I'm finally done Student Loans |
- I'm finally done
- 2020 PharmD Grad with $184,000 in debt
- In School deferment on consolidated Parent Plus Loan?
- good private student loan
- Partner's loans are income based. Does he qualify?
- PSLF Question with Heartland ECSI Loan
- Graduate Student PLUS Loan
- Sorry, need some advice
- Can I use unused student loan money to pay back towards that loan?
- Recertifying Income for Mortgage Approval - Can you go back to no payment if it doesn't work out?
- Help obtaining a loan. Sticky family situation
- Help with Loan Advice
- Any reason *not* to refinance with possible cancellation
- Fafsa loan Cancellation trouble
- paying student loans with credit card for cash back
- Use CARES Penalty Free 401k Withdrawal to Pay Loans?
- Refinancing with my servicer?
- Student Loan on bank holidays?
- New Student Loan Affecting Credit Score
- Lower my payments?
- Annual Lump Sum payments rather than monthly payments
| Posted: 29 Dec 2020 11:46 AM PST 6 years and $33,000 later, it's over. I wish I could give you a miracle solution, but I lived at home for a few years after graduation and paid off half of them. Then I job hopped until I increased my salary drastically and put as much as I could towards them. I know my total amount is nothing and it's probably not that big of a deal, but it's one less thing I have to worry about. Hooray. [link] [comments]  |
| 2020 PharmD Grad with $184,000 in debt Posted: 29 Dec 2020 07:47 PM PST Help!! I'm luckily to have gotten a job right out of school that pays $90k base with lots of opportunities to pick up shifts. First thing I did when I graduated was buy a 25k car (I know, dumb). However, I have gotten my student loans down to $164k by eating rice and beans basically. I'm 27, no children, not many bills and in the south. I attacked the high interest smaller student loans. Now I'm going back and forth with two options.
Anybody with similar debt to income ratio.. what did you do? How do you manage? I just feel like once interest kicks in I'm gonna down with payments . [link] [comments]  |
| In School deferment on consolidated Parent Plus Loan? Posted: 29 Dec 2020 10:31 PM PST I have 2 children I took out parent plus loans for. I consolidated the plus loans into 1. Now my oldest child is going to medical school in August while my youngest is graduating in May. Is it possible to get in school deferment on this consolidated plus loan once my oldest starts school in august? [link] [comments]  |
| Posted: 29 Dec 2020 06:34 PM PST i have applied to Salie mae and they offered me a fixed 10% interest rate or a variable 8% loan, do I have any better options ?(for grad school) [link] [comments]  |
| Partner's loans are income based. Does he qualify? Posted: 29 Dec 2020 04:38 PM PST Hi I am new to student loans, but my boyfriend has them. He accidentally set his loans to income based repayment. He will make 65k per year starting in January. Does he qualify for income based repayment? Do we have to change it somehow? Give me feedback if my thinking is wrong: shouldn't we avoid income based repayment due to extra interest paid? I'm not positive what the payment would be but I'm sure we could afford the standard payment plan. I've tried to look at how to change the payment plan, but I honestly can't find it anywhere. How do you change the plan type? And should we? I definitely want us to pay enough that the loan isn't gaining interest. Is there a formula that would be helpful in calculating that? I have no experience with this so any advice I can give him would be so helpful. Thank you! [link] [comments]  |
| PSLF Question with Heartland ECSI Loan Posted: 29 Dec 2020 01:45 PM PST I am pursuing PSLF and am 1.5 years into it. I also have a Heartland ECSI loan that I just found out is eligible to be turned into a federal direct loan. The amount is $10,000. My outstanding loan amount is about $220,000 (excluding ECSI loan). My question: How do I turn my one ECSI loan into a federal loan? Do I consolidate it? If I consolidate it to federal direct loan, does it get added to my other loans or can it remain its own separate loan? Will the PSLF clock on the other loans be impacted (I heard if you consolidate loans already in PSLF you start 10 year clock again)? TIA [link] [comments]  |
| Posted: 29 Dec 2020 03:26 PM PST Can someone please help me understand the Grad Student PLUS Loan? Does it just allocate loans you already were granted for the year 2020-2021 or does it grant extra loans if you need more? I need more for my summer semester as it is only 7 credits I think so that may be only part-time. I'm pretty worried about how I will cover my summer semester for my masters program. Thanks for any help! [link] [comments]  |
| Posted: 29 Dec 2020 05:30 PM PST Should I repay
The accrued interest on unsubbed will be 0 until Jan. 31st I believe. Since unsub accrue interest while in school, I'm not sure if it ends up "outpacing" the 4.53% on subbed loan. Is there a calculator you would recommend to determine this (or is this something any generic calculator can do)? Thanks and sorry for newbie question Edit: currently in school [link] [comments]  |
| Can I use unused student loan money to pay back towards that loan? Posted: 29 Dec 2020 09:51 AM PST Let's say I borrowed $7000 of student loans and I only used $4000 of it. Can I use the remaining $3000 to pay back towards the principal amount (or the interest) of the loan? Or am I not allowed to do that? I was trying to search online but I couldn't quite find an answer. [link] [comments]  |
| Recertifying Income for Mortgage Approval - Can you go back to no payment if it doesn't work out? Posted: 29 Dec 2020 05:08 PM PST Hello, I am on REPAYE, with a payment of $0 due to being a recent grad. I am looking into buying a condo, and because my student loans are so high (law school), I will need to recertify my income (edit: so that it takes into account my current salary, making my payment higher than $0 so they can calculate my debt to income ratio) in order for a mortgage lender to calculate any possible pre-approval. Does anyone know if it would be possible to recertify, and go back to the $0 COVID forbearance if for whatever reason home buying doesn't work out at this moment? I want to explore all of my options, but I don't want to be stuck paying back loans when I could have a $0 payment since the yearly recertification has been pushed back an entire year due to COVID. Wondering if anyone is in the same situation and has advice or ideas. Thanks! [link] [comments]  |
| Help obtaining a loan. Sticky family situation Posted: 29 Dec 2020 01:11 PM PST Hi. 18F college student here. Senior in college due to extensive dual enrollment. Not in a good parental/home situation and was forced to stay home for fall semester and attend online. Spring has rolled around and I can no longer handle my home life. I have a full tuition scholarship with my university along with some merit aid that leaves me only needing to pay for housing. My parents will not assist me with leaving home so I am looking into student loans to pay for housing. However, I am met with some issues.
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| Posted: 29 Dec 2020 12:02 PM PST I am currently a sophomore attending University. My tuition is entirely paid for by both my parents and my scholarships. My living situation with them has become increasingly toxic (and has been since my childhood) causing me to look for any possible way out. Thus, I have considered taking out loans to pay for my tuition and housing in full. Don't get me wrong, I love and appreciate my parents, but I am sick of my schooling being held over me as a control / power tactic for them to use. I am ready to have my independence and fund my attendance to University solely by myself. If my parents make a good amount of money would I still qualify for loans? My dad said he would be my cosigner FYI, but he says I most likely wouldn't qualify for anything. How do students who come from a middle class background but pay for their own tuition do it? Please help / offer me much needed advice. [link] [comments]  |
| Any reason *not* to refinance with possible cancellation Posted: 29 Dec 2020 03:17 PM PST Currently, have loans held with Discover (and federal but I'm not going to refi those). With Biden coming in and if he's able to actually cancel some student debt -- I just want to cover my bases. If I decide to refinance the discover loans I want to be sure that it won't effect any possible cancellation outcome. I'm assuming I'm in the clear to refinance since they're private, but figured I'd see if anyone here has heard of anything different. [link] [comments]  |
| Fafsa loan Cancellation trouble Posted: 29 Dec 2020 02:57 PM PST I accepted my fafsa loan but then realized that I did not need it for the semester. I called my school to cancel my fafsa subsidized loan before it was disbursed but I was told that in doing so my pell grant would also be cancelled. I was confused when she said that because she said something along the lines of the pell grant is the fafsa or is like the fafsa. So I'm confsued and wondering if this is true because the lady on the phone gave me so much attitude for no reason and that made me not trust her lol. I just want to avoid using the loan until I really need to use it. Help please! [link] [comments]  |
| paying student loans with credit card for cash back Posted: 29 Dec 2020 01:30 PM PST Hypothetically, lets say someone was on REPAYE and had to pay 10% of discretionary income. If one were to pay using a credit card with a 2% cash back program, is it possible to do that so you'd actually only be paying 8%? This is assuming you can 100% pay off the credit card in full every month, what would stop someone from doing this? [link] [comments]  |
| Use CARES Penalty Free 401k Withdrawal to Pay Loans? Posted: 29 Dec 2020 12:26 PM PST TL;DR: use CARES Act penalty free withdrawal from 401k to pay $104,000 in student loans? So I just saw on r/financialindependence that the CARES act allows you to withdraw from your 401k penalty free. https://www.cbsnews.com/news/stimulus-bill-covid-relief-penalty-free-401k-withdrawal/ Obviously you still have to pay income tax on that, but this has caused me to think about my own situation. All of my student loans are federal with an average rate of about 6.1%. I've avoided refinancing and this COVID relief has temporarily proved me right. But these are still a huge shackle around my neck, and I'd love to get rid of them. Age: 33 Student Loan Balance: $104,000 Income: $140,000/year (joint) 401k Balances (Both): $130,000 Roth IRA Balances (Both): $35,000 Other Retirement Accounts: $55,000 Cash on Hand: $48,000 My napkin math says I would basically need to withdraw $75,000 to pay these off. I could use a combination of Roth principal and 401k withdrawal to just get rid of my student loans (and use my cash to pay the rest). My retirement balances would then be about $145,000, which is not bad for 33 years old. I love the idea of getting rid of these loans. I hate them with a burning passion and I spend probably 6-8 hours per week planning how to pay them off. I also have two jobs — the second of which is basically exclusively to try and pay down these student loans ASAP. I have a two year old and another one due in August and would love to step back. But...I don't want to do anything stupid. Thoughts? ETA: if we did withdraw, my wife and I would probably max all retirement accounts in 2021 to make up for withdrawing (we were planning just $12k to Roth plus my pension). This means $19.5k for me (deferred compensation), $19.5k for her (401k), and also replenish $12k to Roth. [link] [comments]  |
| Posted: 29 Dec 2020 11:37 AM PST I'm figuring out my life this week, and need some help. I have 89k in loans, and about 55k of it is at or above 6% interest rate. I called great lakes today because I'm trying to see if I can reduce the interest rates on my biggest loans. The studentaid.gov website only averages interest rates if I run the consolidation simulator. The agent made it sound like they cannot refinance. She also made it sound like they cannot tell me the interest rate I'd be receiving if I agreed to consolidate, only offering that estimated rate (which is about 5-5.5%). When I did a quick comparison of rates for private refinancing, I was surprised to find the smallest rate was 5%. I have excellent credit (778), and about 6k on a car loan. I was getting sofi ads about their crazy low rates, and I know rates are very low right now in general, so I was surprised about this. 6% on anything just sounds so crazy right now. Is it possible to refinance with the lower interest rates but keep myself under the federal loans umbrella? Do I have to suck it up and accept the higher rates if I want to stay under fedloan/great lakes? Would it be worth moving my high interest loans to a lower interest private financier? [link] [comments]  |
| Student Loan on bank holidays? Posted: 29 Dec 2020 07:50 AM PST My student loan is due to be paid to me on a bank holiday, will it be late or early because of this? [link] [comments]  |
| New Student Loan Affecting Credit Score Posted: 29 Dec 2020 10:05 AM PST So, this August I decided to take out my first student loan (direct subsidized) and my credit score has gone down significantly. I noticed that each disbursement (every 2 months) has affected my credit score. Is this normal? I expected my score to go down a bit because of the hard inquiry, but I just didn't expect that each disbursement would affect it. I will be in school until 2022 and I'm not required to start paying 6 months after. I also noticed that my account was put on forbearance because of the CARES Act. What can I do to stop my score from plummeting every time they disburse the loan? Or is this because of the forbearance? I greatly appreciate every advice. Thank you. [link] [comments]  |
| Posted: 29 Dec 2020 08:58 AM PST I'm currently in a grace period with the student loans I currently have. I'm also unemployed as well. Is there a way I can lower my payments? [link] [comments]  |
| Annual Lump Sum payments rather than monthly payments Posted: 29 Dec 2020 08:11 AM PST What are ya'll thoughts on this: (Obviously Im not paying anything until the next administration makes a decision on how they are handling student loans). Total loan $83,000 Unsubsidized Stafford. Interest rates between 5-6%. The ten year plan is $1,000 a month a for 10 years. Right now (pre covid) I was on income based repayment at $225 a month (as a person who hates debt, I do NOT like income based repayment but its works for the time being). I have some savings (only earning about .5% interest at this point) and I am considering the benefits of an annual lump sum payment of $12,000 rather than monthly payments of $1,000 (or alternatively $225). I would not deplete my savings with the annual lump sum dump. I have enough money to pay off my student loans in full but most of my money is in some pretty well earning investments. If I paid off my debt all at once, I would wipe out ALL of my net worth. So I don't want to do that. My credit score is 750. I own my home outright, I own my car, and I have multiple lines of credit with zero balance...so I don't think I care about my credit score if my score takes a ding (for "missing" monthly payments). I have no debt except the student loan. My take home pay is about $2,800 a month. My expenses are about $600 a month (not including student loans, food, gas, etc). I know that I am in a decent financial position but I hate the idea of paying more money to these student loan vultures in interest payments. [link] [comments]  |
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