Student loans paid off! Student Loans |
- Student loans paid off!
- And I’m student loan debt free!!
- Net worth finally positive!
- Deferring due to unemployment questions
- Consolidation
- Can scholarships be used to pay for private student loans?
- 24 year old wanting to go to school. Help with loans
- Defaulted: rehab or consolidate?
- I could end them with the push of a button...
- Getting a private student loan and then not needing it.
- Getting aid while in default concern
- International Student Here... Need Guidance on private student loans
- Is it beneficial to get loans to their original amounts?
- Prioritizing payoffs
- Unsubsidized loan taken out accidentally
- Transferring parent plus loan
| Posted: 30 Sep 2020 04:45 PM PDT Officially debt free! I paid $79,600 of student loans off!!!! I just made the last lump sum payment to be done with them. For some background info, I'm 24 and graduated with my BS in 2018. I took the max limit of federal loans out at $31,000 with an average 4.23% rate and my parent took out $38,800 with an average 6.42% rate in Parent PLUS loans, with the understanding and agreement that I would be paying the loan upon graduation. So the initial loan amounts were $69,800. I had three jobs in college but was a dumbass and didn't use the money to go towards loan or straight to tuition, but spent it on food and travel instead. Looking back, I wish I would not have done that. I did manage to put some money into my savings account and set up a 6 month EF though. For the past two and a half years, I have lived with my parents, rent and virtually expense free. One of my parents also pays for my car insurance and cell phone plan, which I will be taking over come the new year. I do chip in for food and household groceries as often as I can. I also was promoted twice at work, initially I made $59k, then $65k, and now $72k. I FULLY recognize the privilege I have and how many, many people are not able to be in the position that i am in due to varying circumstances. Every extra paycheck I had went toward my loans. Every time I went on travel for work, I'd make ham and cheese sammies and save the extra per diem to put toward my loans. Every tax return went to my loans. I did start getting a little burnt out because I had virtually no fun budget, so I took a couple weekend trips to celebrate some major payoff milestones. Not too sure how I'm going to celebrate yet since I can't really go anywhere in the middle of the pandemic.. but I'm so happy to be done! [link] [comments]  |
| And I’m student loan debt free!! Posted: 30 Sep 2020 09:34 AM PDT Just made my FINAL student loan payment today! Thanks to this subreddit community and all of the advice I have gotten from y'all, I'm so happy to finally be in the debt free club. quite literally screaming GOODBYE STUDENT LOANS! [link] [comments]  |
| Posted: 30 Sep 2020 11:17 AM PDT Today my net worth is finally positive! It's really comforting knowing that, if I wanted to, I could erase all my loans and start with a clean slate from square one. Graduated from law school about a year ago with roughly $50 thousand in student loans (I had some scholarships, savings, and family help that kept me from going further in the hole. I also chose a relatively lower-cost school, but still managed to rack up a pretty decent bill once it was all said and done). After graduation, I took a job making roughly six figures in a MCOL area. I've been making my payments slower than I otherwise could because I still contribute 15% to my Roth 401(K) and max out my Roth IRA. The good news though is that as of today, my student loans are at roughly $31 thousand, which, if I wanted to, I could completely erase by cleaning out my bank account and savings. I don't plan to do that, because I want those savings to compound and I don't want to pay any penalties, but it's nice to know I have the option. I hope to have the whole thing squashed in the next two years, if not sooner. Unfortunately, I refinanced to a lower rate before COVID-19 was a thing, so I don't get to take advantage of the 0% interest. Oh well... Either way, just going to keep on trucking! [link] [comments]  |
| Deferring due to unemployment questions Posted: 30 Sep 2020 07:58 PM PDT Hi there, this might sound like a dumb question, but I wanted to clarify. My loan servicer's website says: "You may be eligible for unemployment deferment if you receive unemployment benefits OR if you are seeking and unable to find full-time employment. You can receive the deferment for up to three years." Does this mean that if I am doing a part-time job, I am eligible to apply / does a paid internship count as full-time employment? [link] [comments]  |
| Posted: 30 Sep 2020 11:35 PM PDT What's the difference between consolidating with Sofi or Fedloan [link] [comments]  |
| Can scholarships be used to pay for private student loans? Posted: 30 Sep 2020 07:18 PM PDT I'm sorry if this question has been asked before, but I couldn't find an answer from googling. My federal loans from FAFSA were not enough to cover my tuition and I currently don't have a source of income to pay for my balance this year. The idea of private loans and accruing interest is so anxiety inducing that it scares the heck out of me. Unfortunately I wasn't able to win any scholarships this summer to help pay the balance. So my only option is to get a loan through a private company. Like my title says, I was wondering if by chance I do win scholarships, would I be able to use it towards private loans? Also what is the best option for private loans? I heard nightmares about Sally Mae, and Discover offered me a ludicrous interest. (Sorry for the naivete, but this is my first time I falling into this financial situtation) [link] [comments]  |
| 24 year old wanting to go to school. Help with loans Posted: 30 Sep 2020 03:06 PM PDT I am a 24 year old female who wants to go to school for computer science. I graduated high school in 2013 And have been working full time since. I am a welder and I make $20 an hour full time. I love the trade, but I don't want to do it forever I would like to work full time while going to school. There is a good community college near me that's regionally accredited, so I want to get my gen eds done there and then transfer over to a 4 year school for computer science. Since I make $20 an hour (about $41k a year before taxes), what kind of fasfa options would I have if any? I'm 24 so no parents are involved. I also just recently got a credit score of 720. I have a car loan of 9k I recently got and my loan payments are $191 a month. Federal student loans, do those get paid off while Im in school or after I get my associates degree? I'm not sure how any of this works, I can't believe 18 year olds do this all the time I feel so intimidated. [link] [comments]  |
| Defaulted: rehab or consolidate? Posted: 30 Sep 2020 05:05 PM PDT This question probably is asked a lot. Current balance is around 6~. Can be settled for 4.7k. Options rehab or consolidate. Seems like rehab, would take my tax return which by that time would pay the loan off and may result in extra fees/not meeting the 9 months requirement? And may be worse? Consolidate: set it up, not be tax wage garnished and have it paid off relatively quickly. Already are settlements paid off on credit report, so need to wait 7 years for credit to be better anyway... Anyone have ideas? [link] [comments]  |
| I could end them with the push of a button... Posted: 30 Sep 2020 08:56 AM PDT I'm there. With my wife and I's loans not requiring payments or collecting interest over most of 2020, I have been putting money and the stimulus checks we got into a separate account with my bank. There is now enough money in that account to completely pay off all our our loans. Doing so would definitely cut into our cash on hand. I am a teacher and my wife works from home. What are my options? Should I just hit the button and pay them off to be done with them? Should I continue to stash the money for an emergency? If democrats take the senate and Whitehouse in November, is there a chance for loan forgiveness in 2021? [link] [comments]  |
| Getting a private student loan and then not needing it. Posted: 30 Sep 2020 05:38 PM PDT Have you guys ever been here? I took out almost 7k from Sallie Mae and it disperses next month, but now I have a second job with tuition reimbursement and quite frankly will make enough to just pay out of pocket. Can I just use it for my 2 classes? Like $1000 and then throw the rest back at the loan? Lol [link] [comments]  |
| Getting aid while in default concern Posted: 30 Sep 2020 01:31 PM PDT I defaulted on my loan for the first and I got into the rehabilitation program at the beginning of this year... payments stopped coming out of my account after COVID and I was told making the payments isn't required either. After 6 consecutive payments I'm eligible for aid. My 9th payment comes out or I should say gets credited next month. I got a default clearance letter sent to my college I want to attend. But in the letter it states that financial aid needs to contact them to see if I'm complying with my repayment schedule. I called my loan service providers and they say I should be fine because I'm concerned they'll see I haven't paid anything for awhile due to COVID policy. BUT the school wants me to write a letter saying if I can't receive the aid I have to repay the tuition. So no classes taken at all and I'm responsible for $5,000 for no reason at all. Has anyone experienced this situation and got turned down for aid because of COVID?? I'm afraid to write the letter and get screwed over. [link] [comments]  |
| International Student Here... Need Guidance on private student loans Posted: 30 Sep 2020 11:50 AM PDT So I am an international student and will start attending Drexel University in Jan 2021. I applied for a loan at discover student loans to fund my education. To complete my loan application I need my I-20 form which my university is not issuing me because I can't prove my funding (I sent them a loan approval letter from discover stating "Congratulations! You have passed our credit requirements for your Undergraduate Loan application with a requested loan amount of $----." but they won't accept it. Discover can't issue a conditional approval letter(which will be used to get I 20 form) even though I qualified for the loan when I added the cosigner. I don't understand what steps I should take now to get either of the documents because I can't proceed without either of them. Any kind of advice is appreciated. Thank you! [link] [comments]  |
| Is it beneficial to get loans to their original amounts? Posted: 30 Sep 2020 10:13 AM PDT I have 3 federal loans through Navient and I have some savings I was thinking of using towards them. My plan is to pay all the minimum payments, and put my extra money to the highest interest loan every month. But in the meantime I was thinking about getting the other two that I won't be focusing on, down to the original amounts I took out for. Thinking that I'll pay off the accrued interest they got while I was in school. Does that even make a difference? Just thinking if it'll help with my minimum monthly payment or how it'll really affect them. Thanks [link] [comments]  |
| Posted: 30 Sep 2020 11:53 AM PDT Hello all, I know this will sound stupid to some, but I have the remainder of my student loans I'd like to payoff by the end of the interest waiver. As a person I would be debt free. however, about a year ago out of my own responsibility to my parents I agreed to make the payments on their parent plus loans taken out to pay for my education. It's about 16k and the rates are on average about 5.5%. Should I take my time paying it off and keep it on autopay (income driven repayment)? Obviously the debt is not mine and my parents don't have big purchases to make and have good credit. Just want to know if it's best to just ride it out. [link] [comments]  |
| Unsubsidized loan taken out accidentally Posted: 30 Sep 2020 07:25 AM PDT So as the title states prior to my Father agreeing to pay for my graduate schooling I took out a fed loan. I reached out to the feds whom advised me to reach out to my school. My school advised me that if I wanted to I could pay off my loan to the bank directly. My question is if I pay off this loan right away will it have a positive effect on my credit or not? [link] [comments]  |
| Posted: 29 Sep 2020 11:38 AM PDT Hello all! When I first started college, my mom was approved for the parent plus loan. I was told by my college that once I graduate, this can get transferred into my own name. Turned out that was a lie. I've been looking into ways to get a loan to pay off her loan and then it would be in my own name, but every option I find has a really high interest rate and monthly payment, making it not worth it. A few days ago she actually sent me a link through massmutual to be able to actually do this. I was hoping someone has advice on whether or not I should go through with researching this. I am looking to buy a house this spring, so was also curious if you think I should wait until after that before "adding more debt". Because technically this debt is under her name currently and not mine. Any advice is greatly appreciated! Thank you! [link] [comments]  |
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