Extension of covid waivers Student Loans |
- Extension of covid waivers
- In the Home Stretch to Pay Off Student Loans
- Help Review My 107k Debt Repayment Plan
- College Ave Student Liam
- Refinancing to federal loans with 0%?
- Question ab Loans
- Any Covid-19 related grant programs that are providing aid for undergrad/freshman?
- Possible to switch to an extended repayment plan?
- 139,000 at 5.75% [Federal] or 93,000 at 4.8% [Private]. More Below:
- EdFinancial Login/Registering Troubles
- Graduating soon, thoughts on my repayment plan?
- Earnest iOS app?
- Is it best to consolidate all my loans into one?
- Reasonable idea for the federal government?
- is it a bad idea to take out a student loan to spend in the future?
- Best repayment plan? Taking a Gap Year and need to decide right away.
- Disbursement for Direct Unsubsidized Loans vs Grad PLUS Loans
- How to get more aid/third party loans when fed aid isn't enough
- Stafford loans for living expenses? (online school)
- Do I pay all my loans I have at once, or do I focus on one loan a time?
- Changes in fed student loan servicers?
| Posted: 08 Aug 2020 01:54 PM PDT So the president is doing a presser and signing the executive order right now. It appears from his comments that at least the zero interest and maybe the deferred payments are extended until the end of the year. No idea about pslf at this point. I've tried to get a copy of the eo language but so far no luck. I'll keep you posted but I may not know more until Monday. Thanks again /u/dinosupremo for alerting me of the presser and keeping me posted. Edit. Sorry guys I was out when this hit. (Don't worry...socially distant deck drinks). My read of the language is that this extension will only apply to borrowers who are eligible for an economic hardship deferment. The rules for that are "Borrowers whose first loan was taken on or after July 1, 1993 The borrower must be receiving federal or state benefits under a public assistance program OR The borrowers full time income must not exceed the greater of minimum wage or 150% of the poverty line for the borrowers family size." I don't know if they will apply the loan date restriction. I'm fairly certain the three year limitation to this deferment won't apply meaning if you've already used your three years you could still get the waiver. It doesn't appear to apply to pslf but we will have to see. I'm guessing it does apply to defaulted loans but pure speculation on my part. Remember congress still has a chance to "fix" this so if you think you will be applying for this hang tight until the beginning of September in case something changes. Also..don't bother calling your servicer about this for a week or two. I'm hearing nobody was given a heads up on this so your call center folks won't be able to answer anything yet. Edit 2. A commenter below is arguing that it actually does apply to all direct loan borrowers. I can see his or her interpretation..but I can see mine as well. Let's face it..the language is a bit sloppy. We will.just have to wait and see what the Ed comes out with. I'll be sure to post the second I hear anything Edit 3. Politico article that interprets this to mean all loans that are getting the waiver now will get it. But still no ffel and. I mention of pslf https://www.politico.com/news/2020/08/08/trump-extends-student-loan-relief-through-years-end-392724 [link] [comments]  |
| In the Home Stretch to Pay Off Student Loans Posted: 08 Aug 2020 09:50 AM PDT I've been really struggling for the last 12 years to pay off student loans. The balance has been slowly inching down from $60K for about the last 3 years. Money has been tight and my min payment is about $1200. I got stuck with really, really high interest rates. I pay $1300 to $1400 to try and pay a little more than the minimum payment. Sometimes I look at the balance the next month and feel as if the balance was back the previous months balance. I tried refinancing and Navient says that I didn't qualify. However, they ALWAYS offer up forbearance. Learned from that mistake and stop excepting those offers. I tried getting jobs with better pay, but I haven't been able to due to my credit rating. It's has been decimated due to debt to income ratio. I was able to take undergrad classes for free and did so. I got to a part time status and put my loans into deferment. That way the government subsidized loans interest was being paid while I focused on the subsidized loans. It allowed me to ignore the subsidized loans without penalties. I live a pretty frugal as I can't afford or have the means of living like a high roller. I get around via bicycle, don't go on vacation, live on Kraft mac and cheese, haven't been to a doctor in 15 or so years, my computer is ancient (14 years kinda ancient), my cloths are full of patches and holes, and I live in a group house with 4 other folks to get rent down to $700/month. Fast forward to April and Congress puts in to stop student loan payments and lowers the interest rate to 0%. Took the stimulus check and gave it right back to Uncle Sam. Then I just resorted back to my old trades from before going to school which were motorcycle and bicycle mechanic. I dusted off the tools from got to work. I've been working from 8am to 1am fixing bicycles and motorcycles under the table. The bicycle industry has been insane!!! Knock out 6 jobs and 12 new ones come. I've been able to bring my loans that were at $54K in March down to $12K. I should almost have them paid off or almost paid off by October. Feeling pretty good, but will feel better once this monkey on the back is GONE! Just interesting to see how easy it is to pay a loan off when there is no interest and no taxes being taken out of a pay check. Just sucks that it would take a pandemic to pay off student loans. [link] [comments]  |
| Help Review My 107k Debt Repayment Plan Posted: 08 Aug 2020 04:38 PM PDT I made some very bad decisions regarding my undergraduate education. Graduated in May where my loans had ballooned up to 107k. Worse, 74k of this is in private loans. Since graduation I have been throwing everything at my loans during grace period to lower the monthly payment on the private loans. Income, tax refund, a bit of savings. I stand today at the following: 60,000 in private loans, average 7% interest 32,000 in federal loans, average 3% interest 75,000 pre-taxed income, about 55k take home pay ~1700 in savings Here's my plan: Phase 1 (10 months, super aggressive): Throw everything at private loans while federal loans are in deferral due to COVID. $300 a month for spending. Living at home where all real expenses like food / rent paid for, no travel, no leisurely spending, only necessities. Phase 2 (10 months, moderate): Now I estimate I'll have about 22k in private and 30k in federal. This is the point I'll move out. Still planning on throwing majority of monthly income at loans, giving me about 1700 a month to spend. I'll be moving to a high COL city because that's where my job is based, rent alone maybe $1100 a month on average. Probably only saving what's left of that 1700. Phase 3 (8 years, minimum): Now I estimate to have 27k in federal left. A debt nearly half of current income now looks strangely small compared to the original 107k! Rather than spend another year not saving anything, I want some more financial freedom at this point by only making the minimum payment and starting to save for retirement / house / whatever is next. I'll probably spend $3000 additional in interest by not paying the rest off right away, but this seems so much better to get a year of my life back and live a little after being aggressive towards this debt for 2 years! Let me know what you think, or what you think may be better. Any suggestions welcome. [link] [comments]  |
| Posted: 09 Aug 2020 12:23 AM PDT Hi, so I got accepted to grad school for a 1 year program recently and I'm currently considering college avenue for my federal loans. It covers my full 36k and I would have to pay all 48k off within 5 years of accepting it. I was wondering someone can give me some advice on other possible loan options I can take that is less expensive? I'd have no problem having to pay it all off sooner. Thank you. [link] [comments]  |
| Refinancing to federal loans with 0%? Posted: 08 Aug 2020 09:26 PM PDT With the 0% interest freeze on federal student loans, is there any possibility to refinance private loans and other loans to the 0% federal loans? [link] [comments]  |
| Posted: 08 Aug 2020 07:48 PM PDT Hello Everyone, I'm currently a Junior in College, and I had to take my first loan out. As my knowledge about student loans is quite limited. I just wanted to ask a few questions. I anticipate this to be my only loan that I plan on taking out for the remainder of college. It's a 1k fed subsidized loan. I was curious, after I graduate, will I be able to pay this in full? If I had the money post-graduation, am I able to pay it off in one chunk, or do I have to stick with the monthly payments. Second Question, When does it start to affect my credit? Does it affect my credit while I'm in college? [link] [comments]  |
| Any Covid-19 related grant programs that are providing aid for undergrad/freshman? Posted: 08 Aug 2020 06:54 PM PDT Not sure if this is the correct sub. Does anyone know of any grants/scholarships out there for freshman undergrad students? I have been looking for some but can't find many that are for freshman (just completed summer term). I know there is the CARES Act but am not sure if I will be receiving aid from that. [link] [comments]  |
| Possible to switch to an extended repayment plan? Posted: 08 Aug 2020 02:38 PM PDT I recently graduated and have a total federal student loan balance of just over $29,000.The floor to enroll in the extended repayment plan is $30,000. A couple years ago, I made a lump sum payment of $1200 to one of my loans while I was still in school; therefore, had I never made that payment, I would currently have a balance over $30,000. Do I have a case/argument to be eligible for an extended 20 year repayment plan? If so, how do I go about doing that? Thank you. [link] [comments]  |
| 139,000 at 5.75% [Federal] or 93,000 at 4.8% [Private]. More Below: Posted: 08 Aug 2020 12:12 PM PDT If you are confused let me explain: 139,000 is consolidation of all loans at 5.75 percent in federal student loans. 93,000 of that 139,000 is at 7.2 percent so I was looking at refinancing that to 4.8% at a private company. Which option would save me more money overall in the long run. [link] [comments]  |
| EdFinancial Login/Registering Troubles Posted: 08 Aug 2020 01:49 PM PDT Hope this is the right place to post! I have gotten several emails from EdFinancial saying there is a message in my account. I try to login and hit forget username and put in my info, got an error message. I tried to register and put in my info, also got an error message. I tried to send an email through the form on their website but I don't know my account number so I couldn't submit it. I don't have any clue what it is, but I must have made an account at some point so that would explain how I am getting the emails. I'm not sure what to do, and I'm not sure my Financial Aid Advisor at my school would be very helpful. [link] [comments]  |
| Graduating soon, thoughts on my repayment plan? Posted: 08 Aug 2020 04:22 PM PDT Hi all, I plan to finish grad school this fall, and expect to have about 95,000 in student loans. I was hoping to get some feedback on my thoughts about my repayment plan, as I would like to get these paid off in a quick manner that doesn't have me pulling my hair out. Just some quick figures to start About 25,000 are subsidized loans, with an average rate of 3.9% About 70,000 is unsubsidized with an average rate of 5.9% Based on my expected income when I begin repayment (Great Lakes says July 2021) I plan to be on an IDR plan with an expected payment of around 600/month. My plan would be to pay a minimum of $1000 per month, sending the extra $400 to my highest interest loans. Another thought that I have is to refinance my highest rate loans that are at 6.8% (a total of about 20,000) to private lenders at fixed rates of 4.74%, once the 0% holiday is over. I know this is typically not recommended because of the loss of federal protections, but I am hoping that since it is a smaller chunk rather than the whole thing, it would be fairly safe if I did lose my job. Lastly, I also have a reasonable savings and could drop another 10,000 this year, before the end of the 0% holiday (whether that be in September or the end of the year), which would go to my highest interest rate loans. One last thought towards my upcoming semester. I could take out a student loan for the next semester, or pay in full in cash. I know it would normally be wiser to pay in cash, but from my research the interest rates are lower this year than the last few years (4-something% versus 6-something%). Would it be wise to use loans to pay for this semester and then tackle my higher interest loans? Any feedback greatly appreciated! [link] [comments]  |
| Posted: 08 Aug 2020 04:21 PM PDT I just refinanced my private loans with Earnest (down to 4.17% fixed interest, woohoo!). I've seen references to an Earnest iOS app however...I cannot find it anywhere in the app store. Do they no longer have an app? [link] [comments]  |
| Is it best to consolidate all my loans into one? Posted: 08 Aug 2020 11:27 AM PDT I just graduated from college and my grace period ends in October. I have 18 loans, half subsidized and half subsidized. All with NAVIENT. Worth a little under $50K I saw an option on the Federal Student AID website about consolidating all of them. Is that possible if it's the same provider technically? What are the pros & cons? [link] [comments]  |
| Reasonable idea for the federal government? Posted: 08 Aug 2020 02:47 PM PDT While hopefully there is a continued deferment of payments and interest on student loans, I would like to propose that should interest resume that the federal loan interests rates be changed to match at least what the market offers. Meaning it's BS if my Federal loans are 6% (I'm sure some have it worse) and I don't want to have to refinance to a private bank. Let's make student loans great again. If interest resumes give us the fed rate, or at least the going rate for mortgages. [link] [comments]  |
| is it a bad idea to take out a student loan to spend in the future? Posted: 08 Aug 2020 02:27 PM PDT My university fee and living costs are going to be paid by my parents, however I have applied for a student loan as there may be other things that I would want to be spend money on e.g. travelling. My parents are divorced and my mother is paid by my father so this does not show up as an income so when I applied for a loan I was able to apply for a higher loan, I thought the maximum I was able to apply for was £5,500 so I applied for the maximum, however when I opened the letter I saw that I will be receiving £9797. I was quite surprised about this and it made me think whether this is really a good idea or not. The reason I am taking the loan is to pay for things I would want to do when I leave uni or in holidays as I have been told that a student loan is the best loan you will ever be able to get, is this a very bad idea? Just to mention I am very fortunate my parents are in a position to help with my uni fees and I am very grateful for it. UK btw [link] [comments]  |
| Best repayment plan? Taking a Gap Year and need to decide right away. Posted: 08 Aug 2020 02:13 PM PDT Hi, I finished 3 years of university and have 20k in federal loans, all around 5% interest rate. I'll be able to get a decent job after college (above 80k/year most likely pre-tax). However, during the gap year I won't have that much of an income, but I need to start repaying 6 months out of university). I can choose between standard (10 years), graduate (10 years), revised pay as you earn (3 years), or income contingent repayment (>10 years) plans. What would be the best plan to choose? I also want to use the loan repayment to build up my credit and maybe get some tax deductions. I'm in California by the way. Any tips would be helpful! [link] [comments]  |
| Disbursement for Direct Unsubsidized Loans vs Grad PLUS Loans Posted: 08 Aug 2020 01:22 PM PDT I'll be starting a two year grad school program beginning in a couple of weeks and will need to take out both a direct unsubsidized loan (4.3% interest rate) and a Graduate PLUS loan (5.3% interest rate) for both years. Would it be better to disburse the total annual loan amount under the federal direct unsubsidized loan for the maximum of $20,500 in the first semester, or split evenly between the fall and spring semesters ($10,250 each), based on interest rates and because interest accrues as soon the loans are disbursed? That way I wouldn't have to borrow a Grad PLUS loan in the fall semester with the higher interest rate, but it would mean I'd have to borrow more than I already would in the spring semester under this loan type as I will have already maxed out the Federal Direct Unsubsidized loan in my fall semester. I'd imagine having to borrow approximately $30K-$40K in Grad PLUS loans for my spring semester in that case. The reason I ask is because I want to be able to calculate the cost savings in interest under the two different methods and because there is a possibility that I may not come back for the second semester (but this isn't certain so I'd still like to make an educated decision with regards to my loans). [link] [comments]  |
| How to get more aid/third party loans when fed aid isn't enough Posted: 08 Aug 2020 12:02 PM PDT Pretty much as title says. I'm going into my final two years after CC; I've been unemployed since 2018 with the year on disability, and spent 2019 in school. There's other factors stacked against us, like living in an area with an extremely high COL meant higher salaries which =/= federal loans thinking you need money. My school is swamped with requests for assistance, it's taken about three weeks on average to get any sort of response. While I have an appeal in process because their EFC is $20K and... I have nothing. While waiting for my school to get back to me (increasing funding amount, appeals to prove EFC is wrong, appeals proving being on govt assistance) I'm afraid school will start without any aid. The "non-emergency" appeals will be addressed in September by the financial aid dept. Are there actual reputable third party loan lenders, or any sites rec'd for researching loan providers out there? I have a good credit score, all debt paid off except one minor school loan from the spring ($3K). Problem is my spouse has terrible credit and was the money maker who is now not making money. Loans through our credit union didn't work. [link] [comments]  |
| Stafford loans for living expenses? (online school) Posted: 08 Aug 2020 09:38 AM PDT I'm looking to enroll in an online bachelor's program, and I'd like to use stafford loans to cover tuition and help with living expenses. However, I am unsure if the remainder of the loan amount after tuition can be dispursed to me as a direct deposit like in a traditional university, or if it is only applicable to tuition. Thank in advance for any help [link] [comments]  |
| Do I pay all my loans I have at once, or do I focus on one loan a time? Posted: 08 Aug 2020 05:21 AM PDT So I just graduated from college and am currently in the grace period for most of my loans as I find a job. I do not exactly understand how the repaying works. From what I understand, I focus on one loan to pay until that said loan is paid off and then start paying off the next loan. I have multiple loans with different banks. I am getting emails that I have a monthly payment at around the same time of all the loans. I always understood I pay one loan first and then the next one will be paid off AFTER one loan is paid completely. Maybe I'm wrong? I'm just confused is all. [link] [comments]  |
| Changes in fed student loan servicers? Posted: 08 Aug 2020 08:19 AM PDT Sorry if this is okd news, but I recently read an article in Forbes that the Department of Education is going through some type of overhaul with the companies that are in charge of federal student loan services. Companies like Nelnet and Great Lakes seem to have contracts that expire December 14, 2020, but have not been offered renewal contracts. I'm kind of confused and a little scared as to what this will mean since my loans are serviced through Nelnet. Does anyone have any insight into this, and how it will affect us coming January 2021? [link] [comments]  |
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