How I repaid $138K in student loans over 4 years Student Loans |
- How I repaid $138K in student loans over 4 years
- Can someone explain to me how this is possible? This made me so anxious and terrified to take potentially take out a loan.
- URGENT!
- What is the BEST way to pay off student loans?
- Biden's Student Loan Plan question
- Refinancing a loan ?
- Just Repaid 28k in 15 months - Help on next steps?
- FAFSA 2020-2021 Parent Signature not working?
- 200k in loans and feeling hopeless
- Which loan to pay off first?
- First time taking out a loan
- Nelnet due date coming on next year or glitch?
- Exit Counseling Question
- In need of help deciding between a Parent Plus Loan or a Private Loan through Sallie Mae!
- Borrowing beyond federal maximum?
- Kindly share ways to pay for college, thinking loans are the last resort.
- In desperate need of financial aid help
- Real Estate Assets and IBR
- How should I pay off my loans when I have money already set aside?
- $215,407 in student loans. IDR vs pay off ASAP
- Advice on loan for housing?
- Any good covid options for those who already refinanced? (USA)
- I took out a maintenance loan but my living situation has changed at the last minute. Do I have to change my application again?
| How I repaid $138K in student loans over 4 years Posted: 27 Aug 2020 09:42 AM PDT Hey all! Hoping my story gives a little bit of help to anyone who might have been in my position. I know some of it might be obvious or unfeasible for some but just wanted to be an extra data point out here! Anyways I graduated about 4 years ago and was a sweet summer child. Through most of my 4 years at a public university I honestly never thought about student loans. My parents couldn't afford to help me out so I knew it would be my own problem. When I graduated and saw the balance of $138,000 my heart nearly sank. I remember having a TON of anxiety around it and even though I had a higher paying job of $70K/year. I didn't see any way out of it. I did a LOT of reading all about student loans and these are the biggest takeaways I think that helped me (in no particular order)
When I first graduated around half of my loan was in Parent PLUS at a disgusting ~6% rate. The portion that was mine was ~5%. I checked almost every month for refinance deals and my parent was kind enough to cosign, I ended up refinancing with Sofi the first time at around 4.5% on a variable rate for a 5yr term. The payments were HUGE! But I was very serious about tackling the debt so paid the roughly $1800/mo to my student loan. Over time though I found each month that passed my rate went up by about 0.1%. Which led me to... Keep checking refinance rates! After about a year I was able to re-refinance using a little known company named Elfi that gave me a stellar 3.18% fixed rate over 5-years. Incredible. I ended up paying very little interest in the grand scheme of things In addition the side benefit of refinancing imo was having one big hairy sum to tackle rather than 5-6 smaller ones. It gave me clearer goals to hit which is really important. 2. Live as frugally as possible This is an obvious one but can't be understated. I lived with my parents the first 2 years out of college, and outside of any fun money most of my money was going towards the loan. I was paying roughly $2,000/month. When time came to buy a car for work I bought a cheap Toyota. I used credit cards responsibly. And I never went overboard on vacations, opting for cheaper backpacking trips. Most fun activities with friends were outdoors or bike rides over expensive bar tabs. You get the idea. Anything left over I would throw in investment accounts like index funds (check Betterment.com out for more info) since my student loan interest rate was so low, which helped my money grow every little bit. 3. Start a side hustle Finding small jobs here and there and selling a few things online I ended up adding a bit of income that helped alleviate the burden that was my monthly student loan payment. Any bit of extra $ you can make earlier on makes a huge impact down the road. I ended up saving a good bit on the side through this and my day job and was able to make one final payment of around $30K to get rid of the remainder. I think financially it would have made sense to just keep making payments but the burden off my shoulders has been worth every penny. ____ And that's about it. If you have a big amount of loans just know that it IS possible! I thought I'd be saddled with debt for the rest of my life but if you can be clear about your goals and do your best by refinancing, saving, and increasing your income it's totally possible. It's a sacrifice but it'll be worth it I promise! Any questions feel free to PM or comment below and I'll try to get to them when I can. [link] [comments]  |
| Posted: 27 Aug 2020 09:57 PM PDT Was scrolling on Twitter and came across this video. I've heard stories like this before but how does this happen to some people, while others pay off their debts in a couple of short years? How can one avoid this happening to them? [link] [comments]  |
| Posted: 27 Aug 2020 08:15 PM PDT hi i'm a freshman starting this semester and I need help getting student loans without a cosigner or im going to get kicked out of school. My tuition was due on August 8th, can someone help pls :,( i'm going to a private university where i need to pay about 26,000 after full federal grants and aid. my FAFSA EFC is too high (60,020) but my dad cannot cosign any loans and my mom is bankrupt. i'm thinking about applying for a parent PLUS loan to see if we get denied and then be reconsidered for more federal aid, but is there anything else i can do ? Are there loans that don't require cosigners ? I already tried Sallie Mae and I don't have a credit score or a cosigner. What other options should I look at before I turn to a high interest rate private loan ? [link] [comments]  |
| What is the BEST way to pay off student loans? Posted: 27 Aug 2020 07:03 PM PDT What happens if i pay it off early? Is there a way to get deductions? I'll be living with my parents rent free, food free, and just will pay for my transportation, and $450 to a Roth IRA monthly. Let's pretend i'll make $50,000 out of college. I'll $50,000 to pay off. What's the best financially savy way to do this? [link] [comments]  |
| Biden's Student Loan Plan question Posted: 27 Aug 2020 05:23 PM PDT "Biden will also change the tax code so that debt forgiven through the income-based repayment plan won't be taxed. Americans shouldn't have to take out a loan to pay their taxes when they finally are free from their student loans." Is he only stating this for undergraduate loans ^^ I am hoping graduate loans would also qualify for this. [link] [comments]  |
| Posted: 27 Aug 2020 11:10 PM PDT i went to a lineman college which costed about $20k. during that time i had to get a co-signer for my loan but the school and i only options were Sallie Mae. i've had no problems with them yet but my co-signer wants out so he can buy a house. my apr right now is 10.250% and i've never really refinanced a loan, but i assume that i would want a lower rate. i have a above average credit score and i wanted it to put this new loan under me only so no one can bother me about it. [link] [comments]  |
| Just Repaid 28k in 15 months - Help on next steps? Posted: 27 Aug 2020 06:27 PM PDT For the past 15 months I have budgeted and worked hard at paying back my student loans that were accrued over 4 years in college. Finally, I am debt free! I had $28,300 worth of loans at the start and began by paying that down at 2x the monthly minimum. Once COVID hit, I had the unique opportunity to delay those payments for about 6 months without any interest accruing. As we pushed off remote work through 2021, I decided to move home for the summer instead of renewing my lease down near work. Just a few weeks ago, I finally decided to pay the loan off in full! It was taxing to look at the balance, and while I was extremely fortunate to have these opportunities arise, I understand the struggle that many are facing in the current situation. After much thought, I decided this was a better time than ever to make it go away. Anyone else that has done the same out there, I would love to hear your story, and wonder what goals I should set for myself next. It is hard to figure out just where to go from here. A quick snapshot: After the debt has been paid off, I have $35,000 in savings with a $15,000 in a Roth 401k. My current contribution is 12%, which is matched by the company up to 6%. All that is to say, Where do I look to go from here? My initial thoughts are: -Build up a 6-9 month emergency fund -Start saving for a house down payment -Contribute a higher % to the 401k, getting much closer to the max amount. Disclaimer: I am single, with no other debts to take care of currently. I will have 10 more months before returning to the office, at the very least. It is doubtful that I will get married within the next 7 years or so. Any other thoughts or good advice in general. Thanks so much! Happy to verify any other questions or details that I failed to include. [link] [comments]  |
| FAFSA 2020-2021 Parent Signature not working? Posted: 27 Aug 2020 08:02 AM PDT "Because the parent FSA ID cannot be authenticated, you must click "Previous" and then select a different option for signing this FAFSA." At first, it was claiming Parent FSA ID/Password was incorrect so I submitted it without parent signature. Should I just have my parent print, sign and mail signature? Edit: My mother can log in with her FSA ID but for some reason she can't sign my FAFSA. [link] [comments]  |
| 200k in loans and feeling hopeless Posted: 27 Aug 2020 10:33 AM PDT Hey all, The title pretty much handles it. I went to an expensive private school with no real direction about how much freely taking money out would impact me later in life. I now have a ton of student loan debt through Sallie Mae and I'm struggling. I'm currently on the graduated repayment period. My private debt is roughly 110k. I graduated with a Master of Social Work a year ago and I'm still new in the field. I have a salaried job at a nonprofit about 6 months ago. Annual is only 43k. I am working on building a caseload at a private practice in addition to my salary. Which will bring in an 1k a month. I'm playing weird game where I want to make enough to make extra payments on my private loans, but next to no payments on my federal. I am currently trying to refinance my loans, but I haven't had any luck even with a cosigner. Does anyone have any company recommendations or any idea about where to start? This is all so overwhelming. [link] [comments]  |
| Posted: 27 Aug 2020 08:19 PM PDT So I have 3 loans left and curious what one I should pay off in full first? I have been paying for a while so I do not owe nearly as much as others, All are an owned by the ED as well and just curious if I should pay off the 2 Subsidized Loans or the 1 Unsubsidized loan? Loan 1 : $4,244.14 @4.29% w/ accrued interest @ $4.22 and no capitalized interest- Subsidized Loan 2 : $5,781.66 @ 4.29% w/ accrued interest @ $5.75 and capitalized interest @ $492.47 - Unsubsidized Loan 3 : $2108.08 @ 3.76% w/ accrued interest @ $1.82 and no capitalized interest - Subsidized So I really just want to know if it would be better to pay off Loan 1 & 3 at one time or just Loan 2 since they would be about the same amount in total. Loans are in forbearance until Dec. but my guess is it would be best to pay off Loan 2, the Unsubsidized one correct to save on interest? [link] [comments]  |
| Posted: 27 Aug 2020 01:44 PM PDT This semester my family was struggling cause of covid so I took out an unsubsidized loan for 4k I'm new to all of this and its starting to worry me how much and how quickly the interest can add up. This may be a dumb question but can I pay it off while still in school? I would love to pay it off as soon as I can, or should I save the money from my job to repay the loan as soon as i graduate? In other words, how can I pay the least in fastest amount of time? Appreciate any help! [link] [comments]  |
| Nelnet due date coming on next year or glitch? Posted: 27 Aug 2020 03:11 PM PDT I have Nelnet as my provider, and previously my due date was showing for November 2020, and now my due date is showing up on March 2021. Did anyone have anything similar take place with Nelnet or their provider? I'm just confused because I'm beyond my grace period as well. I know there have been student loan relief through the end of the year but I wasn't sure if its going into next year. [link] [comments]  |
| Posted: 27 Aug 2020 12:20 PM PDT Last semester I took time off from my university as I needed to stay home with my dad who is disabled. However, I decided to take one required class at a public college. I am now attending classes back at the university, but the public college is saying that I need to complete exit counseling in order to have my transcript transferred. I was wondering if as soon as I complete the exit counseling, will I be charged immediately and be expected to pay off loans or would my loans keep accruing? [link] [comments]  |
| In need of help deciding between a Parent Plus Loan or a Private Loan through Sallie Mae! Posted: 27 Aug 2020 03:39 PM PDT So I'm going through my financial aid and all of the federal loans I can get is 6500 for the year. After that went through, I still need about another 1k per semester for Tuition and then I'm guessing around 6k for my apartment for the year. My last option to get this ~8/9k is through Parent Plus or Sallie Mae. Any advice would be much appreciated as I am stressed and struggling through this process lol. [link] [comments]  |
| Borrowing beyond federal maximum? Posted: 27 Aug 2020 04:05 AM PDT I'm attending graduate school this fall and received the maximum allowable FA for direct unsubsidized. However, having received scholarship and a stipend, that amount was reduced. I have a wife and two kids, so our estimated cost of attendance greatly exceeds the estimates provided by the University. I initially thought I could take out a private student loan to cover COL, but it appears that isn't possible. Is a personal loan my best bet? [link] [comments]  |
| Kindly share ways to pay for college, thinking loans are the last resort. Posted: 27 Aug 2020 01:57 PM PDT I've got scholarships, but they aren't enough. I've never taken out a loan before and I wish to never take one, but I seem to have no choice. I'm so stressed out whenever I see the numbers. There many offers from like discover and Sallie Mae, but I'm undecided. From what I've seen on fast choice(website that lists companies that give loans), some other private lending they have lower APRs but there's direct and variable and a bunch of things that I don't know what they mean. I've asked an older kid about hers, like how and why did she come to choose hers, but she doesn't seem to really know her thing either and had a banker help her. My school's financial office also isn't the best with helping students, that's why I now depend my financial life to you, redditors. Kindly share your experience about paying for college or other tips, it would really help me a lot. P.S. I just started college this fall. I'm also an US resident, not citizen. [link] [comments]  |
| In desperate need of financial aid help Posted: 27 Aug 2020 06:52 AM PDT I currently am on my second year and I will be covering it all alone. Unfortunately last year I had some personal and family issues that made me not be able to attend courses dropping my GPA. So I am not eligible for a loan due to sap. I am 100% willing to take out a private or any type of loan I just dont know there. Most of the private loan places either need a co-signer or good credit. Im an undergraduate without one. Need to guidance otherwise i wont be able to attend anymore. [link] [comments]  |
| Posted: 27 Aug 2020 07:47 AM PDT Does anyone know if real estate assets are factored into IBR payment amounts? Hubs and I have finally faced the fact that we can no longer deal with the tax fallout from filing separately and the best thing to do is to get a paper divorce. As a result, he is going to add me to the deed of our house (I wasn't on initially as he bought it before we met). Will Navient factor that in when they calculate my annual repayment amount? Will they even tell me if I call and ask? (P.S. new to Reddit so lmk if there's anything I'm missing in my post that should be there). [link] [comments]  |
| How should I pay off my loans when I have money already set aside? Posted: 27 Aug 2020 09:55 AM PDT My two Sallie Mae loans enter repayment in December. I'm not sure the exact amount of each right now, but the estimate monthly payments are $262 and $418, the latter being older, higher, and with a higher interest rate. I also have nearly $8000 set aside for repaying my loans, as most of it is tuition refund money. Obviously, my goal is to pay the bare minimum, so what should I do with the ~$8k? Should I put it all into the higher balance, or into the lower to pay it off quicker? Or should I just start by using it to pay the minimum balance? I'm the first in my immediate family to deal with loans so I have no idea what the best option is. Thanks in advance. [link] [comments]  |
| $215,407 in student loans. IDR vs pay off ASAP Posted: 27 Aug 2020 09:55 AM PDT Just graduated physical therapy school with $215,407 in debt at 36 years old. 2 consolidation, 3 graduate plus, 5 subsidized and 7 unsubsidized loans. Interest rate is around 6.5% average. I begin working in November with a starting salary of $60,000. I will work my way up over the next three years to around 120,000 and probably max out at $170,000-200,000 if I really hustle in 7-10 years. No employer 401k or HSA (I think I can still get one outside of work hopefully). My wife makes $40,000 with no 401k but she does have a HSA. We plan on having 1-2 kids within the next 3-4 years. She will cut back to part time with the same benefits or not work at all for until school starts. Give the rapid growth of my income PAYE or REPAYE month payment would be around $500-,1500, which would roughly equal out what I would payback with the standard 10 year plan. Which plan seems better? Is there another plan I am not considering that would be better? 1: With IDR I can (and will) invest heavily invest (max IRA, HSA, index or mutual funds). 2: With the standard 10 year I would be very aggressive with all remaining budgeted money. 3: I have thought about doing a Roth max of $12,000 for my wife and I, while doing the standard 10 year. 4: Refinancing would sound better if I didn't loss the protection of being disabled or passing away early that is provided with gov loans. But this is a possibility. PSLF is not an option, my job is not non-profit. [link] [comments]  |
| Posted: 27 Aug 2020 09:40 AM PDT I have a payment due for my housing in a couple weeks. I'm in a house off campus, and my rent has to be on one check, along with my roommates' rent as well. I am taking out a loan for my housing, so how does it work with getting my loan money on a check with my roommates money? [link] [comments]  |
| Any good covid options for those who already refinanced? (USA) Posted: 27 Aug 2020 09:33 AM PDT I refinanced my Federal loans a few years back, currently the balance is around $60k (from $100k). Rate with Earnest is 4.45% for the next 9 years or so. Bummed that the current Covid relief doesn't apply. Are there any options I can take advantage of? Will rates drop further in September? Credit score around 780. [link] [comments]  |
| Posted: 27 Aug 2020 09:06 AM PDT Living in southwest UK. I'm going into my first year of university. When I applied for my maintenance grant (£4,200 annually) I put my information down as my living situation would be away from home which made me eligible for a bigger loan. However, I wasn't able to get the accomodation I wanted and so I will be staying at home for at least my first year and commuting in. Do I have to return to the student finance website and update my information, or would I be allowed to keep the large loan in case I decide to move out later in the year? I'm worried that if I update my loan now it won't go through in time for uni which starts on the 21st next month. [link] [comments]  |
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