- With payments frozen until Oct 1st, do we know what (at this point) is supposed to happen then? If on an IDR, do your payments pick up at whatever they were before? For how long? When does recertification for IDR happen again? Is it due by Oct 1, or some later date? Maybe no one knows yet, but
- Will profits from selling my house impact my IBR payments?
- University changed the amount I am receiving from a Sallie Mae loan. Can I cancel the Loan before the funds are dispersed?
- Escaping to another country to start with a clean slate
- How do I log in to FASFA?
- is automated refinancing possible?
- Retrieving old statements from Firstmark Services
- Tax deduction and student loans
- Cannot access any student loan website
- Sallie Mae is very aggressive when you miss a payment.
- Aim for Student Loan Forgiveness under IBR or pay it off?
- First Graduate of a 200k Parent Plus Loan family
- Do you need to work a public service (PSLF) job I order to qualify for IBR or PAYE repayment plans?
- Ny Tap
- Finding Out Interest Rates in Forbearance
- Selected for verification can I use the IRS Data retrieval tool to fix it?
- Cancelling my forbearance
- Can anyone help me figure out how much my disbursement will be?
- Regarding student loans, I heard there's an "undue hardship" clause. How does this work, and will I qualify?
- REPAYE during funded PhD
- American Education Services still charging interest
- Question for people with experience with 6-figure debt, IBR, LRAPs, PSLF, etc?
- Extremely Depressed and Need Advice on Repayment
- Refinancing a Private Student Loan with (temporary) Covid Job Loss
| Posted: 02 Feb 2021 08:24 AM PST to me these seem like pretty basic and pertinent questions that should've been answered in any EOs or legislation. Are there any answers to these questions, that anyone knows of? I have looked on all the .gov sites and so far I haven't found answers to these specifics. Thank you. eta why on earth would someone downvote this? These are legit questions that a lot of people need answers to in order to make financial decisions going forward, especially with taxes being done now. [link] [comments]  |
| Will profits from selling my house impact my IBR payments? Posted: 03 Feb 2021 03:12 AM PST |
| Posted: 03 Feb 2021 02:51 AM PST I took a SM student loan to help cover some expenses due to lack of work during covid. I was approved for my original amount, now my university has lowered the amount to 25% of what I was approved for. This will not cover my expenses and rent with my lack of work. Am I able to cancel this loan since they changed the amount I will be receiving from my initial request and approval? If I can cancel this loan, I will apply for a personal loan to cover my expenses since my hours have been slashed due to covid. [link] [comments]  |
| Escaping to another country to start with a clean slate Posted: 03 Feb 2021 01:25 AM PST Hello friends. This following question does not really apply to my real-life situation but I'm just gonna ask anyway hypothetically. Say my federal student loan is 200k and I cant pay. Can I just flee the country and reside somewhere else in this world? Starting with a clean slate? Will the debt collector chase me to another country? Will they sue me overseas? How powerful is the U.S loan anyway to actually track someone down? A second scenario with that is that I have a cosigner (ouch) if I default and get out of the U.S, what would happen to that cosigner? [link] [comments]  |
| Posted: 03 Feb 2021 12:39 AM PST |
| is automated refinancing possible? Posted: 02 Feb 2021 08:00 PM PST Hi, I have only private loans and am currently looking to refinance them. Does anyone know if robo refinancing is a thing? Are there any companies that will keep refinancing your debt when lower rates are available? I know I can do this myself, but since there are plenty of robo-advisors for wealth management, I feel like there should be some for debt, right? [link] [comments]  |
| Retrieving old statements from Firstmark Services Posted: 02 Feb 2021 11:19 PM PST I'm needing to retrieve old statements of my student loans when they were serviced by Citibank, but since they were transferred to Firstmark I cannot get them to send the old statements. Is this legal? Thanks for the consideration! [link] [comments]  |
| Tax deduction and student loans Posted: 02 Feb 2021 11:15 PM PST Are student loan payments tax deductible? For example, if I paid 10k on student loan, will I be eligible for tax break? [link] [comments]  |
| Cannot access any student loan website Posted: 02 Feb 2021 10:20 PM PST This includes the main 3, myeddebt, nlsds and studentloans web pages. I posted a payment that was charged but the day after it wasn't posted, now I cannot access the page. Anyone else? [link] [comments]  |
| Sallie Mae is very aggressive when you miss a payment. Posted: 02 Feb 2021 02:37 PM PST Okay so I normally auto debit with Sallie Mae. Ended up getting a new card and the old one was still on file with them. You can use a card over the phone but not on their website. Long story short, I forgot and I was two days late. Oh I paid, but they still called me 12 TIMES in that two day period at the most inconvenient times (driving to work or while at work). Thankfully the snowstorm gave me a day off to rectify it. It's fixed, and their automatic calling system is still calling and I have to wait until tomorrow. Are student loan companies legally allowed to be more aggressive with their phone calls than debt collectors? I think debt collectors are limited to like three calls, but Sallie Mae is much worse than that. [link] [comments]  |
| Aim for Student Loan Forgiveness under IBR or pay it off? Posted: 02 Feb 2021 07:20 PM PST I'm looking for a calculator or excel sheet that will help me visualize whether it makes more sense for me to either: (1) pay the minimum monthly and aim for student loan forgiveness under IBR; or (2) whether I should aggressively pay off the remainder of my federal student loans. My current salary is $120k in the legal profession. Balance of federal student loans is $81k (consists of 7 direct subsidized/unsubsidized loans) I have about ~9-10 years left for loan forgiveness. My current monthly is $584, but that will go up next time FedLoan re-evaluate's my salary. Currently not paying and saving up until payment resumes in September 2021. Any info would be greatly appreciated! [link] [comments]  |
| First Graduate of a 200k Parent Plus Loan family Posted: 02 Feb 2021 06:23 PM PST My mom took out over 200k of Parent Plus loans to put me and my 4 siblings through college. There's currently 3 of us in school, and I'm going to be the first to graduate in May. My parents are unfortunately not hugely financially savvy and we all thought all those years ago this was our best and only option. I have a few questions if anyone has any info or guidance. 1) If we consolidate and seek to get on an ICR payment plan, would this affect my siblings current loans considering they're still in school? Will we be charged the full 200k amount outright or will the bills come as we graduate and leave the "current student" grace period. 2) As it stands we are looking at 700-800$ a month for the total monthly Bill should my mom file separately this year from my dad. I got this info from the Loan Simulator service from the loan website. Does this total change as my siblings further accumulate debt and start to graduate? 3) Will my mom have to consolidate with each graduate? Can you consolidate more than once? And does that affect the 25yr forgiveness plan? My siblings have all agreed to pay what is owed each month in our own shares, but I will be the first to enter the workforce and the first to start payments. I'm very confused and frankly terrified as I approach graduation this Spring. I'd like to help my mom however I can considering she absolutely buried herself in debt to put us through school. I also have 20k in my name that I will hopefully be able to pay off very quickly after getting a job or have forgiven from PSLF. Any guidance is greatly appreciated. [link] [comments]  |
| Do you need to work a public service (PSLF) job I order to qualify for IBR or PAYE repayment plans? Posted: 02 Feb 2021 06:13 PM PST Under The government website it says IBR and PAYE are a good choice for PSLF workers. I'm not sure if this means you have to be working for a public service to utilize these or if it just means that these are the best most optimal ways to save money especially if you work public service [link] [comments]  |
| Posted: 02 Feb 2021 01:05 PM PST I'm currently stuck on what to do. My TAP application was recently purged and now I don't know what to do. It keeps telling me I can only start it through Fafsa. But I don't have the link to share the information from Fafsa to Nytap. Is scheduling a call with HESC the only way to go? (It takes really long to get in contact to a HESC representative) [link] [comments]  |
| Finding Out Interest Rates in Forbearance Posted: 02 Feb 2021 01:05 PM PST Hey y'all. My wife and I are now in a position to start making payments again to her student loans, even though they are still in forbearance (we finally built up an emergency fund we are comfortable with). The problem: We'd obviously like to pay off the loans with the highest interest rate first. But since everything is in forbearance, the interest rates all say 0%. There is no way for me to tell which loans will have a higher interest rate once forbearance ends. It may be small potatoes, but with almost 6 figures in loans, small payments towards the higher interest rate loans will definitely add up. Is there anyway to tell what the interest rates for each loan will return to after forbearance? I find it incredibly annoying this isn't blatantly posted on the website. Her loans are all with Fed Loan Servicing. [link] [comments]  |
| Selected for verification can I use the IRS Data retrieval tool to fix it? Posted: 02 Feb 2021 04:48 PM PST Title, will the data retrieval tool count for verification? If not, how do I do verification? [link] [comments]  |
| Posted: 02 Feb 2021 04:44 PM PST All my student loans are federal. I'm trying to purchase a house and my dti is too high because of the sum of my loans even though my monthly payment is 0. My problem is I'm in ibr and although my payment should be 0 I must not have updated my info because it's saying my next payment is nearly $500. I'm unable to change my repayment plan because I don't have a payment due until September. My question is if there is any negative impact that could happen from this? I would still be paying $0 because I would update my info, interest would be at 0%, and my dti would decrease because the monthly payment would be correct. Am I missing something? [link] [comments]  |
| Can anyone help me figure out how much my disbursement will be? Posted: 02 Feb 2021 12:31 PM PST I have $3173 for a pell grant $500 FSEOG grant And my stafford loans haven't been determined yet. I was just wondering if they always give you the full amount on the stafford loans? And if anyone could give me an estimation of what I may get disbursed to me that would be awesome! I just filled four my fafsa about a month ago so it'll just cover the spring semester. [link] [comments]  |
| Posted: 02 Feb 2021 04:07 PM PST I'm using my own personal experiences for the details here (nothing that will identify the institutions where I got the loans) but I understand there are tons of people in the same boat. I'm in Montana and as far as I'm aware, the laws are all the same for all towns/cities here but I could be wrong. I went to two different colleges but didn't graduate from either. In total, I borrowed just under $40,000. I started paying them back in 2010. As of March 2020 I have paid $48,000 and still owe $20,000. I was fired on the last day of February 2020 and was able to make one last payment in March. Due to losing my job, I have fallen way behind on my payments but I can't get through to the call center to ask about lower minimum payments. I started working for myself in May 2020 but due to car problems, I haven't been able to work as much as I need in order to pay for food and rent, let alone $500 per month for these student loans. One of my institutions has just announced that they will not allow for any more consolidation loans (my best guess is because they're not making money off interest due to the interest freeze enacted during the pandemic, but I have no actual proof of this) or private loans intended to pay student loans. Even if I were to consolidate (I didn't graduate so as far as the information I've gathered goes, I don't qualify for consolidation anyway), I still wouldn't be able to afford the monthly payments. I have doctor bills I'm way behind on, other debts that are going to collections due to my inability to pay, and in order to continue working, I need some expensive car repairs. I've been living with my mom for a while so I can try to get back on my feet but it's still a huge struggle. I'm unable to get a physical job until my medical issues are figured out to the point where I know what kind of job I can actually do. If I'm forced to pay the regular minimum payments, I won't be able to afford anything else in my life until I can get back into full-time work. Please let me know if more information is needed. I look forward to seeing all the advice I can get. [link] [comments]  |
| Posted: 02 Feb 2021 12:19 PM PST I'm about to finish a master's degree but starting a totally separate PhD program in the fall. I will have a stipend as a PhD student, which I think is going to be on W2 for at least part of my program. I think my payments under REPAYE would be less than $100 throughout based on what my AGI will be. Due to various circumstances, I have basically zero risk of a massively ballooning payment based on the REPAYE calculation, and also won't be burdened by the small payment I expect to have. I won't have any loans from the PhD program, it's fully funded. Maybe I'm grasping at straws but I'm really hoping to find a way to prevent 5+ years worth of accrued interest on 150k of loans from capitalizing at the end of my PhD. I know that if you're going the forgiveness route, you should be prepared for your loan balances to go up rather than down, but I figured there might be a way to hedge my bets in case the government changes the plans in a bad way at some point in the future as well as minimize the tax hit I might have at the end of the forgiveness period. Anyways, here's my questions about handling federal loans from undergrad/master's degree while I'm in a PhD program:
I got the info on the subsidy from recent articles on multiple personal finance websites so I'm assuming that's accurate for now. If I'm doing the math properly REPAYE could save me ~16.5k in accrued interest over the course of 6 years in comparison to leaving everything on in school deferment, not to mention the fact that I wouldn't be capitalizing ~40k onto the principal when I graduate. I realize these are super specific questions but I just wanted to see if anyone might know, thanks! [link] [comments]  |
| American Education Services still charging interest Posted: 02 Feb 2021 03:44 PM PST Hi, I realized the other day that one of my loans is still taking payments and charging interest. It was originally a Stafford loan with Great Lakes, but was sold to AES a few years ago. They are claiming that this loan is "bank owned" and therefore exempt from the CARES Act. I thought I understood private vs. public loans, and that this was a public Srafford loan. In fact, I thought all Stafford loans were public. To make things more confusing, they are offering income based repayment plans. Does this make sense to anyone else? Thanks in advance! [link] [comments]  |
| Question for people with experience with 6-figure debt, IBR, LRAPs, PSLF, etc? Posted: 02 Feb 2021 11:39 AM PST Hey everyone, genuine question(s) about the consequences of taking on a lot of debt to go to law school because I am the idiot who may be about to do just that :/ First off, I know that debt is scary, always risky, and constricting of lifestyle and career options. That said, I've spent a lot of time reading about IBR, LRAPs, and PSLF....and it all seems somewhat manageable to me. Seems like the worst-case scenario is paying 10% of your discretionary income for 20 years, and then having it wiped clean. Or, let me correct that, WORST case is they don't address the huge potential tax bill that will land at people's feet when they get their debt forgiven after 20 years, but I'm hoping when the first group hits that deadline, Congress will be forced to take action. I know PSLF is also very fairly seen as unreliable, but I have talked to a lot of attorneys for whom it has worked, albeit with very careful documentation and certification every year. Seems like biggest issue is 1) making sure at the start that your payment plan qualifies and 2) routinely making sure you and your loan servicer are on the same page about how many qualifying payments you've made. Basically I'm coming here to learn to understand how wrong I am and what I might be missing from my fairly pollyanna assessment of what it means to live with six-figure law school debt? I hope this post doesn't seem obnoxious. I am well aware that there is a ton I can't even begin to imagine about debt, which is why I wanted to ask people with direct experience. Thank you so much -- and I hope everyone is hanging in there. [link] [comments]  |
| Extremely Depressed and Need Advice on Repayment Posted: 02 Feb 2021 06:03 PM PST -30 years old -290k in federal loan debt at an average of 6.5% interest. -I will finish training and start work in July and be making roughly 250k pre tax. (Roughly 12K after tax per month) -If I want to "Dave Ramsey it" and pay my student loans off in five years I will be paying roughly 6k a month for the next five years of my life. To say I am depressed about my student loans is the understatement of the century. I feel like it is a noose around my neck crippling me. I basically have nothing to my name. I do not have a reliable car or own any large assets. Nor do I want to, I just want to be at $0. I have been in training the entirety of my twenties. At some point I want to note be a slave to a school, student loans, a mortgage, car payment, etc. This is depressing and overwhelming and I do not know how to move forward with this... [link] [comments]  |
| Refinancing a Private Student Loan with (temporary) Covid Job Loss Posted: 02 Feb 2021 02:13 PM PST Hi, and thanks for reading. I am currently paying off my private student loans through Thrivent. I refinanced Chase loans through their company about 4 years ago, and was only able to do so with my husband as cosigner because of my debt to income ratio . I owe $58000 and my interest rate is 6.24%. My husband and I have good credit (810/820 respectively), and have been paying on these loans since 2009 without a single late/missed payment. I would like to see if we could take advantage of the lower interest rates that some companies are offering BUT currently, my husband is laid off due to Covid. He is a live sound engineer and the chief operating officer for an audio company where he's worked for 12 years, and has been on unemployment since July. Pre-Covid, he was making $72,000 to my $30,000. I'm wondering if there's any way that we can still attempt to refinance right now- I assume it's not okay to use his pre-Covid income on an application? Would we use his income from unemployment? Since it is so much lower than his previous annual salary, I worry that we wouldn't be approved. It seems nuts to me that we would be unable to apply to lower the interest rates on my loan during a period of financial hardship because of said financial hardship, but wouldn't surprise me in the slightest if that were the case. Any insight into this would be appreciated. [link] [comments]  |
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