Whether to use my checking account funds vs student loans Student Loans |
- Whether to use my checking account funds vs student loans
- 60k in debt and no degree - life advice
- What kinds of rates are people seeing for private loans right now?
- Is the University allowed to cancel my Student Loans?
- Tax Bomb Elimination- odds it ever happens?
- Don't plan on returning to school
- Thoughts on maintaining $1 loan balance for credit purposes?
- Far off first payment due date?
- Advice
- Income-Driven Repayment Plans Feedback
- Need a private student loan for Spring, no cosigner - when should I apply, what should be my next steps?
- In Need of Advice on Student Loans
- Pay in cash or take out loans?
- How much can I get from federal loans undergrad?
- Class Action Settlement Help! McCormick v. Adtalem Global Education Inc
- Private Loans for non-degree seeking student
- First Time AutoPay User
- When do federal unsubsized grad loans got your credit report?
| Whether to use my checking account funds vs student loans Posted: 20 Aug 2020 01:55 PM PDT Age 24. Current Physician Assistant student. School is 62K tuition for the 27 month program. I currently have 20K in my checking account. Car paid off. Parents pay my car insurance, health insurance, and phone bill. Moving to Indy and living for 3 months. Fed direct Unsubsidized loans were provided for tuition, which I use. I was also given 7K direct grad plus student loans for the semester for living cost. I am planning on using direct grad plus student loans FOR SURE on rent and utilities for 3 months. Rent is 950. Utilities around 80-100 dollars a month. My MAIN QUESTION IS THE FOLLOWING. Is it smart to use direct grad plus student loan money for other expenses (food, gas, other school expenses, and important expenses), or should I use the 20K in my personal bank account? My initial gut response was using purely direct grad plus student loans for other expenses so that I can save that 20K. After graduation, there is a typical couple months before working, so it is nice to have cushion of money rather than using it all and having nothing when i graduate. ANY ADVICE WOULD BE HELPFUL. IF YOU HAVE MORE QUESTIONS, HAPPY TO ANSWER. [link] [comments]  |
| 60k in debt and no degree - life advice Posted: 20 Aug 2020 08:08 AM PDT Hello, I'm writing in hopes someone can give me a realistic goal. My short story is I got my associates at community college, went to university, didnt have the money to finish because our new president required you owe nothing to register. (Though he is no longer president so this may change). The minimum I would need to finish my degree is about 30k for what I have not paid the school. I have a 27k Student loan (total from multiple) I am paying and all together pay about 300 a month. My degree was economics, as I want to work with finance . (Associates in business). I want to get into the mortgage/banking/insurance industries as I love sales and the opportunity for more money. Only problem is I have a 490 credit score so many jobs wont hire me. I have worked in banks for about a year and a half as a personal banker. My current thought process in order of most hopeful:
If I get any degree it would only take me 1 semester to get a applied sciences degree, but 2 semesters to get my economics degree. If I go HVAC it will make me pretty depressed as it's like I'm paying to not even have a degree nor use the skills I went to college for. So 5 years of my life wasted. I'm already depressed about it, feel like my spark is gone and maybe I thought to highly of myself, and maybe I was just a trades kinda guy. Any help appreciated. [link] [comments]  |
| What kinds of rates are people seeing for private loans right now? Posted: 20 Aug 2020 10:42 PM PDT Just curious at the rates new borrowers are seeing for private loans right now. I was recently quoted 4.5%. Is this a good rate for the current market? Anyone out there getting a better rate, and If so with what lender? I know everyone situation varies just trying to get a feel for what's out there and if my rates are competitive. [link] [comments]  |
| Is the University allowed to cancel my Student Loans? Posted: 20 Aug 2020 06:31 AM PDT I go to a state school in the midwest and I get my tuition paid for thanks to the Guard as well as Room and board paid for as an RA. However, I do have other underlying costs in regards to my major (The department is separate and therefore does not apply into tuition) so I requested a Federal Subsidized & Unsubsidized loan but the Financial aid office cancelled this because they thought that I didn't need it because all of my school fees in my account is paid for. Can I still be able to get these loans this semester? [link] [comments]  |
| Tax Bomb Elimination- odds it ever happens? Posted: 20 Aug 2020 03:43 PM PDT Hi, I know there's really no way to 100% predict this, but is there a general consensus that the tax bomb associated with Income based plans (not PSLF) will eventually be eliminated (i.e. the forgiven amount of the loan will NOT be considered taxable income)? If I go the REPAYE route due to high student loan debt (dental school is a B****), ill plan for the tax bomb. I hate the idea of giving up 10% of my salary and then some for the tax bomb, but even after doing so the math generally works out where id be financially healthy and even pay a similar amount over the life of the loan vs a standard 10 year. Taking inflation into account, id probably actually pay less (unless I rake in a ton as a general dentist, but if thats the case ill still be financially set and can't complain too hard for shelling out 10% for student loans or refinancing at that point). But anyways, I have heard there seems to be some general support from both democrats and republicans for eliminating the tax bomb? If anyone who has looked into this has any insight, id appreciate it! Also, for those who are currently saving for the tax bomb, what is a relatively low-risk investment to do so? Mutual fund? Total stock index fund? Thanks! [link] [comments]  |
| Don't plan on returning to school Posted: 20 Aug 2020 10:56 AM PDT Hello r/sudentloans, I applied and got accepted to the school I wanted to attend, and the financial aid loans are covering everything (about $5k for the semester). I got presented with an opportunity that I'm decided on taking (job). School starts on Monday, and I want to get out and drop everything now before I even start a class. Can I just drop out of all my classes and walk away? I do plan on talking with the Financial Aid office to finalize everything. I've read I have 120 days to cancel after loans are dispersed and I can more or less walk away scott free. Is this possible? If not, I guess I'll be forced to just finish the semester and grabs some grades. [link] [comments]  |
| Thoughts on maintaining $1 loan balance for credit purposes? Posted: 20 Aug 2020 12:57 PM PDT EDIT: So I learned a few things from this thread, thought I'd summarize it for whoever stumbles upon this with a similar question in their mind! While having multiple lines of credit (aka diversity in types of credit) is looked upon favorably, the common rules we know about credit don't apply the same to each of these types. When it comes to revolving credit like credit cards, age of credit matters. This doesn't exactly apply to student loans. Student loans, by design, are made to be paid off. So, it looks favorably to have those accounts paid in full and closed. After they're closed, the record of their existence stays on your credit report for up to 7-10 years. A new loan provider, like a mortgage company, can still see you had the loan, and like seeing that it's been paid off. As far as my question regarding maintaining a small balance (<$100), the bank/loan provider will probably close the account since it costs them more to keep it open. However, you want to avoid this, since it looks bad if your provider closed your account, as opposed to you closing it. It's not a trick to a free discount lol. Don't do it. It's not worth it. Besides, you get credit for paying the loan off. Overall, thanks everyone who kindly answered my half-baked lunatic thought! ORIGINAL POST: This just popped into my mind, so I'm sorry if it sounds asinine. I've been working on my credit (it's never been bad, but hey unless you're at 850 it can always be better). I know credit bureaus love seeing multiple types of accounts open, be it normal CCs, student loans, car loans, mortgages, etc. That being said, my student loans are some of my oldest accounts (I didn't own a CC until college). Since they automatically close once they've been paid in full, and thus would bring down my age of credit, would it be worth it to leave a dollar on the accounts? More info: the time in which I'd be done with my student loans is within a year of me looking at buying a house, so I'm wondering if my credit would be too adversely affected by the closing of my oldest accounts, and that would then affect my mortgage options. [link] [comments]  |
| Far off first payment due date? Posted: 20 Aug 2020 04:34 PM PDT As far as I know, loan payments are supposed to start 6 months after graduation/leaving full-time. I'm no longer full-time since May because I only need 1 class to graduate, so I assumed that my payments would start being due in October. I check my federal loan page and the Nelnet site, and both of them say that the next payment due is in August of next year, and the amount is $0.0? I'm very confused, do I need to enroll in a repayment plan first for a normal date and payment amount show up, or is there something I'm missing? I'm just concerned that I'm going to be blindsided by the loans... I'd appreciate anyone's expertise on this [link] [comments]  |
| Posted: 20 Aug 2020 05:58 PM PDT Hi Guys! Hope you are doing great.. I wanted to ask you a question regarding students loans. So I've been accepted to a couple of masters programs. Now I'm faced with a difficult decision... in order to attend I'll have to take out student loans, which I have already been accepted for. Im not really familiar about student loans I just moved to the US 3 years ago. I would value your point of view so much. From your perspective, how useful is it to have a masters degree in the interior design industry, and would it justify taking out such large loans to get the degree? I've been asking around in order to make the best decision and your input would be amazing! [link] [comments]  |
| Income-Driven Repayment Plans Feedback Posted: 20 Aug 2020 08:11 AM PDT I am curious on any feedback on the IDR plans. has anyone had them cancel on them before? I see that there's a 20 year period where it's forgiven, but i would hate to get 10 or so years in and they cancel on me. is there any negatives to doing this plan? i have about 300k in debt and will be starting off making 100k annually. any other suggestions? [link] [comments]  |
| Posted: 20 Aug 2020 08:30 PM PDT Hi everybody, thank you for taking the time to help me out. I'm a student at a state university who only gets partial federal loans, and the rest has to be funded elsewhere. My parents have a lot of debt, and recently had to take a lower paying job, and as such don't have the money to help me with tuition anymore. Luckily, I started working on my credit about 12 months ago. I applied for student loans last month: 2 credit cards, 1 personal loan (credit builder from Self); 100% on time; $702 total debt ($202 CC + $500 loan); 40% credit utilization; 6 hard inquiries in the last 12 months (mainly looking for student loans + the 3 mentioned); 688 credit score. I was denied from multiple lenders - Discover, CollegeAve, and some others that didn't require a hard pull that I don't remember. I did not apply for Wells Fargo, who I bank with, because I didn't realize it was an option. Anyway, I was denied and told to get a cosigner. It's some family drama, but basically a family member left my parents on the hook for their debt and their credit is trashed. My score is probably the highest in the family. I'm unemployed at the moment and when I applied, but I start working again on Monday. I barely, barely managed to scrap up the leftover ~$3,500 I needed for tuition this semester. But I'm going to struggle mightily with living expenses and have no way to pay for next semester's tuition. A loan for this semester would be a big help, but a loan for next semester is absolutely necessary. When should I apply again? What should I get my score to, and what should be my next steps? I thought I got my credit utilization down to 0 last time, but one of my credit cards didn't report like I thought it would and hurt my score. It was at $0 at the time but it wasn't on my monthly statement like that. I'm nervous about applying too often because of the hard pulls, like I said I already have six from the last 12 months. I've been denied on three seperate attempts now, and I'm starting to feel like an ISA like Stride is my only option. But, I'm a junior in a CS program and I'm pretty good at it. I feel like I could get a $100k job after graduation, and even if I get a low % from their ISA, I feel like my income will be too high and I'll end up having to pay back the maximum which is double. So a $5,000 loan would be $10,000 over 5 years - the equivalent of a 20% interest rate. It feels like I'd be getting the bad end of that deal - I want a traditional interest rate and just pay it off early. Thank you for reading and I appreciate any advice. It's so discouraging working on my credit for so long only to be denied again. Do you think I should apply again this semester, or wait til the last minute for next semester so my score is as high as possible? Thank y'all for y'all's thoughts and advice. [link] [comments]  |
| In Need of Advice on Student Loans Posted: 20 Aug 2020 04:40 PM PDT 20 year old college student here. Finishing up my first two and half years of college at a local community college this fall. I have mostly (excluding some help from family) worked and saved to pay for my tuition up until now. I'm grateful to still be living with my parents since I don't have to worry about the associated expenses. Anyway, I'm planning to transfer to a public school next spring that is ~6k a semester. I would have 2 years remaining in school (graduating in spring 2023). Luckily I'm going into a growing field (supply chain) that has a good placement rate, but I'll know I will be taking out loans to pay for school. I'll continue working to try and mitigate tuition costs as best as I can. But in short I don't make enough to really save for each semester like I do at community college where tuition is only ~2.5k. With this in mind I've been pretty anxious about knowing I'll take our student loans. I'm guessing I'll be anywhere from 20k to 30k in the hole at the end of my undergraduate degree. I know this might be on the lower end for student loans but I'm still really anxious. I'm glad I went to community college because that basically halved what would have been the total cost of attending a public college. I would just like some advice/general guidance on student loans. My mom said I can continue staying with her after college while I work in supply chain so I can pay off my debt. I get that this is ultimately an investment in my future but I can't help but be really worried about it. Any advice is appreciated! [link] [comments]  |
| Pay in cash or take out loans? Posted: 20 Aug 2020 07:23 PM PDT I will be going back to school for my ABSN starting the 31st. I all going to a private school because I was almost guaranteed to get in since this was the inaugural class and the requirements were somewhat low. I would have had to wait until next summer to start a different program IF I made the cut. I'm 33 I wanted to get started ASAP. So that being said my semester is going to cost me about 18k, ~12k in cash and the rest in loans. I have 4 semesters for the program ~18k each semester, straight tuition not including books. I have about 30k saved for school and have no current loans, I paid the first ones off about a year after school (16k). Now I'm driven to pay my crap off and am wondering should I pay for school in cash or take out loans and just keep my nest egg as much as possible? I would be taking out sub and non sub. My program is 16 months. My father is willing to pay my school what I cannot and I pay him back with interest, but I know I'll be able to pay my loans back within 5 years for sure, what is the best option. I'm thinking of the potential tax reduction from the loans. What is the best case scenario for me? [link] [comments]  |
| How much can I get from federal loans undergrad? Posted: 20 Aug 2020 11:46 AM PDT So because of covid I was affected and will have to withdraw from my college I was planning on possibly going to another state school but can't afford it without loans. My parents cannot work as co-signers and I also do not have any other co-signer options. My parents are also not eligible for parent plus loans. So I am going to be a junior this fall and was wondering what is the max I can get? I don't have a co-signer, no parent plus loans, and can't get private loans no income or credit as most college students are. I looked online and saw I could get $12,500 per year, is that accurate federal loans per year? Is that the maximum? Could I get more for my undergrad studies? Please help and assist me in what the max loans I can get are because I am just depressed and lost as because of covid I will not be attending a college and need help. What is the max I can get based on my situation? [link] [comments]  |
| Class Action Settlement Help! McCormick v. Adtalem Global Education Inc Posted: 20 Aug 2020 09:41 AM PDT Hello everyone! I know there is already a similar post about this but I feel like I need to dot my i's and cross my t's on this one before I jump through with participating in, or excluding myself from this case. Website: https://www.devryuniversitysettlement.com/ Is this legitimate? I am a struggling graduate that submitted my Borrower's Defense Application in 2017 after receiving my portion of the FTC lawsuit payout. (I attended DeVry between July 2010 and October 2013, well within the period of time they misled graduates with job placement statistics.) I graduated with a bachelor's degree and I still have yet to find a job in my field of study and I'm waiting for my Borrower's Defense application to go through and (hopefully) relieve some of this stress that I have been burdened with for years. If I choose to participate in this settlement, will my borrower's defense application, or probability of acceptance be affected at all? The website says it does not take away my ability to file borrower's defense, but it removes my ability to sue DeVry any further for damages. Would participating in this class action "be shooting myself in the foot" so to say, or should I jump on the opportunity for any sort of monetary relief? Judging by the website and email communication I received I should be entitled to at least $1000 (minus whatever other relief I have already received, so about $200 from my cut of the FTC settlement) just for graduating with a Bachelor's, plus whatever my actual cut of the settlement would be after lawyer fees. I am just deathly afraid of screwing up my life any further and potentially jeopardize my borrower's defense application. Thank you in advance and I hope to receive some help, and/or help others with my inquiry. [link] [comments]  |
| Private Loans for non-degree seeking student Posted: 20 Aug 2020 10:10 AM PDT I have graduated with a bachelors degree already, however I am going back to school to take some pre-requisite courses that are required in order to apply for a masters program I am interested in. Since I am taking these classes that are not going towards a degree, I am considered a non-degree seeking student. I have already received a small amount of federal aid since the classes I am taking are pre-requisites, but I will need to take out a private loan to cover the cost of attendance. Has anyone had experience with this and any recommendations for private loans for non-degree seeking students? I will have a co-signer on the private loan as well. So far my school would not certify a Discover private loan that I was approved for since I was not in a degree seeking program. Thanks! :) [link] [comments]  |
| Posted: 20 Aug 2020 06:21 AM PDT Hi everyone! Started college last year and I'm looking into starting to pay off my student loan. Just a couple of questions for you guys with more experience than me (:
Thanks in advance guys! [link] [comments]  |
| When do federal unsubsized grad loans got your credit report? Posted: 20 Aug 2020 05:49 AM PDT So, I decided back in May that I wanted to go back to school for my masters. I applied to our local university and actually got accepted for the Fall 2020 start, which was sooner than I expected. I applied for federal grad loans in beginning of July and received about $10,000 in a loan for the 2020-2021 school year. The loans show as applied to my term bill, so the school is saying I don't owe anything. However, when I check studentaid.gov, my grad loan hasn't shown up yet (it only has the $3,000 balance from my undergrad loans). Does anyone know when it'll show up on my federal account? I'm also wondering when they'll be posted to my credit report, since I'm planning on getting a new mortgage in a couple of months. I know, the timing isn't ideal with having just taken out the new student loan, but a family member will be selling us their house and we just don't want to pass the opportunity up. My credit score is 800+ so I'm wondering when/how much it'll drop. Thanks! [link] [comments]  |
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