right out of college worries! Student Loans |
- right out of college worries!
- Student loan progress-2nd annual check-in
- Should I pay off my student loan or wait?
- New to student loans
- I'm concerned I've been scammed
- CAD student loan lump sum payment applied to interest first?
- Does FAFSA pay for a masters degree?
- question regarding cares act with great lakes?
- Consolidation Question
- Should I refinance my private loans?
- Student Loan Programming Recommendations
- Calculators for payments vs tax benefits married filing jointly/separate on IBR with 2 years and change remaining on PSLF.
| Posted: 28 Nov 2020 11:58 PM PST hi all, bit of a long post ahead and hoping for some reassurance! As the title suggests, I'm a recent post-grad from a UC and I'm a little bit overwhelmed with how to tackle my student loans for the first time. I so desperately wanted to go to grad school (I have the grades & the aptitude) but I didn't want to take out more loans with the ones I already have from undergrad (~90k, mostly private with Sallie Mae). My family is lower middle class and I didn't receive much govt support or school support (1 middle class scholarship for $5k). With COVID, my parents have been hit pretty hard and finding a job has been difficult. I was lucky because I got a job right out of college to teach English in Japan this September but because of COVID it's been pushed back until next year (I'm a political science-international relations major, japan studies minor & I focus mostly on political research). And I wanted to do programs that would make me more competitive so I could get grad school or a PhD program paid for in the future. The kicker is that I want to do all these things for that future but the student loans are haunting me like a Grim Reaper lol. In the meantime I got a local job but I'm scared about having to pay within the next year when I don't have much of a financial safety net and covid has taken a hit on my parents' finances. Does anyone have advice about my situation? How should I go about saving money? Refinancing? What should I be asking of my loan provider? Or any advice about financing grad school or other higher education programs! Any and all advice is welcome EDIT: Also for reference: I have ~60k private (Sallie Mae) and ~30k federal! [link] [comments]  |
| Student loan progress-2nd annual check-in Posted: 28 Nov 2020 04:51 AM PST Hello all. Fair warning, bit of a long post incoming. I posted on here about a year ago. I'm an optometrist and started tackling my loans hard in May 2019. Starting at about 222k in student loans, I'd hit my year-end goal of getting below 150k...a full month early! I ended up getting my loan amount down to 145k at year end. At the start of 2020, my goal for the year was to get below 100k. My primary job was working as an independent contractor, so in preparation for tax season I slowed down loan payments to make sure I had enough for the anticipated tax bomb. I still got my loans down to 142k at the end of March. I was also going to sign a full-time contract with my independent contractor job end of March. Then Covid happened. Not only was my contract offer pulled the day we were supposed to sign it, my boss cut all of my hours. I was also furloughed from my weekend side job. I collected unemployment for April and May, couldn't send a dime to loan payments. But thanks to the mandatory deferment and 0% interest, I at least didn't go backwards. My contractor job brought me back for a whopping 8 hours per week in June...enough to lose my unemployment benefits, but not enough to cover my monthly expenses. And full time contract was nowhere in sight anymore. So I got pissed at my boss, since even in March the promise of a full-time contract was over 6 months late. I went job hunting in my home state. I found a new opportunity with a private practice, and in the middle of a pandemic I moved 4 states over to start fresh closer to family. I started first week of August. And got a pay raise too! Once my income started rolling in, I went back to attacking the loans with a vengeance. As of now I'm down to about 119k and should hit 115k by year end. I'll fall short of my initial goal of getting below 100k, but thanks to 0% interest I'm making up a lot of lost ground to close out the year. So for 2021, the plan is to get below 70k. Hopefully more! Thanks for reading this far, see you all on the flip side. [link] [comments]  |
| Should I pay off my student loan or wait? Posted: 29 Nov 2020 12:55 AM PST Hi Reddit community! I'm debating on whether I should pay off my student loans by Dec 31st or wait to see what Biden's plan is with student loan forbearance. Currently my student loans are not gaining interest and payment is not required until after Dec 31st due to COVID-19. I've read articles on the possibility of loan forgiveness under Biden's presidency but am skeptical it will happen. I'm in a fortunate place where i can pay them off by the end of this year but the possibility of having them forgiven would be more favorable. Anyone else in this dilemma or have any advice? [link] [comments]  |
| Posted: 28 Nov 2020 10:09 PM PST I'll be staring my graduate program in January and will be taking out student loans. I have enough saved to cover my first semester (and I'll have some left over so it won't drain me completely). My question is, does it make more sense to pay for my first semester out of pocket? And then just accept a smaller loan amount. Or does it really make that big of a difference? And should I just use that money to start making payments right when I start my program? Thank you! [link] [comments]  |
| I'm concerned I've been scammed Posted: 28 Nov 2020 08:51 PM PST Edit: I just checked my FSA and loan servicer, and all my info is correct, and changed my passwords. Im going to contact the FSA tomorrow when they are open and seek guidance there, and then call my actual servicer directly when they are open too. Hello everybody! I'm a little anxious because after a couple weeks of feeling suspicious, I received a phone call from my servicer (or scammer, idk) stating I needed to hurry up and provide documentation to continue with my loan consolidation program. They wanted tax returns and paystubs. It's a confusing story, but basically Navient was going to have me do IBR at 90/mo starting in April 2020, which is fine for my budget. Then COVID happened, I forgot about this. In August, I called Navient and they discussed a loan forgiveness program/options for me. I get transferred to a department, getting all excited that my 32k debit can be brought down to 8500 and that I only need to pay 385 for october, 385 for november to do paperwork then 59 monthly for like 3 years. I received an email that said that my loan servicer is FedLoans PHEAA now, instead of Navient. Then, I saw that these amounts were taken out in october, november, but when I logged onto FedLoans, there was no billing activity, even for the paperwork process (which I know understand, can be done for free from FSA.gov). I checked my email for the billing receipts, which says basically: "Peta-Gaye Payments" (title) our service fees of 385.00 was charged successfully to your card on file today. I thought this was weird to have 2 different payment companies. Additionally, upon googling, I got ONLY comments/posts saying that Student Processing Center LLC is a complete scam. I thought I did everything legitmate before - I applied for IBR directly from the FSA.gov website, initially talked to Navient. It seems that FedLoans is also a legit loan servicer, but where did this Student Processing Center people come from? Are they legit? Am I being scammed? And if so, what should I do, now that I been billed a couple times? My loan application is still in process they said, so maybe I can cancel, and just go pay directly through Navient? (like I was going to in April) Also, should I cancel my loan consolidation application that is in process with FedLoan PHEAA, and get back on IBR w/ Navient? On FSA.gov, it does show an actual document as "sent" with a reference number and all that. I'm sorry this is so long, I'm kinda freaking out and of course, it's the weekend! thank you for any help! [link] [comments]  |
| CAD student loan lump sum payment applied to interest first? Posted: 28 Nov 2020 01:46 PM PST So if you make a lump sum payment on your student loans while in repayment it goes to the interest first and then the principal. How does that work? Can someone give me an example using round numbers? Let's say your stupid and you graduate with 10k in student debt don't pay any money on it during the 6 month grace period (because your stupid) but the first day in the repayment period you decide to make a lump sum payment of 1000$. The interest rate is 5% What happens? How much money goes to interest how much money goes to principal? Thanks [link] [comments]  |
| Does FAFSA pay for a masters degree? Posted: 28 Nov 2020 06:52 AM PST FAFSA paid for all my undergraduate studies. My EFC was all 0. Didn't have to pay anything out of pocket. So yeah, does it pay for a MBA or something? Or is it only for bachelor's. [link] [comments]  |
| question regarding cares act with great lakes? Posted: 28 Nov 2020 01:18 PM PST Hey guys, cares act will be done by the end of this year which means we'll be going back to monthly payment. I've been saving money until now to see how things would go (for possible extension of cares act) but I'm thinking about starting to make big chunks of payments since I could bring down principal. my questions are;
thanks [link] [comments]  |
| Posted: 28 Nov 2020 11:46 AM PST Hello all, I am completely new to this so please forgive my lack of understanding and dumb questions. I have 3 federal loans serviced by Nelnet, 1 direct grad loan for $34,200, a direct unsubsidized loan for $20,500. For several reasons I ended up needing to increase the amount of my first direct grad loan by $1664. Instead of just increasing the amount on my direct grad loan, I got a separate direct grad loan for $1664. Is this normal? Should I find a way to consolidate the $1664 loan into the $34,200 one, or is it actually advantageous to have these 3 loans separate? I can provide more information like interest rates if necessary. Again, sorry for any dumb questions, and thank you all! [link] [comments]  |
| Should I refinance my private loans? Posted: 28 Nov 2020 11:26 AM PST I currently have two private student loans that I originally got through SunTrust, but now have go through AES. Loan 1 is for $12,693.45 with an interest rate of 8.49%. Loan 2 is for$13,383 with an interest rate of 7.16%. Both are fixed rate and non sub. Between the two there is $5,935.94 of unpaid interest that will eventually get added to the principal balances. I'm graduating this December so I won't have to start paying until next year. I also have several federal loans, but the interest rates for those are between 4-6%. Is refinancing worth it? Is it even possible to get a lower interest rate? [link] [comments]  |
| Student Loan Programming Recommendations Posted: 28 Nov 2020 08:17 AM PST Hi there, Long story short- I am super in debt from student loans. Currently making a solid income, but the debt makes me feel like I make absolutely nothing. I have a combination of credit card, private student loans, and the bulk being in my dept Ed loans. Not to mention my auto loan, which is the least of my concerns. I am overwhelmed as I approach finally starting to pay things off now that I am almost 6 months post graduating from my PhD. I an looking for something online (or an actual person) that can take all my numbers and help me get my shit together. It's far over my head and googling "student loan financial planners" is also overwhelming. Looking for advice or recommendations for programs or professionals that are actually helpful to help me get my shit together! Much thanks! [link] [comments]  |
| Posted: 28 Nov 2020 08:05 AM PST I just got married and am trying to plan on how to file our taxes this year. I am earning a gross of 80k, wife's gross is about 50k, and I am 7 years 8 months into PSLF on a loan balance of about 100k. So, by the time I start making payments in Sept 2021 I will only have about a year and a half of payments with married separate/joint income before applying for forgiveness. I'm struggling to find an easy calculator to run both options. Other key notes, no children and we are currently renting our home so no mortgage deduction. Any help or resources would be much appreciated [link] [comments]  |
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