Halfway There - Motivational (1/2) Milestone Student Loans |
- Halfway There - Motivational (1/2) Milestone
- And the denials roll in: Borrowers Defense
- $175,000 in student loans. New to this. Tips?
- Student loan payment strategy + questions
- Should I pay off during this time of 0%?
- Loan disbursement help
- How can I take out student loans so I can be able to pay for my rent/utilities?
- Question about Federal Direct Unsubsidized loan
- My Borrower Defense app was just denied. Been waiting 4 years for a response has anyone else gotten a denial?
- Lived with my mother all of 2018, for fafsa and tap should I put her info down cuz she was my provider and they ask for 2018 even though now In 2020 I live with my dad
- How should I go about paying my student loan?
- REPOST: Utilizing Interest-free loans
- New to this notion and have quite the dilemma that needs to be solved soon, any help is appreciated.
- Should I take out the max loan?
- Student Loan Repayment strategy and interest questions
- Has anyone tried of MPower Financing?
- Is negotiating settlements possible?
- F'ed Up on My Parent Plus Loan Application
- Paying During Deferment - Possible to Have it Apply to Interest In Order to Get Tax Deduction?
- Need basic advice on loan situation
- Denied as co-signer by Sallie Mae for my daughter
- 2nd Bachelor's Degree seeker
- Being offered federal loans for the first time after sticking with private loans the past 2 years - advice on whether to take them?
- Advice for a student trying to get a private loan?
- I have to pay last semesters tuition to transfer into a new school. Can I take out a student loan for past debts?
| Halfway There - Motivational (1/2) Milestone Posted: 11 Aug 2020 07:55 PM PDT Graduated in 2015 with 120k in federal loans. First two years working as accountant, I was literally budgeting down to the penny while trying to aggressively pay and build up my emergency fund. 2017, I had a medical condition and had to get long term treatment, so I took two years off from my normal full time job, and was really only working part time and paying the minimum required. Thanks to the zero interest, and weighing the pros and cons, I decided to pull money out of my savings while maintaining my emergency/savings fund and pay down some more. 5 years later and I'm down to 60,000. It's not going to be easy but I am so fortunate to be employed during this crazy time, and the zero interest has been such a huge help. The 120k was an intense number, and I really considered if it would be better to just stay on IDR for 20-25 years and then get hit with the forgiveness tax bill later. Now, the 60k feels more like an expensive car purchase rather than an insurmountable mountain of debt. I am by no means all the way there, but it definitely seems more manageable now. Given my medical condition really setting me back, I am happy with where I am and I SINCERELY wish all of us can say student debt free asap. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| And the denials roll in: Borrowers Defense Posted: 11 Aug 2020 12:09 PM PDT My husband had applied for Borrowers Defense for the art institute. Just got his "insufficient evidence " and "Failure to state a claim" denials. I am assumed this would be happening with the requirement to process the claims. Any advice on next steps? If we want to do the part to have them reconsider, any pointers on what to do? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| $175,000 in student loans. New to this. Tips? Posted: 11 Aug 2020 03:17 PM PDT Hello all. I am a recent graduate from PA school and just accepted a job at $100k/year. However, I have racked up $175k federal loans from undergrad and grad school in the form of unsub, sub, perkins, and grad plus loans with varying interest rates (apart from COVID relief) from 3.4-7.6%. I do not have any private loans. Since I have established my career in my field, I am now financially able to tackle this debt and I want to do it correctly. I have a half-made idea about what I will do, but would appreciate any help. My SO makes $95/year if that is important; he has ~$20k in debts. My parents and family are not able to help my financially; I will actually be helping them from time to time.
Any tips and advice is appreciated! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Student loan payment strategy + questions Posted: 11 Aug 2020 06:44 AM PDT I graduated in 2015 with about ~100K in loans, and basically deferred/forbearance on them til I got a high paying job this year (90K since March). With all the interest that has capitalized they are now at ~150K. My plan is to basically pay (avalanche method) 3K a month or more to be done w/ it in 5 years or less. Most of my loans are w/ Nelnet, and one directly w/ the school. It basically looks like this (minimum payment pre covid was ~$1900): A. 5000 @ 4.5% B. 13000 @ 3.4% C. 28000 @ 5.4% D. 27000 @ 6.2% E. 55000 @ 6.4% F. 3000 @ 6.8% G. 14000 @ 7.2% And the one off directly from my school is 4000 perkins at 5.0%. With the covid forbearance (and if payment and 0% interest is extended to Dec.) I've basically will have saved up 30K for student loan payments by the end of the year. With all that said I have a couple of questions: Nelnet is a bit unclear about their payment scheme. In my mind if I pay the 30K before forbearance is up I'm getting rid of loan F, G, and start digging in to E, as opposed to spending that 30K on the capitalized interest across all the loans. Is how I'm thinking about it correct? Since I've been in regular or covid forbearance the entire year. Will I be eligible for the student loan interest deduction on my 2020 taxes once I make the payment, or does that only apply to interest you pay off during active repayment? I've read lot about using a IDR to repay your loans quicker, but I'm still confused about the mechanics? I would appreciate if anyone could explain using my loan numbers. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Should I pay off during this time of 0%? Posted: 12 Aug 2020 12:05 AM PDT My financial situation is pretty good right now. Is there a financial benefit of paying off my 16k of student loans right now versus the day after this time of 0% interest (even if its pennies)? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 12 Aug 2020 12:06 AM PDT Hello!! My fall semester private student loan has been sent and accepted by my school. However, a few days after I got accepted for my loan I received an athletic scholarship. I contacted my school and they said any remaining funds will be sent back to my bank account and I can use it for the spring. Im still waiting for my athletic scholarship to be on my bill for this semester, and Im not sure when it will be finalized. Im worried there may be a situation where I wont get the remaining balance back because the scholarship was finalized too late. Does anyone have any advice on what to expect or know? Thank you ! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| How can I take out student loans so I can be able to pay for my rent/utilities? Posted: 11 Aug 2020 07:51 PM PDT I just graduated this May at a university with a bachelors. I am changing careers and I am taking classes this upcoming semester at a community college (about 11 credit hours) and classes in the spring semester to have enough pre-reqs to apply for an accelerated program. I am having a hard time finding a job at the moment, let alone finding a job that will fit my class schedule so I have decided that I want to take out some student loans in order to pay for my rent but I don't even know where to start/which loans to request as my old college was pretty straight forward and I didn't really have to deal with loans as they did it for me. Where do I go from here? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Question about Federal Direct Unsubsidized loan Posted: 11 Aug 2020 07:08 PM PDT I just have some questions regarding this federal direct unsubsidized loan. I got an offer of 7k over 2 semesters So according to the website the interest rate is 2.75%. So does this mean I have to make monthly payments while I am still attending school? I graduate in Spring 2021. Also, how does this affect my credit score? I never owned a credit card or made a loan in my life. I am majoring in CS so I am hoping to pay this off within 3 - 6 months after working depending on what job i get. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 11 Aug 2020 06:07 PM PDT So I've been following the lawsuit against the dept of education and I had received a letter stating I would have a response within 18 months. I just got an email stating my app was denied. I figured they would just blanket deny everyone but I'm in shock. A little info. I went to the Art Institute of Phoenix from 2002 to 2004. I was a year away from my bachelors in Interior Design but I had to withdraw because I couldn't afford my supplies. They were pulling loans for tuition but I had no access to it and was shelling out $1000 + on books and supplies. My Husband was in the Air Force and we knew we would be leaving Phoenix soon and I was pregnant so it was the best choice at the time. When I 1st enrolled they told me they would help me find work in my career field, they never did. They told me I could transfer my credits to any school, they lied because no school will accept my credits including their school in Dallas when it was still open. They told me 2 loans were being pulled, they lied they pulled 8. Over the past 15 years I've tried going back to school but was told I would have to start over because my credits are no good. I have tried getting a job working in design one way or another and I've been turned down. I've been garnished, my tax returns have been taken, I've been harassed and threatened by debt collectors up until 8 years ago when I finally got the loans under control. I found out about borrower defense and applied 4 years ago and have waited. I don't know what to do. I'm so upset right now and I can't afford to continue paying on these loans. They denied me due to insufficient evidence but I gave them everything I had. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
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| How should I go about paying my student loan? Posted: 11 Aug 2020 12:12 PM PDT Hi all, I have a student loan with Nelnet that has a current balance of $18,889.92. This loan is composed of the 3 groups. Group A
Group B
Group C
How should I go about paying this loan? For CARES, I was only able to have a forbearance period of 3 months and the interest never stopped. My monthly payment is $166.92 [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| REPOST: Utilizing Interest-free loans Posted: 11 Aug 2020 10:42 AM PDT Hi all, this is a repost from a year(~) ago that gives a little advice on student loans. I likely should have posted it earlier in the summer, as some deadlines may be too late, but I hope it helps. Original Post linked here, and can be read below: Hi, I wanted to share my personal experience with student loans, specifically interest-free student loans. I know a lot of seniors in high-school are looking at colleges right now and, if you're like I was, probably constantly debating whether or not it would be an investment you can take on. I came from a lower-middle class family. Neither of my parents had gone to college, my school counselors were trash, and my "college-prep" school did nothing to prep me for college. All I knew was that college costs a lot. So, I spent weeks researching how to get through college as cheap as possible. AP tests, CLEPs, community college...all the classic things. Then one day I came upon something called an "interest-free loan". I thought it was BS at first because why would someone offer loans interest-free...there's no way it could be sustainable. Well, as it turns out there are a number of these organizations. They're offered from a variety of organizations(e.g. governments, non-profits, charitable or community associations). And they are legit. While standards and requirements are different for each organization, there is virtually no harm in applying to all that you meet the criteria for. Let's look at the basic math:
\average student loan debt, **average student loan repayment period, ***average private loan variable interest rate, **** average private loan fixed interest rate) Having interest-free loans, I was able to take more risks(and get more rewards) with my education. I decided to go to a private liberal arts school. Relative to a community college, I had abundant opportunities for growth and skill-building. I was able to study abroad without worrying about interest growing and growing. I was able to take on special projects that I know(from friends) just aren't offered at community colleges. And, I got to have the "college experience". So please look into interest-free loans. I've attached a list of some that I know about below: Bill Raskob Foundation (any US citizen)Abe and Annie Siebel Foundation (must have gone to Texas HS and going to a TX College)The Scholarship Foundation of St. Louis (must be from St. Louis Metropolitan region) Military Officers Association of American (must be in Military or child of military parents)Jewish Free Loan Assocation (must be from Greater LA area)Hebrew Free Loan Assocation (must be Jewish and from Northern California) Evalee C. Schwarz Charitable Trust for Education (any US citizen going to attend a university/college in their home state)Massachusetts No Interest Loan Program (must be a resident of Massachusetts) 2020-07 UPDATE: One confirmed person awarded Evalee Schwarz interest-free loan from this post [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| New to this notion and have quite the dilemma that needs to be solved soon, any help is appreciated. Posted: 11 Aug 2020 02:18 PM PDT I ask that comments remain civil, as I have done this whole college process on my own and will do this process of it on my own as well (if there is an opportunity for me to take). I am the first in my family to be going to such a university. I am going to Louisiana State University in about a week and went through this whole summer with the belief that my Direct Parent PLUS loan would be responsible with covering the costs of my fee bill. However, when the fee bill was published about 3 weeks ago, I noticed that my Direct loan was not going through, and just recently was it declined, as my mother (my only parent. dad abandoned me) did not qualify for the loan as she has defaults of her own due to her time in medical school. The only way it seems to pay off my 12k per semester bill would be through a private loan, and I was wondering if this is the best way to go about it. What private loan lender would be the most beneficial towards my cause? My parent and I have relatively low, if anything, savings for my college journey, as I had to help pay the bills. I am so desperately hungry to go to this college that any route that respects my financial situation I will be willing to go through. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Should I take out the max loan? Posted: 11 Aug 2020 01:38 PM PDT Getting the obvious out of the way, I don't plan on taking out a loan and buying a mercedez. Assume I am a very fiscally responsible person. I have no idea what the future holds with so much going on this year in 2020. Because trump has suspended student loan interest until Dec 31, does it make sense to simply take out the maximum loan my University is offering me? And whatever I don't use, simply give back on, say, Dec 30th? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Student Loan Repayment strategy and interest questions Posted: 11 Aug 2020 12:01 PM PDT Hi all! I never took out student loans for my undergraduate career and now that I've recently graduated (last week) from grad school, I have a few questions regarding loan repayment – specifically how interest capitalization works. Loans: Unsubsidized and Direct PLUS Last disbursement: 07/2020 My plan is to pay off my loans in full by the end of 2021. Because my grace period ends either in April or June (StudentAid website gives me conflicting answers) and I will *hopefully* have a steady job in the upcoming weeks, I fully intend on making payments prior to the end of my grace period. I'm not sure if this is a dumb question, but if I begin making payments before the end of the grace period, will I then be required to make payments regularly or could I, in theory, make 1 payment in January and still not have interest capitalized or a required payment until April/June (whenever my grace period ends)? More importantly and what I am struggling more with is: if I have already made payments on my principal amount by the end of the grace period, would the interest that has already been accruing from the start of the loan be added onto my remaining balance, or would the interest be adjusted for my new principal balance? For example: If I have $50,000 in loans and I pay off $25,000 by the end of my grace period, would the interest that had been accruing through the life of the loan based off the $50,000 principal be added onto the remaining 25,000? In my head, I had simplified it as: I lend someone $10 with an interest rate of 10%, they pay me $5 by the end of this hypothetical grace period and the remaining balance is $5. However, the interest that had been accruing has now capitalized and they owe me $1 in interest. Would they still owe the $1 in interest (which is technically 20% of the new remaining balance) or would the interest be adjusted to remain at 10% and they owe me $0.50? Sorry if all of this all seems like it should be common sense, I have absolutely 0 experience with loans/debt. If you took the time to read this or to answer, thanks so much!! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Has anyone tried of MPower Financing? Posted: 11 Aug 2020 07:21 PM PDT I'm an international student in Canada and l have around 40 credits left to finish my Bachelor's degree. The problem is that my financial situation is a bit tight and I am struggling to pay my tuition fees. I found that Mpower Financing (https://www.mpowerfinancing.com/) offers loans to international students and I want to apply but I have doubts. So I would like to ask if anyone has any reviews on them? Are they reliable? Or has anyone tried it and how was it? Appreciate any info! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Is negotiating settlements possible? Posted: 11 Aug 2020 11:07 AM PDT In 2017 or 18, I co-signed on a 5000 student loan with Discover. Long story short, I am now almost definitely responsible for repayment of this loan. My relationship with the main borrower is almost non existent and every time I check on the loan it appears to be moving further along with interest piling up. not asking for pity or anything like that. I co-signed bc I wanted to help the borrower out at the time. but didn't bother doing any research on the subject or really looking at what I was doing. learned my lesson and trying to come up with a game plan to take care of this. I've looked into debt settlement before and have even done some w credit card companies. Right now I'm in a pretty advantageous situation w Covid, I was able to put a way a good deal of government assistance. I plan on calling to negotiate a settlement but was wondering if anyone has had experience working with Discover student loans and could give me some advice on the right things to say to give a decent settlement and come out paying below the minimum balance and avoid interest payments of any kind. I believe I have some time to do so due to Covid 19 forbearances. Any advice greatly appreciated. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| F'ed Up on My Parent Plus Loan Application Posted: 11 Aug 2020 06:36 PM PDT So just found out I did something incredibly stupid that I can't even believe happened and would like to know if there is a way for me to fix this. I just got an update on the Parent Plus loans that I applied for this semester and found out that I did not, in fact, apply for this semester only. I selected 8/25/2020-12/05/2021. Yes, 2021. I don't know how both my mom and I missed this since we completed the application together, but I really need this money for the 8/25/2020-12/05/2020 period only! Now I still don't have enough money to pay for the semester and am also getting money for the next semesters that I don't even know if I'll need it (since I'll be able to apply for more scholarships through my school departments). So, yeah, pretty dumb, but is there a way for me to fix this? Is it possible for me to get it changed to 8/25/2020-12/05/2020 or is that just it? Feeling pretty ticked off at myself rn... It says on the disclosure statement that I have within 14 days after my school tells me I'm able to to cancel all or part of my loan so that could get rid of the stuff for the following semesters, right? But how do I make it so I'm getting the amount I need for this semester? I originally applied for $5,000 for this semester but am now getting $1,732 only. UPDATE: I asked some fellow students at my university about this, too, and they said that the student financial aid office is in charge of the terms that the aid covers so they can change it. Keeping this up in case anyone else does the same thing and searches it up looking for some answers 😂 [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Paying During Deferment - Possible to Have it Apply to Interest In Order to Get Tax Deduction? Posted: 11 Aug 2020 02:42 PM PDT Assuming that Trump's EO deferment doesn't count towards PSLF, is there a way to have payments made during the deferment period applied to interest? I'm trying to get PSLF and therefore figure that making principal payments won't make a difference when I ultimately go for forgiveness in 5 years. However, if the payment goes to principal, I lose the tax deduction for student loan interest; if I have to keep paying I'd very much prefer to get my deduction. Is there any way to do that, or will it be forced to go to principal? I'm on FedLoan if that makes a difference. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Need basic advice on loan situation Posted: 11 Aug 2020 11:56 AM PDT To be very brief, our school has gone online so I don't have to pay for room and board. This has made it so my scholarships are more than enough to pay for my education and I don't need to take out loans. Now do you guys think it is possible and if so, is it wise to pause on loans this semester? Additionally, does extra scholarship money roll over for next semester? Any help is appreciated [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Denied as co-signer by Sallie Mae for my daughter Posted: 11 Aug 2020 02:01 PM PDT My daughter starts school in a little over two weeks. She picked a school that is $38k a year after scholarships and aid. Our income is $180k combined but her dad and I both have bad credit. We both applied as co-signers for Sallie Mae loan and were both denied. What options are out there for parents with bad credit? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 11 Aug 2020 11:29 AM PDT Hi all, I need some advice. I am a 23 yo going back for my second bachelor's degree, a BSN. I just found out that I am not eligible for the PLUS loan for this 20-21 school year, because I'm going to be 24 before the end of the year. This is not something I was ready for, and my semester starts in a week and a half. I've taken the maximum granted by FAFSA in my name, and I'm left with a $6,000 balance for the semester. Does anyone have any tips for me on going for private loans? Going private for a loan scares me, and I'd love any tips on who to avoid and what I need to look for. I have an almost 800 credit score, but I am unemployed due to this being an accelerated degree. I have a willing co-signer. Thank you in advance. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 11 Aug 2020 07:28 AM PDT I'm about to be a third year. My freshman year I didn't qualify for any federal student loans so my mother used some of her savings to pay for the first quarter of school and the rest of the year I used private loans through Discover. My second year I got more generous grants from the school that basically paid for half the cost of tuition + on campus housing, so we used private loans again to pay off the other half (less than the year before). Both my freshman and sophomore year I stuck whatever refund check I got into my savings account to be used for emergencies. Currently I have around ~54k in private loan debt but I still have ~26k of that unspent in my savings account. I used about $200 every 6 weeks for living expenses. Now this year the school is basically PAYING me to attend - they're completely covering my tuition and I would be left with an extra ~2.3k per quarter to cover housing and other living expenses. In addition to this I finally qualified for subsidized and unsubsidized loans this year. My mother said I should take them both to pay off the private loans - I said hell no that's illegal lol. What I'm thinking is taking the subsidized loan (5.5k) since combined with the 2.3k I'd be getting in grants per quarter that should be plenty to live off of even in the HCOL area that is my college town (I think even 2.3k should be enough, but that doesn't leave much wiggle room for emergencies). Give the 26k back to Discover since I don't really need it. Then I'd have around 26k in private loan debt and the 5.5k subsidized. Hopefully I'll more or less get the same financial aid package next year so I'll graduate with 26k in private, and 11k in subsidized loans (unless I end up not taking the 5.5k next year). Does this sound like a sensible plan? I'm also getting a lab position soon which will eventually become paid (if not, I'll just get a job or do some side gigs) and I would just throw all that money at the private loan debt. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Advice for a student trying to get a private loan? Posted: 11 Aug 2020 12:52 PM PDT Hi there, I'm currently about to start my senior year of college and my family has recently been hit with some financial struggles. I take out loans for school but the ones I have so far have all been federal. My parents take advantage of the PLUS loans normally, but this year they were denied due to some things appearing their credit scores from 5 to 6 years ago that weren't there the past three times they applied. I took summer courses and need to pay the balance on that, but my federal aid doesn't extend to summer months. The refund we normally receive from the PLUS loan would've normally been sufficient to pay off the summer balance, but we aren't sure if the denial on the loan will be appealed as of right now. Anyways, I've tried applying for some private loans without a cosigner and I don't have a good enough credit history to get approved without a cosigner. The issue is that my parents are struggling financially right now so they think either of them cosigning won't do any good. I'm about to be a full time student again as well as working a part time job on the side. What other options do I have? The credit score I have itself isn't bad but I have a large amount to pay back on one of my credit cards (none of these payments have been late either). My parents have never been transparent about finances with me until now and I know I'm old enough to hold myself accountable but I never knew the severity of the situation until now. I would really appreciate any realistic advice and if I need to provide any other information I can. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||
| Posted: 11 Aug 2020 10:06 AM PDT I owe a little over $3,000 for my last semester's tuition. A program within my school was suppose to cover it but decided mid semester that I was suppose to be taking a class I already fulfilled to qualify (this is for ASAP if anyone is familiar with the program.) The debt has already been sent to collections and I cannot remove the bursors hold unless I pay it in full. I'm in the process of applying for a new school for Spring 2021 and need to have the transcripts sent in by September 15th. Is there anyway I can take out a student loan to pay it off in full? I have bad credit so I was looking into federal loans but I'm not sure if they cover old debt. Thanks in advance for any advice you can provide. [link] [comments]  |
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