest) The other plans start off at $0: Revised Pay As You Earn Pay As You Earn Income-Based Repayment IBR for New Borrowers Income-Contingent Repayment Based on my calculations the PLUS loan repayment will be $400-500 per month (give or take of course and if they choose a 10 year plan). I would also like to get my own place in the near future after I get a job and have had it for a few months (for stability). I would also be paying an extra $100 a month on each loan if possible. With all of this information I've estimated my living expenses that do not include miscellaneous or saving in general: rent - $900 (max) loans - $700 credit card bill - $50-100 utilities + wifi - $200 groceries - $200 car payment - $300 car insurance - $150 (I currently do not pay my own fortunately, but I'm not sure whenever my dad will make me start so I'd rather insert it into my expenses now) renters insurance - $50 furniture - $100 (I do have money saved so I can buy my furniture outright, but a furniture store I really like offers an interest free finance plan for 24months so I figured either way I would be able to be worry free with low payments) total: $2450-2550 I hope to get a job that pays at least $40,000/year which would allow me to afford my own place and bills. [link] [comments]  |
| Borrowers defense application approved... But not really. Posted: 06 Jul 2020 04:58 PM PDT I applied to have my student loans from ITT Tech to be forgiven but when I got my email saying I was approved, they approved 0% to be forgiven.
I was elated when I first got the email but as I kept reading it was just a punch in the gut. I want to appeal but am at a loss for how to do so effectively. I'm not sure what to do now. [link] [comments]  |
| Posted: 06 Jul 2020 08:34 PM PDT Title basically. I've made some money this summer and I was thinking ab paying off some of my student loans. Or I could keep the money for other things so I don't have to take a loan out in the fall. I've only taken unsubsidized federal Stanford loans and I'd be taking those in the future. [link] [comments]  |
| Consolidation multiple private loans. Posted: 06 Jul 2020 07:55 PM PDT I have a couple of private student loans for grad school and my first one had a cosigner. If I consolidate my loans, can I take my cosigner off? The lender refused to remove my cosigner despite my making my payments on time without a reduction in the amount due, saying that I was not making enough money. [link] [comments]  |
| Variable or Fixed Interest Rate? Posted: 06 Jul 2020 07:47 PM PDT I'm refinancing my student loans now (private loans) - does it make more sense to do a variable or fixed interest rate in this current economic climate? My assumption is variable, given that interest rates are so low right now, but wanted to make sure I'm not missing any "smarter" advice. I know this climate is kinda unpredictable at the moment. [link] [comments]  |
| Can I get entire federal unsub loan refunded to me if there is no balance on my school account? Posted: 06 Jul 2020 05:17 PM PDT Very new to student loans and financial aid, and about to start grad school so I apologize if my question sounds silly. According to my school, a payment of about $7k is due for the fall semester by July 15, but I won't be receiving my unsub loan disbursement until the semester starts in August. My question is: If I pay the full 7k now from my savings, when the loan is disbursed and there is a balance of zero on my school account, can I just get the entire loan amount for that semester refunded to my account? I also will need to pay for winter and summer semesters, so could I just keep the additional amount from the loan in my bank account and use the leftover from fall and spring semesters toward winter and summer class payments? I have tried contacting financial aid office at my school but can only do so through email and have not yet heard a response, so I'm getting worried because the payment deadline is coming up soon. [link] [comments]  |
| I Broke the Student Loan Repayment Calculator Posted: 06 Jul 2020 01:29 PM PDT Looking for advice... I don't know who else may be in the same boat, but I have over $100k in student debt and have been paying nelnet on an income-based repayment plan for the last 5 years since I've been out of school. Since that time (and making the minimum payment on my IBR plan each month), my total student loan balance has only increased to the tune of around $20k. I am motivated to pay back the loans sooner rather than later and am ready to get more aggressive with my repayment. I have seen refinancing options lately with interest rates ~2% and I'm tempted to refinance my loans, however, I fear losing out on the benefits of the IBR plan: (1) Having the remaining balance of my loans forgiven after another 15-20 years (which I would have to pay taxes on the amount forgiven). (2) Keeping my required monthly payment low / manageable in case of unprecedented situations where I might not be able to afford a higher monthly payment amount during certain times(COVID-19 anyone?) (3) Taking advantage of any bones the government decides to throw to student borrowers as a result of situations like COVID-19 or in the wake of the next election. I have tried to figure out the best options for paying down my debt faster using several online loan repayment calculators, but I have so many loans (13+) that none of the calculators can handle that much information, leaving me frustrated and in need of advice elsewhere. I have thought about consolidating through nelnet, however, it seems that I would lose the progress I have made in the last 5 years toward my IBR plan. So if anyone is in a similar situation / has any advice on the matter, I would love to hear about it! TIA! [link] [comments]  |
| Posted: 06 Jul 2020 10:41 AM PDT hello!! my parents and i have decided to go the private loan route (i know—last resort, of course) i know from being in this sub for quite some time that it's an ass route to do, but we dont qualify for financial aid and only got pretty big grants from my school, so i justified paying about 25k a year (12k a semester roughly). i cannot go to cc as i have already started one semester here at my school, and i'd have to reapply again if i wanted to go back. that and i've maxed out the # of hours/units i can take at a cc, so it's really not an option anymore. i have applied for literally hundreds of scholarships and am waiting on their decisions of course (i have about 10k rewarded in scholarships so far!) but i still need to get a loan. i cannot do parent plus loan because my two older sisters have already exhausted that and are both currently paying them off. and my subsidized and unsubsidized and stafford loans only cover 5k or so. so i unfortunately do need to take out a private loan. any advice on taking out private loans? and yes—my parents are willing to cosign private loans for me but not parent plus loan THIS YEAR at least. are there any loans or routes that i can gradually pay off while i'm in undergrad so the interest doesn't accrue so bad? [link] [comments]  |
| Refunding interest on loans while still enrolled Posted: 06 Jul 2020 04:13 PM PDT Hi everyone, To keep this short, has anyone had any experience getting back loan interest that accumulated while still enrolled in classes. Please note, this was my own fault and willful ignorance put me in this situation. My junior year I dropped below part-time credit hours for one semester to work more so I could continue to pay for school. I later found out that when I did this, my loans started accumulating interest shortly after. After that semester of working multiple jobs, I was able to afford full-time enrollment again and found jobs that could support me better financially (Resident Assistant for free housing and a good paying internship). Fast-forward 3.5 years, I've finished undergrad and grad school (internship incomes and Grad Assistant job paid for this one in full). I lock down a full-time job and go to make my first student loan payment after first paycheck. This is when I find out I've been gaining interest on my loans without any freeze because of my mistake not notifying the company I was back in school full time. Is there any way to recoup this money since I can prove full-time enrollment during that time? [link] [comments]  |
| Best Private Loan with Cosigner Release? Posted: 06 Jul 2020 03:23 PM PDT Ok, here's the deal -- I'm halfway through college (computer science major at the University of Michigan, plus maybe a math minor) and I've run out of college fund and federal loans. My parents are "solidly middle class." I don't know how well-off they are, but their house is nice, they have a good credit score, and my father has like a 100k income. They claim they're set up to retire by the time my dad turns 60 or 65 (which is in like a decade). I've been told all my life that I'd go to college, get halfway through, and then just take out private loans. I'm here now, and I'm starting to realize that this is more complicated than I've been led to believe. I realized when I came to school that I'd been sheltered from the realities of our generation so far... I'm scared of what I'm getting into, but there's no time to replan now. To begin, my parents did not want to cosign at all. They didn't seem to realize that I'd need a cosigner. It's not that they don't trust me -- they're worried they'll have to give the same deal to my younger brother, whomst they do not trust at all. This kinda confused me, and to be honest, I was a little hurt that they'd kinda leave me out in the cold like that, but you know, that's pretty entitled of me to think that way. I don't want to be a spoiled brat. Anyway, I told them there'd be no way in hell that I'd get a good loan without a cosigner -- seeing as I've not had a real job before and I've never had a credit card (yeah, I'm kinda a loser...) -- so no credit history. This led my mom to look at Sallie Mae's advertisement for a loan where you make consistent small payments for a year or two, then the cosigner comes off. I've heard bad things about that brand name, so I'm a little dubious... My parents are comfortable with cosigning if and only if they are released at some point. I'm trying to convince them to do regular cosigning and then just have me refinance in a few years time in my own name, but I'm unsure if they'll take that. They are explicitly unwilling to do Parent PLUS loans, so that's a no-go. I've also heard that 90% of cosigner release applications are denied, so it seems a little manipulative of me to just bring up any old loan which advertises cosigner release applications. Anyone have any ideas on which loans I should shoot for? [link] [comments]  |
| how do grace periods work in this scenario? Posted: 06 Jul 2020 08:36 AM PDT Lets say a student is in college A for spring 2018, takes a gap semester in fall 2018, enrolls in spring 2019 at college B, then uses those credits to graduate from college A. Will the grace period apply for Fall 2018 and the 9 months after the student graduates? [link] [comments]  |
| When are federal student loans considered effective? Posted: 06 Jul 2020 07:01 AM PDT I just read an article stating that federal loans effective after July 1, 2020 have a substantially lower interest rate. I applied for Direct unsubsidized and Grad Plus loans back in April, but school starts in August. Are my interest rates already set, or is the interest rate calculated based on the time money is disbursed? (Sorry if this is a dumb question) [link] [comments]  |
| studentaid.gov complaint/feedback down? Posted: 06 Jul 2020 10:43 AM PDT |
| Posted: 06 Jul 2020 10:39 AM PDT Does anyone have any documents from their BDAR they would be willing to share from Kaplan University? [link] [comments]  |
| When to apply for a Grad Plus Loan? Posted: 06 Jul 2020 01:46 PM PDT So I have filled out and my FAFSA was processed successfully. I know I'll need to take out a Grad Plus Loan (my credit is fine) but when do you apply for one? Straightaway or at a certain point? (my course does not start until January 2021) [link] [comments]  |
| Posted: 06 Jul 2020 09:52 AM PDT I'm starting nursing school in the fall. I owe 10,000 of tuition money . Should I go with a private loan or parent plus loan. If I do go with a parent plus loan how will it affect my parents? [link] [comments]  |
| Is now a better time than pre-crisis times to get a federal loan? Posted: 06 Jul 2020 01:09 PM PDT |
| You are subscribed to email updates from /r/StudentLoans: Reddit's hub for advice, articles, and discussion about educational loans. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment