Pay off student loans or keep my nest egg? Student Loans |
- Pay off student loans or keep my nest egg?
- Paying off as fast as you can. Or not?
- $80k of Student Loans in Total, Need Some Different Perspectives
- Loan with no cosigner? Is it possible?
- ~20k private, ~20k left in federal, not great credit and corona unemployed
- Take out subsidized loan for grad school and invest INCOME from full-time job considered legal?
- Paying off a Student Loan Immediately??
- Pay student loans off before or after apartment hunting?
- Refinancing using cosigner with perfect credit but no income?
- Group Advice Loan
- In 16 months, I paid off $99,891.69 in student loans!
- federal loan to pay off private?
- Never thought this would come but I’m now in the 3rd year of discharge monitoring.
- look back loan confusion:( pls help!
- Best lender without cosigner needed? If possible
- Help with payment plan following drop-out
- Help with Sallie Mae debt 108k student loans
- Looking For Student Loan Provider List who provide loan without co-signer
- Plan to pay 79k off
- Refinancing Personal Undergrad Loan
- FAFSA Stafford loan quick question
- Consolidating $228,000 in loans? Help
- Q: Retroactive PSLF Possible?
| Pay off student loans or keep my nest egg? Posted: 05 Aug 2020 02:25 PM PDT The title sums it up, but over the past 2-3 years, I've been aggressively saving with the intent of paying off my student loans and finally become 100% debt-free. While I have a 401k as well as traditional and Roth IRAs that I contribute to, I've been utilizing a high-interest savings account to get to my student loan target as quickly as possible. I have just about $30k in student loan debt left, which I can now make a single lump-sum payment, however, now that I've saved this amount money, I'm struggling with the idea of using it all. I have about 4 years left on my payment schedule at $630/mo and I'm really unsure if I'd be better off saving the money I had set aside as either an emergency fund or down payment on a house (despite not looking atm) and riding out the 4 years, or just paying it off and using that now additional $630 to dump into savings and get back to where I was quickly. Additionally, I recently read that paying off student loans in advance of your pay-off date negatively impacts your credit because the lending house isn't getting their full nut. Anyone in a similar situation or have a recommendation based on experience? I want to make sure I'm not screwing myself for the future. [link] [comments]  |
| Paying off as fast as you can. Or not? Posted: 05 Aug 2020 08:52 PM PDT I graduated in May and I have a private loan of $ 72k + $ 5k of interests that I will have to start paying off in November. I have a variable interest of approx. 7-8% (couldn't find lower as I am a non-US and I have no one to cosign). I am starting my job in September and I will be making six figures. Based on my calculations (after tax and living expenses), I am planning on paying off around 6k per month in 14 months. With such a plan, I will not be able to (1) save any money and (2) have any extra expenses (such as holidays) for the next 14 months. My plan seems strict but not impossible to accomplish. Am I missing something? Would you recommend me to slow down? If yes, for what reasons? Edit : For what reasons other than the current uncertainty caused by covid? [link] [comments]  |
| $80k of Student Loans in Total, Need Some Different Perspectives Posted: 05 Aug 2020 11:07 PM PDT I (19M) am currently attending a private university pursuing a degree in Electrical Engineering. I have completed my first year, and due to having to stay on campus for the first two semesters, I have already racked up around $26k in student loans (my parents took out a parent PLUS loan since it was the lowest interest rate we could find). For my second year, since I'm no longer staying on campus, the total price amounts to around $18k per year (around $8.5k per semester, but I'm rounding up to $9k). Given the rising rates of tuition, I estimate that I will be in around $80k worth of debt by the time I graduate. I have already exhausted most sources of financial aid that I can get from the college. My first question is just for confirmation. Once i finish my degree and I have to begin making payments on my loans, is it possible to transfer the debt from my parents name to mine since they took out the PLUS loan in their name? If I can't, then I will be dropping out for the foreseeable future until it is paid off, since I don't want their names tied up for years with my own debt. I was told when I began college that this was possible from my financial aid advisor, but I just want to make sure. Second of all, is this debt unrealistic or unreasonable for the degree I am getting? Most electrical engineers start with a salary of around $60k, which I believe would be capable of covering the debt I will have accumulated. I don't want to graduate and then live through the next 20 years worrying about having enough money to live off of due to paying off student loans. Third of all, are there any other options that I could pursue that could lower the amount of debt that I would be in when i graduate? I made the unfortunate decision to not go to a community college for two years and then transfer over because the weight of the debt hadn't settled in my mind just yet (frankly, IMO 18 year olds shouldn't be able to put themselves in that much debt that early into their life anyways). Now that I have finished most of my gen Ed's, I wish I would have taken that route as it would have saved me thousands of dollars. Thank you for your time, I appreciate any and all advice you folks are willing to give me. [link] [comments]  |
| Loan with no cosigner? Is it possible? Posted: 05 Aug 2020 04:11 PM PDT For background, for 5 and a half years of school my parents saved enough for me to pay out of pocket. That has now run out and they can no longer help me. That is my fault though. I was supposed to be done with college already. So I applied for FAFSA but I got no loans because my EFC was high (both parents make about 70k a year). Because of this, I wanted to get a private loan with them cosigning but they refuse to do so. I still have one more year and a half of school left and also my next balance is due in November. Is it possible for me to get a loan somewhere to pay for this? I started using the self Lender app in June but i dont know if that is going to help if I just have 4-5 months proof of paying back on a starter app. [link] [comments]  |
| ~20k private, ~20k left in federal, not great credit and corona unemployed Posted: 05 Aug 2020 09:12 PM PDT So I'm not the most financially savvy person as I don't like dealing with money at all. When I took out the loan at 18, neither me nor my parents all of whom immigrated to the US like 5 years before completely understood the DY#&^$DF! that is student loans. we got some stupid high %. So I have about originally ~50-60k in debt, some of which I thought was grants but alas they were not. Now I have a little less as I've been paying off the private Sallie Mae/Navient loan, and sort of paying federal too, but I was never making enough $ to make the full payments and not consistently. that has since very much messed up my credit and my ability to do stuff/anxiety. I've forebeared the loans before so there isn't that much of it left to use. with corona, I haven't been able to work and definitely can't do make my payments. I talked to Navient and they forebeared me but now it's back and I still can't pay until I find a job. I checked my federal and for whatever reason they're in collections even though before they were frozen for coronavirus. I have to call to figure it out. my credit score is a bit lower than what it needs to be to refinance so I can't yet, I don't have a job and I still can't make the payments, which will in turn mess up my credit and then start all over. I straight up don't know what to do with it until I find a good paying job, which I haven't been able to yet. now, my partner is all up on me about this too, which is both understandable, frustrating and helpful. what is my best option? how can help myself? are there programs or grants, like for incoming students, to somehow "win" money to pay it off? [link] [comments]  |
| Take out subsidized loan for grad school and invest INCOME from full-time job considered legal? Posted: 05 Aug 2020 08:22 PM PDT TLDR; My question is can I spend those money from loan to pay for tuition + living expenses (NOT lifestyle) while trying to max out my 401k from work? Is that considered illegal? Context: So, I just moved to new state for new job (1 month) and now with remote work + flex hours I can take 6 credits per semester while working full time. VTMIT program (Virginia Tech online Masters in IT) I am eligible to take out I really wish to max out my retirement limit + HSA vs. use every single penny I earned so far/saved up so far to pay for school (3k per class/15k per year). I've been living on brown rice + cereal + chicken + broc diet just to make ends meet during initial months of moving in. Thanks! Additional Info: So my company has reimbursement policy, but I'm still on the less than average new hire salary from my school data plus move in cost is just way too much for me to handle it. I do have money to pay for it 6k for 2 classes but it will chew everything I have in my reserve for Last job only had 3k reimbursement/year - also reason why I didn't take 1+ classes per sem. Basically 2 years of working at last job, I paid off all my debts so I have like none left apart from 401k savings. [link] [comments]  |
| Paying off a Student Loan Immediately?? Posted: 05 Aug 2020 08:22 PM PDT Hi, I am an incoming freshman and I recieved a $2,000 scholarship that I unfortunately won't receive until after my college payment deadline. If I were to take out a $2,000 student loan to be able to make my payment on time, but then pay off the loan within a month or so (when I get my refund check after the $2,000 scholarship goes into my college account) would that negatively impact my credit score, or impact me in any other way? I'm so stressed about this. Thanks for answering! [link] [comments]  |
| Pay student loans off before or after apartment hunting? Posted: 05 Aug 2020 07:47 PM PDT Should I pay off student loans before apartment hunting? HI guys! First post here so if you can offer some advice, it'd be greatly appreciated. Apologies if the post is a little convoluted. I'm looking to move into my first apartment with my gf of 6 years some time in the next 10-12 months. My parents are graciously letting me live back at home rent free in exchange that I tutor my brother part time during the covid lockdown, so I'm taking advantage of the extra money on hand. My current financial situation is as follows: I make 55k/year and have 12K in savings and we are shooting for 20k each by our move in date. I have 13k in Student loans and I have a 710 credit score. I'm currently paying $1400 a month towards my student debt as I have only $450 in monthly expenses and I put $500/month into a Roth IRA and $600/month into my savings. If I continue at this pace I'd pay my loans off in about 10 months barring any financial disasters. My issue is I've read that paying off a loan will lower my credit score and being that my loans are my longest line of credit (2018) by about 2 years(AMEX Blue Cash newest addition last week), I was wondering if you suggest paying that off before the apartment hunting process or should I leave a small balance so that it won't affect my credit score when landlords are running my credit and wait to finish paying it off until after I sign the lease? Thank you again in advance! [link] [comments]  |
| Refinancing using cosigner with perfect credit but no income? Posted: 05 Aug 2020 07:19 PM PDT Not sure if this could work. The long and short is that I defaulted on a loan 5 years ago which my Dad had consigned on. Since then I've worked hard to improve my credit (it's now 700) and improve my income. I would have zero issue refinancing my loans except for the default on the account. The defaulted loan is paid off but the default is still on my credit and still on my dad's credit. All my applications come back denied because of that default. So my mom has perfect credit, like absolutely pristine. But she doesn't work, my dad is the sole earner. They file jointly for taxes but she doesn't actually have a job. Could my mom cosign a loan having great (default free) credit without herself earning income? After all she and my dad file taxes jointly so surely it is shared income? Not sure how this works. [link] [comments]  |
| Posted: 05 Aug 2020 07:07 PM PDT Hey guys, I've been paying off a 35k loan for about 3.5 years now. I've been paying by group rather than overall. Right now I have 3 groups left: Group A: 7k 6.8% interest Group B: 5k 3.5% interest Group C: 4K 3.8% interest Which group should I try to pay down first? [link] [comments]  |
| In 16 months, I paid off $99,891.69 in student loans! Posted: 05 Aug 2020 08:16 AM PDT I didn't graduate with the best situation however; I did leave university with nearly $100,000 in student loan debt. It was anxiety inducing start my post-graduate life in the middle of a financial crisis. But within 16 months I was able to pay it all off. My personal experience of feeling trapped under my loans and realizing my financial worth was less than nothing, prompted my journey. There was no secret sauce or magic bullet except continued learning, persistent action & of course luck. My story is long with ups and downs. I hope my story helps those in a similar situation. I would love to hear feedback from others [link] [comments]  |
| federal loan to pay off private? Posted: 05 Aug 2020 04:41 PM PDT hello everyone, i wasn't sure where to turn to since my school hasn't responded to my emails on this. i currently have a private loan of 4k @ 7% interest, and i got it because last semester there were issues in my sap and i didn't qualify for either federal grants or loans. for this semester, i do, and have the option to receive a grant, and in addition take out a federal loan at about 2% interest of a little more than the balance on the private one. my question being, is it a good idea to accept the federal loan to pay off the private? i am prepared to start payments when i graduate, but would much prefer to pay the federal instead. thoughts? [link] [comments]  |
| Never thought this would come but I’m now in the 3rd year of discharge monitoring. Posted: 05 Aug 2020 03:17 PM PDT |
| look back loan confusion:( pls help! Posted: 05 Aug 2020 05:53 PM PDT I had some complications with covid and had to leave school because of it. I didn't accept my financial aid by a certain date (1 day off) so now I need a look back loan. The only problem with this is I can't find much information on this so if anyone could help me out by answering some questions I would be so grateful! 1. Who offers look back loans? 2. Are they usually a pay-while-in-school type of loan or a defer-until-graduating loan? That is mostly it for now since those are the most important things for me to know before applying but I'm just having so much trouble looking for information online and my school takes about 2 days to respond meaning I don't get information very fast:( Thank you so much! [link] [comments]  |
| Best lender without cosigner needed? If possible Posted: 05 Aug 2020 02:36 PM PDT I'm an incoming college freshman and I've made a grave decision to apply at Discover for a student loan, neither of my cosigners qualified for it. (Both have bad credit) Mother did not qualify for a Parent PLUS loan, and we don't have the finances to pay for a state university for one years worth. Is there a lender that could possibly approve a student loan for me without a cosigner needed? I have no credit and four hard inquiries. [link] [comments]  |
| Help with payment plan following drop-out Posted: 05 Aug 2020 10:28 AM PDT I made the ill-advised decision to attend law school. They offered me a free ride due to my LSAT performance. I attended the school for 5 weeks before determining it wasn't a fit. The school told me my dropping out would forfeit the scholarship + I dropped out beyond the window for pro-rating tuition, which meant I now owed them $21k (the cost of the full semester). They wanted the full sum immediately. I explained I didn't have $21k on hand and asked for my options. They offered a 5 year payment plan without interest. I've since been paying $495 / month to drive this number down. It's certainly not a bad outcome - it's interest free, and it's not technically a loan so it doesn't appear anywhere as active debt. I can't find much info about this practice online, but my questions are: 1) is this normal?, 2) should I have negotiated more on the actual sum owed?, 3) did I have any other options here? [link] [comments]  |
| Help with Sallie Mae debt 108k student loans Posted: 05 Aug 2020 08:06 AM PDT I have over 108k in student loans with Sallie Mae..They are saying i have to pay $4000 to keep my account current. I cannot pay $1500 a month for my private student loans.. I also have federal but not due till September. What should I do? I cannot even refinance without a co-signer as my dad doesnt want to refinance my student loans, he was my co-signer for Sallie Mae. Please, guide me through this! [link] [comments]  |
| Looking For Student Loan Provider List who provide loan without co-signer Posted: 05 Aug 2020 07:29 PM PDT Hello, So many international students is asking me how they will be able to get a loan without co-signer. They have ssn already. Do you know any loan student loan provider that offers loan to an international student without co-signer [link] [comments]  |
| Posted: 05 Aug 2020 01:13 PM PDT Graduate degree in May with about 79k +7k interest. All federal loans. Working job making 80k. With the 0% and a grace period I haven't been paying anything yet and plan on paying the accumulated interest off before the 0% ends in September. I am also doing a pay off strategy vs repaye, paye and plan to put 1200 a month to loans(minimum is 867). Also I've got a 2-3 month e fund. Questions: I have to pay off all accumulated interest before the principal goes down right? Does a payoff strategy make sense vs the repaye? [link] [comments]  |
| Refinancing Personal Undergrad Loan Posted: 05 Aug 2020 01:38 PM PDT Hello, I was curious about my options that have been weighing on my mind regarding school loans and the anxiety that swirls around these decisions. I currently have a personal, undergrad loan with SoFi with an interest rate of 6.7%. It is in deferment with a payment of $440/month. I am in graduate school for which I have a government graduate loan. My question is in regards to my personal loan. I want to refinance my personal undergrad loan for a lower interest rate and possible deferment of all payments till I graduate in 2022. Any help would be greatly appreciated. [link] [comments]  |
| FAFSA Stafford loan quick question Posted: 05 Aug 2020 09:49 AM PDT I received the maximum (6250) for this fall term through Sub. and unsub stafford loans. It is cheaper for rent and living expenses to take class 6 credits instead of 12, obviously. As far as I can tell, you will continue to receive aid unless you become a part time student (under 6 credits). Will my aid be affected (reduced) If I drop to 9 credits, or even 6, instead of taking 12? thanks for your time. [link] [comments]  |
| Consolidating $228,000 in loans? Help Posted: 05 Aug 2020 01:13 PM PDT I have a total of 40 loans, 39 of which are direct loans serviced through Fedloan. I have one $2700 Perkins loan I would like to consolidate so that it is eligible for PSLF. I am considering consolidating them all into one large loan so that I only have one thing to track. Something about about having 39 seperate loans even though they are all serviced through the agency makes me anxious. Should I have any concerns about doing this, or should I just consolidate the Perkins loans with one of the 39 other loans? I would lose some of the lower interest rates which are around 1.83%, but some of the higher ones, 6.8% would come down. I believe my new rate would be a little over 5%. It doesn't matter that much since I'm working toward forgiveness, but as the balance grows, I wonder how much it will impact my debt-to-income ratio, which may be of concern when I try to buy a home. My main concern is that I want them to all be on the same payment and forgiveness schedule, and I would hate to be 3 years in to paying and then find out there's some reason I need to consolidate all those loans. [link] [comments]  |
| Posted: 05 Aug 2020 11:25 AM PDT For about 6 years I worked part-time for the Nurse Family Partnership through the VNACJ (Visiting Nurse Association of NJ) while I was going through undergrad (fed loans). I'm now wondering if having that job allows me to qualify for PSLF? I am trying to see go through the StudentAid.gov portal to see if I meet the eligibility requirements, but I'm having trouble finding the accurate information on how the Non-Profit classifies - also that it was funded through the VNACJ. I know PSFL started in '07. I know we had tons of meetings to present our statistics in order to be given grant monies, etc. while I was there - because I helped collect the demographics. Is this even a possibility? Does anyone have any experience in this area? Any/all help would be greatly appreciated! [link] [comments]  |
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