Keep going! 80k to 30k Student Loans |
- Keep going! 80k to 30k
- Help how much can i actually loan?
- Is a loan forgiveness tax bomb even that bad?
- Canadian student loan holders
- Do loans automatically defer after re-enrollment?
- First (Small) Loan Paid in Full!
- Nelnet claiming that they will capitalize interest after forbearance
- Does anyone have experience with accidentally being in the grace period for loans with edfinancial?
- Can you Snowball Nelnet Grouped Loans?
- Follow up on a Navient Settlement post
- Is there any way to refinance federal loans?
- med school webinar + questions to ask
- Best lesser known repayment strategies for federal loans?
- FEDERAL Direct Consolidation
- 25 years forgiveness with IBR
- Question on changes to income drive repayment plan after marriage.
- Canada Student Loans showing missed payment?
- How to find actual interest rate of federal loan while 0% for CARES Act
- Fed Up With Navient
- Federal Sub and Unsub loan limit
- Has anyone not been able to log onto nelnet for months?
| Posted: 02 Nov 2020 09:01 AM PST Hey y'all, I just wanted to post as this as motivation to others and to remind myself to keep going. I started my college career jumping from junior college to junior college and then received my bachelors in STEM from a respected 4 year college. While going the cost effective route for 2 years, I still racked up quite the loans! I graduated in December 2018 with just a little over 80k in loans. I was fortunate to move back home after college and pay no rent to my parents. I graduated with a well paying job and was able to start paying 6 months after graduation. I have paid 50k off in just over a year. I am pushing to have my loans paid off by end of 2021! Remember to keep going even when things start to slip and take advantage of any additional funds you come across. I was able to live my life with some normality. This thread has been great to be a part of! Hope you guys have a great day! [link] [comments]  |
| Help how much can i actually loan? Posted: 02 Nov 2020 10:23 PM PST Hi everyone sorry if this is a stupid question but if I am a Canadian student studying in the US, where can I go to take out a massive student loan (like 150k for three years of school)? During my undergraduate (which was also in the US), my provincial student loan system loaned me a bit over 10k per year and I was told this is the maximum. Is there really no way I can loan more for graduate school? Would I be able to take out a bigger loan if I borrowed from sources other than the government? [link] [comments]  |
| Is a loan forgiveness tax bomb even that bad? Posted: 02 Nov 2020 09:26 PM PST I can't believe this but Im 5 years out of college but just now learned the forgiveness tax bomb exists (I'm on an IDR plan). My understanding is that if I have $40k left at the forgiveness period it counts towards my income that year. But in reality the taxes that year are likely wayyy lower than the debt, so is it really that bad? [link] [comments]  |
| Posted: 02 Nov 2020 05:30 PM PST Before you do repayment assistance plan make sure you truly need it because once you're on it you can't take anymore grants out until it's paid in full. "Once the Governments have contributed to your principal payment, you cannot receive additional student loans or grants until your existing loans are paid in full" [link] [comments]  |
| Do loans automatically defer after re-enrollment? Posted: 02 Nov 2020 01:17 PM PST I took a break this semester and am reenrolling in university for the spring semester 2021. I just got an email that my payments will begin after Dec 31. Will it automatically defer once I'm officially registered? [link] [comments]  |
| First (Small) Loan Paid in Full! Posted: 02 Nov 2020 09:17 AM PST It's amazing how good it makes you feel to see "Paid in Full" on one tiny student loan. I graduated from my master's program this year. Combined with undergrad loans I still have a lot to go, unfortunately. But we have to celebrate the little milestones, and I'm super excited! [link] [comments]  |
| Nelnet claiming that they will capitalize interest after forbearance Posted: 02 Nov 2020 01:15 PM PST I'm trying to get one of my loan's due date fixed. I was 9 months ahead on one loan before Covid and Nelnet is now saying I'm no longer 9 months ahead (and I've been making 2 payments each month on this loan). Nelnet has ignored this concern for a couple weeks and today emails me: Our records reflect that your account is currently in forbearance. The forbearance was applied to your Nelnet account on 9/18/20, and is scheduled to end on 12/31/20, making your next scheduled payment due on 1/07/21. You are responsible for paying the interest that accrues while your account is in forbearance. If you choose, you may make payments while your account is in a forbearance. Any unpaid interest at the end of the forbearance period will be capitalized (added to the principal balance of the loan). [link] [comments]  |
| Does anyone have experience with accidentally being in the grace period for loans with edfinancial? Posted: 02 Nov 2020 06:15 PM PST I entered the grace period probably because I withdrew from summer classes but I am a full time student right now. What steps should I take to defer until i my graduation in 2022? I already emailed edfinancial and my school's finaid office. [link] [comments]  |
| Can you Snowball Nelnet Grouped Loans? Posted: 02 Nov 2020 02:10 PM PST Hi friends, I have a Nelnet account with a dozen loans in it. By making a Payers Account, I have the ability to pay extra on specific loans. I am trying the snowball effect by paying off the smallest first. But does it actually work in Nelnet? If I pay off a specific loan or loan group will I actually see a decrease in monthly payments, such that I can snowball the difference into the next loan? Thanks [link] [comments]  |
| Follow up on a Navient Settlement post Posted: 02 Nov 2020 08:02 AM PST Hi All, I posted this 6 months ago: https://www.reddit.com/r/StudentLoans/comments/gb2axh/parents_were_sent_a_letter_about_a_navient/ Just wanted to let people know that I did receive a check this morning, hopefully you will too! [link] [comments]  |
| Is there any way to refinance federal loans? Posted: 02 Nov 2020 05:27 PM PST Hello, I just looked to see what the current rates are for federal loans, and they are much lower than my current ones, my worst being my graduate at 6.08%, which is now going for 4.3%. Is there any way to refinance loans to get a current rate? What do you have to do to refinance ? TIA! [link] [comments]  |
| med school webinar + questions to ask Posted: 02 Nov 2020 05:05 PM PST I was accepted to a med school and there will be a financial aid webinar this week. I am collecting my questions in preparation for the event on Wednesday. I am entering medical school with +140K worth of student debt (thanks undergrad+ graduate school). I've done my research and at the moment I am really interested in PSLF. Will ask a few questions on this program. But I was curious, if anyone would recommend my asking of any particular questions that would be helpful for me in the long run? I just don't want anything pertinent to go unasked. [link] [comments]  |
| Best lesser known repayment strategies for federal loans? Posted: 02 Nov 2020 01:56 PM PST Anyone know of any lesser known repayment strategies that are focused on paying off loans quickly? I recently found one where you utilize REPAYE and only pay the minimum at the end of the month. Then after the interest subsidy payment comes in to pay off 50% of your interest on the 1st of the month, you make another payment on the 3rd or 4th day of the month and pay off the remaining 50% + principal on your highest interest loan. This in theory takes the most advantage out of the 50% coverage the govt pays on your interest and also allows you to target the highest interest loans with more of your money compared to the standard plan since minimum payments are distributed equally among all your loans (can I get a fact check on this?). You eventually refinance once your effective interest rate is the same rate you can get on a private loan. Please let me know if anyone else has come across a better strategy [link] [comments]  |
| Posted: 02 Nov 2020 01:21 PM PST Hi There, I just completed my direct consolidation application for a bunch of federal loans. How soon after the consolidation was complete did folks out there see the new consolidation loan on their credit reports? Thanks! [link] [comments]  |
| Posted: 02 Nov 2020 01:13 PM PST I owe about $285K originated before 2014, consolidated in 2017 at 7.5% My base salary is $70K, I receive substantial bonuses and incentive pay, and my wife just started working as an RN. I have 3 kids. I'm enrolled on IBR, I pay about $200 a month. If our incomes continue to go up, I think we could pay $10-20K a year toward my loans. This would be to the exclusion of savings, investments, prepaid college, my wife's loans, etc. Even still we would be paying off the loan 20 years into it. I assume I'll pay $50-80K over 25 years. which will probably leave me owing $300K, I'm guessing. If forgiven, I would owe $90K give or take. (Side note: I could start a business prior to this point and purchase business supplies and vehicle to defray my tax bomb, correct? ) So Forgiveness would save me about $100K, rationally, this would be the smartest thing to do, unless I'm missing something. Obviously if I could pay $50K+ a year toward my loans, I would, and just knock them out, but this isn't a reality yet. [link] [comments]  |
| Question on changes to income drive repayment plan after marriage. Posted: 02 Nov 2020 12:37 PM PST So as the title states, I got married last year. I have around 25k left in student loans and I am under the income drive repayment plan while counting my payments towards the PSLF program. We filed taxes jointly, so I expected my monthly payment to grow some this year when I re-certified. Problem is, my monthly payment has jumped from $30 to $290. Me and my wife both have student loans and both have a salary of around 30-40k a year. I have called fedloan and was recommended to re-do the paperwork and include recent paystubs to request my payment to be recalculated. Can I expect this number to drop under my current payment plan after I submit the paystubs? Fedloan customer service wasn't much help at all. Today is actually our anniversary and I just got this mess to deal with. So if anyone has any advice or input, I'll take it! [link] [comments]  |
| Canada Student Loans showing missed payment? Posted: 02 Nov 2020 11:17 AM PST I just logged into NSLSC and it shows my account is passed due and I missed a payment. It has NEVER shown this before so I'm unsure if this is due to bank processing times, and my Oct 31 payment date being on a weekend? Does it show this for anyone else? I have always had pre-authorized debit with them and have never seen this, so this was kind of infuriating to see just now as I have never missed a payment... and of course the contact phone number just rings busy. [link] [comments]  |
| How to find actual interest rate of federal loan while 0% for CARES Act Posted: 02 Nov 2020 07:14 AM PST Is there a way to find the federal loans actual interest rate? Now, because of COVID-19 all the loans are saying 0%, but I want to pay some off but I cannot tell which ones have the highest interest rate. [link] [comments]  |
| Posted: 02 Nov 2020 10:59 AM PST I just got off the phone with a rep for Navient. I was having trouble logging in. I kept getting an error saying that my ssn and user ID weren't in their database, which made no sense since I had just logged in a few days ago without any problems. Apparently, according to this rep, Navient likes to delete accounts that have either been inactive or whenever their system goes through an update. I know I haven't been inactive because, as I mentioned before, I had just logged in recently. However, prior to this phone call, I received no emails and no other form of notification saying that they were deleting my account. The rep told me that I had to create a brand new account with a new user ID and then I'd be able to access my information again. Never in the last 6 years that I've been giving them money have they ever mentioned such a thing. I am so fed up with Navient [link] [comments]  |
| Federal Sub and Unsub loan limit Posted: 02 Nov 2020 07:30 AM PST I understand the annual amount limits of federal loans depending on the year you are in college. What I want to know is if possible for the annual limit be applied for 1 semester instead of 2 semesters? I say this because my school has a co-op program that I am apart of, which I am currently on until the end of the fall semester and will be back in the spring. I noticed from my previous school year since I also was on 1 semester work and 1 semester school only half the amount was given to me. The other half was only applied to me since I took summer classes after that semester of school and I don't plan on having summer courses this coming summer term. Is it possible for the whole annual amount be applied to only 1 semester since it counts as an annual limit or does it depend on school policy? [link] [comments]  |
| Has anyone not been able to log onto nelnet for months? Posted: 02 Nov 2020 06:06 AM PST I have not been able to log onto nelnet since march when the pandemic started. when i click forgot username or password, it says, i am not in their records even after entering my social security number. I know loan payments are suspended until December but I was just trying to log on to check on it. [link] [comments]  |
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