COVID waiver extended a month. Now ends January 2021 Student Loans |
- COVID waiver extended a month. Now ends January 2021
- Why not reduce interest on existing loans as a way make to make them more manageable?
- Paying off Law School Debt on a Big law Salary
- Someone give me hope?!
- Does anyone work with at a company that provides student loan repayment assistance? Can you tell us about the program?
- REPAYE vs. PAYE Question
- Using 401k to pay off a private student loan
- 100k payment option
- Student Loan Payment
- Student Loan Payoff Amount lower than Loan Balance??
- Federal vs. Private student loans
- TEPSLF help please!
- Eli5: capitalizing interest
- Question regarding student loan forgiveness...crossposted in r/personalfinance
- Opening TFSA
- Tough Situation PA school
- Are consolidated Stafford loans held by Navient still considered federal loans?
- Help with IDR options
- Ed financial student loans
- Unable to Refinance- Not sure of next steps
- Credit report says $2000 was paid off on my student loan this week, I haven't made that payment, what is going on?
- Question regarding subsidized/ unsubsidized loans
- Repayment set to start in January... forbearance? What are my options?
- What would you do if you didn’t have your student loans?
| COVID waiver extended a month. Now ends January 2021 Posted: 04 Dec 2020 03:20 PM PST Devos just announced it. AFAIK is an extension of everything that's in place now Edit. Per the presser everything is indeed extended by that month [link] [comments]  |
| Why not reduce interest on existing loans as a way make to make them more manageable? Posted: 04 Dec 2020 08:29 PM PST (US) I know that loan forgiveness is a highly political subject, but why not start with decreasing interest? I have such a high student loan balance that more than half of my payment per month goes toward interest that accumulates just in the previous month, making it very hard to make a dent in loans at all. If the federal government is providing loans to 18 y/o kids as a public service, why have 6-8% interest rates? Loan forgiveness is a band aid for the broken system. Finding a solution that all parties can agree on will take a while. After the pandemic, when student loans resume, why not start with a compromise of lowering interest until legislation addressing the problem can be passed? Has this been a solution any politician has proposed? Any potential problems of doing it this way? Seems cheaper than paying 10-50k per person. [link] [comments]  |
| Paying off Law School Debt on a Big law Salary Posted: 04 Dec 2020 09:52 AM PST I graduated law school in May 2020, after attending a t14 and paying sticker. I owe about 300,000 in debt after the whopping 30k in interest amassed in law school. For the last 9 months my interest on my student loans was 0 pandemic due to the pandemic, but I am under the impression that this is expiring on December 31. My regular interest rate is 6 percent (Stafford + Graduate Plus loans). My Salary is 190k a year, but after taxes, it roughly amounts to $100,000. I already took a 15k advance from my firm and had about $8,000 in credit card debt I just paid off (mostly from COL in law school prior to my spouse and I moving.) I am lucky enough to have a spouse who earns about 90k a year and we are living in the apartment above my brother's home (in NYC) and do not have rent. We have a daughter who is 9 months old, and so far we have not had expenses for child care as we've been working from home. So, basically, we pay our utilities and food from our joint account, but our expenses as of now are relatively low. (No car, for instance.) My spouse and I are both first generation students and came from working class families, so we don't really have the financial expertise or experience from our families to fall back on, or the cushion in case we lose our jobs. I'm wondering (1) if I should refinance my interest rates as soon as the 0 percent interest expires and (2) what I should be throwing at my debt during this kind of unstable economy. I initially wanted to put about 5k a month towards my loans, with the hope of having them paid off in 4-5 years. But I'm worried if I should be putting more in my 401k or savings due to the pandemic and relatively unstable economy. I've heard big law firms do not really fire people until after their first year, so I am assuming I can make it 1-2 years at least, though I know that's not a given. TL;DR: I owe 300,000 in student loans, don't have a high COL as of now, should I refinance and how much money should I put towards my loans vs. in savings or retirement. [link] [comments]  |
| Posted: 05 Dec 2020 12:41 AM PST I had terrible grades and continued to attempt school despite poor progress. At the time all I knew was I had to go to college and I just kept trying. I did TERRIBLE. Over the course of 7 semesters I had some that I flat out failed everything. There were 2 semesters that I had a B average and 3 that had C,B, and A grades mixed with the Fs. So I finally took 3 years away from school. In that time I was diagnosed with ADHD, Depression and anxiety. I realized that all my struggles as far back as elementary school were related to ADHD. I began therapy, started medication, and had consistent appointments. I then went back to school. I have done 5 semesters straight since returning and passed every single course. In fact I made straight A's the entire time minus this semester where I have 2 C's and 2 B's. I followed my schools appeal instruction to the letter. I provided diagnosis's signed by my psychiatrist, medical records showing continued medical treatment, medication management letters and even future appointment letters showing my continued dedication to staying on track. All completed with 4 semesters of straight A's (at the time of appeal) to show the therapy, treatment and break from school worked. Prior to treatment the best I could do was all B's in classes i had to take 2 or 3 times just to pass. Now Im taking senior level classes full time making great grades. I wrote my letter of explanation taking full responsibility as well. Yet I have been denied 3 times for my max hours appeal. I have 3 classes left for my undergrad degree and I just wonder if there is anyway to fight the decision. I don't understand how I check off every single thing asked but get denied. [link] [comments]  |
| Posted: 04 Dec 2020 11:30 AM PST |
| Posted: 04 Dec 2020 07:37 PM PST My wife has student loans and is currently under the REPAYE program. This year would be our first time filing taxes as a married couple. Under REPAYE, I understand the regardless of whether we file married joint or married separate, our combined income will be used as the benchmark for the 10% repayment amount. Should we flip to PAYE? As I understand, we could still file married separate with only her income being used to determine the 10% repayment amount. My income is significantly larger than hers (and is bonus driven / more variable), so being on REPAYE introduces a lot of fixed cost based on previous year income when in reality much actual income is somewhat variable given the nature of my job (finance) relative to her job (dentist). Also, avoiding paying 10% of our combined income frees a lot of cash that we have been investing well into different assets that ultimate yield a higher rate of return than the ~5% blended interest rate on her loans. Would love any thoughts from folks who have been in a similar position or had to make the PAYE vs. REPAYE decision when it comes to filing jointly or separately as a married couple. Thanks! [link] [comments]  |
| Using 401k to pay off a private student loan Posted: 04 Dec 2020 07:23 AM PST So I have enough money in a 401k (I don't really pay attention to it, low % contribution) to pay off a private student loan debt. But since I'm way under 59 (in my 30s), I would be hit with a 10% tax penalty and potentially other tax charges based on the amount taken out. Also, it would basically wipeout my 401k in whole. [link] [comments]  |
| Posted: 04 Dec 2020 10:36 PM PST Long story short I went to Physical Therapy school and have 100k worth of debt. I graduated last summer with $125k and made aggressive payments this year. I am currently on the 10 year payment plan with a monthly payment on $1200. Does it make sense for me to switch to a 20 year payment program to lower my monthly payment then using difference of the payment to focus more specially on one of my current 5 federal loans? My goal is to pay off the smallest total loan first and continue that way. I understand paying into highest interest saves money in the long term, but want to stay motivated and feel like I'm achieving something. So any insight? If it's not orthopedics I don't know much about it [link] [comments]  |
| Posted: 04 Dec 2020 10:34 PM PST I'm totally new to this whole loan thing. I have a loan taken out with Great Lakes. I'm in my grace period right now and I don't have to officially make a payment until the beginning of June. Any tips on how to help me pay it off and what I need to know about paying off my loan? It would help a lot [link] [comments]  |
| Student Loan Payoff Amount lower than Loan Balance?? Posted: 04 Dec 2020 02:10 PM PST I received subsidized and unsubsidized Stafford loans a few months ago (first loans ever) amounting to a loan balance of $2500. Great Lakes is my federal student loan servicer. I was about to pay off the entire $2500 before the December 31st but when I was about to pay it, it said that the payoff amount was $2474 although my balance is still $2500. I never made any payments nor did I accrue interest. Does anyone know why the payoff amount is $2474? Should I pay $2474 instead of $2500? [link] [comments]  |
| Federal vs. Private student loans Posted: 04 Dec 2020 08:17 AM PST Hey guys, Are the financial aid offers from your school the best option, compared to private student loans? has anyone ever NOT used the aid offer and went with another one instead? If so, what company did you use? there's alot of fraud out there. About to start graduate school.. TIA [link] [comments]  |
| Posted: 04 Dec 2020 01:27 PM PST This year I've been banking on making a big January payment and a big December payment, in order to have qualifying 12th to last and last payments for TEPSLF. I've fulfilled all other requirements (120 qualifying payments, work for nonprofit, etc.), but I've been denied previously as my monthly payments weren't large enough. This whole "payments deferred in COVID" thing has me freaked out. Do the deferred payments count towards TEPSLF? Am I good with paying a big December payment and applying for TEPSLF now or do I have to start all over again? [link] [comments]  |
| Posted: 04 Dec 2020 03:26 PM PST I've searched the sub, and I've searched great lakes faq but I don't have a clear understanding. In February 2020 I paid down the last of my interest balance. I understood this to mean that all future payments would go towards principle and I wouldn't have more interest to pay. But with everyone talking about capitalizing interest on Dec 31, 2020 - I'm wondering if I should be expecting a large interest balance to show up come January? Any help is appreciated. [link] [comments]  |
| Question regarding student loan forgiveness...crossposted in r/personalfinance Posted: 04 Dec 2020 07:03 PM PST So I have already paid my student loans off, and am now in a graduate program that is fully funded. It certainly seems student loan debt will be forgiven in the near future. Would it be wise for me to take out large student loans now, under the assumption they will be forgiven in the near future before they begin carrying interest? I have access to pretty large loan amounts both subsidized and non subsidized. I just don't want to miss out on this opportunity to make quite a bit of money, and recoup some of what I wasted paying my loans back [link] [comments]  |
| Posted: 04 Dec 2020 03:13 PM PST Hello, my husband currently studies and gets osap. He gets many grants and scholarships. I am wondering if opening a TFSA would affect his osap since we are married.??? I spoke with a financial advisor the last time from osap and they said it will affect his osap if I do...but i am wondering if there is a minimum money i can have without affecting his osap???...like $3000. [link] [comments]  |
| Posted: 04 Dec 2020 02:24 PM PST Hey guys! I am in a situation where I could use some help. I was accepted to a school that starts in January and had done the loan stuff literally yesterday. I got a call today from my top choice that I got in. Does anyone know how the loan situation would work with the first school? Since I haven't started and haven't received the loans yet can it be nullified? Thank you! [link] [comments]  |
| Are consolidated Stafford loans held by Navient still considered federal loans? Posted: 04 Dec 2020 10:28 AM PST I have both subsidized and unsubsidized Stafford loans that were consolidated several years ago and are currently held by Navient, who is listed as a loan servicer under student aid.gov. For the purposes of loan forgiveness (in the event Biden dismisses any loans) and COVID interest suspension, are my loans still considered federally held? [link] [comments]  |
| Posted: 04 Dec 2020 11:37 AM PST Hi, I'm hoping someone can give me advice on which IDR plan I should choose (REPAYE, PAYE, IBR, IBR for new borrowers, ICR). Some background: I graduated earlier this year from my graduate program but have been unable to find a job since due to hiring freezes from covid. I have yet to begin paying back my loans but with the deferment/forebearance period ending soon, I obviously need to switch to some sort of income-driven repayment plan (right now I just have the standard) so that my payments are $0 while I continue to job search. I have around 150k in federal loans (DL Stafford Unsubsidized and DL Student PLUS - all from grad school/no undergrad debt), and am single with no dependents. I haven't been employed for 3-4 years due to school so the last time I filed taxes was back in 2017. I also didn't qualify for unemployment benefits so my income for the year is nada. Once I do (finally) get hired, my starting salary will be around 95-100k. I plan to aggressively pay my loans back and am not interested in forgiveness or PSLF (tbh I just want them gone asap). So with my situation, I was wondering if anyone has any advice as to which repayment plan I should apply for (and why if you don't mind explaining - I have zero experiences with finances unfortunately but need to learn). Thanks in advance! [link] [comments]  |
| Posted: 04 Dec 2020 11:28 AM PST Has anyone ever been successful in disputing a missed payment with them? I ended up missing a month a couple months back and I have 6 individual student loans with them. So now it shows I have 6 missed payments which I'm trying to remove since it's killing my credit . Any advice, I called them and they refuse to remove it. [link] [comments]  |
| Unable to Refinance- Not sure of next steps Posted: 04 Dec 2020 08:52 AM PST Due to a myriad of poor choices during my early twenties including lack of knowledge of loans and blindly following advice of others, I have both private ( 54k) and private loans (163k). For my fed I've been working in the public sector and working on PSLF with those so I'm not worried about that. However, my private loans have high interest rates ranging from 6.5 to 10.75. I've tried to refinance but due to my high debt to income ratio they have denied me. I don't have any family members that can co-sign for me either. My credit score (650-680) isn't the greatest now due to having about 9k in credit card debt but most of that debt will be paid off in January so I expect my credit score to rise back up. I want to refinance my private loans for a lower interest rate and lower monthly payment so I can put more towards it faster but I don't know how that will be possible since I've been rejected on every application. I'm not sure where to go from here. Any advice would be appreciated. [link] [comments]  |
| Posted: 04 Dec 2020 09:48 AM PST I saw a message that my credit score increased, checked the reason and it said $2000 of my student loan has been paid down. My loan is in forbearance and I didn't make that payment, wondering how I should proceed? [link] [comments]  |
| Question regarding subsidized/ unsubsidized loans Posted: 04 Dec 2020 06:17 AM PST I received my financial aid award this morning, I received a federal pell grant, federal seog, and offered a direct subsidized loan. My question is, this still isn't enough- why wasn't I offered a federal unsubsidized loan? Or is it something I ask about? I contacted Financial aid but idk how long it's gonna take for a response! I'm going back to school after 7 years, and financial aid confuses me so please help! [link] [comments]  |
| Repayment set to start in January... forbearance? What are my options? Posted: 04 Dec 2020 04:01 AM PST Hi there, this is going to be long-winded and potentially confusing, but I'm going to try and be as clear and descriptive as possible so I can get some ideas about what I should do. I graduated university this past year, in June of 2020. I had to take out *many* student loans, because, er.. school is expensive, and my parents refused to financially support me. In total, I took out about 36k in private loans, 22k in federal loans, and 12k in loans from a group my aunt is a part of (low interest rate of 2% - those I'll be keeping!) This year, I am participating in a non-school-sponsored educational internship in France; I am teaching English part-time within the public school system. I make about $900/month, but have to pay for all expenses outside of that including rent. Hence, I don't have much income to help pay for my student loans. I have about 2k saved up. Prior to coming to France, I had about 5k, but getting here and finding accommodation was much more expensive than I'd expected. I was thinking I could pay my loans with the savings, but after contacting my loan providers, I realized that my monthly loan payments will be much too high to be able to do that. What are my options? I would prefer forbearing my payments until I return to the United States in May (after this school year), but I am not sure it's an option with my private loan of 36k; i.e., the biggest monthly payment. I have considered consolidating my loans with a different provider. My 36k in private loans average an 8.5% interest rate... and my federal, about 4.5%. I was thinking I would rather consolidate my loans once I have a better-paying job, since I would be able to get a better rate that way, but should I try to consolidate right away so I could make the payments lesser and potentially get a better interest rate than 8.5%? What are some good/reputable places to consolidate loans? My private loans were financed through Suntrust Bank which was bought out by American Education Services. Other options are: asking my parents to help out with loan payments just for a few months until I get back to the states and can make them myself. This, I'm sure my dad would do as last resort, but I really don't want to ask them to do that. I can't LEGALLY get another job in France. I could do things under the table, like tutoring, but nothing official. Otherwise, I would. I might be able to get an online gig in the USA, but I'm not sure where to get that either. Any extra income would help, I have the free time - but I don't know how much it would make a difference, nor if it's legal/possible. I hope all of this makes sense, I thank you in advance for any advice you can give me! [link] [comments]  |
| What would you do if you didn’t have your student loans? Posted: 04 Dec 2020 12:33 AM PST I'm in a relatively lucky position and it still feels goddamn exhausting. I work three part-time jobs: an entry level in my actual field (yay!), as a barista, and as an outdoor educator. If I didn't have my student loans, I'd quit my barista job, keep the other two for money/career prep/personal interaction, and I'd throw my energy at my company that I started in the summer and have done absolutely nothing with. I'd also help my family pay the property tax on the house and help pay down a sibling's massive student debt so I can stop feeling like a useless family member lol. I'm too busy, stretched too thin, and I feel terrible about not being productive with my day off because it got eaten by meetings with three unrelated parties and then I mentally shut down and played video games all day instead of doing the personal projects I want to do. And again, I'm one of the lucky ones. What would you do? [link] [comments]  |
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