$110,000 in student debt. Any advice? Student Loans |
- $110,000 in student debt. Any advice?
- Celebrating a small victory bc I never thought I’d get here...
- Can you get a Grad Direct PLUS loan if unemployed?
- Rectifying Income for Great Lakes PAYE
- Advice on my scholarship and financial aid appeal due to traumatic circumstances
- Is this normal?
- Would a lump sum payment reduce the monthly payments due (not on Income Based Payment plan)
- How to handle the currently paused FedLoan payments?
- Paying off private loan
- Advice for paying off loans early
- Federal consolidation loan interest rate incorrect after adding additional loans
- National Forebearance and accrued interest
| $110,000 in student debt. Any advice? Posted: 07 Sep 2020 03:50 PM PDT Canadian. Just graduated law school. I make $60,000 a year, which is ~$3,750 a month net. I have $110,000 in a combination of government loans and a line of a credit from a bank. Feeling really bleak and wondering if I made a huge mistake by going to law school. Any advice would be appreciated. [link] [comments]  |
| Celebrating a small victory bc I never thought I’d get here... Posted: 07 Sep 2020 06:51 PM PDT I am one who went to undergrad out of state (on a scholarship, but it added up) and went to grad school at a private, expensive school. I walked out with 134k in student loan debt as an RN, and life felt incredibly bleak. Luckily I was able to make a few changes. 1. Moved into a nice 1 bedroom apt with my bf and spit the cost of living 2. I have my masters so I started teaching part time at my university. I make about $14k extra for this school year and about 6k a summer. I just started and love this position. 3. I started aiming to pick up 4 call hours a week (on top of my 36 hour night schedule and 8 hours/week instructing) 4. Loans were frozen (BLESS) And I'm SO happy to say that my highest interest loan will be gone by Dec 31, 2020!!!! This loan started at 21k when the pandemic started, and I have been hustling it down slowly and throwing any and all extra cash at it. I started officially making loan payments November of 2019, so I am proud of this progress. If I could knock down this much debt in a year making about $75k, I am feeling hopeful towards the future and getting out of debt!! And I'm still able to occasionally go out to eat/drink, go on vacations (using flight mileage points) and enjoy life with extra $ to give to these stupid loans! I am feeling so proud and so blessed with this itty bitty accomplishment, I just had to celebrate! [link] [comments]  |
| Can you get a Grad Direct PLUS loan if unemployed? Posted: 07 Sep 2020 01:23 PM PDT Going to grad school full time for 1 year, can you get a Direct PLUS loan if you are currently unemployed? (Just wondering since I heard the application asks for employer contact information) Edit: This seems to answer my question https://www.reddit.com/r/StudentLoans/comments/gtfipf/grad_plus_loan/ does not seem to matter that I am not employed currently. If anyone has a different interpretation please let me know. [link] [comments]  |
| Rectifying Income for Great Lakes PAYE Posted: 07 Sep 2020 05:00 PM PDT Hi! I have both federal and private loans, so obviously taking advantage of this time period of payment relief for my federal loans to pay down my private loan and CC debt. I remember seeing a couple months back I need to rectify my income for my Great Lakes federal loans PAYE payment. The deadline is for 09/30, so I logged in to start the process today. I noticed it doesn't say anything about rectifying anymore. Instead, under Repayment Planner, I get the following: Before I saw this though, I went through StudentLoans.gov to submit my updated info. I ended up getting a message along the lines of 'Your servicer is not accepting IBR applications currently or your servicer requires you to mail in a paper application and tax return.' I've emailed Great Lakes for clarity, but did I just rectify earlier than I needed to (I thought I could do so months in advance though)? Or is Great Lakes not accepting digital applications (that would be the first time in 3 years that this has been a problem though)? Has anyone with Great Lakes successfully rectify their info since COVID-19 forbearance has kicked in? [link] [comments]  |
| Advice on my scholarship and financial aid appeal due to traumatic circumstances Posted: 07 Sep 2020 08:23 PM PDT TW: sexual assault, suicide, substance abuse Hi, I went through a traumatic Title IX experience in the Fall of 2019 and ended up with withdrawals, incompletes, or fails in all my classes. Three of these classes I was able to complete the coursework and ended up with As in those courses. I returned to school in the Spring of 2020 and got average grades in those courses. I got an email telling me that I was being put on scholarship and financial aid suspension and that I have to appeal to have them reinstated. I plan on getting a supporting letter from my Title IX advocate, but I wanted to ensure that my answers on the appeal form seem sufficient. Any help is greatly appreciated, as I depend on financial aid and scholarships in order to attend college, and I am only one semester away from graduating.
In the Fall of 2019, I came into the semester incredibly optimistic about my prospects. That semester, I was beginning to take courses at the graduate level in Political Science to further explore my passion for data science. The previous semester, I had achieved a 3.95 GPA, Chancellor's Honor Roll, and found a fantastic mentor who believed in me and in my aptitude for data analytics. Up until October, I was incredibly pleased with the choices I had made and my future prospects. I was excelling in my courses, both undergraduate and graduate, and I had made a wonderful group of friends in the graduate program who I could commiserate with and depend on. However, at the end of October, I went through an incredibly traumatic Title IX incident that would impact me throughout that semester, and continues to impact me to this day. I reported this incident to the Title IX office (in spite of not wanting to), and left campus for a period of time to recover. Following the incident, I was disheartened, broken, and terrified to be alive, yet I did not want anyone to worry about me, so I didn't express this to anyone. I came back to campus and withdrew from all of my social activities, avoided all of my friends, and struggled to find the will to go to classes or complete school work, as it felt that nothing really mattered anymore. I turned to substance abuse to cope with my feelings, as I did not feel that I could trust anyone enough for them to help me. Unfortunately, I did not seek help soon enough. In mid-November, these feelings and actions culminated in a hospitalization, a suicide attempt, and another hospitalization, as well as a stay in a psychiatric inpatient unit. During my stay at the psychiatric unit, I spent the time tapering off of a prescribed psychiatric medication and pleading to go home, as I was truly alone there. I do not exaggerate when I say that this period of my life was pure hell for me. Following my hospitalization, I went home to collect myself, and did not return to campus for the rest of the semester. I spent the break attempting to find some semblance of myself prior to the incident and struggled immensely to do so. I had been broken down by the adversity to the point that I hardly recognized the girl looking back in the mirror. After lots of self-reflection, I finally decided that I was not going to allow this to stop me from pursuing my education and returned to campus to continue courses in the Spring of 2020.
Before returning to campus in the Spring of 2020, I began seeing a therapist which has helped me immensely with processing my emotions surrounding my traumatic experiences and allowed me to function as I once was. I was able to work with my professors from the Fall semester of 2019 and complete many of my classes that I was unable to complete at the time (POL 550, POL 398, and POL 500). I received As in all of those courses. I retook Spanish 111 in the Spring of 2020 and received a passing grade in that course. I am currently on track to graduate with a BA in Political Science in the Spring of 2021 and am currently doing well in all of my courses, in spite of the complications caused by the pandemic. With the continued effort on my part, I know that I will be able to be academically successful and complete my degree without issue. [link] [comments]  |
| Posted: 07 Sep 2020 10:29 PM PDT I'm 23, about to attend ASU for Engineering (B.S)- it will take me about 3 years (maybe 4) depending on how it all goes and what classes transfer; etc. I should be receiving some aid that's around 6,000 or so a year for the year. I also plan on scholarships if possible. However, it's just me, no parents or support system so the rest would have to be in loans. I do work full time right now, but plan on working part time to focus on the degree which I will be pursuing full time (online). I was trying to go over the numbers and it's seeming like it would be close to, if not over 110k in student loans. Is this normal? I know most take out student loans for undergrad (and then grad), but I'm wondering if this will be a mistake? At the same time, I really need to complete my education and get this degree, so in that sense I feel the benefits would outweigh the costs. [link] [comments]  |
| Would a lump sum payment reduce the monthly payments due (not on Income Based Payment plan) Posted: 07 Sep 2020 02:11 PM PDT Current debt is $25,000 with Navient. Monthly due is $250 on standard repayment plan with autopay. If I make a $5000 lump sum payment will my monthly due amount drop proportionally to $200? *If it matters Loan #1 is a $2,500 loan and Loan #2 is $22,500, both Navient. [link] [comments]  |
| How to handle the currently paused FedLoan payments? Posted: 07 Sep 2020 07:58 PM PDT I am very fortunate to still be working after COVID hit and instead of paying my regular monthly, I am simply putting the amount that I would be paying monthly into a savings account for when payments do restart. Should I pay now and monthly moving forward? Should I put the full amount I've saved up so far toward a large lump sum payment just before payments restart (to take advantage of the zero interest through December)? Not sure what to do. Any help is appreciated. TYIA. [link] [comments]  |
| Posted: 07 Sep 2020 07:16 PM PDT Hey guys, so I'm paying on my private loan that I had to take out to cover costs of school and was wondering if I paid off this semesters part if it would damage or do something strange from next semester's disbursements. I don't think it will but I've never payed off a student loan before. It's through discover of that's helpful. I want to be rid of it as soon as possible since it has an 11.49% interest rate which is super high (especially considering my credit is 750 imo...) thanks in advance! [link] [comments]  |
| Advice for paying off loans early Posted: 07 Sep 2020 01:02 PM PDT Hi, I'm completely new to student loans so I'd appreciate any advice on my current situation. I'm graduating next spring so my repayment technically doesn't start until next december but I have $4k from scholarship refunds that I want to use to get a head start. I owe about $15k (13k subsidized, 2k unsubsidized) through Edfinancial. I assume it would be best to pay off my unsubsidized loans in full first but I wanna make sure I start off wisely. Both my unsubsidized loan groups show my accrued interest as $0.00. Shouldn't there already be interest since I've been in college for 3 years? Also, there's an option to "Do not advance due date" option under each group when I go to the payment screen. Does it matter if I select this if my repayment period hasn't started yet? [link] [comments]  |
| Federal consolidation loan interest rate incorrect after adding additional loans Posted: 07 Sep 2020 08:48 AM PDT Back in late May of this year I consolidated my federal loans to one federal loan with FedLoan. I was just finishing up med school so only my grad plus loans were included in the first consolidation since my other loans were labeled as in-school status. Since the grad plus loans have a higher interest rate compared to my unsubsidized loans the weighted average of them was 6.76 %, which rounds up to 6.85%, for a total balance of around $53,000. I still had around $203,000 in subsidized/unsubsidized loans that were all at lower interest rates and still at an in-school status so they couldn't be added just yet. Those loans lost their in-school status in June so I then added them to the consolidation loan. Since these loans are all at a lower interest rate than the grad plus loan the weighted average for the combined grad plus and unsubsidized loans should be 6.08% which rounded up to the nearest 1/8 is 6.15%. However, Fedloan did not adjust the interest rate after the loans were added and it is still labeled as a whole at 6.875%. I made a dispute over the interest rate after I received a notification that all of my loans had been combined into one consolidation loan but the interest rate was not adjusted. I have talked to Fedloans on and off and was recently told they would not make any adjustments to the interest rate until the 0% rates expire. I called Fedloans again last week because they had called and left a voicemail to call them back. One of the reps I talked to said they do not have a process to adjust interest rates after the loan was dispersed even if other loans were added onto the consolidation within the allowed 180 days. I told her this does not make any sense because if that were the case I would have just consolidated my loans that have a 4% interest rate to lock in a lower interest rate and then add on my higher 7% interest rate loans after the loan was dispersed. Has anyone else had to deal with a situation like this or does anyone have any recommendations on what to do to get this problem solved? Thanks for your help! [link] [comments]  |
| National Forebearance and accrued interest Posted: 06 Sep 2020 11:21 PM PDT Pre-Covid, I was on an IBR plan, making full 10 year payments though on my highest interest loans, and slowly working them down. So some of my loans had some accrued interest. COVID hit, and I've been accumulating money to make a big payment in December. Should I pay off that accrued interest or continue with my strategy? I'm worried about interest capitalizing on my unpaid loans and increasing daily growth. I'm well above 100k in debt so decisions do have a big effect. [link] [comments]  |
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