Because of COVID, my best friend can’t afford school because the school owes itself money. Student Loans |
- Because of COVID, my best friend can’t afford school because the school owes itself money.
- New here, overwhelmed by debt
- Sallie mae and covid?
- Fear of Murphy's Law - I should just pay it off right?
- Any hope of elongated payment plan on Stafford loans?
- Loan Prioritization during COVID
- Can’t seem to get proper 30 Day Payoff Statement from Sallie Mae
- Subsidized loans
- Paying off loans or waiting
- Which is better?
- Where can you get a private loan without a cosigner?
- How long can Direct Loans last?
- Question about the federal pell grant and financial aid
- $340,000 and rising
- In-School Deferment Outside of the U.S.
- Real or Scam?
- How to apply for an unsubsidized loan?
- Discover Loans. $6000 at 7.3% variable rate or 8.6% fixed rate? Which should I choose?
- Taking Out New Student Loans for Second Bachelor's Degree
- To continue paying student loans...or not?
- Dependent entering a second degree nursing school
- Sallie Mae loan overpaid during refinance
- Looking for advice on fixed vs variable private loan
- Should I take out the max amount of loans this semester to pay off older, higher interest-rate loans?
| Because of COVID, my best friend can’t afford school because the school owes itself money. Posted: 10 Aug 2020 05:03 PM PDT We are newly transfer students with great GPAs and a lot of grit to get stuff done. However, our university in TN has been dragging their feet to get things done ever since COVID struck. We transferred in the Summer, and it's still been upside down since then. We are taking classes this fall and our fees are due on August 17th, however, most of my friend's scholarships haven't been posted to her account. I took classes over summer and it wasn't until the semester was almost over that I received aid. So we are inferring that the school is going to take their time with the Fall as well. (I understand, it's not their fault, but they sure don't treat transfers with as much urgency as new students. They're very vague and unhelpful unless you're a student of nepotism.) My friend applied for a loan but their parents have really poor credit, and no one in the family to co-sign since they're all off-the-grid or don't believe in credit. I am considering co-signing with them, but I'm not sure if it would have a detrimental impact on me if I wanted to get a house after school or something. If you have any recommendations for credible student loans and where to find them, it'd be much appreciated. [link] [comments]  |
| Posted: 10 Aug 2020 06:33 AM PDT UPDATE: I can't respond to everyone. There's too much. But I SINCERELY appreciate the advice and experiences shared with all my heart. I will get through this. I know it. Sometimes it's just hard to see that and talking about it with others really does help. Thank you all and good luck!!!!!! I just found this sub and am not really sure what kind of people are on here but figured looking for advice and shared experiences would be nice. I graduated college in 2018, and like most of us, Sallie Mae completely pulled one over on me. I only took out TWO student loans from them, the rest were all FASFA/I paid the difference my second two years (didn't live on campus so it was much cheaper tuition). Anyway, my interest rates for Sallie Mae were both THIRTEEN percent. So despite only having two loans with them I ended up in a tremendous amount of debt. Neither of my parents went to college, they had no idea what I was getting myself into (and neither did I at 17??) Flash forward to end of 2018 I refinance my private loans and get a new consolidated loan with a 5% interest rate. Prior to refinancing, my loan payments per month (between federal/private) were going to be $1,200. Now they are about $800. I have a full time job that does not pay nearly enough to cover this (and rent, car payment, phone, utilities, insurance, etc etc etc) so I was bartending as well (and still barely making ends meet). I lost that due to COVID and I am just overwhelmed as hell. I've worked hard my whole life, had a job since I was 14, worked my way through college, as I'm sure a lot of you have, and I am just BURNT. OUT. I feel like I'm never going to pay these off, I'm never going to make enough money, I don't want to work 3 jobs, the thought of my debt brings me literal anxiety, fear and sadness. Anyway. Sorry for the long story/rant. Just wondering if anyone feels the same. I just feel so hopeless and taken advantage of, trapped. Student loans are the biggest scam of all time. I try to stay as positive as I can about it but when I start to think hard, it just gets me so bogged down. Appreciate anyone on here who has any advice. [link] [comments]  |
| Posted: 10 Aug 2020 07:53 PM PDT Anyone have experience dealing with them due to covid? I recently graduated and my grace period doesn't end until January, but with there being no jobs I'm already stressed about it. My payments combined with federal loans are gonna be like $500/mo and I can't afford that. Their website isn't very informational so I'm wondering if anyone has any experiences maybe refinancing or doing a loan forbearance etc. because of covid? [link] [comments]  |
| Fear of Murphy's Law - I should just pay it off right? Posted: 11 Aug 2020 02:01 AM PDT Hello all, Longtime lurker that started off with ~37,000 in loans after graduating in August 2013. Began making payments right after the six month grace period, I needed an extra month to finish paying what I owed to the school itself after graduating. I am now down to 9,600 and have the cash to eliminate all of it. The pessimist in me thinks I will pay it off and the following day some miracle will happen in government and they will decide want to provide relief to students in the form of a sum of debt forgiveness. I know I am being crazy but I want to hear from my peers to know that paying it off and finally being free of it is in fact the right thing to do. I can bounce back pretty quickly to start building back my emergency fund and have discussed it with my girlfriend and she supports the idea. Soooo I should just pay it off right? [link] [comments]  |
| Any hope of elongated payment plan on Stafford loans? Posted: 10 Aug 2020 07:01 PM PDT Hello! My husband has 3 students loans—2 of which are stafford loans held by Navient and the payments are set to almost triple 9/1. Before we were married he got set up on a graduated plan that is set to expire. I don't really understand the difference between stafford vs direct and why his loans never went into deferment with covid relief (all of mine did). We file a joint tax return and make decent money, but we still qualified for the full stimulus payment. Do we have any hope of getting a longer payment plan? Will Navient work with us to get a payment we can manage even if we don't technically "qualify" for other repayment options? [link] [comments]  |
| Loan Prioritization during COVID Posted: 11 Aug 2020 12:55 AM PDT Hi all, New to the community and hope to contribute more in the future, I'm just about 2 years out of school hoping to learn more and share along the way. I wanted to ask your thoughts and experiences on loan prioritization strategies during COVID especially in regard to Federal interest rates dropping for the last few months under the Cares Act and potentially under the Heroes Act depending if that goes ahead. Up until the pandemic, I've been overpaying my minimum by about 100% on both my private and federal loans using an altered avalanche method by paying off the loans with the highest monthly payment instead of the largest interest rate since I've opted to have variable rates. Side note, I have not refinanced and since graduating I effectively have a loan # for each semester I was at school which makes it an easier pill to swallow instead of managing a singular large sum inmy opinion (whether that feeling is making me save or lose money that's another question...). This method has been working for me so far, but now with COVID I've been going back and forth between paying more on federal vs. private and I'm thankful for still being employed. At first glance, it makes sense to me to try and prioritize Federal loans just based on 0% interest rates to drive down my principal, but I guess the one thing I still consider is student loan forgiveness. I acknowledge the chances for that to happen are basically none since: (a) I don't qualify through the application process and (b) legislation for nationwide loan forgiveness is hopeful but unrealistic. Its solely based on the "chance" I guess which is the only thing that makes me question whether what I'm doing is right or not. Regardless, my private loan interest rates have decreased to about 3-4% from 6-8% which has become a little more bearable but I don't want to neglect it either with minimum payments seeing as though they would take more time to pay off. I guess in the end if there was some sort of calculator that could compare the money I save on interest if I were to pay one-way versus the other in this particular scenario which would go beyond what your typical calculator a loan provider has. Hypothetically, it could optimize paying this much here and this much there at this point in time, etc. But anyway I digress. Again, let me know what your thoughts are, being that I've only been in repayment for about 2 years now I'm sure there are things that I'm missing. I haven't had any solid exposure to financial management growing up so this is one hell of an eye opener. [link] [comments]  |
| Can’t seem to get proper 30 Day Payoff Statement from Sallie Mae Posted: 10 Aug 2020 07:18 PM PDT It is impossible to refinance Sallie Mae student loans because the company does not render 30 Day Payoff Statements, which is apparently standard practice and something every other lender does and doesn't have a problem with doing. I can't refinance my student loans because of this; it's the last document I need to upload to my refinancier. I called SM and they were able to email me a payoff statement (adjusted for 30 days at my request) for each of my loans BUT there wasn't a "payoff recipient address" on these emailed forms so they are apparently invalid and unacceptable according to refinancier. I talked to an agent over the phone about it but that's the only payoff statement they provide - the wrong one that's not even an actual, real payoff statement that other lenders are competent enough to provide through links on their respective websites (I had to CALL to get a these, otherwise to my knowledge they are utterly unobtainable). Has anyone been able to coax this mythical document from Sallie Mae before? Or is this how "they get ya" so it's apropos-physics-impossible to refinance Sallie Mae loans? Is this their loophole? Hiding access to payoff statements? Sorry I'm mad this should be easy it's 2020 why is finding forms still hard. [link] [comments]  |
| Posted: 10 Aug 2020 06:17 PM PDT |
| Posted: 10 Aug 2020 03:25 PM PDT I have $25k in student loans and a 9% interest rate. I have enough savings to pay off all of my student loans and just be done with them. However, I wouldn't have any savings left over and with all of the unknowns of Covid, I am wondering if it is best to keep that extra cash. On the positive side, I have a secure job and I work for a pretty financially strong company. I am married and my husband is in the same position. We would love to be down with student loans but we are pretty scared with everything going on! Any advice? [link] [comments]  |
| Posted: 10 Aug 2020 01:50 PM PDT Not sure which I better. I got approved for a multi-year private loan for college that would cover most of my degree costs. The interest is 1.5%. Is this a better option than choosing to accept the unsubsidized loan that I was offered? [link] [comments]  |
| Where can you get a private loan without a cosigner? Posted: 10 Aug 2020 05:25 PM PDT I am currently homeless and unemployed because of the pandemic. Not a great mix. I finished community college and got an offer for a dorm. I need money for the dorm. My federal loans and grants cover tuition. How can I get a private loan without a cosigner? I know not a lot of places will be willing because I am unemployed. I already tried Ascent, MPower, but they said my credit score and lack of employment didn't work. I tried one obtaining one based on GPA, but didn't get that either. What are my other options? If I can't afford the dorm I will take the leftover loan money and try finding off-campus housing instead. [link] [comments]  |
| How long can Direct Loans last? Posted: 10 Aug 2020 01:32 PM PDT I've had a Direct student loan in repayment since 1997 with a spousal consolidation (which they haven't offered since the mid 2000's) in 2000. There have been various periods of forbearance thrown in here and there where no payments were actually made. I've qualified for forgiveness of my portion of the loan through PLSF but still have a big balance because the debt from an ex-spouse. My question is this: I thought that there was a maximum amount of years they could collect on the loan. There is a 20 year max on IBR but I didn't get into that program until 2013 so I've got six years unaccounted for. Any info would be appreciated. [link] [comments]  |
| Question about the federal pell grant and financial aid Posted: 10 Aug 2020 05:03 PM PDT I currently go to a community college with a tuition around $2500 per semester that is fully covered by the honors program there. On the college eservices, it shows that I have been offered and accepted the federal pell grant of $3100 per semester and it will be disbursed in a month. Will I receive this money since my tuition is already covered? [link] [comments]  |
| Posted: 10 Aug 2020 01:02 PM PDT EDIT: Maybe my circumstances are too speculative right now. I might need to come back here later after my situation plays out a little bit. My loans are just on my mind 90% of the day, and they're a constant cause of stress. I was hoping that putting something out here now would help. ------------------- Hello all, I have approximately $340,000 in student loan debt, broken down as follows: - Federal Consolidated UnsubsidizedUnpaid principal: $228,536.58Unpaid interest: $48,898.20Interest is usually 6.75% variable (after .25 autopay discount); currently 0% due to COVIDDisbursement date: February 5, 2015Currently on IDR -Federal Consolidated SubsidizedUnpaid principal: $32,084.66Unpaid interest: $2,096.76Interest is usually 6.75% variable (after .25 autopay discount); currently 0% due to COVIDDisbursement date: February 5, 2015Currently on IDR -Private LoanUnpaid principal: $27,033.87Expected payoff: March 2027 I am married. I make approximately $105,000 annually as a private practice litigation attorney. My wife makes between $40,000 and $50,000 annually, and she has $0 in student loans. I expect my salary to continue to rise a decent amount, especially if/when I become a partner (perhaps in the next 5 years or so...). Due to other bills and the demands of life, I can't afford to pay the federal loans on a standard track at the moment. On the IDR track, my balance goes up every month since the payment doesn't even cover interest (hence the large unpaid interest amounts). Any extra money I do have, I tend to throw towards the private loan(s). I had another private loan, which I paid off right before the pandemic. I'm almost thinking at this point it'd be worth it to find a way to stay on IDR until the loans are forgiven (might have to eventually get creative through 401(k), HSA, and any other pre-tax options I can think of). My fear, though, is that the unpaid balance would be over $300,000 or $400,000 by then, leaving me with an unaffordable tax bomb. The alternative is to refinance the moment my salary reaches a point where it's doable, and hope my life doesn't meet any disasters.... Ignoring any possibility for tax bomb waivers or across-the-board forgiveness/cancellation (if anything like that happens, then that's awesome.... but not going to rely on it), any thoughts on my best move? [link] [comments]  |
| In-School Deferment Outside of the U.S. Posted: 10 Aug 2020 12:55 PM PDT Hello everyone, I'm interested to know if anyone has experience with in-school deferment for loans with schools outside of the U.S. I have American citizenship. I have loans from my undergraduate degree in America that are currently waived for COVID. I have to start payments again soon, but I am going to graduate school in Germany starting in October. During this time, I won't be able to hold a full-time job and will need a loan solution. I have tried to contact Nelnet via email with in-school deferment questions but they aren't very responsive (or they answer questions I never asked). Does anyone have a similar experience or applicable knowledge? [link] [comments]  |
| Posted: 10 Aug 2020 02:17 PM PDT Got a phone call yesterday that went to voicemail from the Federal Student Loan Assistance Center stating the Department Of Education has decided to end their contracts with major loan services and I needed to call to switch my loans too the Forgiveness Branch of the Department of Education. Is this actually a thing? [link] [comments]  |
| How to apply for an unsubsidized loan? Posted: 10 Aug 2020 01:43 PM PDT Hello, I unfortunately just found out that I made too much money in 2018 and will not be receiving FAFSA this year. I am currently unemployed and have no income, only a little bit of savings. I was offered a pretty small subsidized loan by my school, and I'm not sure how far it will carry me. I am looking into getting a job but just in case I'm unable to find one, I want to know how I can get more if I need to. Do I have to specifically ask my school for the unsubsidized loan offer, or is there a chance they just don't have it available since they didn't offer it to me in the first place? Thanks in advance! [link] [comments]  |
| Discover Loans. $6000 at 7.3% variable rate or 8.6% fixed rate? Which should I choose? Posted: 10 Aug 2020 08:13 AM PDT The title says it all. It's my first time getting a private loan. (it rhymes) Most likely, I will need to take out another $6000 for the next academic year (2021-2022). Anybody had any experience with Discover? Would you recommend taking the variable rate? It's for 15 years. And yes, I have maxed out all the federal loans and financial aid, so private loans are the only option. Getting a part-time job is not an option either since I am in a very intense math program and do not want to fail. But I do plan on getting a job/internship in the summer (2021) which, hopefully, would pay off some portion of the private loans. Any catches that I should be aware of when dealing with private loans? I also plan on going to graduate school after completing my undergrad and would like to defer the loan payments while attending grad school. I know that some loan providers, such as SoFi, require to make payments for your undergraduate debt even though you're attending grad school. It seems not to be the case with Discover, which is one of the primary reasons why I have chosen them. Thanks in advance! [link] [comments]  |
| Taking Out New Student Loans for Second Bachelor's Degree Posted: 10 Aug 2020 01:01 PM PDT I am going back to school for my second bachelor's degree (nursing). Anyone have any tips for the best loans to take out? I will be taking out approximately $30k. I currently have a $8k loan out with Sallie Mae at 2.25% variable interest. I am located in NYC and have excellent credit. The $8k Sallie Mae loan is my only debt. [link] [comments]  |
| To continue paying student loans...or not? Posted: 10 Aug 2020 12:52 PM PDT Thanks for everyone who reads this and responds. I really appreciate all the advice and just having people help me bounce thoughts around. And also to vent. This stuff is REALLY difficult. I am a single teacher in my early thirties making approximately $60k a year. I have two Masters and have been working for about 8 years in education. My current student loans (Fedloan) are at $56K. I had approximately $15K in CC debt that I will finish paying off at the end of September/beginning of October (or earlier if we get new stimulus checks!). I don't have a problem with budgeting--I've been on a bare-bones budget for about a year. Now, my question is what to do with the extra $ from my CC payments. Do I start putting that money away for a house? Do I use it to pay extra on my student loans? I'm already planning on paying $200/mo. extra on the loans, but should I use all the extra? Also, does anyone else feel so completely drained by being an adult sometimes? I have had two jobs trying to make everything work in the past five years. I lost my waitressing job due to COVID, which has made the last five months really difficult. I really want something to look forward to because this school year is going to be just terrifying. On top of everything, throwing money $1000 at rent every month makes me feel sick. I am the last single friend. Everyone in my friend group is married or in a long term relationship and they don't understand the difficulties of being single and in debt. This ended up kind of being a rant, but I would love advice on what to do and where to put the money. [link] [comments]  |
| Dependent entering a second degree nursing school Posted: 10 Aug 2020 04:34 PM PDT Hi guys! Discovered this subreddit while I was frantically looking up alternatives to financing my second degree program at a nursing school. Because I'm a dependent, I get around 7.5k in federal loans and the program costs 45k in total for 1.5 years of attendance. I'm thinking of asking my parents to apply for a Direct Plus Loan and was wondering if anyone knew how much is usually given through that and if there are any other opportunities to getting other government loans as a dependent. I know I'll be turning to private loans for the rest of my tuition so also wanted to ask what people thought of Lendkey as it seems to have a lower fixed/variable rate than its competitors. Would appreciate any advice from experienced borrowers, thanks! [link] [comments]  |
| Sallie Mae loan overpaid during refinance Posted: 10 Aug 2020 10:30 AM PDT I recently refinanced my loans, which were through Sallie Mae. The payment has cleared with SM and it ended up being about 500$ more than was needed to fully pay that loan due to the auto payment being set up. So now there is about 500$ sitting in my Sallie Mae account that I would very much like to have back. Does anyone know how to go about getting them to send that back to me? Thanks in advance [link] [comments]  |
| Looking for advice on fixed vs variable private loan Posted: 10 Aug 2020 09:26 AM PDT I have exhausted all financial aid and government loans, and applied to scholarships. For this upcoming year, I need to take out some private student loans. Looking for advice on which option is "better" or if variable is worth the risk. Amount: $8,100 Rates Offered: Fixed: 4.840% in deferment. Variable: 1.840% in deferment. Understand there is no better option on fixed vs variable, but I am looking to get some opinions. I am entering my 2nd year of uni. [link] [comments]  |
| Posted: 10 Aug 2020 01:02 PM PDT I'm a graduate student who just got approved for ~58k of student loans for the 2020-21 school year, though I need less than half of that for tuition and health insurance. The rates are super low (4.3 and 5.3%), so I'm thinking that I should accept 100% of these loans and then use them to pay off my higher-rate ones, which are at around 6.8% (I just checked Navient to see what those rates were, but they're at 0% right now due to the Covid relief and I'm not sure how to see what they were at historically). Would this be a bad idea in any way? Will my old loans go back up to whatever interest rate they were at? I'm assuming they will. Any answers are appreciated! Thanks! [link] [comments]  |
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