May lose job over sudden garnishment notice Student Loans |
- May lose job over sudden garnishment notice
- Dependency Status for Student Aid Eligibility
- Why is my student loan still accruing interest?
- Help
- Does making payments towards Parent Plus loans affect my parent's credit score during deferment?
- Need Advice
- Federal Pell is completed on my account but the school hasn’t received unsubsidized loan yet?
- Loan payment keeps changing
- Switching Between IBR/RePAYE/Standard and Filing Taxes Married/Separate
- Withdrawing from classes, took out full student loan, I need help
- Fafsa refund
- What should I do with loan money that I’ve been saving since the forbearance?
- Best student loan repayment strategy under REPAYE (0% interest)?
- Question about paying back loans
- Cum laude or graduating sooner rather than later but without honors and a little more debt?
- Federal loan obligations as a non-citizen abroad?
- Student Loan Refinance Question!
- If I have a large windfall this year, how will it effect the next 20 years of my Income Driven Repayment?
- Help, advice! Student debt , collection agency
- Anyone on here ever went to University of Phoenix?
- Finally had enough
- Shouldn't payments start again?
| May lose job over sudden garnishment notice Posted: 03 Feb 2021 06:13 PM PST I had some student loans that were defaulted and had no idea it had happened until my employer told me I was being garnished. My employer has a strict policy on student loan defaults and I was told I would be let go if I didn't get it settled. There were no calls, emails, or letters at all. A couple of years ago I had my loans consolidated and I've been paying them, so I contacted KHEAA to try and find out what was going on and discovered that not all of my loans had been consolidated together - I thought they had been but apparently not. They had my correct phone #, email, and address but no one could tell me why I wasn't contacted before this happened. According to someone at the KHEAA debt recovery line, the only way to stop the garnishment is to pay an equal amount to what is currently being garnished for 5 months. 15% of my wages are currently being garnished, but to get out, I would have to pay 30%. There's just no way I can afford this. Has anyone here been through something like this, and was there some kind an alternative route? I have to do something quickly. Even if I were to be able to get another job, the garnishment would immediately follow me to that job and I may lose that one as well. [link] [comments]  |
| Dependency Status for Student Aid Eligibility Posted: 03 Feb 2021 01:51 PM PST Hi! I'm a freshman in college, and I'm in need of help with filing my parents' taxes and the FAFSA in order to maximize my financial aid eligibility since I'm responsible for all my college expenses. I've contacted my college's financial aid office, Federal Student Aid, and other sources, but no one can give me a clear answer. Basically, my parents are divorced (and live in separate houses), and I spend equal amount of time with both of them, and they both provide equally amounts of financial support. On the FAFSA, does it matter who claims me on taxes? Here's my situation: Last year and this year, I filed using my mom's taxes on the FAFSA. Since I'm currently the only child in college in my family, and my mom makes about 80k a year, I didn't qualify for any financial aid (grants) or even a FWS. I, like many other students, am receiving no assistance from my parents or any other source for paying for college, so receiving no aid was very dissapointing. However, My dad lost his job in October 2019 (and is still unemployed), and people have told me that I 'should' receive pell grants and aid if I use his information from 2020 taxes when I file the FAFSA in Fall 2021, but does he need to claim me as a dependent now on his 2020 taxes in order for me to use his information? Or does it not matter? Normally my mom claims me and my 2 siblings on her taxes, but should I ask them to switch my dependency status? If anyone has experience with understanding strategies for lowering my EFC, I would appreciate any advice I can get. I'm just wondering what things I should do now in order to maximize my financial aid eligibility and reduce my EFC. Thanks! [link] [comments]  |
| Why is my student loan still accruing interest? Posted: 03 Feb 2021 03:00 PM PST So I have a student loan that is currently in repayment status. Originally the loans were Subsidized Stafford Loans which were later consolidated. The consolidated loan is currently serviced by Navient Solutions LLC. The loan type is FFELP and the Current Owner is "NAVIENT FEDERAL LOAN TRUST". The interest rate is 3.375% and it hasn't stopped accruing. Does my loan not qualify for the 0% rate? [link] [comments]  |
| Posted: 03 Feb 2021 09:42 PM PST Hey guys so I have over 100k in student loan debt and my monthly payments are about $1000... that's after I refinanced them through citizens bank. Does anyone have any advice to get my monthly loan payments down? Looked into income driven repayment plans but since I refinanced, my moms are private. I make 40k a year so basically one whole paycheck a month goes to student loans. And then my other paycheck goes towards car insurance, cellphone bills, etc. I live at home and I'm so grateful my parents aren't charging me rent. The goal is to move out but that means I'll have to look for a place with an under $300 a month rent... LOL.. I know, not feasible. I feel stuck AF. Just picked up a second job (part time-$12/hr). I just feel like i don't know what else to do. Any suggestions, anything.. please let me know. This shit keeps me up at night. Thank you [link] [comments]  |
| Does making payments towards Parent Plus loans affect my parent's credit score during deferment? Posted: 03 Feb 2021 05:41 AM PST Since deferment started, I've been putting all the money that would be spent on loans into my savings account. I figured it was better to earn 0.5% interest than to pay off a loan that is at 0% interest, then I can dump it all into the loan when it resumes. Anyways, does doing this vs paying off the loan during deferment have any difference in my parent's credit score? Since it's in their name, I don't want to jeopardize it just to save a few bucks. [link] [comments]  |
| Posted: 03 Feb 2021 02:58 PM PST So I recently transferred over to a community college this December and because of that it's been hard to get all my paperwork properly checked. Recently, the due date (February 4th) is coming, and they haven't checked the several emails I sent over the course of 2 weeks with my identification yet for me to get Financial aid. Now I dont have 3.5k so I'm really at a loss for what to do. I don't want to sign up for a payment plan because I'm not sure that I can get re-funded when my financial aid does kick in, and since the down-payment is 1.5k, i really can't afford to lose that much money. I have work during the hours that they're "available to talk", and the only today sent a warning to me to get my tuition paid. Any help?? [link] [comments]  |
| Federal Pell is completed on my account but the school hasn’t received unsubsidized loan yet? Posted: 03 Feb 2021 05:07 PM PST |
| Posted: 03 Feb 2021 10:07 PM PST Everybody's loans are in forbearance till September, early last month I checked and my monthly payment, once they started again, was about 108. I check again tonight just to make sure nothing popped up, and now my payments, once they start up again, will be 488. Does anyone know what's going on? [link] [comments]  |
| Switching Between IBR/RePAYE/Standard and Filing Taxes Married/Separate Posted: 03 Feb 2021 09:09 AM PST My wife is currently on IBR with ~$87k in federal loans (Direct Consolidated). Her income this year was ~$31k. I made $98k and have no student loans. She is working toward PSLF (however her job has switched her to a contractor status during COVID so she's no longer full time and does not currently qualify for PSLF, but we're hoping that changes soon and she'll qualify again). We typically file taxes Married, Filing Separately as the difference in monthly loan payments is enormous. Filing separately saves us anywhere between $600 and $800 per month, and usually this savings far exceeds whatever extra we would get back for a tax refund. HOWEVER, federal student loan payments are now suspended until Sept 30th, 2021. So if we file jointly this year theoretically there would only be 5 or 6 payments to be made before we would file again in February 2022 when we could potentially change back to filing separately. In addition, the future is unknown, so this freeze could be extended. We are looking at potentially getting an additional $4,000 back on our taxes filing jointly. I would like to pocket that money and see what happens. If we end up paying $600 to $800 for 5 or 6 months it basically comes out as a wash, but if the freeze gets extended we'd be leaving a ton of money on the table filing separately. I'm imagining there's a lot of other folks who are in this same situation who play the Married Filing Separately to lower income based payments game. So is this feasible? Based on my reading she would no longer qualify for IBR filing jointly, but to preserve her accumulated PSLF payments we would need to switch to an income driven repayment plan, which would be either ICR or RePAYE, with RePAYE having the lower calculated monthly payment (approx ~$760 per Fedloan Simulator). Standard repayment in the Fedloan Simulator is only $269 per month, but does switching to that wipe out her accumulated PSLF payments? Or do payments made under standard just not qualify but you still keep previous payments made? We would be ok missing out on 5 or 6 months of PSLF payments if we could switch back to IBR later and she could pick up where she left off. This is all insanely confusing and trying to juggle PSLF in the mix makes it even more confusing. I don't want to leave money on the table here. We're going to be really mad if we end up filing separately and Biden signs another EO extending the freeze until the end of 2021 or something. [link] [comments]  |
| Withdrawing from classes, took out full student loan, I need help Posted: 03 Feb 2021 05:16 PM PST I enrolled in two classes this semester. Calc 3 and linear algebra. This is my first time ever doing online classes and I just started at a new school. My family and I have had a lot happen over the last few months, so I had to take out the max amount student loan ($12,500 because I was not enrolled for the previous semester). Long story short, sh** hit the fan and things spiraled in my personal life within the first week, I had to spend almost all of the money immediately, my depression has spiked to an all time high, and I'm now three weeks behind already without a single submitted assignment. If I drop the classes, I have to pay the money back, which I physically cannot do. I'm panicking. What do I do? I feel like it's over. Can I pay it back over time? I have no intention to return to this school after all of this, so I don't care if I can't enroll due to owing them money (I'm going somewhere else after this), but I need to know if I can at least make payments... Should I just scrape by until the withdraw deadline? ... [link] [comments]  |
| Posted: 03 Feb 2021 08:58 PM PST Fasfa questions, anyone know when we are suppose to get them(redunds)? Thanks. [link] [comments]  |
| What should I do with loan money that I’ve been saving since the forbearance? Posted: 03 Feb 2021 08:53 PM PST I've been saving student loan payments in a savings account since the emergency forbearance started in March 2020. Now that they've extended the forbearance to October 2021, I'm wondering if there is a better place to store this money. In total, it's ~$10k and will grow throughout the year as I save more payments. My savings account gets ~half a percent interest. I plan to do a lump sum payment when forbearance ends, but until then I'd rather hold onto the money. It gives peace of mind and, who knows, student loan forgiveness may be on the horizon (I doubt it). [link] [comments]  |
| Best student loan repayment strategy under REPAYE (0% interest)? Posted: 03 Feb 2021 04:30 PM PST I have five federal student loans (two subsidized and three unsubsidized) that I am paying off under the Revised Pay As You Earn (REPAYE) income-based repayment plan. This plan caps my minimum payments at 10% of my take home pay and keeps any interest from accruing on my loans. So... Given that I have five loans with effectively 0% interest, what is the best strategy for repayment? Should I begin paying off the loans with the largest principal first, or the smallest? Is there a clear benefit to either? [link] [comments]  |
| Question about paying back loans Posted: 03 Feb 2021 10:07 AM PST Am I right in thinking that to continue paying on loans now, while the interest has be suspended, is a good thing? Won't that payment then be going towards the principle of the loan, not the interest? Sorry if this is stupid questions. I've never dealt with student loans before. My spouse has them from before we married and grad school loans from after marriage. I'm trying to figure out a way to get this big debt before us taken care of sooner rather than later. [link] [comments]  |
| Cum laude or graduating sooner rather than later but without honors and a little more debt? Posted: 03 Feb 2021 12:16 PM PST Hello everyone, I've been lurking around here for sometime and have learned so much. Now I have a question of my own. I am a stay-at-home-mom , non-traditional student, with a distance learning 7-year-old, so working is out of the question. My husband is employed, and our living expenses/mortgage are covered, but there is no room for extras and if he misses even 1 day of work-it takes a lot of extra sacrificing to get us back on track-every dollar is accounted for. We are trying to improve our station in life-beginning with me getting a degree-and I am so close I totaled my car-it was old and there was no payout for it as I only had liability-it was 15 years old. After this semester I have 1 class left to graduate. I have approximately $10K in subsidized loans. I'm graduating cum laude. My problems are I don't have the $1700 to pay for 1 more class, and we need a car-hoping to find a used car that will live at least a year so I can look for work after graduation- with income tax My options: are to drop a class (without penalty and without showing on my transcript)-I've already confirmed this with the financial aid office) and take 6 hours in summer-hoping that I receive enough in grants to cover the summer tuition.- The last 3 years I have gotten enough in grants and have only had to pay about $250 out of pocket. Take the 2 classes in the fall-adding to subsidized debt-which I'd rather not do. Tap into unsubsidized loans that that I did not previously accept. or I could take the remaining class at the local community college and pay that out of pocket. The caveat is that doing so would put me 3 hours shy of the 54 hours required to graduate cum laude. Am I being selfish to want to end my college journey with the cum laude designation? I'd appreciate any insight or constructive criticism . Thank you. [link] [comments]  |
| Federal loan obligations as a non-citizen abroad? Posted: 03 Feb 2021 09:29 AM PST Sorry about the throwaway, just for privacy. I was born a US/CA dual citizen, who resided/resides in CA but attended school in US. I have federal student loans, and since attending school, renounced my US citizenship for unrelated reasons. I simply don't understand what, if any repayment obligations I actually have. I know that some US citizens living abroad have the option of income-based repayment subject to the foreign income exclusion on their taxes which essentially results in 0 dollar payments, but I am no longer a US citizen and thus have no taxes to even file. Where in the hell do I stand? Any help is appreciated, I imagine this is not a particularly common scenario. [link] [comments]  |
| Student Loan Refinance Question! Posted: 03 Feb 2021 10:24 AM PST I'm looking to refinance my private student loans after graduating school and landing a job as a nurse. I checked with my current credit union and they're offering 3.9% for a 5 year fixed rate option (I'm looking to pay the private ones off quickly). I'm also looking at other credit unions in the area. Haven't yet checked any banks. My main concern is that I'm also thinking about going back to school for my bachelors (I got my associates degree). Should I wait to refinance until after I'm done with my bachelors and I get any more private loans? I already submitted my FAFSA for one school and I'm getting Pell grants, but that won't cover everything and I was "awarded" unsubsidized loans (more private loans, right?). For what it matters, my job offers some tuition reimbursement, which will kick in after I finish the semester with passing grades. Am I rushing the process? Should I just wait until I'm done with my bachelors? I can still make payments while in school (I'll be working full time while in school). [link] [comments]  |
| Posted: 03 Feb 2021 08:19 AM PST I have the opportunity to make a lot of money, for simplicity let's say $100k. I'll owe income tax, but it will still be added to gross income. Let's say I make $100k/year (ha...haha...ha). Now the Fed Gov sees I made $200k instead of $100k. So will my payments in 2022 be roughly double in that scenario? And will it have any effect on 2023+ ? I wish I could just take the gain, pay income tax, and say booyah!, but I'm worried how I will get hit next year and beyond. Does anyone understand IDR enough to help me out? [link] [comments]  |
| Help, advice! Student debt , collection agency Posted: 03 Feb 2021 10:54 AM PST I owe the university like 5,000 , and this is debt, i never got a loan, i just owe it from past spring tuition. We went to the collection agency and it looks like they charged on another 1600. Unbelievable, Is there a way that I can just settle on the 5000 or how do I even go about this? Im not obviously willing to pay the 5,000 But I just don't justify paying an extra 1600 for the fees? What do i dooo, i also have DACA for reference [link] [comments]  |
| Anyone on here ever went to University of Phoenix? Posted: 03 Feb 2021 10:30 AM PST If so how long did it take you to receive you financial aid disbursements? How long did it take you to get you financial aid awards and accept them? Any help would be appreciated! [link] [comments]  |
| Posted: 03 Feb 2021 10:02 AM PST I just sent an email to Firstmark re: private loan from 10 years ago. 12.75% interest rate. Told them it was unfair and predatory. Who else has had this issue with Firstmark Services/Citizens One? Edit: I worked all through school. I have 30k in other loans, as well. I know I signed contract. Not trying to get out of a payment by any means. I'm pissed that this private lender doesn't offer any forbearance without penalty, even during a pandemic, while also refusing to change payment amount or rate despite a perfect payment history spanning 8 years post grad. I could go without the entitled "you're trying to (insert verb) because (insert name)" comments, thanks ;) [link] [comments]  |
| Shouldn't payments start again? Posted: 03 Feb 2021 06:57 AM PST I've been on "government/federal forbearance" since April and I thought it was over Jan 31. I went to pay my bill and it says nothing is due on my usual date--the 7th of the month (so feb 7). I'm worried that on the 7th the payment amount will show up. I guess it wouldn't be a big deal because I can pay it that day (I don't do automatic pay), but I"m still confused as to why it does'nt say something is due. Anyone know? We use Navient. Thanks!! [link] [comments]  |
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