Paid off my last student loan this week! Student Loans |
- Paid off my last student loan this week!
- Made my last payment today!!
- Sallie Mae Private loan: What should I know?
- $100k in federal loans
- Take out the max, or as little as possible?
- Forbearance and IDR
- Would using my husbands bonus to help pay down my student loans or pay off his car make the most sense?
- First unsub loan
- How can I consolidate my loans?
- Over $100,000 in student loan debt & low income while working multiple jobs
- How does getting parent plus loans work when the parent is *already* totally and permanently disabled?
- But like why did I refinance
- What do I do with my nelnet student loans during this time?
- Are schools allowed to reject the Parent PLUS loan?
- Laptop needed for college
- Repayment of Parent PLUS
- School completion date is incorrect on Nelnet website.
- Anyone else’s Federal Student Loans not showing up on Equifax / Experian / Transunion?
- Sometimes this sub confuses and depresses me
- Sigh
- HELP with study abroad
- Choosing the snowball or avalanche method while waiting on graduate school admission.
- UK Master's Loan while I am not living in the UK for Term 1
| Paid off my last student loan this week! Posted: 03 Sep 2020 06:49 PM PDT I knew I was going to pay my last loan off before the end of 2020 but I did the math and checked my budget before I decided to stop waiting & get it over with! I started with roughly $42k in student loans (undergrad then went back for an unrelated associates a few years later). I didn't start paying on them until late 2012. At the time my ex & I were divorcing and I had decided to relocate because I just accepted a job in my field making around $32k which was a nice increase. I had no savings at the time and most of my money was going toward paying my half of the mortgage for the house my soon-to-be-ex husband & I were selling since neither of us could afford it alone (it never sold; we chose to default, it foreclosed, etc.). My sister let me live with her for 10 months until I was able to get my shit together & get my own place. I paid my minimums and a little more on the highest interest rates first. I picked up a part-time job for extra income in the service industry which really helped me out. Working 2-3 nights per week bringing home an extra $100 or more in tips each night was SUPER helpful at the time, even better on the $200 nights. Currently debating if I still want to keep working my 1 shift per week at that job but it won't hurt to build my savings back up. Toward the end my payments were just under $300/month. I felt like I was probably going to be paying my SL for a while so I worked on building an emergency fund then saved for some fun things. I was able to save enough money to take two 3-week European vacations (in 2016 & 2019) and bought a used car because my previous one was going to be more expensive to fix than trade in. I rarely went out to eat, entertained myself at home/cheaply, and then moved in with my boyfriend 4 years ago saving me $400 a month. So really I could have had my student loans paid off 2-3 years ago had I not traveled. My sister told me that my student loans will always be waiting for me but my youth, experiences & ability to travel won't. Boy was she right! Considering how the past 9 months have transpired globally I don't regret traveling versus paying more on my student loans at all. [link] [comments]  |
| Posted: 03 Sep 2020 07:44 AM PDT I'm so thrilled and I feel like this sub will understand best! I graduated in 2015 with 33k in student loan debt. That's from 1 year at an in state private school, 2 years from an in state community college and 2 years at an in state university. I Paid off the only private loan for 1k immediately and started chipping away at the remainder with my $350 minimum payments. Before the pandemic, my interest took up $80-$100 of the $350 monthly payment with 6% being my highest rate. 20k paid off since the pandemic started in March with help. (See footnote at end) I've been WFH, not using gas, rarely eating out, reduced my car insurance since it sits in the driveway, combined the phone bill with SO, cancelled that expensive vacation, and living at home, rent free. I cut my expenses to the bone. It was a test on my mental health. But something to make clear, it took 3 career advancements since graduation for me to afford to pay them off aggressively. If you just graduated, please know your starting salary is not where it ends. If you fight for your worth and leave your comfort zone, you'll make more money. Thank you to my SO for pushing me to go after this job, for footing the phone bill and for making the $15k/$5k split deal with me, it really motivated me ! [link] [comments]  |
| Sallie Mae Private loan: What should I know? Posted: 03 Sep 2020 04:20 PM PDT I am taking out a private loan to help pay for school this semester (last resort, I wouldn't have done it if I didn't have to). I've taken a private loan out for my previous degree with Wells Fargo and they completely screwed me over with a 10.25% interest rate. 18 year old me didn't know any better and it took a while to pay off, but I got that paid off. This time around, I want to make a smarter choice. Sallie Mae is giving me a fixed rate of 4.5%, which is way better than my last private loan and any current rates I'm getting with competitors, but I'm nervous about taking a loan out with Sallie Mae. I think I'm mostly just nervous about their bad reputation, but it is the only place that will agree to let me take on a loan with my current co-signer. I was denied by several other competitors. Is there anything I should be aware of before taking out a private loan? I'm a first generation college student, so I would really appreciate any advice! [link] [comments]  |
| Posted: 03 Sep 2020 04:55 PM PDT Hey folks. I'm soon to graduate from law school with about $105k in federal loans ($90k law school, $5k undergrad, the rest is accumulated interest). I'm going to be working as an associate at a law firm in a midwestern city making $100k base salary (not really sure about bonuses, so I will exclude those). My wife has no loans and will be making about $65k at her new job. I was wondering what you guys think is the best way to pay off loans? I was thinking of throwing about $3k/month at them, but do you guys find that to be too aggressive at first? Would it be better to start lower ($2k/month) and put the difference towards something else like a downpayment on a house, increased retirement savings, etc.? Does anyone advocate for something more aggressive than $3k/month? [link] [comments]  |
| Take out the max, or as little as possible? Posted: 03 Sep 2020 07:00 PM PDT I don't have any resources for financial advice, and I'm really not sure what to do--every friend/family member tells me something different.. I'm going to be taking out a PLUS loan (5.3% interest rate) of a total of $60k--$30k for tuition, $30k for all the other associated expenses (books, visas, flights, living expenses, rent, etc). I've got $15k in savings, but I don't want to touch that as I'll need a safety net when I graduate. I can probably get away with taking out ~$50k this year, instead of ~$60k--$10k rent, $10k other expenses in one year. Maybe I'd dip a bit into savings, but not tremendously so. HOWEVER, half the people I talk to tell me it's better to just take out the full amount, in case I need more money after graduation or I have some kind of freak emergency. My dad's telling me it's better to have it as a backup, and return it if I don't need it once the year is over, rather than not have that extra cash if I ever need it. My choices are:
I'm leaning towards the former, as I already have a bit of savings that can last me for a period of unemployment. But my dad is really firm on me taking out as much as possible, and is calling me stupid for thinking it's better to take out less. Any thoughts? [link] [comments]  |
| Posted: 03 Sep 2020 03:37 PM PDT So I know the federal loans got extended until the end of the year. I renewed my IDR at the end of March for April before everything happened. It got approved, but my account still says I'm going to make a standard payment when the forbearance is done at the end of the year. Is it a glitch? [link] [comments]  |
| Posted: 03 Sep 2020 09:41 AM PDT I'm taking advantage of this no interest right now and planning to have my student loans down to $40,000 by 1/1/21 before the interest starts back up. I'm trying to get it paid off ASAP. My husband does not have any but he wants to use his annual bonus to help pay it down quicker so we can become debt free (he is amazing). His bonus ranges from $5-7k every year. We both have car payments totaling $605 a month and both cars will be paid off in June 2023. Once they are paid off all that money will go to my loans before we take on another car loan. I'm thinking it may make more sense if my husband uses his bonus to pay off his car this year and then I could use the extra $387 towards the monthly payment. I'm currently paying $500 a month towards my loans. Thoughts? [link] [comments]  |
| Posted: 03 Sep 2020 07:05 PM PDT So in the Spring, I pulled out a subsidized loan and was assigned GSMR as my loan servicer. This semester was the first time I've pulled out an unsub loan and it has yet to reflect on my GSMR account. On studentaid.gov, it shows half of the loan amount (presumably since half the loan was dispersed for the Fall). I've yet to see any sort of information on what my monthly payments will be nor have I been given an interest rate. So, a few questions:
Any advice or experience would be helpful. I just don't want to miss a payment. [link] [comments]  |
| How can I consolidate my loans? Posted: 03 Sep 2020 03:16 PM PDT I am currently 27 years old and I live in Massachusetts...I have been paying student loans for almost 8 years. In that time my owed amount has barely been lowered due to interest rates. I currently still owe about 14,000 and I know this is much less substantial than what others have to deal with. That being said, i would really like to consolidate and get this paid off a little sooner because at the moment it feels like I'm just running on a treadmill and the interest racks up as fast as its paid down. Any ideas for different loan types? Refinancing? I don't know much about these things and would love some advice. Thank you for giving this a read if you made it this far! [link] [comments]  |
| Over $100,000 in student loan debt & low income while working multiple jobs Posted: 03 Sep 2020 06:51 PM PDT Hello, Coming here in hopes of some helpful advice.. Long story short..... I am a (27 year old female) licensed mental health therapist in the state of NJ. I attended undergrad directly out of high school and then directly into grad school. I have been working for a few years now out of grad school (as an independent contractor as a therapist and I'm also a dancer so teaching, choreographing, performing, etc for more income). Because I am an independent contractor, my accountant writes off expenses on my taxes (which also lowers the amount I owe at the end of the tax year), so on paper I make very little ($12,000 in 2019) and my student loan balance is currently around $115,000. Because of this, I am unable to purchase a home, I am not financially able to pay off my loans any faster than I am, and I do not feel comfortable with my student loan situation. I appreciate any advice or suggestions for ways that I can help myself. Thank you in advance. *Also, a new therapist job is not an option. I am currently licensed as an LAC and have very few employment options. [link] [comments]  |
| Posted: 03 Sep 2020 12:08 PM PDT My father is totally and permanently disabled. He can get documentation from his doctor and can also submit SSD documentation. He doesn't have any parent plus loans for me yet, however, I would still qualify for them because there is a gap in my financial aid and cost of attendance. Also, it says on the website that if only one parent is disabled but both parents took out a loan, then the other has to pay it back. My mom is NOT disabled, is it possible for just my father to take out a parent plus loan so that my mother isn't responsible for it? If so, what is the timeline for forgiveness? Can my father take out a loan right now without mentioning his illness and then get forgiveness later? If he has to mention his illness, then how likely would it be to get forgiveness later based on his condition significantly worsening? He's on medication right now but intends to stop in the future because of side effects, and doing so would make his body and condition deteriorate significantly. Is there any way to take advantage of this situation? [link] [comments]  |
| Posted: 03 Sep 2020 09:34 AM PDT So this is half just maybe a vent but if anybody has anything constructive to add, I'm all ears! I have ~140k in undergrad/grad loans that I was very proud to be able to refinance back in February. Took the plunge on em once it was clear Bernie was not going to get the nomination lol. At the time it was one of the most adult moves I've ever done, fast forward to now and I am unemployed, and thankfully on unemployment (especially thankful since I was working as an independent provider!) The credit union allowed for 2 months of forbearance with interest still accruing, but now wants me back to my regular payments of 1k/month. I'm terrified to go back to work, obviously I know a lot of people are. I worked with pre-K special needs kids as an occupational therapist and believe you me as many precautions as I could possibly take, I inevitably will still get snotted on. My father is 76 with hypertension and diabetes. I cannot be the reason he gets sick. Doing teletherapy is the obvious option, but I haven't found work there yet, and all the confusion/back-and-forth with schools going virtual vs in-person hasn't made securing a teletherapy job any easier. Just kicking myself for putting the effort into paying off other debts, raising my credit score as high as possible to get this loan, to now be screwed over like this while I otherwise would have frozen interest and a deferral until the end of the year like the rest. [link] [comments]  |
| What do I do with my nelnet student loans during this time? Posted: 03 Sep 2020 09:14 AM PDT Hi, I have around 20k in student loans at ~4% interest rate from the government. Right now they're in covid forbearance so I'm not paying anything. However, I am saving whatever money I would've paid into student loans in a savings account. My idea is to have the money in case something bad happens and one month before forbearance ends, dump it all into student loans to not pay interest?? Does that make sense? Also I see that some loans have accrued interest and capitalized interest. When I dump the money into Paying off loans, I know it'll pay off the accrued interest. Is capitalized interest something I can ignore? [link] [comments]  |
| Are schools allowed to reject the Parent PLUS loan? Posted: 03 Sep 2020 08:54 AM PDT Ok so I will get straight to the point, I owe my college a little over $15000, and it is past due. In order to pay it back, I applied for the parent plus loan with my father. I am now being told by my college that the loan cannot be accepted due to federal regulations, Apparently, federal aid is not supposed to cover past balances. Also, apparently there is no government loan that will cover past balances, even if it is just last semester (spring 2020). My college said that my only options are to set up a payment plan or choose a private loan. Is this true, or am I being conned? I am desperately trying to avoid private loans, as they have a tendency to be predatory. Is there any other option for me? [link] [comments]  |
| Posted: 03 Sep 2020 01:50 PM PDT |
| Posted: 03 Sep 2020 09:17 AM PDT I'm pretty confused on all of this, so I'm expecting questions and I'll do my best to answer. I'm in repayment. Technically all in corona-deferment. Most of it is through Great Lakes in my name. Some of it is through MOHELA under my dad's name (parent PLUS). I just started working for a 501(c)(3) - a nonprofit - and I'm planning to apply for PSLF this weekend. My question is this: because my parent PLUS loan is in my dad's name, does that mean it will not be covered by PSLF? Or any kind of IDR for that matter? [link] [comments]  |
| School completion date is incorrect on Nelnet website. Posted: 03 Sep 2020 12:05 PM PDT My son is currently a junior, so is scheduled to finish school in June 2022 (fingers crossed). But we noticed that on the Nelnet student loan snapshot page it says "enrolled until 8/31/2024". Does anyone know why this might be or has seen it in their own account? Is this something that will correct itself as he continues on and applies for the remainder of federal aid? [link] [comments]  |
| Anyone else’s Federal Student Loans not showing up on Equifax / Experian / Transunion? Posted: 03 Sep 2020 11:42 AM PDT Hi everyone, So my loans are showing up in 2/3 of my credit reports. The third (equifax) does not show. My credit history drops from 10+ years to 1.5 years with them. I spoke to my federal servicer and they said they are reporting to all agencies, I need to speak to Equifax. I spoke to Equifax and they said to talk to my servicer about reporting the loans. I'm stuck, thinking about filing a CFPB Complaint at this point. Any idea or people that have had this happen to them? Thanks! [link] [comments]  |
| Sometimes this sub confuses and depresses me Posted: 03 Sep 2020 09:50 AM PDT I see a lot of success stories on here and while I'm happy for the people now living debt-free, I can't help but scoff at and/or judge their circumstances. More often than not, I feel like I see posts detailing the hard work people went through paying off their student loans, but the specifics are typically "I make 80k a year, have 20k in debt, live rent free, and my SO/parents/benefactor paid 10k of it also." (An exaggeration, but still). Again, more than happy to hear about success stories and people finally being free of student loan debt, everyone has a story to share and everyone should be thrilled about whatever amount they've paid off, but I'm curious if there are success stories for situations I consider more "normal," such as making less than 50k a year, having 150k in student loan debt, paying rent in a city like Chicago, NY, or LA, etc? [link] [comments]  |
| Posted: 03 Sep 2020 09:39 AM PDT went to a state school and graduated with 84k in loans. Idk how I have friends who went to private school with only 40k in loans for example. Did I take out too much in loans, or did those people definitely pay partially out of pocket. I'm pretty sure I paid for everything in loans. And only about 5-7k total in that balance is interest. I feel like something is wrong or I got jipped. How is my state school so expensive now that I'm looking back at it!? [link] [comments]  |
| Posted: 03 Sep 2020 08:21 AM PDT I am planning on studying abroad at Leeds University in fall 2021-spring 2022 (I am from the US). I will not be able to fully pay the total costs of tuition and housing, which will leave me around $8,000-$10,000 left. I do not know about loans or anything because I do not have to pay for school this year, so I was wondering what advice anyone had on how to pay next year's costs. I would prefer to take loans because I will only have to pay around $20,000 once I graduate college but next year will be the most expensive. [link] [comments]  |
| Choosing the snowball or avalanche method while waiting on graduate school admission. Posted: 03 Sep 2020 07:32 AM PDT For context I have 90k in federal loans and a job lined up after graduation. Right now I'm finishing my masters and applying for doctorate programs in December. My grace period ends in July of 2021. Should I put the money towards my highest interest loan or completely pay off several of the smaller loans while waiting for admission during the grace period? I know the avalanche will save money in the long run, but getting rid of smaller loans can save money by deleting minimum payments to the smaller loans. All programs I'm applying for will notify future applicants by the end of April. I'm also avoiding refinancing in case I get accepted and start school again. Hoping to make the most out of this "limbo" time, hope to get an outside perspective. [link] [comments]  |
| UK Master's Loan while I am not living in the UK for Term 1 Posted: 03 Sep 2020 06:01 AM PDT Hello everyone, I am a EU citizen and I have been accepted for a postgraduate program in UCL. However Term 1 will be taught completely online so I am not planning on living in the UK for Term 1. As a result I am wondering if I am eligible to aplly for UK Insurance Number and to open a bank account in the UK so as to get a master's loan, without living in the UK for Term 1. Thank you in advance! [link] [comments]  |
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