Student loan repayment strategy. Focus on one loan or split to pay both for my wife and i? Student Loans |
- Student loan repayment strategy. Focus on one loan or split to pay both for my wife and i?
- Advice!
- Looking to refinance student loans. Should I refinance my private and federal loans together or just the private loans in hopes of federal student loans forgiveness.
- Taking a semester off?
- Grad Plus Loan
- Florida Coastal School of Law - InfiLaw Forgiveness Under Borrower Defense?
- Federal or Private Loan?
- Should i apply for income-based or REPAYE plan? [working in a third-world country]
- Advice???? Put money towards student loans?
- Eligible up to 175K of my student loans to be paid off for 3 years of service due to NHSC however I have a question.
- Navient Billing Direction ?
- new to all this loan stuff
- Student Loan Question and Plan
- Has anyone been successfully approved for a private loan for a certificate program at a 4yr university?
- Switching from IBR to REPAYE, and being on multiple repayment plans
- 6k in school debt, also don’t have a car and very little money, but have good job after graduation. What do I do about transportation/housing?
- Paying off my student loan. Any interest discounts with the D.Ed. I could take advantage of?
- My Major was put on Probation. Do I still have to pay loans?
- Private Student Loan
| Student loan repayment strategy. Focus on one loan or split to pay both for my wife and i? Posted: 06 Apr 2021 05:21 AM PDT My wife has 32k in student loans. I have 52k. Initially i thought we could pay at the same time until i had a realization that it may be better to pay hers first, and then mine by making double payments and getting the principle down faster. If we split the payments, more will go towards interest. Am i thinking about this right? There was someone who suggested making the lowest payment to the bank, and then making a secondary larger payment so that it can go towards the principle. Does it work like that? As an example, normal payment includes $550/m. Changing it to time based or income based lowers the payment to more than half. If $200 is the initial payment, would the second payment of $350 go to principle? [link] [comments]  |
| Posted: 06 Apr 2021 08:59 AM PDT Hello! I'm just looking for a little bit of advice on my current situation. Once I graduate with my BSN I'll have approx. 60-65k in student loans! 14k of that will be private and the rest all federal. The starting salary for BSN in my state is anywhere from 60k-75k depending on location. Once I graduate, I'll move back in with my parents, and will not have any other bills except for my loans and just basic living expenses like food, gas ect. I would love to have a strategy before I graduate on how I'm paying these back. I plan to have them paid within two-three years and then be done with them. I also plan to pay off my private ones ASAP because of the high interest rates. So please let me know what has worked for you. Is this amount going to hurt me financially later on? [link] [comments]  |
| Posted: 06 Apr 2021 11:27 AM PDT
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| Posted: 06 Apr 2021 03:13 PM PDT Hello, Before the pandemic hit, I took a semester off and then returned to school less than half time. In December 2019, interest accrued on my loans. I guess I used up my grace period by not returning to half-time or more? Then the pandemic hit and no other interest has appeared, which makes since, right, since they dropped it to 0% for now? My main question is: Is there any reason NOT to take this semester off? Last semester was really hard and I need a break. They're going to force me to start paying them back when the COVID relief ends in September anyway, right? Being in school half-time+ for Spring won't change that will it? Or half-time + in Summer? Thanks. [link] [comments]  |
| Posted: 06 Apr 2021 12:02 PM PDT Hey, Im trying to accept my admission into graduate school but want to get all my finances in check. I was wondering...do ya'll think I will get denied for grad plus loan? heres my situation: -tons of loans from undergrad (which i just graduated so haven't had to pay on any yet) - barely any credit history (just got my 1st secured credit card last week) -the only thing on my credit is a collection for an apartment i never lived in and got a sublet for thats trying to charge me even tho they never reached out (been on there for 4 years and its $455) Will I get denied? worried, confused, and stressed! any positive advice and help is welcome :) [link] [comments]  |
| Florida Coastal School of Law - InfiLaw Forgiveness Under Borrower Defense? Posted: 06 Apr 2021 06:30 AM PDT FCSL lost its Title IV eligibility this year under the rules from new Biden Administration. Has anyone been successful in receiving student loan forgiveness for loans from FCSL or InfiLaw under the Borrower Defense to Repayment? If so, when and how did you go about it? Are loans obtained from InfiLaw susceptible to the loan forgiveness program Biden announced for the $1B cancellation a couple weeks ago? I am assuming the answer is no to the later question, unless you already submitted a claim. [link] [comments]  |
| Posted: 06 Apr 2021 09:06 AM PDT Hello Reddit - I am in the process of finding a loan for grad school. Total bill will be 72K. Is it better to get a student loan or a private? I have an excellent credit score (760+), which I understand can make private loans more attractive. But I have only really dealt with federal loans in the past. Any advice helps! Thanks! [link] [comments]  |
| Should i apply for income-based or REPAYE plan? [working in a third-world country] Posted: 06 Apr 2021 08:09 AM PDT I am the first one in my family to ever have student loans and I need your advice. I am currently enrolled in a graduate program and have loans ($10K+). Earlier last year when everything went downhill and moved online, I decided to fly to the Philippines and work as a teacher where i get a stipend of about $300 a month. I know that seems like chump change but they provide housing and the cost of living here is really low plus I am absolutel loving what I do! Graduation is coming up and so I tried the loan simulator. It says that with my current income I need to pay $0/month with IBS and REPAYE. Is this true? If so, if i stay here for good, is it wise for me to just wait out the 25 years and pay the income tax on the forgiveness? Is the forgiveness even a sure thing? I am very nervous about it because as you might infer, I am not currently swimming in cash. Thanks in advance. [link] [comments]  |
| Advice???? Put money towards student loans? Posted: 05 Apr 2021 03:12 PM PDT Hi! I'm about to graduate with my masters in occupational therapy, and will have around 90,000 in debt (private school🙃) my parents have given me options for a very generous graduation gift: a 2019 car with around 30,000 miles paid off (my car is very old and has a lot of mechanical issues, barely hanging on by a thread) OR $10,000 in cash. I'm unsure what to do because I don't know if I should put the $10,000 in a Roth IRA/or stocks, start to pay on my loans, or take the car. I'm needing a second opinion!!! just wanting to make the best financial decision. [link] [comments]  |
| Posted: 05 Apr 2021 03:15 PM PDT Hello everyone I will be graduating from grad school and be a psychiatric np. I will be working for a company that qualifies for both programs within the (NHSC) Loan Repayment Program - HRSA,
Both of these I can get up to $175K of loan repayment in a 3 year span. Now everyone so far at the facility has been able to qualify but here is my problem. I have $120k in student loans.
I can get my federal loans paid off by NHSC but parent plus loans are not qualified(they are not in my name but my fathers). However Laurel Road, Sofi and CommonBond offer student loan refinancing that allows parents to refinance parent PLUS loans in their student's name. ____________ NHSC guide: NHSC states: Consolidated or refinanced loans may be considered for repayment, if they are from a government (federal, state, or local) or private student loan lender and include only qualifying educational loans of the applicant. If an otherwise eligible educational loan is consolidated/refinanced with ineligible (non-qualifying) debt of the applicant, no portion of the consolidated/refinanced loan will be eligible for loan repayment. For loans to remain eligible, applicants must keep their eligible educational loans segregated from all other debts. Eligible educational loans consolidated with loans owed by any other person, such as a spouse or child, are ineligible for repayment. Loans that do not qualify for loan repayment include, but are not limited to:
------------------------ I'm going to call them up but before I do would you think this is a good idea to do? I can probaly pay it off in the first year(106k base, 15k bonus, $11k quarterly incentives that are attainable) but why do that when I can get the program do it for me? Thanks for the help! [link] [comments]  |
| Posted: 05 Apr 2021 11:47 AM PDT This may be a really silly question but could someone please explain the difference in Navient Billing Direction options? I'm currently making payments on my loans while they're in the 0% period and I'm not quite sure how exactly each billing option will effect my payments after the interest kicks in again. Here is what the say for options: "You made a payment that is equal to or more than the amount of future monthly payments – do you want to be billed for your full Monthly Payment Amount? (Note: We'll always apply your Overpayment toward your Current Balance.) The Billing Direction assumes that payments you have scheduled are going to post to your account. Billing Direction •No, Advance my due date by the number of payments I cover. Even if you have zero amount due on your billing statement, continuing to make payments will reduce your total cost of borrowing. •Yes, Bill me for my full monthly payment. You will be required to make a full monthly payment with your next billing statement." Does it really matter which one I choose? My understanding is that the advance due date only a little better because then I wouldn't necessarily have a payment due but the interest will still accrue so I really should be making payments anyway, right? Thanks. [link] [comments]  |
| Posted: 05 Apr 2021 12:58 PM PDT Hi I wanted to see if I can get some input on how to approach these loans; for context, im 21, going for my bachelors and doing a fifth year starting fall 2021. I have at least over 20k in my bank account atm from covid stuff and work and just saving it all up in case for a rainy day whatever that day may be. I took a hard look at my loans and my interest rates and was trying to see what I can tackle now so taking it on later will be more seamless ig. Thank you all in advance! sub - subsidized unsub - unsubsidized loan 1: $3,500.00 [4.450% interest] (sub) loan 2: $2,000.00* [4.450% interest] (unsub) *just accrued interest so now its $2,206.50 loan 3: $4,500.00 [5.050% interest] (sub) loan 4: $284.00* [5.050% interest] (unsub) *just accrued interest so now its $303.66 loan 5: $3,542.00 [4.530% interest] (sub) loan 6: $5,500.00 [2.750% interest] (sub) loan 7: $1,200.00 [2.750% interest] (unsub) total: $20,753 (as of today [4/5/21]) [link] [comments]  |
| Student Loan Question and Plan Posted: 05 Apr 2021 01:46 PM PDT I might get downvoted a lot, but I'm genuinely curious and I want to know if my plan seems good: Background info: Graduated in Dec 2020. Owe $13.5K in student loans. Repayment begins June 2021 Question: Has anyone had luck with reducing the principal on their student loans IF you were to call the office (my case Mohela) and ask them by how much would they lower it if you were to pay it off in full in one payment? (I will call as soon a get a chance to; was just wondering if anyone has ever asked) The Plan: My dad would loan me the $13.5k and I would pay him. That way I don't pay interest and my student loan balance doesn't accrue. I am waiting on Biden to see if he forgives up to $50k student loans/person before calling and making any payments (I'm still in the grace period) Does this plan seem good? I already have ~$9k saved, but it would hurt like a *** if I made a $5K payment in one go, let alone $13.5k [link] [comments]  |
| Posted: 05 Apr 2021 01:42 PM PDT I have called about 6 different companies and they are all shooting me down since it's non degree [link] [comments]  |
| Switching from IBR to REPAYE, and being on multiple repayment plans Posted: 05 Apr 2021 10:10 AM PDT Hi all, I have two questions that I have been unable to figure out by searching the subreddit and looking thru studentaid.gov:
My loans are serviced thru Nelnet, and so far they have been unable to answer these questions for me. Thanks in advance for any info! [link] [comments]  |
| Posted: 05 Apr 2021 09:47 AM PDT I'm only 6k in school debt, which I know is nothing compared to some of y'all. I took a job making 55k at a financial services company. So I'd bring home about 3400$ a month after tax. My commute to work is only 12 miles each way, none of which is accessible via public transport. How should I go about getting a car and place to live with less than 1000$ to my name. After three months of work I'll be good, but before then I need to scrap. Any tips? [link] [comments]  |
| Paying off my student loan. Any interest discounts with the D.Ed. I could take advantage of? Posted: 05 Apr 2021 01:23 PM PDT Hey all, I am new to the thread so please bear with me :) 🤗. I am really close to paying off my student loan (all FSA) but was wondering is there any interest discount program or any opportunity to negotiate paying less interest for paying off my student loan in full(34k capital, 41k with interest) ? I couldn't find anything so wanting to check with the community here too, if you know. Appreciate you! [link] [comments]  |
| My Major was put on Probation. Do I still have to pay loans? Posted: 05 Apr 2021 10:04 AM PDT When I was attending my first university after two years my major was put on probation because graduating students we're not passing the boards. Do I still have to pay loans to this college? [link] [comments]  |
| Posted: 05 Apr 2021 08:54 AM PDT Hello, if my school program is 12 months (Fall, Spring Summer), when I apply for my private loan do I apply for the entirety of the program or per semester? Does it depend on the school or the loan company? And does the bank automatically disburse the tuition to school and living expenses/book fees etc. to the student? [link] [comments]  |
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