I have ~$11,000 left to pay on my student loans and I have enough to pay it off in full. Are there any cons to this? Student Loans |
- I have ~$11,000 left to pay on my student loans and I have enough to pay it off in full. Are there any cons to this?
- The bill has been signed into law
- Looking for a visual way to track progress
- Did something change with the Borrower's Defense?
- Cancelling the disbursement of a student loan you borrowed?
- Exit counseling while still in school
- When to change my tax filing status for recertifying IDR?
- Art Institute / Borrowers Defense
- Switching from IBR to standard repayment; should I pay off accrued interest balance to start paying down principal?
- Avalanche Method w/ PLUS Loans (Ed Financial)
- Do I refinance my student loans?
- Should I Refinance My Private Student Loan?
- IBRP
- Are unemployment agencies for student loan deferment worth it?
- What do Private loans look for for approval?
- Default Resolution Group questions.
- Consolidation - one more loan to wait for?
- First Time Asking for a Personal Loan
- Repayment question
- ANY options to reduce Parent PLUS Loan payments besides refinancing?
- Paying for school: Savings vs Student Loans
- Directing extra payment
- Refinance question
| Posted: 28 Dec 2020 06:13 PM PST Hello! Long time lurker of this sub. I have a stable job and I would like to be debt free in 2021. I originally started with ~30k of student loans and I have managed to get it down to 11k in about 4-5 years. I have ~17k saved and I was wondering if it would be a good idea to pay off my student loans in full before the interest starts to kick back on my federal loans. That would leave me with ~6k to my name, but like I said I have a stable job and I'm good at saving so I'm fairly certain I will be able to grow my savings so I can have a safety net again. Are there any pros or cons to this? TIA for your help! [link] [comments]  |
| The bill has been signed into law Posted: 28 Dec 2020 04:51 AM PST He signed it last night. For those that missed it - here was my quick and dirty summary from when Congress passed it. Nothing has changed https://www.reddit.com/r/StudentLoans/comments/khserr/my_quick_and_dirty_read_of_the_omnibus_and/ [link] [comments]  |
| Looking for a visual way to track progress Posted: 28 Dec 2020 04:03 PM PST Hello everybody :). I was hoping maybe somebody here would have a suggestion. I am a very visual person, and would benefit greatly from a program (preferably free) that I am able to input my debt information (loan amounts, interest rate, minimum payment if possible but not necessary) and it would possibly draw a bar graph for me and separate it equally, in which I can kind of color in as I make payments? I have about 16 loans left from school, equaling roughly $110K. I've already hand drawn something similar to what I'm describing, but would also like one I am able to access on my tablet/phone, and I'm not always home when I make payments, and could forget to color it in on my at home graphs. Sorry if this sounds silly, but I really get motivated seeing the bar move and seeing how much of a difference I can make with my payments! I will probably also be cross posting this, so I can hopefully find some great responses! Much appreciated! Happy holidays :) [link] [comments]  |
| Did something change with the Borrower's Defense? Posted: 29 Dec 2020 12:52 AM PST I was on a Borrower's Defense forbearance since 2012. I've been trying for a number of years to get out of the Borrower's Defense agreement, so I could just pay off the loan with the autopay discount, but I was always given the strangest runaround between the ED and my processor, that I finally gave up. In 2019, they finally denied my claim, but also dropped the accrued interest, so that was helpful. We had 0% interest rates this year, but I got an email today saying that I'm back in forbearance? Does anyone have any idea what is going on? (bolded section below).
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| Cancelling the disbursement of a student loan you borrowed? Posted: 28 Dec 2020 02:46 PM PST I borrowed a certain amount of $ to pay for school this year. It is about time to pay for the next semester and I have decided I would rather pay for it out of pocket than use the rest of the $ I borrowed. I saw my school applied the loan to my bill, but the US department of education will not release the funds until February. How can I go about cancelling the disbursement of the loan and returning it to the US Department of Education?? Who do I contact? [link] [comments]  |
| Exit counseling while still in school Posted: 29 Dec 2020 12:06 AM PST So I had to drop some classes this fall due to work. I just had to do the exit counseling, and had to pick a payment plan. However, I'm still in rolled in school this winter. Does this mean I will have to start paying back my loans as I am still in school? [link] [comments]  |
| When to change my tax filing status for recertifying IDR? Posted: 28 Dec 2020 10:13 PM PST My wife has cut back her work hours to very part time in order to primarily stay home with our young children. Because her income is now so low, we can save a significant amount of money on her loan payments by filing taxes separately (she's not on REPAYE). I've run some estimates with some online calculators, and it seems the reduced payments will more than offset the increased tax liability, saving us money overall. We would continue to do this until she reached forgiveness (or PSLF if she returns to full time), so our goal is to pay as little as possible. The question I have is - do I need to change our tax filing status the year before recertifying with her reduced income, or is there a way to do it during the year of recertification? For example, if we were to file 2020's taxes jointly but plan to file 2021 separately, will we be able to recertify her loan payment in 2021 based on planning to file separately, or can we only base it on the prior 2020 joint filing status? I've previously only recertified by our tax returns, but I know there is an option to do so based on recent paychecks - not sure if tax filing status can be taken into account when you do it that way. [link] [comments]  |
| Art Institute / Borrowers Defense Posted: 28 Dec 2020 10:12 PM PST Art Institute Student Loan Advice I've briefly read through some of the other experiences and just wanted to see if anyone had any updates on their attempts at the Borrowers Defense program. The campus I attend 10-11 years ago has since closed and moved locations. I still owe 65k and it's in forbearance right now. What are some best next steps and would it be smart to try and apply to the Borrowers Defense program? Or is there anything else you'd recommend? [link] [comments]  |
| Posted: 28 Dec 2020 02:25 PM PST I no longer have a job that qualifies for PSLF so I'm going to switch my repayment plan from IBR to standard in order to actually start paying my loans down. My balance is a little over $65k but I currently have about $8200 in accrued interest (total balance of $74k). Should I pay that off so that more of my payment goes towards the principal? Because of covid I've been able to increase my savings so I could take the $8200 out of that and still have a good amount for emergency fund. Any advice is appreciated! [link] [comments]  |
| Avalanche Method w/ PLUS Loans (Ed Financial) Posted: 28 Dec 2020 05:30 PM PST Hi all, I start making payments next month (grace period ends July, but want to get a head start). I have 4 PLUS Loans and want to tackle the one with the highest interest rate first. On my Ed Financial servicer portal I don't see how I can direct a payment to a specific loan. Rather, it asks for 1 payment for all 4 loans when I have never consolidated. Does anyone know how to navigate this issue? Thanks in advance! [link] [comments]  |
| Do I refinance my student loans? Posted: 28 Dec 2020 08:57 PM PST I am a 26 year old in my final year of law school with about $110k in students loans. $66k of my loans are Stafford loans and the remainder ($44k) is in Grad Plus loans. I have a pretty good credit (currently at 745) and have accepted a job at a law firm that pays $150k per year beginning in September. I really haven't had a solid introduction to managing my finances so any advice you have would be great. [link] [comments]  |
| Should I Refinance My Private Student Loan? Posted: 28 Dec 2020 07:51 PM PST Hey all! I have a consolidated private student loan with PenFed, and wondering if it makes sense to refinance (again) for a lower rate and potentially lower monthly payment. My loan balance right now is $83k (was originally around $110k), and monthly payment is $722 at 5.41% fixed. Good repayment history. My annual W2 income is 63k, and I make an additional 10k on top of that in collected rent (I own a duplex, live in one unit and rent out the other). Credit score ranges between 720-730. No issues on my credit report. I also have about 60k in federal loans that I'm not going to touch (fingers crossed for some Biden loan forgiveness and/or a less terrible PSLF path, I work in the nonprofit world). Is it worth looking into refinancing and stretching out my payments? Am I going to get much better rates these days? Who should I be looking at given my numbers/goals if so? As a side note - a part of the reason why I'd like to refinance for lower monthly payment is because I'm also interested in real estate investment (I have flipped two houses and own one rental property) - the biggest issue I'm running into time and time again is that my DTI is too high, and I know lowering my student loan payment would be one way to reduce the debt part of that ratio. I did this for my last purchase (refinanced to get a much lower interest rate but also dropped monthly payments from around $1250 to $722), which qualified me to purchase a rental property. I'm trying to grab a couple more of these over the next couple years so that I can fully pay off my student loan debt using income I make off them, but I feel like it's more prudent to save up that income right now and use it to purchase another (rinse repeat, probably will pause that once I have 3-4). [link] [comments]  |
| Posted: 28 Dec 2020 06:58 PM PST Hello. I'm new here and I just had a question. I have 65,000 dollar student loan bill from 2009 and have been on the IBRP of zero dollars a month since then. I am very low income and probably will always be. They told me in 10 years it will be wiped clean. I have no other debts at all. This was a for profit college that has since shut down. I am very nervous because everyone is saying not to trust the government and to pay it off while I'm on that plan. The thing is is I only make 12k a year and there aren't a lot of opportunities where I live. I also have other people saying that noone has ever been on that plan and been paid off. And then others saying the politicians are planning on waiving 10K and to throw every penny I have at it. I don't know how I would do that. For more back ground. I am a single mother. No child support. Work full time cleaning. Section 8 housing. Food stamps. The lot. Thank you for your time. [link] [comments]  |
| Are unemployment agencies for student loan deferment worth it? Posted: 28 Dec 2020 05:33 PM PST Hello all, I've been searching for a job since June and I have not found one after 300+ job applications. I recently found out about Student Loan Unemployment Deferment but saw that you must be registered with an unemployment agency to get the deferment. I'm wondering if this is the way to go or if I should just attempt to get a minimum wage job to pay off loans while I live with my parents? My main worry is that because I have an engineering degree the unemployment agency would give me a non-engineering full time job, in which case I would rather work part time for minimum wage just to pay off my student loans while spending the rest of my time continuing to look for a job, since non-engineering work likely wouldn't assist with my engineering job search anyway. [link] [comments]  |
| What do Private loans look for for approval? Posted: 28 Dec 2020 04:36 PM PST So I am 22 going on 23. When I was 19 I had to stop going to school because my parents got denied for the parent plus loan due to outstanding collections. So I have spent the last 3 or so years trying to make my financial status elligible for loans myself, as I have been paying out of pocket and taking classes at a community college as I can afford them. So now I am at a point where I have to transfer schools to further my degree. The school I am looking at is about 40k a year. I am still not able to have the help of my parents and am doing this myself. So as I look for private loans, not the prefered way but Ill take what I can get, what is my realistic chance for approval. Currently I have about a 750 credit score and have succesfully financed a vehicle and opened a credit card a few years ago trying to build it. I am making about 38k per year if that is relevant. Any information or suggestions are appreciated. Thanks guys Edit: also If there are any particular details that I should be looking out for when researching student loan companies please let me know. [link] [comments]  |
| Default Resolution Group questions. Posted: 28 Dec 2020 11:38 AM PST I have 12 loans in default, prior to the circumstances that led to that, I paid off 8k- leaving me at 38k in default as of today. Called DRG today as per student loan. gov website and they told me I have two options: 3 month or 9 month plan (3-9 mos until I'm shown as not in default if I make timely installments) . Asked me to fax last years tax document and they will send me a payment plan option and after three months I will choose a consolidation service? That is my question..which do I choose? I know nothing about this and am just trying to maximize my own savings. If it matters at all, I am in Texas. Loans originally through Great Lakes. [link] [comments]  |
| Consolidation - one more loan to wait for? Posted: 28 Dec 2020 02:41 PM PST December 2020 was my final month of school. Can I consolidate my loans now or do I need to wait for my last loan to be in repayment? If I need to wait, how can I tell when it goes into repayment? I have some FFEL loans and I haven't paid anything on any of my loans yet, so I plan on consolidating everything and then pursuing PSLF. I just want to make sure that I don't miss my last loan when I consolidate all of them. [link] [comments]  |
| First Time Asking for a Personal Loan Posted: 28 Dec 2020 10:19 AM PST Hi all, I am a college student. My family does not have a lot of money, so I generally have to work to help them pay the bills as well. COVID has really made it hard on me this year. Each semester, I get a refund check that covers my off-campus housing expenses. However, the spring semester does not start back until January 27, which means checks won't come until late February. After paying my bills for the month of January, I won't have the funds to hold me over for the month of February. I also lost my job as a Nightclub bouncer because the owner cut his employees in half because he was suffering losses from COVID. So, I am planning on asking my credit union for a loan amount of $2,000. I wanted to ask you all if it would be stupid to ask for that amount now, and then around the end of December, just pay it all back when I get my refund check from school? I am currently unemployed, need to pay bills, and have to complete one more semester of college that hasn't even started yet. I just need some guidance into how to ask for a loan and tips on if it's a stupid idea to pay it back within 2 months of asking for it. All the best and thanks for the help [link] [comments]  |
| Posted: 28 Dec 2020 11:13 AM PST Hey all, I owe 3000 to Sallie Mae and up until fairly recently I haven't been able to pay anything so I worked out a plan where I would only pay $30 a month which I assumed was going to cover some of the interest and in that span of a year I've gone from 3k to 3.7k in debt (let's not get into the 20+k I owe the gov for two years of college) my debt is growing and I hate it. I'm in a position now where I have 2k-2.5k I could pay toward my debt. What would y'all ballpark my odds at if I called Sallie Mae and asked to settle my 3.7k debt for 2.5k? Normally I wouldn't lie or attempt to be deceptive in the situation but, to avoid them from trying to scare me or force me into paying more money (I sure they legally can't but I think we all know they'll do their best to toe the line), I'm going to tell them that one of my parents has offered this amount to pay on the condition that it is settled for that amount. I figured I'd ask for advice before I call and see what this sub thinks. I make 30K a year right now and I'm doing my best to aggressively save as much money as I can as I am not entirely secure in my job so it's just not feasible for me to make a multi hundred dollar payment when I can easily be out of work soon and that money would have done better elsewhere. Thank you. [link] [comments]  |
| ANY options to reduce Parent PLUS Loan payments besides refinancing? Posted: 28 Dec 2020 10:30 AM PST hi reddit o/ with the loan forbearance coming to an end next month, and no plans in sight for it being extended, i'm starting to look at options regarding my student loans. i have about 20% of my total loans owed in my own name through Great Lakes. the other 80% is in my dad's name a la PPL's through FedLoan. i understand that since it's in his name, he's on the line for it legally, but i've been the one making the monthly payments on it since they've been due. unfortunately my financial situation has changed during COVID, and i now have more bills to pay on top of the loans when they do go back into repayment. i'd barely be able to afford the minimum monthly payment now, if i can't find a way to decrease it, meaning i won't be able to pay extra money on top of the monthly amount, and won't be able to put any money into savings. my dad makes much more money than i do (about $100k more, as of recently), so i'm a bit lost on my options regarding the loan in his name. are there ANY options that would help reduce the monthly payment, while still keeping the loans federal? is there any way for me to keep the loans federal, but have them put into my name instead? as far as i'm understanding, if he tried to apply for income-based repayment on the loan that's "mine", since he makes more money than me (and more money than he did when he first applied for the loans in the first place), it would be counter-productive and might even make the monthly payment increase? if he even qualified in the first place for any income-based program, that is. i appreciate any help <3 [link] [comments]  |
| Paying for school: Savings vs Student Loans Posted: 28 Dec 2020 09:45 AM PST Science teachers can have up to 17.5k of student loans forgiven for 5 years of service. I'm currently getting a Masters of Arts in Teaching to be a science teacher. I got a full-ride for my bachelors and have managed to keep my debt for my masters to only 3k after two semesters by working 30 hours a week while going to school. My second year will cost about 12k and I probably won't be able to work as much. While I currently have about 25k in savings, I'm wondering if I should take out extra loans to pay for it since the interest rates are 4.3%, then work to have them forgiven. Which is a better financial decision: to take out student debt and invest my savings or pay for my school fees in full with my savings? [link] [comments]  |
| Posted: 28 Dec 2020 07:57 AM PST Hi all! My job is paying $10k (more like 7-8k after taxes) toward my student loans and I keep going back and forth on how to direct the payment. I have 56k of principal spread among 12 loans with a total of $7.2k of interest on those loans. When payments begin again, my payment is ~$315 on my IDR and my monthly interest accruals is around $270. My original plan was to direct the payment to the highest balance loan of $7200 (not including 1600 in interest in that loan). The payment will cover the interest and most of the principal on this loan. Lately, I've been thinking of having the payment pay the total unpaid interest so my monthly payments can begin paying off some principal on all loans. My job qualifies for PSLF but with my balance, future job payments, and salary path, It doesn't make sense for the amount to get forgiven. I plan to snowball/avalanche my payments once payments begin again. Thoughts on which path to take? [link] [comments]  |
| Posted: 28 Dec 2020 07:42 AM PST I have federal loans a private loan. I want to refinance the private loan down the road (still in school). Can I do this or will I have to also refinance all my federal loans along with it? [link] [comments]  |
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