Former CFPB Head Richard Cordray tapped to lead Office of Federal Student Aid Student Loans |
- Former CFPB Head Richard Cordray tapped to lead Office of Federal Student Aid
- Loan advice please
- Did I make the wrong decision?
- Equity on parents house - student loan advice
- I started with 140k. I have 20k left at 3.9% interest. Should I can pay off the last 20k right now at the cost of my savings.
- Parent PLUS/FAFSA Loan Deferment
- Debt free versus 20-40k loans for an undergrad business degree?
- Best refi option for private student loans
- Fafsa Correction
- Pay off early or take out less
- Great Lakes sudden huge balance increase?
- Grad School Loan Eligibility when Marred but Separate.
- 24k debt of student loans with only an AA
- Next Year's Interest Rates
- Pay loan vs. invest
- Best Multi-Year Student Loan or Best Student Loan that offer cashback?
- Student loans and credit card
- Can paying a settlement early trigger more backlash with other defaulted loans?
- Should I refinance now?
| Former CFPB Head Richard Cordray tapped to lead Office of Federal Student Aid Posted: 04 May 2021 02:25 PM PDT "Advocacy groups and progressives in Congress on Tuesday applauded the Biden administration's appointment of Richard Cordray to oversee federal student loans and financial aid, expressing hope that the former head of the Consumer Financial Protection Bureau will encourage the White House to offer much-needed relief to the country's 45 million student borrowers. Education Secretary Miguel Cardona announced Monday that Cordray will serve as chief operating officer of Federal Student Aid, overseeing student loan servicing companies and the regulation of universities that receive federal student aid. " [link] [comments]  |
| Posted: 04 May 2021 11:59 PM PDT I am an Indian student planning to study at Oxford for my undergrad degree (or integrated masters) in Physics. I need to take a loan of about 25,00,000 rupees (about 25,000 pounds or 35,000 dollars) each year. I have no idea about the student loan process since no one in my family has ever taken a study loan. Please could someone help me out as to which organisations to look at, what types of loans I could take, etc? [link] [comments]  |
| Did I make the wrong decision? Posted: 04 May 2021 08:53 AM PDT Refinanced my private loan with my credit union at a variable rate of 2.59% and I intend on paying it off by December 2021. Per the contract, the rate can only change once a quarter and is based on the Prime Rate as published on WSJ minus (-) 0.66% (so current Prime Rate of 3.25-0.66 = 2.59) My two options were 3.4% fixed vs 2.59% variable Amount refinanced $20979 Since the fed has said that it's unlikely that the rate will increase until the end of 2023, is it safe for me to assume that my rate will not change as well since Prime Rate typically follows feds rate plus (+) 3 (feds current rate 0.25+3 = 3.25 prime rate)? Or should I have opted for the fixed rate instead? Am I missing other factors? Also why bother refinancing since it's gonna be paid off really soon? Well my credit union offered me $250 to refi so why not lol [link] [comments]  |
| Equity on parents house - student loan advice Posted: 05 May 2021 01:37 AM PDT I have ~200k all in federal loans at a pretty high interest rate. I've been trying to figure out the best way to get rid of my loans since Ive been paying so much interest. Loans are currently on pause due to Covid and all accrued interest has been paid. I currently live at home with my parents and they are thankfully really willing to help me get rid of my debt. They have about 400k in equity in the house and we are thinking of refinancing with me on board on the title and then to pull out 200k and pay off my loan completely. I would then make aggressive monthly payments to my parents at 0% interest and ill have a lot of flexibility if needed while paying them back. Are there any significant drawbacks to doing something like this? [link] [comments]  |
| Posted: 04 May 2021 04:47 PM PDT Hello all, Im a 28M who's finally almost done with my student loans! I started paying my loans off Jan 2019 and have paid 120k so far. I am in the final stretch of this soul sucking journey. I have 20k in my bank account right now. I can yolo and just pay off my loans tonight which would zero out my savings... or I can wait a bit longer. I really dont have any anticipated expenses in the near future but people always say to never touch the emergency fund. But ughh it's just making me anxious knowing I can be debt free tonight. My monthly expenses include: - $500 for car - $2000 to family - $??? Food - no rent or utilities this month or next month [link] [comments]  |
| Parent PLUS/FAFSA Loan Deferment Posted: 04 May 2021 08:32 PM PDT Hi! My mom helped me by taking out Parent PLUS loans for undergrad and I took out unsubsidized FAFSA loans as well. My question that I really can't find an answer is: I will be graduating a semester early (Dec 2021) and thus will spend more than 6 months out of school before my planned law school start (Aug 2022). I know my loan payments will begin before I start law school, but will they automatically pause when I start attending school full time again? Is there an application process for this for the Parent PLUS and/or the unsub loans? I will ultimately be repaying both the Parent PLUS loans and my own, and want to make sure I am able to put these payments back on pause when I begin school again. Thanks in advance! [link] [comments]  |
| Debt free versus 20-40k loans for an undergrad business degree? Posted: 04 May 2021 02:13 PM PDT Hi, I'm currently choosing between 2 schools and was hoping you guys could lend me some insight, since you've had to pay off student loans. I'm choosing between UMich Ross (ranked #3 for business) and USC (ranked #12). I don't know what career I want, but I'm looking along the lines of HR, marketing, or consulting. I'll never go into finance. UMich is a target for MBB/Big 4 consulting, USC is not. (To be honest, it's hard to see myself in MBB/Big 4 consulting but I'm afraid of closing doors on me). I eventually want to a) move back to the east coast after college and b) attend a T10 MBA program. Would it be better to go to USC, which would leave me debt-free with some money for grad school? Or UMich, which would leave me with 20-40K in loans but is more ideal in location and prestige? Or for my intended career/degree, would you say it's better to graduate debt free? Thank you so much. [link] [comments]  |
| Best refi option for private student loans Posted: 04 May 2021 07:04 PM PDT I have about $60k of private student loans from grad school at 4.11% (10 yr fixed) and considering whether I should continue paying it down somewhat aggressively (<5 yrs), refi with a variable rate loan, or refi with a 5 yr fixed. Advice? [link] [comments]  |
| Posted: 04 May 2021 06:56 PM PDT I recently made a correction today to my fafsa application but I realized I need to make another correction. For some reason I am unable to to correct the application again, anyone know what I should do? [link] [comments]  |
| Pay off early or take out less Posted: 04 May 2021 09:45 PM PDT Question? is It better to start making $50 payments per month early on an existing student loan... or take out $50 a month less in NEW student loans 0% interest for both rn when in kicks in will be 4% [link] [comments]  |
| Great Lakes sudden huge balance increase? Posted: 04 May 2021 01:25 PM PDT My graduate loans (Federal Plus and Stafford) are serviced by Great Lakes. I was logging into my account to check if a recent payment had posted and my balance which should have been around $103,000 was showing $147,000 (roughly what my balance was 2 years ago). My viewable payment history has all been set back to "processing". This includes both payments made by me and payments made by my employer. I called them but they said the issue was the result of "behind the scenes maintenance" and to check back a few hours later (it has been a few hours and no changes). The phone "check my balance" on their customer service line is giving this same balance information. Is anyone else experiencing a similar issue, or is it just me? My balance was normal at least as of April 30th when I had submitted my last payment. For information purposes, these are federal loans which fall under the COVID 0% interest forebearance. My balance in March 2020 was around 133,000 so whatever is going on extends to before the pandemic forebearance. Looking to see if this is a widespread issue (true "system maintenance" will probably affect multiple users, which I can wait out) or if this is individual and therefore something I need to escalate. [link] [comments]  |
| Grad School Loan Eligibility when Marred but Separate. Posted: 04 May 2021 04:40 PM PDT I am enrolling in a two years masters program in the fall. I have filled out my FAFSA and applied for Grad PLUS loans but I won't know my loan amount until later on in the summer. I was married back in 2016 but have been living separately without contact for 4 years. I filed "separated" on my FAFSA. I am trying to get an annulment/divorce but have not been successful in contacting the other party. I am worried this may affect my loan eligibility. In my last semester of undergrad, I was suddenly asked by the financial aid office to provide my wife's tax returns in order to get loans dispersed. luckily I was able to graduate early and didn't need any more loans. There is no way I can even contact my wife, let alone obtain her tax-returns (if she even filed). Am I in for a nasty surprise come Fall when my Grad School's financial aid office comes asking for my wife's tax returns? Again I filed as separate on the FAFSA and have not had contact with my spouse for 4 years. I am really worried they will deny me loans if they think my wife might have money. , and I will have to drop out of Grad School. [link] [comments]  |
| 24k debt of student loans with only an AA Posted: 04 May 2021 11:54 AM PDT As title states I finished my AA at a community college and currently have about 24k worth of student loan debt. I know this is absurd. Anyways I'm at a university now starting this summer and have about 2 years left until I'm done with B.A. I've already taken out more than I'd like but I'm scared I may need to take out more, only because it seems as that since I'm at a university books and supplies are not included in pell grant? I did not know this. Is there a max on what you can take out? Is this amount normal? [link] [comments]  |
| Posted: 04 May 2021 12:32 PM PDT Is there any indication yet of what interest rates will be next year? Sub-question: if the rate goes up, is it possible to take out your loan in June at current rates for the fall semester? [link] [comments]  |
| Posted: 04 May 2021 11:51 AM PDT This is very subjective but I'm curious about what people on this sub have to say. I am about to be refinancing 140k at 3.2% with a 10 year term (its currently 6.85%). My wife and I are trying to determine how aggressive we should be in paying it off. Should we consider dropping our 401k and IRA contributions? Combined we are contributing close to 20k a year in these accounts. I wouldn't consider leaving the free match money on the table but I'm wondering if its wise to drop contributions to the minimum for match until the student loan is gone. Thanks in advance [link] [comments]  |
| Best Multi-Year Student Loan or Best Student Loan that offer cashback? Posted: 04 May 2021 10:29 AM PDT Hi all, I want your opinion on which student loan provider do you think offer the best terms for a multi-year student loan. I think imo it would be better if I can get accepted for the private multi-year loan ahead of time so that I don't have to reapply or have that hassle year over year. Also, I heard a couple of student loan providers offer cashback for returning borrowers, is this true? and if so which student loan provider should I look into? Thanks all [link] [comments]  |
| Posted: 04 May 2021 10:22 AM PDT Was wondering if anyone had advice This fall I will be starting grad school and using loans to pay for it. I currently have a liquidated credit card that I owe around $6,000 on and the interest rate is about 2% after negotiating with chase so my monthly payment is $120. While in grad school I don't see how I can pay the monthly payment and if i do it will be with grad loans so doesn't make sense to pay off one loan with another that has higher interest rate. Any advice? [link] [comments]  |
| Can paying a settlement early trigger more backlash with other defaulted loans? Posted: 04 May 2021 09:42 AM PDT Ended up in a very unfortunate defaulted private loans situation. Short story version is I put my trust into the wrong lawyer and they actually conned me out of $15k while ignoring me and my loans for 3yrs. So not only was I conned out of $150k by a for-profit joke of a school, I was also taken by the lawyer I thought would help me with private loans. LOL!!! Not actually funny but story of my life so can't help but laugh at this point. Anyways though... I have 2 private defaulted loans remaining. One I have a settlement arrangement with. I have one more year to pay it off (we worked out an extended timeline as a precaution due to the pandemic). Well...I have the ability to pay the rest of it off now, if I want. Or, I can keep the money in my account and just make my normal payments throughout the next year. I'm kind of thinking of paying it off now, just to try and help my credit start to recover a little sooner. However, this loan was originally owned by the same company that has my final and LARGEST loan out there. I've heard nothing about this final loan in years. I don't know who owns it. Non-con artist lawyer I have advised me to ignore that loan and just keep saving for now. There's not much I can do when I'm broke, so save up and prepare and eventually either they'll come to me or I'll go to them and we'll get it all sorted out and be done with the private loans for good. I'm not ready for that one to come into play yet though. I just don't have enough funds yet but I AM working on it. It's just such a large amount that I need more time to save and prepare. Here's my concern: Does anyone know, if I pay off my settlement deal early, is it possible that could trigger a company into thinking I have money, and realize they should come after me for my 3rd and final private loan well before they may have intended too? [link] [comments]  |
| Posted: 04 May 2021 03:58 AM PDT Hello all, Hoping to get some guidance here on my student loans. Some background - I am finishing my medical residency next month and currently have ~365k (305k federal, 60k private) in student loans at an average rate of 5.8%. I am married and our household income will be 330k starting out. We have a mortgage on our house and don't expect our finances to change much post-residency. We've also done a great job already building a decent Emergency fund as well as saving for retirement. After maximizing our retirement contributions, we expect to be able to pay 5-7k per month on the loans to pay it off within 7 years from now. I work private practice and do not qualify for PSLF. I started browsing through some refinance offers and the best I've gotten is 7 years at 2.45% or 10 years at 2.73% which seems incredible. My question is do you think it is worth refinancing now to secure these low rates? Or do I hold off given the 0% rates with the CARES act until it expires and see what the rates are then? I know this is hard to give a concrete answer on given the uncertainty on if the 0% rates will get extended but I would appreciate any advice you have to offer! Thank you in advance! [link] [comments]  |
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