I have officially saved up enough money to pay off my student loans and I am “student loan debt free”....technically Student Loans |
- I have officially saved up enough money to pay off my student loans and I am “student loan debt free”....technically
- $15+ in Private Loans Defaulted; Have Made Payments for 2 Years Straight...What Now?
- Check received from Student Loan company and not sure why...
- Student Loan - Parent Plus
- Navient is refusing to let me make payments through debit card unless I give them bank info
- Some refinancing questions
- Am I able to make to make a payment solely toward the principal with AES?
- Soemone please help me..
- Question about subsidized and unsubsidized
- What should I do?
- Quit my job
- Drowning in student debt!
- Avalanche be snowball method to pays debts? Does it matter while my loans are in forbearance because of Covid-19?
- Seeking some advice on my loans.
- Am I completely screwed?
- Help please.
- After rehabilitation, how does the new servicer determine payment amount / term / interest rate?
- Paying loan while in school
- Lawyer Solicitation
- How is this possible? Feeling lost
- Maximize subsidized loans?
- Lots of loans but going back to school... where to start????
- Will awards or grants be reduced if what I pay, when combined with my aid, will sum up to more than the semester costs?
- advisors?
| Posted: 08 Sep 2020 07:37 PM PDT I (29M) graduated with a Masters in Plastics Engineering in 2016 and started paying on my student loans in November of 2016 after the grace period ended. I made that first payment out of 120....119 left I thought to myself. I graduated with about 52k dollars in debt serviced through Great Lakes. My monthly payment was 586$ per month for the next 10 years. I felt so overwhelmed. I thought to myself there's no way I want take 10 years of this to pay this off and spend another 17k in interest during this time. I was determined to get rid of this debt as fast as possible. When I took these loans I had no real concept of what student loans were even though I had willingly taken them the last 6 years and also have a good grasp of money as well as the value of money. When I graduated I was working part time (30hrs/week) as an auto mechanic. While in graduate school I used this income to pay for my day to day expenses (classes mostly in the evening and I could schedule my work schedule around my classes each semester as I was part time). I could barely afford my minimum monthly payment as a part time auto technician. For the first few months I paid the minimum monthly payment and a couple of other payments with nothing else left over at the end of the month. During this time I was fortunate enough to live with my parents "rent free as long as I was in school or paying for school". I created a budget to see my money coming in and going back out to know if I had anything left to buy something that week. March 2017 I take a plastics engineering job 2.5 hours away from home and move into an apartment. Surprisingly I was hired as hourly and started to put every little bit of OT towards my loans each month. This was the first time i had a "real" full time income. I was able to pay my student loans, rent, truck payment and save for a house. I started to become obsessed with getting rid of this debt. I had 10 seperate loans under one account with great lakes. By this time I was determined to pay the least amount of money as possible over the remaining life of the loan and put any extra money I have onto the loan with the highest interest rate. This was the avalanche method. A lot of people need the emotional momentum gained by starting with the smallest principle balance loan as done with the snowball method. This way they feel the joy from squashing that first small loan. But the interest saved using the avalanche method kept me motivated. I can tell you when I killed that first high interest loan I was ecstatic and overwhelmed with a feeling of accomplishment and the feeling that I can do this. There was a eureka moment for me a few years ago when I thought of something that almost seemed to good to be true. I thought "what if I switch my student loans to extended graduated payment" and this way my minimum monthly payment will become very small. I can then put even more extra money towards my principle payment. I finally found a post on this sub that had someone asking the same question. I decided to switch my loans to extended graduated and this brought my minimum monthly payment to 190 a month. An extra 400$ each month towards principal. Also it gives you the flexibility that if you enter a hardship you are only responsible for 190 each month instead of 586. The downside is that if you become complacent with the lower payment of 190 and decide to only pay 190 you will pay a lot more in interest and extend to a 25 year loan term. This only saves you money if you continue to pay the same amount as your old payment. Before COVID-19 hit I was on track to pay off my student loans in September or October 2020. When the deferment (student loan pause) with no interest until September 30 happened I decided not to pay my student loans and just put that same monthly payment aside. My student loans were on pause not gaining interest and I felt more secure with the money in my account not knowing the outcome of this pandemic. So tonight I have saved exactly enough money to pay off my student loans. But I will wait until December 30 as the student loan pause was extended until the end of the year. Right before the deferment ends I will pay off my loans officially and be truly student loan debt free. The biggest thing that I wish I had done would have been to pay off the unsubsidized interest before it capitalized into my principle balance at the end of the grace period. At the time I didn't realize exactly what was happening and didn't think too much of it. But I wish I paid off the interest before it capitalized at end of the grace period. Also I didn't have enough money at the time to pay off this interest that had accrued. I wish I had paid a portion of it off. The other thing I wish I had done sooner was to switch my loan to extended graduated for 25 years so that I could reduce my payment obligation and take the extra money available in each payment to apply this towards the principle. I wish I had thought of this sooner. I have been a long time lurker of this sub and wanted to share my experience, thoughts and advice. And I also wanted to let any one reading this know that you can do it. You will get there. [link] [comments]  |
| $15+ in Private Loans Defaulted; Have Made Payments for 2 Years Straight...What Now? Posted: 08 Sep 2020 09:39 AM PDT I've got two private loans, once serviced by Navient, that went into default. It became a "Charged Off" status on my credit. This was two years ago. Since then, I made regular, set amount, and auto-scheduled payments on the two loans. However, my credit hasn't changed on this. Asset Recovery (the new servicer?) has informed me that the status won't change unless the loan is settled or paid off. My question is - What do I do? My credit is constantly being killed by this even though I'm making on-time perfect payments. The statute of limitations in my state is 5 years. It will be a long time until this is paid off given my financial situation. Can this get any worse if I no longer pay? What are the pros and cons? Title Edit: $15 thousand, not fifteen dollars. >.< [link] [comments]  |
| Check received from Student Loan company and not sure why... Posted: 08 Sep 2020 02:42 PM PDT So, last week I received a letter from a student loan company that I finished paying off last year. Attached was a fairly sizable check along with the following explanation: "Due to a processing delay, your loan did not enter repayment when it should have. As a result, the amount of accrued interest that was capitalized and added to your principal balance was higher than it should have been". Does anyone know what this means? It all seems legit so I'm going to deposit the check soon, just not sure why this money is coming back. Additional info:
EDIT: Just realized that I have received the exact same letter/check from this company before, just for a much smaller amount last time. Not really worried about the legitimacy of the letter, just looking for clarification on the reason they gave for the credit [link] [comments]  |
| Posted: 08 Sep 2020 04:11 PM PDT Looking for advice. Wife and I are expecting our first kid come this January. Super stoked. However, I have a significant amount of debt, mostly from a parent plus loan. Roughly 100K. Yeah, I know, my mistake. Currently working as a banker. Any advice, hints, tips 🙇🏽👀 [link] [comments]  |
| Navient is refusing to let me make payments through debit card unless I give them bank info Posted: 09 Sep 2020 01:54 AM PDT They have been consistently lying over the phone that payments have not gone through. I collected the evidence through my bank. Basically their play is to force me into a default so that they can get out of the low-payment plan I had on my charged off loan. Bank denied receiving any payments. They also made some other mistakes like calling my relatives and discussing my loans with them (Illegal). Is there any way for me to force a payment on them without sharing bank info and without spending hours on certified mail along with extra cash? I asked them for an account number to do a bill pay through bank but they told me to call back tomorrow. I honestly want to get a lawyer but idk how long and expensive that process would be. These people already had me waive my right to a trial by jury via the promissory notes. [link] [comments]  |
| Posted: 08 Sep 2020 08:27 AM PDT Last year I consolidated 119k in student loans to 5.44% APR with a minimum monthly of 992.11. I pay 2k a month towards my loans. I created a spreadsheet that takes in interest (with my autopay discount of .25%), the days between payments to calc the interest payment, my monthly payment and calculates my total. It's a little off and I'm not quite sure why but it's about 98% accurate (estimated balance is off by $60 this month on ~101k). Based on that and estimated increases in payments timed with my regular raises has me paying the loans off in October 2024. Here's my where I need some help. My credit score has skyrocketed in the past year to ~750, and interest rates seem to be pretty low these days. I looked into my rates if I refinanced and so far I've got some pretty enticing offers. 4.07% 4.21% 3.88% 4.59% What I'm not sure about here is what I should prioritize. Typically you'd expect the interest rate to be the most important factor so by that logic I should just go with the 3.88% and it's even less than I'm already paying monthly. But something I'm a little confused on, and maybe I'm overcomplicating it in my head, is how my aggressive payment style factors in. Since I'm having all my excess payment go directly towards principal, would it be better to prioritize a lower minimum monthly? For instance in the case of the 648.37 a month I'd be paying 1350+ a month towards principal directly. I know to some extent this is counterbalanced by the higher interest rate but I can't tell to what extent. Is there a calculator I can use to find out which of these is the best balance of minimum monthly to interest rate? I just want the offer that allows me to bring the end date of my student loan payments as close as possible. When I got a raise this year I took my 1800 a month and added the entirety of my monthly raise to it to get up to 2k a month. I pretty much plan on doing this until they're gone. If anyone has any insight, tools or thoughts that would paint me a clearer picture or clear up some of my confusion it would be greatly appreciated! [link] [comments]  |
| Am I able to make to make a payment solely toward the principal with AES? Posted: 08 Sep 2020 08:21 PM PDT I've been looking online and on the app, but I haven't found this option. The only option I've found is to pay individual loans, so I've been targeting the loans with higher interest rates. Just curious if anyone's done this with AES. [link] [comments]  |
| Posted: 08 Sep 2020 11:56 PM PDT Am from India and am planning to go US Ihave chosen a university and it have expenses of 40k per year my course is 3 years They told to show financial proof. My bank will give 60k of sudent loan and thats all I have and am planning to give the rest of the money by a partime job and my parents monthly income (my parents are in india) and my 60 loan is withiut colletral....... .Is that enough to get approved?.. Please someone help mee... [link] [comments]  |
| Question about subsidized and unsubsidized Posted: 08 Sep 2020 11:49 PM PDT Hi all, So I have been out of school for a bit over 4 years and am unfortunately pretty broke shrug what's new huh. I made moves on my perkins loan (and paid it all off) but I am still on income based repayment plan for sub and unsub loans. Thankfully that's all the loans I have. My question is - is there a way to have my loans forgiven before the 20year mark? If they see I'm making little to no moves on those loans, as in my income has been so low that my payments are miniscule to none depending, can I argue that they should be forgiven? Or is that not even a thought I should have ? Like If at the 10 year mark I'm still super broke , do I have a chance? Or do they just kind of say hey too bad? Lol "we'll hold on till you eventually start making money" Thanks! [link] [comments]  |
| Posted: 08 Sep 2020 10:38 PM PDT I graduate undergrad this upcoming spring and I will have about $36,000 in federal loans. Interest rates ranging from 3-6%. I currently work part time, about 15 hours a week but that doesn't bring it much money since it's min wage. I was working full time hourly this summer, plus unemployment, so I was put in a very good spot and was able to put a reasonable amount into savings. My question is whether I should start paying my loans off? Or atleast just make payments on the interest ive accrued on the unsub loans? I've made about $2k in payments over my undergrad career but not much besides that. My grace period starts next May and will obviously end in November, and I haven't even tried to find any full time big girl jobs since I haven't graduated yet. Not sure what I will be making after graduation but hopefully something more than my current amount of loans. For background, I've never had a salary job since I've always been fulltime in school. I do not have any retirement savings because I was never offered the option with my jobs. I live with my mom and put $2-600 a month towards rent (depending on how much i made that month) but besides that I don't have much expenses. I'm also getting a double major in Graphic and Industrial Design, with a minor in computer science but I have no idea what to expect job wise once I'm out of college, I'm kind of hoping to just get any job really. [link] [comments]  |
| Posted: 08 Sep 2020 10:05 PM PDT I work full time at a daycare job I started two months ago. It's driving me insane. We take the kids other daycares kick out, I have zero experience, I was hired as an assistant but I'm by myself half the day or sometimes the whole day, everyone keeps quitting so it only makes things more difficult. I started applying to jobs last week and have sent in like 10 apps. I'm confident I'll get a new job relatively soon but I don't think I can continue at my job I am being really crabby. I'm in school full time and am considering taking out $5,500 fed direct sub loan to financially hold me over till I get a new job. That's about 3 or more months of bills. Which should be plenty of time to have a new source of income. Am I stupid? Is this not that bad? I need advice. I'm getting my bachelors in HR and minor in general business. No student loans or debt thus far except for my car loan (8k left). [link] [comments]  |
| Posted: 08 Sep 2020 09:37 PM PDT I owe 36000 on a private loan and I can barely afford rent and basic expenses. Are there any options to make lower payments and be put on a longer plan? I don't know what to do anymore. I pay as much as I can but they want 430 a month and I'm making barely above minimum wage. Just felt like I needed to vent and wanted some advice if anyone wants to. Thanks for your time [link] [comments]  |
| Posted: 08 Sep 2020 08:26 AM PDT I have been paying back my student loans using the avalanche method (highest interest rate first), which should be the fastest way to pay them off and the method that results in me paying the least interest in the end. But with my loans in forbearance because of Covid 19 all the interest rates are 0 % so interest isn't accumulating weather I pay or not. So does it matter anymore which loan I pay off first? I've been paying all I can afford every month to the loan that would have the highest interest rate (if it weren't for Covid). Because that's what I was doing before the loans went into forbearance. But I am not sure this is the best method right now considering all my interest rates are 0 through dec 31st 2020. So until interest rates are back....Should I be paying off the smallest amount loan first until that balance is zero and then start on the second lowest and so on? (Like snowball?) Or should I be focusing on the largest loan. My largest loan has one of the lowest interest rates of all my loans. but because I owe so much on it the minimum I can pay and not have interest accrue is more than the mount I would have to pay on any of the other loans to prevent interest from accruing. so should I focus now on paying off the largest so that when interest rates go back to normal in 2021 I'll have to pay less interest on the larger loan in the end? [link] [comments]  |
| Seeking some advice on my loans. Posted: 08 Sep 2020 02:22 PM PDT Hello all!! First time poster here, so I truly apologize if I break any local rules/customs! I was hoping some of you could offer advice to a borrower who is in the home buying process and interested in loan consolidation. Some background info: I currently hold about $145k in student loans. They are all Direct Stafford or Direct Student Loan Plus (both unsub), split between between my undergrad and grad degrees (about 2 year separation between schools). My most recent loans from grad school are in grace until December. I was extremely lucky and found work post-graduation with a state agency, and I have submitted forms for PLSF and filed for IDR (my career will be in public service) though I've made no payments yet. I am in the process of trying to purchase my first home. Speaking with loan officers, I realized that I need to be on IDR w/ low monthly payments to qualify for any decent loan. After applying for IDR, however, FedLoan Servicing informed me that (1) I cannot continue my IDR application because my loans are in grace, and (2) there is no way to waive this grace period. Looking online, it appears I can consolidate my loans to leave the grace period and begin my IDR approval process, though I don't know if this is the best option? This whole process has been exhausting and frustrating. I just don't know enough about the pros and cons of potential actions. I'm worried about making a decision that would put me in more of hole. Please, if any of you can offer insight/guidance/experience, I would be so appreciative. Please feel free to ask any questions if you might need more info about my situation. [link] [comments]  |
| Posted: 08 Sep 2020 08:01 PM PDT I will have 80k in private loans and my salary will be 50K tops. Any tips are helpful. They only thing keeping me from ending it all is the fact that I have a co-signer and they would have to deal with this. [link] [comments]  |
| Posted: 08 Sep 2020 12:25 PM PDT My school has told me I will not be able to receive any financial aid through them which also means no student loans through them. I've tried sallie Mae as it is the only 3rd party loan source my school accepts. I was of course denied. I tried two different co-signer and guess what. Denied. I need some advice. Any will help. I'm almost to the point of having to drop out (again) because I'm not going to be able to afford my tuition payments. When I started school this semester I had to the money saved up to pay for it. With an unexpected expense of $2000 hitting me last week all that money is gone. Has anybody else been in a similar situation and was able to get approved? [link] [comments]  |
| After rehabilitation, how does the new servicer determine payment amount / term / interest rate? Posted: 08 Sep 2020 07:56 PM PDT I have searched online, but all I get are articles on how the rehabilitation payment amount is figured out. My loans are in default, had wage garnishment until CARES put that on hold. Collection agency called and asked if I would like to try rehabilitation, which actually might work now. Total for principal + interest is like $40k. They sent me an offer with a rehabilitation payment I can afford. My question is: how do I figure out what my payment will look like with the new servicer once the loan is out of rehabilitation? Like it would be just my luck that I would get all the way through the rehabilitation process and it falls apart with the new servicer because I don't get a workable payment. How do I get some idea of what the new servicer payment amount will be before going into the rehabilitation program? [link] [comments]  |
| Posted: 08 Sep 2020 08:21 AM PDT I'm planning on attending grad school Spring 2021, but continue to work full time. I have very little savings so I know I'm going to need to take out a loan. I've looked around online at information, and it looks like if I try to pay the loan while still in school it will automatically go to the interest and not the principal. Some of the articles mention to just call to try to get payments towards the principal instead. Has anyone had success with this? Is it worth to try paying the student loan while attending classes? I'm super lucky that I didn't accumulate much debt as an undergrad so navigating loans as a grad student has felt super foreign to me/why I'm not entirely sure on the best way to go about this. Thanks so much for your patience! [link] [comments]  |
| Posted: 08 Sep 2020 02:48 PM PDT Hi, my co-signer got a letter from a lawyer soliciting his services for a so-called case filed. My loan was in collections and I had been working with the collections firm on a payment plan to the lender. Neither I nor my co-signer have received any subpoenas or letters saying we're being sued. Could this lawyer find out our case before we do? And is this common practice to send solicitations in anticipation for a lawsuit? [link] [comments]  |
| How is this possible? Feeling lost Posted: 08 Sep 2020 06:12 AM PDT I made a post a while ago about finishing my engineering degree (B.S) and I've made the decision that it's something I really want to do and I know I can. (I'm in IL, USA). I'm 23. Now the issue is cost - I have an associates of arts completed, so it doesn't really help much when it comes to transferring credits etc. with this degree, it's almost like starting over so it will take me about 3 ish years to complete the bachelors most likely. I have no family, no support system, etc. I've been on my own since high school and I work full time (make less than 40k a year). I will get some financial aid via grants - I'm classified as an independent student - but it's not much and will apply to scholarships. I know people take out student loans, and I'm fine with doing so. But it's scary going over costs - **EDIT: thanks so much to everyone who responded so far. I will be looking at a CC and in state schools. I'm still trying to figure out the loan thing because I don't want to take out a ridiculous amount, but starting back at a CC may be a good option, not sure how it works with already having an associates done but it was in another field. Looking at UIC as the transfer/main university. Does anyone have advice or suggestions? I really have no other way of paying for school and I need this degree. [link] [comments]  |
| Posted: 08 Sep 2020 02:15 PM PDT Since college is remote this year, my costs may be lower than what is offered. Would it be financially foolish to borrow the full subsidized loan amount in full to use for the following year? Since subsidized loan is capped yearly, next year's financial aid package might include in subsidized or private loans. Would borrowing funds right now to help pay next years' housing costs or whatnot be a good choice? [link] [comments]  |
| Lots of loans but going back to school... where to start???? Posted: 08 Sep 2020 02:07 PM PDT Hi everyone! I am a first-gen college student with no help/advice from parents, so I'm turning to this subreddit. I'm 22 and just graduated with my bachelors, and have ~$86,000 in debt. Around $35k of this is from sallie Mae (I know, terrible, but I was desperate to fill the gaps that I did not receive from federal aid as I did not have parents who paid toward my education... some was toward other expenses as my family has been rocked with financial troubles). I am currently enrolled in one class (only 3 credits) and am taking a gap year before applying to PA school. I know this will AT LEAST double my loans, but it is the career I am passionate about and have been working 8+ years toward achieving. Sallie Mae has reached out (more like harrassed) me to tell me my grace period ends in December, and my monthly cost will be about $600. I am getting patient care experience in a hospital (a requirement for PA school) and only make $13.44/hr and average 40 hours a week. With rent and other expenses, there is no way I can pay this. My grandma co-signed my loans, but she is not in a position to help with repayment (throwing that in because I know that will be suggested) and my parents are in worse debt than me so they are not an option either. I do not have any other family. I am totally clueless about what to do. Do I refinance? Consolidate? How would I even go about doing that? Is there a better option? I have about 1.5 years before I would matriculate into PA school, so I'm trying to figure out what to do about payments for both private and federal loans. Any advice would be greatly appreciated. The anxiety of student loans is keeping me up at night and I just want to stay afloat while I'm pursuing this EXPENSIVE dream of mine. Thanks for reading :-) [link] [comments]  |
| Posted: 08 Sep 2020 01:51 PM PDT I am receiving grants and awards at my institution. I'm also enrolled in a payment plan. If I make more payments than what will fulfill the semester costs (when I take into account the other grants and Federal Pell Grant that is, no way I can give close to full tuition, what I'm paying already is a burden), will my aid be reduced? I know that the policy at my uni, and pretty much other places as well, is that they can change these awards at any time. So my question is, what if you're making deposits even after the grants you received pretty much cover the semester costs. Will your account just show that to be used next semester, or will your deposits via the payment plan be used first? Thank you [link] [comments]  |
| Posted: 08 Sep 2020 09:45 AM PDT Has anyone ever worked with a financial advisor to help determine the best course of action for debt relief? My partner is losing their job and so my plan to pay off my gigantic student loan debt is impacted by this. I have been saving money in this 0% covid time to put towards my debt but now I will probably save it. I want someone to help me crunch the numbers when it comes to pay off VS pay the tax bomb. I've talked with 2 people in the past - one an accountant and one an advisor with my credit union and neither knew how to advise me and both made comments about the insane amount that I owe (230000). I am not looking to be scammed. I need someone that works with high debt people. Who are these people? TIA. [link] [comments]  |
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