Today I paid off my student loans! Student Loans |
- Today I paid off my student loans!
- 2 Student loans from the 1970’s. Where do I begin?
- 2 years toward useless degree because of a felony. What do I need to do.
- Should i select that i am employed on my exit counseling?
- Can Someone Recommend Me a Game Plan for paying off My Student Loans?
- Why was my award lowered?
- Reminder: There is no reason to pay off loans during forbearance.
- Pay off one whole account?
- Will Federal student loans be reamortized at the end of this forbearance?
- Can I pay off a consolidated federal loan early?
- Sallie Mae is charging me $300 a month in interest alone.
- Variable vs. Fixed for Private
- Do private student loan debt settlement companies/lawfirms actually help people?
- Any help?
- Recommendations for refinance/consolidation options?
- Discount for payoff
- Do student loan debts get discharged by the government when the student commits suicide?
- Refinancing is the bane of my existence
- How will filing FASFA without tax returns affect aid I receive from colleges?
- Potential Downsides to PSLF
- help applying for maintenance
| Today I paid off my student loans! Posted: 24 Sep 2020 09:15 AM PDT Hi guys, frequent lurker first time poster. 26F for context I live with family in a LCOL area but I pay about $500-700 monthly in family's bills to help out. I graduated from undergrad in 2016 and did not have terrible SL debt in comparison to what I frequently see on this sub. I had about $18,000.00 in SL. I had been paying about $200/mo between private and federal student loans pre-covid. When COVID started (around March when "shut downs" began here) I had a realization that I did not want to continue to throw minimal amounts at my debt and be paying for the next 10 years. Thankfully, I have a stable job and my income had not suffered. I got on a budget, listened to a lot of Dave Ramsey and started attacking my private loans (balance was at the time about $5K) paid this off around June. Then, when the interested was suspended until December of the fed loans I slowed down the amount I was giving. I stopped making emotional decisions with my money and decided to attack this debt too. Today I made my final payment of $782.50 and finished paying a total of $14,386.69!! I cannot wait to get my letter in the mail from my university. Thank you all for your posts and constant motivation. It's nice to see how the everyone helps out one another and is so resourceful. Keep at it. [link] [comments]  |
| 2 Student loans from the 1970’s. Where do I begin? Posted: 25 Sep 2020 04:12 AM PDT I took out two loans for two different colleges in the 70's. Both were about $1000. I now owe $10,000 plus for each loan (give or take). The loans were bounced to so many companies I don't know where or how to begin paying them off. I think they are at collection agencies now, not sure. I'm ready to get these paid off just not sure where to start. (If this has already been asked and answered, I apologize. I did look for it.) Any and all advice and suggestions are appreciated. [link] [comments]  |
| 2 years toward useless degree because of a felony. What do I need to do. Posted: 25 Sep 2020 02:16 AM PDT I went to school for 2 years working on a degree in network security. Then I found out that because I had a theft charge on my record I can never use my degree. Why didnt the school tell me that and what can i do about it? [link] [comments]  |
| Should i select that i am employed on my exit counseling? Posted: 24 Sep 2020 08:18 PM PDT I am taking my final semester of classes and am set to graduate in the winter. I am currently filling out my exit counseling and am not sure if i should say that i am employed or not employed. I am still a student and am working part time at a minimum wage job. I dont want to lie and for them to think that i am trying to scam them or whatever when my tax forms say differently than the option that i select- but i am not like working a real adult job. Sorry if that was a dumb question i just need a quick response- thanks! [link] [comments]  |
| Can Someone Recommend Me a Game Plan for paying off My Student Loans? Posted: 24 Sep 2020 04:46 PM PDT I'm new to this, I honestly don't know what I'm doing. Can someone offer me some advice on the best route to take regarding my info? I've taken out 4 federal unsubsidized loans. They are as follows: 4 : $4,165.25 @ 4.53% 3 : $8,016.97 @ 5.05% 2: $677.61 @ 4.45% 1: $3,315.37 @ 4.45% My payments begin on January 30th 2021, and I have $8,900 in the bank right now, and I conservatively estimated it to be $13,000 by the end of 2020. How should I go about this? Edit: These loans are through a single provider, Cornerstone Student Loans. [link] [comments]  |
| Posted: 24 Sep 2020 06:50 AM PDT I'm graduating at the end of this semester. I've been qualified for $3750/ semester, but it was just audited/ prorated to about $3400 because I'm graduating in December. Financial aid at my school is just getting mad and saying "we don't calculate it," when I ask why. I'm not arguing that it's incorrect, I just want to know why graduation is lowering my award amount. [link] [comments]  |
| Reminder: There is no reason to pay off loans during forbearance. Posted: 24 Sep 2020 05:31 PM PDT Keep the money in your savings account in case of a emergency. [link] [comments]  |
| Posted: 24 Sep 2020 10:13 AM PDT I've got a pair of unsubsidized stafford loans equaling $29,045. I've been throwing money at this thing and have only seen a difference with the CARE act put into place. I realized today that this amount is actually split into two smaller loans - one ~$12,000 and the other about $17,000. I've got about $15,000 in my savings account, savings meaning a "emergency" account, I have a Roth set up. Would it be nuts to just completely pay off the smaller loan and then worry about the other one? Personal expenses aren't a huge deal and I'm able to put a bit away into my savings account each paycheck. I guess the idea of blowing that much money off at once kind of makes me dizzy but if I can do it why shouldn't I? [link] [comments]  |
| Will Federal student loans be reamortized at the end of this forbearance? Posted: 24 Sep 2020 12:33 PM PDT |
| Can I pay off a consolidated federal loan early? Posted: 24 Sep 2020 01:48 PM PDT My plan is to consolidate them, save up more money due to the extended payoff term, then throw money at it once I have a comfortable next egg set up. Is this allowed? It's through Cornerstone Student Loans if that helps. [link] [comments]  |
| Sallie Mae is charging me $300 a month in interest alone. Posted: 24 Sep 2020 10:53 AM PDT I graduated last month with a BS in Accounting. Over the course of 5 years I took out: $16,000 with fixed rate 10.875% which is up to $22,000 now $10,387 with variable rate 8% which is up to $13,000 now $2,000 with variable rate 8% $4,600 with variable rate 10.125% $3,800 with variable rate 9.125% $1,500 with fixed rate 9.875% $4,300 with variable rate 5% Another $8,000 or so in federal loans I know I'm in my grace period but $300 of interest accruing monthly is pretty bad. I make $24,000 annually as a bank teller. I haven't gotten an accounting job yet because the CPA firm I worked at sucked so I'm kind of just waiting before I jump back in to an accounting job that'll pay more. I've tried SoFi and I didn't get approved even though I have good credit. Sallie Mae doesn't refinance so I'm kind of lost on where to even begin. Any advice is appreciated!! [link] [comments]  |
| Variable vs. Fixed for Private Posted: 24 Sep 2020 12:44 PM PDT So until I really started thinking about it, I was positive I wanted fixed rate for my private loan. Thing is, rates are low right and some project them to stay this low for up to 3 years. Now to me, it sounds like I would have very low rates for the two years I'm in school + at least 1 year of repayment, and then could see about refinancing, locking in a fixed rate if they start to swing back up. Too much of a gamble? The economy's tanked right now but I know basing anything off that is a risk. That's why I originally wanted to stick with fixed. Looking for any advice, my family doesn't really have any when it comes to student loans. Background: my cosigner and I both have excellent credit, my program is a 2 year accelerated BSN, and I'm leaning towards Earnest or Ascent for the borrower. This is my first private loan. [link] [comments]  |
| Do private student loan debt settlement companies/lawfirms actually help people? Posted: 24 Sep 2020 04:08 PM PDT So, I have about 50k in student loans through Wells Fargo. They're 2 different loan accounts, one with a 7.99% fixed interest rate and the other at 11.24%. These two loans do not have a cosigner. I paid off the third Wells Fargo loan in February in the total amount of 5k. The original loan was 3.5k, but it had an 11.24% interest rate, even through I had a good credit score AND a cosigner. So far, I've paid nearly 15k over the last two years and my total debt with these loans has only gone down by 3k. My federal loans are 70k. I have no assets; nothing to my name. Luckily, the deferment for federal loans is helping me out tremendously, since I only make 34k a year now, after graduating and I have these private loans. I recently became interested in looking to settle my private student loans with Wells Fargo through a popular law firm that says they have relationships with many lenders. They state that I'd have to default on my loans, pay them a start up fee of $700, and then open what they've called a bank account (escrow account?) with them and make deposits of $700 a month, which are only about $100 more than what I have to pay Wells Fargo every month. Then, I am supposed to wait 4-6 months once I've defaulted to see IF or what settlement can be worked out in my favor. I am not guaranteed a settlement and I also run the risk of getting sued by the bank, which...jokes on them, I've got nothing but a "good" credit score, which really means nothing with the amount of student debt I have (debt to income ratio). A good credit score is the only ticket I have to renting a fairly decent apartment on my own. I'm worried about going this route because there are no guarantees, there is the possibility of getting sued and I would have to ruin the credit I've managed to maintain with no other debts to my name. I have also wanted to move out of state next summer and attend grad school once I've settled there and achieved residency. My plan to is to stay in that state and make it my permanent residence, even after grad school. Would I still be able to use federal grad student loans for grad school if I went the private debt settlement route? My quality of life is crap because of these loans and watching them ballon every quarter because of the high interest rate has really taken a toll on my mental health. I know these guys don't give a shit about anyone and that they will do whatever they can to keep people in a perpetual state of owing money. Recently, Wells Fargo screwed up my account. I called in March and asked for help because I lost my job due to the shutdown and they said they could only give me a three month forbearance. By June, I was receiving bills from them stating that I had to pay by July. I went online and set up automatic payments, which also give a .25% interest rate reduction. A few days after the due date, I noticed the money was not taken out of my account, so I made the payment manually online and called and asked why the automatic payment set up didn't work. They said, the first one didn't go through and we don't know why, but you are signed up now and it will be automatically deducted next month. The next month, the same thing happened, I made the calls, was told it would work next month. This went on every month including September. I called again this month and I finally got a representative who figured it out and said that my account was still in forbearance which meant automatic payments couldn't be set up. Why was I receiving bills for an account in forbearance and told that I had to make payments?! A glitch on their end and "it should work now". They would not adjust the rate for the .25% interest deduction I would have received. It wouldn't have made that much a difference, since after the three months forbearance granted to me beginning in March, my monthly amount due went up by $8 to account for interest. Wells Fargo hasn't worked with me on lowering my payments and most of my monthly income goes to them now anyway. I'm struggling to get by. The interest rates are astronomical and I can't refinance with other lenders because my debt to income ratio is too high. The inability to do so is just perpetuating the growing debt problem, which is why student loan settlement appeals to me. Are debt settlement companies like the one I spoke with legit and what is the likelihood I could get it settled at just 30k (which they said is most likely with payments to them of $700 over 44 months)? Has anyone else ever tried this and was it worth the hit to your credit score? Has it helped anyone or anyone you know, or has it ruined their financial life further? Is it safe to trust these companies if they have no accreditation? TLDR: Are debt settlement companies a legit way to reduce what is owed in private student loans, or has it lead to some really bad outcomes for people who go that route? Is it worth it to take the risk of getting sued and having it destroy credit? Does anyone have any personal experience with this? Thank you in advance! [link] [comments]  |
| Posted: 24 Sep 2020 11:58 AM PDT Hey guys, fellow millennial here with some student debt looking for help. So I have two private loan lenders (sallie mae, and citizens one Bank) along with my Navient federal loans. I've been making payments on both Navient and sallie mae, but , due to oversight , I forgot about citizens one Bank loan (I thought I had only signed up for sallie mae but it turns out my very first private loan was with citizens one). Any way, after missed payments they threw me into collections and now I'm kind of stuck on how to proceed forward. Before collections I had a decent credit score (700-750) now I'm at 650. I have a 99% payment rate and even the collections lady said that my credit history looks good and that this was complete oversight (which it was). So my question is, has anyone been able to get out of collections from a private SL , and if so how did they go about that? Any suggestions would be appreciated as I am struggling to find avenues to remedy this. No other loan servicer will refinance with me because I'm in collections [link] [comments]  |
| Recommendations for refinance/consolidation options? Posted: 24 Sep 2020 03:29 PM PDT Looking to refinance my student loans and consolidate both federal and private into one loan. Any recommendations on a company to go with? [link] [comments]  |
| Posted: 24 Sep 2020 10:10 AM PDT My fiancé student loan company was willing to knock off nearly 20k for a complete pay off. She owes nearly 67k. They were willing to give her a payoff of roughly 48k. We have around 24k in savings. Should we take out a personal loan to pay off the remaining 24 to get the discount or does anyone have another suggestion. Thanks in advance for your replies. [link] [comments]  |
| Do student loan debts get discharged by the government when the student commits suicide? Posted: 24 Sep 2020 12:07 PM PDT I'm from Ontario, Canada and was wondering how it all works. I've seen a lot of info on the states but not much info for Canada. I'm wondering if debt gets passed on to the parents when a student commits suicide. [link] [comments]  |
| Refinancing is the bane of my existence Posted: 24 Sep 2020 10:57 AM PDT Graduated with my MA last spring and have been trying to refinance ever since late last summer. I now make 20k more than when I first started trying to refinance, but I still get the dreaded decline for debt to income. I have around 200k in loans and they are mostly at 8% - 11% interest which is crushing me financially. I've moved back in with my parents in order to aggressively pay them in hopes of refinancing. My cosigner is my mother on my original loans but she retired before I graduated and now doesnt qualify to help with refinancing. Any suggestions are appreciated as this is beginning to consume my thoughts and plans for the future. I do continue to grow my skills and apply for jobs. In the "hiring process" for a slightly higher base pay position that is a developmental position with guaranteed future growth. [link] [comments]  |
| How will filing FASFA without tax returns affect aid I receive from colleges? Posted: 24 Sep 2020 05:16 AM PDT I am currently a high school senior planning on applying to a four year college, and so will be filling out the FASFA. My problem is that my parents refuse to file tax returns. My parents are married and file jointly, but my father never sits down to do them. I've been begging him to fill out the taxes from 2019 since April when I found out I needed them for the form, and now it's September and they have yet to do them. They have no filing extensions or valid reasons not to file. I found that I can still file for FASFA with W-2s and other tax forms, but I'm worried about how it will affect my financial aid from colleges themselves. I'm planning on applying Early Decision to my dream school, and I know that they use FASFA to calculate how much need-based and merit-aid I will receive. I'm not worried about federal aid, but if I fill out FASFA without tax returns, how will it affect private aid I receive from the college itself? Also if this question is not best suited for this subreddit, please direct me to the proper one. [link] [comments]  |
| Posted: 24 Sep 2020 08:33 AM PDT I am currently a third-year law student who has an interest in public sector work. I am working for an attorney's office with a municipal government and am hoping to continue with them or find another government job upon graduation. My academic and professional credentials are fairly good, so this feels realistic. I anticipate graduating with $150,000 in federal direct loans. I'm going to pursue PSLF, largely because those types of jobs interest me regardless of the loan incentive. I honestly hope to spend more than ten years at these types of jobs. I still have $15,000 that I can take out for my remaining two semesters. This feels somewhat like "free money" to me given my circumstances. It would help a lot with living expenses and insurance, but we most likely get by without it. I understand the risks of a career change or changes to the program, but are there other potential downsides I'm not considering? [link] [comments]  |
| Posted: 24 Sep 2020 04:03 AM PDT ive already applied for tuition, now i have decided i want maintenance...i dont see an option to do this on sfe, when i start another application it says "you already have existing applications for all years" [link] [comments]  |
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