14 months and $55,481.75 later, I am free of my student loans! Student Loans |
- 14 months and $55,481.75 later, I am free of my student loans!
- What are all your plans if student loan forbearance gets extended?
- $127,000 in debt... Tentative plan??
- Where would I find the original interest rates
- REPAYE, should I pay down principle?
- Experience after finally paying off loans
- Undergrads In The Uk- how do I go about student loans
- Teacher Loan Forgiveness only for low income schools..?
- how should I pay for college?
- Confused about REPAYE
- Advice on how to tackle student loan debt?
- Not considered degree seeking?
- Help!
- Cosigner's credit for student loans
- Unused Pell Grant from years past?
- Pay a loan off with a loan?
- Am I calculating right?
- Does Having Loans From Different Sources Cause Issues?
- Advice on loans
- What are the best student loan options out there?
- Recertify with Unemployment Income? Nelnet Help.
- In Need of Advice on Paying Off My Student Loan
- Retroactive Perkin's loan teacher cancellation
- Astronomical amount of federal student loans, refinance?
| 14 months and $55,481.75 later, I am free of my student loans! Posted: 04 Aug 2020 05:52 PM PDT I realize how fortunate I am to be able to pay down my debt. I graduated in May 2019 with my MS in Engineering. I got my masters immediately after finishing my undergrad. Moved back home, am fortunate enough to live rent free, and threw every dime of my paycheck at my loans. My work is considered essential so thankfully I was able to make payments during these extraordinary times. There's a light at the end of the tunnel. [link] [comments]  |
| What are all your plans if student loan forbearance gets extended? Posted: 04 Aug 2020 03:34 PM PDT I have been one of those people who have been saving instead of paying off my loans. Ive also been thinking that if this forbearance gets extended, maybe i'll move my savings to a high yield savings account to grow it a little and then make a large payment in the future. Just want to hear what your plans would be! [link] [comments]  |
| $127,000 in debt... Tentative plan?? Posted: 04 Aug 2020 08:45 PM PDT I am starting a new job in September where I will be paid $93600/year. I have 117k in federal student loans and 10k in interest. The interest ranges from 3-7.6% with the average around 6%. My plan is to enroll in graduated extended plan and to pay the minimum on every loan and then put all extra money to the highest interest loan. Is this straightforward to do with FedLoans or are there any other options I should consider. My goal is to put 3k per month to loans but not sure if Ill be able to do it. [link] [comments]  |
| Where would I find the original interest rates Posted: 04 Aug 2020 05:55 PM PDT I'm paying my loans, highest interest rate first but now I'm almost done with on and want to move to the next one. Since they all day 0%. I can't figure out which loan I have to do next. I looked at the federal website but they also say 0%. Anyone know how to? [link] [comments]  |
| REPAYE, should I pay down principle? Posted: 04 Aug 2020 11:26 PM PDT I have 100k of student loans, 30k undergrad, 70k grad. I will probably get a job making 70k-80k/year, I'm interested in optimizing my repayment strategy, after expenses my discretionary income will probably be in the 20-30k range resulting in a payment of 3k a year. From what I understand on the REPAYE plan the government subsidizes half the accrued interest meaning at an approximate 3k/year payment, no additional interest will be added to the loan. What I am wondering is, is it a better idea to pay the loan off or invest my money and pay the income tax at the end? In 25 years if all goes well will probably be making ~120k which means at forgiveness my yearly income for that year will be ~220k. This will result in probably at 70k-80k tax liability for that year. Here's the core question: I can live on almost nothing and put 35k of my income towards the loan and pay it off in 3 years. Is this better or worse than doing the above? [link] [comments]  |
| Experience after finally paying off loans Posted: 04 Aug 2020 07:30 AM PDT Hi everyone, I'm going to graduate in a year with about 45k in student loans. not sure what the job situation looks like after graduation but i plan to pay down as fast as possible. this isn't why i'm here though, i'm here to get insight on what life is like after paying these horrid loans off. those of you that came out with a substantial amount of loans and paid them off, how did your life change? were you able to upgrade your living, transportation, new toys, travel, invest, start a new hobby... etc. besides the psychological effect of being in substantial debt how did your life change for the better and what did you do after? [link] [comments]  |
| Undergrads In The Uk- how do I go about student loans Posted: 04 Aug 2020 06:16 PM PDT Can someone please explain how I take out student loans to study in the United Kingdom? Every-time I go to look it up, they only give me the name of loans. It's giving me a headache at this point. Do I apply to the university first, then get my letter of acceptance and THEN apply for student loans? I know I have to have the funds in my bank account before I apply for my visa, at least that's what I'm being told. In what order am I supposed to do this? How much can I take out at once? [link] [comments]  |
| Teacher Loan Forgiveness only for low income schools..? Posted: 04 Aug 2020 09:53 PM PDT So i have just accepted a position for Special Education Teacher. I found my University's perkins loan can be forgiven or cancelled if I work one full year as SPED Teacher. So i was looking into Federal Student Loan and there was teacher loan forgiveness program and I was wondering if the program was only if you were working in the Low Income school for 5 years. Do any one know..? [link] [comments]  |
| Posted: 04 Aug 2020 09:49 PM PDT Hey! I will be a college freshman this coming fall. My tuition is expected to be around 46-47 thousand per year. I have chosen to go online this coming semester, so it will be a little cheaper at about 10 thousand for this semester and then the regular 20 thousand for the spring semester, but this information is not that relevant. My parents have very different views on how we should pay for my tuition. My mom is completely against me taking out a loan. My dad took one out for our home and she completely hates it. She thinks "If we have enough money, we should put it into rockstor's education." My dad thinks that we should get a loan. Apparently, he found this loan where you basically don't need to pay the tuition until you graduate and there's no interest (is this true?). He calls it "free money." He thinks that we should put the money into a CD and then pay off the loan after 4 years. My mom is also against this, as she thinks my dad will not follow up on the CD thing and will just put the money into stocks. (he's not irresponsible, but I think he has put too much money in the stock market, which can honestly just crash at any moment.. its very unstable). I do know that if my parents pay all my tuition with cash, they will not have that much money when they retire. We are in that income bracket, where my family could pay for tuition, but if we did we would not have a lot of money left over. I am completely lost on what to do. Can someone give some advice on what they did? How did they pay for college? What are some good options for me? I agree with my dad, but my mom is extremely stubborn and is completely against loans. I don't know how I can convince her. Note: I don't really have the option of doing to community school or a different school, bc my parents would not really allow me. my mom doesn't want me to work part-time, as she wants me to be fully devoted to college and my classes. [link] [comments]  |
| Posted: 04 Aug 2020 05:50 PM PDT I've been running numbers on the loan simulator and I'm a bit confused here. Under the below numbers, I don't understand how I'm paying off the principal that much. Conditions: AGI: $150,000 Annaul salary raise: 2% Filing: Joint Location: CA Total loan amount: ~$380,000 Effective Interest rate: 6.18% More than 95% are unsubsidized Under REPAYE: Monthly: $1035-1482 Paid off date: July 2040 Forgiveness amount: ~$80000 With $380,000 principal at 6.18%, my annual interest would be $23484. However, my annual payment would be $12420 minimum and $17784 maximum. Since my payment is less than interest, subsidy kicks in, paying off half of $23484, which would be $11742. So in my first year, me and subsidy payed $24162, which is deducts $678 from the principal. (I believe that money would first pay off any remaining interest and then principal, but that's besides the point). Is there something I'm missing here? Is current 0% interest rate messing with the simulator program? [link] [comments]  |
| Advice on how to tackle student loan debt? Posted: 04 Aug 2020 03:28 PM PDT I have two student loans, one is in collections and the other is through Nelnet. The one in collections is: $1291.70 at 3.5% interest The one on Nelnet is at: $21,697.90 at interest rates that vary from 3.8% to 5.05% The one in collections doesn't show up on my Federal student aid website, only the Nelnet one does, I'm not sure. I think they didn't send it to my credit report yet. How should I go about paying it? Should I try to pay off the one in collection since the one through Nelnet is still in forbearance? [link] [comments]  |
| Not considered degree seeking? Posted: 04 Aug 2020 01:22 PM PDT I currently have a BA and am seeking a BS. Because of my BA I only need my science credits about a year's worth of credits and have been getting them at community college to save money. The community college says I won't qualify for anymore Stafford Loans because I am no longer considered degree seeking (technically completed an Associates in Science). The University I got into says I don't qualify for Stafford loans on their end until I'm certified into my major. I won't be certified until I get another 30 credits. My plan is to pay out of pocket this year at community college and go to University in Fall of 2021. Here's my question, will my existing Stafford loans go into repayment this year? Or will the govt still recognize me as a student going to school full-time/part-time. TL;DR I'm not considered degree seeking at my community college, will I have to payback my Stafford loans while I take classes? [link] [comments]  |
| Posted: 04 Aug 2020 10:11 AM PDT So I am receiving a $20,500 unsubsidized loan with a 4.3% interest rate. I want to find out at the moment the loan is disbursed if I will be charged 4.3% every month or if its 4.3% for the total life of the loan? I've been trying to contact FAFSA but the loan has not been disbursed and I don't have a loan carrier yet so they can't give me any information and I just want to know what I'm getting into >.< any advice would be appreciated. [link] [comments]  |
| Cosigner's credit for student loans Posted: 04 Aug 2020 02:42 PM PDT So, I'm taking out student loans right now, and I kind of have no credit. I never really did anything to make my credit score better, so it's probably bad (I haven't even looked at it, but I honestly used all my money on things like games, food, entertainment, etc), and my cosigner is my father, who told me he has incredibly bad credit. How much does that impact my chances of getting student loans/their interest rates? Or could I get them at all? [link] [comments]  |
| Unused Pell Grant from years past? Posted: 04 Aug 2020 09:10 AM PDT Coming to find out I have about $9,500 in Pell Grant that was never disbursed to me. Is there anything I can do to tie that into the current semester or have it disbursed? About $5,000 is from a CC I attended out of state and the remainder is from a CC in my current state just in a different county. [link] [comments]  |
| Posted: 04 Aug 2020 08:24 PM PDT So I got a federal grad loan in the spring for 15K. I'm still in grad school, and I need another loan - 16K this time (yes, my school raised tuition :/ ) - for this coming semester. My grandparents are willing to loan me the money for this semester, for which I'm very grateful. BUT! The current interest rate for new federal loans is lower than the interest rate of my loan from last spring. If I get a federal loan for this semester at the current lower rate and use the loan from my grandparents to pay off the old one, then I'll still have the same number of loans (2- one from feds, one from grandparents), but the federal loan will be at a lower interest rate, which should save me money in the long run, right? Is that...ok to do? Am I allowed to do that? Are there like, tax considerations I should be aware of? I have no idea where else to find answers- any guidance is v. appreciated. [link] [comments]  |
| Posted: 04 Aug 2020 09:12 AM PDT My wife has 60k in student loans. She is a teacher in an IBR plan and enrolled in the forgiveness plan which will forgive the remainder of her loans with 120 payments (10years). By year 10 approximately 55,000 will be forgiven as long as she doesnt make more money then it will be less money forgiven as her monthly payment would go up. And this is all as long as we file married separate. Filing married separate we would owe $2,000 to the fed. Filing married joint we would receive a return of $5,000. Obviously that us subject to change. At this point am I better off filing married joint and just paying off the loans? If we filed married joint and would like the lowest monthly payment, the loan would be paid off in 25years and we would have paid 120k. [link] [comments]  |
| Does Having Loans From Different Sources Cause Issues? Posted: 04 Aug 2020 10:36 AM PDT I'm applying for new loan for the year, and I checked my current loan, it's at 12.64%. That's too high right? Should I check another loan place? Or is it better to keep it all in 1 source to make it easier to manage? Or does it not matter? [link] [comments]  |
| Posted: 04 Aug 2020 10:31 AM PDT This is for my girlfriend who doesnt know about the wonders of reddit. She comes from family of bad money management. So she only recently started saving money for college. She filled out FAFSA and got some Grant's and loans but they only cover like 25% of school costs and it is not an expensive school. She has no options for cosigner because they either have too low of score or they dont have high enough income. What should she do in terms of getting a decent student loan? [link] [comments]  |
| What are the best student loan options out there? Posted: 04 Aug 2020 06:29 AM PDT Hello! I am the first person in my family to go to college. I'm an incoming freshman who needs to come up with 8800 for the fall semester. My school has monthly payment plans available (which I've signed up for). I have already received federal loans and grants. I don't really have much guidance available to me, so I figured I would turn to Reddit. I am trying to look into other loan options, but I have no idea where to start or what might be my best bet. Edit: thank you for the advice! After posting this I found out that my semester bill dropped over 5,000. We submitted a special circumstances appeal and it went through this morning. [link] [comments]  |
| Recertify with Unemployment Income? Nelnet Help. Posted: 04 Aug 2020 07:28 AM PDT I've been asked by nelnet to recertify my student loan monthly payment by showing proof of income. They need income to come from last 90 days. I lost my full time job in March and I've been receiving unemployment. Should I just show unemployment? Thanks!! [link] [comments]  |
| In Need of Advice on Paying Off My Student Loan Posted: 04 Aug 2020 05:53 AM PDT Hello Everyone, I'm in need of assistance on how to go about paying off my student loan. For years I've been paying the minimum monthly amount, and I know that will take forever. A few years ago I refinanced and consolidated them to lower my payment. Up until recently I haven't been able to pay more than the minimum and am seeking advice on how to best tackle it. I'm going to use example numbers to explain my situation. I have a $50,000 balance with a $400 monthly minimum. Instead of paying extra, I've been saving my money now that I'm able. I have $10,000 extra in savings that I would be comfortable spending. I want to just throw that $10,000 at the principal balance, save up another $10,000 and repeat until it's fully paid off. While continuing to pay the minimum each month. My question is, is it better to make five $10,000 payments as I can, or pay a little more each month until it's fully paid off? Thanks and I appreciate everyone who takes the time to respond. [link] [comments]  |
| Retroactive Perkin's loan teacher cancellation Posted: 04 Aug 2020 07:26 AM PDT Brief background: I ended up defaulting on a 3k Perkin's loan without knowing it, because none of the mailed communications about the loan reached me, and I was under the impression that all my loans were visible through the Nelnet website. I am currently about 4 months into the rehabilitation process and have been informed that loans in rehab aren't eligible for cancellation. I taught at a low-income school for a year, and other other circumstances, would have been eligible for cancellation of 15% of the loan. I'm wondering if anyone has had experience getting cancellation approved for public service work they did in the past. By the time the loan is rehabilitated, it will have been nearly a year since I last worked as a teacher. Any advice on this situation would be much appreciated! [link] [comments]  |
| Astronomical amount of federal student loans, refinance? Posted: 04 Aug 2020 08:00 AM PDT Hello all, I need some advice. I have been trying to get my loan situation under control for a while now, I am not sure what to do. I have $325,000 in federal student loans (a mix of subsidized, unsubsidized, and Grad+ loans) that I used to get my PharmD (Doctor of Pharmacy Degree; graduated 5 years ago). The average interest rate between all loans is 6.8% (lowest is 5.5%, highest is 7.6%). I have been doing income based repayment up until this point (due to a low salary until recently; yes I know this was not ideal, but I am here because I want to move forward not dwell on the past). Now that I am making a reasonable salary, I can afford to pay more and want to try to pay off my loans (preferably no longer than 15 years more years). Right now, during the pandemic, my loan interest rates are 0% (since they are all federal), but with that set to potentially end at the end of SEP-2020, would it be better to refinance or should I hold on to the "federal loan" status? After some research, with my good credit, I can get a 15-year term for 3.90% with a monthly payment I can afford, but I am weary of refinancing prior to any extension of pandemic 0% extension or any potential loan forgiveness that might occur with the next US presidential election. Any help would be much appreciated. [link] [comments]  |
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