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    Are student loans ever worth it? Student Loans

    March 09, 2021

    Are student loans ever worth it? Student Loans

    Are student loans ever worth it?

    Posted: 08 Mar 2021 09:01 PM PST

    Going into my masters program this fall, I have a couple fully funded options but my dream school is only offering me 30% tuition. The dream school is better in every way. Are student loans ever worth it? Need some insight before I put myself $75k in debt for an MPH. Have those loans significantly limited your quality of life? If you could go back, would you do it all over again?

    submitted by /u/ThrowawayKED
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    REPAYE for 400k in loans?

    Posted: 08 Mar 2021 12:54 PM PST

    Hi guys I'm a dental student graduating this year and I've been deciding how to tackle my debt. My current plan is to do REPAYE and invest aggressively into stocks and other investments and hopefully have enough wealth in 10 years to pay everything off. Is this a reasonable plan or am I being too optimistic?

    submitted by /u/immrmeseek
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    Watch out for Student Loan Debt Relief Scams!!!

    Posted: 09 Mar 2021 02:37 AM PST

    Safe to say that I fell for this scam and I just wanted to flag to the community to watch out and be careful. Please never sign or agree to any contract before researching the company. Here are some things to look out for:

    • You have to pay upfront or monthly fees to get help.
    • The company promises immediate loan forgiveness.
    • A salesperson pressures you to sign up.
    • You're asked to share sensitive personal information.
    • The company advertises on social media or shows up in search engine ads.

    Source

    The company that reached out was Debt Relief Plus, Inc. I couldn't find anything about them online (red flag) and after the conversation, there was an assurance call that basically said:

    - "Do you understand that any payment made will not go towards your load"

    - "Do you understand that this is a third party"

    etc.

    They charged my card immediately and I just can't believe I feel for it, I knew the call was going too smoothly. Please watch out and be careful!

    submitted by /u/njpandabbc
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    Financial Aid Help

    Posted: 08 Mar 2021 08:31 PM PST

    Hello all, I sincerely apologize if this is the wrong sub to ask this question. I missed the FAFSA deadline for the school I plan on transferring to (Temple University from a local community college) . Is it still possible for me to receive good financial aid, or possibly compensate through other forms of aid or scholarships? I currently have a 3.6 GPA, however I have not really looked into scholarship opportunities. I am not very knowledgeable in this area, so please bear with me.

    submitted by /u/throwaway224932934
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    I keep getting declined for loans

    Posted: 08 Mar 2021 08:29 PM PST

    I have tried 3 different websites where they haven't approved my loan application due to my credit score or the lack of credit that I ever had because I never used a credit card or financed a vehicle, is there any websites that can help me get approved the loan amount that I'm trying to get it's 13,550$ for out of state school called New Jersey City University! Please help me if you can, what are some ones that will approve you

    submitted by /u/ishmael5
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    Student Loan Refund

    Posted: 08 Mar 2021 03:45 AM PST

    So I requested a refund from my student loan provider (EdFinancial). This was about a month ago. Immediately after a rep told me a request for the refund was submitted, the loans were back on my account. Is it normal for the refund process to take this long as I have yet to get the money back?

    submitted by /u/TheWings977
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    Student Loans vs. Roth IRA

    Posted: 08 Mar 2021 09:01 PM PST

    I am currently an undergraduate graduating in May with ~$22,000 in federal unsubsidized student loans. I make a payment on these loans every month (while still in school) and have been able to pay a little under 5,000 over the course of my undergraduate years.

    In August, I will be starting graduate school and anticipate this will cost anywhere from 60-100k that I will have to take out in student loans just for tuition. I also am unsure of where money for living will come from as I don't think I'll make enough in the limited hours I can work while in graduate school.

    I have about $200 a month (not much, I know) available to me currently to split between investing in my Roth IRA and paying off my loans. I am currently putting the majority of this into my loans as I've been able to apply as refunds and this seems like a more short term problem, but I'm wondering if this is the right strategy on how I should be allocating this money. Any advice is welcome.

    submitted by /u/gnortonnn
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    Optimistic to assume 0% student loan interest will extend to 2022?

    Posted: 08 Mar 2021 02:13 PM PST

    Refinance While Private Rates Are Low?

    Posted: 08 Mar 2021 07:01 PM PST

    I currently have 5 student loan tranches, all federal, totaling ~$200k. Graduated in May and haven't paid a penny at 0% interest, just stockpiling cash for the time being. Trying to figure out a payoff strategy, and have a few questions:

    1. Does it make sense to refinance a portion of my loans now while rates are low? Interest rates have been rising over recent weeks. My federal loans currently at ~7% probably could have been refinanced below 4%, but I'm fearful rates will rise up to 5%+ by September.

    2. I have about $80k in cash. Should I pay down some of my loans before shopping for rates? Obviously I don't need to refinance the loans that I plan to pay down. But will they look at a lower debt burden more favorably (even if my cash balance decreases as well)?

    Thanks so much!

    submitted by /u/warrior824
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    Not sure what to do in my situation.

    Posted: 08 Mar 2021 04:51 PM PST

    I've maxed out of my student Pell Grant due to the number of switches for classes to maintain a GPA for Pell Grant loans. Now, I was told I maxed out, the cost is $30,000 to finally finish the semester for my degree.

    Last semester they denied me of leave of absence after my aunt passed away and my grandma got cancer. I said that I was going to fail and not be able to focus on my studies. I don't know if I can appeal anything. They also didn't tell me that they withdrew the COVID policies that help for grades.

    I am also a transfer from the Art Institute and heard people there still got loans discharge from even transferring but not sure how.

    submitted by /u/Immediate-Hawk9356
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    How feasible?

    Posted: 08 Mar 2021 04:49 PM PST

    Im a 19-year-old college senior that will be graduating this June. I plan on going to law school this fall which will cost me about 120k in total. I luckily do not have any undergrad loans due to my amazing parents. How quickly will I be able to pay the loan off and how feasible is it? Im grateful to this community.

    submitted by /u/HunterLeast5459
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    Student Loan Lost FSA Status in Refi... Options?

    Posted: 08 Mar 2021 04:06 PM PST

    I recently and regrettably refinanced my student loans in an attempt to get a better rate. But in the refinance, my loan lost its FSA status because I mistakenly refied with a private lender. I spoke with FSA, the lender (Earnest), and they both say it's too late. I'm losing out on the interest free period thru September and will lose out on any student loan debt forgiveness Biden passes into law in the future. All to save a few hundred bucks in interest a year... is there anything I can do in order to pick that FSA status back up for my loan?? Thank you in advice for any advice!

    submitted by /u/HeadsUp7Butts
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    Need help deciding what federal loans to get rid of first and monthly payment question.

    Posted: 08 Mar 2021 05:00 AM PST

    I recently graduated, so I haven't had to pay each month yet because of forbearance. Would anyone be able to estimate how much I would have to pay each month? It would be nice to know so I could plan for when it ends. (Standard repayment plan)

    I was thinking of avalanching the unsub loans first because they're less and I could get them out of the way quickly and then move onto the sub loans. I do have enough in my bank account atm to get them out of the way right before forbearance ends.

    What do you think the best way for me to start would be? Which loans first and in what order?

    These are my federal loans. Includes the total, any interest, and the interest rate. The number at the end is the order I'm thinking of getting rid of the loans. (Format may be messed up; on mobile)

    Unsub loans

    Loan 2 $2,059.09 IRA 3.760% 4.

    Loan 4 $2,204.17 $204.17 IRA 4.450% 3.

    Loan 6 $2,130.59 $130.59 IRA 5.050% 1.

    Loan 8 $1,026.86 IRA 4.530% 2.

    Total $7,420.71

    Sub loans

    L1 $3,428.00 IRA 3.760% 8.

    L3 $4,500.00 IRA 4.450% 7.

    L5 $5,500.00 IRA 5.050% 5.

    L7 $5,500.00 IRA 4.530% 6.

    Total $18,928

    Overall Total: $26,348.71

    Thanks for your advice everyone. I am going to switch 1. and 2. around.

    submitted by /u/Spoyertopas000111001
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    Paying extra on REPAYE

    Posted: 08 Mar 2021 11:43 AM PST

    I have been on REPAYE for the last two years. I currently have no payment due to COVID-19 forebearance but will owe $43 a month starting in September. If I pay significantly more than this amount for a short period, will it affect my eligibility in the future? Because I will only temporarily be able to pay significantly more than I owe.

    submitted by /u/iziore
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    Have a unique situation regarding filing FASFA, can I get some help please?

    Posted: 08 Mar 2021 02:17 PM PST

    So here's the story: My girlfriend is trying to go to college out of state this fall. Her tuition for a fixed rate tuition plan is 7,800. She is confused on how to go through with her FASFA and here are the conditions surrounding it:

    ​

    She was adopted and lived with her adoptive parents for the 2019 and half of the 2020 tax year (enough for them to claim her again) for the second half she lived with her biological mom, then in 2021 she moved in with a friend paying her own rent and being independent. Who's taxes does she upload for FASFA? Also, she and her adoptive parents are not on speaking terms at all. What does that mean if they are necessary? And her biological mother did not file taxes for 2019 or 2020 as she is a quite literally a bum. How can she proceed with FASFA? Are there resources she can contact to find out?

    ​

    This just a follow up general question but as far as private loans go how much do banks lend, will they lend to a college student with a decent score but not much history?

    ​

    In the end.. How can she pay for college? Thank you for reading any help would mean the world to us.

    submitted by /u/iiHunt0197
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    If I become my father’s legal caretaker, and he has $40k in student loan debt, but I’m not a co-signer, will I still be responsible for his debt in the event that he dies?

    Posted: 08 Mar 2021 08:10 AM PST

    What is a manageable amount of student loan debt to pay off for a CS major for undergrad at a 4 year university?

    Posted: 08 Mar 2021 04:26 PM PST

    My dad thinks 140-280k is reasonable and I need to prove him otherwise

    Edit: Idk why this is getting downvoted?? It's not my fault that my parents don't understand finances. I am posting this here so that I can get ideas to disprove them and convince them that it's not a good idea.

    submitted by /u/RandomPerson777666
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    Advanced Learner Loan for Level 3 Course.

    Posted: 08 Mar 2021 12:20 PM PST

    The CPCAB website says I can get an advanced learner loan for a level 3 counselling skills. Would I then be able to get funding for a level 4 course in a psychology course with open uni?

    Many Thanks

    submitted by /u/Justalong4thednaofit
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    Please Help: Need Loan Without Cosigner!

    Posted: 08 Mar 2021 11:11 AM PST

    Hi all,

    I'm a pre-pharmacy student in Utah. I need I used to be able to apply for student loans on my own without a cosigner due to my high credit score. Then a former university put me in collections for a mere $15 (which I never knew about until a month ago). My credit score went from 730 to 650. It is now is 700, but it's not good enough to get a loan without a cosigner.

    My parents don't mind cosigning but after all they've done for me, I'd really prefer not to have them cosign. I've applied with Discover and Sallie Mae, but I needed a cosigner for both.

    I need to apply for summer loans before April. Do you know any institutions that allow students to apply for loans and get approved without a cosigner?

    Thank you in advance.

    submitted by /u/girlsforpele
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    Any advice about reconsolidating services?

    Posted: 08 Mar 2021 10:19 AM PST

    Hello! I'm posting this in behalf of my boyfriend. He's struggling on his student loan journey and any advice is greatly appreciated. It's really unfortunate that he graduated in the middle of the pandemic and recession.

    I'm seeking out any advice for my current situation. I've graduated in June 2020 with a degree in Game Design and currently have approx. 75,000 in private loans (Sallie Mae). I currently live with my parents (Indiana) and work part time , a minimum of 12 hours per week with a weekly minimum earning of approximately $300. I currently have around 3,000 in savings and soon my monthly payments will be over 1,200. I currently do not have a car, which prevents me to go to a second job. I've attempted to reconsolidate through SoFi and Capital One, but was denied by the high debt low income ratio. Are there other services I can apply? The best I can do right now is do a 3 month forbearance with Sallie Mae to see if I can find a remote job full time.

    submitted by /u/absurdbelle
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    Don't know what to do

    Posted: 08 Mar 2021 04:49 AM PST

    Okay I'm from South Africa so converting money will be a little difficult. Minimum wage here is R20/hr (about US $1.29)

    So I was kicked out of school halfway through my 2 semester cooking course (1st semester practical cooking, 2nd semester pastry) because we couldn't pay for my tuition because my father lost his job without notice from the company he was at, we tried going to a bank to get a student loan for me after he started his own business but couldn't because he was still in debt and couldn't sign as my surety/guarantor, I asked my mom but she's a remarried housewife and her husband is in debt so no luck there. I had a job for 2 months but had to leave because I was working full time(5/6 days a week) and making less than R2000 a month ($130) and constantly being told that what I'm doing is never good enough even though I was getting constant praise from customers on my products going out(I was the restaurant's pastry chef), now I don't know what to do, I can't get a job that's going to pay enough to cover loan payments because I'm not qualified and can't get a student loan because I don't have anyone to sign as my surety.

    PS: I thought of a scholarship for the pastry course but realise it was pointless to try because one of my lecturers said when they were holding scholarship tryouts, I guess you would call them, they ended up giving it to a single mom that was battling to feed her kids because they "felt sorry for her" , so they didn't give it to her based of her ability to cook but out of pity, which isn't fair to anyone else applying.

    Now I don't know what to do, I paid and completed my first course but can't get my certificate that proves I'm qualified in that 1st course because I haven't completed my 2nd course, I applied for postponement on my 2nd course so I could come up with the fees but it was rejected and they are demanding I pay the whole tuition for the second semester in full before I can return which is just under R100 000 (US$6451.45), I am really stuck I don't know what to do can someone please help. I can't get a student loan from a bank because my father doesn't earn enough to be my surety and can't look into government payment options because they only provide financial aid for public universities, which I don't attend and don't provide my field of study. Please help.

    submitted by /u/TheBootsThatWalked
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