Student Loans Are Wells Student Loans |
- Student Loans Are Wells
- Paid off my private loan! (Cool graph in description) Now...what to do about my Federal
- Forever in Debt. Need Advice please.
- Cant pay my student loans
- How do i know what kind of Stafford loan I have?
- MOHELA-specific help, putting $4000 on federal loans at $0 payment
- Confused about student loan forbearance and interest
- Aside from the hit to credit, is there a downside to refinancing student loans once a year?
- Annual Recertification of Income for IBR
- Didn’t enroll in school this semester nor summer due to COVID- But must complete exit counseling ?
- Hi, please tell me as much as possible about student loans.
- Did I calculate my husband’s IDR amount incorrectly?
- Refinance to variable
- STILL HAVE BALANCE
- Did my Grace period get extended?
- Anyone else still waiting for their Prodigy Finance loan to be disbursed?
- Investing or paying off student loan debt
- Fed to Private?
| Posted: 25 Sep 2020 04:38 PM PDT Dealing with student loan lawsuits is like being stuck at the bottom of a well. And at the top of the well, there is a rope, that is approximately 1 inch in length. You tell the person at the top of the well, "hey, I can't reach that rope." Then they say, "would it help if we kept it at only an inch long?" And then you say "No, I can't magically fly, if I could, I wouldn't need the rope in the first place." Then the person at the top of the well says "Okay, I hear you. What if we frayed the ends of the 1-inch rope and covered it in Vaseline?" Then you tell them "I swear on everything holy and good that I am not a bird." Then they say "what if instead of a rope it was a venomous snake, also rubbed down with Vaseline, but we add an inch. It's a 2 inch snake. With spikes, did we mention the spikes?" Then you ask them "Do people ever get out of these wells? I thought the whole point of getting in this well was so I can be in a higher position- which sounds idiotic now, but when I heard about these wells I was a kid, and I was told I had to get in this well or I'd drown. But I realize now that these wells were dug by and for the people who want to sell ropes and snakes- and the people who actually get out of these wells are exceptions to the rule. Any success the well brought them was essentially incidental. Wells are pitched as elevators to children- but are realized to be... just wells, by adults. It's a broken, disgusting lie." Then the person at the top of the wells says "Okay now the snake is on fire, does that work for you?" [link] [comments]  |
| Paid off my private loan! (Cool graph in description) Now...what to do about my Federal Posted: 25 Sep 2020 06:58 AM PDT About 7k of those payments were towards my Federal Loans. According to Sallie Mae, my original total amount of all the loans I had with them totaled $61,711 (before interest). I had it refinanced at just over 52k and then again somewhere along the way. I know 5k of that 61,711 was paid off before I even started this chart/graph, which was from a study abroad program I did before acquiring the rest of the private loans I had with Sallie Mae. I paid that 5k off sometime in 2015/16 when I sold my car and used cash savings. Like I said, the brunt of the private loans came after 2016, that were used entirely for flight training. What a relief. My minimum payment was $700+ with all three banks (I refinanced twice). With Covid effecting my job as an airline pilot, I didn't think I would pay this off before the end of the year, but I've been on-call and I picked up a side job that I work unless I've been called to fly. I've been working 6-7 days a week since July. What a difference it has made. Now, I have just $37,000 (~4%) of Federal student loans and I'm unsure if I should continue to pay down my loans or start investing more. I already contribute to my employee sponsored 401k (matches up to 4%, which I'm taking). I plan to boost my emergency fund until the end of the year, while all Fed loans are in forbearance w/ no interest, but come the New Year, I'm unsure of the route I should go. On one hand, I want to be debt free, but on the other, I'm less worried about the fed loans (they don't feel the same to me as the private loans did) and would love to start investing more of my money... [link] [comments]  |
| Forever in Debt. Need Advice please. Posted: 25 Sep 2020 07:00 PM PDT Hi Everyone. I'm new here. Long story short, I went to college for graphic design and graduated with a loan of 136k with loan payments of $1200.00 a month. I have it for 50 years and will be 75 by the time it is paid. My interest was so high, my loan was going UP despite all my payments. Thanks to a relative a few years back, they had to pay off the student loan in full using an equity line to get me a better interest rate, although it's still just as high, more is going on the principal. The loan is actually in the relatives name, however per the agreement when it was set up, I pay monthly for it. The jobs in my area and location do not pay nearly enough for me to pay off this loan. I cannot actually live or do anything aside from work to pay it. I cannot relocate to a better area unless I get a very high paying job either. I'm not sure what to do here. Iv'e looked into loan forgiveness programs (ie- working for non-profits) and am lost with how all those work and if it could help me now that my loan is converted from a student loan into an equity loan. I always accepted I would be in debt forever, however it is getting to the point I want to move out and do things in life, I just cannot afford anything due to my situation. Advice and thoughts are greatly appreciated. I'm not sure if anyone can help, but I figured it was worth a shot asking. Thank you! [link] [comments]  |
| Posted: 25 Sep 2020 09:03 PM PDT I'm a PhD student currently studying in a different country, originally from Quebec, Canada. Had to get loans in order to study and now I got ~35k of debt. Unfortunately, since studying in another country doesn't seem to count, I'm asked to start to pay back as though I had already graduated. The problem is that I'm living with very low income at the moment and can work only part time. My question is, is there a way out for me? What power does the bank have over me as I'm no longer in the country? What consequences would ensue if I can't and won't pay. I am thinking about bankruptcy since I might never move back, but in Canada you can't go bankrupted on student debts before 7 years upon graduation. Thank you for any insight or advice. [link] [comments]  |
| How do i know what kind of Stafford loan I have? Posted: 25 Sep 2020 08:21 PM PDT I go to the University of California, Riverside. Under my financial aid award letter, it just says "Federal Direct Stafford Loan" but doesn't say it's subsidized or unsubsidized. How do I know which one it is? [link] [comments]  |
| MOHELA-specific help, putting $4000 on federal loans at $0 payment Posted: 25 Sep 2020 07:48 PM PDT After Googling like crazy it sounds like MOHELA is a nightmare. I have both an unsubsidized and a subsidized federal student loan with them that is in IBR and at $0 right now, and I haven't touched it/them in a long time while I killed my private loans. So, unfortunately, they have a bit of interest outstanding (and yes, they have not been accruing more interest during the pandemic). My question is, when I go back to work, I want to throw $4000 at them. Since I have not touched them in so long and they have been at $0/month payment, can I request that $4000 to go to principal only, or will I have to wipe out the accrued interest first? I have, both at 6% interest outside of the quarantine: DL Consolidated Subsidized Loan at $16,508.58 with accrued interest of $413.01 DL Consolidated Unsubsidized Loan at $27,325.62 with accrued interest of $2,061.86 It would be nice if I could throw the $4,000 at the larger loan only, but because they are consolidated I can't do it on the site and will have to call. I just don't know if this is possible, if anybody has had success with this, and whether this has to cover the interest first or can be applied just to principal. I did also send them a secure message not to use any extra payments to advance the due date. [link] [comments]  |
| Confused about student loan forbearance and interest Posted: 25 Sep 2020 01:01 PM PDT Hey everyone, As the title states, I'm a little confused about my student loans and interest with regard to the student loan stimulus package. I have about $27,000 worth of student loans. $5,053 of that is from a direct parent plus loan I took out my freshman year, that I will pay off for my mother. $18,000 of that loan is federal loans with Nelnet. and the rest from my college. I was paying off my loans while in college and there was at least $2 worth of accrued interest with those loans and $800 accrued interest with the parent plus loan before the government lowered interest to 0%. I am reading about interest being capitalized during the forbearance but I'm not sure what that means. I've been saving money to pay off all 27k in one lump sum. I'm at 24k now. On my Nelnet account says I don't have to pay until 3/01/2021. So when the forbearance ends, will I still only owe $18,000? Will the parent plus loan only be the $5,053 or will it have been increased? If the loans are going to increase the day the forbearance is over would it be better if I just pay off all the loans in the next two months? Thank you for reading this and any help/information you can provide. [link] [comments]  |
| Aside from the hit to credit, is there a downside to refinancing student loans once a year? Posted: 25 Sep 2020 09:21 AM PDT I've been contemplating refinancing my student loans given that interest rates have been so low. I refinanced with one company last year and received a sign up bonus. Another company has offered a similar bonus so I'm considering re-financing again. Is there a downside to re-financing other than the hit to credit during the credit pulls? [link] [comments]  |
| Annual Recertification of Income for IBR Posted: 25 Sep 2020 12:23 PM PDT Question about Recertification: When I got on IBR in July 2014, I had just graduated from college and had made such little money on my recent tax return that I had $0 payments due for the next twelve months. A month later, I started a full time job which only paid me for three months to close 2014. When I went to recertify IBR eligibility at the twelve-month anniversary in July 2015, the form asked if my income had changed substantially since my last tax filing. Of course it hadn't changed since I filed taxes in March 2015; I had been paid the same monthly salary since I took the job 9 months earlier. However, as the tax return filed in March 2015 only included income from 2014, I again was eligible for $0 payments for another 12 months. It was not until the next anniversary in 2016 that I finally had a full year on the job to formulate an actual monthly payment. Has anyone else been in this situation, and was this the correct way to approach this? I'm especially concerned, as I'm applying for PSLF in 5 years and want a smooth process. Thanks! [link] [comments]  |
| Didn’t enroll in school this semester nor summer due to COVID- But must complete exit counseling ? Posted: 25 Sep 2020 03:58 PM PDT I know if you're not in school for 2 straight semesters you must complete this exit counseling but I'm only not in school due to COVID ( I work full time) do I have to do this ? I'm just going to join classes in spring anyway? Anybody else have this issue ? Thank you :) [link] [comments]  |
| Hi, please tell me as much as possible about student loans. Posted: 25 Sep 2020 07:28 PM PDT I need to know about student loans in order to save up for when I have to pay them, thanks! [link] [comments]  |
| Did I calculate my husband’s IDR amount incorrectly? Posted: 25 Sep 2020 03:22 PM PDT IDR Payment Amount for Married Filing Separately I'm wondering if anyone else had a similar issue to us, or can point out where I went wrong in my calculations. Here is our information -me AGI-65,000, loan balance 62,000 (PAYE) -spouse AGI-48000, loan balance 66000 (REPAYE) The student loans are all federal direct. My husband is on the REPAYE plan. I know that on REPAYE both of our incomes are considered no matter how we file taxes. I was expecting his payment to be calculated as 10% of our total discretionary income, and then multiplied by his percentage of our total loan amount. (65000+48000-17240)x.10/12=$798 total monthly payment (798)x(66000/(66000+62000))=$411 The monthly payment amount FedLoan came back with was approx that $798 figure. Was that a mistake on their part or am I missing something? Edit: I forgot to subtract 150% of the poverty level, not 100%. So that should be 25860 instead of 17240. [link] [comments]  |
| Posted: 25 Sep 2020 11:04 AM PDT I owe a large amount on a fixed rate at 3.72, with a planned pay off date in 31 months. Is it smart to refinance to 1.99 variable rate given the short amount of time? [link] [comments]  |
| Posted: 25 Sep 2020 02:32 PM PDT this is my second semester and my FAFSA just got paid but I still have a 4,000 balance, what should I do to get more money, I cant afford it. would the Direct Plan loan help me, I'm trying to avoid private loans as that will mess up my life forever. thanks [link] [comments]  |
| Did my Grace period get extended? Posted: 25 Sep 2020 11:36 AM PDT Hey guys, I just graduated this May, and graduated with 18k in Federal student loan debt. I check my Nelnet account about once a month or so since I don't have gave to make payments yet, but today I checked it and noticed something. When I last checked, it said my first payment was due January 6th, 2021. I assumed that this was because with my grace period and the no-payment/interest period. I just checked again, and now it says my first payment isn't due until March 1st. Did my Grace period get extended? I know we get 6 months after graduation to start paying, but that will be almost 10 months since my graduation. Will interest accrue over this time? [link] [comments]  |
| Anyone else still waiting for their Prodigy Finance loan to be disbursed? Posted: 25 Sep 2020 06:43 AM PDT I got a student for Fall 2020 semester from Prodigy Finance and they are taking forever to disburse the loan. At first it was supposed to have been end of September but now they are saying end of October. What are the odds they might not even disburse the loan? Especially because I haven't even signed the loan agreement yet, I only got the loan approved (bare in mind that I applied for this loan at the end of May....) Asking because I am not only paying for my education with this loan but also for my living expenses and rent. It has been a bit annoying waiting this long for the money... [link] [comments]  |
| Investing or paying off student loan debt Posted: 25 Sep 2020 06:40 AM PDT Posting on behalf of wife who Im a cosignor for on her student loans. She has $57K loans left @ 3.2% interest (refinanced from Fed loans) for next 5 years. We have about enough in savings with 3 months cushion. I max out 401k, Roth IRA and invest monthly in mutual funds. We live in HCOL area, took advantage of low rates to refinance mortgage. Since student loan interest rate is relatively low, wondering if better to continue investing in say mutual funds or pay off student loan debt. Appreciate thoughts [link] [comments]  |
| Posted: 25 Sep 2020 06:39 AM PDT I have about 46k in student loan (already consolidated). Feds let me toss them $200 a month to leave me alone but that doesn't touch the loan. I am basically paying them to keep them off my back. Would it make sense to move the loan to private and actually be able to start paying on the loan? A lot of threads on here say no but would it not make sense to start making a dent if I could? [link] [comments]  |
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