$305k on 150K salary Student Loans |
- $305k on 150K salary
- Huge announcement from the ED regarding defaulted FFEL loans/COVID
- Should I refinance my 220k in federal student loans?
- Is there anywhere I can find what my loan interest rate would be under normal circumstances?
- Use savings or take out a federal loan?
- FedLoans - Where does our money go?
- Assigning federal loan amounts?
- Any side effect of Borrower Defense?
- Is it possible to receive grants if I'm planning to take free online courses?
- Private Loan Full-Time vs Part-Time Student
- Paper application required?
- Future Loans? No-Cosigner, what is my best plan? Best repayment plan?
- Should I get loans for Accelerated nursing
- Paying loans while in International Masters program
- Bidens new student loan cancellation
- Should I do IBR/REPAYE if I'm not planning on relying on 20 year forgiveness?
- Case status clarification--what does "closed" mean?
- At what point can one declare themselves no longer a dependent on their W2, and thereby qualify for more financial aid?
Posted: 30 Mar 2021 05:21 PM PDT Hey all, So i paid off all my private loans ($30K-ish) and now i have this massive federal loan of 300k. I went to an out of state undergrad and private graduate school. I have no dependents, my rent and house hold expenses are $800 monthly and I earn about $150K a year. Though it was way less last year due to covid and shifts getting cut. But now back to normal. So right now 0% interest. What's my plan of attack? I'm thinking huge sums of money to give monthly once the 0% interest ends. I work at an ED in an underserved area, do I qualify for the federal underserved stuff? Thank you. [link] [comments] |
Huge announcement from the ED regarding defaulted FFEL loans/COVID Posted: 30 Mar 2021 09:54 AM PDT The ED just announced they are extending the covid waivers to defaulted commercially held FFEL. This means zero percent interest backdated to March 13th, all involuntary payments refunded and voluntary payments having the option of being refunded. It also means anyone who defaulted on a commercial FFEL (which is most FFEL) after March 13th will have their loan placed back in good standing. Hypothetically, once the loan is back in good standing you would no longer get the zero percent interest but see my comment below. If you were pursuing rehab and missed a rehab payment during the covid period, that month would still count for rehab (which matters to those who defaulted prior to March 13th) here's the presser https://content.govdelivery.com/accounts/USED/bulletins/2ca3aaa there will be more info on thursday Now - to address the elephant in the room - for those borrowers of FFEL in good standing - there was no discussion of also extending the waivers to them - however they did hint that they are working on something. So if you have the bright idea to default to get the zero percent interest don't do it - one - you don't have enough time to default before the waivers end and two - they MAY be working to extend this further so just sit tight and keep your fingers crossed. [link] [comments] |
Should I refinance my 220k in federal student loans? Posted: 31 Mar 2021 02:30 AM PDT I'm a commission-based healthcare practitioner, making 28% of all collections. So basically, if I don't see patients, I don't get paid. Each month is different but I collect (after taxes) anywhere between 12k to 18k a month. 2020 I made $222k ($150k 2019). I have been at this job for almost 4 years now. I am married, husband has salary paying job at $80k. This year I paid off all my private loans totaling 50k. I have 200k in FedLoans with 20k outstanding interest in limbo w/ COVID. I never consolidated. There are around 14 loans with interest rates ranging from 5-8% when active. I am on an IBR plan from when I first exited school. I have no idea what that is going to look like when I re-certify soon.... as my income progressively increases as I gain a patient base. My husband has 250k in student debt: 60% federal and 40% private. Right now I'm trying to hustle down my own debt, but chiming in on the bigger picture of us as a whole is welcomed too. We are early 30's, just bought our first house this year (1.6k a month mortgage), 70k in savings (plus our 401ks). No kids. We both come from low-income, struggling families and are completely self-made (hence the significant debt). I say this because I keep hoarding money in savings as a safety net. I need a financial planner (I know this) but I get very anxious living pay-check to pay-check which is why the 70k hasn't been applied towards loans. So with all that being said, my main question is: given that I'm commission (i.e. not a stable salary) do I refinance my loans and consolidate for a lower interest rate? Should I just hustle down my debt with the government and have the safety net if I cannot make payments? Should I stop putting so much in savings and start throwing it at the loans? Thank you in advance for all opinions and input [link] [comments] |
Is there anywhere I can find what my loan interest rate would be under normal circumstances? Posted: 30 Mar 2021 01:13 PM PDT I recently got married in December, so I headed to the Studentaid.gov Loan Simulator to try to get a handle on what mine and my wife's IBR/ICR monthly payments would be when filing jointly vs. separately. When it came time to enter in each of my loans, I logged into myfedloan.org to view the interest rate on each of my loans, and of course, they all display 0% right now. Is there anyway I can view what the interest rate would be under normal circumstances on the website right now? I've reached out to them via email and am awaiting reply, but I wondered if there was maybe something I was overlooking. [link] [comments] |
Use savings or take out a federal loan? Posted: 30 Mar 2021 10:34 PM PDT Hi everyone! I'll be going to grad school in the fall and am debating whether to use my savings or take out a federal loan. The program will cost ~27k, which after working the last 5 years I am fortunately able to pay for. However, my goal was to use these savings towards buying property within the next couple of years. I'll be living in an area with a high cost of living, and was thinking it might be worth it to take out a loan to pay for school so I can use my savings on rent/food as opposed to spending it all on tuition. I'll likely be entering the workforce with a relatively high salary and would plan on paying off my debt within 2-5 years. Any and all advice is appreciated :) [link] [comments] |
FedLoans - Where does our money go? Posted: 30 Mar 2021 11:50 AM PDT Kind of curious if anyone can help me find this information. The interest generated from my loans and paid into the Federal Government. Where is that revenue going? Does it go into the DOE? Does it go into a general fund? UPDATE: OK I sort of found and answer. Seems like there's a lot of debate over accounting practices and whether or not the loan program generates a profit. It still doesn't really answer "where" the money goes. But my best guess is the DOE. [link] [comments] |
Assigning federal loan amounts? Posted: 30 Mar 2021 08:00 PM PDT Hi everyone, I have a question about graduate school loans: I will need to take federal and grad plus loans out to cover part of tuition and living costs. My family would like to contribute to tuition and pay the school directly, as "gifting" that amount of money for living costs could fall into taxation issues—-here is my question, is it possible to assign X amount of federal loans to tuition after my family pays their portion of tuition, and then use the rest of those loans for living costs? I know schools directly apply loans to tuition, so how would this work? Pay the tuition amount prior to loan disbursement? Sorry if this is a stupid question, I just don't understand how if schools automatically apply loans to tuition one can contribute their own money prior to loans being applied so they can use the loans for living costs. Thanks for any help! [link] [comments] |
Any side effect of Borrower Defense? Posted: 30 Mar 2021 09:55 AM PDT I am about to submit a Borrower Defense against the school where I did my master's last year. [link] [comments] |
Is it possible to receive grants if I'm planning to take free online courses? Posted: 30 Mar 2021 04:35 PM PDT I'm sure it's a stupid question but I really don't know the answer and I'm having trouble finding it. I'm thinking about taking some free online courses but I'd like to really be able to devote my time and effort into it. Any help would be greatly appreciated. [link] [comments] |
Private Loan Full-Time vs Part-Time Student Posted: 30 Mar 2021 04:32 PM PDT I'm in my last quarter of college, and I don't need enough credits to be a full-time student in order to graduate on time (I only need 8, registered for 12). Right now, I only have one private loan through Discover that just disbursed for this quarter. If I drop a class and it bumps me down to a part-time, does that usually change anything with a private loan? Like do, I have to notify the lender (Discover) and will there be any (monetary) consequences? [link] [comments] |
Posted: 30 Mar 2021 04:32 PM PDT Howdy all. Recently my wife and I submitted an IBR application through studentloans.gov, and then we submitted supporting income documentation over at the servicer website. Weird bit: she got an email saying that she was required to fill out a paper application. Well, I called the servicer and the spokesperson had never heard of such a policy, and confirmed that they received the application from studentloan.gov and our supporting documentation. So...what gives? I've done this all online before, confirmed that she and I have been on IBRs in the past. And the servicer said to do it online. So why this email saying a paper application is required? Thanks for any help. [link] [comments] |
Future Loans? No-Cosigner, what is my best plan? Best repayment plan? Posted: 30 Mar 2021 10:14 AM PDT Any advice is appreciated as a first-generation college freshman on their own. I'm currently a freshman at a community college transferring next year to a state school where before aid the average cost is $28,269 and after aid for a household income under 30k is around $12,000. I currently have $3,500 subsidized loans and $2,000 in unsubsidized loans (I get the most financial aid possible from FAFSA, including the $6,345 Pell Grant). After the 6 month grace period after my PhD program, the interest will be 2.75% for both. Once I graduate undergrad, I will have $16,500 in federal loans. Next year, considering there will be no change in my low-income household financially, I'm assuming this aid will continue next year. This means, if the statistics are fairly accurate, there will be around $24,000 left for my cost of attendance. I don't have a co-signer since my mother does not help me financially. I don't know if I'll get merit scholarships yet or if there is any more need-based aid. I have a credit card and am still establishing a credit score, but I should have a score in August. QUESTIONS: Where should I take out loans if I can't afford school? Can I take out a loan with a student credit card (I have Chase Freedom Student)? Has anyone appealed their financial aid decision to get more money? Should I look into the Parent Plus Loan if I can convince my mother (I would be paying it back)? The interest rate would be 5.30% after I graduate. Should I start repaying the unsubsidized loans during my PhD program before there is interest? I plan on attending a school with a $30,000/year stipend (I probably will only have around $8,000 for my own expenses) and working part-time, should I try and pay off the unsubsidized loans first before the interest rates begin? Is there a way to forgive/reduce some of my loans if I have low-income once the grace period ends? It says my first payment is due in 2026, but I won't graduate from my PhD program until 2028, what does this mean? Do I have to start paying in 2026? Or will it change once I am enrolled in an institution? Thank you so much for reading! Again, any advice helps and is VERY appreciated. [link] [comments] |
Should I get loans for Accelerated nursing Posted: 30 Mar 2021 09:59 AM PDT Hello, I'm currently about 50k I'm debt. Should I take on additional 40k loan with co-signer to get my bachelor's in nursing or wait until next spring and start my associates in nursing? Is it going to be that bad for me to pay off my loans if I start paying while I'm in school? TIA [link] [comments] |
Paying loans while in International Masters program Posted: 30 Mar 2021 03:35 PM PDT I was recently selected for a Masters program in Europe. I still have some federal loans from my undergraduate in the US. While the school in Europe is tuition free, I am curious if I can put my loans in deferral while I am finishing the masters. The only information I can find with in school deferment is that it must be an eligible college at least half time attendance. But not clear what is an eligible college or if there is a specific list. Anybody have experience with this? Or recommendations on how to approach paying back loans while attending school abroad with loans? [link] [comments] |
Bidens new student loan cancellation Posted: 30 Mar 2021 07:19 PM PDT With this new cancelation for those whom applied for disabled cancellation. Are they no longer under a year income supervision? Is that wiped out, or is it only during the covid pandemic? [link] [comments] |
Should I do IBR/REPAYE if I'm not planning on relying on 20 year forgiveness? Posted: 30 Mar 2021 03:11 PM PDT My gap between standard payments and income-driven payments is pretty large. I can't afford standard monthly but I can afford more than the IDR minimum. [link] [comments] |
Case status clarification--what does "closed" mean? Posted: 30 Mar 2021 03:03 PM PDT Recently checked on my case status and at studentaid.gov my case has a status of "closed." I'm not sure if it's always been there or if that is recent. Does that mean my case has been denied? [link] [comments] |
Posted: 30 Mar 2021 12:25 PM PDT I have a TAX Question. I'm trying to help my son navigate financial aid and loans etc. He qualifies for some loans but not quite enough. My question is, at what point can he legally declare himself NOT a dependent? He's in an undergrad program, but he lives in an apartment (lease is in his name). We works so has some income but not enough to be above poverty level. I of course support him and give him financial assistance to get by. But, If I decide to NOT claim him as a dependent on my taxes, and on his taxes he declares that no one can claim him, is that enough? I'm assuming he'd qualify for much more financial aid (hopefully grants and scholarships) if he applied showing only his meager earnings, not tied to his parents. Anyone know anything about this? [link] [comments] |
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