Please Help! My parents just told me they will not pay a dime for my college education, and I have no credit history. Student Loans |
- Please Help! My parents just told me they will not pay a dime for my college education, and I have no credit history.
- 42k in debt and graduating this May
- HELLO PLEASE HELP
- Large Loans, consolidate or other options going forward?
- Should I pay off my car loan with my student loan?
- Best process in taking out student loans?
- Does paying above the monthly minimum lower minimum payment next month (Wells Fargo)?
- IBR Kick Off Question
- Wife and I are in $430,000 of Federal student loan debt
- Student loan situation
- Can one parent do parent plus loans for two different kids
- Does paying off loan early save money?
- Parent Plus Loan general quickie
- Thinking about asking student loan lender to forgive late payment on loan that was paid off in 2018. Futile attempt or is there chance for success?
- 16 year old in US, hardly any savings, straight A student, anything I can do to save for college?
- Paying back student loans
- Personal expenses amount and graduate plus loans.
- Do I have a better chance of getting approved for a private loan with no credit score or co signer with someone with a bad credit score?
- I got Student Loans at 16
- Private student loan options for last 2 semesters
- To take out max loans or only what is needed?
| Posted: 02 Aug 2020 01:46 PM PDT I was accepted at one of my top choice schools (Purdue Uni.), and my parents have told me they will pay for my college education as I've grown up. Unfortunately, they were unhappy with Purdue, as they were expecting a school like Harvard or Stanford. Anyway, I was JUST told (less than a MONTH before school starts) that my parents have agreed not to pay for it, nor will they co-sign any loans. I (F17) have no credit history and barely any money saved (I was not allowed to get a job). After the FAFSA aid and federal loans, I need about 16k by next month for the fall semester alone. I have no where else to go and I've resorted to applying for several scholarships and will probably be making a Go Fund Me. I need to know if there are any loans that will allow me to get this money soon and without a co-signer or credit history. I am also under 18. This is my dream college and will bring me that much closer to being an engineer. Please let me know, thank you! Edit: Thank you for the kind replies! I am reading all of them and taking them into consideration, even if I don't respond. Good luck to you all! [link] [comments]  |
| 42k in debt and graduating this May Posted: 02 Aug 2020 07:49 AM PDT Hello all as the title suggests I am a soon to be college grad and I have 42k in debt what are some ways I can pay it off in 3 to 7 years. Currently right now I am paying off the interest for one of my personal loan and federal not yet. [link] [comments]  |
| Posted: 02 Aug 2020 09:39 PM PDT Hello, I recently applied for loans for the college I thought I was going to attend this fall, but due to COVID-19 I decided to stay at my community college and tell the University that I am not attending anymore. Since I withdraw from the school, do my loans get cancelled as well? Or do I have to contact FASFA and tell them that I do not need the loans? or will they already know since I declined the University? [link] [comments]  |
| Large Loans, consolidate or other options going forward? Posted: 02 Aug 2020 06:38 PM PDT Hey everyone, I've been trying to search this subreddit for an answer, but haven't been super successful. I'm currently an airline pilot in the worst travel market the industry has ever seen. I've been paying $2000 a month for the last 3 years on my loans, but now with my pay slashed to the minimum, and overtime non-existent, I'm trying to look for options to better prepare myself in case things go further down the toilet. I'm currently sitting on $150k in private loans (salie mae & college ave) variable interest averaging between 7.25-9.5%. There is another $12k in federal loans. I plan to leave my federal loans alone, but I'm curious what I can do to lower my monthly payment on the private loans just in case I need to find a new job for awhile. Is consolidation a good option? Is that reasonable to do with such a high amount of debt? From my research it does not seem like I would qualify for any income based repayment or government programs, although something similar to an income based plan would be amazing. I've been fortunate to live with my parents, stay single and keep my expenses to a minimum. Even with that lifestyle, and with my income greatly reduced, I was forced to pull a little from my savings to make sure I had enough this month for food and gas. It's been a huge wake up call to start preparing for the worst. Any tips or guidance on programs or places to look into would be greatly appreciated! [link] [comments]  |
| Should I pay off my car loan with my student loan? Posted: 02 Aug 2020 06:37 PM PDT Hear me out. I understand the risks of interest rates and not taking out more than I need, but I'm wondering if someone can break down whether or not this would hurt more than help. My car loan on which I have $6,500 left to pay off has an interest rate of 6 point something. I have 29 months left of $220 a month to pay it off, it's a 2010 Kia Soul and I understand it's losing value. I'm starting school in two weeks and am taking out an unsubsidized loan and the grad plus loan, 4.3 and 5.0 interest rate, (lower than normal due to Covid) although currently the interest rate is 0% due to Covid. I have really good credit so I don't think I necessarily need to keep building it by continuing to pay off the car. I've already accepted my loans for this year and didn't need to accept the full offer. Would it make sense if I took out an extra 5 or 6k next year or later this year to pay off my car loan since the student loan interest rate is lower? [link] [comments]  |
| Best process in taking out student loans? Posted: 02 Aug 2020 04:14 PM PDT For this upcoming fall semester, I kinda got a bad financial aid package from the school (because my EFC increased) and even after taking out my max federal student loans and with my parents help, i'm still a bit short on money. The issue is that i've never taken out private student loans before, and i'm unfamiliar with the process. Should I just go around and enter my parents information into every well known private student loan lender to see which gives me the best interest rate? Additionally, I don't want to mess up my parents credit score, and I heard that if you apply for to many credit score checks it would lower their credit score, so how would I get around that? Lastly, what would be an acceptable interest rate I should look for, and what should I avoid? Thanks guys. [link] [comments]  |
| Does paying above the monthly minimum lower minimum payment next month (Wells Fargo)? Posted: 02 Aug 2020 05:09 PM PDT I'm still in grace period after graduating in May so I have yet to really understand what my monthly minimum will look like. If I calculate it using APR and 10-year plan with original loan amount, my monthly payment comes to $859. After sending every cent I earn towards these loans over the past few months, I can calculate the new monthly minimum as $697. My goal is to get this minimum to somewhere I'd feel comfortable in the event I lost my job for a few months. If I continue to pay much more than the minimum, will they be asking me for less money the next month? [link] [comments]  |
| Posted: 02 Aug 2020 08:49 PM PDT Hello, I'm wondering if there is a specific document that shows when a borrower (myself) first started using IBR repayments and therefore starts the clock on the 25 Years to forgiveness. I've been renewing IBR for my loans since 2014 and have all applications dating back to then, but I dont see much of any document from the lender stating that 2014 is the beginning of the time table. Is there such a document? Or is it the approval of my 2014 IBR enough? Just want to make sure I'm keeping my records correctly. [link] [comments]  |
| Wife and I are in $430,000 of Federal student loan debt Posted: 02 Aug 2020 10:13 AM PDT Hello everyone, My wife and I graduated from medical school and finished our residencies recently. We both took out federal student loans, she had a little extra help from her parents (200k for her, 230k for me). These are all federal loans with interest rates ranging from 5-7%. We got married earlier this year, and now have a baby on the way. With this, I am also changing jobs in the near future (I know, great timing). Due to everything being in transition and COVID, my wife is planning on taking a year off to see if she potentially wants to stay home/have more kids or work part time. At my new job, I will be making 140k base salary with bonus incentives (probably around 180 first year, maybe 200-300 2nd or 3rd year). With this being said, and COVID affecting the patient load, I'm going to assume I will be making 140k. The CARES act 0% forbearance has been a huge help, and with that we have saved approximately 40k right now. What is the best strategy assuming my wife won't be working for 1-2 years? I assumed paying off as much principal as I can, putting my wife's loans in deferment and then paying each off as I go would be the best choice? Thanks in advance for any insight! [link] [comments]  |
| Posted: 02 Aug 2020 08:20 PM PDT Greetings everyone, I was hoping that I could hear from you all concerning my student loan situation. I currently make 56k due to pay cuts at my job via COVID. Normally, I make 61k. In 2 years, our pay will be adjusted and by that time I will be making 71k. I am currently in 74k student loan debt. All federal. I work for the state of California and I am throwing 2k a month at my debt. It the only debt I have. Cars and credit cards are all paid. My goal is to pay it off before 30. I am currently 27 and single. Any strategies or ideas on how to tackle this would be well appreciated. [link] [comments]  |
| Can one parent do parent plus loans for two different kids Posted: 02 Aug 2020 12:30 PM PDT My step dad has already done a parent plus loan for my sister. Can he now do one for me? [link] [comments]  |
| Does paying off loan early save money? Posted: 02 Aug 2020 03:11 PM PDT Hello guys I have never had to take out a student loan but I think for this last year of school I may have to. Im pretty new to all of this so please forgive me if my question seems obvious but if I take a loan out and pay off early do I still have to pay the entire finance charge? So for example I plan on taking a loan out for 7500 with the total payment amount being 10,395. There is no fee for paying off early but the loan says there is no refund for finance charge if I pay off early. Does this mean that regardless if I pay off early I still have to pay the full 10,395? [link] [comments]  |
| Parent Plus Loan general quickie Posted: 02 Aug 2020 12:44 PM PDT Currently trying to apply for a parent plus loan through fafsa, and i was wondering when actually applying do i, the student, need to login and fill the application? Or does my parent have to login with their account? Any help would be much appreciated! [link] [comments]  |
| Posted: 02 Aug 2020 12:40 PM PDT Hi all, I would really appreciate any help with this. To give some background context: As I am looking to buy a house soon, I was checking my credit report to see what was affecting my score and saw that there was a late payment on one of my student loans from back in December 2017. This is the only late payment I have on any of my credit accounts since I have had credit. The lender is with UAS Connect but it was originally ACS Education which around Sept 2017 decided to stop servicing student loans so the loan transitioned to UAS Connect. At the time, I remember not being able to log into ACS website to pay. It's been a while, but I think this is the reason why I was late on my payment, i.e. because the lender changed and I couldn't figure out what happened to my loan until I got an email about a loan I had with UAS Connect. Now, I admit it was irresponsible of me to ignore the loan at the time, but I didn't really pay attention to that loan since it was a small balance. I had other bigger loans to worry about. Now my question is: Could I ask UAS Connect to forgive the late payment on the grounds that it was my only late payment, I have good credit payment history otherwise, and the transition from ACS to UAS made it confusing to keep paying? [link] [comments]  |
| 16 year old in US, hardly any savings, straight A student, anything I can do to save for college? Posted: 02 Aug 2020 02:50 PM PDT So from young, my parents always made it seem like we were well off and had money to pay for anything. They would buy us things we needed (not useless toys or anything, but like more expensive school supplies or a new computer when the old one broke). We were never spoiled, but I thought we were really fortunate considering we lived in a high economically disadvantaged area. Well, it was only about a year ago when I really started becoming interesting in business and finances (I'm thinking about perusing a major in business). After some questioning, I realized that my parents' essentially had zero savings for our future college plans. They lived mostly on a paycheck-to-paycheck basis, and any money left they would take us out for dinner about twice a month. They are immigrants, so they don't really know the education system in the US, and assumed we would be "smart enough" to get a full ride to college, or at least take out student loans for anything not covered by scholarships. The thing is, we're Asians. And as if it's not already very competitive for Asians, they're hardly any scholarships granted to our particular ethnicity. Upon questioning, I found out that they only had 2.5k saved up for me and 2k for my 14 year old sister. I am very frugal with the money I have and hardly spend it on anything, so I have about 1.5k saved up. Combined with my parents' savings for me, that's about 4k for college. I had originally planned on going to an out-of-state private college, since I really value education and my grades are quite good, but with so little money, I feel like I don't have many choices. So, is there anything I might be able to do for the next 2 years to save up for college? Maybe a specific type of investment plan, a loan, or just anything else to help pay for college? I researched about 529 plans, but because it's so last-minute, I would hardly get any benefits and it also negatively impacts chances at scholarships. I'm very desperate here, which is why I'm posting on reddit when I usually hate sharing personal information. Please, any advice is greatly appreciated. Thank you. [link] [comments]  |
| Posted: 02 Aug 2020 05:41 PM PDT I'm 23 years old and I went to community college at 19 but withdrew before my first semester was over because I wasn't happy and felt like college was a waste of time (I only went because my mom wanted me to) now I have $1900 in student loan debt I haven't paid at all yet. I realize this would impact me from having a good credit score, getting an apartment, new car, etc. I have a job now and I'm wondering should I just do a payment plan or try to pay it all off in full? I don't understand how loans or credit works and going to college is my biggest regret. [link] [comments]  |
| Personal expenses amount and graduate plus loans. Posted: 02 Aug 2020 05:08 PM PDT How do I increase the amount I need for personal expenses as a graduate student from what's listed on my school website. Am aware of borrowing more than what I need and I need more than what's listed on the website because my expenses will higher than that. I've been an independent student since freshman year and I've put myself through college and now am starting my masters in aerospace engineering in the fall. Please help with some advice of how I can increase the amount I can receive for personal expenses. This will be from graduate plus loans and I'll pay it back with interest. Thank you [link] [comments]  |
| Posted: 02 Aug 2020 12:33 PM PDT |
| Posted: 02 Aug 2020 12:25 PM PDT I made a terrible choice when i was 16 to go to hair school and it put me 10k in debt. I was wondering since i was a minor if there is anyway to get this taken off. if anyone knows [link] [comments]  |
| Private student loan options for last 2 semesters Posted: 02 Aug 2020 12:21 PM PDT Hello, I've exhausted my financial aid due to maximum time frame. Long story short, I entered college when I was undecided and that resulted in changing majors more than once. Now I found my calling, however I am now in maximum time frame. My school's policy to appeal are only if I was ill, suffered a loss of a family member or other circumstances that I can provide proof of with a document. Unfortunately being undecided on a major and being privileged enough to enroll in a college at an early indecisive age is not one of those. I don't think they will accept my appeal. Another thing to add is that I retook some classes where I had Cs and Ds to get As on to improve my GPA. I have a part-time job, but I earn less than $12k USD a year in total. I live with my parents, but my parents don't have money nor do they want to support me past paying the bills in the house. I have some money saved up, but overall I would need approximately $11k for my last two semesters $5.5K and $5.5K). My job is tied to my school as I have to be an enrolled student to work in that position.(added this after I realized that I needed a bit more detail on the effects of taking a semester off) I took a mini break already for half a year one time before I completely decided on my current major so I am already over the regular time it takes for a bachelor degree by a couple of years. I don't know if taking another break is good for my career since employers are very picky, but then again I am not very familiar with the professional world. I have some projects under my belt, but nothing too impressive. Just hobby-level. I was planning on applying for internships this summer, but as we all know, a lot of them were cancelled and basically internship outlook was pretty bad. I had thought to actually delay my time left because of this. I do realize that internships are very important and wanted to stretch out my last two semesters so I could get an internship within that time frame. Either way I want to graduate as I feel like I'm just wasting time and I am also able to get a graduate grant if I decide to pursue my Master's in my current university in the case that I can't find a job in my field. I have applied using Discover Student Loans and Sallie Mae and both of them require school approval. My school hasn't approved them yet, but I was wondering on why they even require school approval since aren't they private loans? If they require school approval I am assuming that they would check if I receive financial aid at all and make a decision solely on that which would result in me not being able to be given that loan? What options do I have? What do you guys suggest I should do? Thanks in advance. My major is Computer Engineering if that adds any relevance or possibilities and my GPA is 3.8 on a 4.0 scale. [link] [comments]  |
| To take out max loans or only what is needed? Posted: 02 Aug 2020 03:47 PM PDT Hi all, I am starting optometry school soon and need some advice on approaching loans. The cost of all school related expenses is around $51k. After housing, personal and transportation expenses, the total comes out to around $75k. I decided to commute due to the possibility of having lab only 2-4 times/week. I am a first generation college student and will not have any financial support from my family so I am relying solely on loans to finance to my education. The school offered me $34k for the grad plus loan, $40.5k for the unsubsidized direct loan and I am still waiting to hear about the HPSL loan which is $6k according to other students. I was planning on taking out $6k HPSL, $34k grad plus and $20k unsub direct. After the origination fees applied, I would have $58k to apply towards school/direct deposited to me. Here is a more detailed spreadsheet: https://docs.google.com/spreadsheets/d/1ryOSD3yGM0lHY6tLBcWVbO1LM0HCHEGPHbXmEUvxrac/edit?usp=sharing HOWEVER, after explaining to an upperclassman about my plan, she suggests taking out all the loans the school has to offer because I should "take advantage of the low interest rates". She is in her final year and taking out as much as she can to pay off the loans from her previous years of school. Can someone explain to me why this is recommended or not recommended? I have a feeling it is smarter to borrow only what I need but I am not really confident. I have to admit, I don't know any seasoned borrowers. Any help would be much appreciated! Thank you all. [link] [comments]  |
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