Update on covid waivers Student Loans |
- Update on covid waivers
- Found out that Sallie Mae is NOT related to Freddie Mac or Fannie Mae and I'm kinda in deep right now. Could really use some advice.
- How royally screwed am I (dumb undergrad who took out too many loans)?
- Repayment Strategy
- Looking for advice, just hit maximum.
- Any Action Needed After Payoff?
- Might have to take a student loan, advice...
- Help, please - about to reconsolidate, but my income recently changed....
- How to pay off student loans early
- FedLoans IDR recertification issues
- Student loan panic- what's the best game plan?
- Paying off Loans
- When are our next payments due?
- Should I take the loan?
- My interest disappeared?
- Should I take out a loan?
- parent plus loan
- Financial Bind for Fall Grad School Financing
- Reached dependent undergrad loan limit
- Borrower defense repayment program evidence
- 0% interest forbearance for Perkins loan!
- Can a schools' financial aid office reduce Federal Stafford loans before disbursement?
| Posted: 06 Aug 2020 05:42 PM PDT It appears that the administration is planning to use an executive order to extend the student loan waivers. That's based on a comment he made to the press this afternoon. No idea what it looks like at all. The rumor is he'll sign the order tomorrow or Saturday. If I had to guess I'd guess an extension of what we have until the end of the year. Maybe..maybe..also giving it to ffel borrowers but that's 100% guess on my part. Feel free to ask questions of course. But as of right now you guys know everything relevant that I do so I doubt I'll be able to answer any of them. Good news though. Fingers crossed! [link] [comments]  |
| Posted: 06 Aug 2020 02:22 PM PDT Hey, guys made this account as a throwaway so I could openly talk about this. Any advice would be very beneficial. So, I graduated from a public university this May and I'm now just getting interviews for jobs and my life seemed to finally be going my way but today my mom came in and said that I need to apply for IBR since I'm not making any income and it would help me pay for what we thought were federal student loans. For the past three years, my mom and I knew that I had a lot of student debt, $84,000, and I knew that I was going to repay it when I got a job. But we thought that Sallie Mae was a government program that would qualify for IBR and other federal loan repayment/forgiveness programs, well we were dead wrong and now I have private student loans the size of a mortgage and I don't know what to do. As ironic as it sounds, both my mom and I have worked as mortgage brokers, she currently is, and have heard for a long time, Freddie Mac and Fannie Mae. I thought the government gave their student loan program another weird name which made sense to me; Freddie Mac = federal mortgage, Fannie Mae = Federal National Mortgage, Sallie Mae = federal student loan, but Sallie Mae is just another private bank. My mom even told me that she got government loans from Sallie Mae back when she was in school. I don't have a major that will get me a lot of money, I have a degree in journalism, but I planned on that and was going to use the IBR program to alleviate any economic stress the loans might give me. I have pretty good credit (705-720) and I have been pretty good about my credit score. I did have pretty awful depression for about two semesters in college which made my spending go crazy(booze, drugs, and retail therapy) but for the past year, I've been pretty good. We looked and talked for about two hours on what we should do. I have 130 days left until I need to make my first payment which is $1,038/monthly and I checked if there was anything I could do. Well, my state, Alabama, doesn't provide any financial help. There aren't any programs that I could find that could help me. My mom makes good money as a broker but I hate the fact that she would have to continue to support me even after I went to college and got a job. I haven't received any salary offers from anywhere yet but I'm not looking at much when I actually do, my best guess for me starting out would be from $22,000 to $37,000, and that's if I get salaried. I will have to get my mom's help with this, but what can I do to help pay these off fast? I want you all to know that I really do believe that I'm somewhat smart with my finances, I just feel so unbelievably stupid for not realizing this until today. Any help on what I could do or what I need to start doing immediately would really make my day. Thank you, guys. [link] [comments]  |
| How royally screwed am I (dumb undergrad who took out too many loans)? Posted: 06 Aug 2020 10:27 PM PDT Before I start, please save the judgments. I know I'm an idiot, but there's nothing I can do about that now. I'm also hyperventilating as I'm typing this, so sorry if it sounds a mess. But basically, I attend an expensive private university for undergrad (Boston University) and am about to enter my senior year, and even though a fair bit of my tuition has been shaved off by scholarship grants, I still have to pay a lot. Starting sophomore year, I've had to start taking out private loans every year, which means I owe like around 60k through College Ave, 20k+ for federal loans, and now like 35k through Discover. I'm studying English and Public Relations....I did a lot of major changing and somehow ended up here, and even though I like what I'm studying, there is no way I'm going to be able to pay that off! Especially not during a pandemic and economic recession, which is what I'm graduating into! I tried taking courses in computer science and natural sciences to try and pursue a major that's far more lucrative, but that didn't work out at all, so here we are... But anyways, my dad cosigned for the College Ave loans and is helping with those, but there is no way that I'm going to be able to pay those off! I feel sooo dumb; I'm in deep regret over not going to public school or community college, and I feel awful that my dad's going to have to pay that off. Granted, I think he makes enough to do it, but I still feel awful! And he's like 55; he should be allowed to retire, but now he definitely can't! I'm strongly considering committing suicide because I feel beyond hopeless (I have Major Depressive Disorder, among other mental illnesses, so this isn't even like a random urge), but I feel like I might as well see if any financially literate people could find a glimmer of hope in this braindead idiot's despair. I probably WILL NOT, though, so don't worry, but that's just a measure of how hopeless I feel! I appreciate the concern, but I'd much rather receive financial advice than suicide prevention hotline links. For some context, I've had part time jobs throughout college, have had one internship (I know, that's pathetic), was relatively active on campus with extracurriculars and whatnot, and have a 3.7 GPA. Nothing impressive or worth hiring, which just further adds to my distress. I have about $6k saved, which is literally NOTHING, but yeah. [link] [comments]  |
| Posted: 06 Aug 2020 07:56 AM PDT Hey all! I have a pair of loans with Discover that have not been deferred due to Covid. This hasn't been a problem because the monthly payment is relatively low (~100), and I'm trying to get ahead of it because I've had extra money due to not paying some other federal loans. I'm trying to figure out the best repayment strategy to use for extra payments I make. Loan A: $3,809 @ 9.115% Loan B: $5,360 @ 8.24% I think I understand the logic of repaying the highest interest rate loan first (Loan A), but when I crunch the numbers, Loan B is accruing more interest on a lower interest rate because it has a higher balance. Should I pay off Loan B until it is accruing the same amount as Loan A and then pay them evenly, or should I just pay off the one with the higher interest rate and stop thinking so much? I only ask this here because I wasn't able to find a clear answer online, every site was just like "PAY OFF HIGHER INTEREST RATE FIRST", without acknowledging this scenario. Thanks for the help! [link] [comments]  |
| Looking for advice, just hit maximum. Posted: 06 Aug 2020 09:14 PM PDT I am about 12-18 months from finishing a PhD and already have two companies looking to hire me at 110-130k/yr. I have also, unfortunately just this semester, maxed out my student loans at 138k. I still need to finish out my last year. I have about 10k in credit card debt. My income as a grad student is around 25k at the moment. What suggestions can you all offer? Thank you. [link] [comments]  |
| Any Action Needed After Payoff? Posted: 06 Aug 2020 11:57 PM PDT Hello. I'm sorry if this has already been asked in the past. I just discovered this subreddit and wanted to ask if there's anything else that I need to do after paying off the rest of my student loans. In the past, while attending university, NelNet was my service provider until I graduated in 2018. I got a job the next year in the public sector with my state's government and had my loans transferred to FedLoan after applying for the Public Service Loan Forgiveness, where I planned on making bare minimum payments and having the rest of the loans forgiven after 120 months. However, during the pandemic, I was able to save enough money and decided that I would pull the trigger and completely pay off my student loans. I requested the payoff rather than just making a payment on the home page of the website on Tuesday evening. I even called FedLoan the next day to verify that the payment was received and they confirmed that it's processing. I checked a few minutes ago today and I see that my total owed is now at $0.00 and I feel so relieved knowing this is behind me. Now that my balance is $0.00 and the payment has cleared, does anyone know if there are any other actions that I might need to take, or is everything taken care of once my balance updated to $0.00? Thanks in advance and I apologize again if this is a frequently asked question but I just wanted to give myself the peace of mind I need after finally being free of these loans. [link] [comments]  |
| Might have to take a student loan, advice... Posted: 06 Aug 2020 01:50 PM PDT Unfortunately, I made a big mistake in my academic career, and I may have to pay my next semester's tuition. Never had the need to look at student loans, I was very lucky, but I was caught cheating on an assignment and may have to pay 29.5k next semester. I haven't told my parents, and this becomes important later. So here's the full situation: Tuition: 29,500 Grants: 8,500 Direct Loan: 5,500 (subsidized), 2,000 (unsubsidized) Emergency Fund: 5,000 Savings: 5,000 Investments: 3,500 (taxable), 9,000 (Roth IRA) Upcoming bonus the following semester of 15,000 pre-tax How should I best tackle this 29.5k number if it comes to having to pay for the semester? I would very much like this keep my parents out of the loop as this was my mistake, and I should not have to burden them anymore than I need to during this time. My brother (32) does know about this but would prefer to not ask him for a personal loan, but will if you think that's a potential route. I graduate in May and I have a guaranteed job with pay of 65k. If you need anymore info, lmk! Thanks. [link] [comments]  |
| Help, please - about to reconsolidate, but my income recently changed.... Posted: 06 Aug 2020 11:24 PM PDT Hi there! I had consolidated a bunch of graduate student loans back in 2006, and I'm going to reconsolidate them now. However, I just took a $30K+ paycut for a new (better!) position. So my W-2 information shows a MUCH higher income for last year (and will for this year, too) than I actually have, month-to-month. How can I show this when reconsolidating? And will this also ding me at the end of the year, as next year's W-2 will show a "half-old-salary, half-new-salary" total? Thanks for any assistance! [link] [comments]  |
| How to pay off student loans early Posted: 06 Aug 2020 06:51 PM PDT If I want to pay off my student loans early by making double the monthly payments every month, how do I make sure the money actually goes toward the principal and not the interest? [link] [comments]  |
| FedLoans IDR recertification issues Posted: 06 Aug 2020 04:24 PM PDT Has anyone had to recertify during the COVID forebearance and had their anticipated payment amount increase significantly without a significant increase in income? My spouse has federal loans as well. We haven't recertified hers yet. My payment doubled and my AGI certainly didn't double. This is under REPAYE. [link] [comments]  |
| Student loan panic- what's the best game plan? Posted: 06 Aug 2020 10:45 AM PDT Hello, I was very careless and took out a private student loan through Discover after a car accident when I was out of work and desperate for money (in addition to many federal loans) in my last year of undergrad. I just read the fine print that made me realize I am already accumulating interest in deferment on the private loan--- and it's steep (fixed @ around 12%). I am going to law school and have a full-tuition scholarship but am still planning to take out more loans for living. Can I refinance the individual private loan to lower the rate? Should I? What should I do to make sure I am in the best position in the future? My parents are clueless on this stuff and I kinda had the "student loans are normal, it will all work out" mentality but now am panicking. [link] [comments]  |
| Posted: 06 Aug 2020 04:38 PM PDT so i currently owe about $25k in student loans to Navient. i went to heald college (sadly) & i tried to get my loan forgiven, but unfortunately i got slapped across the face with a No cause according to the department of education i was "not a victim of fraud". due to the cares act, i dont have any payments due atm. but i just need help with a game plab on how to pay it off? haaalpppp!!! [link] [comments]  |
| When are our next payments due? Posted: 06 Aug 2020 07:52 PM PDT Assuming the COVID loan relief is not extended, are our next payments due in September or October? My fedloan account still isn't showing anything. [link] [comments]  |
| Posted: 06 Aug 2020 07:50 PM PDT I was offered 3,500 per semester through my university. I have enough money saved to pay for the semester up front, but I want to save more to make sure I have enough saved for the next semester. Should I take the loan and then pay it back in 120 days since I'll have more saved? Do I directly pay Nelnet? or should I just pay it upfront? My total bill will be 2,870 after financial aid in grants. [link] [comments]  |
| Posted: 06 Aug 2020 11:28 AM PDT Before COVID, I had around $2000 in accrued interest. I just checked and now it shows only $300. Did my interest get forgiven as a part of the CARES act? Will the other $1700 reappear after the grace period ends? Am I going crazy??? Any help is greatly appreciated!! [link] [comments]  |
| Posted: 06 Aug 2020 06:42 PM PDT I want to become an Astrophysicist, but you need a PhD for that job. I need to go into a good enough university in order for me to be successful (basically an expensive university), so I was wondering if it'll be worth it or not to get a loan because I'm afraid I'll never get a job, and won't be able to pay it back. People tell me all the time to never get a loan, but I don't know what else to do. Also pretty sure this job doesn't pay well, but I really love it. Anyone have any advice? [link] [comments]  |
| Posted: 06 Aug 2020 10:21 AM PDT Hi, i'm currently debating on applying for a parent plus loan or a private loan but still have some questions. How long does it take for the parent plus loan to be approved and how long does it take to receive if approved. [link] [comments]  |
| Financial Bind for Fall Grad School Financing Posted: 06 Aug 2020 04:54 PM PDT I feel like I am in a bind. I am debating about consolidating my loans from undergrad before my FAFSA or doing loan rehabilitation and taking out a initial private loan for my first semester. Help! [link] [comments]  |
| Reached dependent undergrad loan limit Posted: 06 Aug 2020 04:42 PM PDT I've been going to a CC since I was 18, on and off (couldn't find a major that fit). I finally decided on a major and went to apply for financial aid and they told me I reached the dependent undergrad loan limit, and am devastated because I def can't pay them off right now. I'm not sure what exactly that means. And was also wondering if I transferred to a university if financial aid might be accepted there? If that makes sense. [link] [comments]  |
| Borrower defense repayment program evidence Posted: 06 Aug 2020 06:50 AM PDT Hello everyone. I am trying to get my student loans cancelled because of fraudulent admissions issues. I enrolled in University of Phoenix in 2003 and graduated 2005. However, all of their "partnerships" and "industry insider" talk was bullshit. I submitted my Borrower Defense Repayment Program application, but they are asking for evidence. It has been 15 years, and I no longer have any evidence. Does anyone here have any information that may help me to show evidence of malfeasance on the part of University of Phoenix, or who can help me look up evidence to help my case? I am cross-posting this on several subs. [link] [comments]  |
| 0% interest forbearance for Perkins loan! Posted: 06 Aug 2020 10:05 AM PDT Hi Everyone! Check your loan services website if you have a Perkins loan. I just found out they put in on administrative forbearance (says interest billed at the end but apparently it does not accrue throughout). Super glad although I just made a lump sum payment [link] [comments]  |
| Can a schools' financial aid office reduce Federal Stafford loans before disbursement? Posted: 06 Aug 2020 10:01 AM PDT Basically, I was awarded $6250 in Federal stafford loans (sub and unsub.) for this Fall semester. This is on the basis of my FAFSA application, where I put that I would be a full time student (12 credits). Due to work obligations, I may have to drop to (9) or (6) credits. The FAFSA website says you remain eligible for Federal Stafford loans as long as you maintain 6 credits per semester. However, it doesn't say anything regarding a reduction of aid if my credits are reduced. My loans have not been disbursed yet; only awarded, as class enrollment is finalized on Aug. 27th. **Considering these are federal loans, would the total disbursement amount ($6250) be reduced on the basis that my tuition amount is lowered by taking less credits?** The office of financial aid is literally unresponsive for weeks now, which is why I'm asking here. [link] [comments]  |
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