Holy Guacamole it's done. Student Loans |
- Holy Guacamole it's done.
- Current high schooler applying to college; what do you guys recommend as the maximum amount of student loans I should take?
- Should I refi my loans to get a lower interest rate?
- When does interest capitalize? Also, does anyone else’s due date keep changing?
- My payment was reversed??!
- Unsure if I should just pay my balance or take out a loan.
- Should I pay now?
- How do I to approach rehabilitated loan after new job?
- What is factored in to debt/income ratio?
- Navient Interest now 0
- Recent MBA grad with 248k loans seeking advice.
| Posted: 31 Oct 2020 12:03 PM PDT It's been a wild ride but my bachelor degree & masters degree are paid off. Done. Nada left. [link] [comments]  | |||||||||||||||||||||||||
| Posted: 31 Oct 2020 10:16 PM PDT Title; right now, I have the opportunity of going to some well-regarded universities that are somewhat expensive, or getting what is essentially a full ride to some still good but lesser known schools (e.g. University of Alabama, University of Arizona, etc.). If I were to go to the more famous universities, how much debt should I be willing to go into? I want to be an electrical engineer, but medical school is something I'm considering, if that helps. EDIT: Some phrasing [link] [comments]  | |||||||||||||||||||||||||
| Should I refi my loans to get a lower interest rate? Posted: 31 Oct 2020 06:30 PM PDT Hi! First-time poster here and I would love some advice! I make payments on my student loans monthly but it isn't making a dent since there are so many loans that the payment goes towards with how I am set up in Nelnet. In fact, my loans go up! Not down! I feel like I am basically throwing my money away.... so frustrating. I am in a position where I feel I can finally make more than my minimum payment and am curious about what the best strategy would be in paying them and if I should refi for a lower interest rate (and would that mean I would just have one loan?). Some facts about my loans:
What would you do in my shoes? Thank you for any advice/insight! I start researching this topic and get very overwhelmed with all of the information. [link] [comments]  | |||||||||||||||||||||||||
| When does interest capitalize? Also, does anyone else’s due date keep changing? Posted: 31 Oct 2020 07:23 AM PDT Hi, r/StudentLoans! My payment due date on the Nelnet website says 02/05/2021. Will accrued interest capitalize on that date or before? Also, has any other recent graduate (May) experienced a change in first payment due date? About a month ago, my due date was in January. Thanks for your help! [link] [comments]  | |||||||||||||||||||||||||
| Posted: 31 Oct 2020 11:23 PM PDT So I thought I was actually gonna be done paying my student loan after all these years...thinking this last payment was the final one. But then I checked the fedloan app and it says that my payment was reversed?? The feck does that even mean??? I also checked my account history and have not received any returns back into my account. So where the eff is my money going?? This has been the 3rd time it's been reversed and it none of then have been returned into my debit card... Wtf do I do..? [link] [comments]  | |||||||||||||||||||||||||
| Unsure if I should just pay my balance or take out a loan. Posted: 31 Oct 2020 10:23 AM PDT I currently have a balance of $10,000 for my University tuition, and until I pay this balance, I won't be able to send out my official transcript, and register for any classes for my grad program. Due to the circumstances, I have two options. Either I would have either take out a loan from a private lender (my advisor recommended Sallie Mae). Or, I could pay off the balance right now, but that would leave only a couple thousand left in my bank account until I would have time to get a job, which would be in about a year. Taking out that loan seems tempting right now, however I don't want to end up dealing with interests. However, stretching a couple thousand over a year seems pretty challenging too. [link] [comments]  | |||||||||||||||||||||||||
| Posted: 31 Oct 2020 12:07 PM PDT I'm a sophomore undergraduate. Here's the breakdown of my debt so far:
In total it's about $9k, obviously due to covid none of them are accruing interest for a few months at least. I have $700 in my bank account right now that I could pump into these loans. I would put it towards the larger unsubsidized loan. Would this be advisable, or should I save it in case of unexpected expense? Thanks! [link] [comments]  | |||||||||||||||||||||||||
| How do I to approach rehabilitated loan after new job? Posted: 31 Oct 2020 10:11 AM PDT I'm in a fortunate position, having got a new job a month and a half ago making around ~65k a year. I previously worked part time for minimum wage. Before covid my loan had defaulted and I was in rehabilitation for $5 a month. Even though these payments were paused due to the CARES act, my loan is officially rehabilitated and should be paid through FedLoan. The loan balance is roughly $8,500. $6,100 being the principle balance and $2,400 being Accrued interest. After December my loan interest rate will be 6.8%. It is currently 0%. Due solely to my recent employment, I have managed to save enough to pay off this balance in full today. This would leave me completely free of debt but also with no savings. I'm also in a position where I would like to purchase my first car in the coming months and I don't know how this would impact my credit score. Do you have any advice how I should approach this loan? [link] [comments]  | |||||||||||||||||||||||||
| What is factored in to debt/income ratio? Posted: 31 Oct 2020 09:38 AM PDT When applying for a personal student loan, what is factored in? Monthly income vs ALL DEBT, or monthly income vs credit card debt....Credit score, etc? If student loans are deferred, and not a payment obligation currently, then is that factored in? What are the companies that are most lenient? I was able to get a private loan in August from Discover for $2000 with a credit score of 712 and no outstanding debt except federal loans (that are deferred) and now they are denying me. Are they denying me based on the loan they gave me originally? Please no lecturing on loans, I get it already. I am not taking out an exorbitant amount. [link] [comments]  | |||||||||||||||||||||||||
| Posted: 31 Oct 2020 09:43 AM PDT I have a private direct loan with Navient, and as of today's payment, the unpaid interest is now $0 (it didn't magically jump to $0, it's been decreasing with each payment obvs). My unpaid principal is $20k. (5.750% interest, variable. Original principal $33k). So, what does this mean? I was thinking about refinancing and/or aggressively paying it down (I just got a new job with a significant pay increase). Is that worth it? Is the remaining 20k essentially no interest? [link] [comments]  | |||||||||||||||||||||||||
| Recent MBA grad with 248k loans seeking advice. Posted: 31 Oct 2020 08:02 AM PDT Graduated in May, started working in July Income 8k monthly after tax, rent 1725 in HCOL city, not sure what I'm spending on food but I should probably eat more pasta and PB&Js. I often pay for both me and my partner, might be as high as 2k a month, we go out more than we should. Savings around 34k cash, 50k in stocks that I can cash out quickly if needed. 14k in interest is scheduled to capitalize on 11/20, should I pay that before capitalizes? My loans are federal with a really high interest rate, most 7%, some 6% I do expect to refinance eventually, I guess I should wait until December to see if CARES Act benefits extend? Should I be dumping payments in during this time or for refinancing so they want to see cash savings? I know it's obviously good for the loan balance to be lower. Need advice on how to handle this giant loan amount. [link] [comments]  |
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