Student Loan Relief Extension Student Loans |
- Student Loan Relief Extension
- Interest Rates — Borrow Now or Later?
- PSLF: My employer changed names
- Student loans - Refinance or wait?
- Parent plus loan dilemma
- Refinancing companies/federal agencies
- How to use the loan relief extension to our advantage
- Finding/contacting collection agency for Fed Student loans
- Advice Please!
- What do I do??
- New to Student Loans
- Strategy for paying undergrad loan
- I'm a medical student without any student loan debt, should I take out a loan now?
- In-school deferment waiver permanent?
- Is it possible for sallie Mae to gain someone’s social security number from the federal government if when they originally took the loan they did not have one. The loan was taken with a co-signer and sallie Mae provided a administrator id.
- Question about Parent PLUS loan deferment with multiple children
- My parents don’t get it
- Does this executive order mean I should take out a loan, even if I wasn't going to before?
| Posted: 09 Aug 2020 06:51 AM PDT An EXTENSION. Stop overthinking it. The other thread is quite annoying and filled with debbie downers. The Sept 30th date is being EXTENDED to December 31st. Keep on saving everyone! [link] [comments]  |
| Interest Rates — Borrow Now or Later? Posted: 09 Aug 2020 08:26 PM PDT Apologies in advance for what might be a dumb question... Over the course of the next three years, I plan to take out approximately $175k in federal loans for law school. My first year begins next week and due to scholarship and saving money by living at home (thanks COVID), I am not in a situation where I need to take out the maximum amount offered... However, I know that in January or subsequent years, I will be paying substantially more for housing, food, etc. and my annual loan amount will increase by +$30k. Either way... I will need to borrow a set amount of money over three years. Given the current low interest rates, should I take out the maximum amount offered this year and take less in future years? Or does that not make financial sense? I'm worried I don't understand how interest works on Fed Direct and Grad PLUS loans prior to pulling the trigger on this decision. Thank you! [link] [comments]  |
| PSLF: My employer changed names Posted: 09 Aug 2020 04:37 PM PDT I work for a large 501(c)(3) hospital. It recently underwent some internal restructuring and changed names. I'm planning on going for PSLF. The last time I submitted an ECF with this employer was last year, around October. Do I need to submit two ECFs this year (one under my employer's previous identity, and one under its new identity)? What other actions should I take to make sure that FedLoan doesn't lose track of a few payments I made between the time I submitted my last ECF and the time my employer changed their name? [link] [comments]  |
| Student loans - Refinance or wait? Posted: 09 Aug 2020 10:32 PM PDT I have a private loan and a Perkins loan both at around 5.5%. Rates are great now and have gotten rates as low as 3.5%. Just curious of what advice I can get here. There has been talk about some potential loan forgiveness coming from some presidential candidates and I am afraid that if I refinance, I would somehow not qualify for that forgiveness; maybe based on the origination date of the loan. I understand no one know what will happen but is a provision based on origination date likely? Do you recommend to go ahead and refinance? What about the Perkins(5k) loan, should I refinance with a private loan and let the Federal protections go? I don't anticipate going back to school so interest deferment is probably irrelevant. [link] [comments]  |
| Posted: 09 Aug 2020 02:33 PM PDT Hey, so I currently have about 90k in student loans (all federal). There are 3 loans: 12.7k under my name 27k under my name 50k under my mother's name I am planning to drop a lump sum at the end of the interest deferment (currently a 20k pot) So my question is in regards to the loan under my mothers name. She has never worked a job more than 15ish dollars per hour. She is unemployed and looking after my grandmother, and I don't know when her income will raise up (let alone a drastic raise). I was wondering if there was any issue with maintaining income based repayment essentially for the rest of her life ( with the understanding that I will pay the monthly payment no matter what it is.) Will this hurt her in literally any way at all (as if it did I wouldn't not want to take this approach I just don't know enough about loans). If that is the case I would use the 20k to pay off the 12.7k loan entirely (highest interest) and take a chunk from the other. I just thought of this approach, and don't know all of the pros and cons so any help would be greatly appreciated. [link] [comments]  |
| Refinancing companies/federal agencies Posted: 09 Aug 2020 01:01 PM PDT Hi all. This has probably been asked but I was having trouble finding it. Since finishing school I have been bombarded with ads for refinancing. Now after 2 years I'm looking to consolidate and get a lower interest rate. I have good credit and am looking for companies/government agencies to refinance with. Question is simple. What companies/government agencies can you recommend? Wish list: Good rate 3-5%, Good web payment system, Good customer service/benefits of refinancing. Thanks all! [link] [comments]  |
| How to use the loan relief extension to our advantage Posted: 09 Aug 2020 04:21 PM PDT Just making sure my thoughts here make sense (kind of like when you add 2+2 on a calculator just to double-check lol) -- if we pay more toward loans right now, it will go directly to principle, and this could potentially ultimately help long-term right? How can I calculate the amount I may save on interest if I raise my payments (as they are being applied directly to my principal currently)? I hope this question makes sense. To be honest, I am pretty buzzed right now, but even that cannot stop the everlasting anxiety over the prison we all politely agree to call student debt. TIA! [link] [comments]  |
| Finding/contacting collection agency for Fed Student loans Posted: 09 Aug 2020 12:04 PM PDT I'm trying to find the collection agency handling my defaulted Federal loans. I was on a repayment program to get them out of default, but as if by magic, the agency and rep I was working with seemingly disappeared, or crumbled into dust. I tried getting a phone number for contact off of my credit report, but it is a dead line. Has anyone else 'lost' a loan? It seems very strange that a group of people so desperate for my money would make themselves incredibly elusive. [link] [comments]  |
| Posted: 09 Aug 2020 11:28 AM PDT I will be beginning law school this month and am trying to figure out whether or not to continue making payments to my private student loan from undergrad. Below are more details of my situation.: -Currently owe about $33,000 on private loan at 4.62% -Minimum payments are $615/month -Currently have an account with about $15k in it saved for law school -Will be taking $20k out for 1L year -My monthly budget has about $300/month left that can go to min payment for private loan, the rest would have to be pulled from the savings account listed above. Trying to decide if I should defer the private loan payments until after law school, and throw the extra $300/month into savings account. This would allow me to have enough saved to pay cash for 2L year and potentially 3L year depending on my ability to increase income during summer. OR should I continue making payments on private loan, and likely have to take out another loan for 2L year. Any advice is appreciated as I do not have many folks to ask since my parents are shit with finances and my in-laws are folks that have never had to deal with students loans/debt in general. Also if anyone has alternate suggestions I am open to those too. Thanks in advance! [link] [comments]  |
| Posted: 09 Aug 2020 10:36 AM PDT Im only 19, I have a good credit score however I'm still too young to get a loan without a co-signer. I literally have one person I can ask in my life and that's my mom however she has a bad history with credit. We've tried about half a dozen different loaners and all denied. She's now telling me to stop using her as a co-signer because of the credit checks (understandably). Now I have a little over a week left to get financially settled for the semester or risk not attending. What do I do?? I feel nervous but I'm still hopeful. Any help will be appreciated guys thanks! Edit: I'm a transfer student from a community college and already have the most fafsa and scholarship money that could get at this point [link] [comments]  |
| Posted: 09 Aug 2020 01:58 PM PDT How soon do you find out who your loans are through? I accepted federal loans both subsidized and unsubsidized but I can't find any info on who I will have them through? Do I have to wait until the school year starts? Mine starts in early September [link] [comments]  |
| Strategy for paying undergrad loan Posted: 09 Aug 2020 01:23 PM PDT First time posting here! I'm a 20 year old sophomore currently doing undergrad. My parents have a long history of making poor financial decisions. An example of which is them taking out loans to buy TWO new cars with an okayish interest rate right before I went to school. Unfortunately, this mentality was passed onto me. They convinced me to apply for a multi year interest-only loan and... I'm actually thankful they did. That's not inherently bad in any way. However, they just told me not to worry about paying anything. They would manage my loans and cover the interest. I saw no problems with this at first. That is until I started getting into personal finance and realized I would get laughed at by Dave Ramsey. I now owe $22k in debt on a 7% interest rate with only 1k paid off. This gave me a heart attack. Thankfully after doing some calculations and planning, I found that I earn enough money from my part-time job to cover most of my future expenses. Still, I don't know how to move forward. That doesn't change the fact that I have $22k of debt accruing interest. I've been thinking about it and what I've come up with is: A) continue borrowing money but start using my income to pay it off early or B) stop borrowing money and pay for school out of pocket I realize that option B) will save more money in the long run, but I feel like option A) will give me more breathing space. All things considered, I literally have no money in my checking account at this time. Don't get the wrong idea though, I'm not spending the entirety of my paychecks. I've invested everything I've earned for the past year into a Roth IRA and I'm not willing to withdraw those funds unless it becomes absolutely necessary. Any feedback or suggestions would be helpful, thanks! [link] [comments]  |
| I'm a medical student without any student loan debt, should I take out a loan now? Posted: 09 Aug 2020 06:50 AM PDT Background: I'm a 4th year US medical student without any student loans. I've been fortunate where I worked in another career prior to medical school and was able to save up enough money to pay for my tuition and living expenses. According to my predictions, I should have around $5000-10,000 to spare by the time I graduate and start my medical residency, where I'll have a salary of around $60,000 pretax. However, I'd like to have more of a reserve/emergency fund for when I have to make the big move for when I start residency. I'd like to take out around $30,000 in loans so I can have a significant reserve and have some extra money for when I inevitably have more expenses during my move, such as car expenses, moving, security deposit, etc. My question is, given that I'll have a reserve of around $5000-10,000 when I graduate and start my residency with a salary of around $60,000 (pretax), should I take out any student loans? I am quite ignorant about the student loan process since I've never had to take out any loans thus far. If I'm correct, there is still a pretty significant loan origination fee, right? I'm interested in this mostly because I figure that there is 0% interest right now on student loans, but not sure how long that's going to last. Thanks for your help yall. edit: thanks for all of the responses. overwhelmingly sounds like I should not take out loans and hope that my reserve will get me through the move :) [link] [comments]  |
| In-school deferment waiver permanent? Posted: 09 Aug 2020 12:07 PM PDT I have student loans and I'm currently paying towards the PSLF. 6.5 years or so in. I'm going back to graduate school (self-funding/fellowship funding this time, will NEVER make the federal loan mistake again!). Because Covid, I'm able to keep working remotely for at least 1 semester and may be able to hit the 30 hours between 2 part-time jobs that would be needed to continue to qualify my payments toward PSLF during Fall semester. Because I'm not sure how everything will play out after this semester and likely won't be working enough to qualify for PSLF in later semesters, I'd like to waive the automatic in-school deferment for at least this semester, then opt in to the in-school deferment at some later time in my education. FedLoans states that the waiver of in-school deferment is permanent, meaning that once I've decided to continue making payments while I'm in school, I can't qualify to defer payments later on in my education. This seems crazy! I'd like to take advantage of making more payments toward PSLF while I still qualify to do so, but can't figure out how to get around locking myself in to making payments for the whole two years I'm in school. I'm married, so I likely wouldn't qualify for other types of hardship deferment later on. Anyone out there been in a similar situation or have ideas on how to take advantage of my PSLF eligibility this semester without screwing myself later on? [link] [comments]  |
| Posted: 09 Aug 2020 12:00 PM PDT |
| Question about Parent PLUS loan deferment with multiple children Posted: 09 Aug 2020 09:57 AM PDT If I take a parent PLUS loan for one child's college tuition, can that loan continue to be deferred after that child has graduated if I have a second child in college? So, for example, if my second child starts school right after my first child graduates, could the loan for the first child be deferred until the second child graduates four years later? Been searching around the net for this, and can't seem to find anything about it. [link] [comments]  |
| Posted: 09 Aug 2020 05:47 AM PDT I don't want to drown in debt like them. I am $31k in debt and I cry every night. I have my first little job and I plan on saving up for plastic surgery but 75% of my checks are for debt so I will be able to finish paying in two years and my mom is like why can't you just pay $100/month? To have $30k+ hanging over your head for 10 years at 22 yo is just a pain. I want to be able to have no debt, my own savings, my own house without worrying about loans. My parents financial history is so bad and they just don't get it. I get to live with them and only pay my phone bill and some food. I don't need new clothes IDC. [link] [comments]  |
| Does this executive order mean I should take out a loan, even if I wasn't going to before? Posted: 09 Aug 2020 08:08 AM PDT I'm a grad student with enough savings (barely) to get through school right now, so I wasn't planning on taking out a loan (I'm only qualified for the un-subsidized federal loan). But, if the interest rate is going to be 0% through the end of the year, then wouldn't it make sense to grab that 10k loan, and put that 10k I was going to spend into a 3 month CD or something? I could then just repay my loan in full at the end of the year, with no interest. With the possibility of additional extensions of reduced interest and even (just maybe) loan forgiveness, is this a low risk/high reward situation? At this point, what even are the risks or downsides to taking out a student loan? [link] [comments]  |
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