Just went from 38k to 28k in debt! Student Loans |
- Just went from 38k to 28k in debt!
- My loan was reduced after I had already paid it off
- Complicated Situation
- using COVID 401k withdrawal to pay off student loans a good idea?
- Renewed PAYE and they placed me on IBR too?
- How does payment work after forbearance?
- My parents got rid of their collections amount and boosted their credit to 632 from 541
- “Financial Profile” for settling? Are they lying?
- Covid Student Loans
- Accepted to uni, no co-signer (international student)
- Graduating a semester early - How does that affect the loan repayment grace period?
- Did Biden recently change the student loan proposal?
- Need Advice: Co-Signed on Daughters Student Loans
- Really need guidance on getting lump sum to pay parentplus in a semi-abusive situation
| Just went from 38k to 28k in debt! Posted: 06 Oct 2020 01:34 PM PDT Like many people here, I've been putting all the money I would have paid towards my loans into my savings account since they were deferred in March. I am fortunate enough to have a stable job and kept working throughout COVID, but I wasn't planning to make any payments until the deferment ended. I was also low-key hoping for some sort of loan forgiveness to come through, but it looks like that's not happening. On Friday I plunked down around 10k, paying off two of my five loans in full, bringing my total debt from 38k to 28k, even though my loans are still deferred. Why? Seeing that money in my savings account was killing me, man. I felt like I "had" the money even though I knew it was meant for my loans. I started thinking about buying a van or a camper (to live in), or using the money towards a down payment on a house or some land. I promised myself I would be debt free before I bought a house, but thinking about the life I could have was really eating me up. Don't get me wrong; it's still eating me up, but at least now I can't go and make some stupid decision and get into more debt. And I'll be honest, seeing that total debt number go from 38k to 28k felt GOOD. 28 feels like a manageable number whereas 38 felt crushing. It's funny how much mental aspect comes into play with this stuff. Anyway, we get so many "finally debt free" posts on this sub that it can feel kind of disheartening, so I wanted to contribute my small victory as part of my journey to that day. Make a plan and keep to it, you got this! [link] [comments]  |
| My loan was reduced after I had already paid it off Posted: 06 Oct 2020 11:03 AM PDT This situation is kind of complicated so I'll do my best to explain it: I received a student loan for about $1300 for this semester. However, I did not need any of it so I paid it off (I did not cancel it because I didn't realize I didn't need it until after I received the money). However, after paying it off, one of my scholarships came in late. This resulted in my loan being reduced by about $300. Because of this, my university charged me for this $300. As I stated above, I had already paid the entirety of the loan off, which means I'm now out $300. I've contacted both my loan administrator and school, but they both told me to just contact the other. What should I do and who should I contact to get my $300 back? [link] [comments]  |
| Posted: 06 Oct 2020 08:06 PM PDT After my first semester of college I had a really bad decline in mental health and I was struggling to make money because I don't have a car or a drivers license and I don't have any family to support me financially or help me get to a job and regardless of all of these things and my doctors note from when I stayed in the psychiatric hospital I lost the appeal for my financial aid at school and after talking to multiple counselors it feels as though that was my only chance of ever going to school I honestly regret the entire year I spent at that school my grades from both semesters were so low and my circumstances were so terrible I barely remember it. Is it possible for me to ever apply to an art school possibly or will I always have to disclose the year I spent at the school if there's anyone that can help me and just explain how any of this works please message me [link] [comments]  |
| using COVID 401k withdrawal to pay off student loans a good idea? Posted: 06 Oct 2020 01:32 PM PDT TLDR is using COVID 401k withdrawal to pay off student loans a good idea? Hi everyone! I heard due to COVID you can withdrawal some 401k for financial assistance. I was curious as to potentially utilizing this to help pay off some student loans before they start accruing interest again at YE. I know i know, why have i been investing in a 401k when i have loans still? I am an amateur at this and right now it makes more sense to be investing tax free money now and pay off loans later. Thoughts? [link] [comments]  |
| Renewed PAYE and they placed me on IBR too? Posted: 06 Oct 2020 01:26 PM PDT Backstory: I have ~100K student loans from undergrad and grad school. Currently in an entry level position making $38K. I decided to go for the PAYE plan because it made sense in the short term and because it will be easier to save up the $30K~ or so for the tax bill in 20 years. I also took my last year of grad school off from work, which meant that for half of the last two years, I had no income - my first two years of PAYE meant $0 a month payments. (If I'm ignorant of something with PAYE here please tell me, I figured it out on my own because I didn't know about this sub). Question: I just applied for my first renewal, and got confirmation from both Navient and MyFedLoan. However, MyFedLoan said that I was approved and that my TWO new plans were PAYE and IBR. I didn't apply for IBR, and don't know what this means that they placed me on both. Anyone have experience with this? [link] [comments]  |
| How does payment work after forbearance? Posted: 06 Oct 2020 04:38 PM PDT Let's say if you had federal loans on forbearance or deferment for like 5 years, how would the payment look like afterwards? Can I still pay income based or do I have to accept a set amount they give on a shorter timeframe compare to taking it off of forbearance? Total amount after 5 years of forbearance will be 15k including interests and joint income will be around 60-80k. [link] [comments]  |
| My parents got rid of their collections amount and boosted their credit to 632 from 541 Posted: 06 Oct 2020 04:28 PM PDT Will we be able to take out loans now? We paid off collections and boosted credit almost up 100 in about two months or so [link] [comments]  |
| “Financial Profile” for settling? Are they lying? Posted: 06 Oct 2020 09:33 AM PDT I made a low ball offer to William and Fudge (debt collector) on a private loan debt. They said the offer was so low they needed a "financial profile" to even submit our offer and counter offer. I don't want to give them any personal financial information! Is this legitimate? [link] [comments]  |
| Posted: 06 Oct 2020 01:00 PM PDT I've been taking classes for a while now on my own dollar, my bank is only offering student loans to people who already have student loans going. Can you tell me any legit sources where I can get my search started? I've been Google searching, but the wording they use is more focused on repaying student loans, compared to what I want which is starting student loans. I have two more years to finish [link] [comments]  |
| Accepted to uni, no co-signer (international student) Posted: 06 Oct 2020 08:52 AM PDT I have been accepted to uni and studying is literally my way of escaping my house and to further my education in the states. There's no hope where I am and I have no friends and family there and was hoping if there are any ways or tips for me to get a co-signer? I have tried everything to every little detail. [link] [comments]  |
| Graduating a semester early - How does that affect the loan repayment grace period? Posted: 06 Oct 2020 12:16 PM PDT So I am on track to graduate a semester early if I take 2 summer classes this semester. I plan to go to Optometry School after that semester off (Graduate December 2021, start Optometry school in August 2022.) However, after some brief searching online it looks like the grace period is 6 months long and from December to August is almost 8 months - is there any way to defer that? I may be just missing something really obvious here, but any help would be appreciated! And as a note, I've taken out mostly federal loans, with one state loan my freshman year. [link] [comments]  |
| Did Biden recently change the student loan proposal? Posted: 06 Oct 2020 10:38 AM PDT Originally I thought his plan included graduate loans in the 5% discretionary income for 20 years and tax bomb free plan. Now, Im reading only undergraduate loans qualify. I hope thats not correct. [link] [comments]  |
| Need Advice: Co-Signed on Daughters Student Loans Posted: 06 Oct 2020 04:21 AM PDT My daughter graduated with a Bachelor's Degree in Marketing in 2018. Since then she has had a hard time finding a full time job. Lots of contact positions though. In March she had finally found a full time position, when COVID hit. The company decided not to hire. She has 3 loans with AES/MEFA, of which I'm a co-signer on all 3. They are as follows: Current Balance: $20,400 Current Balance: $44,587 Current Balance: $37,404 She has had them deferred since March, but the full payments are starting again this month at a total of $1,210. She doesn't have the money to repay, obviously. Any advice? Thanks! [link] [comments]  |
| Really need guidance on getting lump sum to pay parentplus in a semi-abusive situation Posted: 06 Oct 2020 08:23 AM PDT Hi all, Long story short, one of my parents is a fun mix of "way too toxic to have functional relationships" and "just sane enough to not be outright abusive". I will call this parent PA and other parent PB. Got plenty of examples of financial and general semi-abuse, if yall need. To pay for university, I agreed to use Parent Plus and a direct bank of mom&dad loan to avoid high interest, paying them back for both. I wish I hadn't. I need cut myself off from what I owe my parents as much as I possibly can... mainly to provide $ to PB, but also to get PA out of my finances. Are there any resources I can use to pay my parents a lump sum of what I owe them? It is near 100k at this point (please don't lecture me, that's not the point, I don't deserve my situation just because I stupidly chose a high pricetag). I am fine with taking the loan in my name somehow. Please, I will be so grateful for any guidance. Even if I can just pay off the parent plus portion of the money I owe them. This situation literally will control a large portion of my life and enable PA's control of PB if I don't get out from under it. I would be grateful for any advice. TIA. [link] [comments]  |
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