Brag post: got my loans under 70k Student Loans |
- Brag post: got my loans under 70k
- Anyone else find themselves obsessively checking their balance while in repayment?
- What are the chances of me getting into uni with no money?
- Cousin fell for a likely student loan consolidation scam. What steps should she take?
- How does paid ahead status work and what are alternatives?
- How to tell if loans are subsidized or not?
- Just got married. Both on REPAYE.
- Best places to refinance student loans with excessive debt to income ratio
- Advice needed for my little brother
- EDRP VA Benefit
- NSLC : Canadian Student Loans question about RAP
- Should I refinance my undergrad loans if I’m planning on going to grad school?
- Help needed as an international student in the US for student loans. (cosigner secured)
- Screwed myself this semester.
- Is Interest Always Calculated for the Original Amount or Remaining Balance?
- Will I still have to pay the interest if I pay my loan earlier than scheduled?
- Unsure of what repayment plan would be best
| Brag post: got my loans under 70k Posted: 04 Nov 2020 11:35 AM PST I graduated in 2018, started payments in November 2018 with 98k student loan debt. And in that time, I did make some purchases that finance people will disagree with but I felt were justified and increased my quality of life more than being debt free sooner would. My car of 5 years (already 15 yr old when I got it) died and it was worth more to fix than it was worth so I got a reliable (slightly used) car for a small loan. I bought a house this year, which actually reduced my monthly expenses in half but of course cost a lot up front that I could've just put to loans. I need about 15k worth of dental work so I've been putting money pre tax into my HSA for that, that could be going to my loans right now. My payoff projection is October 2023. I took this year to payoff my car while loans were 0% interest and today I just paid off my graduate plus loan of 2k, bringing my total student loans down to 69k. It's crazy not seeing a 7 in front. [link] [comments]  |
| Anyone else find themselves obsessively checking their balance while in repayment? Posted: 04 Nov 2020 09:24 PM PST In an attempt to wean myself off this ridiculous compulsion, I made up a rule, where I have to make a payment every time I check. I'm finally in a position where I can focus on repaying my student loans. I felt so light after submitting that first payment, and was eager to see that balance going down. So eager, I was checking my Nelnet about as much as I was my Instagram. Fortunately, my service provider doesn't charge me for each individual transaction, and frankly I'm not one of those people disciplined enough to make a single lump sum payment. It's kind of fun, in a way, since I know each time I check, I'll be making an impact on my balance, no matter how small. [link] [comments]  |
| What are the chances of me getting into uni with no money? Posted: 05 Nov 2020 01:48 AM PST (UK) This is a dumb question but I am anxious about getting into uni next year. (Some context) I'm currently 19, and doing a foundation in art and design in college. My highest qualification are my GCSE's, I did okay but failed maths, which I have to retake this year. I worked on and off but due to my mental health I wasn't able to stay at one work place for more than a month. Did warehouse, nursery assistant, bartender, waitress, etc. All less than a month/a month. I had to apply for a loan for this course through student finance UK and still am waiting on their reply. (Questions)
I want to move out when I go uni, and maybe stay in a dorm if that were possible. Would that be a good idea? Sorry for my bad English [link] [comments]  |
| Cousin fell for a likely student loan consolidation scam. What steps should she take? Posted: 04 Nov 2020 08:30 PM PST Hey! So my cousin has been unemployed for a while now due to the pandemic and she was starting to get worried about her loans come January. She received an official-looking letter in the mail from a company called Amerifed Doc Prep claiming they would consolidate her loans and she would have her loans paid for by the US Government and forgiven after a set period. She ends up calling them up and the representative on the phone proceeded to ask her for sensitive information about her student loans and personal info (which to be fair, she handed over to them). From what she tells me they reset the password to her account so that they could log in and fill out the paperwork. They took her bank information, social security number and sent her over the paperwork from her student loan servicer about the loan consolidation which she signed and sent back. After the whole thing was said and done, they stated that they were not affiliated with the US Government or the DOE and that she had to pay a $799 one time fee and would pay $39 each month from here on out. She started to get the vibe that something might be off about this and asked them to cancel the application. The representative said that it was unfortunate but that they would cancel the process and not charge her. However, she wakes up two days later to $799 being withdrawn from her bank account in the form of an electronic check. When she reached out to the company they said that they would refund the money via mailed check within 5-7 business days and that they were not a scam. A quick google search pulls up a bunch of negative reviews on BBB (https://www.bbb.org/us/ca/tustin/profile/legal-document-help/amerifed-doc-prep-llc-1126-1000067425/customer-reviews), however, they are a registered LLC in California (https://businesssearch.sos.ca.gov/CBS/SearchResults?filing=&SearchType=LPLLC&SearchCriteria=amerifed&SearchSubType=Keyword). Does she have to worry about her bank info and social security number being compromised or is she worrying for nothing? Thanks for all the help! TLDR: Cousin tried to consolidated student loans and was asked for sensitive information and charged a fee. Scam? [link] [comments]  |
| How does paid ahead status work and what are alternatives? Posted: 04 Nov 2020 07:17 AM PST TLDR: Can some pls explain how paid ahead status works, how to specify payments be allocated a different way, what's the most beneficial way to allocate payments etc? I have fedloan/IBR/avalanche repayment strategy. When I pay extra toward a loan, my statement will say $0 due for the next bill, putting it in paid ahead status; but with automatic payments (in before times), fedloan continues to withdraw the same amount regardless of how much is due on the statement. Basically, does paid ahead status mean anything for this situation? The statement says unless I specify otherwise, extra payments put it into paid ahead. How do I specify otherwise and what would I be asking for? Can I do it online? [link] [comments]  |
| How to tell if loans are subsidized or not? Posted: 04 Nov 2020 09:09 PM PST Hey guys, just checked on my federal student loans. I thought yearly through fasfa you can get 6500 in subsidized federal student loans, and 6500 unsubsidized. But i just checked and somehow all my loans are unsubidized? how does this happen? I thought I was taking the subsidized ones and then paying the rest out of pocket. [link] [comments]  |
| Just got married. Both on REPAYE. Posted: 04 Nov 2020 08:37 PM PST I have a lot of student debt and am on REPAYE. I just got married to someone else who also has a lot of debt and is on REPAYE. I have some questions and I read a few articles online but couldn't find all the information I'm looking for. Any help would be greatly appreciated.
I apologize if this has been asked already and I was unable to find it. Thanks! edit: deleted a sentence for clarity. [link] [comments]  |
| Best places to refinance student loans with excessive debt to income ratio Posted: 04 Nov 2020 09:31 AM PST Hello all I am currently trying to refinance my student loans from sallie mae where I pay 900 a month and that alone takes up 50% of my income for the month, now I do have a cosigner and I never missed a payment. What is the best place to refinance student loans with a high debt to income ratio? [link] [comments]  |
| Advice needed for my little brother Posted: 04 Nov 2020 03:26 PM PST My little brother graduated in May with $80k-$90k in student loans. He is now taking a 6 month course that lasts until April at a non accredited place. So his loans will start being due after the covid grace period next January at nearly $1k/mo. What options does he have since his income will be low until his class finishes? Some more information: About $60k of the loans are in parent plus loans and they expect him to pay those. My advice was they put their loans on income contingent repayment and he start working more hours and put his loans on income based repayment. He is refusing to work more hours, but I don't even think he could afford the income based payments. [link] [comments]  |
| Posted: 04 Nov 2020 05:29 PM PST Hi everyone, I was hoping someone may be able to clarify a few things about the Education Debt Reduction Program (EDRP) that the VA offers at specified locations. I can't find these answers online. 1.) Do school loans count toward this program? I have about $100k federal loans and $60k loans through my school. Which loans don't qualify? 2.) I understand that the maximum is $200k over 5 years and $40k/year. If I have $150k of loans, can I pay off $40k of my loans each year or will they only reimburse $30k ($150k/5yrs=$30k/yr) 3.) When does this benefit kick in? If I stay with the VA for 2.5 years, will 2 years of EDRP and I forfeit the 3rd or would they still reimburse based off of the partial year? Thanks for the help!! [link] [comments]  |
| NSLC : Canadian Student Loans question about RAP Posted: 04 Nov 2020 01:26 PM PST SO I have been under the RAP for a while now - like the last 5 years (just a low income family - so having the RAP really helps me out): I always reapply on time every 6 months: When the pandemic hit and the govt put a hold on all student loan repayment I had a month left before my normal renewal and they said that after the hold was over in October my one last month would kick in and then I needed to apply for new RAP for november... So I then applied two weeks ago for a new assessment on my RAP (like I always do - two weeks before the 'end date') However - it did not conform my reapplication at first, then it said that they had received it but it showed my old info and I tried to check again and it now says there was an issue and to call them - but if I call it always says they are experiencing an usually high call volume-try again - and hangs up. ' Is anyone else having issues reapplying for their RAP like normal now that the pandemic hold is over? [link] [comments]  |
| Should I refinance my undergrad loans if I’m planning on going to grad school? Posted: 04 Nov 2020 08:29 AM PST I'm trying to wrap my head around the best plan for me going forward and I'd love some help. I finished undergrad in May 2019 and came out with about ~$30k in federal loans and ~50k in private loans (Sallie Mae). Fortunately, I've been in the grace period for payments since then (plus all the stuff that happened with federal loans and COVID). However, all that ends next month and I have to start making the full principal payments on both. It looks like I'll be paying about $300/mo for my federal loans and $850/mo for my private ones. That will be really hard for me to manage with my job at the moment, so I've looked into refinancing them all through SoFi. I would be able to get my monthly payment down to ~$650 with an interest of about 5.68%. This sounds really manageable for me. The thing is, I'm planning on applying for PA school in the spring (to start in 2022). I've talked to people at SoFi, who said it isn't possible for me to defer payments on refinanced loans. I can defer payments while in grad school with how my loans are currently, though. My question is: do I refinance my loans to give myself a more manageable monthly payment or do I keep things the way they are so I don't lose the option to defer payments while in grad school? Sorry if this is a lot of info, I'm just really confused about what I should do. Thanks for your help! [link] [comments]  |
| Help needed as an international student in the US for student loans. (cosigner secured) Posted: 04 Nov 2020 12:02 PM PST Hi everyone, I know you're all probably involved a lot with elections so I'll keep it short. I'm a sophomore in college here in the US as an International student. My uncle who's a US citizen has a really good credit score and is wiling to be my cosigner for a student loan (for around 50-60k over the course of next two and a half years). I've been having a really hard time looking for the 'perfect' bank that'll be willing to sanction a student loan to us. I wanted to know if you guys had some good banks that would be willing to provide us a loan? Also, I don't know if it helps or not, but my uncle lives in Wisconsin and I'm in Arizona. Not sure if that affects the situation or not. I already tried Wells Fargo but it got kind of uglier in the beaurcracy for some reason (complex story). Either way, please let me know of any good banks which are kinda easy to get loans from and don't have extremely high interest rates lol. Thanks a ton for your help in advance! [link] [comments]  |
| Posted: 04 Nov 2020 08:37 AM PST So I'm a first year medical student and took out the max amount of loans my school had to offer. My girlfriend and I had been leaving together for the past 2 years and she agreed she'd pay for rent and a few utilities as I had done before I matriculated. We broke a few weeks ago and I used a majority of my loans to pay debt and moving cost. I now don't have enough money to make it to next semester. I contacted my financial office and they basically told me there's nothing they can do, go and find a private or alternative loan. I've been searching for private loans online but most require my school to certify (which they said they wouldn't because I'd be over budget). What are my options? What/ where would be the best place to get a quick loan? [link] [comments]  |
| Is Interest Always Calculated for the Original Amount or Remaining Balance? Posted: 04 Nov 2020 12:10 PM PST For example, if I have a loan for $1,000 with 5% interest, do I always pay $50 (5% of $1,000) on top of the principal payment until the principle is 0, or would I pay $50 of interest the first time (let's say the first principal payment was $100), then $45 (5% of the remaining balance of $900) of interest the next payment on top of the principal amount? The numbers I used were arbitrary, but I'm referring to federal direct loans if that makes a difference. I've never taken out any loans (no credit card, car, mortgage, or bank loans for misc. use) before and tried looking this question up but couldn't find a clear answer. [link] [comments]  |
| Will I still have to pay the interest if I pay my loan earlier than scheduled? Posted: 04 Nov 2020 11:17 AM PST Hey Yall, Is there anyone that can translate this clause to non-lawyer talk? " In the event that you default and we declare the entire outstanding balance (the "Accelerated Balance"), including all accrued and unpaid interest that you owe under this Agreement, due and payable, the Accelerated Balance on or after the date we accelerate; and " Thank You so much! [link] [comments]  |
| Unsure of what repayment plan would be best Posted: 04 Nov 2020 09:33 AM PST Hello, I am a first-generation recent college grad and am not sure what to do for repayment and have nobody that I can ask.. I've been looking through this sub but am feeling pretty overwhelmed so I thought I'd try posting. I currently feel like it'd be best if I consolidated my loans because I have a large amount of combined credit card & 1 personal loan debt that I'm working to pay off ($9,931 across 4 cards and $5,547 respectively) and with consolidated I would pay less right now and have a higher payment over time to allow me to pay more towards my credit debt. Once I have those debts paid off I would want to put more money towards my student loans. I also have some PLUS loans but those are in my parents' names so that wouldn't be something that I can consolidate I don't think.. I currently have a salary of 60k but have only been working for a few months so I have no savings to speak of. I would appreciate any advice, thank you! [link] [comments]  |
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