Failed med school how to move forward? Student Loans |
- Failed med school how to move forward?
- If I end up dropping my classes after my federal Student loans have been disbursed what happens?
- Can someone explain PAYE and REPAYE and whether it would be a good option for me?
- What is the incentive to pay off my loans instead of making minimum payments through PAYE or IBR until forgiveness?
- Lump Sum Payment at the End of Covid - Better before or after refinancing?
- I already have two degrees and work full time, and lots of federal debt. Can I attend a cheap online school half-time in order to get the government to pick up the interest on all my subsidized loans?
- Submitted for TPD Discharge (AHHHHHH)
- Paper? Really?!
- Navient Parent plus loan discharge (death of mother)? Can I get my money back?
- Does a Discover Student Loan go directly to my school or bank?
- Refinance with Citizens Bank?
- How does loans work? How long will it take to pay it off?
- Student loans - pay off now or keep paying for the next 12 years?
- Canadian student in debt
- Student Loan- lump sum advice
- Dual Citizenship - Bailing on Student Loans?
- Help I’m not sure if I should pay student loans while I’m in school or pay after 6 months ?
- Paying off School Loans with Business Money
| Failed med school how to move forward? Posted: 22 Sep 2020 12:40 PM PDT I failed out of medical school a couple years ago. They did let me leave school with a masters of science in biomedical which is at least some sort of consolation. I went straight into opening an urgent care with my family (Doctors) and we have grown well the past almost 2 years, but I yearn for more. I want to make more money, but feel suffocated by my debt of 250K and the fact that I do not know what I qualify for anymore. I would love to look into a sales career, but also know COVID means it is unlikely and I would also love to work as a hospital admin as well, but it seems I would have had to go to nursing school to climb the ladder. I am on IBR and trying to figure out what career to move into to try and pay off this huge amount of debt and shame. [link] [comments]  |
| If I end up dropping my classes after my federal Student loans have been disbursed what happens? Posted: 22 Sep 2020 08:33 PM PDT I enrolled in a couple classes at my local CC after my advisor at my university told me that there are a few psychology classes I can take at the CC that will fill in major requirements at my university. Good way to save money. BUT I decided to still keep my classes (two) at my university as well and my loans have already paid for my tuition. But I'm thinking I should drop them so I can finish the classes at my local CC. I don't know if this matters but I can no longer get financial aid at my CC since I've maxed the amount of units and time there. I am also already making payments on my federal student loans even though I don't have to because I am enrolled in school. Will me dropping my university classes mess up my ability of getting federal student loans for other terms? [link] [comments]  |
| Can someone explain PAYE and REPAYE and whether it would be a good option for me? Posted: 22 Sep 2020 09:17 PM PDT Currently I have $8,000 in debt of subsidized loans after completing two years of college with my last semester being Spring of 2020. I do plan to go back in the Fall of 2021 once the Covid situation hopefully ends and may want to be able to qualify for federal grants/loans in the future as well. Financially, I can pay off the $8,000 whenever. With the current no interest accumulated until January 1st, 2021 I obviously don't see a reason to pay it off yet. I realistically made $16,000 a year as a server on paper the previous two years (2018 and 2019). Covid and the unemployment situation has this totally screwed up of course. This year I've made $5,634 at work, and I'm probably going to make $300-350 or so a week until the end of the year so let's say about $10,000 working this year total. I've made $14,102 off unemployment. So, about $24,000 for the year total. These PAYE and REPAYE loans offer forgiveness and I don't really understand how they work. I also am not really sure: Does unemployment income count as Gross Income for loan repayment? It seems most logical to me to just pay the $8,000 immediately as soon as it starts accusing interest (whenever the current Covid period ends basically). However, I don't really understand these options and what exactly they mean and want to make sure I don't miss out on anything. [link] [comments]  |
| Posted: 22 Sep 2020 08:40 AM PDT This may be a stupid question but I can't find an answer anywhere. If the PAYE and IBR plans both forgive your remaining debt after x years or payments, then what incentive is there for me to pay more than minimum payments? Should I just accept I will have this debt for the next 25 years and not even attempt to pay them off completely? Looking at the total amount paid for each payment plan shows PAYE as much lower than even a 10 year fixed payment plan. What am I missing? [link] [comments]  |
| Lump Sum Payment at the End of Covid - Better before or after refinancing? Posted: 22 Sep 2020 08:03 PM PDT During Covid I've taken advantage of forbearance and have not made any payments since March. By the time January comes I'll have about 10k that's earmarked for student loan payment. If I decide to refinance around then (or whenever forbearance ultimately ends), does it make more sense to make the 10k payment to the servicer and then refinance, or refinance first and then make the payment to the lender? Ultimately, which route generally saves you in the long run? From playing around with some quotes and calculators, my guess is that you save by paying the servicer first and then refinancing, but I'm curious if this is typical. [link] [comments]  |
| Posted: 22 Sep 2020 07:50 PM PDT This is purely a thought experiment right now. I'm reading that University of the People is accredited and pretty low cost: $240 for 6 credits. That is far below what I pay in interest on my subsidized student loan debt. What if I took easy courses so there's not a huge time commitment until I've paid down enough of my balances that there's no longer a cost benefit to being enrolled half time? [link] [comments]  |
| Submitted for TPD Discharge (AHHHHHH) Posted: 22 Sep 2020 10:38 AM PDT I submitted an application for TPD Discharge from my federal student loans last week and the online status has finally changed to under review. I have not been this nervous in a really long time. I've been unable to work for over a year due to an evolving health crisis and this would be such a relief. I'm under 30 and since 2017 I have been diagnosed with MCTD, Trigeminal Neuralgia, Epilepsy, Polyneuropathy, and Ehlers-Danlos Syndrome. I had to leave my job in 2019 and move back home and I'm so scared to actually believe that there could be some respite in this mess. Any who, I'm kind of keeping this under wraps from my friends and family because I don't want them to get excited for a possible good thing so early. But it's too much to just keep to myself. The anticipation is nerve-wracking. Sending love out there to everyone who's struggling, no matter how big or small the problem may be, I hope you're triumphant! [link] [comments]  |
| Posted: 22 Sep 2020 05:52 PM PDT Just a rant - I got married last year and we filed our taxes jointly. My husband does not have students loans but I had to redo my IDR which means mailing a paper copy of our tax documents to the loan servicer, which, eh. I get having to resubmit it and all. But why paper?? I don't understand why they still can't pull my tax documents with my spouses consent or better yet let me upload the document electronically rather than mail it. It's like 12 pages!! And a special trip to the post office. Grumble grumble. [link] [comments]  |
| Navient Parent plus loan discharge (death of mother)? Can I get my money back? Posted: 22 Sep 2020 05:45 PM PDT I recently found out that I am eligible for a parent plus loan discharge due to the fact that my mom passed away a year ago. I am just now getting the loan discharged. Navient (loan servicer) automatically took payments from my moms bank account even though she was dead. Is there anyway I can get the money back that was paid to Navient this past year while she was dead? If they don't have a policy for that, would it be worth it to hire a lawyer? (I was looking at my moms bank account and it paid over $4000 to navient while she was dead.) [link] [comments]  |
| Does a Discover Student Loan go directly to my school or bank? Posted: 22 Sep 2020 04:29 PM PDT My school finally certified me for my $1000 student loan. (It's to pay for my dorms but also build my credit) Unfortunately, I'm not gonna be going to my dorms due to my classes being online. Do you think the loans will just go directly into my bank acc for myself to spend? [link] [comments]  |
| Posted: 22 Sep 2020 03:40 PM PDT Hello, currently repaying my student loans with Earnest for a little over a year now, and looking into refinancing again with Citizen's Bank as the interest rate that they are offering me is lower than my previous (5.04%). Requesting input if anyone has experienced any problems with Citizens Bank or their overall experience with them. Thanks in advance! [link] [comments]  |
| How does loans work? How long will it take to pay it off? Posted: 22 Sep 2020 11:20 AM PDT I am currently a freshman but I am planning to transfer next semester to a college closer to home to avoid taking out loans. Assuming that you get a low paying job ($30k) and you are $70k in debt, how long does it take to pay that off? I know very little on how loans work so I don't know how interests work. I was scared to take out loans since I have heard people taking decades to pay it off. People around me told me it will be worth it but I am scared that I will not end up with a job that pays well. So I was wondering how does loans work and how long does it take to pay it off? [link] [comments]  |
| Student loans - pay off now or keep paying for the next 12 years? Posted: 22 Sep 2020 06:15 AM PDT Lets just say that life changes and some of the things you think were good choices turn out to be a huge regret. I took out private student loans for $42K in 2002 for a Masters in IT. It made sense at the time, but here I am almost 19 years later, no longer working in IT, and still owing $19K on the 4.75% loan. I have paid extra on the loan when I could but not always as much as I could or should have so its still here and will be here until 2032. The monthly payment on that is $250. Currently I am self employed and my wife is employed full time and she is able to provide our health insurance and an OK salary. We have no personal debt other than my student loan. We do have a good bit in savings but we are currently renting and were planning to use the savings for a down payment on a small house sometime in the next year. I was recently gifted $10K and was wondering if it would make sense to take some money out of my 401K to just pay off the loan? It would be a huge weight off me and that extra $250 a month would be put into our savings or retirement instead. I'm just looking for pros and cons on this to help me decide. [link] [comments]  |
| Posted: 22 Sep 2020 12:39 PM PDT I am getting government student loan to pay for my tuition with less than 2% interest. After I finish my education I will have 75k student loan debt. And if all goes well and I graduate successfully and work fulltime at the field I intend to, I will be making atleast 60-65k a year maybe less after tax but I dont feel the pressure to pay off student loan fast I just dont see the point. If I can spend 12 years to pay it off then why not? Canada even gives you option to not pay it if you dont make enough or you have dependents (kids). I just dont see the point in stressing. Its low interest loan. You have option to pay off little at a time so why suffer and make big payments why not spend it on yourself? Maybe I am young and saying this cause I am stupid at money but just wanna know why people are stressed about student loans. [link] [comments]  |
| Posted: 22 Sep 2020 04:53 AM PDT My balance is at ~$59k, all on COVID deferred interest. I am in the final stages of a cash out refinance on my home, which will net ~$40k out and decrease our mortgage interest rate. I feel very fortunate to be able to put a lump sum this large on my remaining student loans, but am concerned about timing. Is there a short term, interest bearing account I can put the $40k into while my student loans are all still at 0%? If there are no further extensions, this is only a few months, but I would like that lump sum money to be accruing interest into 2021 if the COVID deferment is extended. TIA [link] [comments]  |
| Dual Citizenship - Bailing on Student Loans? Posted: 22 Sep 2020 11:31 AM PDT Just to be clear, I am not actually considering this. I have manageable student debt and a number of reasons keeping me in the US - I am just wondering out of curiosity. That being said, if I were to save up some money, pack my things, and go to the EU...could I just not pay my loans? For context, I am a US/EU (Ireland) citizen and I have no co-signers on my outstanding debt. [link] [comments]  |
| Help I’m not sure if I should pay student loans while I’m in school or pay after 6 months ? Posted: 22 Sep 2020 07:44 AM PDT I have no one at home to help me with college, my mom never went to college she didn't even go to middle school or high school. I am completely lost on what to do. Please help [link] [comments]  |
| Paying off School Loans with Business Money Posted: 22 Sep 2020 09:44 AM PDT Long Time Reddit reader, but first-time poster. I have always loved coming here for FI/RE and loan information and now its time to really find an answer for what I am trying to do. I own my own company, we are decently successful, I have extra money to pay for things as needed blah blah blah. I am a HUGE finance nerd and budgeter. Anywho the big question for me is how do I get away with paying my school loans not necessarily out of my income, but as a business expense. My bookkeepers told me that I can't "Necessarily" use business money to pay for school and would be able to expense it, so I come to you, my fellow loophole financial gurus to help me figure out the best way to tackle this feat. My loans are not bad, its a little over 50k, all the loans are with one company, and I don't necessarily have to start paying until late next year, but I wanted to get a jump on the interest loans. My initial reaction was, oh ill just use the business CC then pay that, but then when it comes down to it I can't "write off" FinEDU payments, or can I? Many of you here are probably like "just pay yourself more to cover the costs" I don't want to really go that route, when a business expense is more valuable to me as a whole, and not just oh "I take home over 100k" I pay myself really reasonably (like only 40k a year) and much of my personal expenses are handled or transferred through my company. (Gas, vehicle, insurance, amazon, internet, phones ) My mortgage I payout of my income (which I pay three times the amount due), and my additional personal bills, but my cost of living so below means that I am not even trying to flex because I just want to be FI/RE sooner rather than later, I literally just turned 30 and my goal is to be done "working hard" by 40. [link] [comments]  |
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