If the federal government matched student loan payments $1 for $1 over the next 5 years, what effect would that have on fiscal policy and personal finance? Student Loans |
- If the federal government matched student loan payments $1 for $1 over the next 5 years, what effect would that have on fiscal policy and personal finance?
- Deferring Parent Plus loan payments while attending graduate school?
- IDR Recertification on Hold
- Loan Refinancing and Consolidation
- best options to pay off student loans???
- Father let go from job and no longer has access to email used to set up his FSA id. What can I do?
- Not eligible for fafsa loan, what should i do for the upcoming semester?
- Is it possible to convert a high-interest rate federal loan to a lower-interest rate?
- Disclosure Statement From Two Schools
- 65k in debt, just graduated, looking for advice
- Please help!!! Tuition due Friday & I am extremely confused... :(
- Is there any point in applying for PLUS at the moment?
- Pay off student loan now or later
- Applied for the wrong loan
- Federal Student Loan Issue
- CARES Act Section 217 Question
- I have no idea how loans work
- How does one choose a place to apply for a loan?
- Student Loan order payoff advice
- Federal payments paused til the end of the year?
- College Never Received FAFSA National Database has no Information
- Finding a private loan
- Best place to consolidate private student loans?
- Federal Direct Plus Loan
| Posted: 12 Aug 2020 07:24 AM PDT For example, I have $100,000 in federal student loan debt. I am on an income based repayment plan paying a relatively minor amount each month. My principal balance is increasing yet the Department of Education (US Treasury) is getting little money from me. However, if a law guided the treasury to match my payments for the next say 5 years, I would be very encouraged to find a way to pay down more on my loans. The government gets a cash inflow, writes off some off my loan, and I lower my debt. My question is how would that affect fiscal policy (budget deficit, etc) and potential borrowers behaviors? For fairness, any student loan payments made in the past 5 years would receive a retroactive matching grant. My suggested law would apply to only current loans (and loan payments in the past five years) which would prevent any tuition adjustments. TL,DR: What would happen if every $1 student loan payment was matched by a government $1 payment? Edit: Clarity on eligible loans. [link] [comments]  |
| Deferring Parent Plus loan payments while attending graduate school? Posted: 12 Aug 2020 08:40 PM PDT The title says it all. Can I defer undergrad loan payments while attending graduate school? The official website says that I can defer payments while being enrolled at least half-time. But does it only apply to undergrad? I can also take out a loan from Discover, which I know allows deferring payments while attending grad school, but the interest rate they have given me is insane. Thanks! [link] [comments]  |
| Posted: 12 Aug 2020 08:12 PM PDT Has anyone gotten this email in the past few months? Does this mean anythjng with the COVID-19 situation? The loans in question are with FedLoan. We will process your Income-Driven Repayment (IDR) recertification request once the final bill of your current schedule is generated on 08/18/2020. Once we have processed your request, we will send a follow up email detailing your monthly payment amount or if we were unable to process your request. [link] [comments]  |
| Loan Refinancing and Consolidation Posted: 12 Aug 2020 05:27 PM PDT Hey all, so I have 4 different loans from my 4 years of college, we used sallie mae and I have to start paying back in full around December, so my question is who should I refinance with and how do I negotiate for lower interest rates, mine are currently like 10% and I heard they are really low rn [link] [comments]  |
| best options to pay off student loans??? Posted: 12 Aug 2020 08:25 PM PDT Student loan debt- What to do?? I graduated with my masters of science earlier this year and have acquired about 55k from doing so. This is my first time having debt as I was fortunate enough to have saved enough money to pay for undergraduate education out right. I'm starting to really regret furthering my education because of this debt and not seeing an increase in my annual income (43K) and now the added financial stress of trying to save for a home, needing a new car, and now paying off student loans. I am still in deferment for my loans as it's been less than 6 months but am trying to plan for the future. As of now I have 4 different unsubsidized federal student loans with interest rates ranging from 6-6.8%. The loan amounts range around 5K, 10K, 15K, and 22K give or take. I'm needing some advice on what option will help me pay this off the smartest way. I've considered consolidating them federally, for an interest rate of 6.3% and the possibility of student loan forgiveness. Or is it best to consolidate to a private loan and get a lower interest rate and just make larger payments when possible? There is also the question of is smarter to pay the largest loan amount first and work my way down or vice versa? Any advice welcome and needed! [link] [comments]  |
| Father let go from job and no longer has access to email used to set up his FSA id. What can I do? Posted: 12 Aug 2020 02:18 PM PDT He can't reset his account because the security questions are nonsense and he can't access his email for the one time code. What do we do? [link] [comments]  |
| Not eligible for fafsa loan, what should i do for the upcoming semester? Posted: 12 Aug 2020 01:54 PM PDT In short I lost eligilibility for my government loans due to bad grades for the first semester and even after a good semester I haven't been able to boost my GPA enough. I need about 4000 for this next semester, are there any private options that will allow me to take loans out without a cosigner? [link] [comments]  |
| Is it possible to convert a high-interest rate federal loan to a lower-interest rate? Posted: 12 Aug 2020 07:47 PM PDT Hi all, The Direct PLUS loans this year are at a 5.30% interest rate. I still have old Direct PLUS loans from two years ago at around a 7.20% interest rate. Is there any way I could accept the 5.3% loan but then immediately use it to pay off the 7.2% loan? They both come from the same loan provider [Great Lakes]. If not, is it still smarter to look for a refinance with some other loan provider? Thanks! [link] [comments]  |
| Disclosure Statement From Two Schools Posted: 12 Aug 2020 07:41 PM PDT Basically, I got accepted into two schools and accepted both of the admissions because I really wasn't sure of where I wanted to go. Now, I have decided which one I will be attending and have done all the things needed (signed up for classes, signed MPN, etc.). However, I received two disclosure statements that are similar for both schools. Today I emailed the school I won't be attending and got my admission withdrawn. I'm just worried that I did something wrong and will now be receiving two loans. [link] [comments]  |
| 65k in debt, just graduated, looking for advice Posted: 12 Aug 2020 07:14 PM PDT Hello everyone, a little background on my situation: 65k in federal loans I think I'm at 5% interest. I make 60k before taxes. Got accepted for IBR of $160 monthly. I am single and have 2 little ones and I'm head of household for tax purposes. I've been told by great lakes borrowers that even though my payment is not enough to cover interest, if I continue making my payments on time whatever balance is left after 25 years will be forgiven but I'll have to pay trax on it. They also said I'll have to recertify every year. The only thing I'm scared of is my income goes up, my children become independent, and my payments go up to an amount I can't afford. I'm wondering if it's better to keep as much as my money as possible and invest in my Roth and 401k, and save for a house and to pay the tax on it later or if I should make extra payments. Any advice is appreciated! Edit: IBR not IDR [link] [comments]  |
| Please help!!! Tuition due Friday & I am extremely confused... :( Posted: 12 Aug 2020 06:34 PM PDT Hey all, I kinda waited too long to accept the federal loans that I was offered in my school's portal, and now I'm kinda scrambling to get things in order before the tuition date on Friday (mistake, I know.) I am really confused about something though... I need a new laptop to use for the next 4 years. I found a solid one with good specs that'll run me about $1,000 USD, but I would like to take loans out for this. I figured it wouldn't be a big deal because I'm already saving ~$12,000 dollars by commuting instead of staying in a dorm but it's making things quite a bit more difficult. From what I hear, students typically request the amount needed for the year and the money is dispersed equally in two parts. I need an extra $1,000 for this semester, though, that I won't need again next semester. Therefore, if I factor the price of the laptop into the total, I'll only be receiving half of what I need right now. Also, if campus closes soon like I expect it to, I will have a lot of dining dollars leftover in my account to use for second semester. This means that I wouldn't need to take out as much in total. I would prefer to take out money per semester so that I can tailor the amounts to what I need. Does anybody know if this is possible? If not, what should I do? Thanks!!! [link] [comments]  |
| Is there any point in applying for PLUS at the moment? Posted: 12 Aug 2020 12:03 PM PDT I had my original plans derailed due to COVID and fear of traveling to a school OOS where I had full tuition. Now I plan on going to a school cloesr by, but I stupidly didn't send my FAFSA information to them as I wasn't intending on attending. Should I bother trying to get something from them federally or look at private lending? [link] [comments]  |
| Pay off student loan now or later Posted: 12 Aug 2020 09:14 AM PDT I just graduated and have a descend job (60k per year) right now. Currently living with my parents but have enough to pay off all my student loans. Maybe next year I would move into a condo in Windsor closer to work. Should I pay off all my student loans in bulk or it is better to pay it off by monthly payment. Some one mentioned paying it off by monthly payments is good for tax purpose. IDK if this is true or not? [link] [comments]  |
| Posted: 12 Aug 2020 02:12 PM PDT So I recently applied for a loan through Student Aid, and I applied for a Grad Plus Loan. I am currently enrolled at CSUF for my bachelors, but it turns out Grad Plus Loan was the higher interest rate and after reading online, you must have a graduate degree to be eligible even though I got accepted anyways. I am wondering how I can get this cancelled and switched to a subsidized loan? On Studentaid website there is no option and I've tried calling my FAFSA department at my school and they are not answering. I've also tried contacting multiple Student Aid support numbers and have gotten 0 support. Any advice on what I should do next? Also my payment for my classes is due August 14th, and will likely have to pay out of pocket, not knowing if I will get reimbursed by Student Aid. [link] [comments]  |
| Posted: 12 Aug 2020 05:41 PM PDT Federal Loan issue Hello, This past summer, I had a student loan taken out to cover living expenses. The amount was $6500. When the date of disbursement came back in June, I never actually got the money from the school because they were holding it since I wasn't actually taking any summer courses. Eventually I was able to get it from the school; they refunded Sallie Mae and had the disbursement come through. I got the refund into my account shortly after. I just noticed today that my federal loan has been split for the fall and spring semesters at $3750 per semester. This isn't enough to cover my tuition. Is there a way I can call the school to change how the federal loan is applied, or did I screw myself taking the student loan out to cover my living expenses? On my Financial Award page it shows the Sallie Mae liam covering half of the Fall 2020 tuition, and the other half being covered by the federal student loan for Fall 2020. The same thing for Spring 2020. Total is $14000 but I'll only get $7000 in federal loans. [link] [comments]  |
| CARES Act Section 217 Question Posted: 12 Aug 2020 01:05 PM PDT Here's a scenario for you guys I hope you can help. So I graduated last year and have a couple of questions for the $5,250 payment which can be made by employers. I work for our family business and my dad wants to help out with my loans and said if I can figure out how, he will pay this towards the balance of my loans. My questions are this.
More information. Our business only has 6 employees and I'm the only one with college debt. My dad really just wants to help me out and we aren't looking to cheat the system here but I can't find specific information online about the steps needed to take in order to making this possible. Thank you! [link] [comments]  |
| Posted: 12 Aug 2020 12:08 PM PDT so Im about to pay my first bill for college, but it only covers my fall semester. am I supposed to take a loan out for just that amount? or should I multiply that amount by 2 and take out a loan for the entire year? does that mean ill be taking out 4 loans throughout college? please help because my mother and I have no idea how to do this stuff [link] [comments]  |
| How does one choose a place to apply for a loan? Posted: 12 Aug 2020 11:54 AM PDT I have managed to get this far without loan by working multiple jobs. How does one find a loan? My ex took one out from sallie mae and it seemed like a set up! I received one federal one but I want one in case shit hits the fan! I am going into laboratory sciences. Specifically chemistry... learning mass spec, pathology & toxicology. Our program has 99% hire rate and most people get selected for in 2nd year. So I am not worried about paying it back! Fastweb is not helpful! [link] [comments]  |
| Student Loan order payoff advice Posted: 12 Aug 2020 06:40 AM PDT Graduated in may 2020 and grace period will be up on November 9th I have four federal unsubsidized loans that have accrued interest during grad school and are as follows: Loan 1: 17747 at 5.31 % interest; interest accumulated =$2500 Loan 2: 20,500 at 6 % interest; interest accumulated =$2900 Loan 3; 20,500 at 6.6 % interest; interest accumulated =$1872 Loan 4; 20,500 at 6.08 % interest; interest accumulated =$482 Total interest= $7858, loan amount ~79kish, with interest 87kish I have saved up enough money to pay off all of the interest that has accrued so far but am wondering a couple things: 1- does it make more sense financially to put the loans on 25 year plan( lowers payment from 880 to 500 ish per month and then throw the full amount I have saved at loan 3? or just pay off the interest from all of the loans instead.. 2- I have 3.5 months of emergency fund( about 6ish with the amount I have saved for the interest payment) saved now and I am about ready to move out into a new apartment. My job is relatively stable but I may lose hours in the fall/winter due to covid and I am worried about possibly not being able to pay rent at some point. My calculations have shown that I will save roughly $5000 if I pay off all the accumulated interest but I cant decide if I should save that money or pay it into the interest first. Thanks! [link] [comments]  |
| Federal payments paused til the end of the year? Posted: 12 Aug 2020 10:17 AM PDT Like everyone else I have federal loans and they're on Navient. I saw that the loans are paused until the end of the year but on the website it still says it ends on the 30th of September. Is it just slow to update for me or am I just not getting the extended forbearance? I have direct loans if this helps. [link] [comments]  |
| College Never Received FAFSA National Database has no Information Posted: 12 Aug 2020 09:55 AM PDT So, I submitted my FAFSA on 11/10/2019, and it was "Successfully Processed" on 11/12/2019, but the college I planned on going to STILL does not have my information. I have been back and forth with then for the last week, and they haven't said much, all they really tell me to do is verify my SSN, and make sure they're on the list of colleges it should be sent to... At this point I've checked my SSN at least 10 times (both on the FAFSA and the SSN the college has on record) it's the same number... I've resubmitted an entire new FAFSA, still no luck. Yesterday when I called they said they would call the "National Database for Federal Student Aid" and they claimed to not have ANY information matching my Name, DOB, and SSN... Which is literally impossible, because if my SSN was wrong, and didn't match my information, then the FAFSA wouldn't have been successfully processed... At this point I honestly have no clue what to do what so ever... And when I check my financial information on the sites checklist it says Action Needed: Submit FAFSA Completed: Submit all required documents In-Progress: Your application is being reviewed by the Financial Aid Office Completed: Review and accept your Financial Aid Award Package Action Needed: Review and sign your Financial Aid Award Letter What am I supposed to do? the National Database has no information on me, the college has no information on me, yet it says that my application is being reviewed, and it says that I have already gotten my financial award package, which is the original reason I called, because I never got one, yet it says that I have, but also, how can I get my package if my "non-existent" FAFSA is being reviewed??? You ever been so stressed out you felt physically ill? Well that's how I've felt these past couple of weeks! [link] [comments]  |
| Posted: 12 Aug 2020 12:35 PM PDT Currently taking summer classes and owe about 7k for the semester, I'm looking for any private loans that can help me pay it off before the next semester, I have money saved up but need the extra help. Any recommendations? [link] [comments]  |
| Best place to consolidate private student loans? Posted: 12 Aug 2020 11:41 AM PDT I have been considering options like local banks and online. Right now I am looking to consolidate my sallie mae loans because of the brutal interest rates. I am considering going through SoFi. Does anyone have any other good recommendations for a place with low rates? Thanks! [link] [comments]  |
| Posted: 12 Aug 2020 11:36 AM PDT I am a graduate student at the University of Florida with 2 semesters left, set for a graduation date of May 2021. I am offered a Federal Direct Plus Loan totaling $8442. I also have a $2000 scholarship to help pay for the estimated cost of tuition of $12720. What are some of the pros and cons of a Direct Plus Loan? If able to pay out of pocket, would you recommend applying for the loan given the extension of waived interest payments from the recent executive order? I haven't had to take out a student loan yet due to the Florida Bright Futures Scholarship covering most of my undergraduate tuition so I apologize for my ignorance. Thank you for your help! [link] [comments]  |
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