Should I pay off loans when they MIGHT be erased? Student Loans |
- Should I pay off loans when they MIGHT be erased?
- IDR recert not due till Dec 2021. Would I backpay if income went up sooner
- IRS keeps refund because I owe for school I didn’t attend.
- $61k Federal Loans Consolidate all or some of them? Advice please
- Credit score went down 35 points after student loan was added.
- Borrowers Defense to Repayment?
- Is there some way to calculate minimum payment based on income?
- Student Loan Interest amidst COVID-19
- Disputing Credit Loan from 2016
- Paid Perkins loan late
- Pay off student loans or wait after the elections?
- Deadline to recertify IDR plan extended 12 months?
| Should I pay off loans when they MIGHT be erased? Posted: 11 Oct 2020 05:40 PM PDT So I have about $15k left in student loans. With all this election talk and the democrats saying they may wipe out student loan debt... should I even worry about throwing a ton of extra money towards my loans to pay them off in the next year? I'd hate to pay the balance off early only to miss out on them being erased by the government. Kind of a wild hypothetical but who knows, it may happen. Thanks for the help everyone. [link] [comments]  |
| IDR recert not due till Dec 2021. Would I backpay if income went up sooner Posted: 11 Oct 2020 06:00 PM PDT Just got an email that because of additional covid flexibilities, I don't have to certify my income for IDR until Dec 2021 but they "encourage" you to recert early if your income changes. My income did recently increase substantially. If I don't recertify until Dec 2021 would I have to "backpay" to now? I'm not worried about the total balance because I'm going for PSLF. [link] [comments]  |
| IRS keeps refund because I owe for school I didn’t attend. Posted: 11 Oct 2020 06:34 PM PDT How can I straighten this out? [link] [comments]  |
| $61k Federal Loans Consolidate all or some of them? Advice please Posted: 11 Oct 2020 03:06 PM PDT I have 7 federal student loans in forbearance. I'm unsure if I should consolidate all or part of my loans. Listed below are the loan amounts. I've been making payments while everything is at 0 % interest, but I need to plan for next year. I graduated in Dec 2019, but because of COVID wasn't able to find a job until now. I'm planning on doing some type of income based repayment plan also. ( I start a new grad RN residency this month so as of right now my salary is unpredictable until I'm done with training which is about 3 months). The weighted average interest rate for all 7 loans comes to 4.43%. #1: $5500, 3.76% (subsidized) #2:$5500, 5.05% (subsidized) #3: $6600, 4.66% (subsidized) #4: $14807, $4.29% (unsubsidized) #5: $7881, 3.76% (unsubsidized) #6: $13768, 4.45% (unsubsidized) #7: $7468, 5.05% (unsubsidized) My credit report shows that my "loan balances are too high". Does consolidating help this? If anyone can provide some input on these questions, I would greatly appreciate it. [link] [comments]  |
| Credit score went down 35 points after student loan was added. Posted: 11 Oct 2020 08:03 AM PDT I have a student loan for trade school i'm attending. It was only 1160 dollars in loans, the rest i'm paying as i attend school. The loan isn't due to be paid until 6 months after I graduate. My credit score went from 712 to 683 after it was reported. I've never had a missed payment on any of my accounts, credit utilization is always under 5%. The only other loan I have is my car loan. Does anyone know why this happened? [link] [comments]  |
| Borrowers Defense to Repayment? Posted: 11 Oct 2020 02:03 PM PDT I know someone that applied to this program 4 years ago. I suppose their initial application was accepted, and their federal loan as been in forbearance for the last three years. Just wondering has anyone else experienced anything like this? I've heard stories were people get denied decisions for various reasons, but this person just never hears anything. [link] [comments]  |
| Is there some way to calculate minimum payment based on income? Posted: 11 Oct 2020 01:50 PM PDT BACKGROUND: I graduated May 2020 with a B.S. in Engineering and a total debt of $48K. I haven't made a single payment yet and COVID extended my grace period till 31 December 2020. LOAN TYPE(S): All my loans are with NAVIENT, half are subsidized and half unsubsidized EMPLOYMENT: I just got a job in September making $35K a year salary, while it is below the average starting salary for an engineer, it is something I am liking. It's a start-up ecommerce business with lots of potential. I know it's a really big if, but I do see myself having a pay-bump to $50K salary within 1 year of starting. PLAN: A friend told me that I can use my 2020 Taxes since, it would be arbitrarily low due to starting work in September. He said I would be paying around $100 a month or less for 2021. Although the interest rates would probably keep my loan at the same principle level. My idea is to save money for 2021, coupled with other investments I am working on. With this I calculate I can pay off the loans in 4 years time after 2021 (possibly less). Does anyone know how minimum payments based on income work? [link] [comments]  |
| Student Loan Interest amidst COVID-19 Posted: 11 Oct 2020 05:19 PM PDT Greetings. As many of you know, since March 20th, 2020, all federal student loans have had 0% interest and have required no payments. This is set to expire Dec. 31st, 2020 and has already been extended once. Do you think this will be extended again? [link] [comments]  |
| Disputing Credit Loan from 2016 Posted: 11 Oct 2020 03:55 PM PDT Has anyone had any success disputing a closed student loan with a zero balance? I have a student loan that was opened in 2010 that has 13 missed payments and is currently closed - balance is 0. Sadly, those 13 missed payments are keeping me from moving forward with my credit rebuild. I have three credit cards with perfect payment history and balances under 5% at all times. The missed payments are in 2014, 2015 and 2016. It was closed and zeroed out in 2016. I know that the more time that has passed the less it affects your credit but it's still quoted as a reason I can't get pre-approved for new offers. [link] [comments]  |
| Posted: 11 Oct 2020 01:52 PM PDT Long story short, I paid my Perkin loans two days late. I'm probably overreacting, but would that affect my credit score? What should I do? [link] [comments]  |
| Pay off student loans or wait after the elections? Posted: 11 Oct 2020 06:28 AM PDT It sounds like some new gov measures might be coming along to help alleviate student loan financial burden. Should I wait or just pay part of my existing loan. It s bs that my federal loan interest rate 6.3% is three times higher than my car loan. I really don't get it... [link] [comments]  |
| Deadline to recertify IDR plan extended 12 months? Posted: 11 Oct 2020 06:09 AM PDT Just received an email from the Dept of Ed. Can someone break this down for me? "The deadline to recertify your IDR plan has been extended for at least 12 months. This means, for example, if you were scheduled to recertify on Dec. 1, 2020, you are not required to recertify until Dec. 1, 2021." Depending on when I file taxes sometimes I use a 2 year old tax return. Is this just making it easier to do that? Not sure if there are other implications here I'm not seeing. Also why would they do this? I'm cynical but for most people who have been furloughed or have even lost their jobs it is in their interest to recertify sooner and in turn lower their payment and this email seems to be stating the obvious. [link] [comments]  |
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