- My FAFSA has been processed and accepted. On my school account it says that the stafford loans are to be determined? How long does it normally take for those to go through? I'm set to start classes on January 12.
- STUDENT LOAN TREADING WATER...help?
- Can you someone help me check my math? My student loan interest seems way too high...
- Does the FASFA loan automatically know that your continuing school?
- Total Permanent Disability discharge experiences?
- I don’t qualify for a student loan and can’t get a bank loan
- Should I take out a loan?
- How quickly am I allowed to pay back a student loan, and what is the minimum interest?
- Newbie to refinancing student loans
- IBR/PAYE income certification while in deferment for grad school
- Matriculating medical student (finally!!) financial advise
- Random unknown payment on 1/1
- Should I pay off my student loan?
- Filing taxes separately for parent plus loan?
- Would I get a tax break for paying off my mom's PPL?
- How do I deal with my charged off student debt? (Wells fargo)
| Posted: 02 Jan 2021 02:38 PM PST |
| STUDENT LOAN TREADING WATER...help? Posted: 02 Jan 2021 01:33 PM PST Hello! I have been treading water now for about 7 years on 45k of loans and just can seem to get ahead. AA 5.60% $3,633.73 $265.62 $3,899.35 AB 3.40% $11,146.16 $570.03 $11,716.19 AC 6.80% $16,030.55 $3,546.01 $19,576.56 5020 8.25% $3,000.00 -$624.41 $2,375.59 5021 7.25% $12,000.00 -$3,278.10 $8,721.90 $45,810.44 $46,289.59 Im liquid rn approx 10k and dont know what to do? Credit 760. Any guidance would be very much appreciated. I know about snow ball but where should i lump sum, refinance? [link] [comments]  |
| Can you someone help me check my math? My student loan interest seems way too high... Posted: 02 Jan 2021 10:45 PM PST About to graduate this spring. I have $32K in direct federal loans. Hypothetically, let's say I consolidated them all into 5% interest rate. I plan to heavily and aggressively pay them off in 1.5 years (18 months) with ~3K monthly payments. But my calculations tell me I'm paying $47K total....that's 15K more and almost 50% of the principal. How is that possible? Will I really be paying that much in interest? Here is a link to my spreadsheet. Either my excel formulas are wrong or this is the sad reality I have to face... Thanks in advance. [link] [comments]  |
| Does the FASFA loan automatically know that your continuing school? Posted: 02 Jan 2021 05:11 PM PST I recently graduated with my associates for nursing from a private school. With a previous balance from a different School my balance for FASFA is 22k. I need to continue to get my bachelor's, but paying out of pocket. Does FASFA automatically know I'm inrolled in school if I don't apply for it for this school? I maxed out my grants and only doing part time. I just also have a private loan (5k) that in focusing on right now and would love to continue to make small payments on the federal loan! [link] [comments]  |
| Total Permanent Disability discharge experiences? Posted: 02 Jan 2021 12:31 PM PST I have about ~48k in loans from attending an in-state school. About 26k of that is Parent Plus loans in my mom's name, around 5% interest. My parents never made a lot of money so the agreement was that I would pay the loans in their name. I work in IT and I just got my first post-grad job so I can deal with the loans in my name. My mom has been disabled and unable to work for the past 2 years. She is currently receiving disability benefits from Social Security and her and her doctor do not expect for her to work again. Her doctor has declared her permanently disabled. She has no income other than disability, and my dad makes about 35k a year. I was looking at possibly getting her loans discharged under TPD, does anyone have any experience with TPD when only one parent is disabled? I've been reading conflicting information as to whether or not the loans would just go into my dad's name. As far as I remember, the loans are totally in her name. If I can get that 26k discharged it would be a huge burden off my shoulders. IIRC none of the loans were taken out before she became disabled. She only just got approved for SSI a few months ago and I graduated this past May. I also looked at consolidating her loans to ICR to maybe get monthly payments down to $0 but that included my dad's income because they file taxes together. ICR would make my monthly payment around $150 but over a course of 20 years. Playing around with the loan calculator though, if my parents filed separately my mom would have an AGI of 0 and we'd get that $0 monthly payment from ICR but I'm not sure that the increase in their tax bill would make it worth it. [link] [comments]  |
| I don’t qualify for a student loan and can’t get a bank loan Posted: 02 Jan 2021 03:32 PM PST Im going into university this fall and would really appreciate any advice given. Some back ground information is that I'm graduating high school this year and am from Nova Scotia Canada and my parents are divorced. I work part time over the school year and full time in the summer but due to car payments and other factors I only have a couple thousand saved for college. I also have high marks with a 3.7 GPA. Although I don't even have enough money saved from my parents and my savings to cover one full year, my parents income is too high for me to receive a student loan. I also cannot get a bank loan because they both have said that they cannot co sign on the loan. Right now the only option I've found to getting a loan is my mom makes significantly less then my dad and she is soon receiving primary custody. I read that this may make it so that i can qualify for a student loan based off of her income only in Nova Scotia, but I also read that in Canada it goes by both parents incomes Very confused and worried about what I should do and have no clue how I'm going to pay for all of this. Seems like a backwards system that friends of mine with more money saved then I do get student loans while I can't get anything Please let me know if you have any advice or have been/are in a similar scenario [link] [comments]  |
| Posted: 02 Jan 2021 07:12 PM PST This may seem like a stupid question, but I have no prior experience with student loans nor am I familiar with how they work. I'm attending dental school next fall with a tuition of roughly $100,000 a year for 4 years. My parents have enough money saved to pay for this, however, a family friend who recently graduated from dental school is encouraging me to take out loans for the possibility of having them be "forgiven." Both my parents and I are unsure what this process is, and if it's even worth collecting interest for the slim chance of having them be forgiven. Can someone please give me some insight/information? I appreciate it a ton! [link] [comments]  |
| How quickly am I allowed to pay back a student loan, and what is the minimum interest? Posted: 02 Jan 2021 09:37 PM PST Can I take out a student loan and then pay it back a week later and only be charged one week of interest? I need money now, and I may be able to repay in a week [link] [comments]  |
| Newbie to refinancing student loans Posted: 02 Jan 2021 12:15 PM PST So, my student loan repayments will start kicking in soon. I have a mix of federal and private. The federal ones I have been told to keep federal because of the benefits and options and especially because I plan to join the military. First, I also have some Parent PLUS loans that my Mom took out for me. Those are through Great Lakes and they are considered federal. Question 1: Is there anyway I can transfer them completely into my name without losing federal protections? Or is the only way to keep them federal to give my Mom the money to pay them off herself? Then, the private loans: I have about $51,000 in private student loans, and they are from different lenders: Citizens Bank and Sallie Mae. The breakdown is as follows: $35,337 with Citizens Bank, with varying interest rates from 6.5% to 9% (4 separate loans) $15,492 with Sallie Mae, with varying interest rates from 5.5% to 7.25% (2 separate loans) These I would be interested in refinancing if it's possible to get a better interest rate. I just have no idea where to start. Where is the best place to go to refinance? Splash Financial? I tried this but my Mom filled out her info to be a cosigner and it didn't approve her, which doesn't make sense because she was approved as the cosigner on all the initial loans through the other lenders. Can we try our personal regional bank...would they be a good option to refinance student loans? Thank you in advance. [link] [comments]  |
| IBR/PAYE income certification while in deferment for grad school Posted: 02 Jan 2021 06:03 PM PST Hi everyone, just wondering if this is normal - did I mess up or did FedLoan screw me over? I took about a year and a half off between undergrad and going back for my Master's. My loans were in repayment status, and I applied for one of the income-based plans, but my AGI for the year they used to determine the payment was super low because I was still in undergrad for part of it. Obviously when I went back to grad school, everything went back to in-school deferment. FedLoan is telling me that I was still required to recertify my income, despite my loans being under in-school deferment status, and that since I did not do this as of March 2020, I fell out of the payment plan and therefore all my interest was capitalized. But their website and studentaid.gov and the customer service person I spoke with initially said that "you are not required to certify status while in school" ?? When I pointed out that this was completely contradictory, she basically said that since I was in the plan initially, I *was* required to certify my income even though I'm in school, but now that I am no longer in a plan, I'm not required to. Is this legit or do I have a basis for fighting them on it and trying to get it taken back off the principal? Also on a related note, my loans now say they're in the REPAYE Alternative plan, but also under in-school deferment status. I'm in a master's program right now but plan on going directly into a PhD program next fall, which is well before the end of the grace period listed on all of my loans. I assumed I would just stay under the in-school status or grace period and the interest wouldn't capitalize, but now I'm worried. Should I be worried about this happening all over again? I think I should probably operate under the assumption that FedLoan is going to screw me over at every possible opportunity but I'd still like to know if anyone with more experience with them thinks I have a chance at fighting this or not... [link] [comments]  |
| Matriculating medical student (finally!!) financial advise Posted: 02 Jan 2021 09:46 AM PST I posted this in white coat, but I know a lot of people here give amazing advice so I thought I'd post here as well. Hey all, in need of some heavy guidance. I have finally gained acceptance to medical school (27M) and will matriculate this coming fall. I'm pretty stuck on what to do with my current loans, future loans for school, and current investments/savings. My current breakdown: Income: between 5500-7000 cash per month until school (cut in half this month due to Covid). Expenses: ~2000/month. Has been a little more for applications and currently being quarantined for Covid 😫. Total saved: 118,000 Checkings: 15,000 Savings account 1: 20,000. I have been holding this as an emergency fund Savings account 2: 20,000. I have been building this as a bulk payment for when 0% fed loan interest runs out. Mutual fund: 13,000 Real estate investing account: 50,000. I am unable to increase this more than 50k. This is providing a large returns as I found a rare investment opportunity with close friends of mine. This should produce about 15k a year of passive income Student loans from undergrad (all fed): 40,000 under my name 50,000 under my mothers name. She has not worked in a couple of years, and her income will likely stay very low for the foreseeable future. This has made me pretty torn on how to attack this loan. Payoff now, or do income driven and save for tax bomb when I'm an attending? Basically I'm lost on what I should allocate towards existing loans (I have that 20k in savings and could obviously lower my emergency fund a bit as it is higher than needed and pay off a decent chunk), whether I should put anything towards tuition or just do loans for all of school, and if I should use the passive income from real estate to cover old loans, CoL, spending money, etc. Any and all help is greatly appreciated. Let me know if you need additional info! [link] [comments]  |
| Posted: 02 Jan 2021 11:12 AM PST I haven't been paying any of my federal loans serviced through Great Lakes because of the interest rates. Yesterday I got notification my 'recent payment had been applied' for $400 in change which I have NO idea where it came from or why it was paid. It doesn't look like it's come out of my bank, however, student loan payments usually don't show for a few days. Any ideas why after 9 months of no charging, I got randomly charged for a random amount? Anyone else experience this? [link] [comments]  |
| Should I pay off my student loan? Posted: 02 Jan 2021 07:56 AM PST My plan 1 student loan (UK) balance is about £17,000. I've paid off approximately £16,200 in four years of working (minimum payments). The annual interest rate is only 1.1%. I was earning £50,000 for two years, then £110,000 for almost two years. I quit my job in a desire to find one that gave me purpose and am now moving overseas where I will earn about £37,000 a year. I have no other debt. My savings are £85,000 (pension is about £28,000) and my minimum payments with this salary will be £200 a month. I haven't paid it off yet because: (1) I want to invest in real estate as soon as I can (I won't pay rent in my new country and don't wish to settle down and buy a property for myself yet), and (2) the interest rate is only 1.1%, lower than inflation, and reason it's better to use my money to invest than pay off debt that's technically decreasing in value. To put it simply, isn't it better to have my money generating income in this situation? Would welcome your thoughts. [link] [comments]  |
| Filing taxes separately for parent plus loan? Posted: 02 Jan 2021 05:26 AM PST My mom have $150,000 in parent plus loans (ik it's massive.) She's gonna have to owe roughly $1k a month through either standard, or ICR. My mom makes about 40k while my dad makes 50k. They file taxes jointly, but I was thinking of having my parents file separately to get this ICR cheaper, and make the payments myself? Any caveats that I'm not thinking through? My parents are home owners btw, if that matters for tax filing purposes. [link] [comments]  |
| Would I get a tax break for paying off my mom's PPL? Posted: 02 Jan 2021 08:04 AM PST I saw another question about taxes, and it made me wonder. I get a tax break for paying my student loans (1098-E). My mom took out Parent Plus loans for my schooling, and it's understood that I'll be making the payments on them (she says she wants to help, but I know better - I'll be paying 100% of those loans). Would I be able to claim the PPL repayments on my taxes, or no because they're in my mother's name? [link] [comments]  |
| How do I deal with my charged off student debt? (Wells fargo) Posted: 02 Jan 2021 01:29 AM PST So long short, I have $40k student debt and I haven't been able to find work because of the pandemic and taking care of family who was infected with COVID19. WF gave me about 6 months of emergency forbearance but that ran out. I asked them to continue to give me an extended forbearance since the economic situation hasn't changed (unemployment is still high af, and it still is difficult to find work) and ofc they said lolnope. Fast forward literally a month later and I get a job offer (fml right?) and I can now magically pay my debts back, but they decided to chargeoff my account even though I told them the difficult situation this pandemic has put me in. Now I have 7+ Years of this stain on my credit report. So my question, how do I go about this so it's removed from my credit if possible? Do I attempt to do a pay for delete? Or ask if the loan can be converted back pre-charge off? Especially since the circumstances I was in (and many I can imagine) was stressful between finding work and aiding infected family members? Can I settle, and even if I do will it benefit my credit score? I think it's just ef'd that if they waited literally one month I would've been able to better negotiate some type of deal. Any advice? Thanks reddit. [link] [comments]  |
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