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    Home Unlabelled I have a goal to pay $33172.20 off this year. Student Loans

    I have a goal to pay $33172.20 off this year. Student Loans

    January 02, 2021

    I have a goal to pay $33172.20 off this year. Student Loans

    I have a goal to pay $33172.20 off this year.

    Posted: 01 Jan 2021 02:26 PM PST

    I did the math and ran the numbers and I want to get rid of my entire student loan debt this year. I'm just sick of it. I hate having it around, and it's standing in the way of my goals to be a homeowner. Half of it is from undergrad, with the oldest loan on the account being from 2010 (yikes) and the other half is from grad school, with the newest being from last semester.

    I made a big payment today and have about $30,500 left. I have 26 pay periods this year and figure I can pay around $1275 per pay period.

    Anyone else have student loan debt New Years resolutions?

    submitted by /u/moods-
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    $117k in 24 months - WE'RE DEBT FREE!!!!

    Posted: 01 Jan 2021 07:12 PM PST

    My wife and I finally paid off both of our student loans and are completely debt free!

    We followed the Dave Ramsey plan. Really buckled down with a strict budget. Income started at $50k and ended at $130k. We spent most of our time above $110k income.

    Comes out to roughly $4900 / month, but that number is inflated by large sums at a given time.

    Here is a rough outline of what contributed to our success:

    • We made monthly payments of roughly 50-60% of our income. This was after making a strict budget and following it. We paid roughly $3.5k per month.
    • Started our journey with $17k down from our savings after getting married.
    • $7k from my wife's savings account from working in high school. She put all of her money from birthdays, work, etc. in there.
    • $7k in money gifts from our wedding went directly to the loans. We delayed our honeymoon to put the cash on the loans.
    • $2k inheritance from grandparents. Not much but helped! -$2.4k from US stimulus check.
    • Sold roughly $1k in items around the house. Surprising what you can sell on FB marketplace.
    • #1 key to success: BUDGET. And I don't mean it in the sense of frugality, but rather knowing where every dollar is going each month.

    WE'RE DEBT FREE!!!!

    Happy to answer any questions!

    submitted by /u/Successful_Desk_3794
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    Repaid 25k in 2020 - aiming to be debt free by September 2021!

    Posted: 01 Jan 2021 04:40 PM PST

    I just wanted to make a post about my personal accomplishment this year in my repayments and how it has put me about 15 months ahead of the plan I made a year ago.

    This time last year, I was so excited at the idea of being debt free by December 2022, but if all goes to plan the next 9 months, I will be debt free by September 2021!

    Original debt: 82k (graduated Nov 2016, started payments July 2017)

    Today: 34k

    The 2021 Plan:

    Jan: 7k lump sum repayment (right before the forbearance ends)

    Feb - August: 2.3k monthly repayments

    September: 10k lump sum repayment and I'm done!!!!!

    Happy to answer any questions.

    submitted by /u/CarmelNut
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    Still haven't gotten my new monthly payment amount from Navient despite being approved for IDR months ago? Is this because of forbearance?

    Posted: 01 Jan 2021 08:00 AM PST

    I re-certified my IDR w/ Navient in August, and they sent me a message saying I was approved and would get my new payment amount in Nov. However, I still have yet to receive it.

    Has anyone else had this happen? Is it because of forbearance?

    submitted by /u/badmonkingpin
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    Attempting to prepare for feb

    Posted: 01 Jan 2021 10:05 AM PST

    Hey so I'm a physical therapist. School is crazy expensive, pay is shockingly low for a doctorate education. I live in NY and work for a major health care company. I was offered 65k with "a great benefits package" they qualify for loan forgiveness but I don't plan on staying with that company for more than 3 years due to moving.

    I have been work per diem so my pack check ranges from every week.. Work is starting to slow down as the holidays are over and we'll covid

    I had $125k in student loans. 7 different federal loans.I was able to pay off 2 of those loans in full during the loan pause, so now down to 5 loans(5.8%, 6.3%, 5.3%, 6.0%, 6.6%). Prior to the pause my monthly payment was $1200.

    I thought that after paying off 2 of the loans my monthly payment would decrease but I just went on "nelnet" "payment schedule" so I can begin to plan my budget for 2021 and it says my monthly payment will still be $1200. Is this accurate?

    Should I change my loans to a 20 year plan and make pay extra payments every month?

    I contributed 2k into a 401k (no match) and 4K into a Roth IRA as I'm 28 and want to start saving for retirement. Rents $1200 a month.

    Am I spreading myself too thin?

    I don't think I can afford to take a job with benefits and take a pay cut

    What do you think? All I know is orthopedics

    submitted by /u/bigblocks11
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    Great Lakes Approved for IDR but website still shows what my payments would be standard payment plan, unable to select this repayment method on the website. Additionally, all different dates have been listed as when my payments will start. Is this normal?

    Posted: 01 Jan 2021 11:09 AM PST

    I'm so frustrated trying to sort things out on Great Lakes' website. Firstly, there are several different parts of the website that show different dates for my loan payments starting (different date on the homepage, an earlier date when I click on an account, another date in the letter I received on Nov. 10th saying I was approved for an IDR with payments of $0.00 and that I would receive a repayment schedule 35 days before the first payment is due). It's two weeks until the date listed in that letter and have not received a repayment schedule since then, and on the website, IDR plans no longer show up as a box to check when I attempt to "choose a repayment plan before your forbearance ends." It also invites me to apply for IDR to see if I'm eligible, but I've already done that. Has anyone else experienced this?

    submitted by /u/indigo77
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    Recently laid-off, when to apply for IDR?

    Posted: 01 Jan 2021 11:58 AM PST

    I was recently laid-off, and my last day is at the end of the month. I'm hoping to reduce my monthly payment to $0. I was wondering if I could apply for IDR now, or do I have to wait until my last day of work? And what kind of documentation for loss of income would I have to provide? Thanks in advance.

    submitted by /u/helpmekickflip
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    I'm getting ready to start school in about a week and had some questions about financial aid. I'd really appreciate it if someone could give me some insight.

    Posted: 01 Jan 2021 09:41 PM PST

    Basically, I got accepted for 2020-2021 fafsa and after my tuition and all of that I will have a little over two grand left over that will be disbursed to me. My question is, is that gonna be given to me all at once when I start classes? Or is it gonna be given to me in two separate payments, like half this semester and then half next semester? Or will next year's fafsa cover the fall semester? Any help would be appreciated!

    submitted by /u/Mudslinger6464
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    Graduate Loan for a US Citizen Studying Internationally?

    Posted: 01 Jan 2021 02:20 PM PST

    Hey y'all, i'll keep it short:

    Does anyone know of companies which offer student graduate loans for schools outside the US?

    fafsa/federal doesn't seem to cover online MBA's (at least not at WBS) and most places (ie all of the college ave/ascent/discover etc) don't allow for schools outside the US... i'm trying to avoid salllie mae.

    i've checked everything that i could possibly google, so turning to you for help.

    thanks in advance

    submitted by /u/sfotodxb
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    Are half-time graduate students able to take $20,500 in federal loans annually?

    Posted: 01 Jan 2021 01:02 PM PST

    Like the title says, I'm interested in knowing the annual limit for half-time graduate students.

    I've Googled and just found the maximum annual limit and the lifetime limit, but the sites didn't clarify if that was only for full-time students.

    https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

    The reason I'm asking is because the annual cost of attendance is going to be at least $20,000 including living expenses. I plan on just going to grad school half-time without working, and would be taking the full loan amount for 3-4 years. I just don't know if I'd be capped at a lower annual limit due to my half-time status, and would only get $10,250 for example.

    submitted by /u/Safe_Arachnid_5254
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    Question regarding extended fixed repayment plan and private refinancing...

    Posted: 01 Jan 2021 05:08 PM PST

    Hi all,

    I have 4 Plus loans under my parents name that I am taking responsibility for. Would appreciate any help and advice. Thanks in advance!

    Info:

    - I will be starting work from Jan and will be working from home until Sept 2021 which will let me afford larger payments.

    - I will be required to relocate Sept 2021 when offices reopen which will increase my expenses which will require me to lower my monthly payment amount. I want to put 3 of the PLUS loans on the extended fixed payment plan (25yr) (total 130k) and refinance the largest interest one to a private lender (50k). Here are my questions:

    1. How long does it take for extended fixed payment plan to start once I apply?
    2. Does extended fixed payment plan require me to consolidate loans?
    3. I don't like how extended fixed repayment plan will lengthen my time in debt, however, it is necessary at the moment in order to make monthly payments. Once income goes into the future, if I start making large extra payments will it be enough to negate the increase in lifetime interest payments on a payment plan vs. the standard 10 yr? Or would it be better to just switch back to the standard plan once I can afford the normal payments?
    4. Are private loan refinancing loan terms usually 10 years?

    ​

    Thanks for your time!

    submitted by /u/tireback
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    Advice!

    Posted: 01 Jan 2021 12:18 PM PST

    Hello! So, I have two options, I am applying to nursing schools for this fall! However, it is extremely competitive! My back up plan is to enroll in an LPN program on the year that I have to wait to apply again, and work for awhile to save up some money! I currently owe about $36,000 in student loans, half of that being in Private Student Loans. I worry so much about being able to pay them off. On average, a RN in my area makes about $60,000 a year, while LPN's Make about 45000-50000 depending on exact location. Is my $36000 going to be manageable on either of those salaries! If it helps, I will be living at home while paying them back, and will not have any other bills!

    submitted by /u/nursing_981
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    Lump sum money disbursed to multiple loans

    Posted: 01 Jan 2021 04:19 AM PST

    I made a chunk payment on my student loans (great lakes). They say that they put the money on your highest interest loans first. But I'm curious why did the lump of money not pay any off the loans off rather it was spread to multiple loans. I didn't have any interest on any of the loans which leaves me to wonder why not a single loan was paid off.

    submitted by /u/Confetti-Throwing
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    What's wrong with the FAFSA website?

    Posted: 01 Jan 2021 02:56 AM PST

    For the past 2 weeks I have been trying to start my FAFSA Application but I keep getting the same error message

    "FAFSA on the Web has encountered an error. We apologize for any inconvenience this may cause. Click OK to return to the FAFSA on the Web home page"

    I tried to fill it out on a computer, a MacBook, a iPhone and I still get the same error

    submitted by /u/Diligent_Standard694
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    When do I have to start back paying student loans

    Posted: 31 Dec 2020 10:35 PM PST

    I know we had a forbearance period until december 31st so do I have to start back paying on loans now, or was it extended till january 31st?

    submitted by /u/LofiDawg_
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