Next month I will pay off one of my loans! Student Loans |
- Next month I will pay off one of my loans!
- Living a comfortable life despite loan payments
- $53k student loans, salary $29kish
- CARES act: $5250 loan payment by employer
- Should I pay of loans or continue school indefinitely?
- Lowering IBR payments with high pretax contributions
- Is it wise to pay more than the monthly amount?
- Is it ridiculous to take out a 20k loan for grad school?
- Graduate School Loan Limit
- When to refinance after getting job?
- Reminder that refinancing can save you a LOT of money.
- Why would any one not select the plan with the lowest monthly payment and then just pay extra every month towards principal?
- What is a Smart Option student loan?
- Please help this confused parent.
- American Education Services - Interest Still Accruing
- Is Discover legit for student loans?
- I need help with my Grants
- Why are refinance rates not lower?
| Next month I will pay off one of my loans! Posted: 04 Jul 2020 10:38 AM PDT Granted it was only $1000 but I am so excited. I'm still in school and I've been paying it down. It feels good! [link] [comments]  |
| Living a comfortable life despite loan payments Posted: 04 Jul 2020 09:50 PM PDT I feel like I'm too aggressive and obsessive about my loan repayments and I need to take a step back and enjoy life in the present. Thinking about moving into a studio because I'm very very tired of housemates. However, I'm scared I'm shooting myself in the foot cost/loan-wise. What are things you spend on (possibly deferring your full repayment date) that you're nonetheless happy about? Looking for validation haha. [link] [comments]  |
| $53k student loans, salary $29kish Posted: 05 Jul 2020 01:30 AM PDT Hi I have $53k+ in student loan debt. It was $48k but it ballooned having not made any payments as I graduated with a humanities degree with no job prospects in 2018. I went to school for two more years doing medical billing / coding one and finishing my medical assisting program right now. Im estimating that I'll make $2000 a month more or less and my loans as they are will be like $600? 23k are federal loans, 30k are private. I have decided to live home with my parents for whom I won't pay rent for nor have to worry too much about spending on food. I'm thinking of doing IBR for the federal. But I'm wondering if I should refinance the private (one is a Wells Fargo, two are Sallie Maes) Idk the interest rates atm but the Wells Fargo one is probably the highest. Or since I live at home should I aggressively pay it down? I wanted to move out but I'm realizing I don't think it'd be comfortable to do so. Even if it's embarassing to be 26 and living at home. I also enjoy going to concerts and one festival during my birthday and I figured if I moved out I wouldn't be able to go out since I'd probably have to be way more frugal (considering rent aspect and it seems like a paycheck to paycheck nightmare). I currently work at a major retailer and while they pay us $15 an hour now there's no stability in paychecks and benefits and I haven't made any payments to my debt I know this is pretty vague since I don't have exact interest rates on hand I'm just wondering how bad my situation is? Is it impossible to move out? I want to switch to vet tech (a year program) but I know I can't until I at least pay off $30k in my private or a substantial amount of it...I can't just keep going to school and never making a dent in my debt and ballooning it further. All other careers I want to go require grad school which I can't afford LOL Anyways how hopeless is it to pay $53k+ in student loans when you only make $29k-35k (estimated ballpark) [link] [comments]  |
| CARES act: $5250 loan payment by employer Posted: 05 Jul 2020 12:09 AM PDT Hey all, I'd like some advice on possibly renegotiating my contract. For context, I started this job in April and I'd like to stay long-term, however the millenial in me is resistant to any benefit that requires commitment. I am an at-will employee but once my benefits kick in at the 90 days, I will be able to receive $5000/year of loan payments from my employer for 3 years ($15k total). If I leave voluntarily before the 3 years are up, I am responsible for repaying my employer the amount they have contributed towards my loans. With the CARES act's seemingly mutually beneficial $5250 tax-free tax-break employer loan payment for 2020, I am wondering if I should attempt to negotiate $5250 for this year without any contingencies. I imagine them receiving a tax break and then making me repay them should I leave sooner than planned would not be appropriate anyways. I have a 6 month review coming up in October, however it is mainly to discuss another matter. TL;DR How do I ask for $5250 of loan payments made by my employer? [link] [comments]  |
| Should I pay of loans or continue school indefinitely? Posted: 05 Jul 2020 12:02 AM PDT Hi, I'm 35 and have a great job that pays for unlimited education related to the business. I have 69k in loans from my undergrad. I haven't paid on them because I was in school for a graduate program. As long as you are in school you don't have to pay your loans. I then started a 2nd masters but I grew tired of school so when trump stopped required payments I took a break from school. I love my free time and not having to worry about assignment and tests. But when the grace period ends I will have to pay again. Should I go back to school so I don't have to make a payment or should I just start paying back the loans? [link] [comments]  |
| Lowering IBR payments with high pretax contributions Posted: 04 Jul 2020 11:35 PM PDT Hey all, seeking some advice. I am now on the IBR plan pursuing taxable forgiveness in 20 yrs. I plan on minimizing my loan payments by doing as many pretax contributions for 401k etc as possible...but I had a thought after certifying my income for the first time with a screenshot of my paystub. Can you put a huge % of your gross income (like 50% plus), certify, get your loan payment lower, and then put my % back to my normal amount(23% in my case)? My payments don't start until October, but I'm curious if others have done this and if there are consequences? If it matters, my loan officer is Granite State M&R. Thanks! [link] [comments]  |
| Is it wise to pay more than the monthly amount? Posted: 04 Jul 2020 04:13 PM PDT I know that this question has been asked probably a million times, but I am still hesitant on whether to pay more than the monthly amount of my student loans that are coming in to my mail. Would it actually make a difference if I pay another few hundred dollars to student loans? And if so, would that disqualify me from getting loan forgiveness in the future? [link] [comments]  |
| Is it ridiculous to take out a 20k loan for grad school? Posted: 04 Jul 2020 09:11 PM PDT I want to get my masters in Education , because the type of teaching I would like to do requires endorsements. It's rare for schools to pay for grad school nowadays, so if I don't pay for it myself, I'll never be able to go. I got accepted into a highly accredited but more affordable school that will allow me to get the two endorsements I am interested in. My question is; is 20k too much? If I go through with it, I'll have over 50k in loans. Everyone in my life is giving me mixed responses, and I don't really know what to do. Thank you [link] [comments]  |
| Posted: 04 Jul 2020 07:34 PM PDT I went to pharmacy school a few years ago and I swear I was able to get $33,000 per year in federal loans. However my sister is going to med school now and it's saying the loan limit is $20,500 per year. Did the government reduce their loan limits? When I google graduate school government loans its also saying 20.5k...how was I able to get so much more than that? [link] [comments]  |
| When to refinance after getting job? Posted: 04 Jul 2020 06:50 AM PDT I graduated in May for my ADN with 8k in fed loans. I start my RN orientation next week. I'll be going from 16.77$ an hour to 32.77$ working a .9 FTE. Credit score of 790. Loan 1: 4.5k @4.3% Loan 2: 3.5k @5.0% Should I refinance right away? Or wait until I have more work history at this higher wage? I don't believe I will aggressively pay off these loans as I still need to max out my Roth IRA, and save for a rental property. [link] [comments]  |
| Reminder that refinancing can save you a LOT of money. Posted: 04 Jul 2020 09:04 AM PDT I graduated school with 500k of debt, almost half of which was interest on the original principal. My rates were a crazy 6.8%. I was one PAYE so I could make the payments but they never even covered the interest. I was drowning. After getting my first job out of school, I decided I needed to kick the crazy interest, even if it meant some hefty monthly payments. My first refinance (SoFi) took me down to 3.85% on a 7 year fixed rate loan - I thought it was unlikely I'd ever do better than that. I paid that down aggressively over two years, to just north of 300k. Then this spring, before Rona, I thought, what the heck why not see what others are offering, and ended up refinancing with Laurel road with a variable rate loan. Now rates are through the floor, and I am sitting on $250k of loans at...0.22%. 5 year repayment. It's nuts. If after graduating I had kept my original loan, my payments would have been the 10 year repayment rate. If we use that as the starting point, I would have paid off the loan in 10 years while paying another $122k in interest After my first refi, if I had stuck with it for the full term, I would have ended up with paying $45k in interest. Because I did the refi after two years, I'm now slated to pay $14.5k in interest, most of which from the 2 years that was at 3.85% It's worth it. Shop around. [link] [comments]  |
| Posted: 04 Jul 2020 09:53 AM PDT I'm working through picking my student loan repayment plan. My understanding is, unless you refinance as a consolidation, your interest rates doesn't change based upon your repayment plan. If I were planning on putting $1000/mo towards student loan payments, and the standard plan required $750 per month, but the extended income based only $300 per month, why would a person not select the lowest monthly payment but still pay the full $1000? Wouldn't the extra $700 go directly to principal? [link] [comments]  |
| What is a Smart Option student loan? Posted: 04 Jul 2020 11:58 AM PDT Hi, I'm about to start my junior year and may have to take out loans for the first time. I plan on speaking with my financial advisor but I was wondering if anyone here knows what a Smart Option loan is? When I visited the Sallie Mae website and entered my school's name, this was the only option that popped up. I know that private loans have a bad reputation, so I would like to avoid them if possible. Is this a private loan? Also, how can I keep up with how much I should take out regarding loans? [link] [comments]  |
| Please help this confused parent. Posted: 04 Jul 2020 08:59 AM PDT Hello. I was an independent student when I went to college, so pretty much all I did was sign the dotted line and I received all kinds of grants and subsidized loans. I am at a loss on helping my daughter attend college this fall. [link] [comments]  |
| American Education Services - Interest Still Accruing Posted: 04 Jul 2020 06:41 AM PDT Some of my student loans were transferred to American Education Services (AES) in May 2020. I noticed this morning that my automatic payments were being applied to interest in spite of the requirement that interest cease to accrue during the pandemic. I sent them an email advising them of this issue, however I wanted to post this as well to see if anyone had a similar experience (or to make them aware to check and confirm that their payments are being properly applied). [link] [comments]  |
| Is Discover legit for student loans? Posted: 04 Jul 2020 11:54 AM PDT |
| Posted: 04 Jul 2020 11:06 AM PDT Hello Reddit, in 2009 I enrolled at PSU using Student Loans. I partied my ass off and ended up dropping out, leaving the US to work abroad and defaulted on my loans. Early this year, I began the process to have the loans with the highest interest rate reinstated, I have paid off 2 Loans (1 subsidized & 1 unsubsidized). $0 balance. However, I also have Grants. 1 ACG Grant $656. (Disbursed amount $656, remaining amount to be paid $94) 1 Pell Grant $5,350 (Disbursed amount $4,681, remaining amount to be paid $669) Total Grant amount: $6,100.00 For whatever reason I can not in any way figure out how to pay the Grants. Do I contact PSU? I have the full amount ready to pay these off but for the life of me can not seem to figure out how to pay them. Any help would be appreciated. [link] [comments]  |
| Why are refinance rates not lower? Posted: 04 Jul 2020 11:04 AM PDT I checked my rates pre-covid and it's pretty much the same as it's now. The big names like sofi, laurel road, common bond. Considering mortgage rates are significantly lower, I would have expected the same for student loan rates. Should I wait? [link] [comments]  |
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