2020 Election Megathread - (All politics discussion goes here) Student Loans |
- 2020 Election Megathread - (All politics discussion goes here)
- My grandmother passed and my student loan was solely in her name
- Student Loan sold to collector can I avoid paying it
- Public Student Loan Forgiveness Program & How this impacts marriage
- I (31M) would like to go back to school. How do I go about applying for federal student loans? Am I even eligible?
- PSA: Why does the government charge interest on student loans?
- Out of Default...Can I Get Loans Again
- Forgot to IDR
- Does it make sense to take out a federal loan and invest in VFFVX instead of paying for my education in cash?
- Confused about discretionary income calculation for Parent Plus loans on ICR plan.
- Will Navient haggle / discuss settling in cash?
- My loan decreased?
- Windfall- Sources for help/advice?
- IRA Rollovers in AGI for PAYE recertification
- Can I take out a separate student loan for summer classes now?
- Where should I get my Loan
- Student Refi Rates
- My Navient loans are still charging me interest while in forbearance (FFELP loans). If i these loans to Nelent will they stop charging me interest?
- Calculating payments from discretionary income with a corporation
- My experience negotiating student loan refinance rates
- Because student loan interest is 0% due to covid, can I max out my loans so It carry’s over to next year?
| 2020 Election Megathread - (All politics discussion goes here) Posted: 13 Oct 2020 10:27 AM PDT It's that time again, when there are about a dozen new posts each day asking what each party's position is on student loan topics and asking for advice about how to manage your loans, assuming a particular candidate/party wins the Presidency/Congress. To avoid clutter and duplication, all of the following topics belong in this thread only and will be removed or locked if posted separately:
The remaining sub rules still apply, so offensive, low-effort, and non-substantive comments will still be removed, as will comments that don't relate to student loans. This is not an advocacy forum. This mega-thread will remain up at least through Nov 3rd, possibly longer. [link] [comments]  |
| My grandmother passed and my student loan was solely in her name Posted: 13 Oct 2020 02:27 PM PDT When my grandmother passed this past week, I called all of my student loan service providers: Navient, Sallie Mae, and AES Success (was formerly serviced by MEFA). For the AES Success Loan, I believe the loan was taken out solely in my grandmother's name at the time. When I log in, it says I do not have any loans with them, and I've been paying them off in her name. When I called them, they said to forward the death certificate and they will get rid of the loan. I remember at the time that I took out the loans, I could not have any more in my name due to credit concerns with having too many already so my grandmother took it out instead. If so, this would be huge. It's around $10k. HOWEVER: It's still showing up in my credit report as part of the $50k total debt I owe. [link] [comments]  |
| Student Loan sold to collector can I avoid paying it Posted: 13 Oct 2020 04:03 PM PDT I took out a student loan for $8000 dollars originally in 2011 and it went up to $25,000 with penalties and interest because I can't afford to pay it. I recently had a credit report printed and noticed my student loan was closed years ago so I assume, they sold my loan to another company. Since the original government loan was closed, do I still have to pay this? Can I negotiate it down and pay it out right? Can I claim bankruptcy now that it is no longer a federal student loan or does it maintain it's original loan status with the company that bought it? [link] [comments]  |
| Public Student Loan Forgiveness Program & How this impacts marriage Posted: 13 Oct 2020 09:23 PM PDT Hello! My partner (38m) and I (36f) live in CA, are happy and love each, and are ready to commit to each other after 4 years. It's getting to be time to get the life stuff moving. I have about $20k left in public and private student loan debt from my undergrad (I paid off 2 of 4! One paid off last month!) and he has $70k from 1 year of law school (he paid off all his undergrad!). We are both on income based repayment plans, I pay as much as I can, he pays the minimum in hopes these loans will get forgiven. He has been working at a non-profit for 12 years and has been enrolled in the Public Student Loan Forgiveness program since then. He has been enrolled in the public student loan forgiveness program since 2012 he's never had a break in service and he's never had a late payment. They changed some rules of the program so he has to start over in 2017. Coincidentally, his 20 years of making on time payments will be 2027. Pending he can get through the next 7 years of nonprofit life and this program still exists, he should technically have his loans forgiven in 2027. Meanwhile, I keep paying as much as I can and praying everyday I get some sort of break for mine. We want to get married and have a kid, and with our ages, there is a timeline. If we get married, does his opportunity for having his loans forgiven go away? Will he still be able to stay in this program? Is domestic partnership a better move- not combine our finances but still give me the opportunity to get on his insurance (which is better then mine). Or, do we just skip this all together and stay independent in the governments eyes and start our family? Student loans suck. Has anyone else been in this place? Can anyone give advice or options on what our best move is? Who do you talk to for advice about this?! I am in a networking group and we are 'too poor' for the financial advisors that I know, and none of them are well versed in the land of student loans and commitment. Help, please? Thanks in advance! [link] [comments]  |
| Posted: 13 Oct 2020 07:14 PM PDT I have around $10k left on my existing student loan. [link] [comments]  |
| PSA: Why does the government charge interest on student loans? Posted: 13 Oct 2020 12:12 PM PDT Hi everyone, I'm a PhD student who studies student loans and student debt here in the US. I made this comment in another thread, but I thought it might be helpful as a standalone post. Even though a lot of Americans have borrowed via the federal student loan programs, many of them have misconceptions about how it works. But because this is a community dedicated to student loans, I thought people might be interested in understanding a little bit more about them. I want to be clear that I'm not taking a side here, I'm just explaining how the current system works. One common misconception is that the government charges interest on student loans in order to make money. This is actually false. The government doesn't charge interest on student loans to make money like a bank does. Nor does it charge interest to fully fund the various federal student loan programs. The government charges interest on student loans for a few main reasons:
All of this is to say that the government charges interest on student loans because it costs the government money, on top of the loan amount, to lend it to you. Please note that I'm not arguing that the government should charge interest on student loans. We could absolutely pass changes to student loan policy that would prevent the government from doing this. But I think it's important that everyone understands that the government does not charge interest on student loans to make money. [link] [comments]  |
| Out of Default...Can I Get Loans Again Posted: 14 Oct 2020 12:57 AM PDT Hi, & thanks in advance for your advice. I took some stimulus funds & paid what small amount I owed in Federal loans. So, now that I am no longer in default. I'm curious with the new school I'm registering to. Will I be able to take out loans to pay for community college? I got married & once I fill out FSAFA & have to show both incomes. I won't qualify for any Pell Grants. State: Oregon Income is: less than $26k before taxes I'm going to start Pre-Nursing since I've been a ICU Tech. for 7 years. I'll pay what I can, but will need to supplement with loans. Curious when / if I can apply for FSAFA loans or do I have to wait a grace period or something. [link] [comments]  |
| Posted: 14 Oct 2020 12:09 AM PDT If you forget to re-certify under the IDR plan but continue to make payments, do the payments still count against the 20/25 year forgiveness period? [link] [comments]  |
| Posted: 13 Oct 2020 06:26 PM PDT Not sure if this is the right place to ask this since it overlaps with investments - Hi, I'm a 28 y/o going back to school for my masters (it's a night time online thing, so I can still work). My masters program costs 53K, and FAFSA is telling me I can get a $20,500 Stafford Direct Loan. I have 50K in cash (and also a Roth IRA and an individual investment account) and make enough to contribute 30K a year to my masters education. The masters is an 18 month program. I'm not super clear on the math, but it seems like even though I can pay for the whole masters degree in cash when I add in some of my salary, my profit/loss is better if I take out $20,500 from a direct stafford loan (which is running at 4.3% fixed rate) and invest my remaining cash (50K - 32,500 = $17,500) in my favorite mutual fund VFFVX (which is running at an average return of 7.68% right now). In ten years, I would pay $4,759 in interest on my student loan, but make $19,177 off my investment. Does this math make sense or am I crazy? [link] [comments]  |
| Confused about discretionary income calculation for Parent Plus loans on ICR plan. Posted: 13 Oct 2020 10:08 PM PDT On some pages it says that discretionary income is the money over poverty guidelines, whereas others it's money over 1.5 times the poverty guidelines. Which is it? [link] [comments]  |
| Will Navient haggle / discuss settling in cash? Posted: 13 Oct 2020 05:38 PM PDT I owe these felons about 11k and I've had good luck in the past buying off bad debts at around 70% cash up front. Anybody try it with Navient? [link] [comments]  |
| Posted: 13 Oct 2020 01:11 PM PDT i took out a loan in feb of 5500$. then i get disbursement of that full amount. i used part of it to pay tuition and kept the rest in my savings account up to this day. Now I check studentaid.gov website and it says this: https://cdn.discordapp.com/attachments/683775607544348683/765674654026301480/unknown.png my loan outstanding principal balance shrinked to 2700$? i didnt pay anything this year, any reason it would decrease this year? covid? i went on my loan website edfinancial through the studentaid.gov website and checked my quarterly account statements on their website and this is what is shown. ( Top part is from a statement in March. BOttom part is from statement in June and September ) https://cdn.discordapp.com/attachments/683775607544348683/765676083436585010/unknown.png anyone experience this with EdFinancial? [link] [comments]  |
| Windfall- Sources for help/advice? Posted: 13 Oct 2020 06:10 PM PDT Recently, I've found myself in a position where I could pay off a large amount of my student loan debt. I'm looking for help and ideas on finding resources to get some concrete answers regarding IBR and student loans in general. All of my loans are federal and serviced by Great Lakes, but their representatives haven't been able to provide me with a great deal of confidence. For instance, the rep said they could see I've been on IBR for 6 years total, but I took a 2 yr deferment as a student. Do all 6 years count toward IBR forgiveness? Are my loans (graduate) definitely forgiven after 20 or 25 yrs? They said they were 'pretty sure' I was on year 14 of 20 with the IDR plan I'm on. This was the extent of the help they could give me. I can pay off over half of my loan, but it's a large chunk of money, and I just want to do what's going to put me in the best position financially and for being able to afford a house, car, etc. in the future (I struggled just to get a credit card bc my debt to income ratio was too high). If it's any help, I have about 175k in fed loans at 6.8%. I'm going to be getting about 100k, leaving me with 75k to pay off, which I could more than manage on my budget and current and (hopefully) expected salary (about 70k/yr..hopefully will grow in the coming years). I know I'm extremely fortunate to be in this position with what I've long viewed as a hopeless obstacle, and I just want to make the smartest choices I can. I'd genuinely appreciate anyone's advice, resources to seek, or places to contact for advice and answers. tl;dr - Going to be getting a big check. Is it best to just put as much money as I possibly can towards my loans, or pay off some, keep cash and wait for the rest to be forgiven? Are there good resources where I can connect with people knowledgeable about student loans and how they affect your financial future? [link] [comments]  |
| IRA Rollovers in AGI for PAYE recertification Posted: 13 Oct 2020 11:02 AM PDT Hi, I rolled over my wife's Traditional IRA account to a Roth account this year. I understand that this rollover amount will be taxable since her contributions to the IRA were deducted in the year they were made. My question is, has anyone made any headway with the student loan servicers on disqualifying IRA rollover income from the discretionary income calculation for PAYE? This would seem to fall into the same bucket as a "one time bonus," which I know people have successfully excluded from the discretionary income calculation. Moving money from one retirement account to the other, on a one-time basis, has little to do with one's continuing ability to pay. The PAYE payment increase amount would be significant. Perhaps this issue will be avoided completely since we have the option to defer recertification until December 2021. I appreciate any experiences or insight. [link] [comments]  |
| Can I take out a separate student loan for summer classes now? Posted: 13 Oct 2020 02:29 PM PDT My parents took out a Parent PLUS loan for me for this year (fall and spring), however, I am behind in graduating and wanted to take summer classes to catch up. Am I able to apply for a private student loan myself for summer classes right now? Or am I not able to do that because my parents already took out a PLUS loan this year (even though it doesn't cover summer classes)? Thank you [link] [comments]  |
| Posted: 13 Oct 2020 02:22 PM PDT I have to pay my tuition soon if about $1,500 and I was thinking of getting loan for it anyone have a good bank to ask for it. I tried to ask my school and they gave me some money but is full need more to pay it off. Could someone give me some advice please. [link] [comments]  |
| Posted: 13 Oct 2020 02:17 PM PDT PSA: I just refi'd my student loans (>200k) to a fixed, 1.75% 5 year term. [link] [comments]  |
| Posted: 13 Oct 2020 01:08 PM PDT The reason I ask is because my loans at Nelnet are not charging me interest while on forbearance (Direct loans) [link] [comments]  |
| Calculating payments from discretionary income with a corporation Posted: 13 Oct 2020 10:49 AM PDT This may be a question for an accountant/lawyer but curious to know if anyone is in a similar situation before I go pay a hefty consulting fee. This is for federal student loans with IBR/PAYE. If you are an owner-employee, do business and flow money through a corporation (one that reports the income separately from your own tax return), and pay yourself a salary. Can you essentially determine your own student loan payment through your salary? E.g. I make 100,000 of self employment Income. Has anyone done this/doing this? [link] [comments]  |
| My experience negotiating student loan refinance rates Posted: 13 Oct 2020 07:42 AM PDT To start off, I have $68,049.90 in student loan debt. Currently my interest rate is over 7%. I started this process anticipating that it would be completed by the time student loan payments would resume again, otherwise I would have put this off more to take advantage of the 0% interest. The 2 rates at the top are my original offers, everything below that is a counter offer. Found out today that Laurel Road is not willing to beat SOFI's latest offer so the rate at the bottom is my best offer. I am saving $11,076.25 by not taking the original offer. Just sharing this as a reminder to not just take the first offer that comes your way. All of these rates include the auto-pay discount and are for a 20 year loan. Sofi 5.236* Laurel 5.2* Sofi 5.111 Laurel 5.081 Sofi 4.986 Laurel 4.956 Sofi 4.861 Laurel 4.831 Sofi 4.736 Laurel 4.706 Sofi 4.611 Laurel 4.6 Sofi 4.486 Laurel 4.456 Sofi 4.361 Laurel 4.331 Sofi 4.236 Laurel 4.206 Sofi 4.111 Laurel 4.1 Sofi 3.986 [link] [comments]  |
| Posted: 12 Oct 2020 09:09 PM PDT Hey guys, So next year is my last year of school. Would the loan carry over? Does this makes sense [link] [comments]  |
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