Could I have my loans forgiven if the school I attended had multiple lawsuits and is now closed? Student Loans |
- Could I have my loans forgiven if the school I attended had multiple lawsuits and is now closed?
- The power of interest rates working against you.
- Sallie Private Loans - Implications for opting into Expanded Repayment Period
- Those with Federal loans that you consolidated and are now private: how are you handling things?
- Never paid a cent on $25K undergrad loans (all federal)--just came into $5K. How to proceed?
- (USA) How much of my next few bonuses should I use for Student Loan payments?
- Loans in default where do I go from here?
- $20K in FFEL loans any reason to or not to consolidate to DL?
- Not really understanding my private loans
- I’m so lost and overwhelmed. Can anyone help me?
- How should I tackle my student loans?
- Anyone ever have this happen with their loans?
- Should I refinance?
- My credit score just dropped by 81 points wtf!!
- Settlement Advice
- Question regarding IDR re-certification and the recent extension of the COVID waiver
- Does military service count for PSLF?
- Bringing back tax deduction of interest paid on student loans?
- How does getting a scholarship/bursary affect Canada student loan?
- 2020 Graduate RePayment Help
- Looking to consolidate existing student loan debt, and refinance at low rate.. best options?
- Grad PLUS loan dropping credit score?
- Should I allow my child to work and earn money during his university education?
| Could I have my loans forgiven if the school I attended had multiple lawsuits and is now closed? Posted: 06 Dec 2020 03:40 PM PST I'm not sure if loan forgiveness is the proper term, but I would like insight on this as I don't know what to do about this situation, or what it entails. I left a private, for-profit institution (Southwest University of Visual Arts) due to fraudulent administration. Loans were taken out to cover cost of tuition. I recently discovered the institution is officially closed as of December 2020. This school has had many lawsuits, and either was or had been on the brink of being ineligible for federal student aid due to not meeting gainful employment standards after graduation. In a situation like this, what normally happens? [link] [comments]  |
| The power of interest rates working against you. Posted: 06 Dec 2020 09:34 AM PST I'm confident a large number of subreddit members know this already, but I wanted to point out the power of interest rates working against you. Edit to add: if you start to feel anxiety about this post, please read this comment thread. You may not be in a position where this information is helpful to you yet. Suppose you have a 10% loan and you carry a balance on that loan for 10 years. One way to look at this situation is that every penny you spend on any item during that 10 years means that you are not paying that loan off. This means that if you spend $5 on a cup of coffee (or anything else, really), you are essentially loaning that $5 for 10 years at a 10% interest rate. It works this way even if you are paying down the loan. As long as you carry a balance greater than the $5 you just spent, you're effectively loaning that $5 at that 10% interest rate. $5 at 10% interest for 10 years ends up 2.6 TIMES the original $5. You are paying $13 for that cup of coffee over the ten-year period that you have the loan. Please, please think about that as you are spending money on anything. I'm not saying that you should feel guilty for your living expenses. I am saying that if you are in this position with a loan, and you have a decision to make about any "optional" expense, consider the extended cost of any and every optional expense. At 7% interest rate, the cost of every item while you have any balance on that loan is multiplied by 2. All There are subtleties in how to view the loan with aggregate expenses that might change the logic on this, but thinking about expenses and loans as mentioned above may help day-to-day decision making. I hope you are in a position to make expense decisions like this, and not in a situation where you are daily making decisions on life and death expenses such as food and shelter. [link] [comments]  |
| Sallie Private Loans - Implications for opting into Expanded Repayment Period Posted: 06 Dec 2020 10:29 PM PST Hi, I have 60k in three Sallie Mae student loans and I had called them to discuss Graduated Repayment Period when they offered to put these loans in "Expanded repayment period" which stretches out the length of the loan but reduces the interest. I calculated a a savings of about 1,500 in interest if I did it, but I'd like to know what other implications could come with that, e.g. no possible loan forgiveness. It seems only one of my loans has a term beyond 120 months anyway, so it would be the only one potentially eligible for forgiveness anyway. The other two are 108 and 120 months. I appreciate any feedback, and don't assume I know something that may come to mind. Please educate me. [link] [comments]  |
| Those with Federal loans that you consolidated and are now private: how are you handling things? Posted: 06 Dec 2020 11:01 AM PST Most of these posts discuss federal loans, so I was hoping to get some insight on how others are dealing with their private loans during this pandemic. Since the loans are technically private, we're not seeing any interest benefits/relief. And it sounds like we may not see any relief under Biden either...I'm still a tiny bit hopeful but not holding my breath either. Care to vent? Looks like it will continue to be business as usual... [link] [comments]  |
| Never paid a cent on $25K undergrad loans (all federal)--just came into $5K. How to proceed? Posted: 06 Dec 2020 01:45 PM PST All of my subsidized and un-subsidized federal loans from UG are over 8 years old. I think original principal was around $25K. I never graduated. Health issues since. Just came into $5K cash but I'm unsure what to do. Should I pay $5K lump sum or structure it in a certain way? Ideally, I'd like to repair my credit history and head back to university and finish. I have a three semesters left for my BA. I have not communicated with anyone at Direct Loans in like 8 years. Note I do not have any private or parent or any other debt. Just these $25K federal loans from UG. [link] [comments]  |
| (USA) How much of my next few bonuses should I use for Student Loan payments? Posted: 07 Dec 2020 12:55 AM PST Hello Reddit, Doing some financial planning tonight and I hope you all can help me with how much of my next few bonuses I should pay towards my Student Loans. For context I owe $64k in all federal loans. No private or parent loans. 8 loans with interest rates between 3% - 6.8%. The most expensive loan is $18k at 6.8%. I'm currently paying $265 a month via Nelnet. (My monthly is low because I was unemployed when they first did income verification and they haven't called back to do another since Covid.) I have no additional debt in my name besides a CC with a $1500 limit. I'm receiving 3 seperate bonuses (Jan, March, Sep) from my job for about $6k each after taxes. $18k total. My job is also matching $2500 in student loan payments. My plan is to dump at least $10k of those bonuses into my loans, plus double monthly payments ($530 a month), plus $2500 match from job. This should equal out to $18,860. Is that too much, too little? Should I pay more monthly? Should I pay more of my bonus? Although I have almost no debt, I have almost no savings (because I've been aggressively paying off debt. lol) I have about $800 in savings right now. [link] [comments]  |
| Loans in default where do I go from here? Posted: 06 Dec 2020 10:21 PM PST To start this off, I know I am incredibly stupid. But I have never paid student loans since I graduated a couple years ago. I ignored it out if anxiety because I couldn't afford them. I'm still not super financially literate. But I have a decent job now and I eventually want to buy a house. What should my first steps be? How do I get my loans out of default? Nearly all the loans are federal. I'm not even sure who to get ahold of at this point because it was all tied to my college email that was deleted [link] [comments]  |
| $20K in FFEL loans any reason to or not to consolidate to DL? Posted: 06 Dec 2020 05:23 PM PST I have $20K in FFEL loans. Found out the CARES Act that FFEL is not eligible for 0% interest. My interest rates average from 2%-6%, averaging around 4-5% total. Is there any benefit to consolidate to Direct Loans? I guess not interest rates are low, but not sure if there's any other benefit? My only thought is that if Biden does forgive student loans, it would probably be loans from the government and not FFEL? Anyways, thoughts? [link] [comments]  |
| Not really understanding my private loans Posted: 07 Dec 2020 12:39 AM PST Alright, so I have been through programs at multiple schools since I graduated high school 7 years ago. While at my first school, I took out $30k through my local credit union to cover school costs. I say "I" loosely as it was pretty much my parents handling the financial side of things even if they weren't paying anything. I left that school after two years and due to a paperwork error while trying to transfer schools (the school never received something and didn't notify me until too late and I didn't do what I should have and checked in to make sure they got it), I found myself out of school for a semester, using up my grace period and now having to pay back these loans. I didn't defer them while in the next couple of schools because I didn't really have any expenses since I was still living with my parents and I was working a full time job the whole time. Those schools were paid for through public loans. Well, fast forward 4 years and I'm now living on my own. I had been paying the minimum due for those 4 years. It came out to roughly $100 principal and $150 interest each month (variable interest rate). After 4 years, I spent just under $15,000. I'm receiving financial aid currently while trying to finish my degree. Rather than paying back the check from my aid balance, I am planning to put that money towards the principal of my private loans to try and cut it down since it has a higher interest rate (and I plan to continue this unless someone has a reason I shouldn't). So the first check I got, ~$2500, went to the principal of my private loans. So the total I have spent is around $17k, but my remaining principal is $27k. I'm trying to understand how making $5500 in principal payments over 4 years amounts to only $500 off my principal balance. Is it just due to how high the interest is? Any help understanding how this really works is greatly appreciated. [link] [comments]  |
| I’m so lost and overwhelmed. Can anyone help me? Posted: 06 Dec 2020 01:10 PM PST 29M. Went to college when I was 18 (with federal school loans), dropped out when I was 20 and that's all I know about my school loans. I'm assuming what I have has gone to collections, but I've never received a single bill or anything (moved a few times and they probably don't even know where I am now) I have no idea who to call or what to do. Tried looking at my FASFA account online but I am getting the run around when trying to login. All of this happened in a dark time in my life and I'm quite ashamed to let this all happen for this long, but I'm ready to start fixing it. I just have no idea who to call or what to even say to them. [link] [comments]  |
| How should I tackle my student loans? Posted: 06 Dec 2020 07:53 PM PST Hi, I'm really happy to see such a helpful community here! I was hoping to get some advice as to how I should best approach tackling my student loans. For some background, I'm 25 years old and residing in Boston, MA. I just completed my Master's degree and accepted a job offer for 80,000k with a 15% performance bonus (potential $92,000/yr total). I have about $10k saved and about $88,000 in undergrad and student loans. I've attached a PDF of my loan breakdown here. My questions are: 1.) Given my income and savings (see above), what is the best approach for me to pay off my student loans in 3-4 years? I.e. which student loans should I pay off first, and to what degree? 2.) Given President-elect Biden's promises to knock off a part of undergraduate student loan debt, should I wait to pay those off in hopes that it will be forgiven? I really appreciate any help I can get with this. Thanks everyone! [link] [comments]  |
| Anyone ever have this happen with their loans? Posted: 06 Dec 2020 05:40 PM PST Hi, What I'm about to explain has happened in the past once or twice yet I cannot find anything when trying to search why it happened. I logged into Credit Karma after getting a notice that my score had change, clicked "what changed" and it said Balance Increase: DPT/Navi: Balance increased by 1,xxx Balance Decrease: DPT/NAVI: Balance decreased by 2,xxx DPT/NAVI: Balance decreased by 5,xxx I'm currently in the middle of going for Borrowers Defense (never actually obtained a High School Diploma/GED/equivalent to have even been allowed to get Title IV funding), so I've never paid a dime while attempting to fight it. How in the world has my balance decreased? [link] [comments]  |
| Posted: 06 Dec 2020 10:27 PM PST Hello, I had 95K all federal graduate student loan, and i have paid it off down to 68K so far. Making extra payment these days too, during whole covid situation. All in all, i now have 3 loans left (3 are paid off). My interest rate on avg is close to 6%. But i think i can bring it down if i were to refinance it. So, should I refinance, is it the right time? Do i wait, bring it down more to 60K or 50K first? What is the best option? Thank y'all. [link] [comments]  |
| My credit score just dropped by 81 points wtf!! Posted: 06 Dec 2020 08:27 PM PST My score dropped from 765 to 684. I have no credit card debt in my history. I only have a 19k student loans. My student loan provider is Great Lakes. This shouldn't have happened because my loans are in automatic forbearance until December 31. Whether I pay or not has no impact to credit score until the end of the year. What is going on? [link] [comments]  |
| Posted: 06 Dec 2020 08:21 PM PST Long time lurker here. Been out of the country for almost 2 years now ... haven't been paying my loans. Not really looking to come back but I do have the ability to wipe the slate clean for the future with a settlement. Now my understanding is that the loan has to go into default and to a loan collection agency with me getting sued and the whole 9 yds ... all before I can get a settlement offer? Is that correct? I get emails about the loan going to litigation and their offer is like we will waive your interested and refi you ... no thanks. [link] [comments]  |
| Question regarding IDR re-certification and the recent extension of the COVID waiver Posted: 06 Dec 2020 11:22 AM PST So, Devos recently announced the extension of the COVID waiver until January 2021. I logged into my FSA.gov account, and lo and behold, my payment resumes on Jan. 30, 2021. (Navient hasn't yet informed me, though). I'm currently on an IDR plan, and have been for a few years. I have usually re-certified every spring (in May, ahead of the June deadline). However, the re-certification deadline was extended several times this year due to COVID (an email from the Dept of Education a couple of months ago even stated the deadline had been extended by at least 12 months). Out of curiosity, I clicked on "Submit Re-certification" on the FSA website today, and it indicated that I'm not due to re-certify till April, and if I nevertheless do so before that time, they would not update my payment with the updated info till July. How do I reconcile all this? Would my payment (currently $0 under the IDR plan due to my part-time job) 'revert' back to the standard plan (+$350/month) at the end of January, or would the IDR continue to take effect through the April re-certification deadline? I have another question on top of the above one. I have a part-time job at FedEx. From May onward, however, my hours were effectively doubled to full-time due to COVID. Does this count as a 'significant change in income', and if so, should I submit to have my payment recalculated early? That's the third option ( "I am submitting documentation early to have my income-driven payment recalculated immediately") below the re-certification option. Thank you in advance. [link] [comments]  |
| Does military service count for PSLF? Posted: 06 Dec 2020 07:22 AM PST I'm on IBR right now, and don't really love my field anyway, so I just might be desperate enough to enlist in the military for some portion of the 10 years if it's a workable solution to my six figure student loans. Seems like Google is saying military service is eligible for PSLF but does anyone have any tips on where to find concrete evidence to find out what kind of military service/jobs qualify? [link] [comments]  |
| Bringing back tax deduction of interest paid on student loans? Posted: 06 Dec 2020 06:00 PM PST Trump's tax bill lowered the income limit for being able to deduct interest paid from your taxes. I'm in the (not) sweet spot where my income is too high to deduct, but I still have 6 figures in loans (health care, and no, I'm not an MD and my earning potential is not astronomical). Do we think Biden will raise the income limit again? Would that take an act of Congress (such as a new tax bill?). Trump's bill went into effect the year I started paying my loans which I consider one of the most cosmically unjust events of my life - thousands of dollars I would be able to deduct otherwise... [link] [comments]  |
| How does getting a scholarship/bursary affect Canada student loan? Posted: 06 Dec 2020 04:17 PM PST Do they care? I have a loan for 3 terms. Going into winter term I'd like to apply for scholarships. Is there a cap on how much I can receive before maybe my loan is reduced or idk... thx [link] [comments]  |
| Posted: 06 Dec 2020 02:19 PM PST I'm going to keep this as short as possible while giving necessary info so I can get informed help. I am specifically looking for a good plan of attack for my loans. Feel free to ask any questions you think may be useful. Appreciate any help I can get. I am a 2020 college graduate. I was an independent student so while I took out loans they are all federal, some being Perkins. I have multiple loans all ranging from 3k-6k with interest rates of 3.75% - 5.05%, total is around 35k. All except two end their grace period in December (now January because of covid-19). With help I have been able to save up 6k specifically towards my repayment and I am looking for advice on how to best use the money. This year has been rough but I am super thankful I have not had to touch this money that I set aside. I was laid off for 5 months, with no family support, and am worried about it happening again while my loans are in repayment. Questions: Would it be a good idea to pay off one group during the grace period? If so: -Should I target low amount w/ low interest? Would leave me enough to pay a good chunk off another loan or save for future monthly payments -Should I pay a high amount w/ 'high' interest? Could not pay off anything else. -Or should I pay by which has the highest monthly payment? If I target loans that have high interest rates should pay towards those that will be ending their grace period soon or ones who end in April? The ones in April have higher monthly payments. Should I just save my money, make the regular monthly payments, and not pay off additional loans in the hope that Biden helps? [link] [comments]  |
| Looking to consolidate existing student loan debt, and refinance at low rate.. best options? Posted: 06 Dec 2020 07:14 AM PST Currently $65k of student loans across 6 tranches ranging for 3.5-8.1% interest. Goal is to consolidate into one tranche [link] [comments]  |
| Grad PLUS loan dropping credit score? Posted: 06 Dec 2020 02:48 AM PST I went to check my credit score today and to my horror I noticed it had dropped 55(!) points this month. The only outstanding item on my report that has changed in the past month is "opening a new account" which is because I took out a Grad PLUS loan recently. I just started grad school 6 months ago and up until now I had only been using a Federal Direct unsub loan but due to the excess cost of my program I had to dip into a Grad PLUS now as well. Is it normal for this type of thing to dock my credit this severely, and may I expect it to recover anytime soon if so? [link] [comments]  |
| Should I allow my child to work and earn money during his university education? Posted: 06 Dec 2020 06:06 AM PST My son is now at university. He is studying medical science. He want to work and earn money when he is free but his lessons are hard and I have suspicions about his success at school. Should I allow him to work and earn money? He does not want any student loan. [link] [comments]  |
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