October 1st hearing Sweet v. DeVos ( department of education email) Student Loans |
- October 1st hearing Sweet v. DeVos ( department of education email)
- Strategies to manage loan stress???
- Help
- desperate need for a loan that does NOT require a cosigner
- On a 25 year pay back plan of 55,000
- How are student loan servicers paid?
- Is $40k in student loans acceptable?
- 20 Year Student Loan Mess - Need Your Advice
- How long does it take for your loan servicer to reach out to you?
- Minimize total cost paid with multiple loans
- New Article posted by Morning Brew
- Advice: received loans for spring 2020, loans retroactively revoked, large balance w school
- American student needing a loan to study in Australia in a non-FAFSA supported university
- What is going on with these creditors?
- Advice on consolidating private loans from a for profit school? Kind of long...
| October 1st hearing Sweet v. DeVos ( department of education email) Posted: 23 Sep 2020 09:55 AM PDT Many of us just received the email about the october first hearing . If you intend to speak at the hearing, please know you only have 90 SECONDS to speak. That's 1 minute and 30 seconds. Please post what you intend to say . I'm hoping that this particular thread will help more of us actually do the call and have our voices heard. [link] [comments]  | ||||||||||||||||||
| Strategies to manage loan stress??? Posted: 23 Sep 2020 03:45 PM PDT I find myself feeling pretty down about this a lot. I have above average student loans for a major I'm not particularly fond of, and the disappointment I have with myself for making this decision is killing me. How can I still smile and enjoy life when I know that my future is going to be forever financially crippled? Does anyone else worry that their loans will keep them from having kids, buying a house, or otherwise having a normal life? I'm learning all about different payment options and that has helped some, but I still feel a lot of existential stress. I feel as though I ruined my life at 18 years old. I hope I grow out of this regret, but if anyone has advice or strategies that they use to manage their stress on this issue, I'm all ears :) [link] [comments]  | ||||||||||||||||||
| Posted: 23 Sep 2020 09:26 PM PDT I took summer classes thinking that financial aid would cover it but it only covered a portion of it. I have one semester left before I graduate and I can't schedule these classes until I pay my past due amount. I don't have a co-signer for a private student loan. I've applied for a few scholarships and no luck so far. Any advice would help. I'm going to school full time and working full time but with rent and car payment, I can't afford the minimum payment for school. [link] [comments]  | ||||||||||||||||||
| desperate need for a loan that does NOT require a cosigner Posted: 23 Sep 2020 04:49 PM PDT I know I might be SOL, but I am so desperate rn. Im at risk of being kicked out by 10/15 because I have nearly 10k left for my tuition debt. ive been having a lot of issues this entire year with college finances, even though I am a child to a low income single mother who owns no property and my efc was $0.00, I received pretty much no aid. I call fafsa and my school pretty much daily now and I receive nothing helpful. if anyone knows how I could see why fafsa gave me nothing that'd be great. to save money im living at home this semester so even tho my costs have been zero for food, transportation, and housing, I have my tuition payment that is holding me back. I also only needed to spend $90 on textbooks this entire semester so overall it sounds like I have a pretty cheap year so I shouldn't have this problem. for this semester, I received 2.5k for a gpa based scholarship, I have a 750 federal work study, 1750 fed unsub loan, and a 1k fed sub loan. I am willing to use absolutely any loan provider this semester no matter the apr or interest as I am hoping next semester I will receive more aid, so im willing to take the financial L this semester. ive qualified for loans from places like discover, but the same thing that has barred me from every single provider is a cosigner. my mom cant be my cosigner due to low income and poor credit, which is also the reason why I cant do a parent plus loan, but none of my family members who would qualify are willing. im sure I sound very financially illiterate but none of this is due to something like poor investments or something like that, just bad family circumstances. I am a first year but I managed to start as a sophomore bc of ap credit so I really dont wanna drop out since I only need to pay for 3 years instead of 4. but basically im asking for names of loan providers that will not need a cosigner. discover, Sallie Mae, earnest, citizens bank, and some credit unions all said no w/out the cosigner. ik this is a lot I typed but I am so stressed and idk what info about my situation could possibly help. yes im aware that this is a lot of money, and yes im aware since I have no credit history that's part of the need for a cosigner, I managed to get into a good school and all of the cheaper options near where I live are insanely poor quality. if there's any info I can provide that could help please just let me know [link] [comments]  | ||||||||||||||||||
| On a 25 year pay back plan of 55,000 Posted: 23 Sep 2020 04:46 PM PDT Under the assumption that I obtained employment a month after graduation, how much would monthly payments be for the student loan and would a mortgage loan of 250,000 from a bank be too much of a stretch to add to the equation in the banks eyes? [link] [comments]  | ||||||||||||||||||
| How are student loan servicers paid? Posted: 23 Sep 2020 02:30 PM PDT I ask because they are a nightmare to communicate with. I've been making payments under various income-based plans (IBR, ICR, REPAYE, etc.) for the past nine years. I've never been able to get a request to change plans approved with less than two applications, but it typically takes three. They always tell me that something is wrong; I checked a box I wasn't supposed to, my signature didn't show up, it's not valid because I signed using software instead of a pen, etc. I don't have issues filling out other forms so I'm starting to wonder, do they get paid more for more applications? Or are they just a PITA for fun? [link] [comments]  | ||||||||||||||||||
| Is $40k in student loans acceptable? Posted: 23 Sep 2020 02:27 PM PDT I attend a public university and the tuition is considerably lower than other schools, but I am considering adding a computer science minor to my pre-existing major (information science) to help with employability, which will bring the total amount of my loans to $40k (a combination of federal and personal loans from my parents, which doesn't accrue interest). I can lower the amount by at least $10k if I do not add this minor, but I am concerned that the major I have picked (which I have lost interest in and do not intend to pursue as a career) is not in enough demand to easily secure employment. Meanwhile my school has one of the best computer science departments in the country, and the coursework for the minor would help significantly in developing programming skills, which appear to be quite in demand. Is this approximately $10k tradeoff (as well as an additional 2 semesters in school as a time sacrifice) worth it or would adding more loans be incredibly stupid? [link] [comments]  | ||||||||||||||||||
| 20 Year Student Loan Mess - Need Your Advice Posted: 23 Sep 2020 11:42 AM PDT Hello, Thank you for reading my post. I need your advice on how to handle my older sister's ~20 year old private student loans that have been mismanaged by my parents. BackstoryFor almost all of my life, I have been totally insulated from my family's finances. They never said anything, and I always assumed everything was fine. Money was tight sometimes, but my parents made ends meet. As I've gotten older, I've started to realize that both of my parents have no idea what they are doing when it comes to money/finance. At first, I thought my parents were committing small oversights - nothing big. But as I've become generally more aware of their lack of financial savvy, I've started to dig deeper on various fronts. Perhaps the worst thing I have found is my sister's loans. This is what I am asking for everyone's advice with. Long story short, despite going to college and graduating in 2007, and despite her trying her best, she has never gotten her career going. She has had a few jobs here or there, but they always end up being short term despite her best efforts. I love her and she does her best, but she is extremely impaired both socially and emotionally. As a result, she earns basically zero dollars per year and she's now 37. My parents have been supporting her for her whole adult life. My parents are both in their mid-70s now, and I'm starting to realize I need help figuring out what to do because if I don't figure it out now, it's going to be me taking this on. Loan DetailsMy sister has several loans from college which I have outlined below. They are private student loans with my mother as the co-signer. The original principal, in all cases, 15-20 years later, is actually lower than the current balance. Yes, my parents have been making minimum payments on almost $200k of loans for almost 20 years.
My Options, As I See ThemAt this point, my parents have paid out an incredible amount of money to the loan issuer. They have probably already paid in excess of the amount they originally borrowed. They're now at the point where both of them work 5-6 days a week and they're both in their 70s. They don't have any savings due to their myriad poor financial decisions. And my sister is making zero income to pay for this herself. Here are the options I have thought up:
Please Help Me - What Do I Do?Thanks for reading so far. I guess now, I have to just directly ask for your advice. I'm incredibly sad for how my parents handled this situation. And they feel terrible for creating such a huge financial burden that has started to affect my relationship with my sister. Please tell me what the best option is for my/my family's financial wellbeing. Should we pay the minimum amount and let them go after my sister, knowing they won't get anything? Should I put the loans in my name to refinance down to a lower rate? Can I ask the loan issuer to please have mercy on our souls? What is realistic here? Thank you so much. [link] [comments]  | ||||||||||||||||||
| How long does it take for your loan servicer to reach out to you? Posted: 23 Sep 2020 12:59 PM PDT I am currently a freshman in college, and my student loan was just disbursed today, but when will my servicer reach out to me? I want to mentally prepare myself for it because I'm a little nervous, and would appreciate all the help! Thank you so much! [link] [comments]  | ||||||||||||||||||
| Minimize total cost paid with multiple loans Posted: 23 Sep 2020 12:48 PM PDT What is the mathematically optimal way to minimize the total amount of money you pay across the life of all loans, ASSUMING you have a bit of extra cash to divvy up among your loans? Back in 2018 (and still, I guess), the consensus on the internet seemed to be that the "Avalanche" method was the best way to pay down debt. This is where you pay off loans in order of descending interest. I wrote some code in Python to see if I could do better. I wanted to answer the question - is this Avalanche method always optimal, at least in terms of minimizing the total amount of $ paid? You can see the results in a Github Repo I put together: https://github.com/paselmer/Loan_Payment_Optimizer Spoiler - IT'S NOT always the best way. Unless my code is wrong. Which is very possible. I also found this other Repo just today, but I haven't tried it out: https://github.com/One-P/loan-payment-optimizer My hope with this post is that somebody smarter (or who did more research) than me can tell me the answer and/or tell me what I did is wrong. [link] [comments]  | ||||||||||||||||||
| New Article posted by Morning Brew Posted: 23 Sep 2020 04:28 AM PDT I read this tweet and blew my lid at 7:15 in the morning. @morningbrew "Is student loan debt actually a crisis? Some facts: -About 66% of millennials don't have any student loan debt -Those who do, owe about $28,500 for a four-year degree -That can be fully paid with $181 a month over 20 years" Article Promoted By Morning Brew Sub what do you have to say about this?!? [link] [comments]  | ||||||||||||||||||
| Advice: received loans for spring 2020, loans retroactively revoked, large balance w school Posted: 23 Sep 2020 09:41 AM PDT Hello. I'm a non-traditional returning student in my 30s. I went to school out of high-school and ended up dropping out. I wanted to continue my education so I did loan rehabilitation in order to be eligible for loans. I received loans for one semester prior (spring 19) and this past semester (spring 2020), and I thought, until today, I had loans for this past semester that I would pay upon graduating. When attempting to get loans for the current semester I discovered an outstanding debt with my previous university. I paid a substantial amount out of pocket to fix that situation to get loans for this (fall) semester. Today I received a call from the business office that I had a balance from spring 2020. According to them I was not eligible for those loans, even though they went through; and the school had to return those moneys. Sounds like they found out about the default when I did and retroactively revoked the loans. So I'm not sure what to do. I wouldn't have gone to school if I couldn't get loans, I was approved and received those loans for spring 2020. I'm just now being told those loans are no good and I'm on the hook for spring 2020 tuition and the refund I received from those loans. How can this happen? I didn't do anything wrong, I was awarded financial aid and accepted. If they can retroactively revoke those loans can they be retroactively approved? I didn't know I was in default until trying to register and apply for aid for this semester, and when I discovered it I took care of it. I don't have the money to pay this balance (like I said I wouldn't have enrolled if I couldn't get aid). I contacted to office and spoke to someone who told me they need time to speak to someone higher up to find out what's going on. I feel like I'm being taken advantage of and beat down bc I made some mistakes in my 20s (even though I tried to rectify them). Any advice? Are there any advocacy groups that could help me? I feel like I'm the victim of someone else's administrative oversight. Do I have any recourse, or am I just screwed? Thanks [link] [comments]  | ||||||||||||||||||
| American student needing a loan to study in Australia in a non-FAFSA supported university Posted: 23 Sep 2020 08:30 AM PDT Hi guys. I'm looking at going to school in Australia, at a school that ends up being around $27k USD per year for tuition, and it's 3 years. I need a loan because I can't pay it up front. Especially when I'm going to be paying quite a bit just to live there too. My parents are fine with co-signing it, and I have a decent credit score with the only thing against me being my account isn't very old. FAFSA has my university listed as deferral only, so unfortunately I don't think I'm going to have any luck there. Has anyone had to get a student loan in America to then study internationally? What's some good places you recommend? I was looking at Sallie Mae because they actually have my school as an option already, but I'm so in the dark here on it all. Any advice is appreciated greatly. [link] [comments]  | ||||||||||||||||||
| What is going on with these creditors? Posted: 23 Sep 2020 06:09 AM PDT I have a private loan through Discover Student loans that I have been paying in for over 10 years. The balance hasn't gone down much if at all over that time. I have been unemployed for over 2yrs and due to a divorce haven't been able to make a payment. [link] [comments]  | ||||||||||||||||||
| Advice on consolidating private loans from a for profit school? Kind of long... Posted: 22 Sep 2020 11:23 PM PDT I went to the art institute of austin because I was young and dumb. I have 68k in private loans, primarily from sallie mae. I pay $1000/month on those loans. I bring home only $2400 a month. We (myself, my husband, our son) have to live with my grandmother in order to even survive. My husband has been a stay at home dad, so we've only been able to rely on my income. He just started work, but it's sporadic and unreliable for the time being. I'm hoping to consolidate my private loans, but I've run into some issues in the 5 years since I've graduated. I no longer have someone to be a cosigner, I am only just now making headway on repairing my credit (I'm between 639-667.) I've paid my credit cards, I've paid my collections, (all finished as of a month ago.) I should be in a better position to consolidate now. I don't have anything else I can do to make my score higher except wait and make more on time payments and such. BUT I've check with Earnest & SoFi and some other recommended lenders and I keep running into issues of them being unable/unwilling to consolidate loans that were for a for-profit school like AI. I hate that school.. The best chance I have at the moment is consolidating through wells fargo (one of my loans, worth 9k, is through them, and I bank through them.) But I still don't like WF and I'm hesitant to use them for consolidating and possibly be even more screwed in the future. I'm also hesitant to apply and possibly be denied and have a hard inquiry mark on my credit report. My question is really: Has anyone else run into consolidating or refinancing student loans that were from for profit schools? What was your luck/experience? Any input on experience of consolidating through WF? Are there other lenders that do consolidate for for-profit school loans? Given the score and income information I stated above, should I take the plunge and apply, or wait a few more months and see what happens? I'm hesitant to wait because of the lower interest rates of loans at the moment, and worry that if I wait, I might be missing out on the lower rate. I'm unsure what is the best way to proceed. Looking for thoughts. [link] [comments]  |
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