Just a quick PSA on those living at your parent’s homes/rent free while paying your loans. Student Loans |
- Just a quick PSA on those living at your parent’s homes/rent free while paying your loans.
- If you are watching the presser don't jump to conclusions
- An article speculating about the exec order possibility to extend the covid waivers
- $66K and 16 federal loans. What do I do?
- Question about Pell Grant and advice on student loans.
- Refinancing Student loans with no credit history?
- Trump Tweets: Executive Order For Payroll Tax Cuts, Student Loans, Evictions, Unemployment Benefits Still In Play
- Obama was the best for student loans, can we have another president like that!?
- Late submission only pell Grant
- How does dropping a class before the start of semester effect billing statement
- Why can’t I set up monthly payments with MyCornerStone?
- 19 y/o and no family... please help me figure out what to do
- My horrific student finance situation.
- Is there any way the interest rate for the student loan I took out in freshman year can be lowered? -a broke college junior
- How bad are private loans? I need urgent advice
- Pay now or pay later?
- Disadvantages of income-based repayment?
- Progress Update. Something Different!
- How much do you pay in student loans per month?
- Defaulted Perkins Loan and COVID-19 CARES Act
- Student Loan Rehab Help
- I’m confused on Graduate Student Loans
- Consolidating student loans- how does it affect credit score?
- Refinancing impact on Mortgage
| Just a quick PSA on those living at your parent’s homes/rent free while paying your loans. Posted: 07 Aug 2020 03:51 PM PDT Don't ever feel ashamed for having that opportunity. Don't ever feel like you're too old to do that. Don't ever feel like it's looked down upon. Don't worry about anybody who tells you otherwise. Financial freedom is everything. I'm 28 and I've noticed there's kind of a bad stigma whenever I used to mention that I'm living at home to pay off student loans. A lot of people get kind of pissy about it. If you're fortunate enough to have an opportunity to live at home or rent free to pay off your loans, consider it a major blessing and privilege. Thank whoever is letting you stay, help out around the house, don't be a burden, and pay off your loans ASAP. When I have kids I'm going to give them the same opportunity. That's all! [link] [comments]  |
| If you are watching the presser don't jump to conclusions Posted: 07 Aug 2020 04:56 PM PDT He didn't say he had signed anything..but that he would. All he said he would extend the waivers of payments and interest until further notice. It happened so fast I have to sincerely thank /u/dinosupremo for helping me make sure I heard what I heard. So in short. We don't know anything more than we did an hour ago. It appears the waivers will be extended but we won't really know what that means until it happens. [link] [comments]  |
| An article speculating about the exec order possibility to extend the covid waivers Posted: 07 Aug 2020 09:55 AM PDT |
| $66K and 16 federal loans. What do I do? Posted: 07 Aug 2020 12:00 PM PDT I graduated this past May from undergrad in the US. Basically I have no idea what's going to happen when I have to make my first payments this October. I have 16 federal loans which are a mix of Direct Parent PLUS Loans (7 of them, which are through Nelnet), Federal Subsidized (4) and Unsubsidized (4) Loans which are through Cornerstone, and 1 Federal Perkins Loan through my university. I can give a full breakdown with principles and interest rates if it's helpful. One of my concerns is with consolidation. I want to keep my loans federal in case there's student loan forgiveness (fingers crossed!), but I don't know if a Direct Consolidation Loan counts as a federal loan or not. I also have some pretty high interest rates which will probably lead to a high averaged interest rate. I'd ideally like to consolidate the Parent PLUS Loans with the rest of my loans so they're not in my parent's name anymore. Any guidance about consolidating would be really helpful. I'm currently signed up for the standard 10 year repayment plan. I don't think that I qualify for any forgiveness or reduced repayment plans other than maybe ICR if I consolidate, but it doesn't sound like a great payment plan. I also really want to get rid of my loans ASAP (like 5 years) if possible. I'm currently working a part time job, and just got hired for a temporary job in a field I'm interested in but most likely won't be hired into after the end of September when my contract expires. TLDR: I have 16 federal loans totaling ~$66K, no idea how to or if I should consolidate them, no idea how much my monthly payments will be starting in October, and I want to aggressively pay off my loans but don't have a concrete idea of if/when I'll get full time job. Any help is appreciated. [link] [comments]  |
| Question about Pell Grant and advice on student loans. Posted: 07 Aug 2020 11:59 PM PDT Good morning everyone, I basically am only given 750$ student aid . The good news is my tuition at U of M dearborn is relatively cheaper . It's only 6100 $ a semester . I have loan offers for 5500$ per semester . I am going for software engineering and I'm scared of school loans. So figuring that I go to school Fall and Winter . That's about 12200 a year. For 4 years would be around 48800$? Is I will apply for scholarships when they are avail to lower the cost , but is it a good idea for me to take on this risk of debt ? How does Pell Grant work ? Do I ask my school if it's avail . Or if I applied FAFSA is that something they tell my school as an offer right away ? [link] [comments]  |
| Refinancing Student loans with no credit history? Posted: 07 Aug 2020 11:50 PM PDT I have a weird situation. I have about 40k in US federal student loans left. I make well over 6 figures, I could pay it off all in 1 year or less if I wanted to. But I am a good investor with a masters in investment management and passed the CFA level 1 test already. I figured I'm better off investing if I can get a low interest rate on the loans. If I can get a 2-3% interest rate, I can definitely make more and be better off investing while making minimum payments towards the student loans. But my issue is, I have no credit history in the US. I live abroad in England. Can I even get a refinancing company to work with me with no credit history? Can they just look at my income and bank statements? [link] [comments]  |
| Posted: 07 Aug 2020 04:55 AM PDT It appears by today we will find out if any additional relief is coming from student loans; either by Legislative or Executive branch. [link] [comments]  |
| Obama was the best for student loans, can we have another president like that!? Posted: 07 Aug 2020 10:56 PM PDT Just wish we had a president of his caliber to navigate this tough time... [link] [comments]  |
| Late submission only pell Grant Posted: 07 Aug 2020 10:00 PM PDT Hey everyone, I submitted my fafsa pretty late (August 1st) Cause I wasn't sure when the deadline was and honestly forgot about it, Is there a way I will be able to get the state loans? if im screwed for the fall semester, is it possible I can get it for Spring? Thanks! I Plan to talk to my financial aid department on monday but I want to get the most information i can beforehand. [link] [comments]  |
| How does dropping a class before the start of semester effect billing statement Posted: 07 Aug 2020 09:08 PM PDT Hey, if anyone can help it would be greatly appreciated. So about a month ago I checked my billing statement for college and I had a negative balance which means that I would receive a refund. I recently checked it today and apparently I will have to now owe what I thought was being refunded (The negative now doesn't show). As someone who is struggling with funds right now, I decided that since I would like to experience said class inside of the campus instead of online I dropped the class. Apparently, if you don't pay said amount before the semester starts you get dropped out of all classes? I thought it worked as if you don't pay the fee before next semester you cant register. Sorry if i sound lost on this but i expected my FASFA to cover everything as it has in the past. Sorry if im long winded lol, but my question is how long would it take to register in my billing statements as a dropped class. I read on my university page them saying something about being refunded for a 12 or a 9-11 class. But shouldn't i be refunded if i dropped the class anyway [link] [comments]  |
| Why can’t I set up monthly payments with MyCornerStone? Posted: 07 Aug 2020 09:00 PM PDT it won't let me, even after i submitted the application and set everything up. is it because i'm still in school, or is it because i don't have any outstanding interest? or is it pandemic-related? [link] [comments]  |
| 19 y/o and no family... please help me figure out what to do Posted: 07 Aug 2020 11:28 AM PDT Fall 2019 I started my first semester of college. FAFSA submitted, scholarships offered, and completed my first semester of college with the anticipation/plan of only owing the school 2-3k by the end of the semester. I came from a single parent home with low income. In the winter I started getting emails from the school about my bursar bill which showed that I owed the school an entire balance because my fafsa had never been applied to the bursar account, and due to issues validating my moms/my social security number, some scholarships were never actually applied to my account either. Some issues with my social security number ensued and then by the time I was able to fix it, they could not back date my financial aid. So now I owe the school more than even the semesters worth and I've been referred to debt collections. It's $16,000. I'm 19 and work as a server. I have a co-signer with a credit score of 750. What are my options out there? Any advice helps.. I'm having such a hard time navigating the situation without a lot of direction right now. [link] [comments]  |
| My horrific student finance situation. Posted: 07 Aug 2020 06:27 PM PDT My University's results day is 9 weeks before the new year starts. I found out 3 weeks ago that I had failed my course. Due to this, I had to contact Student Finance England to have my application updated. This can take 6 weeks at the best of times, let alone during a global pandemic. I have £550 rent to pay by August 26th, and no proof that I can pay it by any means as the update invalidates the original agreement. This is topped by at best 3 weeks living fees for food, bills and transport or 9 weeks based on the initial dates I was given for my Maintenance Loan. Outside of my mum (Who I now may be cutting out from my life entirely). I can't turn to anyone else as last year my old bank messed me around meaning I can't get an overdraft through a Student Current Account, and my credit history is so little I can't get an overdraft any other way. Loans are out of the question as I have no proof I can pay them back, or even be accepted for one. Due to Covid ramping up unemployment and having to pay my grandad back, I have little to no savings left. The catch 22 is, in order to even get my Maintenance Loan, I have to enroll in person at my university campus. The only option I can see is taking a years break in study, and loosing all the friends I've made up until now, and maybe even deciding that uni isn't worth it, even though I don't want to give up on my dream I'm at a loss here. I could really do with some help. I don't want to miss out on this year. I've made so many friends, some of whom would be unfortunately joining me this year. But I'm at a loss as to what my options are. My university is unlikely to give me any support since I at this moment in time have no agreement with Student Finance England at all. [link] [comments]  |
| Posted: 07 Aug 2020 06:01 PM PDT hello! I'm an uprising college junior & I was wondering if there was any way I could lower my student loan interest rate for the loan I took out in freshman year (2018-2019). The rate is around 8-9% (w/ a cosigner), which I realize is the average rate, & I currently am paying interest-only payments that are super financially draining as a broke college student. The loan I took out in sophomore year (w/ the same cosigner & almost no change to credit) has an interest rate around 4-5%(!!) & the interest-only payment is more than 75% lower than my freshman year interest payment...... The loan I am about to take out is also similar to my sophomore loan & it's really great & I'm super happy about it, but I definitely want to try lowering the amount I pay for my interest payment of my freshman loan if possible. Thank you & pls help but I also understand if nothing is possible too :,) [link] [comments]  |
| How bad are private loans? I need urgent advice Posted: 07 Aug 2020 02:08 PM PDT Hi I need some advice. I'm a premed student and i am enrolled for a 2nd degree so i can be eligible for financial aid to finish the required courses needed for Med school. I graduated last year (May 2019) & decided late that i wanted to go to med school. I only needed 8 classes and i finished 4 of them last year using subsidized loans (i maxed out all my Pell grants & am only eligible for loans). Today I woke up to an email from my school saying that "only courses that Degree Works shows as required will qualify for financial aid. Students enrolled in courses not required may have their aid reduced or cancelled." I have to take 4 more classes but they are not considered "required for my major" so i am assuming that I will have my loans cancelled. I'm waiting to talk to the financial office but I'm freaking out because school is supposed to start in 2.5 weeks. The cost for these 4 classes will be about $5500 (based on what I paid last year). Should I struggle to try to pay this out of pocket (I work part time only about ~20 hours a week) or take out a private loan?? Can someone shed some light on the pros and cons? [link] [comments]  |
| Posted: 07 Aug 2020 06:53 AM PDT Hello. I am a recent graduate trying to weigh out options. I have about 33K in federal loans and 3K private. I just got accepted into graduate school at about 16K unsub federal for the first year. I am living at home with my parents in a LCOL area, so I barely have any expenses other than a bill here or there. Luckily my program is completely online prior to Covid-19 and I have a choice to make: Go to school part time and work full time to pay off my undergraduate loans, so when I graduate in ~2 years I will have some substantial amount paid down. Go to school part time, get a part time job for bills only and internships to raise my chances for better employment opportunities after graduation. Pay loans later. Go to school full time, get out early, then find a better job to pay what I predict to be ~70K in loans. I don't have any professional experience outside part time jobs. [link] [comments]  |
| Disadvantages of income-based repayment? Posted: 07 Aug 2020 08:38 AM PDT Basically what it says in the title- I graduated in January, first job out of grad school isn't paying anywhere near what I was expecting, and talking to others in the field (speech language pathology) has informed me that actually salaries are no where near what grad school and salary websites promise. I only worked 20 hrs a week for the first 20 weeks of 2019, so even without COVID wavers I currently wouldn't be paying anything in loans, and my current salary would have me paying ~$200/month towards my $90,000 loans next year. I work in a school but I'm a contract worker, not a direct hire, so I don't think I'll be eligible for any type of loan forgiveness. What are the pros/cons of this repayment plan? Is there a different plan that would be more beneficial for this situation? Is this going to affect my credit score and ability to be approved for future (car, house) loans? [link] [comments]  |
| Progress Update. Something Different! Posted: 07 Aug 2020 11:02 AM PDT I'm not sure this type of post is allowed, but I don't see any rules banning this type of discussion. I figured I would give a bit of a victory post to motivate those who are still stuck in the tough task of tackling student debt. I graduated in 2017 with $74k in student debt with basically no savings, outside a couple grand sitting around. I started my career in September 2017 making decent money and lived at home with my parents for a bit to try to focus on paying my debt off. Through strict budgeting, constant additional payments and help from my parents, I was able to pay my debt off in March of 2019. Of the $74k I paid about $50k of it on my own and my parents covered the rest. I admit that I was very fortunate to not only live rent free, but I received generous help from my parents on top of that. Fast forward to today, I now have more money saved up than I had in debt! I can't believe this day came so quickly to be honest. Trust me, when you have a mountain of debt in front of you, even hitting 0 feels impossible. My current assets are $15k in cash, $62k in investments and my liabilities are $500 on credit cards. My net worth effectively went from about -$74k to about $77k. That is an increase of over $150k in less than three years. It feels great! I cannot stress enough how important it is to invest while focusing on paying off your debt too. Take advantage of your employer match if you have one and try to max your IRA. It's good to have these assets that have compound interest working for them. Once you reach 0 net worth things start looking brighter. You then shift your loan payments to big retirement contributions. You already know how to live on a small portion of your pay check so you keep the same lifestyle you had before. It is important however to reward yourself along the journey. When I paid off my loans and got a promotion at work I bought a $2k watch just because I could actually afford it. Reward yourself within reason but keep that delayed gratification mindset. These days I max my retirement contributions and with my employer match I am able to invest just shy of $29k per year. I am also able to save additional cash each month for a house. Things really do get exciting when you become debt free and can start building your future. I am hoping to reach that magical $100k net worth mark sometime in the next year if the stock market stays relatively stable. I plan to enjoy the journey and reward myself along the way. What really motivated me was to run some investment calculators. If you run one for investing $500 per month from age 25 to 65 earning 7%, you are left with a portfolio value of over $1.3 million! But you only had to invest $240k over those 40 years. Over $1 million of that portfolio is money that the investments generated on their own. 82% of the value is GROWTH! This is incredible people. I know investing probably isn't normally within the scope of this sub but I really think this will motivate people to stay the course and eliminate their debt. I hope this post doesn't come off as bragging. That is not my intent. I don't care what a bunch of internet strangers think about my financials! I remember where I started and how intimidating it can feel to have a mountain of debt in front of me and I'm sure some people have even more than I had. Please feel free to ask me any questions and I can try to help out! You can also make some victory comments about your progress and how much more debt you have left to pay. Happy friday! [link] [comments]  |
| How much do you pay in student loans per month? Posted: 07 Aug 2020 12:51 PM PDT |
| Defaulted Perkins Loan and COVID-19 CARES Act Posted: 07 Aug 2020 11:46 AM PDT Hello, I'm not sure if this is the right place to post but I thought you all might be able to help me out! I just graduated this May. I went to part-time status at my university in the fall in order to save money and I took my last required class at a community college this spring. I had a Perkins loan that was $3,990.35 out that I needed to pay off. I was incredibly stupid and simply assumed that this loan would be frozen until after the September CARES Act date. I am also unemployed and have been living off of my savings because I do not qualify for unemployment. Now my loan has been sent to the collections agency Williams and Fudge. I was just recently hired for a part-time position and I will have my first paycheck this Friday. What are my options here? I emailed the agency about a loan rehabilitation program and I am hoping that paying a large chunk of the debt off first hand is the right step in getting this fixed and under control. I'm also hoping my credit won't be absolutely wrecked by this considering I am just starting out life after graduating in May. If you could give me any advice or guidance, that would be great. Also I am fully aware that I am a complete idiot and I could have gotten this resolved sooner. I am currently kicking the shit out of myself because of this happening. [link] [comments]  |
| Posted: 07 Aug 2020 11:37 AM PDT Hi everyone! I started student loan rehabilitation today and i'm super excited to take the next step in my journey to improve my credit score and get my life in order. I have four student loans - three outstanding with balances that are being rehab'd and one that reports a $0 balance and is closed. The only loan that reports any missed payments is the one with a $0 balance - 13 missed payments and 87% of payments on time. I wanted to ask if anyone had any experience removing $0 balance loans from your report? I know that the three that I have in the rehab program will be removed from default and have an open status once I make the nine payments, but they don't show any missed payments (surprisingly) so I feel like the $0 balance loan might have a last effect on my credit score until it drops off - unless there's a way to have it removed quicker! Info on my student loans: Three of them have balances - $6,000; $5,500; and $3,300. One of them is closed with $0 balance and 13 late payments. I made my first payment today and will be making an additional payment on Monday which will help accelerate the process. Today's payment will reflect for July and Monday's will reflect for August - meaning I will completely the nine payments in eight months by March. They're also not allowed to collect interest until October so 4/9 of my payments will not accrue any additional interest - which is great. [link] [comments]  |
| I’m confused on Graduate Student Loans Posted: 07 Aug 2020 08:48 AM PDT Hello! I have recently been accepted into my graduate school program and I'm looking at my student loan options. I luckily did not have to take any loans out during my undergraduate degree so this process is very foreign for me. I know for sure from reading post on this sub do not do private loans and luckily my government options will cover the full cost. However, I am a little confused on how much to take out right now versus later. My full program will cost around $21,000 my aid package total is $31,912 for 2020-2021 (Plus: 11,412 Unsub: 20,500). Do I take out the full amount now or do I somehow break it up? I'm willing to take all advice, I am planning on paying as much as I can on my loan while I am in school (praying I can cover the interest at least). Extra information: My program will take me one year to complete if I stay on track. I am living at home with my parents so I have very minimal bills. I am going to tutor and babysit to make extra money as I am nervous with a full time job I will not be able to handle my course load. Also sorry for the format or any errors I am on my phone. [link] [comments]  |
| Consolidating student loans- how does it affect credit score? Posted: 07 Aug 2020 02:30 PM PDT If you're going to judge me for what my credit or repayment habits have been, please move on. If you came to tell me "yeah that's a bad situation, why did you do this?" please move on. So I graduated in 2017 with about $70k in federal student loan debt. I kept getting the due date pushed back because I needed to try to set up some income-based repayment, but it needed information I didn't know how to get so I never did. Not getting work, crazy life stuff, I never paid a dime. Finally, they went into default. Because of the covid situation that's been frozen temporarily, but I have 11 accounts with 7 missed payments each. I'm not sure how much it's dropping my credit score (currently about 550) but I assume it's quite a bit. Tl;Dr if I consolidate them do the accounts disappear? I need to get on top of my credit to buy a house since I have a decent job now. [link] [comments]  |
| Refinancing impact on Mortgage Posted: 07 Aug 2020 07:16 AM PDT Hi, My fiancé and I are going to be buying a house in the spring. With rates low right now I have some private student loans I have been considering refinancing to take advantage of that. That being said, I have not been able to find a clear answer to the impact that would have on us getting a mortgage within 6-10 months of refinancing that loan. Any advice/ experience with this would be greatly appreciated! Thanks! [link] [comments]  |
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