Biden-Harris transition official confirms Biden will direct DOE to extend the student loan interest freeze per ABC Student Loans |
- Biden-Harris transition official confirms Biden will direct DOE to extend the student loan interest freeze per ABC
- A day that will live in repute- $250k done!!
- Officially under $20,000 on my private loan!
- If I pay extra towards my student loan interest each month, will that ultimately reduce the total amount I pay? Or will I just pay off the set amount, but faster?
- Student loans and saving for a house
- I need help...
- Student loans
- How bad is my student loan situation?
- Which parent to put on fafsa?
- how do I recover my parents fas id?
- Anyone know about $5k tax deduction for employers to help pay back student loans thru 2025?
- Is it smart to pay loans off ASAP
- Should I apply for student loans to help build credit?
- Private loan forbearance and our current covid situation
- Will I qualify for GRAD PLUS LOAN?
- Savings Ballooning with Covid Forebearance
- Student Loans for current year
- Graduating in May with ~$35k in student loans. Have job lined up with $66.5k starting salary. How bad?
- My student account has shown that my stafford loans are to be determined for about the past week and my classes start in a few days. What does this mean for me? How long does it take for these to be determined?
- IBR and Marriage- What's the point?
- Parent Loans
- Should I take out law school loans, pay cash, or a combination?
- Continue to throw everything on loan or save to move out?
| Posted: 08 Jan 2021 12:54 PM PST Source: https://twitter.com/mollynagle3/status/1347645958667038726?s=21 Additional details and duration not immediately available [link] [comments]  |
| A day that will live in repute- $250k done!! Posted: 08 Jan 2021 08:07 AM PST Today is a day that will go down in history (at least for me)! I have patiently watched and knew my day would eventually come. My goal was to pay off my student loans before my first child was born, and I failed …. but only by 7 weeks. Ultimately, I paid off ~$185k in loans in roughly 3.5 years, with $248,864.69 in total payments. The opportunity cost hurts me, but these loans really stressed me out. I am not an MD or a high-powered JD. I never had the opportunity to live at home, nor had a sweet inheritance, nor was smart about loans when taking them out. However, thankfully, I did go to top 15 MBA program and landed a decent job at 30. Over the last four years, my salary increased from $110k – $150k. While this is higher than most, I did also have a much higher starting loan balance. A few takeaways:
Mohela 6.50% 6/20/2015 9/5/2017; Navient 4.99% 10/10/2017 4/4/2018; Earnest 4.37% 5/7/2018 11/20/2018; Penfed 3.75% 12/11/2018 1/8/2021;
Keep at it! I am a success story, and you can be the next! Not sure how to celebrate. Any suggestions? [link] [comments]  |
| Officially under $20,000 on my private loan! Posted: 08 Jan 2021 11:24 AM PST I started my private loan at $28,434.00 and today it's finally under $20,000 ($19,899 to be exact)!! Woohoo I'm so proud of myself! I started paying it in June 2020. I make $40,000 a year and got my job in February 2020. I know it's not the biggest win on here but it sure feels good that I'm making progress! THANK YOU to the federal loans being paused, that's what helped the most. [link] [comments]  |
| Posted: 08 Jan 2021 08:13 PM PST I'm trying to get ahead of my loans and be as proactive as possible. I'm not sure if I'm actually saving myself money by doing this though, or if there's another way I can reduce the total amount I owe in the long run! Thanks for any input in advance! [link] [comments]  |
| Student loans and saving for a house Posted: 08 Jan 2021 10:59 PM PST I'm in $97k debt after grad school. I have a kid and my husband is currently searching for a job due to COVID related lay offs. We're on one income ($63k) but we're living with my in-laws so we're helping with utilities since they refuse to let us pay rent. I'm aggressively paying $1500/ month in hopes to get out of debt within 5-6 years. At the same time we're saving $1k/ month so we have some money for a down payment on a home after my loan is paid off. We also have emergency funds in place so we're ok in that department. Is it a good idea to save money for a home too or should I put more into the loans? Or should I enter into IDR and just pay loans for the next 20 years? I just hate having a large burden on my shoulders and not being able to afford a home because of the loans. [link] [comments]  |
| Posted: 08 Jan 2021 10:50 PM PST Alright my wife and I have been trying to pay off our student loans as quickly as we can. We accomplished that with my wife's loans! Yay! Now I'm wondering if we made a huge mistake. I'm hopeful (but not count on) that with democratic control of the house, Senate, and presidency that Biden will make good on the 10k forgiveness. I know you can get payments made after March 13 back, but I'm wondering if this would be possible given that all her loans are "paid in full". Anyone have any insight or advice? Thanks! [link] [comments]  |
| Posted: 08 Jan 2021 10:47 PM PST Im about to transfer to a university for my last two years. I do not qualify for financial aid and I'm forced to take out a student loan. I'm in need of advice on what type of loan to get. I got told there's subsidized and unsubsidized loans. Any advise would be appreciated! [link] [comments]  |
| How bad is my student loan situation? Posted: 09 Jan 2021 12:50 AM PST I'll be graduating this year with about $55,000 in student loans (about half are federal with an avg. 3.5% rate and other half 7% private). I have a job lined up making about 64k a year after graduation and will be working so many hours, a second job or side income is not an option. With rent, car payment, insurance, loans, etc. I'm expecting my bills to be 2/3 of my monthly income. I want to have my loans paid off in 5 years. How feasible would you say this is? Do you have any advice on how to approach these loans? (I was thinking of trying to refinance my private loans ASAP, should this be my first step?) Honestly any advice is much appreciated! Also is it possible to purchase a house with so much debt already or should I just look to rent for now? TIA [link] [comments]  |
| Posted: 09 Jan 2021 12:35 AM PST My parents were never married and both make very different amounts of $$$. Do you have to put the parent that claims you on their taxes on your fafsa? Historically I've been using my dad on my fafsa because he claims me on his taxes but I'm wondering if I should be using my mom because she makes a lot less money? Can I do this? [link] [comments]  |
| how do I recover my parents fas id? Posted: 09 Jan 2021 12:30 AM PST Basically I have older siblings who already created the fsa id for them. They too don't remember how the username and password? Ive tried to answer the security questions but no one could figure them out. [link] [comments]  |
| Anyone know about $5k tax deduction for employers to help pay back student loans thru 2025? Posted: 08 Jan 2021 04:53 PM PST Has anyone successfully been able to get their employer to implement? Seems like a slam dunk to help with recruiting, but my employer is lazy and doesn't want to do anything beyond what is absolutely necessary. [link] [comments]  |
| Is it smart to pay loans off ASAP Posted: 08 Jan 2021 07:39 PM PST Hi guys, I recently graduated December 2020 with 3,400$ in subsidized loans. I'm currently in the grace period. I got a job recently, but it doesn't pay much. Would you recommend I save up the 3400 as soon as possible and paying it all up front? Is it possible to pay in one lump sum? And is it true credit goes down when paying them all off? I would like to pay it all before the grace period ends but not sure if that's the smart thing to do. Thanks! [link] [comments]  |
| Should I apply for student loans to help build credit? Posted: 08 Jan 2021 05:36 PM PST Recently I have decided that I want to move out and start making adult-decisions on my own. Im 19 moving im with my bf who's 20. He has decent credit but I want to establish good credit on my own. I just got my first credit card and am using it to buy gas and small things here and there just to get in the habit of using it and paying it off. Originally my plan was to do this and then also use it to pay a small portion of my college tuition to show that i can spend big and then pay it off. I have money saved up to pay whats left of my tuition out of pocket, but I want to use the opportunity to also help my credit. My mom wants me to get a student loan. She's never gone to college but thinks that if I take out a student loan amd then pay it off bit by bit i can build my credit faster and it'll raise it more. Im not too fond of student loans just because I have heard of all the horror stories of people paying them off for the rest of their lives. I guess I just need some advice on how I should go about this. Should i take out a student loan to pay for college and then pay off the student loan in small bits? Or should I use my credit card to pay off a small portion of it, pay off the credit card, then just pay the rest of the tuition straight out of pocket? Is there a better solution? [link] [comments]  |
| Private loan forbearance and our current covid situation Posted: 08 Jan 2021 07:55 PM PST Here's my situation: I had 100k in loans after undergrad + grad school. My Dad has co-signed my loans, and we've refinanced several times. We had Sallie-Mae and Great Lakes, now we have SoFi. SoFi has been allowing a forbearance but has said we are carrying interest on about 50K left on my loans after 10 years of payments. I thought the emergency forbearance didn't have interest, but according to SoFi they do. Anyway, my Dad has been paying my loans, he's got plenty of money and I....don't. Until last summer he decided he wasn't going to pay "until Biden forgave our loans." While I tried to explain the reality of the situation, my Dad refused to acknowledge the possibly of loan forgiveness never happening. Here we are in 2021, Biden will be president soon, and there's no loan forgiveness in sight. How do I explain to my Dad that my $900/mo payment still needs to be made? FYI, I make $1200/mo. So I'm not paying that loan, period. I don't know how to get my name off the loan, i wouldn't turn down bankruptcy, but my Dad co-signed everything and again, he's doing fine. But I literally live in a tent (yurt). Instead of paying my loan for the past 6 months my dad bought a vacant piece of property that is a garbage pile. Whatever, it's his money, but I also have to get him into a sense of reality that our loans might not be forgiven. Is anyone else in this problem? I was told my college would be covered and now I'm almost 40 still dealing with this bullshit, and my graduate degree was a waste of money that got me nothing. All that aside, the person who said they'd pay my loan is trying to not pay it, and I don't know how to move forward. [link] [comments]  |
| Will I qualify for GRAD PLUS LOAN? Posted: 08 Jan 2021 04:03 PM PST Hello! I've read the criteria for adverse credit to get the Grad PLUS loan and I am still a bit confused... I had a charge off (6k , yikes i know) with the original date being September 2017 and I finished paying it off February 2020. That is the only thing that concerns me about not being eligible for the loan... I was wondering if when they state "you have one or more debts with a total combined outstanding balance greater than $2,085 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off (written off) during the two years preceding the date of the credit report" does the "charge off" date mean from 2017 (so it wouldn't hurt me) or since it was still technically a charge off until Feb 2020 that they would calculate the 2020 date meaning i would have adverse credit. I don't know if that makes sense... Can anyone help? Thank you! [link] [comments]  |
| Savings Ballooning with Covid Forebearance Posted: 08 Jan 2021 07:33 PM PST Have about $100k in graduate school debt and make about $95k per year. With the Covid forebearance, my savings has ballooned to over $55k and I'm just waiting for the time to make the big payments. In the mean time, my savings has been sitting going on a year now. Is anyone else experiencing this and doing something with their money other than holding it in the bank? This may be the wrong sub and I should head over to /r/wallstreetbets [link] [comments]  |
| Student Loans for current year Posted: 08 Jan 2021 07:27 PM PST So at the end of fall 2020, I found out that I lost my financial aid. So I was planning on applying for private student loans but was wondering if I could still apply for fall 2020/spring 2021. Any help is appreciated :') [link] [comments]  |
| Posted: 08 Jan 2021 10:29 AM PST So I had no choice but to take out loans for my last 2 years of undergrad, and ended up taking out about $35k in student loans. I just accepted a job offer for post grad that will start me at $66.5k with a $10k bonus. How much of a burden will my debt have on my living post graduation? Will this be manageable to finance on a multiple year plan, or would I be better off living frugal at first and try to pay everything off within a couple years? Really don't know how I'm gonna handle this amount of debt since i've never dealt with anything like this. Any advice would be greatly appreciated, Thanks! [link] [comments]  |
| Posted: 08 Jan 2021 01:14 PM PST |
| IBR and Marriage- What's the point? Posted: 08 Jan 2021 08:59 AM PST Hi all, Question regarding IBR and marriage. My bf and I have been discussing marriage and our future. After a brief bit of research it seems like a horrible idea financially. I have about $75,000 in loans and based on my current income ($25,000/year) my federal loan payments are $0 (I have a few private loans I make payments on $200/month). My bf has no student loans and makes somewhere around $60k/year. We'd like to have a kids so while they're young I'll have minimal to no income (assuming he continues to advance at his job and earn more). My question is are there any benefits to us getting legally married? We've been together 4 years and I trust him 100%, so in the event we did separate down the line I know he wouldn't do anything to leave me (the mother of his future children) high and dry. It just seems like reading about couples who file MFS have more tax penalties than if they weren't married at all. Any advice is very appreciated, TIA. [link] [comments]  |
| Posted: 08 Jan 2021 03:38 PM PST I have approximately $115k in parent loans. Earlier this year I refinanced them with SOFI in order to get a lower rate. Still, my payment is $1100 per month which I will be saddled with most likely until the day I die. If and when the Government decides to forgive/reduce student loans, will mine be eligible since it is no longer "Federal"??? [link] [comments]  |
| Should I take out law school loans, pay cash, or a combination? Posted: 08 Jan 2021 02:07 PM PST I am in the unusual (and incredibly privileged) situation where I could pay for the entire three years of law school without going into debt, but it would use all of my savings. I'd graduate into a somewhat uncertain job market with essentially no cash on hand. This worries me. I could take out student loans to fully pay for law school instead. In that case, I would graduate with over 100k of debt, balanced against about that much in investments. I'd be just about 100% leveraged. This also worries me. All that being said, student loan interest rates are at an all time low. A 4.5% interest rate is not exactly predatory--in fact it's far less than a historical mortgage. It's tempting to take advantage of cheap money. Is it absolutely irrational to pay some portion (half? a third?) or my tuition in cash, and to finance the rest with loans? Or is it just dumb to take on unnecessary debt? [link] [comments]  |
| Continue to throw everything on loan or save to move out? Posted: 08 Jan 2021 01:41 PM PST Hi fellow lower middle classers! Here's a breakdown of where I stand:
*bonuses will be paid out at a lower percent due to covid I need advice as to whether I should save up to move out or continue to attack my student loan. I graduated May 2019 with a little under $79k in student loans (I realize this is an absurd amount to spend but I was 18 & it's been done). I've been making aggressive payments between $1k & $3k a month. I know long term I would like to leave this city with a new job in a city with more opportunities. I've been applying for almost 8 months now with no prospects. I'm not sure if I should save money to get a place in my current city or tough it out and stay at home making larger loan payments. My parents are incredible but I'm feeling like my life is on hold. I realize this is a personal decision but insight would be greatly appreciated. Thanks! [link] [comments]  |
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