I CAN SEE THE LIGHT! Student Loans |
- I CAN SEE THE LIGHT!
- I made 132 payments (~$50,000) for my undergrad private school loans. The original principal: $57,300. Current Balance: $64,000. What should I try next? Is it worth refinancing? Am I grandfathered into something? Am I missing something here? The full details included below. I appreciate the help.
- I want to pay off my mom's Parent Plus Loan so she can retire
- Best options to minimize Parent Plus monthly loan payment if student goes Active Duty.
- transferring to REPAYE post COVID
- 170k in student loans with relatives stating in their will they are going to pay off my loans.
- Navient Repayment Please Help
- Healthcare worker loan forgiveness
- Advice on Consolidating and Refinancing?
- Reconciliation Fee? Windham Professionals
- Cycle of hell
| Posted: 05 Nov 2020 03:43 PM PST I started with roughly 130k (undergrad totaled about 18k and grad school is the rest). But thanks to careful budgeting, my parents taking care of undergrad, working extra jobs, and interest free due to COVID, I AM FINALLY AT 53k and I am SO EXCITED! I know I still have a ways to go, but somehow, this number seems manageable! Let me know if I can help anybody in any way. Thank you all for creating a space where people can feel comfortable enough to share these things ☺️ [link] [comments]  |
| Posted: 05 Nov 2020 09:43 AM PST EDIT #2: Monthly Income After Taxes/Health/401K Match: +$5,500 Monthly Rent: -$1,250 Monthly School Loans: -$1,250 Monthly Car+Insurance+Gas: $-300 Monthly Groceries/Household: -$250 Monthly Utilities/Cable/Internet: -$150 Monthly Cell/Cable/Internet: $-200 CURRENT FINANCIAL SITUATION: 401K: +$35K Savings/6-Month Cushion: +$20K Federal+Private School Loans: -220K Credit Cards: Zero Balance Credit Score: 770 EDIT #1: When you factor in my federal loans, I'm putting over $1250 a month toward the payments, which has me ~220k in the red. CURRENT NAVIENT UNDERGRADUATE PRIVATE SCHOOL LOANS SITUATION: 01 Signature Student Loan:Original Principal: $15,400.00Variable Interest Rate: 8.250%Current Balance: $17,951.14 02 Signature Student Loan:Original Principal: $13,000.00Variable Interest Rate: 8.250%Current Balance: $17,709.35 03 Signature Student Loan:Original Principal: $10,861.00Variable Interest Rate: 3.000%Current Balance: $11,100.79 04 Signature Student Loan:Original Principal: $18,129.00Variable Interest Rate: 2.875%Current Balance: $17,668.09 ADDITIONAL NOTES:
[link] [comments]  |
| I want to pay off my mom's Parent Plus Loan so she can retire Posted: 05 Nov 2020 08:05 AM PST Hello everyone, I graduated in May and my freshman year my mom took out about $6000 for me to go to school. She never made a payment on it so with interest it amounted to $7618 by graduation. I got a bonus from my job so I put $2k on it this summer. I plan on paying the rest off for her, but I wanted to see if it was a good idea to consolidate her loan. The Loan Simulator told me that the consolidated standard repayment was the best option, but the numbers may be fudged a bit for now due to the CARES act (giving me a $50/mo payment). I want to pick the plan with the lowest monthly payment so I can throw a lot of the money towards the principal before a ton more interest occurs. SO my questions are:
Edit: She's planning on retiring in the next few months and I want to just make her transition smoother and take one thing off of her plate. She also is close to paying off her mortgage so I think it would be nice to help her out. [link] [comments]  |
| Best options to minimize Parent Plus monthly loan payment if student goes Active Duty. Posted: 05 Nov 2020 07:20 PM PST After digging through the sub, I was unable to find anything concrete that applies to my situation, and I'm hoping someone here has seen/had something similar. I'm really struggling to create a sound plan for my loans, and I'd really appreciate any help. TIA! Long story short, I, the student, am dropping out of college to enlist in the military. Some factors including a relatively serious accident and COVID have put me in the position of having roughly 20k in loans in my name, and 100k that my father took out for me as a Parent Plus Loan, with the unwritten promise that I would pay his monthly payments on the loan. I have 56 credits (effectively lost 2 semester of credits due to aforementioned circumstances), mostly in gen-eds and sciences, towards my planned Engineering degree. I was struggling alot with online course delivery, and I cant justify continuing to take out loans towards this degree, at this institution with out of state tuition. My understanding (please correct me if I'm wrong) is that upon becoming active duty, all my interest rates will be capped at 6%, and I'll have no student loan interest accrual for up to 60 months under the SCRA. Under CLRP, the branch I'm planning on joining will repay up to 10k of my loans during my first enlistment period, with the caveat that I can't use the GI Bill. It seems that these repayments can be applied to the Parent Plus loan. For the loans my father took out, I fully intend to honor our agreement that I would cover the payments to the best of my ability. He makes a decent income, but lives in a very expensive state, and just built a house. Effectively, if I am unable to help substantially (75%+) with the monthly loan payments, it will have serious consequences for him financially. I cant stomach the potential for that, seeing as how poor circumstances and mistakes on my end have precipitated this. If you've made it this far, thank you so much! I guess these are the questions I have: Should I opt to take the 10k repayment from the CLRP but waive my GI Bill? (assuming I'm correct that this can be applied to the Parent Plus loan) Should I have my dad refi the student loans, with me as a cosigner before I go active duty to get the 6% interest cap under ? (assuming we would qualify and me being a cosigner would qualify it under the SCRA) Are there any ways/chances that the loan servicer will cap the interest on the Plus Loans similar to the SCRA because I, the student am active duty? (this ones a stretch, I know, but It'd be nice to keep the protections of the federal loans) Is there anything major i'm missing? Thank you! [link] [comments]  |
| transferring to REPAYE post COVID Posted: 05 Nov 2020 05:31 PM PST stupid question I can't seem to find the answer to: I was previously on a standard payment plan and made 2 years of payments (well one year of payments and one year of covid forbearance) but am switching to a REPAYE plan once payments kick back in. Do those 2 years of payments count towards the 20 yeas of payments? or is it 20 years from starting REPAYE? [link] [comments]  |
| 170k in student loans with relatives stating in their will they are going to pay off my loans. Posted: 05 Nov 2020 08:02 PM PST After finishing grad school I have multiple student loans that sum up to a monthly payment over 1000. I want to pay the lowest I possibly can due to my special circumstances with my relatives' will. I recently applied for a loan consolidation along with a Pay as You Earn payment plan. I just this year started to make 60,000 after taxes but that isnt reported on the tax form under review for my payment plan. Is this my best option or should I cancel the loan consolidation and explore another avenue. [link] [comments]  |
| Posted: 05 Nov 2020 08:00 PM PST I graduated in May 2020 and my grace period is set to end this Saturday. Navient has a Covid-19 webpage that provides FAQs and most of my questions have been answered through that but I'm still unsure of others. To my understanding, because my loans are ED-owned, I will automatically receive administrative forbearance for any period after my loans enter repayment between March 13, 2020, and December 31, 2020. My account summary, however, still lists my due date for this Saturday and not December 31st. Is that okay? Do I just leave it as is, or should I request a deferment either way? [link] [comments]  |
| Healthcare worker loan forgiveness Posted: 05 Nov 2020 10:32 AM PST I'm currently working at a hospital as the dietary director and going back to college to become a registered dietitian. Are there loan forgiveness plans available to me? [link] [comments]  |
| Advice on Consolidating and Refinancing? Posted: 05 Nov 2020 02:02 PM PST So I graduated in May and started a job in October. Dude to COVID my federal student loans are on hold until January and my private loans are on hold until December. Together these make up about $1,150/month in expenses so I'd like to refinance in order to reduce the amount I'm spending monthly and overall. My current job is making around $62,000 per year, my credit score is around 700, but other than a credit card balance I haven't made any debt reduction payments. I owe about 100k total, 75k in private loans all with variable rates ranging from 3% to 7% and one fixed at 8.65% or so. My federal loans are fixed and have a range from 3.7-5%. I used SoFi to check my estimated rate on refinancing my (private) loans and I found that I could probably save $200/month by refinancing under a 5.4% loan for 15 years, but I don't want to jump the gun if there are things I can do to drastically change my interest rate and monthly payment between now and January. For starters, what should I aim for with my credit score? I know 700 is borderline average/good, and I can't change that too much unless I make payments on my student loans which I can't do at the moment. My loans are also cosigned by my parents, I've heard conflicting advice on whether or not to remove them and take the loans on under my name alone, what are the pro's and con's of doing this? All in all I guess I'm just wondering what I can do in the next six months or so to make refinancing more effective and how effective could it be? (for instance if I get my credit score up thirty points, could I expect an extra $100 per month maybe?) Thank you guys all for the help, if I refinance successfully I can move out of my parent's house and still manage to save a good deal of money! [link] [comments]  |
| Reconciliation Fee? Windham Professionals Posted: 05 Nov 2020 12:16 PM PST Hello everyone. I recently paid a collection in full to Windham Professionals only for them to call me back to pay a reconciliation fee. Granted it was a small amount but after paying a hefty sum it leaves me bugged. I checked my account, and the amount I paid in full had not been updated but they were aware of that. I did not see anywhere any mention a reconciliation fee when paying the amount in full. Has anyone else encountered this issue? [link] [comments]  |
| Posted: 05 Nov 2020 09:45 AM PST I am currently defaulted on loans, 1 subsidized and 1 unsubsidized (idek what that means). I stopped going to school for abt 3 consecutive terms (or a year) and went back and haven't stopped. I have still a long way to go I haven't even gotten my AA. however I have to pay out of pocket because I can't get fafsa because I'm defaulted. How can I get out? I'm unemployed bc corona and don't have the money to pay it off immediately and they're making it seem that's the only option.. I am in school more than half time and need help please!! Any tips are welcome 🙏 [link] [comments]  |
| You are subscribed to email updates from /r/StudentLoans: Reddit's hub for advice, articles, and discussion about educational loans. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment