Paid off 1 student loan today! Student Loans |
- Paid off 1 student loan today!
- Pros and cons of consolidating federal loans
- Is there any value in paying off all your interest?
- desperate for help, HAVE to get co-signer off my loan and refinance, credit is good (660ish), income is ~$50k (could be higher), need options (even if more expensive long-run)
- Updated pslf info from ed
- Open a 529 to pay my own student loans?
- Year End Student Loan Tax Planning
- Refinance overpayment 'lost' between servicers?
- does suicide end parent plus loans?, other loans?
- Serious FAFSA question
- Possible legislation for 401K match for student loan payments. Neat idea I love.
- Continued Forbearance for "Illegal" Mass Borrowers Defense Denials After December 31st?
- My first payment is due in December for Private Sallie Mae loan. Can I extend?
- Which Student Loan should I pay off?
- Looking for advice on how to handle student loans as an educator
- Wife got a call regarding a state university student loans from 10 years ago, how do we proceed?
- Student Loan Debt and transferring from public university to a military academy
- Any suggestions on the best way to tackle these loans.
| Paid off 1 student loan today! Posted: 28 Oct 2020 03:41 PM PDT I paid off the only student loan (Stafford, subsidized) that wasn't eligible for the 0% interest rates from the CARES Act. It feels like a weight lifted off my shoulders, even though I have 5 more to pay off (that qualify for the 0% interest thru 2020) and am in grad school right now. It's a baby step, but in the right direction, and I wanted to shout it out loud somewhere so I thought I'd do it here! I'm not borrowing any $ for grad school...which is making repayment time for undergrad longer than intended, but ensuring I don't accrue further debt. [link] [comments]  |
| Pros and cons of consolidating federal loans Posted: 29 Oct 2020 01:47 AM PDT Hi All.. I have 4 student loans- 2 with AES and 2 with Nelnet, all totaling about $25000. I've had these since 1998/99 and have been on deferments, forebearances due to unemployment, etc. The AES loans are in forbearance due to Covid with 0 interest, but since my NELNET loans used to be with Great Lakes, they didn't qualify for the 0 interest. Right now I'm unemployed- again due to COVID and am thinking about consolidating to get the lowest payment. Right now, hubby and I are under the poverty level so I'd get no zero payments. What are the pros/cons? Do I lose anything by consolidating? Thank you!! [link] [comments]  |
| Is there any value in paying off all your interest? Posted: 28 Oct 2020 12:00 PM PDT Because of the 0% interest on federal loans right now, I stopped making payment and instead put the money I would have paid into my high-interest savings account. I had a goal to make sure by the end of the 0% interest I would be able to make a lump sum payment to get rid of all the accumulated interest because I figured then any subsequent payment would go straight to principal (minus the interest that accumulated that month). However now I'm not sure, because it sounds like it might be better to put that amount all towards my principal but I guess I do not understand why because I still have this huge chunk of interest sitting there I need to pay off every month. I know I'm missing something probably super simple but I'm not sure what that is. I just want to make sure I can take full advantage of the 0% interest while we have it. Any help or explanation is appreciated! [link] [comments]  |
| Posted: 28 Oct 2020 07:54 PM PDT First off, I (late 20sF) realized these details should probably go in the beginning. It's a Navient loan for $17,000. I have a bunch of federal loans that I'm not even worrying about right now and do not plan to refinance, just throw as much money at those as I can. So yeah, as the title states, I am screwed. I took a Sallie Mae loan, and it has been single-handedly ruining my life for nearly 10 years. A friend from high school's dad cosigned on the loan because I was homeless, living in my car, and my only option was to get a private loan so that I could get excepted into a private college. I was 18 and dumb and I'm paying for it now. The cosigner took over payments for me when I had to go on medical leave and spent the better part of four years of my life in the hospital or seeking intensive outpatient treatment. He has gone far and beyond what should have been expected of him and I need to get him off of this loan as soon as possible. I know this might not be the most financially responsible decision, but it is ethically definitely the most responsible. This man barely knew me, save me from homelessness, and took over payments for years when I could not. I am now in a position to pay it, but Navient is notorious for not letting cosigners go. I do not have another cosigner who could sign for me, so that is not an option. So now, after exhausting all other options, I am looking for a similarly predatory company like Navient that may charge me extra fees or have greater expectations, but will approve me with the credit and income I have. I would even except a loan of half the balance, because it's such a small loan. I owe around $17,000, and I can keep up the minimum payment for now but not much more. However, next year we are moving in with a friend to cut down on expenses and I have a goal to pay it off within the next year. The stress of having him as a cosigner has been eating away at me for so long that I will literally do anything to get him off of it. I know that might not be a popular opinion here, but please know that even if you think this is a stupid idea I value your advice. If you can recommend a company that doesn't require a cosigner, or maybe has lower standards for who they approve with higher rates, please let me know. Thank you for reading this, and thank you for any advice moving forward. [link] [comments]  |
| Posted: 28 Oct 2020 03:23 PM PDT I posted this on the pslf sub but I can't do a proper crosspost..I'm guessing because I'm on mobile. But here it is [link] [comments]  |
| Open a 529 to pay my own student loans? Posted: 28 Oct 2020 10:23 AM PDT The end of the year is coming up, but in April we were planning on paying off my loans (~$4,000), then the 'rona hit. Since they haven't been accumulating interest we elected to hold onto the cash in case something happened with our jobs and have the money sitting in an internet bank savings account (skim that sweet <1% interest!!!). So, Dec 31st is coming and we are looking at paying the loans off in a lump sum before the interest kicks back in, and I got to thinking. Can I open a 529 for myself, put the money in, get the state tax break for contributions (Missouri here), take it back out and pay the student loan? I know it is under the $10,000 lifetime max, but the only information I can find is heavily geared towards parents paying their kids student loans, or this same hairbrained idea but the thread is from about 20 min after the law passed. MOST 529 (Missouri's plan) offers this extremely helpful information:
Thanks lots MOST. Anyone have any ideas or experience with this? Missouri doesn't require that I contribute to MOST to get the break so if another state allows it that would work too. Thanks! [link] [comments]  |
| Year End Student Loan Tax Planning Posted: 28 Oct 2020 09:38 PM PDT The CARES Act had a student loan provision allowing your employer to pay up to $5,250 of your student loans as non-taxable compensation. The benefit to the employer is that they do not pay payroll tax on $5,250 of would-be wages, and the benefit to you is that you receive $5,250 tax free (as long as you pay your student loan servicer). (Caveat: Come tax time in April 2021, you cannot receive a double tax benefit for student loan interest paid AND exclude $5,250 from income. For example, My employer gives me $5,250 to pay my student loans. I pay exactly $5,250 to Navient for the whole year. $1,000 of this is interest, $4,250 of it is principal. My 1098-E shows $1,000 student loan interest paid. In this example, I will only be able to exclude $5,250 from taxable income, and I cannot take the $1,000 interest deduction.) If your employer is offering this plan, and you can afford to keep making payments, I would definitely take full advantage of it. I asked my employer to do this for me. I learned that I had only excluded $1,000 from taxable income to date. I asked the accounting team to count an additional $4,250 to my student loan payment, since I paid way more than $5,250 this year and want the full exclusion from taxable income. [link] [comments]  |
| Refinance overpayment 'lost' between servicers? Posted: 28 Oct 2020 05:12 PM PDT Hi everyone. I refinanced my private student loans from company A to company B to take advantage of the current low interest rates. While the refinance was processing I continued to pay the original loan and, as expected, an overpayment to company A resulted. I waited the appropriate 45 days to inquire about the status of the overage check. Even though company A provided a check number, a copy of the check, the date it was mailed, and confirmation that it was cashed...company B is saying they can't locate it. Now I'm in limbo. Has anyone else experienced this? This isn't my first refinance, but time this has been an issue. [link] [comments]  |
| does suicide end parent plus loans?, other loans? Posted: 28 Oct 2020 08:31 PM PDT |
| Posted: 28 Oct 2020 12:41 PM PDT Good afternoon everyone So I'm completing my fafsa because I'm graduating from high school next year on May. I believe the deadline is on January. I'm at the part of Student Residency and Eligibility on Student Demographics. Since I'm from Peru and I came because of my Dads work in 2017 I haven't lived in Texas for at least 5 years so I putted no. We are waiting for the green card and it's been 2 years we know it's a long process. It's asking me if I am a US citizen. Should I wait until December so if I get the green card I put yes, or should I just put "No, but I am an eligible noncitizen" and move on. I don't know if there are any advantages or disadvantages for citizens and no citizens when it comes to the fafsa. [link] [comments]  |
| Possible legislation for 401K match for student loan payments. Neat idea I love. Posted: 28 Oct 2020 07:30 PM PDT So the house passed a bipartisan bill that changes a few things about 401Ks and general retirement things. Why am I posting this on student loans? Because they outline the possibility to get a company's match in your 401K by having "qualifying" student loan payments. I think this is pretty huge because I've wanted to both save for retirement, hard to turn down 100% immediate return on my money, and pay off student loans. This would allow me to take the other 400 some dollars I put into my retirement account and blast away at my student loans instead. Just thought it was something people should keep an eye on in case it passes. Edit: I'm so dumb. Here's the link guys https://www.forbes.com/sites/robertberger/2020/10/27/big-changes-may-be-coming-to-401k-ira-and-other-retirement-accounts/ Edit Edit: I read closer, it wasn't passed, it was introduced. Sorry for the hype. [link] [comments]  |
| Continued Forbearance for "Illegal" Mass Borrowers Defense Denials After December 31st? Posted: 28 Oct 2020 08:33 AM PDT I know the election is just a few days away, but even if Biden wins and DeVos is out, we still don't have any solid information on what will happen to those of us that were given mass boilerplate denials for our borrower defense applications. Does anyone have any wisdom on what will happen? We shouldn't have to start paying back our federal student loans in 2021 when Trump's forbearance period is over, since our loans should be discharged. I went to ITT Tech and provided plenty of evidence to backup my borrowers defense application, which was pending for almost 4 years. My application was denied this past August. I'm aware of the recent federal court hearing where the Judge denied the settlement with the Dept. of Ed., but no one is talking about what will happen to our payments next year. I just don't want to have to make payments on it again each month while I hope for them to be discharged. It's very stressful. I have yet to see the interest credit on my loan account, since my application was pending for much longer than 1 year, and my last forbearance shows I'm enrolled until 2025. Maybe I won't see that credit until my other BD application for Stanford-Brown (it was IADT when I went) is approved/denied. [link] [comments]  |
| My first payment is due in December for Private Sallie Mae loan. Can I extend? Posted: 28 Oct 2020 09:34 AM PDT Can I get any sort of extension since I dont have a job yet? When should I let them know that I want an extension? [link] [comments]  |
| Which Student Loan should I pay off? Posted: 28 Oct 2020 10:19 AM PDT I have 2 student loans, I have cash to pay off one of them completely. One is a direct unsubsidized loan the other is an FFELP unsubsidized loan. They both have the same exact interest rate. The only difference is about $700 more for the direct loan. Is there a preference to which one I should pay off? Does it benefit me at all to pay off the direct or FFELP one first? Also, if there is ever a loan cancellation plan (not counting on it), is there one that would be taken preference over another? [link] [comments]  |
| Looking for advice on how to handle student loans as an educator Posted: 28 Oct 2020 09:48 AM PDT Here is my situation: I just earned my Master's in Special Education and have started working as a teacher at an online charter school. I have about 48,000 dollars in student debt and I decided today to start looking into getting the ball rolling on paying it back. My plan from the beginning has been to pay the minimum each month (which looks like it'll be about 500 dollars) and then have the rest forgiven in 10 years through the Public Service Loan Forgiveness program. I logged onto Great Lakes to look over what my situation was an I saw that I am not expected to start paying until 2022. I don't exactly know why this is the expectation, but would it make sense for me to just wait until that time to start paying my loans back? My thinking is that it will be 9 years of paying back on the minimum as opposed to 10 before my debt is forgiven by the PSLF. [link] [comments]  |
| Wife got a call regarding a state university student loans from 10 years ago, how do we proceed? Posted: 28 Oct 2020 09:40 AM PDT I met my wife when she was 19 in 2010, she had signed up for a state university to do a psych major. I had severe health issues from childhood, so she ended up not attending college and instead caring for me. However, she did not withdrawal from her classes as we now understand she should have done. She did go back to community college years later and is now a nurse. Last year we received a debt collection letter from EOS CCA in the mail stating that she owed $6,000+ from a collection agency. It had a bold font that said "This is a time barred debt. No legal action may be filed". I researched time barred debt and believe I read that there are no statute of limitations for universities. Now it seems EOS has sold the collection to "ConServe", a collections agency that specializes in retrieving student loans. We ignored the letter from collections, nothing ever hit her credit. Today, a year-ish later, Conserve collections calls her about the same school debt. It's been 10 years at this point. She has contacted the college but they said since it's in collections hands they can no longer do anything about it. Her credit score is still very good (750+) Our 1 year old son has numerous health issues as well, so we need her credit score to remain good, but we are also limited financially. Our primary concern is that her credit does not get hit. There is nothing on her credit about this at all. Is the best course of action for us to: 1) Ignore these collection attempts. 2) Contact the agency and work out a payment plan. This was a state loan, not private. Thanks guys. [link] [comments]  |
| Student Loan Debt and transferring from public university to a military academy Posted: 28 Oct 2020 03:18 PM PDT Hi everyone, I'm in the process of applying to transfer from a 4 year institution to a military academy, however I'm losing sleep over my student loan debt. The debt is from private loans, and my concern is that if I spend 4 years going to the military academy, that's 4 years of compounding interest payments. I'm currently an upperclassman with an internship lined up for next summer, which serves as a pipeline for full time roles. However it's always been a dream of mine to attend a military academy. Should I stick the course and try and find work in the private sector, or if accepted to the military academy, accept and go through the process? FYI, my debt will be around 150k. Thank you. [link] [comments]  |
| Any suggestions on the best way to tackle these loans. Posted: 28 Oct 2020 04:52 AM PDT Direct Loan - Subsidized $2,603.00 Direct Loan - Subsidized $4,283.21 Direct Loan - Subsidized $4,265.17 Direct Loan - Subsidized $5,182.70 Direct Loan - Unsubsidized $20,102.90 - 3.860% DL Consolidated - Unsubsidized $5,550.55. - 4.290% I currently have $7000 in the bank and expected to have just over $9000 at end of December. I have $4100 on a new credit card that will be 0% till April. I will be a student at the start of the year so the subsidized will remain at 0% for at least another year. I plan to have these all paid off within the next 2 years. Thanks [link] [comments]  |
| You are subscribed to email updates from /r/StudentLoans: Reddit's hub for advice, articles, and discussion about educational loans. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment