Today, the refinancing of (one) of my student loans went through. Thank you r/studentloans. Student Loans |
- Today, the refinancing of (one) of my student loans went through. Thank you r/studentloans.
- I just want to pay these off.
- Looking for advice on refinancing
- PAYE or REPAYE Student Loan Decision
- Denied student loan refinancing despite being employed for years, graduated with my bachelors and having quite good credit. Any advice?
- Needing Advice
- Need help with irs account
- Is this a scam????
- Pay Off or Pay Minimum and Invest?
- A great example of why it's too early to really know how Next Gen is going to shake out.
- Advice
- 70K of Loans on a 50K Salary. Help!
- Fedloan Consolidation Question
- Haven’t heard back about FAFSA for this fall should I be concerned?
- IBR Recalculation Issue
- Is now a good time to take loans?
- Best Payment Strategy
- Do I have to pay student loans if I am non-degree seeking?
- Is it a good idea to use a lower interest loan to help pay off one with higher interest?
- Should I take out student loans to live alone during COVID?
- Can I "transfer" my student loan to my spouse through SoFi?
- Advice on paying off loans
- Portion of the Loan or No Loan?
- Start business or pay off student loan?
- How much Unsubsidized Grad loan should I accept?
| Today, the refinancing of (one) of my student loans went through. Thank you r/studentloans. Posted: 07 Jul 2020 10:01 AM PDT In the grand scheme of thing, refinancing a student loan is hardly the most epic of feats, but it's the first time I've felt that I'm getting ahead of something that once felt oppressive and impossible to defeat. I refinanced one of my loans, which was around 47k, from a variable rate (that once hit like...9-10%!!!) to 4.82%. I shaved off 100 dollars off my minimum payment and reduced the payment schedule by a year. If I pay hundred dollars more a month, I'll shave one (or two, I don't remember off the top of my head) years off my payments. It's insane how little decisions can compound to huge results. To folks who feel overwhelmed by debt: I feel you. I've been there. But this too will pass. It might take time, but that's okay. Focus on increasing your income and building the life you want. It might take longer, but your loans are finite, and can be paid off even faster than you imagined with some hard-work, planning, and time. Most importantly, don't cultivate the belief that your debt is this evil contagion that is ruining your life every second you hold on to it. It's just a circumstance, and is morally neutral. Just focus on solutions, and I promise things can & will get better. [link] [comments]  |
| Posted: 07 Jul 2020 05:43 AM PDT I have the remaining balance of my last two loans (federal) sitting in my savings. I just want to pay them off. But we are waiting until September when the interest kicks back in. We are hoping that there's loan forgiveness in the next Covid relief package (if there is even one). But we are definitely paying them off before the new student loan financing company changes kick in regardless of whether the 0% interest is extended (I just don't want to deal with a new system despite my loan servicer saying they won't be affected, Ed Financial, as I've stopped believing anything from loan companies). I just want to be done but I don't want to pay them off and see a month later that there's a 10k federal forgiveness coming or something similar. Anyone have a similar plan? [link] [comments]  |
| Looking for advice on refinancing Posted: 07 Jul 2020 09:46 PM PDT Sorry for any grammar mistakes, I'm on mobile. I've been paying off my student loans for about 2 years now and for some reason it didn't occur to me that refinancing is an option. Is this something that I would talk to my loan provider about? And is it possible that it would bring down my payments or just my interest rate? Thanks in advance! I'm not the most financially literate person but I'm working on it! Edit: I'm not sure if it matters at all but I didn't finish my degree and have been employed since then with no missing payments. [link] [comments]  |
| PAYE or REPAYE Student Loan Decision Posted: 07 Jul 2020 07:24 PM PDT Hi, I am in the process of consolidating my student loans and am weighing whether to choose PAYE or REPAYE. My loan simulator recommends REPAYE. As I go further in the application process to the consolidation page and choose which one, it shows a significant difference between the two in overall how much I end up paying on the loan. I am paying off a total of 40,000 in loans and in my REPAYE plan its calculates I'll pay $50,000 over 300 months, and PAYE calculates I'll pay 31,000 over 240 months. My initial reaction is to go with PAYE as I will be paying less on the loan. I was a bit confused when I first used the loan simulator with same information it said total to be paid was $9,700 with recommending repaye versus now in application says different numbers looking at both. I am a single tax filer. I dont see my income jumping exponentially in the next 3 yrs. I know PAYE you must qualify for which I do, and it is a capped payment. And that the PAYE is 20 years and REPAYE 25 years. My interest as of now is about 4000 and that REPAYE is sometimes a better option because of the interest benefit, but am still a bit lost as to which to go with. I'm wondering if I go with PAYE what the difference is in my interest subsidy on my unsubsidized loans ? And long term which is the better plan to go with in this situation. Thank you for the help! [link] [comments]  |
| Posted: 07 Jul 2020 03:56 PM PDT Hello all, I took out a private loan through Sallie Mae in 2013 for a school that I did not complete my degree at, but I completed my degree earlier this year at a different school. I am 27 with a 740 credit score, and I have been working at my current job ($32K a year) for 3 years now. When they asked for the information about my schooling, I entered the school I completed my degree at and got denied by Sofi, and again with Earnest. Is there something I am doing wrong? The loan was initially for 10k, now at 6.7K with a scary rate of 10.75% [link] [comments]  |
| Posted: 07 Jul 2020 06:44 PM PDT Really nervous about discussing this deeply embarrassing topic - Although I have moved across the country on my own and have two masters degrees, I've unfortunately accumulated lots of student debt. I will start working towards the end of August with a net income of $45,500. I clearly did not grow up with any financial sense, and am figuring this all out as I go. I would be so grateful if anyone could provide me with advice on what my next moves should be. -I have one CC and accidentally spent 35% so my credit score is kinda low presently. My debt total: $101,296.77 Loan 1: $5,392.05 at 3.860% Loan 2: $2,232.41 at 3.860% Loan 3: $23,284.80 at 5.310% Loan 4: $19,376.53 at 6.000% Loan 5: $19,312.21 at 6.600% Loan 6: $2,897.94 at 6.600% Loan 7: $7,874.28 at 7.080% Loan 8: $20,926.55 at 6.080% Sadly, I also need a costly surgery, which is an additional reason why I'm worried about my monthly payment amounts, etc. Please tell me there's hope for my case, these figures are very startling and depressing. Thank you! [link] [comments]  |
| Posted: 07 Jul 2020 08:59 PM PDT Hello, my girlfriend recently completed fasfa but has run into some obstacles. 1: she is an orphan and needs to provide death certificates for both. What is the fastest way to get these? 2: to make an irs account you need some sort of credit account to sign up. she doesnt have a credit card, mortgage, etc. she only has a bank account and drivers license. how can she make an account without these and verify her identity? [link] [comments]  |
| Posted: 07 Jul 2020 07:53 AM PDT Hi, so I received a call from a number that came up as "potential spam." They left a voicemail and the area code shows they are from Texas (I live and went to school in NJ). They left a voicemail as follows: "Hi this is Karen I'm calling from the federal student loan assistance center I just wanted to go over the new programs being offered by the Department of education for forgiveness um and also take a look to make sure that you're not scheduled for a tax offset um give me a call back the phone number here is 817-587-9203 thank you…" I think it's likely a scam, but I've never received a voicemail like this so I want to see if anyone else has received a similar message. Thanks! [link] [comments]  |
| Pay Off or Pay Minimum and Invest? Posted: 07 Jul 2020 11:58 AM PDT I have $213,000 in student loans. I am on a pay as you earn plan and currently make approximately $180,000 annually. I have about $50,000 in savings and $50,000 in investments in addition to my retirement accounts. I do not want to touch the retirement accounts, but this ~$100,000 is fair game. My student loan payments are currently deferred for COVID, but they were ~$725 per month, which wasn't even covering the interest (roughly 7% interest rate average for all the loans). My loans get forgiven after 13 more years of making payments if i stay on the pay as you earn, at which time I understand I will have to pay taxes on the "forgiven" amount. I am trying to figure out whether it would be better to pay down my loan balance to something like $130,000 and then refinance (I can get about 3.19% fixed) and try to pay off the loans in 5 to 10 years, or if it is better to continue investing and making minimum payments then taking the tax hit in the year when the loans are forgiven. All input is welcome! Thanks. [link] [comments]  |
| A great example of why it's too early to really know how Next Gen is going to shake out. Posted: 07 Jul 2020 05:48 AM PDT Yesterday, the House Appropriations Committee released the legislative text for the Fiscal Year 2021 Labor, Health and Human Services, Education and Related Agencies Appropriations Act, which will be marked up by the subcommittee this afternoon. The draft bill would provide $196.5 billion in discretionary funding for the U.S. Department of Labor, U.S. Department of Health and Human Services (HHS), and U.S. Department of Education, which is a decent increase from last year. Among other things - the bill includes this provision:
Full disclosure I edited and summarized the above from something written by an association I belong to. The point here is that while this is just a bill at this point, if this were to pass as written it would at best likely delay NextGen due to the ED needing to revamp the contract requirements to meet these provisions and at worst, require them to redo some of the solicitations. In short - as we follow the NextGen process and implementation the thought process should be to stay educated so you aren't caught off guard by big changes but don't assume that things are a done deal at this point. And for those out of the loop on NextGen - here's my prior post https://www.reddit.com/r/StudentLoans/comments/hg7j8w/an_explanation_of_next_gen/ [link] [comments]  |
| Posted: 07 Jul 2020 12:49 PM PDT Can anyone give some advice on choosing the best student loans? I am new to this and am doing it without a co-signer. I have been doing research but am still feeling a little naive about it. [link] [comments]  |
| 70K of Loans on a 50K Salary. Help! Posted: 07 Jul 2020 06:12 AM PDT Hi all. I followed my heart and got my graduate degree in social work. I recently moved to another field to help my income. I'm making more money outside of the social work field, but now do not qualify for public service forgiveness after 10 years. Any tips on how to make this debt manageable? I feel like I'm drowning in debt and don't see a way through. P.S. I know I took them out and I know it's my responsibility to pay them back. [link] [comments]  |
| Fedloan Consolidation Question Posted: 07 Jul 2020 11:32 AM PDT I recently consolidated my loans on fedloan and expect final consolidation to occur soon. However, I just checked my account and saw that they added the consolidated principal in addition to the principals of the previous loans. Thereby, doubling the amount of principal that I see. Is this normal during the consolidation transition phase? Or should I follow up with them immediately? [link] [comments]  |
| Haven’t heard back about FAFSA for this fall should I be concerned? Posted: 07 Jul 2020 08:34 AM PDT I applied for FAFSA in February of 2020 and it was processed the next day. I haven't heard back from my graduate school that I applied to if I am approved for any loans yet. Should I be concerned? I am already enrolled in classes but don't necessarily have the disposable funds right now to pay the classes in full. When should I expect to hear back from my University? [link] [comments]  |
| Posted: 07 Jul 2020 04:58 PM PDT I've been on IBR for about 10 years and have loans through 2 different servicers, so I've been through the annual recertification process many times. Last year I filed joint with my wife and both my navient and nelnet payments were about $400/mo. (roughly same amount of loans for both servicers). This year we made $1K less total, my navient loan payment stayed the same, and by nelnet payment rocketed up to $1200. I asked them to recalculate and they came back with $900. I went through the process again and they came back with $600. Now they're telling me that last year's payment was low due to a "processing error" on their end and the $600 payment is correct. Can anyone tell me where to find the IBR loan calculation formula or any resources to figure this out? I've been trying to get this resolved for over a month and have no faith that nelnet has any idea what's going on. Thanks! [link] [comments]  |
| Is now a good time to take loans? Posted: 07 Jul 2020 01:06 PM PDT I've been unemployed for a few months and finding a job has been difficult to say the least. I am "at risk" so my options are pretty limited. I was hoping to teach myself enough skills during quarantine to get into my target industry (software development). Companies are not hiring right now though, especially for those without degrees/experience, and I don't see this getting any better soon. So I am considering taking our a pretty big loan that would cover the cost of school and at least some part my living expenses. Doing so will allow me to focus on learning and graduating ASAP. I think this will be in the range of 60-80k. Would now be a good time to do this? How do you think interest rates will be affected? I feel confident a career in software will be worth the loans but am I wrong to assume this? Should I take out one big loan or just smaller loans each year? Any other thoughts? [link] [comments]  |
| Posted: 07 Jul 2020 04:31 PM PDT How bad is missing payments? What if I miss payments and use that money to pay off loans with higher interest? Or should I make minimum payments to all loans, and throw any extra money at loans with the highest interest? My sub/unsub are at a lower interest, payments starting in December of 2020. My parent PLUS loans are at a higher interest with a different servicer. [link] [comments]  |
| Do I have to pay student loans if I am non-degree seeking? Posted: 07 Jul 2020 08:46 AM PDT Hello all, I'm currently a graduate student paying for school through FAFSA. Next year, once my program is over, I may return to take extra classes as a non-degree seeking student at a local college (undergrad courses). Since I will be a student, but non-degree seeking, will I still have to begin paying back my loans, or will I not have to yet since I am still technically a student? Thank you! [link] [comments]  |
| Is it a good idea to use a lower interest loan to help pay off one with higher interest? Posted: 07 Jul 2020 10:19 AM PDT I'm a second-year medical student using Federal Unsubsidized loans which just had the interest rate decreased from 6.08% to 4.3%. I am approved for a $45k/year loan and live with my parents to save money. This past year I was able to minimize my loans to $35k. This year I decided to take out the max $45k because I figured I could maybe use the extra $10k to help pay down the 6.08% loan, and if not I have until 9/2020 to pay it back before it starts accumulating interest thanks to the CARES act. Does taking out extra money each year to use towards paying down the higher interest loan make sense or am I just wasting my time? Thank you so much for reading my post and I appreciate any and all advice you have to share! [link] [comments]  |
| Should I take out student loans to live alone during COVID? Posted: 07 Jul 2020 06:10 AM PDT I'm in my last year of grad school. I'm moving to a higher cost of living city for a semester long externship. I'm really paranoid about the pandemic and don't trust roommates that will likely be strangers to follow social distancing, wear masks, etc. I'd really prefer to live alone. My parents pay tuition, rent, etc. They told me they'd be willing to pay a certain amount for rent. I'd need $400-$500 per month extra to rent a studio. Should I take out a few thousand dollars ($3000 to $6000 depending on how long I stay in that city) in student loans to live alone during the pandemic or should I suck it up and live with roommates? Currently, I have $0 in student loan debt. [link] [comments]  |
| Can I "transfer" my student loan to my spouse through SoFi? Posted: 07 Jul 2020 03:41 PM PDT Wife qualifies for better rates and a $100/month payment while completing her medical training. I know SoFi allows Parent PLUS loans to be moved into the students name. Curious if they will allow my loans to move under my wife's name or if she cosigns on my loans if we will qualify for the medical school discount program. [link] [comments]  |
| Posted: 07 Jul 2020 03:34 PM PDT Currently I have two outstanding student loans. Private - 3.95% minimum payment is $744 (I currently pay $1300 per month) Balance is a shade under 25k Federal - interest rate is at like 5.5% but currently no payments due bc of corona. Normally pay $200 per month (on the IDR where you pay 20 years and rest is forgiven, interest is being subsidized right now because of that plan) balance is 52k. I'm 27 and have been paying off these loans for 3.5 years. My plan as of now was to get rid of the private loan first while paying the minimum on the federal. Once I was done with private I was going to start eating away at that to avoid the tax Bomb in 16 years. I have 20k in the bank right now and still live at home with my parents. What is the best course of action or am I currently on the right path? [link] [comments]  |
| Portion of the Loan or No Loan? Posted: 07 Jul 2020 02:29 PM PDT So, I'm having a dilemma. I am a sophomore in college and last year, my school offered me $3500 in subsidized loans for the school year and I accepted them. And for some reason, I thought they were going to keep that loan amount consistent throughout the years but they didn't. Anyways, they offered me 4500 dollars in subsidized loans but I am feeling a little reluctant about taking that out because it increases the amount I thought I would graduate with by 1,000 dollars (which just means more money I have to pay back). I have 5,000 dollars exactly saved up. I am considering two options. Option A: not taking the loan out at all and assuming that $4500 is my net cost, I pay it using my savings. But honestly, I don't really want to do that because it knocks me back quite a lot in savings. Option B: accepting $2500 out of the 4500 dollar loan amount and then paying the remaining $2000 using my savings. Which would be the best option, or is there an alternative option that's worthy of consideration. [link] [comments]  |
| Start business or pay off student loan? Posted: 07 Jul 2020 01:56 PM PDT I have seen this question lots of times and I am posting again because the answer depends on each individual situation. I have told people in the past on here to pay off the student loan ASAP. But I wanted to get everyone's opinion on my situation as well because I am planning on paying it off but my family isn't agreeing with me. I am working 3 jobs at the moment, about 90 hours a week in total. I have my main IT job that pays me just a little under 50k a year. Then I do grubhub in the evening which pays me $1200 a month (minus $200 for gas so $1000 per month). And I work at a gas station on the weekend which comes out to $100 a week. ($400 a month) I am not even touching my IT income anymore, I take care everything from $1400-1500 I make from my two side jobs. I have $34k in loans and my family is telling me to make minimum payments for 10 years and I want to pay off everything in 2 years. Here's where my family is making a good point. I want to start my own business and will require $80k to start it. They are saying if I pay off my loans in 2 years, then I would have to wait again to gather more money to start my business. And if I just start my business, I can make more and use that to pay off loans. I am thinking I should just pay off the loans first and then gather money for business and start (even tho that would put me back 2-3 years) at least I don't have to worry about student loans and business both in case my business doesn't succeed. What do you guys think of this situation? [link] [comments]  |
| How much Unsubsidized Grad loan should I accept? Posted: 07 Jul 2020 08:31 AM PDT I will be starting grad school next month, and I am wondering how much federal aid I should accept from my offer. Tuition will be roughly 71k for 2 years/6 semesters. I have about 25k in savings which I have saved within the last 5 years from working full time at a hospital/and living at home with parents. I still have about 14k left from undergraduate school loans. I wasn't planning to defer these loan payments while I'm in grad school. I plan to continue working full-time as the masters program I'm enrolling into is part time. I was offered $20,500 in Direct Grad Unsubsidized loans for this first year. Is there a recommended amount on how should I pay out of pocket and how much should I accept out of this loan? I'm fairly new to this sub so any advice would be much appreciated! [link] [comments]  |
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