I owe 125K of student loans and I got $30K cash What should I do. Student Loans |
- I owe 125K of student loans and I got $30K cash What should I do.
- Trying to decide best course of action
- Navient Approved my IBR request and has now taken me off the program
- Student loan navigation
- Applying for private loan -- What school do I put?
- Late to the game
- Everything is too close together so I'm unsure of which option is best
- Can I keep paying my loans by group after repayment starts?
- How should I approach my loan repayment(refinance, etc?) I'm trying to be debt free asap.
- What is the very best student loan spreadsheet that will allow me to see PROGRESS?
- Payments due and interest notice letter?
- [Nova Scotia] I have a student loan from 1998 and 2001-2002 for a large total sum of $23k
- About to graduate soon, was looking for advice
- Where Can I find a good Student Loan Fogiveness now?
- Dropped out after a month
- How do I take over the loans in my mom's name?
- Auto Loans.
- Have lots of savings, don’t want crippling debt
- About to enter repayment, quick question
| I owe 125K of student loans and I got $30K cash What should I do. Posted: 22 Oct 2020 08:28 PM PDT Hi Everyone, Im in a tricky situation and would love some guidance and advise. I work in theatre advertising (sales) and was part-timed and had my salary cut 80% from March-Sept. I was forced to live off my savings since I didn't qualify for my company's state workshare and I made too much part time to get unemployment. Nevertheless, I am in sales and did okay last year so, I was grateful to be able to sustain myself during the core of the pandemic (and that fedloans were in forbearance with 0% interest). With that said...here is my dilemma. I closed a large deal in sep/October that will allot me $30K after taxes in commission. My loans are as follow: FedLoan Servicing - DIRECT SUB Total $125K A part of me wants to save 30K as I don't know if covid will furlough me again (Regal theatres decided to close) and content is moving to 2021. Another part of me thinks maybe save $15K and put the other $15K to my direct sub to reduce it to $27K. But then again what if I lose my job completely? I haven't been making payments to reduce the principal since we got forbearance at 0%. So anything I put towards this loan would go to principal. Naturally I pay $1,200 a month of student loan and was on a 8 year payment plan which now I have failed to do so bc of covid. What do you advise? Any financial advisor? Am I careless if I save all $30K? I don't know... I just downloaded the Mint Goals app and it says that in 10 years if I pay 1,400 monthly ill be debt free and would be paying a total of $44,485 in interest. That's a savings of $40,989. So should I just pay 11K (missed payment April-dec)? As you can see im confused and would appreciate any feedback. Humbly yours, Grad lunatic ! [link] [comments]  |
| Trying to decide best course of action Posted: 22 Oct 2020 10:04 AM PDT I previously posted on this Reddit asking for advice as a sophomore with 35k in debt currently for a fashion degree. Everyone was so nice and helpful so thank you for that! I hope this is still okay to post on this Reddit as it pertains more to the choices I have to make around loans rather than currently tackling them. I sat down with my parents and we went over the numbers and I would be totaling close to 120k in debt if I stayed at this current school. They have told me numerous times that we'll figure out a way to pay for it but I honestly do not believe this is the right course of action since this number doesn't include additional costs. I've brought up the idea of transferring to a public college in my state into their theater costume design program. This would still be fairly expensive, about 20k a year, and I would leave with more loans on top of the ones I currently have. The other option I have is an fashion design and merchandising associates degree from a local community college. I think this path would be much more difficult to get a job with but my loans would probably only go up about 20k more with this option. Overall I am feeling very stuck with my current situation. I want to continue with fashion/costuming as it is my passion and I really don't know what I would do outside of it. The realistic part of me knows that this much debt is insane and would be difficult to pay back with the career I have chosen. My parents tell me they'll be able to help me, but I don't know how solid this is since anything could happen over the next few years. I want to minimize the amount of loans I have to take out but it's also very hard when every school with the program I want is so expensive and as a transfer, scholarships are even harder to obtain. Most of the loans I would have to take out would be privately as well since fasfa will only give me enough to cover maybe 8,000 a year. I know I shouldn't be completely relying on strangers on the internet for a solution to my problems but everyone I talk to irl tells me I have to make this decision on my own. It feels like an overwhelming decision as a 19 year old that's already messed up pretty bad financially. [link] [comments]  |
| Navient Approved my IBR request and has now taken me off the program Posted: 23 Oct 2020 02:31 AM PDT So I'm a US national living abroad and have had an IBR program since I graduated law school in 2016. I'm super obsessive about getting it right, so I always recertify as soon as I'm able, and this year was no different. My plan expires on 19 October, but I resubmitted all my tax information and the recertification on 19 July and got my approval on the 30th of July. Because I live abroad and make less than $100,000 my monthly payments have been and still should be $0.00. On 31 July I got an email asking for validation on my recertification request. I thought it was odd, since I'd already been approved. I sent a correspondence to see what was up, and they asked me to resubmit the same proof of income I had submitted with the application. Annoying, but fine. The first submission was hard copy by mail, so I submitted the second submission via their online portal. 4 days later (5 August) I get a correspondence from them saying they got proof of income but aren't sure why or to what application it related to. So I'm getting annoyed now, but I'm like fine whatever, still have plenty of time. I call them (which cost me 50 bucks long distance) and speak to a rep who tells me everything has been approved, it looks like a system error and my payments are staying at $0.00 come October. She told me the system may continue to send out requests for validation, but to ignore them because it was in error. This morning I wake up to an invoice for October for $2,300 dollars due 19 November. I am flabbergasted, and I have to wait until 8 am eastern time to contact them, but has this ever happened to anyone? What should I do?? Will this effect my on-time payments when 25 years rolls around, does it restart the clock over from the last 4 years of on time payments? [link] [comments]  |
| Posted: 23 Oct 2020 12:42 AM PDT I'm transferring to Chico in the spring and I don't get any help financially from anyone. Unfortunately I also don't have any experience in this department and just wanted to know some more information about student loans. How long to get approved? Some good ones? Just general help [link] [comments]  |
| Applying for private loan -- What school do I put? Posted: 22 Oct 2020 05:35 PM PDT Hi guys, so I'm gearing up to apply for a Discover student loan in order to fund my Masters degree and I need some advice. I know that private loans aren't ideal but unfortunately I'll be attending an international school that isn't part of the list provided by FAFSA, therefore I have no other choice and since I'm fully convinced Sallie Mae is the devil, I'm applying for Discover which seems slightly better. After doing the math, I'm looking to borrow about $55k and honestly, I'm not sure I'll get approved since although my credit score is good, I'm fairly young to be applying on my own (23) with little paid experience aside from work-study and seasonal retail considering I just graduated undergrad in May. So it's a bit of a gamble. Anyway, that's just some background. My real question is that I'm assuming the Discover loan will ask for the school I'm enrolling in and I'm confused as to what I should put since I want my application as good and accurate as possible. Basically, I'll be attending a school, let's call it Red University. It's its own thing BUT at the end, I'll be receiving a degree from Blue University and have so far paid all my fees to Blue University but with specification I'll be attending Red. Therefore, because I'll be getting a degree from Blue and have paid my fees towards them, should I put them as my university? Or Red because that's where I'll be attending classes? For the record, on my enrollment/visa letters it has the sign/stamp of both Blue and Red so I really don't know? I'd ask the University but since it's international and they don't really deal with private loans all that often, especially American ones, I don't think they'd be much help. [link] [comments]  |
| Posted: 22 Oct 2020 11:17 PM PDT I'm looking for insight to my situation from anyone who had experience in consolidating loans through the federal direct loan program. Back in 2006 I consolidated my direct loans and currently have the following loan balances through AES. $10,668 subsidized at 3.25% fixed $17,163 unsubsidized at 3.25% fixed My current monthly payment is $250 on the standard payment plan. Last night, thru this sub I learned about PSLF. This morning I contacted AES to see if my loans qualify. I learned that in order to qualify for PSLF I need to consolidate eligible FFELP Loans through the Federal Direct Loan Program. I have worked a qualifying job for 7 years since I consolidated with AES and during that time I think I have made approx 50 qualifying payments. The thing is that I assume the payments I made during those 7 years won't "qualify" since my loans were thru AES which is a private lender. I plan on calling the studentaid.gov number the first opportunity I can to ask a plethora of questions. In the meantime......can anyone help answer these questions.
Thanks for helping easy my student loan jitters Any insight would be much appreciated and help ease my student loan worries! [link] [comments]  |
| Everything is too close together so I'm unsure of which option is best Posted: 22 Oct 2020 10:19 PM PDT I know about the avalanche and snowball method. I have calculated my finances out and I can pay off 5000 right now and 10k next year. However my loan amounts and interests are so close together I don't know which one to pay off. I was planning on paying off one of my big ones but one is 22k at 6.6 interest and the other is 25k at 7.6. I could get one of them down by 15k by the end of next year, then use savings to pay off the rest but I'm unsure which is the better option. Then I have a bunch of little loans like a 3k one for 4%, a 4k one for 3% percent and two 5k ones at 4% and 5% interest. I hate how similar they all are cause I don't know which option would be best for me. I could pay off most of the little ones with the 15k then use savings to finish them up and be stuck with the bigger option but yeah I'm stuck. Any advice would be greatly appreciated it. [link] [comments]  |
| Can I keep paying my loans by group after repayment starts? Posted: 22 Oct 2020 07:39 AM PDT Sorry, two questions in one day! I'm in a financial planning mood. I currently have a Federal Direct Loan, split into groups A-E. Since they're in deferment right now, I'm paying them by group via the snowball method (I almost have one paid off!) My question is, once I graduate and repayment starts, can I still pay by group, or will that put the unpaid groups in default? [link] [comments]  |
| How should I approach my loan repayment(refinance, etc?) I'm trying to be debt free asap. Posted: 22 Oct 2020 12:38 PM PDT Hello! I graduated from college last year and currently have a steady, stable job with an okay-ish salary. I graduated college with $18,500 in institutional loans through my college (I didn't qualify for federal loans) all consolidated into one loan. My interest rate is 5% with a fixed monthly payment of $196.22 on a repayment term of 120 months. I had a 6 month grace period after I graduated from college and started paying my loans in January. At the time I was putting in $240 into my monthly payments, and then increased it to $300 in May. Because of COVID-19, I stopped living on my own and moved back with my mother while working from home. While I do pay rent and contribute to household costs at home now, it is significantly less than what I was originally paying while living in NYC. So now I have more disposable income which I want to use to pay off my loans. This month I increased my payment to $500, and I have the ability to continue making $500 monthly payments into the foreseeable future, and perhaps even increase it to $650 because I could be getting a raise by the end of the year (but not sure on that last part yet). I am trying to be debt free as soon as possible. But I was wondering if simply increasing my monthly payment is the best approach or if you had better recommendations as to how to approach my repayment processes? Would refinancing my loan into a lower interest rate be better? (and if so, what advice do you have on refinancing?) note: I am a first generation college graduate - and my parents and no one in my family knows anything about student loans or really have the best financial literacy. I've been trying to read up on loan repayment, what's best, etc, but it's all really confusing and I don't exactly know how to apply to my specific situation. [link] [comments]  |
| What is the very best student loan spreadsheet that will allow me to see PROGRESS? Posted: 22 Oct 2020 08:17 AM PDT So, I'm not very good at math and spreadsheets. I have ten total loans with varying interest rates (would eventually like to refinance, but not yet) and am about to be using my entire salary to pay off my loans. I will be living off of my husband's salary. In your experience, what's the greatest website/sheet/tracking that I can use to see real progress and feel good about making these payments? Thanks for your recommendations! [link] [comments]  |
| Payments due and interest notice letter? Posted: 22 Oct 2020 02:42 PM PDT Hello, I graduated in May and I'm set to start repayment in December. I've paid sporadically on some of the interest, but I just received an interest notice in the mail saying that I owe $515.17 in interest due on 11/07. When I go to the fed loan payment portal, it shows $0 in outstanding interest. I'm a little confused as to what's going on here. Do I owe or don't I? I have the option to make a payment online, but it tells me that my account is current. The letter I just received would suggest otherwise (while it also notes "this is not a bill"). If I do owe this $515 and change, will paying that specific amount satisfy what the notice is asking for, or is there a specific way I have to pay it online? I'm only seeing one time payments and automatic payments, but I can't sign up for the auto payment until December. Thanks for any help with this. I'm the first grad in the family so my parents don't understand, and I'm hoping to avoid sitting on hold forever or waiting ages for a chat or email response. [link] [comments]  |
| [Nova Scotia] I have a student loan from 1998 and 2001-2002 for a large total sum of $23k Posted: 22 Oct 2020 02:30 PM PDT Honestly I just hoped it would go away because I had not noticed it on my credit score over the years, I was foolish to think that. I am NSSL restricted. However, in my young innocence I felt that education at the time was a waste because I did not end up with a job due to the job market being flooded with "network administrators". So I joined the military for 12 years but now I am out and trying to gain a new career as an electronics engineer. Here is the funny part. I wish I had paid those loans because here I am asking if there is any way to find some sort of student loan forgiveness or enter gracefully back into repayment, or anything? Maybe begging some member of parliament and tell him how important I am?? just kidding! I am almost out of resources to help myself. My wife is probably going to apply for a line of credit but I thought I would ask her for advice. Thank you! [link] [comments]  |
| About to graduate soon, was looking for advice Posted: 22 Oct 2020 02:18 AM PDT Hey y'all, without getting into too much detail about my personal life, I was just looking for opinions as to how realistic and feasible my plan is. I'm 21 years old and a senior at the University of Minnesota. I currently have about 23k in federal student loans including interest. The rate is like 4.75 percent. I currently have about 2.5k saved up and am working part time and I roughly estimate that I'll have 6k saved up by graduation in May. The website is recommending that I pay like 200 a month until 2030 🤮 I wanna knock off these loans and be debt free asap. Would it be realistic and achievable to get these loans knocked out in like 3-4 years rather than 10? I'm super nervous about the job market because of COVID as well so I'm not entirely sure what my income will be after graduation. [link] [comments]  |
| Where Can I find a good Student Loan Fogiveness now? Posted: 22 Oct 2020 10:17 AM PDT Hi, I live in Miami, Florida and I have student loans that just keep getting bigger with interest. And now with the economic set back of being on unemployment due to recently being laid off cause of covid effecting my previous job position, it's extra hard to save up money and pay off my loans, while also paying my rent and bills. Also, I am no longer a student. I graduated 5 years ago. If anyone has a recommendation of a really good loan forgiveness program or organization, please let me know... I will greatly appreciate it. Thank you. [link] [comments]  |
| Posted: 22 Oct 2020 11:41 AM PDT So, I'm 19, and last October I dropped out of college. I went to a private school for whatever reason and my family and I were struggling to pay, even with my student loans, so I withdrew from all my classes. I'm so grateful that my parents helped me out for that bit, but I don't want to ask them to help with my debt. I don't know anything about student loans, I just know I owe almost $7k. My family and friends are saying they don't understand why I owe so much. I don't either but I also don't know the first thing about them. Is there anyone who can give me advice on where to go from here? I was the first person in my family to go to college. [link] [comments]  |
| How do I take over the loans in my mom's name? Posted: 22 Oct 2020 06:57 AM PDT Just for clarity: So when I started college, my mom took care of all the loan paperwork (yes I know, I should have taken a more active role). First she said she would be paying them. I was very grateful, thank you so much mom I appreciate it. Then it became that I would be paying "my loans" and she would pay "her loans." Okay, that's perfectly reasonable, thank you so much for helping, I'm more than happy to pay my loans for my education, and even give her some money to pay "her loans" Then every time we had an argument she would bring up how she was paying for my education and I was ungrateful. Okay, ouch. No problem, it's my degree, I'll pay "her loans" too. Then she went back and said "oh no, I'll pay those loans, I want to help pay for your education." Then I started my PhD and set up to start paying "my loans" and mom wanted to start paying "her loans" since they were in deferment, but she wouldn't let me help her set up the payment account because it was "too stressful." 7+ years of me paying off "my loans," my mom not even touching "her loans," letting them collect interest, and she can't make up her mind if she wants to pay them or not, and won't let me set it up so I can pay them. My graduation is coming up quick, which means required loan payments are coming up. I don't want to be making 2 full loan payments every month (I'm not even sure my PostDoc salary would cover that), and I don't want to keep arguing with my mother about these stupid loans. Is it possible for me to have my mother sign "her loans" over to me so I can just lump all of my student loans together and have one payment to worry about? [link] [comments]  |
| Posted: 22 Oct 2020 10:06 AM PDT Hey everybody, Just a quick question. Has anybody struggled to finance a new car with having student loans? I won't be in repayment for a long time because I attend part-time but I'm already worried about this. I'm already working and intend to keep my job through school and remain there after. Any insight would be appreciated! [link] [comments]  |
| Have lots of savings, don’t want crippling debt Posted: 22 Oct 2020 06:59 AM PDT Hi! I'm currently a freshman in college studying all online and have a decent amount in savings - around 15k. I didn't have to pay anything for this semester, and might not have to pay for next depending on whether I go to campus or not. My goal with this money is to minimize the amount of student loans I have coming out of college since I will more than likely have to take out loans in the next 3 years depending on my financial aid. As of right now, I have about 3.5k of that in various stocks and the rest is in a student checking account (not ideal, I know). Im mainly looking for the best way to use this money (where to keep it, how to use it, etc). I want to put a lot of it in stocks (~10k) and leave the rest in a savings account. I plan to take out the maximum amount of federal loans every year and use the cash I have to not have to take out private loans. By doing this, I might run out of money quick as the amount I have to pay of out pocket varies greatly year per year. I'd like to consider myself smart financially, but I wanted to hear other opinions. Thanks [link] [comments]  |
| About to enter repayment, quick question Posted: 22 Oct 2020 05:45 AM PDT Hey everyone, I am about to enter repayment period for my student loans next month and I had a question about the graduated plan (pay a low amount that increases every two years). This plan seems to be the best fit for my finances at the moment. For the early years though, I might be able to put in some more money than the required amount. Am I able to just pay more than I am required to and speed up repayment? Thanks in advance peoples [link] [comments]  |
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