I just paid down almost $14000 on my student loans Student Loans |
- I just paid down almost $14000 on my student loans
- Claiming taxes on student loan interest payments? (whattt?)
- Selective Service To Be Eligible For Financial AID?
- Question on repaying UK student loans
- Past due balance
- Inherited annuity & IDR
- Should I take from my 401k to pay off my student loan debt?
- General Student Loan Questions
- Earnest, (Refinance). Requiring bank transaction information is ridiculous!
- Pay now or Save to Move out
- Paying off Med school loans while still in school
- Parent Plus Loan Dilemma
- Community college only offers loans?
- Scholarship Fail
- Grace period?
| I just paid down almost $14000 on my student loans Posted: 08 Oct 2020 02:46 PM PDT I still owe a butt ton of money, but I've been saving up since April and socking it away waiting till it felt like things were stable in life in this whole covid mess in order to apply it. I ended up "borrowing" $5000 from that fund in that time so I have to recoup that money in the future with the sale of my car. It doesn't feel like it moved the needle all that much in the grand scheme but it's something. I have another $3400 ish to apply to the loans shortly also. The last 1.5 years has been really rough! Covid aside I had some major health stuff happen and spent about 10 months out of work as I switched careers. Feels good. But also tempered with knowing I still have so far to go. [link] [comments]  |
| Claiming taxes on student loan interest payments? (whattt?) Posted: 08 Oct 2020 06:57 PM PDT Just graduated in May with a total of 157k federal loans (140k principal + 17k interest). I was told by someone that during my first year, any payments I make back on the interest, I can claim most of it back in taxes? That sounds a little too good to be true if I can get even close to 17k back? If it IS true, am I able to contact my loan provider (OSLA) and ask them if I can make payments JUST towards my interest on the different groups? I've made some payments already and it seems like it splits it, some goes towards the principal and some goes towards the accrued interest. Thanks in advanced everyone! [link] [comments]  |
| Selective Service To Be Eligible For Financial AID? Posted: 08 Oct 2020 05:41 AM PDT Finally got my FAFSA to work, was filling out the form and it asks whether I have registered with the selective service, having never heard of this before I searched it up online. Turns out all males 18-25 must register and its a crime not do so, and if you don't you won't be eligible for financial aid. Missed the deadline as you are supposed to register within one month of your 18th. Called the local US embassy and asked about the situation, they had never heard of it neither and didn't what to advise me, should I reach out to my universities regarding this? I have no idea what to do, especially since I am living abroad. [link] [comments]  |
| Question on repaying UK student loans Posted: 08 Oct 2020 11:55 PM PDT Hi everyone. I have a UK student loan for my undergrad with a balance around 24000 pounds. The UK system is quite advantageous in keeping the loan payments manageable. ÃŽ'm currently on a fixed term contract (2y left) making around 36k pounds a year. My repayments should be around 70 pounds a month which is definitely manageable. However I am starting to think about the possibility of repaying the loan in full with some money that was gifted to me by family. I am thinking that if my income stays at this level (even though to be completely fair, I have no idea if it will!), I will accrue a significant amount of interest and will end up repaying more than I owe currently. The other side to this is that it would mean giving up on this disposable income which could allow me to do other things in life and I am afraid of regretting it. It's just that for me, the sum borrowed is small enough for it to accrue a lot of interest before the 30y forgiveness. Advice? [link] [comments]  |
| Posted: 08 Oct 2020 10:20 PM PDT Okay so I'm not sure if this is the right sub for this and this a throwaway account but any help would be appreciated. Also I'm a freshman if that's at all relevant I have a past due balance at my school for 8.5k I appealed for more aid before the semester and the financial aid office told me to take out a private loan to cover the difference and so I began applying recently all my loan applications came back as denied. Even a parent plus loan which isn't even in my name. I plan on transferring next semester as the school is too expensive for me to pay out of pocket even with familial help. However the school is hesitant on sending me my transcripts they never flatly denied they wouldn't and actually appear to trying to be helpful with the process but they also appear to be dragging their feet and trying to trap me for another semester behind the scenes. I never signed an MPN for the school and actually have 15,000 scholarship for each semester from the school, do you all think it'd be possible to get the school to use my pending spring aid to pay my past due balance for this semester considering I have no other options and i downright refuse to register for spring classes. Or do you think I should just try to pursue more loans. If worse comes to worse I intend to just declare bankruptcy since it's not a loan and I never signed an MPN. My school also is in a bit of a rough financial situation as they just fired 122 staff and teachers due to lower than projected enrollment. Could I make the arguement to the financial aid office that simply applying my spring scholarship to my past due balance to my current past due balance actually saves the school money or would that seem like a moot point [link] [comments]  |
| Posted: 08 Oct 2020 06:17 PM PDT Hi all - this year I had a death in my family and I found out I am a beneficiary on a qualified annuity of around 20k. I'm weighing my options for how to proceed, and wondering if a lump sum disbursement of this account would mess with my annual IDR recertification? I'm several years into my pursuit of PSLF, and as such have always been pretty careful to keep my AGI low. I want to avoid having my payments go up because of this if at all possible. Thanks for any advice! [link] [comments]  |
| Should I take from my 401k to pay off my student loan debt? Posted: 08 Oct 2020 03:22 PM PDT My student loans are the biggest debt I have and it really weighs on me. I live in a big city and rent. I have about 59,000 in PRIVATE student loan debt and have just about the same in my 401k. I'm thinking about taking advantage of the Cares Act before the deadline to pay off my SL debt. Would this be a good idea or a bad idea? Or would I just be robbing my future for a temporary solution. The idea of being debt free just sounds like bliss. And I could start saving more aggressively from there on out since I wouldn't be spending half my paycheck on my student loans anymore. Any advice would be helpful as I'm not great with this stuff. Thanks reddit Edit: Thanks for walking me off the ledge everyone [link] [comments]  |
| General Student Loan Questions Posted: 08 Oct 2020 01:25 PM PDT This is going to to be more than one question since I am desperately trying to make some important financial life decisions regarding marriage and having our first child in January. The TL;DR is below: How much is the monthly/daily interest on the balance of my fiance's loans? (before recent automatic deferral and 0% interest) I'm not good at math. Is it true she must have consolidated these loans in order for the qualifying payments she has made this far to even be considered for PSLF acceptance? Should/can we switch from REPAYE to PAYE without losing her qualifying payments under PSLF? If so, should she switch to PAYE before we get married? Would it be easier to get it accepted before we get married? I have attached a screenshot of details of her loans before deferral/0% interest here. Long Story: My fiance (28) and I (30) are expecting our first child in January 2021. We are unmarried. I am currently assessing whether we can afford or even should get legally married before the baby so I can give her my federal healthcare benefits and subsequently save us money on the cost of having the baby when we get married. Only problem is that I expect her minimum payment to go up significantly higher than we have budgeted for taking into account our current bills. She has employer sponsored healthcare through a new job she started two weeks ago. EPO; ~$1,105.26 annual premium, $500 deductible, 10% coinsurance, $3,000 annual max. So I am hoping the actual bill for childbirth will be no more than $3,000. If we were married and she were on my healthcare, childbirth bills would be insignificant (BCBS Basic - FEHB), however if we get married before baby is due in January so that she can be added to my insurance, her loan provider, FedLoan Servicing, would factor in my income in April once she recertifies to determine her monthly payment since she is on the REPAYE payment plan working towards PSLF. Even though the ImGur images do not yet reflect , she will have, as of todays date, made around 32 Qualifying payments once she certifies the last few months worked at her old non-profit. Recently I read that loans must be consolidated in order for qualifying payments into be accepted for total PSLF? When we log into her account, it does not appear that her loans are consolidated (see ImGur image)? It looks like she has 9 different loans each with different interest rates. I make 70,286 a year right now. Beginning August 20, 2021 I will make $84,244 with POTENTIAL to make up to $130,000 a year in overtime, shift differential, etc in the years going forward. She makes roughly $31,000 a year. So I can only guess our monthly student loan bill would be high under REPAYE if we were married. It is my understanding, that under REPAYE, Fedloan would factor in both incomes to determine the minimum student loan payment regardless of whether we file MFJ or MFS on our taxes. It is also my understanding that if under PAYE and filing MFS, only my fiance's income would be factored into the equation to determine the minimum student loan payment? I am not sure we can afford marriage without first making a dent in her students loans, or changing her payment plan from REPAYE to PAYE to allow us the flexibilty to pay less on her loans if we fall on hard times. As of right now we keep finances separate for the most part. I pay rent ($960), she pays electricity, heat, and water. But once we get married, her debt becomes mine. I am fine with that, but I want to be VERY aggressive in paying off all debt, starting with our car loans ($13,330 for me, ~$9,000 for her) and her student loans. I really don't want to just make the absolute minimum payment because I am certain she is not even keeping up with accumulating interest paying $100 a month like she is currently doing. I also do not want to rely on PSLF because I read somewhere it has a 99% non-acceptance rate. She said she can afford to pay a little more, but has not been to save money for when she cannot work. I am at the point that I am putting everything I can towards paying off my car so that I can put that amount towards paying off her student loans. What is the minimum payment she would have to make each month just to KEEP UP with interest if her rates were to return to normal? I would want to pay more than this to start paying down on the principal but I first need to get a figure of how much interest there is each month. I am not good at math. Does she need to consolidate her loans in order to get accepted for PSLF? Considering everything, Is it worth getting married for the benefits prior to the baby being born? Should/can we switch from REPAYE to PAYE without losing her qualifying payments under PSLF? If so, should she switch to PAYE before we get married? It is easier fornthebrequest to get it accepted before we get married since they will only consider her income? Only reason I would want to switch to pay is for a financial safety buffer in case we cannot continue to make at least the monthly interest payment (whatever that is + some principal.) I expect this number to be high. Thank you. [link] [comments]  |
| Earnest, (Refinance). Requiring bank transaction information is ridiculous! Posted: 08 Oct 2020 05:16 AM PDT I'll try and tldr this. I'm with sofi currently. Rates are averaging 2-2.5% lower than my current rate which I'm pretty confident I'll get. Started the application with Earnest and saw they want to look at my bank transactions. Why is this necessary? No other loan I've ever had has required this. It seems really invasive and pointless considering they are going to run a credit check anyway. Also, any suggestions on other places to look for refinancing? [link] [comments]  |
| Posted: 08 Oct 2020 06:18 PM PDT Pay now or Save to Move out. 🙄I am trying to figure out it is best to take this opportunity to pay my students loans or to save up to move out. I am currently living with my parents and can't take it anymore. I have goal to move out soon. I also want to lower my loans and save money for down payment on a condo. Opinions are welcome. [link] [comments]  |
| Paying off Med school loans while still in school Posted: 08 Oct 2020 05:59 PM PDT I am a second year medical student and I already have accrued $123k in loans with interest. I was wondering if it was worth paying off a small portion of that if I have some leftover at the end of a loan period, along with some stimulus money. Is it better to put $1-3k to take a small dent out of that number, or invest the money elsewhere? I am unsure if it is useful to pay any of it back now or just wait until residency when I actually have some money coming in. [link] [comments]  |
| Posted: 08 Oct 2020 09:17 AM PDT Hey ya'll. I'm doing a hard investigation in parent plus loans and im trying to see whats the best option for me. I'm currently on an Income Driven Repayment plan for my fedloans, $30k, which I'm trying to qualify for Public Service Loan Forgiveness (PSLF) since I work as a government employee. I've been paying minimum payments on my mom's high interest parent plus loan since 2017 that is about $60k. I graduated in 2016 and I currently make about $100k/yr. I'm paying other small loans and will only have a car loan $14k starting Feb 2021. What are the minimum requirements that a graduated student needs to have to transfer their parent plus loan to their name? Also, for people that have had experience in transferring parent plus loans to their names, what are the pros and cons? I am currently looking into refinancing using SoFi lending under my name once the forbearance is removed. I understand by doing so I will be forfeiting Federal benefits such as no interest during the pandemic but I'm really trying to get rid of this loan and with the high interest it's hard to attack the principle. I am in a much better financial state as of this year compared to last year and my credit score is about 700 which should be going higher at the end of this calendar year. Am I making the right move? Should I continue to be making payments under my mom's name? Also, my mom has been receiving the tax benefit, so if it's under my name it would be a good bonus and would free her $60k. Any advice would be so much appreciated. Here with you all who are in this parent plus dilemma and did not know any better. [link] [comments]  |
| Community college only offers loans? Posted: 08 Oct 2020 03:33 PM PDT I looked at my college's financial aid award package and they only gave me loans as the option? I'm a freshmen, and don't want to loans, is this the only type of financial aid i can get? [link] [comments]  |
| Posted: 08 Oct 2020 11:42 AM PDT I messed up. Very badly. I'm 18 years old, and my grades in high school weren't too great, so I only applied to one community college. I got in, and was given a full scholarship because of some Covid-19 program. Right after this, I got a busy job, and then after that I was also asked to do an internship. I went from doing nothing, to not having a break at all. I decided that I would drop two of the classes that I couldn't make because of the internship. My parents weren't super happy about it, but in the end we decided that it was best. I contacted the school to tell them this, and I asked if this would affect my scholarship. The financial advisor told me that because I had an internship it wouldn't be an issue. Except this internship is private. I don't get any credits for it, which I wasn't told until literally 20 minutes ago. Now I have until October 16th to come up with $2,038. Most of the money that I've saved up had to be used for a medical emergency. I literally have $310 in my savings, and even less in my checking account. I haven't told my parents yet, and I know they wouldn't have a very good reaction, especially after I convinced them to let me drop those two classes. Any Advice? [link] [comments]  |
| Posted: 08 Oct 2020 07:13 AM PDT When does the grace period actually start? This is the first semester I have taken below half time and I always thought you had a 6 month grace period after that. Yet, it says my first payment is next month? [link] [comments]  |
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