My husband's and my Student loan balance is around $500,000 (250K mine + 250K his) Student Loans |
- My husband's and my Student loan balance is around $500,000 (250K mine + 250K his)
- Best loan payoff Progress Visualization?
- Advice
- Does my partner's immutable income count towards her discretionary income for her income driven student loans?
- Question about student loans
- Advice for Parent Plus loans through Granite State Management & Resources?
- Wells Fargo transferring loans to Firstmark... is now a good time to refinance?
- Tax Filing Status for Marrieds when one pursuing PSLF
- No grants?
- Refinanced federal student loans already?!
- Hypothetical question: What would happen to a borrower that simply stopped paying a $100K+ student loan?
- Why wouldn't I?
- Private loans or Federal?
- How to file taxes with debt?
- Are Student Loans taken out now also frozen on interest payment?
- Exit counseling question - do I still need to pay federal student loans if I withdrew?
| My husband's and my Student loan balance is around $500,000 (250K mine + 250K his) Posted: 09 Feb 2021 11:40 AM PST We've been together for decades but just got married this year so I could put him on my health insurance. He is retired. I'm 57 and he's 64. We are debating about filing married single or jointly. The refund/$ owed is $3000 different. If we file jointly we get $3000 refund if we each file single we owe a few hundred dollars a piece. But my understanding is if we file jointly then we both have to use our combined income for each of our income driven repayment plans. Add to that I am on track for the PSLF plan. I suspect that my payments will go up a little but his will go up a tremendous amount which he cannot pay on Social Security. Has anybody else been in this situation? Or are in in now? Are you just filing separately and paying the couple hundred dollars that you owe? Or can you get FedLoan to only look at your personal income and not your Adjusted Gross income with your spouses income included? Thanks for any help. [link] [comments]  |
| Best loan payoff Progress Visualization? Posted: 09 Feb 2021 08:11 AM PST I have 24 open student loans from 8 years at many different amount and interest rates (and 5 paid off loans!). What graphics or charts did you personally like or use to visualize/motivate yourself? I've seen charts that look like candy land, charts that look like a thermometer (meh), etc. What did you like? [link] [comments]  |
| Posted: 10 Feb 2021 01:50 AM PST So... 13ish years ago I started uni... I did 2 years had student loans and grants and never completed my course. I currently pay these loans off. Which is fine. However. Now I am Older I regret not finishing my degree. I want to go back uni and start again a whole new degree. Would I get financial support? [link] [comments]  |
| Posted: 09 Feb 2021 01:51 PM PST My partner has a good job which provides her with health insurance. My job does not provide me with health insurance. We are domestic partners (legally) in NYC and are looking to join me to her health insurance. I know that she will be taxed on what her employer contributes to pay for my health insurance and that is considered immutable income. That totals nearly $12,000 a year and will appear on her paycheck. My question is, her student loans are income driven so she pays based on a percentage of her income. Will the commutable income from my insurance which she is paying taxes on count towards the income which is used to compute her income driven student loans? More or less, will the addition of the commutable income of my being added to her insurance increase her student loan payments since it is considered "income"? Thank you for your help!! [link] [comments]  |
| Posted: 09 Feb 2021 03:16 PM PST Not sure if anyone could help me or answer my question. My loans are in forbearance until Sept 2021. Is it worth not paying anything on them until then? Or pay something on them? I was in Income Repayment and was giving them about 100-300 a month. (Right now if I stop paying until Sept, it is more money towards my car payments and other bills) My plan was if/when we get the next stimulus to use 900 towards my two lower loans. Pay those off. Thank you! :) [link] [comments]  |
| Advice for Parent Plus loans through Granite State Management & Resources? Posted: 09 Feb 2021 12:24 PM PST In my undergrad, I took out a total of 32k loans from Granite (including current accrued interest), which range in interest rates from 6.310% to 7.600%. From 2016 to 2017, I put a total of $2,200 in payments on those loans, none of which were applied to the interest of the loans. When I called to inquire why those funds weren't applied to anything, they claimed that since I was an "Authorized Payer" instead of the actual "Borrower," I could only pump funds into the system, but not actually apply them. My funds were in limbo since 2016, and apparently, my mother is the only one who can apply the funds, since the loans were taken out in her name. Is there anything that can be done to retroactively apply those payments to the interest at that time? Moving forward, is there anything I can do to put the loan in my name as the "Borrower" and take my mother off the loan (so her name isn't tied to the loan anymore)? I have a feeling my best bet is to simply refinance to put the loan in my name and for reduced interest rates. Edit: The type of loans are "DIRECT PLUS". [link] [comments]  |
| Wells Fargo transferring loans to Firstmark... is now a good time to refinance? Posted: 09 Feb 2021 12:14 PM PST My loans ($5k) are at a 11-12% interest rate and I've been meaning to refinance. Firstmark is an extension of Nelnet which I know has been a great company for me at least. Will the option of refinancing be available when the loans are transferred or are we just stuck with what we originally agreed to? I'm hoping because they're being transferred that there's more wiggle room for changing rates. Has anyone inquired about this yet? I plan to call in the coming days— will update if I get any new info, but so far WF hasn't had much to say. [link] [comments]  |
| Tax Filing Status for Marrieds when one pursuing PSLF Posted: 09 Feb 2021 10:36 AM PST Greetings all! I go back and forth on our tax filing status so much - even more so now with the freeze and the impact that one year of filing jointly could have on us. All of our remaining loans are public and serviced through FedLoan. Would love to hear from someone else who has dealt with this and what route you chose to go. Here's what we're looking at:
It definitely would be nice to get back a higher return by filing jointly, but obviously we want to maximize forgiveness. I know there is uncertainty as to what may be coming in terms of federal forgiveness. Are there any glaring reasons to any of you as to why would we file one way versus another? [link] [comments]  |
| Posted: 09 Feb 2021 05:37 PM PST Hello all, I've applied to 6 colleges and currently I'm 3 for 3, great! 4 out of the 6 colleges offer an aviation major where I can walk out with all of my ratings and can go straight to an airline in about a year after I become a flight instructor at said university. I've heard back from 2 out of the 3 so far for financial aid. Aannnddd... yeah. Both of the colleges haven't offered ANY grants. College A wanted my parents to take out a ParentsPlus loan for $16,000 EACH SEMESTER + subsidized and unsubsidized loans totaling about $2,700! Collge B only offered subsidized and unsubsidized loans for a total of around $5,000. College A is $158,900 for 4 years (with flight training, room, board, other BS included). The other school which only offered subsidized and unsubsidized is $140,000 (flight training, room, board, other BS included). My EFC was 19,000 according to the FAFSA. I had some mix-ups where apparently the SSN on some of my documents (I'd assume my SAT somehow; thanks college board) was incorrect. I also submitted my first FAFSA without registering for selective service. Since then both have been fixed (I resubmitted my FAFSA and registered for SS and called the colleges I've been accepted to and gave my correct SSN). Parent A said they can "only" give $12,000 a year ("only" be subjective; $12,000 in my eyes is a SHIT ton). Parent B said they've been in so much debt (trying to save a dying marriage with Parent A by previously paying their student loan debt, credit card bills, etc.) along with paying ~$22,000 in child support a year that they're just starting to get out and can't give me anything. Parent A said there is no way they're taking out a $16,000 loan each semester for College A. College B just didn't offer anything besides federal subsidized and unsubsidized loans totaling $5,000. Is there something I'm doing wrong? How come I haven't received ANY grants from these colleges? How does College B expect me to pay $29,340 (1st year out of state; tutition, board etc) + $19,000 (1st year flight training) + $35,232 (2nd to 4th year in-state; tuition board) + $57,000 (2nd to 4th year; flight training) totaling $140,000? Is this typically what happens where they try to swindle you and take your cash until you submit a financial aid appeal and they say "ok fine"? I'd really love some input. Thanks all! Also this situation is very specific. If for some odd reason my college advisor browses reddit and recognizes me, then hi! Thanks! EDIT: Just for context, my current high school tuition is $24,000, but was blessed to receive $14,000 a year all 4 years for financial aid. That is the best idea for how much we can afford. [link] [comments]  |
| Refinanced federal student loans already?! Posted: 09 Feb 2021 04:53 PM PST Hey everyone, not sure if this is the reddit for this type of question. I was recently told by a friend that they are receiving loan forgiveness for their federal loans. As the title suggest, I already refinanced my federal loans with a private company. This was January of last year before everything crazy happened(America). I had 24k in federal loans and the interest was killing me. I have been aggressively paying off my loans. Living with my parents and working from home has allowed me to put over half of my monthly income into my loans(60k total from 74k original) So am I absolutely screwed? Did I just throw away 24k or is there a way to still have that forgiven? [link] [comments]  |
| Posted: 09 Feb 2021 03:26 PM PST It seems like a lot of people who post questions about their loans are in deep, deep trouble. They owe hundreds of thousands of dollars and in many cases, they never even got a degree. So I have a hypothetical question: What is the worst that could happen to someone who just stopped repaying a massive student loan? Obviously it would wreck their credit but for how long? 7 years? Life? Could they get sued? I want to be clear that this is all hypothetical. I'm not asking this for myself. I've only got $1,600 left to go on my student loan so I'm almost done paying it all back. [link] [comments]  |
| Posted: 09 Feb 2021 11:29 AM PST Loan Type School Current Owner Guarantor Navient is telling me Im not elegible for forbearance right now because my loan is owned by THEM and not the federal gov't. They are telling me I should consolidate, thereby turning it into a federal loan which would then be elegible for forbearance. What with everything going on I want to also be elegible for forgiveness if the administration passes it. Is there any reason I should NOT fill out the paperwork Navient sent me and consolidate? FWIW I've worked for non-profits for 10+ years but haven't persued PSLF because I was too naive. Now I am learning but unsure if it is too late. If I consolidate do I lose PSLF options or is that avenue still open to me? Thanks for any help - I've been unable to pay on this and kept getting forbearances, which I now REGRETTTT because I now owe more than double the amount I owed when I graduated. :( [link] [comments]  |
| Posted: 09 Feb 2021 02:36 PM PST I'm currently enrolled in university and I have a bit of extra cash on my hands. I have a pretty considerable amount of student loans right now that I have consistently been paying off the interest and some principle. But with the federal loan interest rate being 0% right now, would it be better to put this extra cash towards my federal loans or private? Which one would save me more money in the long run? [link] [comments]  |
| Posted: 09 Feb 2021 01:13 PM PST I have around 60k in federal loan debt while my wife has zero student loan debt. Our total household income is around 76k. When I file my taxes, what impact would this have on us filing married but separate and filing jointly? [link] [comments]  |
| Are Student Loans taken out now also frozen on interest payment? Posted: 08 Feb 2021 10:02 PM PST As title suggests, are student loans taken out today in preparation for the 2021 Summer/Fall classes frozen under the Biden plan? [link] [comments]  |
| Exit counseling question - do I still need to pay federal student loans if I withdrew? Posted: 08 Feb 2021 09:17 PM PST Hey! I withdrew from a private college because of the tuition costs. They told me because I did it within their deadline, I won't need to pay the student loans. I get an email about exit counseling saying I would need to pay federal student loans. "We are writing to remind you that you have a loan from the federal government that must be repaid." I'm just very much annoyed by this, I plan to head to the school tomorrow but it's giving me anxiety. Thanks! [link] [comments]  |
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