I finished paying off $120k last night. Student Loans |
- I finished paying off $120k last night.
- Just made a 10,000 extra payment
- In the five-figures!! (31y, $305k starting balance, combined law school, undergrad, and cc)
- A little win.
- How does the CARE's act $5,250 employer reimbursement work in your company?
- 1 down, 1 to go
- I failed the Bar exam and do not know how I am able to pay off my loans
- Under 50k!
- Should I refinance my student loans again?
- What’s your favorite repayment amortization template for excel?
- Medical school loans
- Thoughts on Working 2 jobs
- Late payments on student loans
- UK student loan (plan 1) moving overseas - can I pay the fixed amount?
- If I'm starting my college classes on January 2021 what FAFSA should I apply for?
- I’m looking to refinance (rates have gone down). Any thoughts on the outlook of rates with private lenders? Should I wait?
- People that have done fafsa, if I filled out for the 2021-2022 and got approved when should I get my disbursement refund?
- Any benefit to extra payoff in 2020?
- What is our best option
- What are the differences between the various Fed servicers when doing a consolidation?
- Paying off in full: taxes and other questions
- Should I refinance 1 of my loans after graduation?
- In default, owe old school money, and want to go back to school.
- Federal Student Loan Repayment as New Parents
| I finished paying off $120k last night. Posted: 30 Dec 2020 09:34 AM PST I paid off my loans last night. I graduated in 2011 after borrowing $120k. My parents gave me $10k in 2015 for the loans, the rest was my husband and I. We didn't put life on hold for this; we bought house in 2016 and had two children. Before having children I'd work a second part time job or pick up little gigs and every penny of it went towards student debt. We also rented a really, really cheap but horrific (as in, probably should have been condemned) house for 5 years because it was so cheap, and used extra money to build savings and pay down debt. Before the pandemic I refinanced my debt to private to lower the interest rate. Bad timing, but it happens. This year we'd been saving for some home improvement, but realized we could pay the debt off instead, so we did. I'm still kind of stunned and amazed to not have this hanging over my head anymore! [link] [comments]  |
| Just made a 10,000 extra payment Posted: 30 Dec 2020 05:19 AM PST And it feels amazing. Started driving Uber in August as a side hustle and have saved every penny. You can make some decent money if you are willing to put in the extra work. Highly recommend to those with a car or bike :) [link] [comments]  |
| In the five-figures!! (31y, $305k starting balance, combined law school, undergrad, and cc) Posted: 30 Dec 2020 02:14 PM PST Hi everyone! First time poster, long time lurker. I graduated law school in 2016 with about $305,000 in total debt. ~$255,000 in combined undergrad, grad, and law school loans and ~$50,000 in credit cards. It was definitely one of those slap-in-the-face moments when I actually sat down and calculated the total balance. I ABSOLUTELY weighed the "whatever yolo I'll just live my life and die in debt" approach that so many people with massive loan balances do. But last night I got my final paycheck of the year and made my loan payment, and for the first time in my life saw my total loan balance in the five figures, at $99,899.28! I got super serious about paying my debt all the way off earlier this year when I really internalized that no one was going to miraculously cancel all student loan debt anytime soon. I cashed out my savings down to $1000, sold my non-401(k) investments—some crypto and Wealthfront—and put it all towards the student loan along with the maximum amount possible out of my paycheck. I also let my lease expire and moved back with my parents, so starting next month I'll be able to put my usual rent amount towards the loan too. I work in Biglaw and have felt so trapped by the golden handcuffs of the high salary/high debt lifestyle ever since graduating. Fingers crossed, I should be able to pay the rest off this year and finally be FREE! This subreddit has been a huge source of inspiration for me during this process and I just want to say thank you to everyone who contributes (even the lurkers like me haha). To answer specific numbers questions: - started working in Biglaw September 2016 - all student loans were federal, about 6.8% weighted interest - paid off all credit card debt February 2018 while on IDR repayment for student loans - paid student loans down to $200,000 then refinanced with First Republic to a 3.55% interest on a 10 year plan - Goal payoff date August 2021 Happy to answer specific questions if you have them, but really I just want to say thank you to this group and keep up the awesome work! We got this! [link] [comments]  |
| Posted: 30 Dec 2020 09:11 AM PST No one in my life gets excited about this stuff so I wanted to share. I paid off $6,900 in 2020 making around 30k. I paid off the two last loans with 6% interest. My total is down to 37K and entering the 30s somehow made payoff feel doable! I felt excited again. This isn't the same as the $20k paid down kind of accomplishment in 2019, but I still feel really good! I finally see the end. Paying off at the end of year always seems to feel better too. Happy New Year! Whatever your little win was this year. You did what you could. Celebrate it! [link] [comments]  |
| How does the CARE's act $5,250 employer reimbursement work in your company? Posted: 30 Dec 2020 06:52 PM PST Hi, My employer said they would allow me to utilize the CARE's act $5,250 reimbursement benefit if I would help set it up. (I'm in accounting so this isnt that odd). How exactly does it work in your company that utilizes this benefit? Do you give the employer your federal student loan log in and they go make a payment? Do they give you the money tax free and you have to provide proof of payment directly to the student debt holder? Just looking for some examples. Thanks [link] [comments]  |
| Posted: 30 Dec 2020 07:28 AM PST I just made my final payment on my private loan!!! I started paying this one in 2018 and I've had the ability to overpay the amount due every month. My employer was also able to help make payments pre-tax due to the CARES Act which was extremely helpful. I have one student loan left which is a federal loan, so it's in the forbearance still. Just wanted to share because I feel like this is a huge accomplishment and I hope to double my payments on my other loan now that this private one is off the table. 2020 was a rough year, but I'm pretty proud of this! [link] [comments]  |
| I failed the Bar exam and do not know how I am able to pay off my loans Posted: 30 Dec 2020 02:09 PM PST I do not know what to do. I have 300k in debt from law school. I lost my job becuase I failed the bar exam. I do not know what to do. Can anyone help me! [link] [comments]  |
| Posted: 30 Dec 2020 09:16 AM PST Officially under 50k on my loans, which I thought would have taken me another 5 years to do! Its been 1 year since I started my aggressive pay-down on my loans. Initially graduated with my MSOT in 2017 with 85k in debt. Paid the minimum for 2 years which brought me down to 77k in January 2020 in which I had a mental breakdown over the state of my loans. Officially paid off my largest loan account and highest interest rate- 27k at 6.8% (before COVID)! Got a little too excited this month and threw in an extra payment of $3500 to be done with it, I just couldn't wait any longer. Next up are my stafford loans totaling 48k. Feels like a long way to go still but ya'll it felt SO ding dang good to log into my account this morning and see one account that stated "paid in full". Keep on trucking! I was incredibly lucky with pandemic not impacting my job security (although it came with a lot of traumatic situations working in healthcare), I was able to switch jobs to a higher income and with 0% interest this is what led me to pay down so much on my loans. [link] [comments]  |
| Should I refinance my student loans again? Posted: 30 Dec 2020 03:37 PM PST I'm all about trying to get the lowest interest rate possible while paying down my student loans and would be very grateful to do so. Is it a good time to refinance my student loan again to get a better interest rate or would Sofi/Mohela give me the same rate as I have right now? Sofi/Mohela is my current loan vendor so I would be refinancing my current loan again with them. I could always just try it and see what they would give me, but it is kind of a process. Thought I would ask Reddit instead. [link] [comments]  |
| What’s your favorite repayment amortization template for excel? Posted: 30 Dec 2020 07:00 PM PST I just graduated and have about $30k in about 7 sub/unsub Stafford loans in grace until June. I want to make a good spreadsheet to track all my different loans and interest rates. I've searched around online, but wanted to check in here for your favorite template or tips to build it correctly. I've never had student loans before and would like to feel more organized with my own spreadsheet so I can test out different payment scenarios etc. [link] [comments]  |
| Posted: 30 Dec 2020 12:32 PM PST Hello! I am a US citizen going to medical school in New Zealand. The only loan options I have found have been Sallie Mae offering a whopping 10% rate, does anyone know of any loan options I could look at for international medical school? [link] [comments]  |
| Posted: 30 Dec 2020 08:46 AM PST I want to know thoughts on anyone that's working 2 jobs to try paying down their student loans. I currently work full-time remotely and I am considering working another full-time job remotely so that I can pay off my student loans in less than 3 years. I went to graduate school and accumulated $150k. It's giving me anxiety and I want to pay this off as quickly as possible. The job I am currently working is very nice because I am usually off by 4pm and I am only busy during 1 meeting in the morning that's about an hour long. I want to know if anyone was able to successfully work 2 jobs? The other jobs would be remote as well. I'm only afraid that 2 meetings would be scheduled simultaneously. [link] [comments]  |
| Late payments on student loans Posted: 30 Dec 2020 12:15 PM PST I have my student loans serviced through nelnet. I had a few missed payments which resulted in multiple late payments as the loans are still separated and not consolidated. If I pay off my student loans will that close the accounts and remove these late payments from my credit? [link] [comments]  |
| UK student loan (plan 1) moving overseas - can I pay the fixed amount? Posted: 30 Dec 2020 03:36 PM PST I'm moving to Vietnam for work but the minimum threshold until you pay is so low (£7,755) that I'd pay over £215 each month towards my student loan (to put it into perspective that's close to the average monthly salary in Vietnam). The "fixed monthly repayment amount" is £98 (being "the amount you could pay each month if you do not let Student Loans Company know about your income"). Is it possible for me to not declare my earnings and just pay this amount? I want to be continue repaying but in a manner that is affordable. [link] [comments]  |
| If I'm starting my college classes on January 2021 what FAFSA should I apply for? Posted: 30 Dec 2020 02:02 PM PST I already have been accepted into my school and talked to them and all of that. I filled out the 2021-2022 fafsa form already and was approved but I feel like I may have done the wrong one? I talked to someone from admissions at my school and she said I was approved for around $15000 and can start January 12. But I was wondering when I'll get my disbursement refund? Did I apply for the wrong fafsa in order to get it in 2021? [link] [comments]  |
| Posted: 30 Dec 2020 10:01 AM PST I've looked at historical rates and the forecast and it looks like they will go down either further when looking at Libor. But I wanted to see what you all think. Some context, I'm of the mindset to not pay off my loans quickly, as I feel opportunity costs are low and I could allocate that money into investments. [link] [comments]  |
| Posted: 30 Dec 2020 01:35 PM PST Did I mess up by applying for the 2021-2022 instead of the 2020-2021? I'm starting my classes on Jan 12 of 2021. I've already been approved and I'm just waiting for my school to get all of the stuff transferred over. [link] [comments]  |
| Any benefit to extra payoff in 2020? Posted: 30 Dec 2020 12:15 PM PST I have saved up about $5k to put towards student loans ($12K balance remaining). With 0%, I'm waiting to see what Biden does like many others. But is there any benefit (taxes?) to putting $2K into it now in this year? $2K with the majority assumption that $10K forgiveness will be the max by Biden. Thanks! [link] [comments]  |
| Posted: 30 Dec 2020 11:44 AM PST My fiancé and I just came in to some money ($30K) and I have $27K of student loans. Our housing is paid for, we have ~$5k in savings otherwise, and he has an investment portfolio of ~$35k as well as a 401k and we have a few hundred in cash savings as well. His college was paid for so our only debt is my $27k. I'll be graduating nursing school soon and he has a good job as well so soon I'll be making good money to add to our savings as well. He is thinking we should pay off my loans in full. Is that the best option? How do you go about paying it off in full? Does this affect taxes? [link] [comments]  |
| What are the differences between the various Fed servicers when doing a consolidation? Posted: 30 Dec 2020 07:22 AM PST What are the differences between the various Fed servicers when doing a consolidation? Is there a benefit with going with one over another? I am working on a consolidation to see if it is the best thing for me and see a lot more options than just Navient. OSLA Servicing [link] [comments]  |
| Paying off in full: taxes and other questions Posted: 30 Dec 2020 10:10 AM PST Hi there, My grandfather passed away recently and my mother will be coming into a bit of inheritance that she would like to use to pay off my reminding student loan balance (~$28k). Can she pay it in one lump sum from her accounts and will that screw up my or her taxes? Is it better to transfer the money to me to pay or does it not matter? What is the best way to go about this? I've been on an IBR for the last few years and I am currently not paying due to the pandemic relief bill. I plan on holding out until the pandemic relief ends and I get a better sense of what Biden is planning on doing about loans (highly doubtful). Any advice is appreciated! [link] [comments]  |
| Should I refinance 1 of my loans after graduation? Posted: 30 Dec 2020 10:09 AM PST I have a variety of undergrad loans totaling just over $33,000 right now, and I will graduate in ~6 months. I actually used to have $37,500 but payed off one private loan this year (which had a 12% interest rate). Only two of my remaining loans are private, one with Discover, which has a variable interest rate around 7% right now, but it's been higher in the past and I know it will rise again. It's $5,430 right now. I've paid over $1,000 in interest and the principle has only gone down $550. So to pay it off faster, I was looking to refinance this one loan with SoFi after I graduate. I have a credit score around 740, but I probably won't have a steady or high income right after graduation, so I'm wondering if I'll even be eligible. If I am eligible, is there anything I should know about SoFi or a reason why I shouldn't refinance? [link] [comments]  |
| In default, owe old school money, and want to go back to school. Posted: 30 Dec 2020 09:27 AM PST Hi, I'm not sure if this is the right place for this. I attended a four year state university right out of high school from 2010-2015. I was receiving both federal and private student loans, and had also received a decent scholarship. Long story short, I wasn't fit for university, I failed some classes, lost the scholarship, the loans ran out, I dropped out and now I'm about $50000 in debt with no degree. I dropped out without paying my last semester's tuition as I didn't have nor could receive any loans to pay out with, so the school is holding my transcripts. All of this was five years ago and since then I decided I want/need to go back to school. I would really hate to have to start from square one as I did complete 4 years and passed enough credits to at least receive an associates degree from a community college. I really have no idea where or how to start getting myself out of this rut. [link] [comments]  |
| Federal Student Loan Repayment as New Parents Posted: 30 Dec 2020 09:08 AM PST My wife and I have a newborn this year. On our taxes, we usually file married but separately. With our newborn, one of us will claim her as a dependent on our taxes. This tax rule make since because other wise we would double dip in the child tax credit. How does that work when we both calculate/apply for our student loan repayment each year on studentaid.gov if we're still filing separately? Can only one of us put our baby as dependent on our repayment application? One could argue that our baby receives more than half of their support from both of us. [link] [comments]  |
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