I paid off my first student loan today! Student Loans |
- I paid off my first student loan today!
- It's been a year since I paid off my student loans.
- Military and Student Loans... a story
- To Refi or not... $550k
- Federal or Private: Nelnet
- MyFedLoan sent two different IBR payment amounts without explanation.
- I want to drop out.. can I give the loans back before the semester starts?
- Loans without a Co-signer (Urgent)
- Will student status (full time or half time) affect the loan amount I'm offered?
- Re-enrolling to buy time
- Monthly student loans
- Monthly student loans
- Graduated in the Fall, Starting Masters Program in the Spring, FAFSA help, Same University
- Unsubsidized vs direct unsubsidized loans
- Wells Fargo EFS Transferring loans over to Firstmark/Nelnet?
- Advice on SAP appeal?
- Parent plus loans
- If you marked on your FASFA that you're going to live with your parents, but you are thinking about living off campus, is it a big deal not to change it until the next year?
- Should I finish school with the amount of debt I have, or should I do something else with my time and money?
- Homeless or at risk of being homeless.
- Forbearance not helping
| I paid off my first student loan today! Posted: 09 Jan 2021 01:40 PM PST This is a big deal for me because a year ago I had no idea how to make ends meet & make more than minimum payments. The last year has changed my life in many ways and I finally have a stable career and am able to dig myself out of the tremendous hole I have dug myself into, 140k in student debt. The loan I paid off today was very small, only a $2000 loan, but it feels oh so good to have one less bill to pay each month. I have no one in my personal life I can tell this to so I wanted to come here and shout it into the void of supportive internet strangers. [link] [comments]  |
| It's been a year since I paid off my student loans. Posted: 09 Jan 2021 06:49 AM PST Hi everyone, I figured some of you may be interested as to what it looks like when you get to the other side. Mine may be a special case but here goes. I graduated in the spring of 2018 with my degree and I made my last payment in January 2020, finishing out paying a total of $20,185 over the course of the entire loan and counting interest, all while still living at home. I was looking around for apartments when the unimaginable happened: COVID hit. This turned out to be exactly the thing I needed to propel my financial status forward. I ended up staying with a family member and paying a smaller amount of rent while saving pretty much most of my paycheck since I had no other bills anymore! As of today my net worth is around $65K, I have $40K in cash saved up for a down payment on a house, and $16K in retirement funds. I luckily did not lose my job during COVID, but did have to take a small pay decrease early in 2020 (though I still make $60K currently). The stars aligned this year and honestly I think just being driven about paying off my loans has translated into other areas of my life and has made me more goal oriented and motivated. I'm wishing all the best for everyone in the new year! [link] [comments]  |
| Military and Student Loans... a story Posted: 09 Jan 2021 11:21 PM PST I wanted, since I was knee high to a frog to build roller coasters. The first one I remember riding was Corkscrew at Cedar Point. I was hooked. I grew up in trailer parks and low income housing, and had typical 80s childhood, 90s teenage years. I graduated high school, neither of my parents did, nor theirs. I decided to join the Air Force. It was a way out of smallplace Ohio. Dont get me wrong, I love my home town, but its the kinda place you're glad to be from, not in, so to speak. I was 21, 9/11 happened about a year before that. We were getting ready for a war in Iraq. The Air Force was amazing, I mean just fraking amazing. I was in for only 4 years, Air Force doesn't need many Rollercoasters. My job was an Airborn Radar Tech on AWACs. I learned a lot about life, started some college, and when it was over, I was ready for full time college with GI Bill. I was 28, and enrolled at OSU getting a degree in structural engineering. This was a first in my family, I do truly believe my parents are proud of me. I love myself for that. My first son was born in my second year of school, and my youngest son born in my last year. They are my heroes, being a dad, also just fraking amazing. When I graduated school, even with GI Bill. And mind you, this was before GI Bill payed full tuition under Obama. I didnt get full tuition till my 4th year. I had about 52K in consolidated student loan debt. I was 32. I'm 39 now, turning 40 soon. Ive learned a lot about life. Im learning more. Being positive is an absolute must in life and its the hardest thing to teach yourself. Especially if you had a hard life, you have to love yourself, and allow yourself to be loved. My career led me through a pathway of coding, data, and cloud computing. I now work mostly with cloud services in Amazon and Microsoft. I love my job. I work in transportation, not the most stimulating field, and definitely not Rollercoasters either, but I get to use machine learning and AI to solve some really hard problems around cyber security, moving people safely. I think I was always born to be an engineer, maybe the coaster was the catalyst? I earn about 120k a year, this was more than either of my parents made in their life time, put together. I invested early in bitcoin and ethereum in 2014 with proceeds of selling a house, I made a profit of about 40k in 2017 and paid 20k towards my loans. I still have about 22k remaining. Well remember those kids I had... they are looking at college soon. Ive been able to save some for it. I really want to finish my loans so I can use the 350$ to save for their education. I dont want them to have the same burden. I dont feel that amount is unreasonable to pay towards the loans and I'm glad I dont share in some of the horror stories I've heard about. I am concerned that the fabric of our society and a prime driver of its economy requires a 6% interest rate, and isnt payable at cost, I dont see the reasoning. My life is happy, my story isn't the same as some, it took work and learning to make my own luck. Ill have my loans paid off when I'm 47sh. My oldest will just be going to college. At my current rate I will be able to help him with about years worth of school, the same for youngest. If he graduates, Ive agreed to pay 1/3rd of his loans, and the other 2/3rds split between he and his mother. Ill be paying their loans till I retire, so that finally, my family will be educated and free to be the people they were always meant to be. [link] [comments]  |
| Posted: 09 Jan 2021 01:22 PM PST Hey all, I am in a bit of a dilemma & would really appreciate the input from you all. I have roughly about $550k in federal loans (at 7.2% but currently 0% due to COVID relief). I have been hell bent on paying it off asap so I can get this burden off of my shoulders. I currently have an application in with a big refinance company that are offering me a fixed 2.6% on a 7 year term (roughly abut $7600 a month). I just started my first job post all of my education/training and am fortunate enough to be able to afford that payment. The confusion is, should I pull the trigger on refinancing given how good the rate seems to be? Or should I hold off given that there may be some debt relief from the new administration. Also, there may be extension on the 0% interest which would allow me to build up my savings for my family (wife, baby & parents) before I 'need' to start paying $7600 a month which would obviously substantially decrease the amount I will be saving. Any advice would be helpful! Thanks much! Also, I'm sure people will ask how I was able to get that much into debt. Immigrant family with not much money. All of my undergrad & living expenses, grad school (in a very expensive coastal city) and living expenses were on loans. [link] [comments]  |
| Posted: 09 Jan 2021 05:05 PM PST My wife has about $10k in student loans left serviced by Nelnet. Her account starts with a D, which I understand to be privately held. But the studentaid.gov website shows the loans so I assume that means they are in fact federal. They are consolidated direct loans if I remember correctly. Nelnet says that Brazos is the loan owner, but, again, the studentaid.gov website says they are federal. She has been accruing interest and paying normally through 2020 but I'm confused whether the interest rate should have been changed to 0%. Anyone experience this? [link] [comments]  |
| MyFedLoan sent two different IBR payment amounts without explanation. Posted: 09 Jan 2021 04:53 PM PST I re-certified my income for IBR and on November 25, MyFedLoan sent me a letter letting me know that my monthly payment would be $1,294.38 (which is what I was expecting). I just logged into my account and saw that I had a new letter dated December 2 stating that my monthly payment would be $1,773.00. There was not any explanation for the increase. I suppose I will just need to call them, but was curious if that has happened to anyone else. Screenshots for reference. IBR Letters [link] [comments]  |
| I want to drop out.. can I give the loans back before the semester starts? Posted: 09 Jan 2021 07:07 PM PST The last day before I'm financially liable is January 20th. I just completed the loan entry counseling and should have it dispersed soon. I'm having major doubts entering my last semester of master's degree. If I disenroll from my classes, will the financial aid go to my bank account so that I can pay it all back? Is it too late to give the money back? Thanks [link] [comments]  |
| Loans without a Co-signer (Urgent) Posted: 09 Jan 2021 07:07 PM PST I'm seeking advice from Reddit as any sane person would do on student loans. I'm a sophomore in college trying to get a loan without a co-signer. I have a job and income, not much of a credit score (because parents wouldn't let me get a credit card, so I haven't really built credit), and no co-signer options available. Is there any sort of way for me to apply for a loan without a co-signer given my conditions? Should I just start stripping for cougars? [link] [comments]  |
| Will student status (full time or half time) affect the loan amount I'm offered? Posted: 09 Jan 2021 05:27 PM PST I know pell grants increase or decrease with your enrollment status...is it the same for loan offers? Wanting to jump into a few classes but would like to also take out my typical loan amount, equivalent to when I've been full time in the past. Any idea if the loan amounts also fluctuate? [link] [comments]  |
| Posted: 09 Jan 2021 01:02 PM PST As of right now, my loans are scheduled to start repayment in March. I'm just not ready... I've re-enrolled for full-time hours. For those who have done or are doing the same thing, how many classes do you attend (all online, thankfully) before dropping? All the way up to the drop for full refund date? Or is one week enough? [link] [comments]  |
| Posted: 09 Jan 2021 04:20 PM PST i all - First time poster here and have a question as my monthly payments are soon due I have one loan: sub/unsubsidized sitting around $45K I have a second loan: Private sitting around $38K My monthly payment will be around $850/mo. I'm not sure what the average interest rate for these loans are at the top of my head since theres about 10 separate loans in the first and 5 in the second. My question is, if i pay extra each month will the following months payment be reduced as a monthly credit card payment would? For example, if i paid an extra $1000 one month making the payment $1850, would the following months payment be calculated off the interest rate and the new balance? [link] [comments]  |
| Posted: 09 Jan 2021 03:28 PM PST Hi all - First time poster here and have a question as my monthly payments are soon due I have one loan: sub/unsubsidized sitting around $45K I have a second loan: Private sitting around $38K My monthly payment will be around $850/mo. I'm not sure what the average interest rate for these loans are at the top of my head since theres about 10 separate loans in the first and 5 in the second. My question is, if i pay extra each month will the following months payment be reduced as a monthly credit card payment would? For example, if i paid an extra $1000 one month making the payment $1850, would the following months payment be calculated off the interest rate and the new balance? Thanks [link] [comments]  |
| Graduated in the Fall, Starting Masters Program in the Spring, FAFSA help, Same University Posted: 09 Jan 2021 10:42 AM PST Hello! I graduated with my Bachelor's Degree in December 2020 and I am starting my Masters's degree at the same university this Spring. Based on what I have seen online, I assumed that I would not need to change or update the 2020-2021 FAFSA since I will be at the same school with the same federal code. I checked my bursar's bill and FAFSA rewards today and they were all zeroed out for the spring. The awards I had accepted for the year back in August were undergraduate loans, and I'm not sure how to let the system know that I need graduate loans now. On the FAFSA there are questions asking about where you are in your education at the beginning of the school year, but it does not have a space to indicate a change in the middle of the school year. I'm going to call the Financial Aid office on Monday when they are open, but I also thought I would ask the internet so I can get an idea of what I need to do. Thank you! [link] [comments]  |
| Unsubsidized vs direct unsubsidized loans Posted: 09 Jan 2021 10:35 AM PST Hi guys, I just finished my first week of grad school (woohoo). To pay for school, I applied for loans and have been given an amount of money to cover most of the semester. I was given direct unsubsidized loans... is there a difference between that and the unsubsidized loans that are given to undergraduate students? Are direct unsubsidized loans at a lower interest? [link] [comments]  |
| Wells Fargo EFS Transferring loans over to Firstmark/Nelnet? Posted: 09 Jan 2021 02:13 PM PST Just looked at their website the other day and they are transferring their loans over to Firstmark/nelnet. I didn't get a notice or anything. Is there a rule change or relief or something in the works for private loan holders? I had Firstmark for a parent plus loan I paid off. I posted the other day but I'm hankering to get a lower interest rate on this loan I have through them. When lenders transfer over do they tend to have opportunities out there to make the repayment situation better. Anyone out there gotten any official notice? I just learned of this going to the website to log in to my account. [link] [comments]  |
| Posted: 09 Jan 2021 08:04 AM PST So, I submitted an SAP appeal on the 30th, and when I called they said it could take up to 15 business days from the 4th, because of the holidays, yet they said I would be notified of the decision early february. Wouldn't the decision be made on the 25th, since that's 15 business days from the 4th? This worries me because I was gonna enroll in the class that starts on the 17th, but decided I'm gonna enroll in the class that starts on the 2nd. My situation is...pretty unique. Because I was in foster care, I'm enrolled in 3 different programs to help me get back on my feet basically. One of the programs is for college, and they said I can't receive funding if I don't receive financial aid, which is what worries me. I was in a psych hospital for 9 days, got admitted the day the classes started, and stated that as the reason for withdrawing from my classes. I submitted a copy of a bill I got from my insurance, and it has the name of the facility and the dates. It also had a section to state why it won't happen again, and I basically said (In a couple paragraphs) that I've gotten the help I needed, and now I'm ready for college. I have obtained additional documentation since then (a letter from my psychiatrist, a letter from my therapist, medical records from the treatments I've been to, and the official medical records themselves of the hospital I went to). Do you think theres a way to add more documentation, or is the bill enough? I'm pretty much just worried about getting denied, the program I'm in not giving me any funding because of the denial and not getting financial aid, and not being able to use the program again (I have to receive funding before my 21st birthday, which is March 8th, to be able to continue receiving funding until I'm 25.) I know it's complicated, I'm asking a lot of questions, but I'm in a tough spot and if everything goes through according to plan, it could mean a lot more than just being able to go to college. [link] [comments]  |
| Posted: 09 Jan 2021 01:09 PM PST It seems like the possibility of some sort of loan forgiveness might occur/seems more plausible. https://twitter.com/MollyNagle3/status/1347645958667038726 Has anyone heard if Biden's plan to forgive $10,000 of student loans applies to federal parent plus loans as well? Assuming that it does but, haven't heard read/heard any specifics. [link] [comments]  |
| Posted: 09 Jan 2021 05:04 AM PST Someone told me it could save you more more money, and that I should even work on claiming as independent, but I put myself as living at home because I'm unsure of whether or not I want to move out right away. Is this going to heavily affect how much aid I receive in the first year? [link] [comments]  |
| Posted: 09 Jan 2021 10:38 AM PST Long story short: I'm 20k in debt due to staying at a college I couldn't afford. I chalk this up to being younger and not knowing any better. No private loans, and I've used up about 19k of my pell grant. I'm still a freshman and I'm pursing a psychology degree with intentions of going into HR. With the amount of debt I have should I continue school, or do something else with my life? Outside of picking up a trade, I honestly wouldn't know what else to do with my life that'd give me a decent paying job so I can live on my own. Screenshot of loans and interest rates: https://imgur.com/fjmzGdl [link] [comments]  |
| Homeless or at risk of being homeless. Posted: 09 Jan 2021 08:55 AM PST I'm confused when asked this question because I pay most of the rent when I'm at home with my mom and sister. I feel like I'm manipulating the situation if I say I'm at risk of being homeless because I could be at risk...but isn't that the case for everyone who pays rent? Also, does anyone know how this effects the amount of aid I would receive? Sincerely, Junior in College who still doesn't know how FAFSA works. [link] [comments]  |
| Posted: 09 Jan 2021 07:55 AM PST Hi everyone. I'm in desperate need for some help. I underwent forbarence on my Fed Student Loans during the months of Oct 2019-March of 2020. I later realized that I received 24 late payments on my credit report (my loan is broken up into 8 different ones with the same date). I've tried absolutely everything to try and get them off. When I called the loan department explaining how the late marks showed up, they said I never was in forbearance. I later found the letter proving it from them but after my dispute again it remains on my credit report. I've filed a complaint with the CFPB and no luck either. What can I do? I know that student loans are an obligation, I'm not trying to get out of them. My payments were through the roof and I started a business out of college that did not take a paycheck allowing me to cover it. [link] [comments]  |
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