How to get financial aid when parents salary is too high but refuse to help you pay for school Student Loans |
- How to get financial aid when parents salary is too high but refuse to help you pay for school
- Thanks for all your guidance
- Class Action
- Paid off my last remaining 31K in 10 Months!
- $28,000 in student loans paid off!
- Why Is This [Sallie Mae] More Difficult Than It Needs To Be
- Advice on Getting around having a cosigner.
- Paying Sallie Mae Loans
- Thinking about debt reshuffling into mortgage/land loan - Am I crazy?
- 26 year old homeless college dropout trying to go back to college. Can i get financial aid?
- Recertification disparities?
- SOL
- Can't get out of default?
- Should I pay off student loans early in one lump sum?
- I had that nightmare again..
- Any Consolidation/Refinancing Advice?
- Private Student Loan for Off Campus Housing
- Taking out loans
- Spousal Loan Consolidation
- Student Loan Discharged in Chapter 7 Bankruptcy
- I am stupid, just how stupid is still being settled.
- Allocating excess payment to a specific loan
| How to get financial aid when parents salary is too high but refuse to help you pay for school Posted: 01 Oct 2020 05:03 PM PDT I am so stressed. I have payed every semester so far out of pocket at school with no financial aid. I made the money from nannying throughout highschool and in college. I recently lost this nannying job due to them working from home. I have just enough to pay for my spring semester it's around $5500 (I'm a commuter) but I get nothing from fafsa. My parents still claim me as a dependent I have a 4.0 GPA, but I don't know how to find merit scholarships. I am so worried for fall of next year because I have $0 and i really don't want to be in crippling debt. [link] [comments]  |
| Posted: 01 Oct 2020 09:50 PM PDT I graduated from medical school with $200,000 in loans at 6.25% and was unable to pay during residency/fellowship so that amount ballooned to $250,000. Started paying them back 2 years ago and after some refinancing I'm down to less than $150,000 at 2% interest. I know I have a ways to go but wanted to say thank you. Cheers. [link] [comments]  |
| Posted: 01 Oct 2020 09:35 AM PDT Was anyone on the call today? It totally slipped my mind and I missed most of it. I was hoping someone recorded it and can share? [link] [comments]  |
| Paid off my last remaining 31K in 10 Months! Posted: 02 Oct 2020 01:21 AM PDT Another long time lurker here. Just wanted to share my success story of paying my last remaining 31k in student loan debt in less than 10 months. I decided to refinance my 3 loan providers with NaviRefi at 5.207% where my previous interest rates ranged from 6-12% at the beginning of 2020. I got a decent raise at my Primary job as a 1st responder. On top of that, I got side jobs as security which allowed me to make substantial amounts of extra money. I was using the debt avalanche method of payments making anywhere from 2-5k extra a month. I wanted to be student loan debt free so bad, so my goal was 12 months, but did it in 10 months. The refinance allowed me 5 years, but I did it in 10 months saving me at least 4k in interest. I've been paying my student loan debts for 10 years roughly, and in addition to the last remaining 31k, I paid roughly $82,144 all together. I left college initially with 50k in debt. If I just paid the minimums and didn't refinance, I would have probably paid close to 100k and paid off in 20 years...yikes. The best mindset is to set goals, organize, and hustle your ass off. The burden is off my shoulders. Yours will be too, never give up! Attached is the image of being PAID IN FULL: Paid IN FULL [link] [comments]  |
| $28,000 in student loans paid off! Posted: 01 Oct 2020 10:38 PM PDT 24F. I spent my first year after college saving and paid just above the minimum balance all year. At the beginning of this year, I still had a little over $25,000 to go. This year, everything in my savings account at the end of each month beyond what was there at the beginning of the month went toward my student loans. (Effectively, I kept my savings level all year and everything I didn't spend went toward my loans.) My initial salary was about $50,000. I make about $65,000 now. The average interest rate on my loans was about 4.25% (before the pandemic). [link] [comments]  |
| Why Is This [Sallie Mae] More Difficult Than It Needs To Be Posted: 01 Oct 2020 12:56 PM PDT I got notice that my current rate reduction program is expiring in approximately 60 days. I just called to see if I can get a jump on this and find out what my options moving forward are going to be. I know for a fact that I'm not going to be able to repay anything more than what I am now (Covid-19 put me out of my bartending job, unemployment is barely getting me by on rent) Apparently I am unable to get any sort of advice on it because I am still currently enrolled in a rate reduction program. They said verbatim:: "You will have to wait until December 3rd, purposefully not pay your new amount due then call in 6 days to see what they can do for you." What in the heck is that all about? Why in the world cannot I not speak to anyone about figuring this out, you'd think that I'd at least be able to get a re-evaluation so we can talk about potential options. But no, because I'm already enrolled in a program they "simply cannot do that." No one had an answer for why, they beat around the bush by saying "we can't enroll you in a new program while you're already on one" yeah, no that's not what I'm asking about, I'm trying to figure out WHAT my options are for the future. Again, a simple "no" was what I received. I'm curious as to anyone else's experience with this, and how they may have handled it. Seems obvious that I'm going to have to just wait it out until that time comes, but at what cost? So I can be blind sided with an extra $700 a month and have less time to figure it out? It's a shame that the worst decision in my life was going to college. Maybe I just shouldn't pay them anymore, what would they do? Throw me in jail? So over this nightmare. Thanks for hearing me out. [link] [comments]  |
| Advice on Getting around having a cosigner. Posted: 02 Oct 2020 01:15 AM PDT I have a credit score of 750. I was not elegable for my grants this year becuase I made too much money on my gap year. I was betting on that money to help me pay for my rent. My mom doesnt have the credit score for a loan. I dont have a cosigner. Im in 16 cr hours and dont feel I can get good grades and have a job. Any advice? [link] [comments]  |
| Posted: 01 Oct 2020 11:10 AM PDT Hi I just graduated this past spring and have student loans from Sallie Mae totaling 184,000 they are deferred until 12/20 Expenses 175 a month in utilities split between my roommate and I About 150 I groceries I am currently living rent free at the moment My job pays 39,500 a year plus monthly bonuses and quarterly bonuses. I was wondering if refinancing and consolidating my loans all together was the best approach? Any advice would be greatly appreciated on how to pay them off the best way [link] [comments]  |
| Thinking about debt reshuffling into mortgage/land loan - Am I crazy? Posted: 01 Oct 2020 07:05 PM PDT Ok so hear me out. I have $130k in student loans (Down from $150k starting). I have refinanced twice this year on $86k to just under 4%. The rest is in Federal so that's all technically 0% until next year. I have enough saved up to knock out a sizeable chunk of the Federal loans if and when interest kicks back in. While this might be a super uncommon way to lower a rate, I thought it may be wise to invest in a home or land while interest rates are low and reshuffle (a portion) of my privatized loans into an asset to further lower the rate. I'm hoping for something closer to 3% or less. Some points worth further noting 1) My Debt to income ratio is below 30% 2) Credit is great Pros: Lower the rate Tax deductions for a mortgage/land loan might be better Gain an asset The land/home might turn into something that could produce incremental revenue. (i.e. Airbnb when it makes more sense) Cons: Decreased equity at the start on the asset Closing costs could make this less attractive overall The overall interest payments increase simply by taking on more debt Lastly, (obviously) the asset is 'collatorized' and held by the mortgage/ land loan itself. So if payments stop, bye bye asset. A bank/financier might not even go for it. [link] [comments]  |
| 26 year old homeless college dropout trying to go back to college. Can i get financial aid? Posted: 01 Oct 2020 11:11 AM PDT 26 year old homeless college dropout trying to go back to college. Can i get financial aid? Hi. I'm a 26 year old who lives in his car and was wondering if it would be possible to go back to college. I've been working lots of different jobs and have about 10k saved and have started applying for different colleges around me. I graduated high school back in 2012 and due to my health and just overall lack of motivation i was kicked from the college in 2015. I then attended a small community college for a year but was starting to fail there as well so just stopped going there. I have a couple questions.
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| Posted: 01 Oct 2020 12:45 PM PDT My husband's servicer (nelnet) is starting IDR recertifications no earlier than March 31, 2021 even though payments may restart in January -- and setting many people's dates significantly after that (generally a full year after their original recert. date). My servicer (Fedloan) has given everyone until the federally-mandated Dec. 31 2020 cutoff -- meaning we'll start paying my newly recertified higher rate on my loans in January, but that his will be based on the prior tax return for months longer. Is this just kindness on the part of Nelnet, or am I missing something? [link] [comments]  |
| Posted: 01 Oct 2020 09:21 AM PDT Does anyone know the statue of limitations for private student loans in Louisiana? I have 4 that were taken out in 2009 and defaulted in 2013. [link] [comments]  |
| Posted: 01 Oct 2020 07:45 PM PDT So I am an idiot and haven't paid student loans... ever. Well except for 2 repayment agreements that I defaulted on. Now I find myself in a position where I can. Not only that but I want to buy a house. I contacted the collection agency tasked with collecting this debt and she looked it up and it shows I am ineligible for any of the repayment plans. That mine is in default and will never come out of default even if I start making payments now. From what I understand this blows buying a house out of the water no matter the type of mortgage I seek. Is this true? I can not get out of default because I defaulted twice on repayment plans? Are there any appeal options I have? [link] [comments]  |
| Should I pay off student loans early in one lump sum? Posted: 01 Oct 2020 07:44 PM PDT Hi! So I am currently in my last semester of nursing school also working full time and will be graduating in December with only $7534 of loans including interest. I will have more than enough in my savings to cover this and have some left for 4 and a half months of emergency/living expenses after, assuming I pay in December. I also still plan to be working full time up through December and until I find a nursing job (which pays good money where I live). Are there any cons to paying this off in one lump sum that maybe I'm not seeing? I have a large amount in my savings I think relative to my age (23), and was wondering if getting into any investing as I aggressively pay it off over the course of a couple months would be worth more than paying it as one lump sum in December. Thank you for your time! [link] [comments]  |
| Posted: 01 Oct 2020 06:11 AM PDT I was back in college and everything was so nice. I saw my friends again, zipped through my assignments, saw my dorm mate. I looked up at the sky and saw a gigantic counter. It was counting how much money I owe and it was up to $200,000 and counting. I was trying to focus on how nice things were and I was building my future but I kept looking at it going higher and higher. Slowly my environment kept changing and I was getting locked out of buildings by disgruntled staff saying my payment was due this week. All of it. Overwhelming panic as I tried to get through what classes I wasn't kicked out of, my friends wouldn't speak to me as they were too busy with their full schedule of classes that they'd brag about mom and dad being able to pay for. The counter kept going up. It felt so real, I'm hyperventilating now. All I wanted was to be better and get my education. I usually black out around this time, and finally wake up. I'm reminded I can NEVER go back to school to get a different degree. I can't afford it (I personally owe $80k, after 13 years of already paying $800 a month). Anyone else get this? [link] [comments]  |
| Any Consolidation/Refinancing Advice? Posted: 01 Oct 2020 06:22 PM PDT I graduated from college back in May and my first repayment for my loans is in mid-December. My loans are with Sallie Mae and I need help trying to consolidate them into one payment. Anyone have any advice on what to do? [link] [comments]  |
| Private Student Loan for Off Campus Housing Posted: 01 Oct 2020 04:38 PM PDT Do student loans cover off campus housing during the summers when I'm not taking classes? Also, will I need a lengthy credit history to sign off on a private student loan? I will not have a cosigner, but I got a credit card in June and should get a credit score around December/January. [link] [comments]  |
| Posted: 01 Oct 2020 12:34 PM PDT I was wondering if I could take out more unsubsidized student loans for next semester. I need a new computer for university but I already took out unsubsidized federal loans for the cost of my tuition for 2020-2021 only. I don't have any living expenses because I live at home so I just covered tuition. Can I accept an additional loan amount to cover more costs after I rejected the rest of the loans I was offered? [link] [comments]  |
| Posted: 01 Oct 2020 12:28 PM PDT Anybody have any success getting these horrible spousal consolidation loans refinanced into separate loans? I was told unequivocally that they could not be "consolidated" into two separate Direct Loans but I understand SOME lenders are willing to refinance them. Sure would be nice if the Joint Consolidation Loan Separation Act (H.R. 2728) passes, but not looking good. [link] [comments]  |
| Student Loan Discharged in Chapter 7 Bankruptcy Posted: 30 Sep 2020 10:43 PM PDT Hi everybody, for context, I applied for Chapter 7 Bankruptcy in April and received my notice of discharge on September 2nd. Included in my bankruptcy petition were non-secured loans, credit cards, bank dues, federal student loans, and a private "student loan" refinance loan. This student loan refinance loan totaled to 20 k. This loan, for loan purposes, was classified as an "EDUCATION LOAN", just like all my other federal student loans. And per the loan provider's admission, was a "student loan'" for all purposes. All credit reports and credit-checking services also classified this loan as a student loan. And so naturally I went into this bankruptcy thinking that this loan would NOT have gotten discharged (because student loans RARELY ever do), and that I would still have to repay it monthly. However, all notices leave me to believe that the account has been discharged. On September 9, a week after my discharge notice, ALL my credit reports listed this student account as: "CLOSED" and "Debt included or discharged through bankruptcy". And on September 22nd, the rest of my credit-checking services also reported the account as closed. Could this have been a mistake on the court's end? Should I just leave it alone and hope it stays "closed"? Was this a mistake on the court's part? Do I just need to wait? From all my research, this seems almost impossible unless I had pursued further "undue hardship" litigation, which I did not bother with. So what's going on? I'm confused, happy, and nervous all at the same time. Any correspondence or help would greatly be appreciated. Thank you! [link] [comments]  |
| I am stupid, just how stupid is still being settled. Posted: 01 Oct 2020 08:18 AM PDT So, this is going to be long, but I would really appreciate some perspective as this has sent me into a mental health crises tailspin and I had to get an emergency Xanax prescription just to be functional. In 2000 I started college. As a first gen college student no one in my family knew what was going on, so I used what federal aid was offered and my dad co-signed on private loans. After finishing undergrad and an MA I was at about 40-50k private and 40k fed. I was living with my SO, who had dropped out of college and didn't want to move because the university was in his hometown (I actually suspect he failed out, but the result is the same). So, I took a low paying finance job to pay the minimum on my loans. The private was $526 and the fed was not a lot because I didn't make a lot. Fast forward a few years later, I get a job back at the university, not making a lot more, but enough to make things a little more comfortable. Five years in I decide to take advantage of the tuition remission to get a second MA in a much more useful field than my first. In the midst of all of this I must have lost my mind. I maxed out my fed loan for the four regular semesters I was back in school. I had a couple grand in fees to pay each semester, on top of books and a laptop I needed to get through, and I didn't take out anything for summer semesters, but still had to pay those fees and books. So I know where part of the money went, but not enough of it. In the midst of all of this SO and I were having some problems so I got a cheap studio apartment. But, I was still spending almost all my time at his house and contributing quite a bit to purchases for the house (like buying a new couch when his dog shredded a second one and we didn't have anywhere to sit). Two years after starting the MA I got into a PhD program a few hours away. I let the apartment go, move my permanent address back to my SO's because that's where I was living over breaks and when I came home. Week before finals the first semester he calls and says he doesn't think he can so this anymore and he's changing the locks and I can't come in to get my stuff without him being present. For the first four semesters in my PhD program I've taken out the max award offered. My tuition is covered and I get a stipend, but it isn't much and has to cover my fees, school insurance (which is out of control), books and living expenses. So, I didn't feel to upset about taking that money out. Until, this semester and went to look at my FinAid awards and it was only about $600. I went to the fed loan dashboard and my balance has ballooned to 126k. For some reason I had it in my head that for most of the fed loans I already had five years PSLF from my previous university work and would be paid off in my first five years of teaching. But, something in the back of my head was telling me to check again. Sure enough, I have it reversed. About 40k will be forgiven in five years and the rest five years after that. I am so angry and disappointed with myself. I knew better. I live in mortal dread that my family, or anyone else is going to find out about this. The eruption from my parents will be felt on instruments across the country. So I've been keeping it all inside, which I'm sure is making it worse. I do have a plan. First, make sure everything federal goes back into and income based plan. I'm never paying off that whole amount so why throw money at it. Second, snowball my private loans. They're all the same servicer and I figure putting extra every month toward the lowest balance one will get it knocked out quicker, then I can do the same to the next smallest one and so on. I'll keep paying the same amount, but more and more of it will go to principle. On standard repayment it will take seven years. I'm hoping this timeline shortens it considerably. Third, I'm going into education anyway, so the plan is to leave the fed on minimum. In five years part of it will be gone, and five years after that the rest will be taken care of. This all sounds reasonable, but I'm still a wreck. I know if my parents find out the eruptions are going to be epic and terrifying. They won't want to hear about a plan, they'll just know I'm a dumbass and that is that. So, I haven't told anyone but my therapist and I'm carrying this around with no one to talk to. Other than my parents (or anyone) finding it out is the fear that this and and my fed loan hanging over my head is going to keep me from getting a car loan, a mortgage, or even a decent apartment. My credit score is 830, and I'm not going to be looking at buying a house until the private loans are paid off to lower my DTI. But, is this massive albatross of a student loan balance going to prevent me from having a life for the next ten year? Like I said, I'm not in a good place mentally and would appreciate some input/suggestions/encouragement. [link] [comments]  |
| Allocating excess payment to a specific loan Posted: 01 Oct 2020 06:47 AM PDT Great Lakes is my student loan provider. My loans are broken down into two accounts: Graduate PLUS Loans and Stafford Loans. I plan on paying off my Graduate PLUS Loans before the COVID waiver ends. I have 4 different loans under the Stafford Loans account, with each loan having a different interest rate. If I want to use the avalanche method to pay these 4 loans off, is there a way to specify which loan I want to direct any additional money to? Because these loans fall under the same account, the payment is listed as "Stafford Loans," and isn't broken down by the specific loan. Additionally, should I try to lower my monthly payment through a different repayment plan so that I have more money to throw at the loan with the highest interest rate? [link] [comments]  |
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