- After 10! years I finally graduated with my bachelors in political science this winter. I am however $143,872.05 in debt. I feel sick and completely hopeless. I just need someone to tell me it will be okay and any advice you have to offer.
- is 11% rate on a 10k student loan bad?
- Student loan refinancing - 5 yr vs 12 year
- Hold cash until when?
- How is interest for federal student loans set?
- Retiring while on ICR
- Where can I find my federal loan interest rates?
- How do I find if I have accrued interest? (Great Lakes)
- Where do I start? Parent plus or plus?
- Do federal Loans also apply to private schools?
- Which tax year is used to determine loan repayment amounts? Previous year’s? Or from 2 years ago?
- Question about REPAYE
- Navient consolidated all my loans, but left all the closed accounts on my report
- Disputing Loans Because School was fraudulent
- if i only take out part of my maximum allocation of my unsubsidized graduate loan, will my interest only build from what i currently have out?
- Canadian Student Loans Working in the US
- If my parents make $130, 000 a year combined, but I really need the money, can I still qualify for financial need on the FAFSA?
- Does AES sucesss show all student debt?
- Full time student switching to another country?
- 1099C for Ex-Citizens
| Posted: 03 Jan 2021 09:05 PM PST |
| is 11% rate on a 10k student loan bad? Posted: 03 Jan 2021 07:56 PM PST In 2015, My mom(co-singer) and I borrowed $10k from sallie mae and the interest rate is 11.875% . I was reading some articles that said the average rate for private student loans is 7.86% . I don't know if the article is legit or if I just got a bad deal back then. Edit: Sigh, thanks for the quick replies. Will be looking to refinance asap. [link] [comments]  |
| Student loan refinancing - 5 yr vs 12 year Posted: 03 Jan 2021 02:43 PM PST I'm thinking of refinancing my non-federal student debt (HESAA - state loan) - it's about 18k with an interest rate of 8.6% (!) Credible.com prequalified me for two fixed rates with about the same interest, around 3.8-9% - the only difference is that one is for a term of 5 years with a minimum payment of $350(ish) and the other is for a term of 12 years with a minimum payment of $180(ish). It looks like neither of those have fees or prepayment penalties. I am thinking the obvious solution is to go for the 12 year with a lower minimum monthly payment, so I can throw extra at the principle every month but can still afford the minimum if something happens. I applied with the lenders for a hard credit check on both and am waiting to hear back with actual contracts etc. My question: what am I missing? How does this company make money off this debt? The interest rate is lower than my current loan and at first glance it says $0 in fees. Will they hit me with a surprise fee in the contract once I am approved? What should I be looking out for? [link] [comments]  |
| Posted: 03 Jan 2021 09:33 PM PST I assume a lot of folks are like me and haven't made a single payment since the forbearance came in to play. I have been holding that cash to drop as a lump sum once it's over. I am also holding out for potential political promises of 10k etc. My nightmare scenario is forbearance ends, i drop a lump sum, and Biden forgives 10k a month later basically waisting my $ (i owe 15k) until when do you think it's reasonable to hold out, or just drop the money? [link] [comments]  |
| How is interest for federal student loans set? Posted: 03 Jan 2021 04:35 PM PST Title is fairly obvious, but I want more of the nuance, I.e. what is the interest paying for? According to the congressional budget office federal loans are set by the following formula for the student loan rate (SLR) of an X-type student loan. SLR_X = (rate of 10-year treasury note) + (Add on for loan type X); e.g. If you got a direct subsidized student loan during December 2020 your SLR_(subsidized loan) would equal ~0.94%+2.05% = ~2.99%. The 10-year treasury note makes sense; the government has to pay back the money it borrowed from individuals/banks based on what has been agreed to. But how is the additional percentage (e.g. 2.05% in this case) determined and what does it go to paying? Based on private loans, some of this money would have to go towards covering the cost of individuals who default or do not pay back their student loans. Private loaners will provide rates based on credit, so if an applicant has a high credit score their loan rates will likely be far less than that of others. They disperse their risk based on the individuals history of paying back debts. For the federal government, it seems they disperse some of the risk by applying a universal rate across most individuals or a higher rate for those they "know" can pay it (i.e. direct PLUS loans). Is there anything else I'm missing into what this 2.05% is paying for other than risk? [link] [comments]  |
| Posted: 03 Jan 2021 07:34 AM PST My dad took out a parent plus loan for my younger siblings when they started college. My dad will be of retirement age in 3 years, and the parent plus loan will realistically take +25 years for him and/or my siblings to pay off. As common in my culture, I am fully comfortable and excited at the notion of my parents moving in with me (time to return the favor y'know?) so I was thinking of putting my dad on ICR rn to drop down his minimum monthly payments. Then in 3 years, have him retire. Would his retirement drop his ICR payments down permanently to 0, or am I wishful thinking? I already make enough to pay my own rent, loans, and car payments, and want to start a family soon, so having my parents in the house would be helpful to take care of them [link] [comments]  |
| Where can I find my federal loan interest rates? Posted: 03 Jan 2021 03:46 PM PST I've looked all over. It just says 0% everywhere due to the temporary forbearance. Am I overlooking this information somewhere or is this simply not available right now? [link] [comments]  |
| How do I find if I have accrued interest? (Great Lakes) Posted: 03 Jan 2021 09:41 PM PST Right now my loans are in Income Driven Repayment and I'm considering if it makes sense to leave for standard repayment once I have my car paid off. However I was just reading about accrued interest and how it would be capitalized if I leave the current plan. I've been making extra payments on the car and hope to have it paid off by mid to late February as long as things keep going as they are. My focus will then turn to the $13,600 I owe in student loans. I've also been making payments during the forbearance. Even though I don't currently owe any interest, doesn't that change if I switch plans? My plan with the student loans will be the same as for my car. Pay them off as soon as reasonably possible. [link] [comments]  |
| Where do I start? Parent plus or plus? Posted: 03 Jan 2021 10:19 AM PST I graduated a year and a half ago with about 170k in parent plus/plus student loans (65k in parent plus, which is my responsibility, and 105k in plus). Thanks to living at home, I have since brought down my balance to 140k (65k in parent plus and 75k in plus). During COVID forbearance, I have been lucky enough to save up 65k and am unsure of where to allocate these funds. Here's where it gets tricky—my dad (who took out the parent plus loans) has had three different cancer diagnoses since 2016. These diagnoses have 5-year survival rates ranging from 50-80% My parents want me to pay off their loans first, but I am hesistant to do so in the unfortunate situation the cancer comes back and he is either disabled or passes away, which would discharge the parent plus loans. I feel uncomfortable saying this to them as I don't want them to think I am hoping for the worst (which I am certainly not), but I also do not want to put 65k towards these the parent plus loans when there is a chance they may be discharged anyway, while my other plus loans wouldn't be discharged. Any suggestions for what to do/how to approach conversation? For context, I currently live with parents, have a good career with future earning potential, and have no other debt. [link] [comments]  |
| Do federal Loans also apply to private schools? Posted: 03 Jan 2021 08:24 PM PST I was just wondering if federal loans were specific to only public colleges or universities. [link] [comments]  |
| Which tax year is used to determine loan repayment amounts? Previous year’s? Or from 2 years ago? Posted: 03 Jan 2021 10:31 AM PST Hello, I graduate in June 2022, and will enter repayment in December 2022. I'm curious if 2020's or 2021's tax return is used to determine 2022's monthly payment amount. I ask this since 2019's tax return is used to calculate financial aid status for 2021-2022 school year. Thanks in advance. [link] [comments]  |
| Posted: 03 Jan 2021 03:22 PM PST Does anyone know how REPAYE works? I am a dental student who will have about 310k in principle (all Direct Stafford and Direct Grad PLUS loans) upon graduation, with a rough average of 6% interest. I am hoping to do a 4 yr postgraduate residency OMFS program which will pay about 55-65k per year for 4 yrs. My plan was to immediately do REPAYE when I started residency and do that for 4 yrs. Since my income is going to be low, I anticipate some interest still accruing. My question is, once my income becomes much larger upon finishing residency, can I pay more than the 10% of my income mandated by REPAYE without having any unpaid interest from my residency years recapitalizing on the principle? Thanks. [link] [comments]  |
| Navient consolidated all my loans, but left all the closed accounts on my report Posted: 03 Jan 2021 12:14 PM PST Sorry if this has been addressed before. I'm just not sure what to do besides I guess call them tomorrow. So I have 8 closed Navient/DOE account that read "Paid in Full," and it seems all those accounts were consolidated into one. That's fine, but I'd really rather have those closed accounts removed, especially since I never even agreed to have them consolidated. I know student loans aren't that big a deal, but I have to get right by them. I have one late payment and it's messing up my credit worthiness I think. I'll try and call tomorrow and get in good standing, but any insight would be greatly appreciated. [link] [comments]  |
| Disputing Loans Because School was fraudulent Posted: 03 Jan 2021 11:43 AM PST Many years ago before I knew better I went to one of those IADT chain schools and it was probably one of the worse financial mistakes of my youth. I currently owe around 17,000 to the Dept of Ed and I am going to fight it on the grounds that the school was misleading and a fraud. I recent read on Wikipedia that this past October a bunch of students trying to get loan forgiveness regarding the same thing for the same school were sent a letter denying them loan forgiveness. It's crap because there was a class action lawsuit against this place and these student won. I wish I'd known about it. What steps should I take to prove the school was purposely misleading? I can't transfer any credits whatsoever. [link] [comments]  |
| Posted: 03 Jan 2021 11:35 AM PST for example: if i take out $10,000 now, interest will start accruing on that. if i take an additional $5000 out in march, then i will have interest built up on $10,000 since january, and interest on $5000 from march. or will i just have interest accruing on $10,000 since january, and then $15,000 since march? this is helpful to me because i am deciding if it is worth it to do a semester payment plan in which i take out smaller amounts, and delay taking out more until later. i am not sure if it will make a difference in the end. [link] [comments]  |
| Canadian Student Loans Working in the US Posted: 03 Jan 2021 01:39 PM PST I graduated last May, and started a new job about a month ago. Budgeting help isn't exactly what I'm looking for. My question is more about how to pay off the loans most efficiently. Since I am only bringing in US funds I am currently saving until I can exchange a large amount of US to CAD to cover multiple months a of payments. My reason for doing it this way is that I am currently banking at US bank and they charge me $75 for each transfer. I'm sure I'm not the first with this problem, so any help is greatly appreciated. A few ideas I had but am unsure could work? A middleman company where I can exchange US to CAD with a small charge? Switching to a different bank that could do this for me? Is it possible to pay off the loan with US funds? This way I could change the direct withdrawal account to my current one. Google has done me now good answering these questions so here I am! [link] [comments]  |
| Posted: 03 Jan 2021 09:15 AM PST Hello, so my parents just started making this type of money a couple years ago and before then we were living below the poverty line. So, as you can imagine, I have to build up a ton of scholarship money and take out a loan. I really need a Direct Subsidized Loan. Is this plausible? [link] [comments]  |
| Does AES sucesss show all student debt? Posted: 03 Jan 2021 11:59 AM PST I ran a credit report the other day and I came to see that there were student loans reported on there with amounts different than what shows when I log onto the aes success website. I thought I owed way less than I thought until I got my credit report. Any idea? [link] [comments]  |
| Full time student switching to another country? Posted: 03 Jan 2021 08:03 AM PST I am a full time American student with one sallie mae loan (currently paying while in school) and two stafford loans + parent plus loan. I am applying to universities in France so I will be leaving the American system and joining the French system. How will this affect my loans? I will still be a full time student. Will I have to start repayment on the others because I'm no longer an American student? [link] [comments]  |
| Posted: 03 Jan 2021 09:58 AM PST Let's say that someone successfully renounces their US citizenship after settling in a foreign country and obtaining citizenship there. A few years later, their federal student-loans are forgiven under a 25/30-year income based repayment plan and, as per current law, the amount that's been forgiven is considered taxable by the IRS. As an ex-citizen, is this person still responsible to the IRS for paying that tax bill? Is it considered US-based "income" that, no matter what one's nationality, a non-citizen is obligated to pay? [link] [comments]  |
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