$90000 in Student Loan debt finally paid off!!! Student Loans |
- $90000 in Student Loan debt finally paid off!!!
- Canada Federal Student Loan $60k+ PAID off, how I did it
- How to clear federal student loan debt
- Am I eligible for this scholarship?
- I was 19 days late paying my student loan to ECSI Heartland. This is my first time being late in 3 years. Will they report it as a late payment to the 3 credit bureaus?
- Applying for a mortgage on an income-driven repayment plan
- Student Loans.
- Will I be affected negatively if I pay my student loans early?
- Question regarding student loans
- Seeking advice
- PLSF Repayment plan ?
- Advancing next payment due date without waiting for the 20th of the month
- Quick refinancing question
- Should I take out more student loans than needed to take advantage of low federal interest rates?
- Student loan simulator saying loans need to be consolidated to qualify?
- I have about $5000 in student loans. I never finished my associates degree and I cant apply for academic renewal for another year. What are my options if I choose not to go back to college? And on the other hand, what are my options if I do choose to finish the associates degree?
- I am really lost on how to apply for subsidized loans. Please help me.
- Is it true that you have to work full time to get a federal student loan?
- Student Loan for International Student
- Where can I find student loans as an international student that wants to study in the UK
| $90000 in Student Loan debt finally paid off!!! Posted: 24 Oct 2020 12:28 PM PDT I just had to share with you all because I am so unbelievably relieved. I have been a long time lurker and this community has given me solace when I was really down. Knowing I wasn't alone, knowing my incredibly high interest rates (8.5%) we're crazy and unfair. Knowing that if I just stay focused I coukd get through.. And know I'm done! I'm finally DONE!!!!!!! AHHHHH I still can't believe it!!! I left school with about $90000 in debt and had to start paying before I graduated. My Dad lost his job twice, my mother had a stroke so he was the sole breadwinner for the house and they weren't able to help. We had to consolidate and had no chance of refinancing. I was depressed, weighed down, overwhelmed. But I made my last payment yesterday and at 9pm last night I saw the $0 balance on my loan!!! I had a party, I drank, I cried, I'm still crying and laughing and.... I don't know.... I made it. I finally made it...I'm so happy. [link] [comments]  |
| Canada Federal Student Loan $60k+ PAID off, how I did it Posted: 24 Oct 2020 06:12 AM PDT Hey everyone, Today I made the final payment on my Canadian federal student loan. I'm sharing my story here as over the past few years a lot of your stories inspired me to keep going and get through what felt like financial hands around my neck strangling the life out of me. This may get long, so skip to the TL;DR at the end for the summary if you wish. Back-story Over multiple stints of post-secondary I accumulated a bit over $60k in federal loans, and roughly $15K in provincial loans. I initially graduated during the late 2000's recession and felt lucky to get a full-time job making $36k per year. During this time I made the minimum payments on my loans. In 2013 I returned to post-secondary and then entered the work-force in 2016 as a software developer making $50k. During post-secondary I worked in the summers, but not during school due to health issues. My parents helped with a bit of rent and groceries, but most living expenses and tuition were supported by student loans, some scholarships, and grants. After entering the workforce I made some financial mistakes. I purchased a motorcycle with debt and had a bit nicer apartment than I needed. I wasn't blowing money, but I lived comfortably on a few extra hundred dollars per month in fun money. In retrospect, this should have been going to my student loans. My wake-up call came when my debt was a major dividing factor in my relationship. She was debt free as her parents were able to help her financially through school. After our relationship ended I recognized that I needed to make major changes in my life or I was going to be paying off my student loan until I was in my late 30s early 40s. So how did I pay off the remaining $42k of student loan and another $5k debt in 15ish months? Initially I discovered Dave Ramsey and his no-nonsense approach really resonated with me. I immediately began snowballing my debt, beginning by paying off the remainder on my motorcycle and credit cards ($5k). This left me available to focus all my attention on my student loans. The other major change came when my employer allowed me to work remotely full-time. My family offered me a place to live for $300 per month as long as I put ALL of my remaining money into my loans. I immediately sold almost everything I owned (car, furniture, TV, etc.) to simplify my life and made the move. Over the next 14 months my take-home pay was $3400 per month, $300 for rent, $3000 for student loans, with $100 to live off of. To say I lived an unexciting life is an understatement, $100 per month to live off of is brutal. Mentally it was difficult working so hard at work, living in a small room in a basement, working full-time from that basement, being out in a rural area, having zero dating opportunities, and seeing that money come in then immediately all go out again each month. I knew however that if I just stuck with this I would eventually reach the end and here I am. This morning I made the final payment of just under $3000. I'm honestly not sure if my sanity is still intact, but honestly even just 1.5 years ago I couldn't imagine being in this position. With some help, luck, and a ton of financial discipline, I did it. I'm incredibly grateful to my family for being willing to do what they could for me. I've learned some valuable financial lessons that I'll carry with me throughout the rest of my life. Student loans suck and our education system is completely broken. The fact that our government makes money from interest on student loans turns my stomach. However if you're struggling, you can make it. Just having some sort of a plan and sticking to it, always looking for opportunities to live for less, and simplifying life helped me immensely. TL;DR I had a lot of student loan. To get rid of it I lived a shell of a life for 15 months, had some help from family to live with low rent, survived off $100 each month, and put ALL of my money into my debt. It sucked, but I'm incredibly grateful to have had the opportunity to do it. Best of luck to everyone struggling with their loans, I've always got your back in the fight for no interest, loan forgiveness etc. Thanks for reading. [link] [comments]  |
| How to clear federal student loan debt Posted: 25 Oct 2020 01:12 AM PDT Hi, My girlfriend has a federal student loan debt of $200k and it's been more than 10 yrs since she got it for her masters program and she never was able to get a stable job to pay back the loan. She was able to pay only few installments in the beginning. She got loan around $100k and all these yrs it has accumulated to bigger amount. She's still without job and I am sponsoring her for doctorate program currently which she has started in August 2020. I would really appreciate if someone can help what exactly she has to do to come out of federal loan debt as quickly as possible. She applied for bankruptcy recently and they cleared other debts but mentioned student loan cannot be cleared under bankruptcy. This's really affecting our future goals to plan anything. Thanks! [link] [comments]  |
| Am I eligible for this scholarship? Posted: 25 Oct 2020 01:06 AM PDT Looking into a scholarship that requires me to be the "primary household financial supporter" of myself and my dependents. They said dependents can include "children, spouses, partners, etc". I currently go to school, work 30 hours a week and live with my fiance (partner). My fiance does not currently work (looking for a job, recently out of the military) but does help pay about half the bills with his savings account. Since I'm the only one working does that make me eligible for this scholarship? Or because we split the bills evenly and he pays with savings he has made does that not make me eligible? [link] [comments]  |
| Posted: 24 Oct 2020 07:33 PM PDT |
| Applying for a mortgage on an income-driven repayment plan Posted: 24 Oct 2020 06:09 PM PDT Hi all, My family and I are looking to buy a home and I have about 90k in SL debt. Because of our modest income and the fact that we have 1 child, my income-driven repayment plan (IDR) payments are actually $0. These count as qualifying payments (not forbearance) toward the public service loan forgiveness (PSLF) track we are on. When we applied for a home loan, our mortgage lender said we need to have some sort of payment plan (even if it's $1 a month) to show that I am paying off this debt, however. I can't and dont want to change my IDR now. THe person on the Fedloan servicing line said I should make payments in good faith just to show that I can, and document those for the mortgage lender. What should I do? Has anyone else been in a similar situation? Thank you! [link] [comments]  |
| Posted: 24 Oct 2020 05:23 PM PDT I'm just needing someone to reassure me on my student loans. So i'm a pretty smart person in general, but since beginning college i have went through so many health issues. Anyway.. I currently am sitting on 38K in student loans. 19,000 in federal, and the rest private! I am not nearly as worried about the federal as I am the private... I have two options of what I could do if my current plan doesn't work out. I am applying to BSN schools to get my RN. my starting salary at that would be approx. 58-60k depending on how much I am willing to work. if I do not get into a rn program, I am going to take a year and get my LPN. the salary for that would approx be 48-50k depending on how much i am willing to work. in anyone's opinion will the 38k be manageable on either salary? I will be living at home and with no bills. Once i get my lpn there is a program in my state that allows you to bridge into your BSN. If i do this, I plan to pay on private loans while in the program and try to get them knocked out because I could place my federal in deferment for that time period. Opinions??? Anything helps. I am just so stressed out about it. [link] [comments]  |
| Will I be affected negatively if I pay my student loans early? Posted: 24 Oct 2020 10:45 AM PDT Hello everyone, I had a question. I want to get a low payment per month plan for my federal student loans but I am not planning on paying for 25 years. I want to be done with my student loans earlier, in about 10 years. I am choosing a low payment plan because I don't want to be thrown off if I can't pay for a higher amount with COVID and such. Will this affect me negatively in any way if I try to do this strategy? Any insight will be appreciated! [link] [comments]  |
| Question regarding student loans Posted: 24 Oct 2020 12:31 PM PDT I really don't know anything about student loans. For reference, I'm about to graduate for my bachelors with 0 in loans thanks to scholarships and living with my parents. I am interested in getting a masters degree somewhere, which means I will need to take some out. The program I'm interested in says that it would be approximately 80-90k a year including living. However, when I look at federal student loans for graduate students, the max you can get is 20000 a year. Am I missing something? After the 20000, is private loans the only option? [link] [comments]  |
| Posted: 24 Oct 2020 11:50 AM PDT I got my GED when I was 16 and went straight to a technical college for medical assistant and graduated when I was 17(I am now 20, almost 21). The whole degree and experience was a waste because my mother made me get into it because it was the easiest thing for me to get into at the time because I had to be 18 for me to originally go to school for what I wanted to. Now here I am stuck with about $12,000 in student loans, that mind you, my mother never told me she didn't pay for ever until I started getting debt collector calls. I've never used my degree and I have no plans to. I really want to go back to school for what I want to now and start my own career but I don't want to add on more debt. Are there any tips or things I can do to possibly get loan forgiveness or anything like that? [link] [comments]  |
| Posted: 24 Oct 2020 02:44 PM PDT Hi, I am wondering which plan would be best for me. I have been working in public service for over 10 years but sadly I never consolidated my loans into the eligible versions. I am consolidated now since I think I will be continuing to work in public service. I have been using the IBR this whole time. Which would be the best repayment plan to choose under PLSF? Family size 5 Consolidated load balance 21304 Spouse loan balance 34615 Combined adjusted gross income 87952 Texas [link] [comments]  |
| Advancing next payment due date without waiting for the 20th of the month Posted: 24 Oct 2020 10:53 AM PDT Hello there, I had a naive question: I have been making payments towards my loans as & when my paychecks come in. However, I have noticed that the 'payment due date' only advances if the payments are made on or after the 20th of a month. Eg. As of 10/24/2020, if my next payment due date is 12/20/2020(because I have already made my payments toward what is due on 11/20/2020), if I make any payments today it does nothing to advance the next due date to 01/20/2021 or beyond. (Of course the payments do go toward reducing the interest or principal or both). However waiting 'till 11/20/2020 and then making a payment does advance the due date to say 01/20/2021 (but not to 02/20/2021, once the monthly payment amount for 01/20/2021 has been met unless I wait 'till 12/20/2021 for making the next payment and so on). So this seems to be the case on a monthly cadence. My question is, is there any way to advance the due date each time you make early payments as opposed to needing to wait 'till the 20th of the 'next month' (and incurring the interest as you wait to make that payment)? Also, is the 20th of a month always the date beyond which payments need to be made, so as to advance the next due date? FWIW, my loan servicer is Firstmark. Not sure if that makes a difference. [link] [comments]  |
| Posted: 24 Oct 2020 02:12 PM PDT The school finance dep't got my wife set up with her current plan 10+ years ago, anything I learned then I've forgot, but I'm wondering about the costs of refinancing. I've refi'd my house twice and both times the loan costs were $2k+ IIRC, but financed by the new loan, which lowered both the monthly payments and the final total by substantially more than $2k, so it was well worth it. But that would not be the case with refinancing her student loan unless the loan fees are real low. She has a balance of a bit over $62k and is currently paying 2.125% with 16 years left. If she could get a rate of 1.9% we would save ~$1,200 over the next 16 years. Not a lot of money, negligible when spread out over that long but would be nice if could keep the payments the same and end a year sooner. Or, would loan fees eat up most of that savings? [link] [comments]  |
| Should I take out more student loans than needed to take advantage of low federal interest rates? Posted: 24 Oct 2020 01:48 PM PDT What do you guys think about taking out more federal student loans than needed to take advantage of the low interest rates? If I take out more loans now, I can take out less next year (assuming that interest rates will go back up in 2021-2022). The loan will be unsubsidized (interest accrues as soon as I take it out) so I will be paying an extra year of interest payments on it but it seems that if this loan is going to be repaid over a long period of time (say 20 years), then it makes sense to take advantage of the lower interest rate. This question may be hard to answer since we don't know what rates will be next year but I just want to make sure my reasoning makes sense. I'm using a generic loan calculator to estimate the total cost of the two options: taking out extra loans (say 8K) a year early at 4.3% vs just taking it out a year later when I need it at higher rate (guessing around 6%). Thoughts? [link] [comments]  |
| Student loan simulator saying loans need to be consolidated to qualify? Posted: 24 Oct 2020 06:44 AM PDT I'm trying to run simulations for various tax filing and income scenarios on the loan simulator at studentaid.gov. My wife has a high student loan burden and was on track for PSLF, but has decided to stay home with our young children for the last couple years and probably will continue to do so for a while, so I'm starting to think it may be better to look into one of the non-PSLF forgiveness options. When I run the numbers through the simulator while logged into her account (direct import of her loans), the simulator typically pops up a result saying something along the lines of "To qualify for this plan, you'll need to consolidate these XX loans." This includes when choosing IBR, which is the plan she's currently on and has been on the entire time. All her loans are direct Stafford or Grad PLUS loans, taken out between ~8/2010 and ~12/2013, so it seems to me she should qualify for IBR or PAYE based on that. Is the simulator bugged, or is there something I'm missing about why she would need to now consolidate after several years of making IBR payments? Is this something to do with the COVID forbearance that will fix itself after that ends? [link] [comments]  |
| Posted: 24 Oct 2020 11:53 AM PDT |
| I am really lost on how to apply for subsidized loans. Please help me. Posted: 24 Oct 2020 11:47 AM PDT Okay so I am currently in community college and I have 7,000 dollars in student loan debt, I have already applied for 3 loans. 2 was unsubsidized loans and 1 was subsidized. I currently owe 3,335 dollars for this semester. I'm on the federal loan website and it is only giving me an option to apply for a Direct PLUS loan .. and it says that it's intended for graduate students. I'm an undergraduate student so I don't think that would be a good option plus it is an unsubsidized loan. how do I apply for a subsidized loan? I'm sorry for the stupid question but I have no help from my family so I am stuck doing everything on my mind and I am so lost. I remember the first time I applied for a loan it gave me the option to apply for the subsidized loan but after that it only gives me the option to apply for a direct plus loan which I don't want to apply for because of my other unsubsidized loans have an interest. I also wanted to ask if it would be a smart idea to just pay the 3,335 from this semester in cash. I have 15,800 in my savings but I was thinking maybe I should save that money for when I move out and get a car because I live in an extremely toxic household. I don't know what to do. [link] [comments]  |
| Is it true that you have to work full time to get a federal student loan? Posted: 24 Oct 2020 11:26 AM PDT I come from a fairly middle class family where they make enough for me to not qualify for any grants but aren't willing to help with school. I was very indecisive my first two years and I know that my scholarship will run out before i graduate, hence I will need a loan for a semester or two. I was told by a parent that I'd need to work full time to get a federal student loan (parent plus loan not an option as I was told already that I wouldn't get any help with that). [link] [comments]  |
| Student Loan for International Student Posted: 24 Oct 2020 09:38 AM PDT Hi Everyone, I am an international student at the US from Indonesia. I am a 3rd year student transferring from a community college to UCSD, and I am looking for a private student loan (if I'm not mistaken, foreigners can't be considered for federal aid). I did work study my first 2 years. This year has been really rough for me though. The Covid situation has led me to take a gap quarter, and it has significantly impacted my family's income. I would need the loan to help with my tuition ( I will try to cover my own personal expenses). I have a family member that could possibly be a co-signer, but it would be hard to ask them. Does anyone have any advice or recommendations to finding a private loaner? This is my first time getting into this, and I know that student loans are risky territory, so any advice will help. Thanks! [link] [comments]  |
| Where can I find student loans as an international student that wants to study in the UK Posted: 24 Oct 2020 04:25 AM PDT I'm from Nigeria and I'm planning to do my masters in the UK. I see student loan as the last resort for funding my studies but from what I've seen you can't get a loan unless you're a citizen of the UK or refugee . Is this correct? If not, where and can I still get a student loan to fund my studies? [link] [comments]  |
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