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    Bitterness over student loans Student Loans

    January 30, 2021

    Bitterness over student loans Student Loans

    Bitterness over student loans

    Posted: 29 Jan 2021 07:04 AM PST

    More of a rant than anything else. I graduated about 40k in debt (an average high in the country I come from) and surrounded by graduate peers who have had their parents pay off their undergrad fees for them. For the past 2.5 years the amount has just been a number to me, where I never really saw the urgency of repaying the debt fast. For some reason it all felt like it would take care of itself and I stupidly clung on to the fact that oh, the loan servicing period is 20 years hence all is good. My wake up call came when I amassed a bunch of credit card debt too (not too insane, a few thousand) but it meant that effectively I had nothing to my name. It opened my eyes to how I was living: paycheck to paycheck, and from one impulse buy to the other. Covid struck, the the govt froze all interest repayment on student loans. I've been frantically trying to repay as much as I can while hyper budgeting every single cent.

    It's depressing knowing that there's another 8 months or so to go with this crazy penny pinching. I'm suffocated with guilt that I cannot give my parents money every month (and telling them about the dire straits that I'm in would mean admitting how I've frivolously lived the past 2.5 years), filled with soft anger that my company froze all bonuses and pay raises (and I'm in social services, barely earning as it is) and most of all, consumed with bitterness at literally everyone around me who got to bypass this journey and step into the working world with a spring in their step and zero debt to their name.

    It eats at me that even when these 8 months are over, I'm starting from scratch. My peers would have had 3 to 4 years' worth of savings by then.

    I guess I really wanted to know how you deal with these emotions when they arise. Tell yourself that this is making you a wiser saver? (Not necessarily imo.)

    Thanks in advance!

    /edited: I live in a country with a skyrocketing cost of living - owning a basic sedan will set you back 120k, excluding road tax and a yearly fee that you pay to the government for basically having a car. Our education is already publicly funded yet the average cost borne by a liberal arts student is 40k. I appreciate that I do have a job though! Thank you everyone for your replies and telling me as it is. I do agree that I have a chronic problem of comparison. I can't reply to all you good people right now but I will be!

    submitted by /u/ExcellentNight4829
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    Should I be making loan payments while interest rates are frozen?

    Posted: 29 Jan 2021 04:51 PM PST

    I apologize if this question has been asked before. I graduated from law school last year and I have three outstanding federal loans through Navient (~$23K, $21K, and $19K) totaling ~$63K. I paid some interest during law school, but I haven't made any payments since interest rates were initially frozen last year. I'm lucky enough to have a state government job with a salary of ~$64K, low rent, and relatively few expenses. Should I be making periodic payments until September/whenever the freeze ends? I've seen other websites suggest waiting until right before the freeze ends and making a big payment. Which plan would work best for my situation?

    I welcome any advice or any recommendations for websites or other resources to help me plan out repaying my student loans. I still have a lot to learn. Thank you all so much.

    submitted by /u/Shoebox22
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    Sofi financing bonus

    Posted: 29 Jan 2021 07:53 PM PST

    Hi!

    I keep getting a notification of Sofi offering a $10 bonus if you check your rate, and a $350 bonus if you accept the terms, in terms of financing either a personal or student loan. Can anybody tell me if there is a negative to doing this? I can absolutely pay it, but the extra $360 would be neat. It also says the $10 comes in a gift card, but I can't find what type of gift card, so does anyone have any knowledge on that?

    thank you!

    submitted by /u/skwx
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    Nomination hearing for Cardoza scheduled for Wednesday

    Posted: 29 Jan 2021 01:41 PM PST

    Understanding final loan amounts and disbursements

    Posted: 30 Jan 2021 01:40 AM PST

    I received a "Final Truth-in-Lending Statement" recently for a student loan that I am no longer able to defer as I have finished graduate school (this part is fine and expected). However, I was a bit confused by the numbers on the document and couldn't find any online resources to help me understand them. The document states both the current and original loan amounts as $6000. Right above that, it lists disbursements. There are two listed at $500 each. This implies to me that I only ever benefited from $1000 and never received the remaining amount. One of my parents was handling college finances for me at the time and they unfortunately don't remember (the disbursements were 9 years ago now) and no longer have any documents from then.

    This leaves me with my question: Should the total disbursement amount equal the current loan amount? And if so, how should I proceed in that it doesn't?

    Thanks!

    submitted by /u/loan_question_44
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    Should I get student loan or Wait for financial aid?

    Posted: 29 Jan 2021 09:04 PM PST

    Hi guys! So I was enrolled into U of R sometime last month. My parents cannot afford to pay my tuition so I applied for financial aid in December . After reaching out to my school a week ago, I was told I needed to fill an extra form for processing, which I did. At the same time, the deadline for payment of fees is in 11 days. Should I wait for my financial aid award letter or should I apply for a student loan? How long does student loan processing take as well?

    submitted by /u/Darkreignbow
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    I received $0 in financial aid apparently even though for the past 2 years I've always received full financial aid, is there anything I can do?

    Posted: 29 Jan 2021 11:04 PM PST

    Needless to say, my FASFA info really hasn't changed at all. My parents' income has consistently been around $150k a year; however, they've been horrible with money throughout their life, unfortunately, and are having to already pay off certain debts. I applied for CU Boulder as an OOS student and if I transferred this spring financial aid would have covered the entire cost, but I deferred for Fall of 2021, but now my new package expects full family contribution. Does this mean it would be like this for every school? Even in-state?

    I'm worried I won't be able to continue my education now. I have a 3.93 GPA after 2 years of college, so I might could get scholarships, but even then it likely wouldn't cover all my costs. What are my options? And is it possible to somehow reapply my FASFA and get a different package?

    submitted by /u/TheGreatNano
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    RE: Frustrations with FedLoan - Need Advice

    Posted: 29 Jan 2021 10:15 PM PST

    I have been working at the same community college since 2011. Prior to that, I was working at a for-profit university, and while I was trying to make monthly payments on my loans, things were difficult, and (I come to find out), they weren't counting towards the PSLF. I also discovered that the company that I was originally using for PSLF (NelNet) was no longer covering this plan within their financing. I could have my loans merged and re-financed through FedLoan. The problems/frustrations come with trying to get them to re-certify my loans correctly towards the number of completed, on-time payments (need 120 to petition for forgiveness).

    I recently noticed a sizable number of qualifying payments flagged as Need Employment Certification and have not been counted towards the total number of qualifying payments. I contacted FedLoan and they reminded me that I need to submit re-certification to have them reviewed. I found it strange that there are payments from 2/2018 are qualified, but 4/2018-2/2020 have not been certified by FedLoan, even though they are qualified--and I put in for re-certification as recent as 8/2020.

    So is there something missing that I need to address with my school's HR when they send in my certification? They are confirming that I've been working at the same school since 11/2011, but somehow things are not being counted by FedLoan. Is this something I need to be addressing with FedLoan?

    Has anyone else had this (or similar to this) happen with them? Right now, I'm more than frustrated, and while the number of payments is not close to meeting the 120 needed, it's almost close to half. And to not see that number increase they way it should makes me feel even more weighted by my student loan debt than I already need to feel on a month-to-month/year-to-year basis.

    submitted by /u/SilverQuill75
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    Can I refinance my wifes student loan to my name?

    Posted: 29 Jan 2021 09:11 PM PST

    She has Sallie Mae with crazy interests and I want to refinance it under my name with better rates.

    submitted by /u/fairfuckstoyou
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    Prodigal HPSL

    Posted: 29 Jan 2021 11:46 AM PST

    So I got a federal consolidation loan a few months ago and recently got a bill for an HPSL saying I still owed them 12k. I double checked and the HPSL never showed up on the student aid website hence it being left out of my consolidation. Are these somehow ineligible for consolidation and if not is it possible for me to get another consolidation to include it?

    submitted by /u/bug530
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    First Generation US Citizen

    Posted: 29 Jan 2021 05:27 AM PST

    Hey guys, I'm a first generation US citizen and I need some help with information about FAFSA. My parents aren't American and they have no idea about anything regarding FAFSA. I can't ask people around me as I don't even live in the US yet (going there for uni). I would really appreciate if I got some help regarding my application.

    First of all, I already applied to FAFSA and submitted my application a while ago and I just want to make sure if I was right. Under the filing tax page I stated that my parents would not be filing any tax as they are non-US citizens, retired, and living in a tax-free country. Was the "not going to file" option right?

    Second of all, once I submitted my FAFSA, my parent's signatures were required. Once again, since they don't have social security numbers, I had to mail their signatures. After I mailed them, I received an email around 2 weeks later saying that my FAFSA has been successfully submitted. The next day I logged into my FAFSA and changed some of the school selections. It then said that I had to mail the signatures again? Do I have to mail them again? Like aren't they supposed to add the signatures to their system automatically? I have emailed them about it but, the response I received had nothing to do with my question.

    Please help me out as I'm so lost and I have literally no one to ask. International calls to the US are so expensive therefore I can't call them in any way. Thank you!

    submitted by /u/minecraft-game
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    Settling on student loans that are in good standing?

    Posted: 29 Jan 2021 03:02 PM PST

    I was just wondering if this is possible? I have a Sallie Mae loan of 7k that I just want to get rid of. I pay the minimum payment. After doing some research I saw that people that default on their loans sometimes have the option to settle their loan.. I am not looking to intentionally default to do this, is there any possible way of calling Sallie Mae and asking to settle for a lesser amount in return paying the amount immediately? I would think they would be more interested in that then cashing out in like 10 years? I appreciate any advice!

    submitted by /u/Scary-Divide3458
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    PAYE payments

    Posted: 29 Jan 2021 10:28 AM PST

    Hi,

    For those if you who use PAYE, how do you calculate your monthly bill? I know its 10% of discretionary income -150% of poverty line, but if your income changes on a month to month basis (i.e. your a general dentist who owns his own practice/isn't salaried), how do you accurately determine how much you pay each month? If you accidentally underpay, do you make up for it at the end of the year without any penalties? If you accidentally overpay, does that extra payment automatically go towards interest, or can you set it up where it goes towards the next months payment?

    Thanks for your help!

    submitted by /u/Dentist100
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    PLUS Loan and emergency relief

    Posted: 29 Jan 2021 09:13 AM PST

    Hi redditors!

    I am trying to gauge something I recently learned to see if it's true or not.

    I have a regular student loan which qualifies for the emergency relief due to covid. However, my parents who took out a PLUS loan for my BA have to continue paying.

    The original principle on the loan was about $62k, the current balance is $123k - feels like robbery but that's a different topic.

    Can anyone here shed some light on why the PLUS loans do not qualify for the covid based emergency relief?

    My parents are really struggling to make the minimum payments which went from $250 to $800/month.

    Thanks in advance, and apologies for the vagueness.

    submitted by /u/digital_everything
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    Consolidating My Loans?

    Posted: 29 Jan 2021 08:56 AM PST

    I am sort of own my own with student loans and my parents have kept me very in the dark about how much debt I was really in until now. I've got about 100k in loan debt and I've got a few different loans with interests rates that are really high. I am hoping to refinance my loans and was wondering if people had suggestions on where to go for this? I've heard not so great things about SOFI and ok things about doing it through my bank or Citizens One.

    submitted by /u/lollipop240
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    Consolidating a federal loan count student loan interest deduction?

    Posted: 29 Jan 2021 08:24 AM PST

    If I consolidated several student loans through Fedloan in 2020, does that count as interest paid and thereby qualify for the student loan interest deduction?

    I was under the impression that it did, but my tax information states that I paid $0 in interest this year.

    submitted by /u/LoamMD
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    Unsubsidized Loan Help

    Posted: 29 Jan 2021 06:46 AM PST

    I am currently a graduate student awaiting the disbursement of my Unsubsidized Direct Loan. Disbursement for this loan was scheduled to take place on 1/25/21.

    I currently have direct deposit set up, however I have yet to receive the loan. Any advice would be greatly appreciated!

    submitted by /u/christojamesrey
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    $42k in debt while forbearance is in effect. What should I do?

    Posted: 29 Jan 2021 06:13 AM PST

    Been hearing lots about Joe Biden giving students a $10k loan forgiveness while forbearance is in effect. Can someone explain what it all means?

    Also, I would like some advice for paying off my loans. $42k really sounds like a lot to me, but I want to be able to pay bigger chunks than small amounts each month. While the forbearance is in effect, shall I start paying my loans monthly or just wait?

    I'm not in school and am fortunate to have a job during pandemic. Should I go by plan or keep on standard? Should I take programs?

    submitted by /u/NoNamePhantom
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