Recently graduated with $84k in loans, not sure where to start Student Loans |
- Recently graduated with $84k in loans, not sure where to start
- Have eight federal student loans for both Undergrad and Graduate, but want to look at saving for down payment on a house in a few years. Looking for advice on how I should prioritize and what steps I should look at further.
- could declaring bankruptcy during the covid lockdown get you student loans forgiven
- 2020 Tax Return and COVID Forbearance
- $550,000 loan strategy
- Advice for a second chance?
- I am short about 12k for the next semester and need to look for a private loan option this would be my second to last semester
- Advice on who to pick for private loans
- How would you handle this loan payoff situation?
- Sallie Mae Smart Option Student Loan I
- what do I do with my debt
- Looking for info from those who have gone through Loan Rehabilitation
- PAYE payment changed drastically?
- Pharmacy student loans
- If federal loans were in graduated repayment and then you switch to IDR, do the payments made when in graduated repayment count towards your 25 years?
- Does PSLF reset if I take a new loan as grad student?
- Last semester but I just found out I owe about $7k and can't register, what do I do?
- Federal student loan
| Recently graduated with $84k in loans, not sure where to start Posted: 29 Nov 2020 03:55 PM PST Hi! I graduated in May with $84k in loans (closer to $90k with interest that accumulated prior to COVID) that are now under forbearance until Dec. 31st. I'm feeling overwhelmed and not sure where to start. Here is my loan information (they are all federal): DL Stafford Unsubsidized $22,363.73 DL Student PLUS $14,500.00 DL Student PLUS $13,000.00 DL Stafford Unsubsidized $20,946.69 DL Student PLUS $15,500.00 The interest rates are all currently listed as 0% but prior to COVID they were around 7%. (6.5% for unsubsidized and 7.6% for PLUS). My total monthly expenses (rent, groceries, insurance, miscellaneous) totals to about $1500/month. I am a new nurse (this is my second degree), so my paychecks fluctuate (depending on weeks, holidays and night shifts) but I take home anywhere between $3500-3900 after taxes. I've also started signing up for overtime shifts and picking up shifts in other units. I am currently contributing 6% each month to my 401k. I have no credit card debt, and I have $17,000 in my savings. I was thinking I should make a large payment and wipe out some of the loans but I'm not sure what I should do. Looking for some guidance and encouragement please! Am I missing any information? [link] [comments]  |
| Posted: 29 Nov 2020 07:29 PM PST I have about $138,000 in federal student loans with an average interest rate of 6.3%. About 15% of this balance is undergraduate with the rest coming from graduate school (MBA). My highest loan is at 7.0% which I have sunk almost $14,000 towards given the emergency forbearance. My plan was to make a further $3,000 towards the remaining $27,000 on that one loan and if the new gov. admin. decides to extend the loan relief through the full year of 2021, I would look at paying off that one loan at the end of the year to free up about $350 a month. My after tax & deductions income is $4,670 (I take out 5% for my 401k up to my company's match) and my monthly expenses amount to $4,200 when accounting for my car loan (4.49% interest & $17,000 balance), rent, utility, and renter/auto insurance + $2,000 that I put towards my school loans. This leaves me with about $400-500 of "disposable income" that I split between basic needs like food and my robo-investment account (about $800). I expect my income to rise next year with an indicated promotion from my company, but I would think that promotion will only amount to between a 3 to 6% raise, 8% at most. Right now things are pretty tight as I live on my own now (going through a mutual separation and divorce) and I have a about $1,000 of credit card debt due to some minor dental health and car related expenses. I have just over $6,000 of savings in my high yield savings account that I have maintained for emergencies. I am going to use my tax return and any company bonus to pay off that credit card debt and then put the rest towards either student loans or savings. My main dilemma is that I want to plan for buying a house within the next three years as I feel I am going to miss out on the market opportunities with housing real estate prices continuing to go up in my area - I figure that even a mortgage where I put as little as 5% down payment would still help me build long term equity, especially in Nashville where the market is pretty much hot all the time. However, I am also looking at my DTI ratio and fear I might be thinking too optimistically about being a homeowner that soon. It just seems like a farfetched goal to make happen given the loan balance I have accrued. So really, I'm wrestling with how I should manage my priorities these next few years. I recognize the value of using my remaining disposable income to either continue to further build my emergency fund, put towards a down payment, or further pay down any student loans now while interest rates are at 0%.
Anyone who has faced a similar dilemma and has experience prioritizing, I would love to hear your feedback or advice. I am happy to help clarify any points where I may have been unclear. [link] [comments]  |
| could declaring bankruptcy during the covid lockdown get you student loans forgiven Posted: 30 Nov 2020 02:17 AM PST what would happen if all the people with student loans in the us declared bankruptcy due to the covid lockdown, would their loans be forgiven or would it kill the industry built around the loans [link] [comments]  |
| 2020 Tax Return and COVID Forbearance Posted: 29 Nov 2020 07:43 AM PST How will the COVID student loan forbearance affect our 2020 tax return? My husband and I usually get a decent amount of money back and we always assumed it was because of our student loan payments. [link] [comments]  |
| Posted: 29 Nov 2020 05:52 PM PST Hello! I am about to graduate as a dentist. My fiancée is in school for another 6-7 years as a DVM/PHD candidate. We combined have $550,000 at an average of 6% interest. I would like some opinions on how to pay off our debt. I am signing a contract at a guaranteed $130,000 per year, likely earnings will be as follows: My fiancée: Year 1-4: $26,000 Year 5-6: $0 Year 6: $110,000 starting salary. Can be anywhere from $110,000-$250,000 depending on job and location.) We have no credit card debt. $2000 in a ROTH IRA. $4000 in an investment account I manage, and enough savings for living expenses for the next 6 months. We are currently looking at three options: REPAYE with prep for a tax bomb and aggressive saving/investing, ten year aggressive pay-off schedule, and twenty year slow pay off. Our biggest upcoming expense is $22,000 for a wedding in June of 2022 so we need to account for saving. Rent is $1,600. What are your thoughts? Anyone in a similar position? [link] [comments]  |
| Posted: 30 Nov 2020 12:06 AM PST So, my husband wants to go to school for a Computer Programming certificate, however, he has been in college before but dropped out. To be more specific, he was involved in a toxic and abusive relationship, severely depressed, and ended up on academic probation within the first semester, and then he dropped out. This was way back in 2016. On top of that, his mom pushed him into going when he didn't want to yet, which also didn't help at the time. This time he has decided on what he wants to do and is in a more stable, positive environment. The problem being, he had received Pell grants that semester and since he didn't complete the semester, I am unsure if he is eligible for them now because of it. I tried looking up stuff about it online, but because of the situation he was in I couldn't find any clear answers. I read something one person had said, you are required to pay back Pell grants if you do not complete more than half of your courses for a semester. However, he has not received any kind of notice by mail or phone or anything about owing them money. He did say that he hadn't changed his address officially when he moved out of his ex's home, but I figured if he owed the government money back, they would have found a way to tell him about it by now. Does he have to pay the Pell grants back if he wants to receive them again? [link] [comments]  |
| Posted: 29 Nov 2020 11:22 PM PST yes i've exhausted all other options the following semester will be fine it's just the next one, i've spoken to the school I don't have a lot of loans right now, well at least compared to other people (25k) and I'm a cs major. I do have a credit score of 712 if that helps anything. If not are there loan options without a co-signer or credit that are private? I am trying to get a job now but my internship over winter break will really only be enough to pay for my bills while i'm away from school. [link] [comments]  |
| Advice on who to pick for private loans Posted: 29 Nov 2020 06:12 PM PST Hi I will be attending college in NY. I'm having trouble getting a private loan without a cosigner. I see that navient is currently being sued for making it impossible to get a loan without a cosigner. Can that be presented to over the phone agents as rationale for requiring a justification for being denied without a cosigner? I feel like each time I apply I'm coming up against an algorithm that is not considering any extenuating circumstances. I am 30 yrs old, have been working since 16. I have been an independent for close to ten years. I have a credit score of 765. I do have two "credit cards". A paypal account and a bestbuy account. I can pay them off right away if need be, but I owe collectively like 1700, so I'm not sure if that is preventing me from getting a loan without a cosigner. Also, my income has decreased from the pandemic to below 30,000, as a cook. I can perhaps increase that to full time, but I worry that my grades will suffer or I'll have to decrease the number of classes. Also, scholarship amount decreases with going part-time, so it may not be worth it. But the more important thing is to get a loan however I can without a cosigner. My father is retiring soon, so I can't in any good conscience ask for his help when my employment situation due to covid is so precarious. Appreciate any help. [link] [comments]  |
| How would you handle this loan payoff situation? Posted: 29 Nov 2020 09:48 AM PST Hello everybody. Here's my situation
I was planning on making one big payment before interest rates went back to normal on federal loans so I have been holding money in my HYSA. In December I will have accumulated around $19,500 to make one big payment. How would you handle this situation? I think there's basically no chance of student loan forgiveness, but I think it's possible that 0% interest rates are extended a little longer. I was planning on paying that lump sum to the federal loan and completely paying it off in February, then throwing all my money into the private loan. But now I am thinking this might not be the smartest plan and I should probably use it for the private loan. I have a stable job and a decent emergency fund saved up separate from that lump sum I am going to use for my loans. What would you do? [link] [comments]  |
| Sallie Mae Smart Option Student Loan I Posted: 29 Nov 2020 10:48 AM PST If you have used this loan, how was your experience with it? (Fees, Customer service, interest) I am using it to pay off around $5,000 of tuition. Thank you so much, I appreciate it! [link] [comments]  |
| Posted: 29 Nov 2020 03:30 PM PST Need help figuring out my student debt Hi guys - I'm looking for some advice. Undergrad ended up costing me a pretty penny of around $90,000 in loans. Some are federal/government, some are through the university I attended and I also pulled out a few personal loans. Now that I've graduated I'm looking at how to best approach this massive sum of debt. Should I try to consolidate? Refinance? Hire a financial advisor? I need some finance help please and I heard there were some smart people on this sub :) [link] [comments]  |
| Looking for info from those who have gone through Loan Rehabilitation Posted: 29 Nov 2020 06:32 PM PST I am in the process of rehabilitation, and I am wondering what happens after I make the 9 payments. When I log into studentaid.gov, it shows me my 4 loans , with the principle and the accrued interest that it has when I defaulted. The collection agency gave me a balance that includes about $1400 in collection fees, but I'm 99% sure they told me that when the loans were rehabbed the collection fees would go away. I know that the interest will be added to the principle , but what happens then? What kind of interest rates am I going to be looking at do you think? Will I need to do a consolidation? I have 4 FFELP loans from the 90s, I guess because the Dept of ED has the loans, is why they were put into forbearance with the cares act. Any info, or just your experiences would be great! TIA [link] [comments]  |
| PAYE payment changed drastically? Posted: 29 Nov 2020 06:04 PM PST I just recertified for my IBR plan, since I got married in the past year. I switched from REPAYE to the PAYE plan, and will be filing taxes separately from my spouse. I was paying ~$325 on the REPAYE plan. When I recertified my payment dropped to $132/month with a very similar AGI, and the only different in my re-cert application being that I got married and changed from REPAYE to PAYE. Is it possible to have that big of a payment decrease just for increasing my household size to 2? [link] [comments]  |
| Posted: 29 Nov 2020 05:34 PM PST I'm a 2019 grad and finished my PGY1 Residency at the end of July 2020. My loans have been in income driven repayment and I have been paying $0 monthly since I graduated pharmacy school due to low income during pharmacy school. Loans have also been on forbearance and will be until the end of December 2020 due to the pandemic. I have two ideas in my head but I'm not sure which would be better. 1) My loans are at around 123k. I'm thinking about paying a lump sum (~20k) before forbearance ends since it will all go towards the principal. Then refinance. 2) My fiancé also has student loan debt from pharmacy school and his loans are currently refinanced in a 5 year plan - I believe he still owes about 80k. I'm thinking if we should pay off his loans first then take care of mine. I'm not sure what would be the best option for us as we will be moving at the end of this year and will be looking to buy our first house and getting married within the next year. Just wanted to get others opinions. [link] [comments]  |
| Posted: 29 Nov 2020 09:09 AM PST This may be a silly question, so apologies in advance, but I've been wondering about this. When I graduated 5 years ago I didn't know much about IDR and loan forgiveness as I'm the first in my family to go through college with federal loans. I made 3 years of payments (graduated repayment) before going back to school in 2018. If I were to change my undergrad loans to IDR (I plan to select an IDR plan for my grad loans when i graduate this spring), would those three years of payments that I made count? Or would the clock start over from the date that I switch my undergrad loans over to IDR? [link] [comments]  |
| Does PSLF reset if I take a new loan as grad student? Posted: 29 Nov 2020 07:05 AM PST Will I have two sets of qualifying payments, one for my undergrad loans, and one for my grad loans? I already have 18 qualifying payments towards my undergrad loans and now need a small loan for grad school. Or do they reset? Thank you [link] [comments]  |
| Last semester but I just found out I owe about $7k and can't register, what do I do? Posted: 29 Nov 2020 02:47 AM PST Long story short I sort of screwed myself. I failed a class at some point which lost me about $6k in scholarship money for this semester and that was about half my money ($11k per semester, ~$6k from scholarship that was rescinded due to GPA, ~$5k from federal loans, the remaining $.5-1k paid by me). I found out a bit late in the semester because I didn't realize I had lost it so with late fees and stuff I owe about $7.5k to my school and can't register for my next semester, which should be my last. My GPA is looking to be good for the scholarship next semester so that's not as much of a problem as this right now. My family has usually helped with stuff when I can't make ends meet myself but both of my parents are currently unemployed due to COVID so savings are pretty minimal and can't cover it. My parents have completely awful credit scores for a variety of reasons, some their fault and some not, and my credit is pretty bad as well (low 600s) largely due to a medical bill that got sent to collections when I was 18. However I should be graduating in the Spring and have a job lined up that will pay in the $55k range (engineering) so if I can make it through to the other side I shouldn't have too much of a problem paying this off, I just have nothing on hand right now, just about $1k in savings, making ends meet but not much more. I need to register for next semester and graduate and that's my main priority now because I know I have a job waiting for me, so taking time off isn't an option. The options I see here are: (1) find a loan for that $7k that won't need a cosigner, and don't care if I owe $20k when I graduate (2) get in contact with my school and see if they'd let me register for next semester without paying them now and just owe them when I graduate Both of these options seem pretty unlikely to work out in my favor so I feel extremely anxious about this whole thing and mad at myself for being irresponsible and letting it get to this point. I know long term responsibility is the best thing, and have tried to build credit by paying credit cards off responsibly, but I really am just wishing I had a quick fix for this even if it screws me over later. Especially when I can see the light at the end of the tunnel. What do you guys think? How can I deal with this without screwing myself over too hard in the long run? [link] [comments]  |
| Posted: 29 Nov 2020 06:40 AM PST I am a us citizen but i am currently living abroad will I be able to get a federal student loan? [link] [comments]  |
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