What is one thing you know now that you wish you knew before starting loan repayment? Student Loans |
- What is one thing you know now that you wish you knew before starting loan repayment?
- Repay student loans on income-based repayment & live a more relaxing/fulfilling life?
- Cornerstone suspends student loan servicing; all customers will be transferred to FedLoan
- $100K Student Loans for 4 Years of State School?
- Had anyone ever thought of a student loan strike?
- Can I get financial aid without a high school diploma?
- Question about Graduate Loan options?
- Can you get a Grad School loan with a past default on your credit?
- I need help, 22M just graduated with parent plus loans
- TIL That if I die, my student debt liability gets passed on to my next of kin... AKA my parents.
- Origination fees on loans
- To refinance or not to refinance before 0% interest federal covid forbearance ends?
- Help on federal student loan repayment
- I need roughly 5,000 to pay an outstanding tuition fee, is it worth it to take out a private loan?
- Will refinancing my private loans mess with my cosigners credit?
- What would you do? - Just refinanced and my loan provider refunded my October payment and is now just asking for a November payment. Should I save it and apply it to my higher interest federal loans when those start accruing again?
- Loan Deferment for Gap Year
- Who can give me a loan?
- NSLSC Rehabilitation Program
| What is one thing you know now that you wish you knew before starting loan repayment? Posted: 26 Oct 2020 10:10 PM PDT So, I just graduated in May of 2020 and my grace period is about over. I have $50K in private loans (4 semesters' worth of loans at varying 5-6% interest), $26K in federal student loans (at 0% because of COVID-19 situation), and $20K in interest. As the title indicates, if you could go back in time, what you recommend your former self to do in paying off your loans? Consolidating your various loans together? Resetting your loans at a lower interest rate? I will definitely value any advice you share and will not take it lightly. [link] [comments]  |
| Repay student loans on income-based repayment & live a more relaxing/fulfilling life? Posted: 26 Oct 2020 05:19 PM PDT I posted yesterday & y'all helped me out so much. I'm back with a few questions. I'm going to graduate dental school in May with $390K in loans and $23K already accrued in interest. All federal loans, average rate 6.5%. I have a low cost of living — $2000 a month. (~$1K rent, $400 necessities, $600 "fun"). I don't foresee much/any lifestyle creep as I am a minimalist and do not buy pretty much anything. Tackling these loans with a standard repayment plan would mean a $4700 monthly payment for 10 years with $560K paid total. It is most definitely possible for me to do the standard repayment, but I'll have to hustle my ass of, working 6 days a week crazy hours for 7-10 years, making hopefully $200K per year. I truly believe in work/life balance and "working to live." This has me considering the PAYE/REPAYE option for loans. Here's the math:
Am I missing anything? I just don't understand why I would work my ass off for 7-10 years to end up in the same position I would end up in with casual lifelong working. If it were working my ass off for 2-3 years, I could do it — hell, I just did it in dental school for 4 years. But TEN years is a lifetime. Shit. I would also like to add that I am much more inclined to work as long as possible part time, than work super hard early in life and retire early. I truly don't have a desire to 100% retire at all, so long as I'm physically/mentally capable of working part time. Anyway. What do you think? [link] [comments]  |
| Cornerstone suspends student loan servicing; all customers will be transferred to FedLoan Posted: 26 Oct 2020 07:12 AM PDT Very unfortunate, I was very happy with CornerStone and I have heard plenty of bad things about FedLoan. RIP [link] [comments]  |
| $100K Student Loans for 4 Years of State School? Posted: 26 Oct 2020 11:49 AM PDT So I graduated from a state university a few years ago with roughly $100,000 in debt. I honestly didn't really know what I was signing up for, but I ended taking out federal and private loans. Only after graduating did I realize that none of my friends had this amount of debt. I essentially financed all of my education. Is my case an anomaly, and should there have been something I could have done differently? I don't remember receiving all that much in financial aid, so I thought I had to go to private banks to take loans. Thanks in advance [link] [comments]  |
| Had anyone ever thought of a student loan strike? Posted: 27 Oct 2020 01:03 AM PDT Imagine if everyone who has loans from Sallie Mae, for instance, just stopped paying. No way sallie Mae could take everyone to court right? This has to be doable. [link] [comments]  |
| Can I get financial aid without a high school diploma? Posted: 26 Oct 2020 02:05 PM PDT I have 21 credits from clep exams that I want to transfer to a college but I'm not sure if I can get financial aid with a diploma. I want to take the GED but I can't take time off work to do so. [link] [comments]  |
| Question about Graduate Loan options? Posted: 26 Oct 2020 04:39 PM PDT I'm in the process or going to grad school, but I've recently had a bankruptcy and won't be able to get GRAD plus loans and have a pretty low credit score. Will private companies be able to provide the loans with such a bad credit history? [link] [comments]  |
| Can you get a Grad School loan with a past default on your credit? Posted: 26 Oct 2020 02:55 PM PDT Right after undergrad, I defaulted on a loan. Ever since then, I have been religious about payments. My credit is absolutely pristine except for the one charge-off. My credit score is about 685. The default will fall off my credit in about a year and a half. I was recently accepted to a Master's program and am looking to take out some student loans. Will having the default prevent me from doing this? The default was on a private loan, not federal. Also, the the balance of that loan has now been paid. [link] [comments]  |
| I need help, 22M just graduated with parent plus loans Posted: 26 Oct 2020 04:16 PM PDT I just graduated this may, I graduated with bachelors degree and I'm making about 15 dollars an hour at 22. My loan payments start in January which is fine but my main concern is the parent plus loans that my parents have taken out over the past four years, those were my only way of getting through college and having it paid for. Supposedly I can't consolidate them which is really weighing on me, I can't be the only person who's had this problem and I would love some advice please [link] [comments]  |
| TIL That if I die, my student debt liability gets passed on to my next of kin... AKA my parents. Posted: 26 Oct 2020 06:52 PM PDT Finally getting a handle on my finances after graduating and moving around a bit, but can anyone verify this claim? Long story short, I'm shopping for life-insurance and the agent told me that this is one of the determining factors in how much life-insurance you should get. [link] [comments]  |
| Posted: 26 Oct 2020 11:30 AM PDT Due to the interest changes for the upcoming year, I currently have four graduate loans through the FAFSA with 7%, 6%, 5% and 4% interest rates. This semester's tuition and living cost was paid for by the 5% and 4% loans. I will be returning ~10k of loan money this semester. Would it be more beneficial to give back to the 5% loan to get back the origination fees or pay off the 7% loan completely? Is there a way to find out how much is taken out in origination fees to crunch numbers? I still have 2.5 years left in school. [link] [comments]  |
| To refinance or not to refinance before 0% interest federal covid forbearance ends? Posted: 26 Oct 2020 09:01 AM PDT I have 90k in federal loans. I'm loving this 0% federal interest, but now that it's almost November, I'm starting to look ahead to 2021 and beyond. Is it worth it to refinance at 3% in mid-November? (That's the soft pull rate I got) Other perks include getting incentives like $500 amazon gift card or $100-300 cash back for refinancing certain amounts. The reason I'm thinking about refinancing now is that I'm assuming rates and cashback deals are good because of the 0% federal interest. But am I wrong? Is it low because of interests rates generally? My questions are: (1) what is the chance that when 0% federal interest ends in Dec 2020, refinancing rates will go up and I lose the chance to refinance so low? By how much? (2) what is the chance the government will continue 0% federal interest into 2021? I know no one can predict the future, but I'm asking more experienced people how to weigh/balance risk/reward mostly and if there are other considerations. Other relevant information: I am extremely fortunate to be able to pay off the entirely of the loan by Jan 2021, but it would put me at 0 net worth. Does this change anything? Should I pay it all off after I build a little more emergency money, or should I refinance to 3% and pay it off slowly over 5 years and keep liquidity available to do other things with? [link] [comments]  |
| Help on federal student loan repayment Posted: 26 Oct 2020 11:07 AM PDT I recently graduated in august and just passed my state licensure exam to be a physical therapist assistant, but there are few jobs right and I'm competing against experienced therapists as well due to COVID. I wanted to start working ASAP but I'm still fighting to get a job because I wanted to pay off as much as I could while the loans are frozen. I have $56,000 total due, and I want to get that paid off as fast as I can. So I'm not sure which route would be best as I don't have anyone in my family that understands the process. I guess I just wanna hear what others did who were in a similar situation. Also if this may sound crazy but is there someone that I can find in my city that can give me professional guidance on student loans and how to go about it with my financial situation? [link] [comments]  |
| I need roughly 5,000 to pay an outstanding tuition fee, is it worth it to take out a private loan? Posted: 26 Oct 2020 02:02 PM PDT I had confirmed my bill for this semester at 5 credits, however my fafsa didn't cover my tuition cost as I needed to be at 6 credits to obtain it. Now in order to register for this spring semester I have to pay my tuition fee, and the only real option I have to get it paid in time is a private loan. I'm lucky enough to not have to take out more than this, but I'm still apprehensive as the financial aid counter at my university wasn't very helpful. Thank you in advance! [link] [comments]  |
| Will refinancing my private loans mess with my cosigners credit? Posted: 26 Oct 2020 12:29 PM PDT I'm looking to refinance, I have about 130k split between 4 loans with 3 diff co-signers. If I consolidate and refinance on my own without a cosigner, will that negatively impact thw cosigners credit in any way? Or what about if I need a cosigner to qualify? If originally they only cosigned a 30k loan, then I ask one of the 3 to sign for a 130k refinanced loan, will that hurt their credit? [link] [comments]  |
| Posted: 26 Oct 2020 12:28 PM PDT Loan Refinanced: $85k with Mohela/Sofi at 3.9%
Other Federal Loans
I'm thinking of just saving this payment and putting it towards my federal loans. By the end of this year, I should have enough saved up to knock out those 6% monsters if they start accruing again. This payment would put me a little closer even though it's technically accruing interest for the missed payment with the 3.9% loan. Is this sound judgement? I've heard of loan providers asking for the missed payment even in a refinance situation. Curious what other people's experience has been. [link] [comments]  |
| Posted: 26 Oct 2020 11:29 AM PDT Right now I am taking a year off of school and I recently got an email from financial services saying that I need to complete exit counseling. When i contacted my loan servicer (nelnet) they told me that there will be a 6 month grace period so i will be able to reenroll into my school and not have to pay for it. However, there will not be a 6 month grace period once i graduate. I then called my financial services and they told me i should ask for a loan deferment. So, i was curious if anyone has experience with loan deferment and how i might go about this? Or if you have any advice for me given this particular situation? Thanks! [link] [comments]  |
| Posted: 26 Oct 2020 11:02 AM PDT Any provider that will loan me a couple thousand to pay off my school balance? The thing is i withdrew after the refund date due to personal reasons and now I have a balance that i have to pay in order for me to register for next semester. How can i attack this? Thanks [link] [comments]  |
| Posted: 26 Oct 2020 06:30 AM PDT Hi everyone, I am wondering if anyone has been through the rehabilitation program through Canadians National Student Loans Services Center. If so, what should I expect? I am currently enrolled in NSCC and haven't received my student loan due to a previous loan that's been sent to collections. I've been told in order to be approved for this new loan I am to pay 2 months worth of payments plus the interest on my previous loan, AND THEN after 3-5 business days I am to call NSLSC and tell them I want to be in the rehabilitation program. [link] [comments]  |
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