OFFICIALLY Paid Off! Student Loans |
- OFFICIALLY Paid Off!
- $175k in loans between myself and wife. Considering consolidation & refi options on Credible
- Paying off loans , what ways are you doing it ?
- Funneling Payments to Private Loans Due to CARES Act.
- Question about grace period
- Time to face the music
- Options after exhausting all loans
- taking out a student loan to purchase a car.
- Considering refinancing or consolidating--should I wait until after the election?
- Loans for cost of living in grad school (in Europe)
- My Great Lakes said I had interest
- What happens to your loans when you die?
| Posted: 06 Sep 2020 12:34 PM PDT Long time lurker here! Believe me when I tell you, I never thought I'd be writing these words... A few minutes ago, I clicked "submit" and paid off my student loans, and I am officially debt free!! I started with $71,000 in federal loans after graduating (undergrad) in 2013. Here we are, 7 years later. All paid!! Best of luck to all of you. With discipline and budgeting, you can also be debt free! [link] [comments]  |
| $175k in loans between myself and wife. Considering consolidation & refi options on Credible Posted: 06 Sep 2020 08:26 AM PDT My wife and I took on quite a bit in student loans during college. We both have stable, well-paying jobs now. In addition to student loans we have a mortgage, 2 auto loans, and 2 credit cards. We anticipate the auto loans and credit cards will all be paid off in full by year end at which point we plan to roll those payments into our student loans. Our student loans total about $175k across federal, parent plus, and private loans. We're making the minimum payments on them (focused on other higher rate & lower balance debts), in total about $1500/mo. The weighted average interest rate is roughly 6.3%. Federal: 56k @ 5% In reviewing our options on Credible it looks like we could refi to 3-4% and $1300-2000/mo over the 10-15 yr terms, which would generate a lot of savings without changing our monthly payment by much (ignoring the fact we would aim to pay it off much earlier and save a lot more). My question is this: aside from losing out on federal benefits (ie CARES, REPAYE, etc) what else should we be considering? We obviously wouldn't refinance until after the current 0% forbearance period expires on our federal loans. What's in it for these lenders? It seems unusual or fishy to me that I can get a $175k loan unsecured at such a low rate. Are these rates and offers legit? [link] [comments]  |
| Paying off loans , what ways are you doing it ? Posted: 06 Sep 2020 05:02 PM PDT I kinda wanted to fill up the thread with something different. What ways have you been paying on your student loans ? Saving literally all of my change and rolling it Sold a few clothes and toys Sold a decent amount off produce including dandelion jelly at the farmers market Selling wool Those are a few ways things I have been doing , what about you ? Do you use any apps ? [link] [comments]  |
| Funneling Payments to Private Loans Due to CARES Act. Posted: 06 Sep 2020 08:01 AM PDT I have a high interest loan ($10.5k at 7.5%) through Firstmark Services where the interest is not being waved, unlike the interest on my federal loans ($27k at 0%), so I was thinking about funneling all the money I would be putting towards my federal loans to my private loans instead, and have my federal loans sit at the amount it is at now until the CARES act is through. I cant really afford to put any more of my income towards student loans as I am trying to save for an emergency fund and also a car. So I'm just trying to figure out the most strategic way to make payments while taking advantage of the CARES act. Any advice on this would be greatly appreciated! Thanks in advance. [link] [comments]  |
| Posted: 06 Sep 2020 01:12 PM PDT Hello! I just graduated from community college in the spring, and I'm transferring to a university and I start in a few days. There was no in enrollment, I'm going straight from one school to the next. When I checked on my loan provider's website, it said that I was in my grace period and have payments starting in January. I took out loans for my transfer school already, and I've been enrolled since June. Does anyone know if there was any paperwork I was supposed to fill out to avoid this? As well as that, my main concern is that after I graduate I will no longer have a grace period. I'm planning on calling my provider tomorrow, but I wanted to see if anyone else has had this experience and what the best way to go about fixing it would be. [link] [comments]  |
| Posted: 06 Sep 2020 10:09 AM PDT I'll try to summarize as best I can. I embarrassingly have over $75,000 from a for profit vocational college that shut down. Graduation rate was less than 5%. [link] [comments]  |
| Options after exhausting all loans Posted: 06 Sep 2020 11:10 AM PDT Hello, I am looking for any advice or information on options after exhausting all your private federal loans. My husband is wanting to go back to school and finish his bachelors degree but he used up all of his grants, loans, and private loans through like Sallie Mae when he was young. (Got caught up in the for profit schools.). I'm wondering if there is anything that can be done other than just paying in cash. We are consolidating his old loans. I know my credit isn't terrible and so that may be an option. [link] [comments]  |
| taking out a student loan to purchase a car. Posted: 06 Sep 2020 02:45 PM PDT hello, I would like some advice as I am considering purchasing a car cash using student loan funds as it is necessary for my transportation. I was thinking of getting a total of 7,200 worth as I have never taken a student loan out and it would be less than getting a direct car loan with my current credit score. I plan to make monthly payments towards the loan so that I am only left with a subsidized loan. Is this possible? Also, will this affect future grants and such because I was planning on using the grants to pay off the loan as well? [link] [comments]  |
| Considering refinancing or consolidating--should I wait until after the election? Posted: 06 Sep 2020 04:28 PM PDT Hi all, I have about $57k total between undergrad and grad school in student loans (federal). I'd like to lower my monthly payment and pay no longer than 10 years (7-8 would be great). Would you recommend waiting until after the election? I know right now it's $0 interest and I've heard on and off about if they would cut $10-20k off of student debt for everyone. I know Earnest, Sofi, Citizen's etc are great for refinancing, what about consolidating companies? Just trying to figure out the best course of action. Thanks! [link] [comments]  |
| Loans for cost of living in grad school (in Europe) Posted: 06 Sep 2020 11:17 AM PDT I'm an American pursuing a masters degree in Europe. I have a pretty good bit of money saved up, but I'll need to borrow ~$15k to get through the school year. I know there are some federal loans and such that are available specifically for the cost of living while in school, but much of what I've seen so far requires you to be enrolled at an accredited American institution (I'm at a small school in Spain). Any resources for how I could pursue an appropriate loan would be greatly appreciated! [link] [comments]  |
| My Great Lakes said I had interest Posted: 06 Sep 2020 06:08 AM PDT So I am making small monthly payments of my unsubsidized loans while I'm still in school. For months my account said $0.01 in interest every month because of the COVID 0% interest. I made a payment last month and when I looked at the details, it said I had paid money towards interest. WHAT!?!?. I had no interest and suddenly I'm paying interest. I'm upset and emailed them straight away but since it's the weekend I'm not going to hear a response until Tuesday. I have no idea why this happened but everyone else who's making payments, check to see if they made you pay interest that shouldn't exist. Hopefully when I update this, I will have answers but most importantly good news. Reedited for Mods/clarification. Edited again because Monday is a holiday and I forgot [link] [comments]  |
| What happens to your loans when you die? Posted: 06 Sep 2020 12:25 AM PDT Hello! I have $157,000 of student debt under a Parent Plus Loan and $40,000 worth of debt through Fasfa. What happens to this debt if I die? Will my mom still be stuck with the debt, or should I try and transfer it all under my name before that happens? Any advice will help, thank you for your time! [link] [comments]  |
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