Today I paid off my student loans Student Loans |
- Today I paid off my student loans
- Going through Hell (120k Student Loans)
- Repayment Strategies
- Trying to consolidate student loans
- parent plus loan - ICR questions
- Question about loans?
- Student Loans
- Can you take out student loans while enrolled in a non-profit credit counseling program?
- Avoid refinancing thru PenFed if you plan on making principal only payments
- Non-Co-signer International Student Loans
- Need some advice
- Always pay down the loan with higher interest... Always? (Advice please)
| Today I paid off my student loans Posted: 06 Nov 2020 04:53 PM PST Hi all, Anonymous since it is unusual to make as much as I do in my profession nowadays. Feel free to ask any questions. Single income family (of 3 in 2017, and of 4 in 2020).. does it feel good? yes. but I did it right before a likely crash in my income so it is a bit bittersweet to not have the opportunity to spend the average of 20k per month I put into these loans on something I would actually enjoy.. [link] [comments]  |
| Going through Hell (120k Student Loans) Posted: 06 Nov 2020 08:00 AM PST I have just saved up enough to pay off the remaining balance on my student loans (80k). For me this has been a 16 year game of chance to escape poverty. (I apologize for lack of loan breakdowns, but I really did not start tracking them until after I graduated. At one point I had 13 different loan servicers.) 2004 - State school (6k tuition), roommates, off campus housing - Parents are not in a position to help (even rent free lodging and food) and encourage alternatives like skilled trades and military service - Take out student loans(mostly unsubsidized) for tuition and to live on - Decided to pursue hard sciences degree instead of history and literature (my passions) - Kept insane hours to get high grades and tutoring for extra cash 2008 - Graduate with hard sciences degree into a gorram economic crisis and am unable to find a job in my field - Pivot course into a PhD program in another state that gives a stipend (minimum wage) and tuition waiver - Lived alone from this time on due to trust issues (lease ghosters) 2010 - Department moves to newly renovated building on campus and sets back PhD research by 18 months as lab is stood back up - Due to clerical error grad students go without pay for about 2 months right before move (have to use credit card to get by and never quite recover completely while in grad school) 2014 - Graduate with PhD after a couple years of 80 hour weeks - Turn down Ivy League postdoc position (60k, HCOL area) for entry level position (80k Salary , HCOL $1100 for 600 sqft 1 bdr) - Loan Capitalization (120k), car purchase and credit card debt (20 k) 2017 - Opportunity to change work location to lower cost of living state, but no relocation package - Move to lower cost of living area with only what will fit in my car (4/5 of possessions sold or donated) 2018 - New role in company and a subsequent promotion salary 120k 2020 - Cares Act pauses interest and payments on federal loans - Decide to throw everything I have at the remaining balance of 80k including house down payment fund, 12 month emergency fund, and sold a few items I had been holding onto as collector items from childhood Current life savings = Student Loan Debt + One Paycheck! I am in this position because of some incredible luck, determination and I mostly still live like I am in grad school making minimum wage (I have lots of furniture that folds haha). I Found this community about a year ago right before I decided to go all in and have read the post almost daily since. Thank you for your encouragement and solidarity. "If you're going through Hell, keep going." - Winston Churchill [link] [comments]  |
| Posted: 06 Nov 2020 10:09 PM PST I've been trying to optimize a repayment strategy for my student loans. As it currently stands I'm on an income based repayment plan at 2.43% interest. What strategies are people using in terms of maxing out tax deductions? Ideally, I want to put a chunk of money into a high yielding account that my payments are pulled from. Does it make sense to use a 529 plan for this? [link] [comments]  |
| Trying to consolidate student loans Posted: 06 Nov 2020 08:44 PM PST Hello everyone, my fiancee is trying to consolidate her student loans through fed loan servicing but has ran into a little problem, she submitted the application but it was denied because it says her loans are still "in school status" which doesn't make much sense as she is almost outside her grace period anyone deal with this before? Thanks [link] [comments]  |
| parent plus loan - ICR questions Posted: 06 Nov 2020 06:24 PM PST Parent Plus loan: Parent that took out the loan no longer works, and does not have an income currently. If the other parent works, is this factored in any way regarding an Income-Contingent Repayment Plan (ICR Plan) if/after the loan is consolidated? Does the spouse get factored in at all for repayment or "household income"? The Parent Plus loan has a co-signer attached - does this affect the ability to even establish a ICR plan? Edit: I read that an ICR will go off of household income. Any ideas in how much you might save per month of you simply consolidate multiple loans? (around 90k) Just over 1000$ per month is the expected monthly payment after the current deferment period. [link] [comments]  |
| Posted: 06 Nov 2020 11:54 AM PST I am a college student and I am 24. I am married with two stepchildren. I am currently full-time (and always have been) and I am set to graduate with my Bachelors in Social Work in May of 2021. I have 26,900 in subsidized federal student loans. Here is where it gets tricky. My last year of my BSW, I borrowed the maximum amount of subsidized student loans to pay for the masters of social work program and placed it in a bank account to accrue interest. So far, I have enough money to pay for the entire masters program in full without taking out any extra private or unsubsidized loans. My questions are simple: What should my next moves be? I obviously have a home, car, but my debts are relatively low. I don't have to make payments yet and won't until after I graduate, but how should I handle it while I'm in school? Should I pay off other debt? Should I save as much as I can to erase student debt? Sometimes I feel overwhelmed, but I feel bad because I'm told that a lot of people have hundreds of thousands of dollars in debt and I am not sure if I am in a good spot or not. I just wanted advice because everyone on this thread seems really knowledgeable about this stuff. Any advice welcome. [link] [comments]  |
| Posted: 06 Nov 2020 05:06 PM PST Hello, I'm sure I'm probably over reacting, but I was just curious if anyone had ever went through something like this. So i get maximum federal awards, but even after that I have to take out a couple of private student loans to help cover costs. My grandma is my co-signer, and she is fully aware of that. However, I'm a first gen. college student, and she raised me but had no legal rights to me. My first question is, I have to claim my parents on the fasfa because legally i am still their dependent... I called them myself to ask that and they confirmed that. I was afraid that with the different addresses they might flag me for lying is that possible? My next question is, when me and my grandma were filling out the Private loans, my laptop auto filled the information, and my cell phone number is listed for both us. I called commonbond, and they said it was nothing to worry about and we had the numbers switched. We also used my school email for my portion, but she didn't have email at the time and used one of my personal emails for her portion, she has access to both the email and the payment site to make sure I am making my interest payments. But is it possible they try to charge me with fraud because of this?? I'm sure no, but I was just worried my application was flagged? Any advice is appreciated. [link] [comments]  |
| Can you take out student loans while enrolled in a non-profit credit counseling program? Posted: 06 Nov 2020 12:44 PM PST I'm currently juggling school and work and decided it would be in the best interest of me retaining the education I'm paying for by quitting one of my jobs and supplementing some of my living expenses with student loans. I'm currently enrolled in a credit counseling program where all of my credit card payments are basically consolidated and I pay one single amount each month that is distributed to all of my card companies. My accounts had to be closed in order to make this happen, but my credit score hasn't taken a black eye. Is it possible to apply for and gain a student loan while I'm enrolled in such a program? [link] [comments]  |
| Avoid refinancing thru PenFed if you plan on making principal only payments Posted: 06 Nov 2020 10:11 AM PST Ive been with Penfed for over 3 months after they gave me the best rate for refinancing plus a nice bonus offer thru Splash Financial. I'm coming from a larger more mainstream loan servicer that allowed you to make principal only payments online just as you make your monthly payment, just by checking a little box. With Penfed, every time I want to make a principal only payment, I have to transfer the funds from my personal checking into my Penfed savings acct (they give it with the loan account) which takes 5 business days. They also have a daily max ACH limit of $2,500 so if you plan to pay more towards the principal in a given month, you need to make deposits on separate days. You also can not do this on your own. To make a principal only payment, you need to call their payments phone number, request a customer rep, and stay on hold for 10 minutes til someone can help you. Then once you request assistance, they need to phone a supervisor to complete a principal only payment, so another 10 minute hold. You can make a principal only payment with money not currently in your Penfed Savings account, but they will charge you an ACH transfer fee. The site is also quite dated, hard to access loan forms, and you set up scheduled payments bc there is no auto-debit Knowing what I know now, I would've forwent the bonus offer and paid a bit more in interest to save the monthly headache. [link] [comments]  |
| Non-Co-signer International Student Loans Posted: 06 Nov 2020 03:23 PM PST Hey, I'm a prospective graduating class of 2025 student at a school in Texas, I'm also an international (UK) student. I'm 22, have a better than average credit score in the UK and have been looking at applying for loans to finance my studies. I am an independent and with no relatives in the US would need to look at getting a co-signer-less loan to cover the cost of my fees after financial aid. I'd be graduating into a highly employable job, especially for the state with a P/A salary of ~$80,000 I have looked at two in particular, MPOWER and Prodigy however MPOWER currently are not loaning to international students due to covid and Prodigy looked promising until I went and rightly so looked up their reputation which is... less than stellar... Now I understand that because they are co-signer-less loans that their interest rates are going to be higher than average and I'm okay with that but they seem to employing incredibly predatory practises on graduating students. I was wondering if there are any former or current international students who have also had to apply for international co-signer-less loans to study in the US that could point me in the direction of a financier that isn't garbage. Thanks in advance. Also, please share any horror stories and lenders to stay away from :) [link] [comments]  |
| Posted: 06 Nov 2020 11:34 AM PST I have been applying for student loans left and right, but I get denied by all of them without a co-signer. I am a third-year Chemical engineering student that is paying for all of their schooling alone. My parents could co-sign, but refuse to even when I discuss having a legally binding contract between us. I have my FASFA and my school provided loans maxed out and I am not sure what to do at this point? [link] [comments]  |
| Always pay down the loan with higher interest... Always? (Advice please) Posted: 06 Nov 2020 11:26 AM PST Hi everyone, I appreciate any guidance you can offer here. I try to be very intentional about financial decisions and want to make sure I have as much information as possible before I make this decision. I have a handful of loans. My loan with the highest interest sits at 6.87% when it is not in forbearance. For the years I have been chipping away at my debt, I always target anything above the minimum payment to this loan. I have gotten the balance for this loan down to $10,000. My loan with the next-highest interest is 6.84%. Due to what I have already mentioned, I have basically only been making min. payments to this loan. The amount remaining is $19,000. Over the past few months during forbearance I have been able to save up a large sum of money that I can use to knock out one of these loans. I can pick either but not both. For the longest time I have been set on paying down the loan with highest-interest first. However, am I now in a place where the principal has come down so much that it actually makes more sense to keep chipping away at the $10k gradually and take this opportunity to completely knock out the loan of $19k? Needless to say, if forbearance is extended I will keep saving. However if it comes to an end in December I want to be prepared to make this call. [link] [comments]  |
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