200k in student loan debt that is giving me intense panic and worry about a ruined life. What do I do? Student Loans |
- 200k in student loan debt that is giving me intense panic and worry about a ruined life. What do I do?
- Student Loan Refinance Questions
- Any place for Private student loans with no cosigner?
- Variable vs Fixed Rate
- Too soon to refi again?
- Has Anybody Paid For a Student Loan Counselor?
- Refinance again?
- PLEASE HELP ME. I NEED TO PAY MY TUITION BILL BUT I DON'T QUALIFY FOR STUDENT LOANS.
- Collection Agency
- Reduced Pell grant due to covid policy
- Best Private Lenders for Foreign Enrolled Students?
- Denied letter for grad plus!? Help!!!
- Need Advice!!
- BEST way to pay off ~$11k in loans?
- Consolidating from my parents - perhaps a complicated question
- Is there a way to "watch" student loan rates to see when the best time to refinance is?
- Better to refinance before or after home purchase
- 1 cent balance
| Posted: 23 Aug 2020 07:33 PM PDT Total loans: $185k. $172k of that is federal. I'm 28 years old and I was not smart or financially savvy. I made the dumb as shit decision to be lured by glitzy private undergrad away from home, then a glitzy private graduate school. I don't believe I was aware or mentally mature enough to look past this and think 11 years into the future. My parents are/were (one deceased) middle class, and while I don't blame them at all, education is important to them. I grew up in a pretty well-off neighborhood where it was high school, then a nice college. They never forced me to go to a local public college until my junior year when they could no longer afford to pay out of pocket for my private one. And still then, dumb as rocks, I went onto graduate school - for psychology. They warned me of loans, but I was 21. Now I'm 28, having worked at this same shit-paying nonprofit healthcare job since graduating grad school (I panic accepted because I didn't have a childhood home [mom moved OTC after father passed] to go back to post-graduation and wait for the right job to come about), and looking down this barrel of shit decisions I made. I'm 6 months into an amazing relationship with an amazing someone I love, and I'm scared that even after telling me he wants a future together, he'll be running for the hills. I want kids, I want a life. I live in NYC. I currently make $57k pretax across two jobs. I am going to school part-time (paying out of pocket!) taking classes to apply to physician assistant school (and am hoping I get into a city college program for $40k) and a nursing program as a back-up. I have a 740 credit score. Because of my income, I won an affordable housing lottery with low rent in which I live with my cousin who pays all of it, for now. No car. No other credit (current spending limit on 1 credit card is $12k, I've never gone past 25% of that because otherwise I wouldn't be able to pay in full). I am a saver and not a spender, but I'm not financially aware of how to make the best of my situation. My goal is to chug along, keep making my payments, then once I'm accepted to school, take whatever job pays me the most and save/pay off as much as I can before PA school starts. But for now, despite working two jobs and being in school and volunteering/health care shadowing (doing as much of those is key to PA school acceptance, which is my ticket to higher income), I'm still googling ways to make even an extra $50k a year from home (no Uber, nothing like that) in my limited free time. This is causing me extreme stress and some upsetting self-hatred, and now because I have a relationship I love, I get the added benefit of fearing something else being ruined as well! /s What do I need to do? [link] [comments]  |
| Student Loan Refinance Questions Posted: 23 Aug 2020 03:09 PM PDT I have 12 student loans, mostly private but some federal. They add up to about $115,000. My monthly payment would be around $1,250. My weighted average interest rate is 6.1%. I input my total loan amount and name/social etc. into my bank's rate calculator (not individual loans and rates) and got a number of rate options. I like the fixed 15 year option (longest term) for 5.25%, since this is gives me a lower monthly payment by $300 AND a lower interest rate. My interest rate could be 5.00% if I accept to automated monthly electronic payments. My questions are:
Thank you all for your time and help. [link] [comments]  |
| Any place for Private student loans with no cosigner? Posted: 23 Aug 2020 08:55 PM PDT I've tried a few places to get a private loan. I need 6k. I've been unemployed most of the year due to covid and recently got my jib back doing work study, but it's nowhere close to being able to pay for tuition (max of 1600 for the semester) I graduate in December and am a full time student. I have applied to a few places with and without a cosigner and all has failed. Our credit is just not good enough I guess. It's pretty impossible to find another cosigner as my mother is the only one I have able to do it. Are there any places that don't require a cosigner? Or are at least a little bit more lenient about my cosigners credit? [link] [comments]  |
| Posted: 23 Aug 2020 08:08 AM PDT Question regarding thoughts on refinancing my loans. My current situation: $224,000 in loans Current Fixed interest rate is 3.62% Will likely have them paid off in about 2 1/2 years (Aggressively paying them off) I can refinance it looks like to a variable rate for ~2.33%. I have never looked into doing variable rate loan because I was apprehensive if the rate drastically changed. Since I'm aggressively paying my loans how much would the rate typically fluctuate over this duration? Thoughts or advice? [link] [comments]  |
| Posted: 23 Aug 2020 07:20 PM PDT November 2019 I refinanced about $93k worth of loans to SoFi at 5.98% fixed for 20 years, resulting in a monthly payment of about $680. Today I went through credible and one offer I got was 4.02% fixed for 10 years from Citizens Bank, resulting in a monthly payment of $940. Yes this payment is higher but that's a very low interest rate and I can afford that higher payment. That being said is it too soon to refi? I have about 8 months of payments under my belt with SoFi so I'm afraid of rejection here [link] [comments]  |
| Has Anybody Paid For a Student Loan Counselor? Posted: 23 Aug 2020 01:19 PM PDT A little bit of background I have a little over 300k in federal student loan debt. I am currently on the PAYE IBR program but I just want to make sure I am making the best choices to save myself the most money. I have consulted at least a dozen different calculators and resources including my CFP and I get wildly different answers (sometimes to the tune of 100k or more) about what is actually the best option for me. In addition I've spent dozens of hours trying to figure this out and it seems like every time I think I'm on the right track some new bit of information pops up that throws everything off again. I would definitely be willing to pay a few hundred dollars for the peace of mind of knowing I'm on the right track but a lot of them seem super scammy. Any advice would be greatly appreciated! [link] [comments]  |
| Posted: 23 Aug 2020 05:46 PM PDT Hello everyone. I consolidated & refinanced my private loans from SallieMae to FirstNet, a total of $217k last August @ 5.6% interest. I am now down to $210k, paying $1500/month; while this decent I would obviously like to lower my rate so I can pay off my loans faster. However, I am concerned that my DTI is too high, and my credit score is too low. I make about $50k/year, total debt around $250k (car + fed loans) and my credit score is 686. I initially wanted to wait until my score was over 700 to try to refinance again, but interest rates are astonishingly low right now - so is it worth a shot? Side note: would like to thank everyone in this community for the words of wisdom, whenever I start to panic about my debt this sub always helps me think a little clearer. [link] [comments]  |
| PLEASE HELP ME. I NEED TO PAY MY TUITION BILL BUT I DON'T QUALIFY FOR STUDENT LOANS. Posted: 23 Aug 2020 06:20 PM PDT PLEASE HELP. I'm currently an incoming freshman for a state school, but I'm an out-of-state student. I need to pay my tuition bill ASAP and I don't have any sort of income or credit. My parents have low credit scores, so is there any way I can apply for student loans without a co-signer? Does anyone know a private lender that offers student loans to people in my situation? None of my relatives live in the U.S. so I can't ask any of them to co-sign. [link] [comments]  |
| Posted: 23 Aug 2020 09:54 PM PDT Collection Agency Coming after my parent I assume this is Small Claims Procedure or civil but basically my parents have a collections amount that is $897.56. Today a sheriff came to my house and gave me something to give my mom. It was a court hearing and I was wondering what happens then? Can we pay it off before the hearing and have it show up as a paid off on my moms credit report or can they just delete it? Does getting sued affect credit score? Basically we owed $897.56 to a place called Synchrony Bank and then now it's at an agency called Midland. What should we do? Will this affect my parents chances of getting a student loan? We've been working on repairing their credit and so far we went from 540s to 650s in a little over a month. This is her last collection amount to pay off [link] [comments]  |
| Reduced Pell grant due to covid policy Posted: 23 Aug 2020 04:45 PM PDT My partner recently applied for a Pell grant and got an estimation of $950 for one year out of a possible $60,000. I'm told that this is partly due to her estimate being based on her 2018 tax return instead of 2019 due to Covid, during which she has made significantly less. Does anyone know of some way around this? Some sort of appeal? [link] [comments]  |
| Best Private Lenders for Foreign Enrolled Students? Posted: 23 Aug 2020 07:53 PM PDT Hi All, I'm hoping to attend art school in France which is not on lists for lenders. I was hoping to look at other private lenders and wanted to see if any of you have suggestions? Thank you [link] [comments]  |
| Denied letter for grad plus!? Help!!! Posted: 23 Aug 2020 07:51 PM PDT I just received a denial letter for my grad plus. Last semester I was approved for the loan with no problem and nothing has changed on my report at all. My credit score is 698. The reason noted was "DEFAULTED LOAN WHICH HAS BEEN CLAIM PAID". I am pretty sure this loan is paid off or is in consolation with my other loans and is not in default anymore. I checked my report and this loan stops in 2017 and says "closed". Wtf guys? Does anyone have any idea what is going on? [link] [comments]  |
| Posted: 23 Aug 2020 07:17 PM PDT I have around $50,000 in loans. I'll be the first in my family to graduate college but my girlfriends family has been really successful throughout her life. I'm not sure what I'm going to do after college and I'm considering refinancing my loans or consolidating. My goal is to pay off my loans very very soon and lessen the perceived burden of my loans to my girlfriend and her family. I know I shouldn't be concerned with their opinion ( and my girlfriend is down to earth and I don't think she cares) but I think the piece of mind gained with paying off my debt would be beneficial for everyone involved. I don't know a lot about my current financial information because I'm very financially illiterate. I know most of my loans have an interest of ~11% (🤢) and my credit score is mediocre ( between 650-700) . I have both private and federal loans. Would refinancing or consolidating lower my interest with bad credit or would it be beneficial for other reasons? Would a variable interest rate be better considering my goal to pay them off soon or is the amount of variance involved in interested too risky? Is there good reason to take a less aggressive approach to paying my loans and begin investing simultaneously or should I focus on my debt first? Like I said, I'm very illiterate about these things and any insight would be awesome! Thank you :) [link] [comments]  |
| BEST way to pay off ~$11k in loans? Posted: 23 Aug 2020 10:28 AM PDT Hi everyone, I recently graduated from college and am currently in the process of figuring out a repayment plan for my student loans. I joined this sub recently and have found it to be quite helpful so I wanted to post my situation in order to get some feedback since we are in quite unusual circumstances at the moment. I currently have the following loans (all DL Stafford Subsidized through MOHELA):
Total Principal: $11,375 I graduated in December 2019 and interests were supposed to start accruing at the end of June 2020, but as we all know due to COVID, interests and payments have been suspended. I will be starting my full-time job in September with an annual salary of $73k. I am wondering what the best repayment strategy might be for me, considering that it seems like the administrative forbearance may be extended through December 2020. My goal is to aggressively get rid of my debt as soon as possible, but given the circumstances at the moment, should I be holding on to the money and using it towards investment/building emergency fund instead? I am also considering refinancing my loans to see if I can get a lower interest rate. What would you suggest? \Note*: I am currently living with my parents and do not plan on moving out in the next year. I know this is a privilege and I am definitely grateful that I do not have to pay rent. Thus, besides contributing to 401K and savings for each paycheck, I do have some flexibility with my take-home pay each month. [link] [comments]  |
| Consolidating from my parents - perhaps a complicated question Posted: 23 Aug 2020 06:12 AM PDT Hi all, I was a dumb 17 year old and went to a private college for four years and stupidly believed the financial aid office that claimed I could get the parent plus loan signed over to myself after I graduated, NOT consolidated. I was dumb and my parents also didn't know because they haven't gone to college but that's neither here nor there. I have about 100k (loans + interest) of parents plus under my mom's name and credit and will be about 150k under my name one I'm done with my masters degree. I am getting a degree in informatics and am transitioning into a more computer science and programing area, which has a better job outlook. Initially my mom and I agreed on me paying towards the loans under her name to run the clock towards them being eventually forgiven and I helped pay the tax bomb off. Now she's changed her tune and is aggressively pursuing me to consolidate under my name which is very stressful to me. I don't want to financially cripple my parents, and I regret my decisions when I was younger, but I feel pretty hopeless. Anyway... is it possible to consolidate federal loans to stay federal under someone else's name? I am highly suspicious of private lenders if I can be honest. I also am hopefully planning on relocating to Europe permanently for work after a few years of working post grad in the US. Would private lender consolidations follow me to another country? I've pretty much been consistently low income since I graduated and I don't know how I could ever effectively pay this sh!t off and my goal is to move abroad anyway. I do not care about coming back to the US if that happens. But I want to know how this would be possible if I had to stay in the US. This turned into a huge rant so TL;DR mother wants me to consolidate parent plus loans via private lender, I am extremely nervous about that (and don't know if I could make the income to qualify) and want to know if federal/govt consolidation from one person to another is even possible, and if private consolidated loans would follow me to another country and wreck my income there too. Thanks ... [link] [comments]  |
| Is there a way to "watch" student loan rates to see when the best time to refinance is? Posted: 23 Aug 2020 12:02 PM PDT My friend refinanced her loans a month ago and got an interest rate around 2.8% fixed. I thought that was an amazing rate so I went online and tried to see what my rates would be. I got 4.5% fixed :( We've both got excellent credit (750+). She graduated 6 years ago and has been working towards paying off nearly 300K in loans. I just graduated and have 140K in loans. My current federal loans are between 5.5 - 6.5%. Are rates going back up? Should I wait to refinance or just take the 4.5%? Side note: I'm currently in the process of buying a house, closing at the end of September. [link] [comments]  |
| Better to refinance before or after home purchase Posted: 23 Aug 2020 02:44 AM PDT One loan officer said having a house would get be a better interest rate on my loans because I'd have an asset. Is this true? It's it better to refinance before or after I buy something? [link] [comments]  |
| Posted: 23 Aug 2020 11:26 AM PDT Not sure who this is useful to, but the answer doesn't exist here or in Google. I was wondering what would happen if you left just 1 cent on your loan unpaid, and removed your payment method so there was nowhere to deduct from. For a couple months my loans sat at 1 cent, then Navient just paid the 1 cent this morning. I originally was going to see if they'd let me delay my payments this fall if I claimed financial difficulties that leave me unable to pay 1 cent, or if they could recommend someone to discuss a payment plan or other options for the huge cent, but they had to ruin my trolling plans Anyway, this is what happens if you just don't to pay a 1 cent balance for a couple months [link] [comments]  |
| 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