No longer controlled by Sallie Mae!! Student Loans |
- No longer controlled by Sallie Mae!!
- My abusive father controls the account to access my student loans. How can I gain control of them?
- Nelnet finally updated their Covid Forbearance due dates on Federal Loans
- Close friend owes 60k in private student loans at 11% interest, what are her options?
- American student taking out loan for grad school in UK
- I need help understanding my Parent Plus Loans offer
- Has anybody tried the ChangeEd app?
- School withholding transcripts & diploma because of unpaid tuition
- First Generation Student- need advice!
- What to do?
- Should I pay the entire balance or just the majority?
- Getting an error whenever I try to confirm my information
- Undergrad loans + wanting to go to pt school
- Student loans/buying Home
- My school is not a Title IV school. What's my next step?
- MOHELA account and repayment question
- Repaying Undergraduate Loans Before MBA
- What might student loan cancellation look like?
- Loan in default, need out for closing on home
- how can I get proof of sufficient funding?
| No longer controlled by Sallie Mae!! Posted: 29 Aug 2020 09:25 AM PDT I needed to take out 40k in private loans for graduate school. I wasn't well educated and ended up going with Sallie Mae. The last 4 years of dealing with them have been the most stressful years of my life. They were so awful to deal with, and I was literally losing sleep over how high my interest rates were! I tried refinancing with SoFi last year, but I wasn't accepted because I didn't make enough money and my credit score was in the 600s. Now, I boosted my credit score up to 815, I have a new much higher paying job and I have finally been able to refinance with SoFi! My interest rate went from 8.8% down to 4.0%. I have about 15k left on this loan that I plan on paying down in less than 5 years! I feel so relieved knowing I never have to deal with Sallie Mae again. Thank you to everyone who have posted their stories of paying off their debt, it motivates me knowing there will be an end to it all soon!! [link] [comments]  |
| My abusive father controls the account to access my student loans. How can I gain control of them? Posted: 29 Aug 2020 11:42 PM PDT **previously posted to r/personalfinance, was suggested to post here as well (To be blunt, I know very little about how student loans work because my father restricts info about it from me. Currently trying to educate myself about it all so I apologize if I say/ask something really stupid.) My father is a physically & emotionally abusive man that I'm slowly trying to become completely financially independent from & plan to cut contact with once I can move out of his house. One thing I can't figure out is how to gain control over my student loans. He took out a student loan through Sallie Mae a few years ago for me, in my name and SS number, and has been in full control of everything, including payments. Recently though, he has started refusing to pay and has forced me to keep calling the student loan company for forbearance/deference. He claims he can't afford to pay, but I know for a fact that he can; plus, he has hinted numerous times that he stopped paying in order to force me to get another job (though I am trying desperately and struggling due to the pandemic. I had a full-time job but got laid off and had to move back home, also due to the pandemic). He never let me pay before because he wanted full control, but I guess now is finally letting me pay them as an adult-- which is fine, I just wish it could just be at a time when I wasn't unemployed. I still don't even know his account info. It's scaring me a lot because I'm accumulating so much interest, I think my credit score is getting hurt, and I'm scared that I'll get in some kind of legal trouble if he keeps my loan delinquent for a long time. Anyways, I'm sick of the drama and want full control over my student loans, especially when I get a job and can afford to pay them off myself. It's all under an account owned by him, password only known by him, etc. When I cut my father out of my life, I don't want to still be needing his account to access my student loans, especially knowing he may sabotage them somehow out of revenge. What should I do? I'm honestly terrified for my future and need help getting away from him. How can I get my loans into an account of my own? [link] [comments]  |
| Nelnet finally updated their Covid Forbearance due dates on Federal Loans Posted: 29 Aug 2020 02:00 PM PDT Logged into my Nelnet portal today and I noticed that the due date on my Federal Loans has been changed from 9/8/2020 to 1/8/2021. I know Trump signed the executive order to suspend loan payments back in early August but it's reassuring to finally have this written down formally. Just going to keep stashing away my would-be loan payments in a HIYSA and pay off my loans with a large lump sum in January. [link] [comments]  |
| Close friend owes 60k in private student loans at 11% interest, what are her options? Posted: 29 Aug 2020 02:03 PM PDT So my friend got a bachelors degree in Fine Arts last year, and she has since been working at Starbucks...she has been able to fend off Sallie Mae somehow for the last year but now collectors are calling her and her parents off the hook. I am worried for her and want to help her somehow, but I feel like her situation is really dire. She is making hardly any money, and her minimum payment is something like 750. She owes 1500 right now. She is trying to get a deferment, because she is going back to school for her Masters this year, but I think she might have to pay the past due balance first, I'm not sure. I know student loans are not dischargeable in bankruptcy, and her parents cosigned it, so they will probably be on the hook for this. I want to give her advice, does anyone have any advice on reducing her payments or getting out of this?? They are private, so she can't do income-based repayment, and deferments are limited. I want to say she should just get a deferment while she does her MFA (a 3 year program), but I know the interest will also have exploded the balance by then. Can she refinance for a lower interest rate and still get a deferment? This is freaking me out almost more than it is her, I feel like she doesn't understand the gravity of the situation that she is in. I want to give her advice without being condescending or getting upset with her, but her situation is really scary to me! TLDR; any tips for someone who has a low income and will have a low income for a while to get private school loans under control? 60k at 11% interest is just predatory and insane, how is this even legal.... [link] [comments]  |
| American student taking out loan for grad school in UK Posted: 29 Aug 2020 09:19 PM PDT Hi! So On sep 21st (first disbursement date) the school will apply the loan to my tuition but I need to have a UK bank account for deposit of any remaining funds. Since I'll be in quarantine for 2 weeks i can't open a bank account right away so Im kinda like.. where's the money gonna go then Is anyone else thinking about this? What's your plan with getting your loan money without being able to open a bank account right away Would opening a transferwise/monzo work? And just provide the school with that routing number to deposit the money there? [link] [comments]  |
| I need help understanding my Parent Plus Loans offer Posted: 29 Aug 2020 08:51 PM PDT Hello everyone, I was curious about a situtation as my financial aid package was so late by my University and I just got the offer today after starting last week. Anyway, my tuition is free and covered by the Hazelwood Act, and I recieved $3168 in a pell grant and then $2201 in a Texas Pell Grant for lower income students. I then was only offered $1750 in subsidized loans and $1000 in subsidized loans. In the email for Parent Plus Loans from my University they said I was preapproved for $6510 and I talked to my father about it and he doesn't really want to do that as he would have to pay for it. Is there any other way for me to have loans in just my name that don't have to be paid back right away? I plan on going to law school so even I took the loans out in my dads name on the Parent Plus I wouldn't be able to pay them back after finishing my undergrad right away. [link] [comments]  |
| Has anybody tried the ChangeEd app? Posted: 29 Aug 2020 06:17 AM PDT So I was scrolling through twitter and found out about this app called change Ed. Apparently it saves up left over change until you reach $100 and sends the extra payment towards your loans. Has anyone in this subreddit actually tried it and what are your thoughts if you have? [link] [comments]  |
| School withholding transcripts & diploma because of unpaid tuition Posted: 29 Aug 2020 08:11 AM PDT Hello Everyone. Unfortunately I never got enough student loans to pay off the last semester of my tuition (4k only) and still owe about $8000 to my university. I want to pay it off ASAP but obviously I don't have a great job right now, and it'll be next to impossible to get one without my diploma or official transcipts. I have unofficial transcripts but idk how good that'll do me. My school doesn't charge interest on tuition but they do withhold diploma/transcripts. I know some people on this subreddit posted about this before but I'd love to know whats the best course of action. Should I work the next year and save up $8000 through odd jobs and other part-time/full-time work? Should I take out a loan and pay off the university and hopefully get a good job in my field and pay that off? Should I grovel and explain my situation and promise to pay them back? I mean even if I get my transcripts I still owe them the money right? Its not like I can take the diploma and just run from this debt. Also will taking a year off from school/work in my field put me in a worse place career wise or some kind of hole? I have 2-3 years of paid internship and 2 years of volunteering in the field. Thank you for your help. [link] [comments]  |
| First Generation Student- need advice! Posted: 29 Aug 2020 04:09 PM PDT So I am about $80k deep in debt from college. My debt is a combination of subsidized/unsubsidized loans in my name as well as the parent plus loan (which I am responsible for making payments on per agreement). The loans are all at a rate of about 4-6% interest and all fixed interest rates. Serviced by Nelnet and Great Lakes. I saw a tik tok trend where people are talking about how they've paid their loans for 10 years and still owe so much. If I make my minimum payments every month, will it really take longer than my 10 year loan term? I was starting to be okay with taking a full 10 years but my parents don't know the answer and I'm not sure I fully trust google (or tik tok!) [link] [comments]  |
| Posted: 29 Aug 2020 01:00 PM PDT Hi 🙋🏻♀️ I am sorry this is long. I am 28 years old and I am coming here for advice/opinions on what to do about my student loan debt. I went to school for 3 years and left because of various personal and financial reasons. It has been about 5-6 years since I have been out of school. I have since been climbing the corporate ladder. I worked two jobs for awhile to get out of credit card debt. I now have no credit card debt, my debts currently are my car of about 8,000$ and my student loans which amount to about 63,000$. Throughout these years I hadn't given my loans a lot of attention and barely even looked at them as I had worse matters on my hands. I am on the IBR plan. And I had requested forbearance a few times due to my financial hardship a few years back. Now that I am taking a closer look, I realized that my government loans had an initial amount of 44,000 and since I have been paying the minimum on my IBR plan, my government loans have compounded to 56,000. 24,000 of which is at a 6.8% interest rate. I also have about 7,000$ in loans through my school at a 5% interest rate that I pay quarterly. This instantly made me depressed. 😭 I now have a 1 year old son and I would like to have another baby in the next couple of years. I want to get a house with my boyfriend and eventually get married. But I feel trapped. I have lived most of my adult life climbing out of my mistakes and my debt. I currently make 47,000 a year and my IBR payments are 139$ a month. The part that I am struggling with is that I want to get rid of this student loan debt but I can't live my life doing nothing but that for the next 10-15 years. I like my means of living right now and I want the future that I mentioned. Do I scrounge up every dollar for the next 10-15 years to pay it off? But that would stop me from getting a house and growing my family :( I'm 28 already.... do I pay the 139 for 20 years and do the loan forgiveness route? That would mean I wouldn't be able to get married or I would likely have to pay 500+ a month in student loans as my income would rise. I feel like I'm screwed from living my life either way. If I don't pay it off, I feel like debt is weighing on me and my life until I am 50 years old. If I try to pay it off, how can I help support the family and house that I want? 😢. If it takes me 15 years to pay back my student loans, I may as well stretch it 5 years for the forgiveness? I don't know what to do. [link] [comments]  |
| Should I pay the entire balance or just the majority? Posted: 29 Aug 2020 06:49 PM PDT So I graduated college 1.5 years ago with $42K in federal student loans. The highest interest rate loan is about 4.5%. I also have an entry-level tech job making $50K. I've lived with my parents since graduation and I'm anxious to move out. I haven't made any payments yet but I currently have $16K in savings. I'm on track to reach $30K by March 2021 with $12K left to pay. I would then start saving towards an apartment or a down payment on my first home. Should I continue living at home until it's completely paid off or move out with $12K remaining in student loans? I'd appreciate your input! [link] [comments]  |
| Getting an error whenever I try to confirm my information Posted: 29 Aug 2020 06:38 PM PDT I can't do my direct plus loan MPN or disclosure because I have to confirm my information first and whenever I try I get the error message "An unknown error has occurred. Please try again later or close all browser windows and start over." I've tried in multiple different browsers and devices, but it has always led to the same error message. This has been going on for about 4 days [link] [comments]  |
| Undergrad loans + wanting to go to pt school Posted: 29 Aug 2020 10:59 AM PDT Atm i am in 20k of debt. Currently a senior with an interest and physical therapy and that is expensive. My problem is I'm applying out of state and I have to live in that state for a year to get in state tuition. I've considered taking a year off before applying and working some so I don't just rack up loans. Any advice? [link] [comments]  |
| Posted: 29 Aug 2020 11:15 AM PDT Currently my husband and I are renting but just curious....how much weight does student loan debt carry when qualifying to buy/build a home? Combined income is around $70k. Student loans are $59k. My credit is in the 680s (not great but improving). Never tried to buy/build but we were hoping to in the near future. [link] [comments]  |
| My school is not a Title IV school. What's my next step? Posted: 29 Aug 2020 07:11 AM PDT Hi! I am attending a school that is not a Title IV school. I think that means that I am not eligible for federal student loans, is that correct? If so, I'm a little bit confused on what to do next (I haven't been able to find many resources about this situation). I probably will only need 5-10K of loans, but, I'm unsure of where to even start. Any advice would be appreciated. Thank you! [link] [comments]  |
| MOHELA account and repayment question Posted: 29 Aug 2020 11:58 AM PDT I'm a current undergraduate and last year I did horrible, academically. I had my loans taken away from my school and then had to complete out an Exit Counseling through Student Aid. (I'm still enrolled as a full time undergraduate). I then got my loans re-offered. I checked my MOHELA account and it says "next payment is 09/20/2020" for the loans that I've had since my freshman year and it's a "grace period." Is there a way I can prove that I'm still a student in order to get my loans deferred until I officially graduate? Will MOHELA be able to this? [link] [comments]  |
| Repaying Undergraduate Loans Before MBA Posted: 29 Aug 2020 03:36 PM PDT All of my loans are fedloans with a mix of subsidized and unsubsidized with approximately 4% interest. I've spread them over 10 years and have been paying ever since I finished undergrad. Now that I'm thinking of going into an MBA in a year, I would have to take more debt (TBD on the exact number, but most likely between 100K-150K). I have enough cash saved up which I was going to use to reduce the amount of loans I'll need to take for MBA, but thought whether it makes sense to just pay all of my undergraduate debt and "start a new page" with the MBA loans? I know that 4% isn't a lot and in the current stock market, it's an opportunity cost, but one thing that I was keeping in mind is that schools check your assets for scholarship considerations, but they don't take liabilities into equation. So by paying the loans, it will show that I have less assets, increasing my chances for a scholarship. Any suggestions of what's the best approach? [link] [comments]  |
| What might student loan cancellation look like? Posted: 29 Aug 2020 01:40 PM PDT As we rapidly approach the November 3rd U.S. Presidential Election, I cannot help but begin to imagine what student loan cancellation might look like if Biden is elected President. Cancelling at least a small portion of student loans became a part of Biden's platform after Sanders suspended his campaign and sought to consolidate with the Biden camp. If a Biden victory were to happen, what might this cancellation look like? Would it be as if the loans vanish, or would we owe taxes to the IRS for the forgiveness? Is discharging loans something that the President or Secretary of Education has the authority to do, or will there be challenges in the courts? I'd love to hear some thoughts. [link] [comments]  |
| Loan in default, need out for closing on home Posted: 29 Aug 2020 08:05 AM PDT I attended the Art Institute years ago and accrued a 30k loan. Since then the school lied about their accreditation and no longer exists. I stopped paying on the loan because I didn't agree that I should for a school that was a waste. Well, this came back to bite me in the ass. I am closing on a home Sept 25th and this loan came up, its in default. I called the Dept of Ed, and they setup a repayment program, but said I have to make 9 consecutive payments before it comes out of default status. Can I make 9 payments at once, or do I have to wait 9 months? What other options do I have to get this out of default ASAP other than obviously paying it in full? This is going to make me lose this house and that is NOT an option! [link] [comments]  |
| how can I get proof of sufficient funding? Posted: 29 Aug 2020 02:38 AM PDT So I'm going to study in France next year for my masters, but I'm broke and the banks in my country don't give loans anymore and I need sufficient funds in order to get my visa accepted, so I was wondering if I can take out a loan from France or if there is any other solution. [link] [comments]  |
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