I am 33 years old and I finally paid off my student loans Student Loans |
- I am 33 years old and I finally paid off my student loans
- $90,317.84
- Debt and anxiety
- Student Loan Question
- Problem with switching to extended repayment plan
- What are the chances of another 0% interest extension?
- Federal loan payments during CARES act still going to interest payments
- International student in need of Student Loan
- Anyone refinance student loan with ELFI?
- Next Step for Student Loans (First-time Borrower)
- Refinancing undergrad debt prior to going to Graduate school part-time??
- I think my school is double dipping on student health insurance loans? Confused?
- Contact Immediate Credit Recovery Inc or University
- Selling sticks for student loans? Will I regret?
- Confusion: IBR or PAYE
- Private student loan refinancing options?
- Graduate Fellowship Deferment
- Student Loan Refinance Providers for Expats
- Student forgiveness BCO-consulting services legit
| I am 33 years old and I finally paid off my student loans Posted: 19 Oct 2020 12:11 PM PDT They accrued to roughly $40,000. I wasn't as vigilant as I should have been on paying these life destroying debt creators, but it's finally over. [link] [comments]  |
| Posted: 19 Oct 2020 07:36 PM PDT Not sure why this came to my mind but wanted to post in hopes that it could help someone. (As I too have reached out on this same sub about 6 years ago when I really wanted to start attacking this debt from a dark, scary place.) I graduated from college in December 2010 with $90,317.84 in debt (and a little over $100 in my checking account). I was 25, and arguably a late bloomer. I was EXTREMELY naive and didn't fully understand the hole I dug myself into. I remember calling my 'Loan Advisor' 1 year in and asking them to extend my loans out as far as I could (So I could have the lowest payment). This bought me until 2036. 2036... On loans with interest rates varying from 4.5-9.75%. We would have spaceships for cars by then and I'd still be stuck with student loans. With that in place, over the next year, I:
I was deep in the Precontemplation stage of change or what some like to call 'denial'. This lasted for yet another year, making the bare minimum payments. During this time I learned a little bit more about money and a thing called an amortization calculator. (I was a noob, to say the least) Punching my numbers into the calc and seeing the real number I had to pay off drove me even deeper into a state of frustration, anger, and luckily for me.. Drive. This is when I reached out to this sub and outlined my whole loan line by line, and rate by rate. After posting I waited, knowing that this community has seen this before and they would know how to get out of this fast. The two replies I received went along the lines of... 'You should really pay down those 9.75 ones ASAP'... Groundbreaking insights. Truthfully. It was at this point I knew I had to start building a ladder... Because no one was coming to save me. Saving myself. I luckily ended up choosing a career that allows me to freelance and work on top of work 24/7. (I acknowledge, this isn't a luxury for most) That's what I did for 6 years after that post back in 2012. After my 9-5 I would most times work even longer when I would get home. Accepting every little project that someone would pass my way. Marketing myself, managing my money, investing, negotiating, expanding my skill set, etc. None of which I learned from school, none of which I intended on ever learning, but I'm glad I did. That 90k wasn't just for a 4-year degree, it was for ownership, independence, discipline, and proving to myself I could actually accomplish a lot. Congratulations. In 2018 I paid off all my loans, I could have paid them off even sooner but was very attached to the money I saved. (This clearly had some odd side effects) And now I make more in a year than my total debt at the beginning of 2010. I guess that's a long-winded way to say... You're going to get through this and be better on the other side. Hope it helps. [link] [comments]  |
| Posted: 19 Oct 2020 10:34 PM PDT Hello this is my first time posting here. I graduated college back in 2017 and I feel like I haven't made a dent in my student loans. [link] [comments]  |
| Posted: 19 Oct 2020 08:28 PM PDT Hi everyone. A while back I sort of signed up and did pay a fee of $750 or so to consolidate or hold on the payments of my student loan to a company called National Student Alliance. I realize now that I got scammed because of lack of information on my part. The reason I am writing to you now is for an advice. I got a call today in the afternoon and a guy told me that if I paid $150USD now, they would put a hold on my repayment of a loan until 2021. I told him I will think about it and he told me that he can lower the fee to $100USD. Coincidentally, I get an email at the same time from https://studentaid.gov/ which is an official government website telling me that my password was changed. I immediately went back and updated my information and changed my password. I also saw that the government put a hold on loan repayment until 2021. So they saw my information and changed something and the official website picked it up and notified me. So what do I do? Do not pay them anything and speak directly with someone from the official organization? I do not want to fall for an obvious scam again. Been reading online a lot and came here to ask for your opinion. Many thanks by the way and please reply. [link] [comments]  |
| Problem with switching to extended repayment plan Posted: 19 Oct 2020 09:17 PM PDT I have 8 direct loans and one perkins loan. My plan was to switch my loans from the standard repayment plan to the extended fixed repayment plan. I want to do this to reduce my minimum payment on my loans and pay extra towards the highest interest loan. However, I tried to apply it told me that I need to consolidate my 8 direct loans. This would defeat the purpose of switching to this repayment plan for me. Has anyone else done what I'm trying to do or had the same experience? Also, my perkins loan is serviced by Heartland ECSI. When I log in, it says that my next payment is due on December 1st. I thought that the deferment is effective through December 2020. Does anyone happen to know why the deferment for this loan would end earlier? [link] [comments]  |
| What are the chances of another 0% interest extension? Posted: 19 Oct 2020 09:01 PM PDT What do you all think about federal loan 0% interest being extended further than 2020? [link] [comments]  |
| Federal loan payments during CARES act still going to interest payments Posted: 19 Oct 2020 08:32 PM PDT Hi all. My federal loans are managed through Nelnet. I've been making payments throughout the pandemic to pay down the principal. I've noticed interest has stopped accruing on all my federal loans (they all start with E) but still accrues on one loan that starts with "D". Regardless, I notice that sometimes not ALL of my payments on the "E" loan go directly to the principal. I would say half the time it does, and the other half the time, some of my payment still goes to the interest. Is there sometime I'm missing that explains this? Or do I need to make a (unnecessarily dreaded) phone call. Thank you! [link] [comments]  |
| International student in need of Student Loan Posted: 19 Oct 2020 02:51 PM PDT So I'm currently a senior in college graduating in December. Up to this point my tuition was paid by my parents and I but since Covid happened my mother lost her job won't be able to help out like she could. This is my final semester and I'm being threatened to be withdrawn from my last 2 classes on Nov 2nd and sent back to my home country if isn't paid. I am now it panic mode because I only was able to come up with 1/4 of the tuition. I have no other student loans and I really don't have established credit yet since I'm international. (Waiting after college to build). I will be getting my degree in IT and have 3 job offers already so at this point I would agree on any loan terms. What are my options ideally? [link] [comments]  |
| Anyone refinance student loan with ELFI? Posted: 19 Oct 2020 06:26 PM PDT Hello, I'm in the middle of refinancing a student loan with Elfi (through credible). I got pre approved, credit score is over 750, and I'm currently making 70k. They were asking about my degree ( which I don't have a BA). I took out a student loan for aviation training and certificates and am now working as a pilot, however it does not count as a degree. I was wondering, do they actually check with a college to verify your degree? I'm trying to refinance an 80k loan with almost 10% interest. Its killing me and every place is giving me a hard time refinancing. Any help on this subject is appreciated. [link] [comments]  |
| Next Step for Student Loans (First-time Borrower) Posted: 19 Oct 2020 02:21 PM PDT Hi everyone, here's a long story and thanks in advance for any feedback you have! So I was very lucky and did not have any loans for my BA degree (thank you, dear parents). I went back to graduate school for a masters degree in 2018 and just graduated. I paid for it using 3 Direct Graduate PLUS and 2 Direct Unsubsidized loans. Principal totaled about $115,000, totaling approximately $124,000 now including interest accrued during in-school time. I am currently unemployed, collecting UC benefits (I worked a lot off-campus while in school), on the job hunt. I anticipate my next position will probably pay in the $70-80,000 range (depending very much on if I land at for- or non-profit). Based on the estimated calculation on the Federal Student Aid website, it looks like my best option is to go with Income-Based Repayment for New Borrowers. What are thoughts on the IBR program, and do I really qualify as a "New Borrower"? Should I consolidate my loans? Any other thoughts? I work in architecture and I may have the opportunity to work for a city agency, so I wonder, too, if I qualify for PSLF. Thank you! [link] [comments]  |
| Refinancing undergrad debt prior to going to Graduate school part-time?? Posted: 19 Oct 2020 05:21 PM PDT I just tried to refinance my private undergraduate student loans (~45k) with Citizens Bank and it was denied due to my debt to income ratio even with my dad as my cosigner. I have never missed a payment and am really eager to lower my monthly payments/ interest rate to make a dent in them. I also have about 18k~ in federal loans, 11k in credit card debt. and only make about 60k. I am hoping to get a pay increase in a few months after starting my PT MBA program but am really worried about not getting enough federal aid from the fafsa for my PT program and then not qualifying for a private loan if I can't even get a refinance. Does anyone have any advice on where I go from here if I plan to hopefully start this program in January? Any tips on lenders that have a higher DTI threshold? Mine is about 50% I believe. Not really sure what to do at this point. [link] [comments]  |
| I think my school is double dipping on student health insurance loans? Confused? Posted: 19 Oct 2020 04:59 PM PDT My school charges $2,500 for health insurance that they bill similarly to tuition on our loan accounts. They told me that declining the health insurance DECREASES my personal loan budget that I am allowed to take out for rent. I am confused because since they bill our health insurance similar to tuition, then allowing them to bill $2,500 to my loan account while also allowing me to take out $2,500 as a personal loan is like taking out $5,000 total for health insurance instead of only $2,500. Can someone help me figure out how this is not double dipping? (see below) Example of the 3 scenarios they are offering. The only one that makes sense to me is the 3rd one
School fees: $16,000 tuition + $2,500 school health insurance = $18,500 Personal loan they are allowing me to take out: $10,500 (increased budget; doesn't make sense to me) Total heath insurance loans taken out: $5,000
School fees: $16,000 tuition + $0 school health insurance = $16,000 Personal loan they are allowing me to take out: $8,000 (decreased budget; doesn't make sense to me) Health insurance loans taken out: $0
School fees: $16,000 + $0 school health insurance = $16,000 Personal loan they are allowing me to take out: $8,500 (increased budget; makes sense to me but confusing what my true "budget" is based on the other two) Health insurance loans taken out: $500 Edit: terms [link] [comments]  |
| Contact Immediate Credit Recovery Inc or University Posted: 19 Oct 2020 12:59 PM PDT About to tackle old student debt and I had a levy on my bank account from the University. However, I received a letter that my loans were transferred to Immediate Credit Recovery Inc. The amount stated on ICR's letter is significantly higher than on my studentaid.gov dashboard. (About $1,000 more) Planning on rehabbing the loans. Should I contact the university or the collection agency? Also if anyone can provide info with the bank levy should I contact the court? Or can I contact the university/collection agency and ask them not to levy my account again after ensuring I'm ready to pay. [link] [comments]  |
| Selling sticks for student loans? Will I regret? Posted: 19 Oct 2020 08:38 AM PDT Right now I am only holding 3 stocks.. Apple, Tesla, and Nio with a total value of around 11k. I wasn't planning on touching these at all. No adding or subtracting because that's all the money I'm willing to "play with". I know this isn't much money, but I've been contemplating selling all but my gamble (nio), to put a dent in my student loans. I probably wouldn't be able to reinvest this money for 2-3 years. But I feel like 2-3 years.. I will regret having touched this money. I just don't know what to do. My loans total to 85k and I'm doing it all alone. My current salary is 70k, although I'm expecting at least 90k next year with my position changing to senior level. Goals are to be debt free, purchase a home, and a car. Please send advice [link] [comments]  |
| Posted: 19 Oct 2020 08:31 AM PDT Hi all and thanks for the help. I am currently on PSLF and have been on IBR for five years. I was doing some loan calculator work today and the loan calculator was telling me to look into PAYE. I was under the impression that I did not qualify for PAYE since I began college before 2007. I ended up getting my loans consolidated and the consolidation loan dispersement date is after 2011. My question is - do I qualify for PAYE based on this consolidation dispersement date? The language below suggests no but again, the loan simulator tells me I do. "Qualifying loans include direct subsidized and unsubsidized loans made after October 1, 2011, as long as the consolidation loans do not include direct loans made before October 1, 2007" [link] [comments]  |
| Private student loan refinancing options? Posted: 19 Oct 2020 11:27 AM PDT Hi all, I've looked into Earnest and LendKey for refinancing my private Sallie Mae Student loan, but I am a grad student that would need a cosigner for a refinancing. LendKey isn't accepting loans from my state (CT) for some reason, and I was turned away by Earnest because I don't make enough money compared to my debt. What other refinancing options should I look into? Are there other lenders or credit unions that I should research because I'm not sure where to go? [link] [comments]  |
| Posted: 19 Oct 2020 05:03 AM PDT Hello All, I started an MFA school this semester (Fall '20) with a full tuition-paid "director's fellowship". I've been planning to put my undergrad loans in deferment, most of which are direct subsidized loans, which I understand will not accumulate interest. I have a few thousand in unsubsidized Stafford Loans that I play on paying off before Dec 31. I've also just taken out a Federal Direct Unsubsidized Graduate Loan (no PLUS loans). Since I was awarded the "director's fellowship", am I permitted to Navient's graduate fellowship deferment? And if so, are there any benefits over the In-School deferment alternative? And if it's of any help, I go to a very small private art school. Not a formal research institution. Here is the school's description: "Academy Scholarship and Director's Fellowship (gift money, or "free money") Academy Scholarships and Director's Fellowships are awarded to a select few students at the time of admission; these scholarships are renewable for the second year of study, provided the student maintains satisfactory progress in their program as determined by their Artist-in-Residence. Academy Scholarships and Director's Fellowships are paid to the student's account, one-half in the fall and one-half in the spring semesters. Scholarships/fellowships are automatically accepted for enrolled students; no further action is required. (Note: Students who withdraw from school after the first day of class will lose their scholarship and may owe a balance as a result.)" Thanks, L2bro [link] [comments]  |
| Student Loan Refinance Providers for Expats Posted: 19 Oct 2020 01:28 AM PDT Hi All - this forum has been invaluable for me in refinancing my loans a year ago - (thanks for all your contributions). Question - I'm currently an ex-pat using Earnest for my private loans and wanting to refinance them. Unfortunately, the eligibility policy states you must possess consistent income (in USD) - I've emailed them about this too. I know PenFed offers this (I checked out Credible), but does anyone else know other providers that allow expats to refinance? Thanks! [link] [comments]  |
| Student forgiveness BCO-consulting services legit Posted: 18 Oct 2020 11:06 PM PDT Has anyone had service for student loan forgiveness, with a company called BCO solutions service (out of California)? If so, are they legit? The service they are offering, for my student loan forgiveness. Just, sounds to good to be true. [link] [comments]  |
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