Done deal. Student Loans |
- Done deal.
- 7 years (2 years being aggressive) of payments and I'm ready to move on with my life.
- What happens if you don’t qualify for forgiveness at 19 years under PAYE/REPAYE/IBR/ICR?
- Made a payment
- Paid off my student loans!!
- Since the suspension of student loans payment has been extended until December, should I reapply for PAYE now or in December?
- Paid Off...Sort Of
- How do you receive student loans without a cosigner? I made too much for government but not enough to afford my Nursing Program........
- Best Income-driven repayment plan for a potentially large shift in income 1-3 years after graduate school
- Forbearance period plans
- Advice for Tackling $325k in Student Loans
- I meed money for a new computer and books before I even start classes.
- Help Me Plan A Budget / Part Time Job
- Can/do financial institutions deny a loan based on the student's major?
- UAS Connect sucks
- $80,000 student debt-student loan forgiveness program?
| Posted: 04 Sep 2020 05:12 PM PDT Last payment today. Business degree in 2016. Didn't do a thing for me. I make more money without it. Oh well. [link] [comments]  |
| 7 years (2 years being aggressive) of payments and I'm ready to move on with my life. Posted: 05 Sep 2020 01:09 AM PDT I graduated in 2013 from college. My loans totaled 65k. I didn't know what I was doing when I graduated high school and took what I could. If only I knew what I know now... Anyways, I paid minimum for a few years while living at home which was about 3-400 or so. I didn't care about my loans, I partied on weekends and worked all week. I made around 35k and lived life as if I was still in college and just wanted to party. About 2-3 years or so I realized this isn't the path I should be taking in life. I got my act together, applied for jobs, and made a plan to get rid of all my debt. I bought a new car which was around a 21k car loan. I landed a new job at 50k with lots of OT opportunities. I slowed down the alcohol/parting and decided to invest in myself and take up exercising. I continued to live at home and to help my parents (who are absolutely stellar and the greatest people I know) out I started paying 500 a month to them. At one point I had my car loan, and 4 student loans. My car I paid off in 3 years by working ridiculous amounts of OT. Once that finished I realized I could take on my around 50k in school loans. I worked like a dog and didn't have a life for a while. I was able to go on 2 vacations to Asia and buy a few electronics but in the meantime, I worked. Around 2 years ago I decided I will spend every extra dollar I had on my loans (this was anywhere between 1k-2k/mo). COVID hit and my position was approved for any amount of OT so I busted my ass for the past 4 months and I have done nothing besides sleep and work to make my final payment today. I made the payment, sat down, and poured myself a stiff drink of whiskey. I used to let the loans define who I was. I never felt financially stable for a relationship, I felt guilty if I ever splurged, and I used to go to bed just thinking what I owed. I do wish, sometimes, I was able to move out and move on with life but I learned so much about the worth of a dollar, how to budget, and how to be financially responsible. I hope anyone who reads this and feels like they have a long battle ahead of them realizes that the loans aren't forever. Try to be a better person when the loans are finished than you were when they started. [link] [comments]  |
| What happens if you don’t qualify for forgiveness at 19 years under PAYE/REPAYE/IBR/ICR? Posted: 04 Sep 2020 12:56 PM PDT Here's the deal. I have a ton of federal student loan debt right now. I'm fearful that after years of making minimal payments on one of these income driven plans, I'll be accruing crazy interest, and then all of a sudden right before forgiveness is supposed to be in place, I'll make too much to qualify for these plans. What happens in that situation? If you have to switch onto a standard repayment, do you just jump back onto a huge new loan balance and never get forgiveness? For the record I actually have grad student loans so I'm worried about this happening at like year 24 out of 25 (for illustrative purposes). I'm asking this because in reality I don't anticipate ever NEEDING to be on one of these plans to make ends meet, and could live frugally under the standard plan for 10 years and be "fine", but then I won't be able to save for retirement or a home or any of that. So I'm wondering if there's a chance that by utilizing these plans in hopes of coming out ahead when I don't really NEED to, that I will end up being royally effed over. I would hope to be able to use an income driven plan to make minimal payments so that I could save for the tax bomb and also save for other things at the same time. I'm so stressed out thinking about different ways to go about this with $200k in debt and not good but not terrible income. Please help. Thank you for reading. [link] [comments]  |
| Posted: 04 Sep 2020 09:53 PM PDT Keeping this one short, Been holding off for months after saving pre covid. Just paid $15k to my private loan, cuts my monthly payment in half. Feeling good! [link] [comments]  |
| Posted: 04 Sep 2020 02:25 PM PDT Back in October of 2019 my wife and I decided to do a major life change. I left my 70+ hour traveling job with a big pay cut. My wife was 5 months pregnant and we decided it would be better for me to be around more often. I had $36k in student loans when we made that decision. I just clicked to pay off the remaining $4k in full. I'm so excited. I have no more student loan debt and a healthy daughter. Im excited to move that to retirement and a 529 for my daughter. I originally started with $74k in student loans when I graduated. These last few months we have have been doing $5k a month. It has been exhausting and stressful. I am a natural planner. If it was food or essential we cut it. We live in South Texas and we have not used the oven in weeks, I only grill to not raise the house temperature. Granted I love grilling, lots of chicken thighs is what we have been eating. We keep the thermostat at 83. [link] [comments]  |
| Posted: 04 Sep 2020 05:12 PM PDT I'm doing the public service forgiveness and I guess in order to keep the PAYE payment plan, I need to reapply for it, submit my paystubs or taxes. It expired in June and I totally forgot about it since payment have been suspended. Should I look into this now or wait until December when the suspension ends? [link] [comments]  |
| Posted: 04 Sep 2020 08:37 PM PDT I left grad school in 2016 with $32K in loans, and I've been looking forward to posting here when they were paid off. Because I'm middle-aged, I've been prioritizing maxing out my 401K and Roth IRA, because you can't really make those up later. I've had a good income (75K - 120K) but I don't live with my parents or roommates and I'm not very thrifty. About a year ago, I refinanced my federal loans (generally regarded as a bad idea, but I didn't know that yet). Anyway, this week I took out a loan from my 401K and paid off the last $13K of my loans, which is not really the same as paying them off, but they're sort of out of my hands now. I wouldn't advise this to anyone, and in fact have specifically advised against it here, but I just got tired of paying them off slowly and I thought the best way to take care of them quickly was to force myself. (The 401K loan payments come straight out of my salary before I see it.) So in two years I'll be done with the 401K loan, provided I'm still at my job. The interest I pay goes into my 401K, so I'm paying it to myself, but otherwise that money would be making (or potentially losing) money in the stock market. I worked out the money part both ways and the difference is trivial, probably because $13K is a small amount of my overall retirement balance. But if I leave my job within the two years, the whole loan balance will be due immediately and I'll have to take out a personal loan at a much higher interest rate, which is one reason I wouldn't recommend this path to others. I just thought I'd post this anyway for people who are interested in how these things work out. [link] [comments]  |
| Posted: 04 Sep 2020 03:44 PM PDT I've made the mistake of being a responsible adult and working while attaining my AA, and because of my gross income I don't qualify for the Pell Grant and I am only receiving $3500 in subsidized and unsubsidized loans. Unfortunately, that amount does not come close to covering my tuition cost and I am now screwed for starting my Nursing program in pursuit of my BSN at a OHSU in 3 weeks. How did you guys afford this? I've tried getting loans from private lenders but my credit score is mid 600's so I need a co-signer and I don't have anyone in my life able to do that for me. On top of that, My school is unable to give me any further financial guidance and COVID is making it even more difficult to contact anyone at the campus than it would normally be. I'm at my wits end and I would love any information or for you to share with me your experience with financial aid and starting at a University from a junior college. Yes, this is a bit of a sob story, but yes, I am so grateful for your comments! Cheers! [link] [comments]  |
| Posted: 04 Sep 2020 09:10 PM PDT So basically I'm looking for advice as to whether PAYE or REPAYE is a better strategy for this particular case. My girlfriend just graduated from graduate school in may and will be a public school teacher (qualifies for pslf) this coming school year as a permanent substitute making 27k salary. In her district, starting teachers make 65k when they hit full time, generally 1-3 years after subbing or leave replacement. Her loans total about 68k, all federal loans. I'm wondering if the PAYE plan will be largely affected by the salary increase with the interest capitalization when she doesn't qualify, or if she should do the repaye from the start because of the 50% interest subsidy. Or if she can switch plans after 3 years? Any help is greatly appreciated. Thanks for the help and if you need any more info just ask. [link] [comments]  |
| Posted: 04 Sep 2020 08:09 PM PDT Hey guys, first time poster. Graduated in May with about 26k in federal student loan debt thanks to community colleges and commuting. Very blessed to be in a situation where I may be able to pay off the loans by the end of the year. I already paid 6k on my highest interest loans during the forbearance period, and now that period has been extended. I'm still working out of my parents home so my outgoings are about $200 a month. Would it be smarter to pay off small chunks over the forbearance period, or wait til the end of December to pay it off in one massive chunk? Are there any trade-offs with paying it all before it enters the payment period? I just don't want to deal with interest once this forbearance period ends. Thanks in advance for any advice 💖 [link] [comments]  |
| Advice for Tackling $325k in Student Loans Posted: 04 Sep 2020 11:06 AM PDT I am looking for advice on how to handle our overwhelming student loans which currently total over $325k. I currently owe about $255k on my two largest federal law school loans. Those have been on IBR for about 6 years, but the monthly payment does not even cover interest. I also owe about $30k for various private loans mostly from undergrad. I did not start paying on those until after law school, but they are a little over half way through the typical 10-year schedule. My spouse also owes about $40k for undergrad loans which are also about halfway through the typical 10-year schedule. Our net annual income has been about $80k over the last 5 years which makes it tough to even think about tackling the huge amount owed overall because up until the COVID waivers we typically had about $500-600 left over each month. Luckily, my spouse and I have both been employed throughout COVID which has allowed us to build our first emergency savings fund. If we really trimmed away some luxuries we might be able to get closer to $1k left over each month once payments resume, but we do have 2 young children. [link] [comments]  |
| I meed money for a new computer and books before I even start classes. Posted: 04 Sep 2020 11:01 AM PDT So my situation is my computer is crap and I and my family have 0 money for college. I'm going for a bachelor in Cyber Security but I need a new computer and to pay for certain things before I start school as my current computer (hp all in 1 19 from like 2010) isn't strong enough to use a lot of the applications that's gonna be required of me for the courses (lags using the basic python3 IDE BADLY) and was wondering how private student loans work and if id be able to use them before I start class in January in order to get my entire situation cleared up and still have them pushed off until after I graduate. as I've already been accepted or would I have to use a personal loan? I know it seems irresponsible but I have no other option at this point it seems. [link] [comments]  |
| Help Me Plan A Budget / Part Time Job Posted: 04 Sep 2020 06:37 AM PDT Hey all! A lot of people advised me not to move out of my parents and continue putting extra towards my student loans. I've estimated the extra money that I would accrue from moving out would mostly be in these categories: 1) Rent - 840/month (place I'm looking at) 2) Utilities - 40-60/month (place I'm looking at) 3) Groceries - 200/month 4) Free Spending - 500/month (up from 300/month) (I really don't typically buy a lot of stuff, but I feel like giving myself some room would let me relax a bit and enjoy life. I already give myself 300 at home, so this is only up 200. So I'm estimating I would be losing an extra 1300/month that could potentially go towards savings/loans. When I move out I'll have greater access to part time work. I want to get something that pulls in an extra 1300/month to offset these costs, on top of my 9-6 job. Any tips on part time jobs available or additional expenses would be appreciated! [link] [comments]  |
| Can/do financial institutions deny a loan based on the student's major? Posted: 04 Sep 2020 10:04 AM PDT I'm specifically asking about the consideration of a student's future ability to repay the loan. I can see a lender more eager to offer a loan to an engineering, law, or medical student but more cautious about a student pursuing a degree in underwater basket-weaving. Is a bank legally allowed to do this? Thanks. [link] [comments]  |
| Posted: 04 Sep 2020 09:16 AM PDT I'm so over their antics. My loan ($4000) was transferred to UAS from ACS/Conduent in March of 2019. They apparently lost all my paperwork in that process. When I resent the forms they told me that they needed COEs (certificate of employment, essentially a letter from places I no longer worked confirming when I had worked there) and then when I provided those they "lost them." I've been back and forth with them since January on a variety of issues including: 1. interest being inappropriately applied to my loan while in deferment; 2. whether or not there was a gap in my employment history, and how many days constitutes a gap (per their policy even a single day counts as a gap, but per my university I am allowed a 21 day gap... and no, this information is not readily available anywhere); and 3. how many loans of mine they hold, since on their website it says 2 but in reality it's only 1. In that time they've routinely lost or ignored paperwork I've sent to the only email address they use, stopped answering my emails altogether, and been "unable to provide timeframes" for completing my requests. There's zero accountability. The CSRs provide incorrect information regularly and there is never anything to be done about it because as a borrower I have no information on their policies and procedures. Their website is also complete trash, none of my documentation on there is updated so if I didn't have this paper trail via email I'd be screwed. It occurred to me there is no way they still have my promissory note, so in the last email I sent them, again telling them my account needed their attention, I requested the promissory note. I also plan to forward everything to my representative in Congress, make another complaint with the CFPB, and if necessary get help from a lawyer. They are just the absolute worst, and if anyone else has been through this with them I feel for you so hard. [link] [comments]  |
| $80,000 student debt-student loan forgiveness program? Posted: 04 Sep 2020 05:18 AM PDT Hello everyone! I graduated law school with $80,000 debt. About 6% interest. Take the bar this September. Don't have a job lined up. I'm going into government work after the bar. Does anyone have experience with the student loan forgiveness program? Forgiveness for 10 years in gov work. Do I pay my loans aggressively when my first payment is due or make the lowest payment required if I do the program? [link] [comments]  |
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