PSA: If You Made Any Federal Student Loan Payments On or After March 13 They Can Be Refunded Student Loans |
- PSA: If You Made Any Federal Student Loan Payments On or After March 13 They Can Be Refunded
- Should I pay off my student loans before forbearance ends?
- If I pay off one federal loan at a time, will the rest go into default?
- Would it be awful if me to only pay half of my parent plus loan?
- Question regarding private loans
- Should I prioritize paying off student loans or saving for retirement
- Looking for help with repayment options
- Refinancing
- Cosigner not an option.
- Confused about Earnest Student Loan Advancing Due Date
- Due to circumstances beyond my control, I can't make payments for about 5 months. How can I delay payments for another 5 months?
- No federal student loans disbursed after gap semester?
- lots of options and so little direction... how do we do this the best way possible?
- Owe school money, is it possible to negotiate?
- Feeling confused about student loans rn
- Paying student loans after
- Taking a leave of absence in the Spring
- LPT: Just a tips for the many who are handling student loans and other issues on their credit report. HOPE IT HELPS!
- My wife may or may not return to teaching and be eligible for PSLF, what should we do about her debt...
- Certificate Courses and Federal Student Loans
- In order to graduate next semester I have to take courses at two different universities, what should I do?
- Grad School Private or Federal Loans
- I have about 85k left of refinanced student loans left at 4.67%, is it better to refinance again with a 5 year variable loan now since interest rates so low?
| PSA: If You Made Any Federal Student Loan Payments On or After March 13 They Can Be Refunded Posted: 07 Dec 2020 01:13 PM PST "If I made a payment after the president signed the CARES Act on March 27, 2020, can I receive a refund? Yes; any payment you made during the administrative forbearance period (March 13, 2020, through Dec. 31, 2020) can be refunded. Contact your loan servicer to request that your payment be refunded." https://studentaid.gov/announcements-events/coronavirus I did not know this and it may be helpful for some people. [link] [comments]  |
| Should I pay off my student loans before forbearance ends? Posted: 07 Dec 2020 05:53 AM PST I have 12k left in my undergrad federal student loans (initial balance was 40k). I have about 23k saved up and another 3k as an emergency fund. I'm working full time and have been during the pandemic and my job is pretty secure. I also have a couple of side jobs that are secure. I've been making payments since the 0% interest and I was just thinking of using some of the money I saved up to just pay it off before interest started again. Is this the best or should I just continue making monthly payments? I'm also in grad school and at the moment I don't have to take out any student loans. That may change in a year or so the closer I get to finishing my degree so that's why I have money saved up in case my finances change. [link] [comments]  |
| If I pay off one federal loan at a time, will the rest go into default? Posted: 07 Dec 2020 08:45 PM PST Hi everyone, I graduate in a couple of days, and I want to start paying my loans immediately. I have several federal loans, and I like the idea of using the snowball method -- paying off the smallest ones first. But if I only pay one at a time, will it count as me not paying the others and cause them to default? [link] [comments]  |
| Would it be awful if me to only pay half of my parent plus loan? Posted: 07 Dec 2020 07:32 PM PST My mom took out a parent plus loan for me. However, what she didn't tell me was that she would accept the full loan (even when I didn't need it) to pay bills. I had always made it my duty to pay off my loans and the parent plus loans but now I owe close to $100k— essentially for no reason. The thought of dropping 80% of each of my paychecks for another 2-3 years makes me want to throw up. Would it be awful of me to change my mind and only pay half of the parent loan? [link] [comments]  |
| Question regarding private loans Posted: 07 Dec 2020 10:40 PM PST Hi all, apologies if similar advice has already been given (I tried checking the top posts, feel free to link me to an answer if available) I am a 23 yr old 2020 grad with $52k in private loans and $49k in fed loans. I know not to touch my fed loans until forbearance is over (here's to hoping it's extended longer once Joey B takes office). I am still looking for a career job (economics/international relations grad) so income is 0 for now, but I am living with my parents rent free and have super low expenses, as well as $17k in savings. my question is, should I delete one of my private loans in a lump sum payment while the interest rate is still 0? Or should I wait and just pay the minimum amount until I have a steady income? Or should I do something else? the 2 loans I am considering paying off (either/or) are A: $10k @ 7.25% or B: $8.5k @ 8.125% Thanks for any help in advance! [link] [comments]  |
| Should I prioritize paying off student loans or saving for retirement Posted: 07 Dec 2020 06:43 PM PST Hi everyone, I am seeking financial advice and perspectives on whether to prioritize retirement saving or paying off student loans. I (23F) graduated in May 2020 with a masters degree which put me in a lot of debt ~117K (Varying levels of interest). I am currently planning on refinancing my existing private loans (~16K) and consolidating the remainder which are federal loans (~100K). I have only slightly looked into the repayment options and wondering if I should try to pay them off slow and save (i qualify for income based repayment) or if I should try to pay them back faster and not save. My start date got delayed until late January and therefore I have not had an income and have been living at home since. I will be required to start in March so I will only really be saving a months worth of income, but will be starting repayment in February. My job will have 85K base salary with potential bonuses, but I don't want to bank on that. I currently have around 12k in my checking and 1.5k in the stock market. I will be moving to NYC and I anticipate moving expenses will be approximately 3-5K. I am very aware of starting the process early bc of compound interest, getting in the habit, etc. so I have a desire to start maxing out my 401k as soon as I have an income, but question if I should be instead trying to prioritize paying off my student loans first (ie only pay off student loans and not put anything into saving until after everything is paid off). Below is a very rough estimate of how I currently hope to breakdown my income [I have the discipline to stick with budgets, but I am not sure how reasonable or unreasonable this is for someone who wants to live life while also living on a budget -- ex: going on trips with friends, enjoying weekends, etc, and living rather conservatively during the work week (no eating out)]. Right now I am planning on putting 1500 a month into saving and then 1000 for loans, which would take me 12-15 years (including interest) at that rate to pay off. I am unsure of what to do as I know that I really value the idea and goal of being and feeling financially free but I also want to be in a place where I am financially secure for retirement. If you have been in a similar position please let me know what your thoughts are, what you did or wish you did etc. Any insights or suggestions are much appreciated, thanks! Expense breakdown by year Assume Take home pay after tax: 60k / year 401k- 18,600 Rent- 18,000 Debt- 10,000 Living- 15,000 Expense breakdown by month (5k): 401k: 1,550 Rent: 1,500 or (hopefully) less Debt-1,000 Living: 750 Misc. or saving - 250 [link] [comments]  |
| Looking for help with repayment options Posted: 07 Dec 2020 02:17 PM PST Hello! I was hoping someone could walk me through the student loan repayment process since I don't know where to start. I just graduated law school and have about 8 separate graduate (federal) loans of about $150k through Navient, no private loans. I have multiple loans listed (I assume its like one or two from each semester), with (from what I remember from before the COVID order) the interest rates ranged from like 7% to 2.5 or 3%. I'm in the process of applying for public service jobs and would like to do the public service repayment, but am making about $50k/year right now, will likely make around $65-70k at a public service position (once I'm barred lol). I won't know about these positions until like March through, and it looks like my first payment is at the beginning on January 2021. I've read about some of the repayment options and the PAYE and REPAYE look good but I don't understand what will happen to the interest. My goal is to pay as little interest as possible. I've been trying to put money towards my loans while interest rates are at 0% but it's hard to make a huge dent :/ So I'm not really sure where to start; if anyone has advice or can break this down for me, I would really appreciate it. Thank you! [link] [comments]  |
| Posted: 07 Dec 2020 08:03 PM PST When private lenders such as SoFi or citizens bank require you have graduated from college before refinancing with them, do they ask for proof of your degree as part of the loan application? Or would it be ok to do it while still enrolled in school and you have a good flow of income. I'm not sure where In the process they see if you have finished school. I only plan to refinance Wells Fargo loans with a different lender and I am still in school [link] [comments]  |
| Posted: 07 Dec 2020 07:38 PM PST I have tried every member of my immediate and extended family, friends we call family, friends, bosses, coworkers, and everyone else close enough to me that would be willing to cosign on a loan. Everyone, for some reasom or another, can't. I have 6 months of credit history, but it doesn't seem to be enough. Am I out of options? Are there any loans services that would be willing to give a non-cosigned loan? Any and all help will be greatly appreciated. I don't want to have to miss a semester simply because no one I know has enough money or credit. [link] [comments]  |
| Confused about Earnest Student Loan Advancing Due Date Posted: 07 Dec 2020 10:27 AM PST I have my student loan through Earnest. My minimum payment is auto-taken out of my account at beginning of each month and is $313. I then pay an additional $1000 when I get paid around the 15th and usually some more on the 30th. Right now I have this option already selected: " Your Overpayment Billing Direction is currently the system default: Advance my due dateYour Overpayment Billing Direction will not affect your Auto Pay payments, which will still be made for the amount and frequency you specified when you enrolled. " When I go to edit my preferences these are my options: We'll always apply your Overpayment toward your Current Balance. When you make a payment that is equal to or more than the amount of future monthly payments, do you want to be billed for your full Monthly Payment Amount? *No, Advance my due date by the number of payments I cover. Even if you have zero amount due on your billing statement, continuing to make payments will reduce your total cost of borrowing. *Yes, Bill me for my full monthly payment. You will be required to make a full monthly payment with your next billing statement. For your loans in Auto Pay, your Auto Pay payment will always be for the full Monthly Payment Amount and continue to be deducted monthly. I want to pay of my loan as soon as possible. Should I select "No" instead? I also will note that even though I'm currently in the "Advance by due date" option, I do not think that has been happening. I still get billed every month for my minimum payment and that never changes even when I pay extra after the minimum payment is auto-taken out [link] [comments]  |
| Posted: 07 Dec 2020 05:53 PM PST I cannot work right now and I won't be able to work for another 5 months (coding bootcamp) is there any way I can stall payments until I am able to work again? [link] [comments]  |
| No federal student loans disbursed after gap semester? Posted: 07 Dec 2020 05:08 PM PST I took a gap semester to work full-time at an internship for the summer and fall semester this year. I accepted my financial aid award package earlier this year and I remember it had federal loans in it. But I just received my tuition bill for Spring 2021 and it doesn't include the federal loans in it and in my award package there isn't an option. What should I do? [link] [comments]  |
| lots of options and so little direction... how do we do this the best way possible? Posted: 07 Dec 2020 04:36 PM PST My husband and I are having a really difficult time figuring out exactly how to pay our loans to best benefit us currently, pay the least amount of interest over time, and lower the chances we accidentally put ourselves in a really tough position in the future. We have read all the repayment options over and over but I honestly don't know what position we are best suited for and don't know who to talk to. The gift of the major questions I have here are: 1.Is it best to put a huge chunk of our saved money towards our loans to get a smaller payment, then continue to pay down the balance from our monthly income, or is there a reason to not do this? 2. What the heck kind of plan is best for people in our position? Married with two (38k/ea) incomes, but medium-earning-potential (~100k/ea). Not quite like a DOCTOR doctor but not a small jump either. The details: Status: We're very recently married so we have yet to file taxes together/separately, what can we do to put ourselves in the best position? Debt: My husband has ~80k of student loan debt from his undergraduate, I believe they are all government loans, iirc between 3%-7%. Savings: We have ~56k in an investment account, which has been growing slowly but steadily. Income and Expenses: We make the same amount down to the cent: 38k/yr, so 76k/yr combined. From that, we (combined) take home 5000. After rent(2k), car payment (600), groceries, utilities, gas for car(~600), insurances (200), we're left with ~1.6k for the rest of "life." Other considerations:: We have a small amount of credit card debt (<1k total) but are trying to save for a lot of other big things in life in the next 2-5 years: babies, buying a house, moving... for these reasons we've settled that we would be most comfortable paying up to ~$400/mo if possible. Job Prospects: We both recently graduated with PhDs(chemistry), and are currently in training positions (postdocs), and given the outcomes of our immediate peers, certainly expect our salaries to both jump into near-or-6-figures when we are done here in 2ish years. Other Info: Standard repayment for his loans is something around $850 iirc, which we can't really afford alone and is a super scary number to me. Based on this, we've come up with a couple thoughts, are we on the right track? First of all, it FEELS like we should be in a PAYE or REPAYE plan because we anticipate a salary increase, thoughts? But to me, I can't really figure out the difference between that and graduated payment plans...it looks like the monthly payment cap on graduated is higher and you pay down the balance faster/with less accrued interest. Or am I way off and we should figure out a way to suck it up and pay the standard? And how do we best our saved money in the investment account while accounting for life? I feel like it'd be a good idea to put a large chunk of money from it towards loans but I'm not sure how to strike the balance between that and allowing for a cushion, while leaving money to go towards things like a down payment for a house. sorry if this is a lot of text... I feel like we have a lot of options and little guidance. thanks for reading and thanks in advance for any info :) [link] [comments]  |
| Owe school money, is it possible to negotiate? Posted: 07 Dec 2020 12:32 PM PST My girlfriend owes one semesters worth of money to a school she enrolled in but didn't attend 4 years ago. They told us they sent it to collections, which I know you can haggle and get the price lowered. Recently, when we called to find the collection agency number, we were transferred to the cashier's office where they said it wasn't sent to collections and she owes $1050. We have a baby on the way and struggling with money right now. Does anyone know if you can negotiate? I have a feeling they won't until it gets sent to collections, but I'm hoping someone knows something we don't!! Her stepdad was in the navy so we recently found out she can get school support through military benefits, so she wants to return to school for the baby! [link] [comments]  |
| Feeling confused about student loans rn Posted: 07 Dec 2020 03:21 PM PST I'm going to drop out of law school, however I'm stuck in an apartment lease until May. I can't afford the apartment on my own and have been using student loans to pay for my living expenses. My student loan for spring semester has not been disbursed yet, but I am wondering if i can still use some of that money to pay for my rent until I find a job and move out of my expensive apartment. Any advice? [link] [comments]  |
| Posted: 07 Dec 2020 11:31 AM PST Hey, My wife and I have been living abroad for 7 years and tried to pay (unsuccessfully) our student loans while here. We are moving back to the UK in the summer and wonder what awaits us. Will I just start paying it as PAYE when I start getting paid again? Will they ask me to pay it off? I heard the SLC don't use debt collectors so sometimes just add extra fees onto the loan. Advice would be greatfully received! [link] [comments]  |
| Taking a leave of absence in the Spring Posted: 07 Dec 2020 10:58 AM PST Hi all, I have two options for the spring: 1) take classes and accept my federal subsidized loan amount for the spring (I didn't do this for the Fall) 2) I will take the semester off and just take 2 classes at my local community college to remain as in-school status for repayment. I will not accept my federal subsidized loan amount for the spring. Will taking the semester off affect my future loan eligibility in any way for the future semesters? Hope that made sense, I'm pretty confused myself. Thanks! [link] [comments]  |
| Posted: 07 Dec 2020 08:17 AM PST When you dispute negative items online you're limited to the parameters of the options they allow you to dispute online. CRAs (Credit Reporting Agencies) have more immediate access to online disputes so they can verify more easily versus if you dispute things the traditional manner, via mail disputes they have to uphold the 30 day investigation rule and a few other things that make it more difficult to verify resulting in better deletion results. [link] [comments]  |
| Posted: 07 Dec 2020 09:12 AM PST So my wife has about $70k in student loan debt. She had been teaching at a public school and was planning to pursue public servant loan forgiveness once she finished her Rank 1 this month in elementary education (she was making minimum monthly payments to fedloan). However, she recently became pregnant and decided due to lack of COVID precautions at her school to resign from her job out of concern for the baby. After the baby is born she may continue to be a stay at home mom until the baby is old enough for pre-school then she may or may not return to teach (personally I think she will but it's not a certainty). If she does return to teach I know we can still pursue public loan forgiveness. However, if she does not return to teach I am considering the alternative. That's a lot of interest that loan will accumulate and it's scary to think about how high it will go if it's not forgiven. Since the loan debt is hers alone for tax purposes should I get her on an income-based repayment plan? We can file our taxes separately and then she can eventually get her loan wiped away if she is bringing in no income as long as we are making those minimum monthly payments. This way if she returns to teach she can get forgiven through PSLF but if she doesn't return to teach she can get it forgiven through the low income based plan. Is this correct? Is this an ideal plan for our specific situation or should I try to find ways to pay off her loan debt? I did wonder if she has this massive debt it could be a problem when it comes to buying a house but we are in an atypical situation in that regard. We own a house (on paper) however the money came from a joint bank account with my mom. She paid for it in cash as it was a foreclosure and we got a great deal on it. I have had to wait 6 months to get a loan from the bank to pay her back and now it's time for me to apply and do that. The home is worth about $200k + but we only paid $100k for it. So I know I should be able to get the loan to pay my mom back without a problem, but I do have the opportunity to get 75% of the full value of the home in cash. So I could get enough funds to both pay my mom back and completely pay off my wife's debt. However, I don't want to pay off her debt and almost double my mortgage if I know we can get her debt forgiven either through PSLF or this low income-based repayment plan. Thoughts? [link] [comments]  |
| Certificate Courses and Federal Student Loans Posted: 07 Dec 2020 08:37 AM PST Hey All, I am getting a BUNCH of conflicting information here... Back in 2003, I attended "career school. When I attended, financial aid and a subsidized loan paid for that schooling. Fast forward to today, I am interested in taking a certificate course at a state university. I understand that financial aid is now no longer accepted for a non-degree programs. I have read several articles from various sources that say that some federal unsubsidized loans CAN be used for certificate programs. If any, what federal loans can be used for programs such as these? The conflicting information is killing me. [link] [comments]  |
| Posted: 07 Dec 2020 12:02 PM PST After speaking with financial aid at one of the schools, they told me that you cannot receive loans for more than one university at one time. in order to accept federal aid from one school, I'd have to reject the award offer from the other. Is there anyway to bypass this? I don't have the funds to pay for 10 credits for one of the schools out of pocket. [link] [comments]  |
| Grad School Private or Federal Loans Posted: 07 Dec 2020 07:51 AM PST Hi Everyone, To start, I have never opted for any loans during my undergrad and recently joined a Grad School. Payed off tuition for the Fall Semester off my pocket as received a couple scholarships however now looking to get a loan that I would use to pay off tuition thru the term left. I have already filled FAFSA for 2021 however I would appreciate if anyone with experience can guide me with their opinion of what path should I chose? How should I decide whether to opt for a Federal Loan or Private Loans? To clarify, I do not know anything about student loans i.e. paying it off, interest rates (when they would start compounding on the principal), etc. Appreciate your advise/opinion in advance!! [link] [comments]  |
| Posted: 07 Dec 2020 10:54 AM PST |
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