Loan Went from 31.9K to 13.9K in One Year Student Loans |
- Loan Went from 31.9K to 13.9K in One Year
- ITS UNDER 9000
- Paid off my first undergraduate student loan!
- Sold the house and paying off our student loans.
- 500k student debt, don’t know where to start
- Paid off a student loan!!
- Great Rate Offer On Student Loans, conflicted on what to do
- Over my head in debt
- Haven’t paid my student loan installments in almost a year and I don’t know what to do! HELP!
- Advice: Entering a Grad Program w/ Private Undergrad Loans
- Feeling guilty about student loans
- Signature Error when submitting
- Federal Student Loans in Default w/ Collections - Rehab or Consolidate?
- Unknowingly had my PRIVATE loans in default since August 2020. Just recieved a settlement offer from the collections agency and am very confused on how to proceed or who to trust
- Tax Refunds Seized, not seeing it applied to my debt though...
- Help!
- Parents paying grad student loans
- HHLoans
- Just graduated now student loans are demanding I pay in full
| Loan Went from 31.9K to 13.9K in One Year Posted: 02 Mar 2021 02:37 PM PST I've observed this reddit for a long time, but finally made an account so I could celebrate. The whole student loan process has been filled with anxiety and dread, but I want to say there's hope. There's light at the end of the tunnel, y'all. I took out a 41K loan for grad school. I work in TV in Los Angeles, which means I live in a HCOL area with very little entry level pay. After working in the industry for 4 years, my salary hit the highest heights -- 54K before taxes. Here's my budget breakdown. Rented one bedroom in a 3BR apartment for $1100 a month including utilities (13K). My car payment (zero percent interest) and car insurance come out to roughly $500 a month (6K). My food/grocery/gas budget averaged $500 a month (6K), though I occasionally went over budget because it is WORTH IT to enjoy traveling, eating, and getting that coffee out when you want it! I gave another 6K away to my church, covid food banks and other poverty relief. My student loan payment was $600 a month (7.2K). I took any extra in my budget, my stimulus check and tax refund and threw it to my student loan. Unfortunately, I refinanced my loan right before covid so my interest rate would go from my federal rate of ~6.4% for 2 federal loans down to 4.13%. Two weeks after my loan went through, federal loan rates went to 0%. I refinanced a few weeks ago through earnest again and got a lower rate of 3.07%. A year ago I was paying $4.59 a day in interest. Now, I pay $1.17 a day, adding $100 a month to my budget, which I am throwing toward the principal. I am posting to celebrate! I am posting to encourage anyone who reads this! It's possible! I hope to pay off the rest of my bill this year. And I also want to say: even though it won't help me, I am all for student loan forgiveness and a whole restructuring of this system. It is predatory for many who get stuck on income based repayment plans. I paid all my interest so it wouldn't be added to the principal when I changed plans and there was a "mix up" where it didn't go through in time, so I ended up paying over 4K in interest/capitalization when I switched plans in 2018. Thank you all for encouragement through the past 4 years! Here's to financial freedom for all of us soon! [link] [comments]  |
| Posted: 02 Mar 2021 06:20 PM PST |
| Paid off my first undergraduate student loan! Posted: 02 Mar 2021 08:44 AM PST Title says it all. I'm a graduate student getting ready to apply to medical school. Due to saving and having a job in the medical field I was able to utilize my stimulus money and my income to pay off my first big private loan. I still have a few more private loans and more government loans but I'm excited to have taken the first step in financial freedom. Thank you all who have posted on this subreddit and have given me advice needed to have gotten here. Couldn't have gotten here without you all and I appreciate it. Stay safe out there and best of luck ok your debt free journey's! [link] [comments]  |
| Sold the house and paying off our student loans. Posted: 02 Mar 2021 11:09 PM PST Just sold our house (the market is hot in California and it went well over asking) and we were going to put it toward the next house (we want bigger to grow our family). However, my husband and I have 80k in student loans together and owe 12k for my car. We found out we're getting 92k back from the sale of our house (have been here 2 years, nice profit for us). We're deciding to go debt free and use the proceeds to pay off both student loans and my car and growing our savings even more to purchase a home with no debt. I'm thrilled. [link] [comments]  |
| 500k student debt, don’t know where to start Posted: 02 Mar 2021 05:35 PM PST 500k student debt. All Federal loans at 6% average interest rate between my wife and I. Current household income 170k with increase to around 600k in a few years. How should we approach this? Wait to refinance till after income increase? PSLF is not something we want to pursue. Wife also wants to stay at home after a few years (her salary is around 100k) [link] [comments]  |
| Posted: 02 Mar 2021 06:28 PM PST Big (but kinda small) victory today!! I paid off my $1000 student loan today!! I was paying off a bit of it in August and then they pushed the 0% interest until the end of the year and I was gonna try and pay it off by December, but I was also paying into my highest interest federal loan, so I wasn't able to pay it off until today!! Last payment of $225. I was going to pay it off this month regardless, not until the end of the month most likely, but then my tax return, with both of the last stimulus checks, hit my account and I immediately scheduled the last payment for as soon as possible. I have a wave of relief washing over me seeing that $0 balance and this tiny victory. But its one step closer to being debt free!! The annoying part now is trying to decide which one to start going after next, why do the balances have to be so high! [link] [comments]  |
| Great Rate Offer On Student Loans, conflicted on what to do Posted: 02 Mar 2021 05:27 PM PST So to give my current loan situation: Federal Student Loans (COVID Forebalanced): $25,183.38 & $17,566.27 @ 4.25% -- $236.65 Private Student Loan: $34,795.69 @ 4.09% -- $274.46 Private Student Loan Refinance Offers (that I'm considering) through Common Bond (best rate): 10 years @ 2.89% (Private Loan paymetn is about $334 10 years @ 2.99% (Private Loan payment is about $240 So these are great rates, and I'm definitely refinancing my private loans. I think it's best to hold onto my federal student loans for now even though forgiveness is unlikely. I'm considering just paying the minimum payment on both federal and private loans and sticking the money into the market, as it should easily beat the private loan rate more often than not. And any major payments go to my federal student loans instead (once interest starts occurring on those loans again). Once I get enough to pay off the loans in a lump sum and taxes, I'll pay off the loans. Does anyone have any thoughts on this approach? Or thoughts in general. [link] [comments]  |
| Posted: 02 Mar 2021 01:43 PM PST Recently graduated with a master's degree and now have student loans from undergrad and grad school totalling ~$170k. Wish I could go back and make different choices. Been feeling discouraged and like I'll never see the end. Some are federal, grad plus, and private. Any advice on refinancing or otherwise? Ideally I want to pay well above minimum and get them paid off in 5 years or less, is this even possible though? Between my husband and I we are going to be making ~$110k/year at best. We don't have any other crazy living expenses thankfully, just your standard rent and monthly bills (no car payments or credit card debt thankfully). Any advice is appreciated!! [link] [comments]  |
| Haven’t paid my student loan installments in almost a year and I don’t know what to do! HELP! Posted: 02 Mar 2021 08:28 AM PST Bit long, but every piece of info is important, sorry! I live in India. I asked for a gap year after High school but my parents refused and said I'd be wasting my life amongst a butt-load of other unnecessary comments. I couldn't decide what I wanted to pursue (my options were: fine arts, law, psychology, architecture) so they figured that they'd decide for me and FORCED me into Hospitality. I kicked, begged, screamed, and cried to no avail. They then decided that they'd make me take out a student loan to pay for it. My dad also said that it was insurance against me dropping out. Safe to say, I HATED EVERYTHING about it - the students bullied me, molested me, and left me out of everything for the 3 miserable years I studied there. I even had a good old mental breakdown after the first year there and begged to leave. So, last year my parents and I lost our jobs due to the pandemic and I couldn't pay the installments nor could I ask someone for aid (I have no close friends or family). The situation where I live is horrible and there's hardly any jobs available. Hotels have started hiring again but they're paying half the salary they used to. I was barely scraping enough to pay my loan when I did have a job. I've degrees in hospitality and a lot of experience with reputed hotels but that doesn't matter because everyone's desperate for a job and people accept these jobs for the meagre pay companies are offering (with ten times the work load due to government restrictions on staffing). I've been hunting for jobs (other than hospitality as well), and turning too many of them down since the pay is about the same as my EMI. I've tried to speak to the bank manager for other options, but his responses were : - There's nothing I can do about it. - I can only sympathise with you. - Ask a neighbor for the money. - Tell someone else to pay it for you. - You won't be allowed to travel. (To which I said 'I don't have money to pay my loan, how do you expect me to travel?) - Do you even know how loans work? What do you expect from us? Basically, he was very condescending and unhelpful. I've even started my own small business to help with everyday finances but it's really not enough! My original loan amount was about $6k (seems like a small amount but it's a lot here) and the interest increases it by $1.5k annually. I've been paying for 3+ years and it's now almost $7k (numbers aren't precise. Just an idea). My dad put our house up as collateral and now they're guilting me with 'we're gonna lose the house because of you'. I didn't ask for this career, nor the loan, and not the pandemic either! I'm DESPERATE! I'm horribly depressed, I'm anxious to the point that I can't function normally anymore, and I don't know what to do! Any advice would help! [link] [comments]  |
| Advice: Entering a Grad Program w/ Private Undergrad Loans Posted: 02 Mar 2021 11:17 AM PST Hello please forgive me as this is my first post. Background: - I have recently graduated in December 2020 from my undergrad with about 85K ish in a mix of private and federal loans, majority of it being private from Sallie Mae and 1 one from College Ave. - I will be entering a graduate program Fall 2021 and am trying to avoid taking out more loans and possibly begin paying them off while in the program. Advice: - I want to know if it is legal to pay off my private student loans with grad federal student loans? - If it is possible, what is the difference in paying them off in bulk immediately versus payment by payment? I appreciate any advice, thank you in advance. [link] [comments]  |
| Feeling guilty about student loans Posted: 02 Mar 2021 02:32 PM PST Hey! Lately I've been feeling really hopeless about my loans, my tuition in Canada is crazy expensive and I'm considering getting my undergrad and just stopping. I haven't even finished my 4 years and I'm around $50,000 in debt. Any advise to stay positive? [link] [comments]  |
| Signature Error when submitting Posted: 02 Mar 2021 08:21 AM PST On the last page to sign for my 21-22 fasfa. I get an error when submitting after signing. I followed all their trouble shoot steps including downloading the app and trying through their and nothing happpens. On the app i hit submit and i get a loading wheel for a few secs like its processing and then it disappeares and stays on the same page. Please help. [link] [comments]  |
| Federal Student Loans in Default w/ Collections - Rehab or Consolidate? Posted: 02 Mar 2021 11:05 AM PST So I haven't been very good about keeping up with student loans over the past few years (depression, too many loans, low paying job, etc.) but now trying to get in a better place. I have a few questions/clarification items below: I currently have my fed loans in default, and they are with collections company Coast Professional. Originally Coast called me saying I can set up a payment rehab plan to remove the default off my report. Does that mean it's still in default until I pay it all off? They didn't explain that part well. And does this loan not belong to the government anymore (just thinking ahead in terms of if the current Biden administration will forgive the $10k, will I be able to get that forgiveness if it's still with coast?) So my two options are to rehab through Coast (pay a lower amount monthly, and eventually remove the default off my report (but potentially not getting forgiveness if it ever happens - can someone confirm or deny this?). Or to consolidate all loans through studentaid.gov and get loans on an income driven plan and get them current - but from what I understand, the default will stay on my report - is this correct? Also if I consolidate with the gov then all my loans will be back with fed loans/the government so if a forgiveness amount does happen I'd be eligible. Any advice here? Thanks!! [link] [comments]  |
| Posted: 02 Mar 2021 10:43 AM PST Long story short, I have a loan in default totaling around ~$39,000. The collections agency is named TSI. I got off the phone with them and they offered me to pay $25,000 to settle the debt. I just don't understand how this is possible or how I can verify that these people are legitmate. I have about $35,000 in my bank account I was saving up to pay off my loans and now it seems like I can do it--at a steep discount too. Advice? Guidance? Really have no resources in my life for financial literacy or support, and have never been exposed to debt collection. [link] [comments]  |
| Tax Refunds Seized, not seeing it applied to my debt though... Posted: 02 Mar 2021 10:12 AM PST I took out a Stafford loan in 2009 for $4,880. I was irresponsible and immature and forgot about it for a while. Fast forward 12 years. I'm 30 now and trying to tackle the debt properly. The total is now $6,347. $4,880 plus accrued interest. Records show that no payments have ever been submitted towards principal or interest. Where would I find out how my seized income tax refunds were applied? They've been taken from me my entire 20's. I'm struggling to figure it out and came here because I'm feeling extremely stressed and a little hopeless on finding this information. I can't for the life of me reach a human and thought I was properly navigating the telephone prompts. Any help? Thanks everyone [link] [comments]  |
| Posted: 02 Mar 2021 08:55 AM PST I don't have a lot of debt, but enough that it's a hardship to me. I'm looking to try and consolidate or see if I'm eligible for forgiveness. I'm curious if any of you have tried to do it on your own? If so where did you go? I don't want to pay a service to do it, especially since I know we can do it ourselves for free. Im worried about accidentally giving my information to the wrong place. So... anyone have any suggestions, or tips? Any steer in the right direction would be appreciated. [link] [comments]  |
| Parents paying grad student loans Posted: 02 Mar 2021 08:24 AM PST I graduated last year and have 175k in student loans at 6%. My parents have suggested that they pay my loans off over the course of 1-2 years and i can pay them back at no interest over the next decade. They have suggested paying off 50k every 3-4 months and paying minimums in between larger payments until its finally paid off, however, their accountant has stated it isnt the best method. The accountant said that paying off 50k in a single payment every few months would raise red flags with the IRS and possibly warrant an audit since last year i was making less than 15k/year with a part time job in grad school. My parents then suggested paying off roughly anywhere from 500-1k every week henceforward until its paid off, saying that payments less than 4k would not raise any suspision from the IRS. Any 2nd opinions about this? Any accountants here agree/disagree with my parents accountant? Also keeping an eye with any government help with student loans [link] [comments]  |
| Posted: 02 Mar 2021 06:47 AM PST Does anyone else have experience with HHLoans? They are a lender in Texas but I can't tell if they are private or public. Their website doesn't give a lot of information and was just curious if the Public Service Loan forgiveness applies to them? [link] [comments]  |
| Just graduated now student loans are demanding I pay in full Posted: 02 Mar 2021 08:06 AM PST I just recently graduated in December and my student loans are asking for full monthly payments which are about $600 a month. I CANNOT afford that. I'm 23 and currently trying to move out on my own and it would be impossible to pay that amount, plus my car insurance, plus rent, plus my sick cat's vet bills (paying out of pocket for btw). Does anyone know of a way I can lower this monthly significantly? Or maybe even recommend a job I can get where I can actually afford this robbery? 🥲 [link] [comments]  |
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