I am preparing to go into debt for life. I'm not going to ask if it's reasonable, because it's not. But are there other cons of being in debt that I should be worried about? (see below) Student Loans |
- I am preparing to go into debt for life. I'm not going to ask if it's reasonable, because it's not. But are there other cons of being in debt that I should be worried about? (see below)
- Paid off 32k since last Feb!
- UK: Repaying student loan plan 2
- What's the deal with AES saying my loans are delinquent when the federal government deferred federal loans?
- Paid off 35k private loan before some of my friends graduated! In a single income married household.
- Where are the private loans for older adults going back to school with good credit but no co-signer or current job?
- Is it worth taking out student loans if I go to school part time?
- anticipating about 30k in debt for umich. is this doable?
- Federal Direct Subsidized loan
- small navient loan
- Can you use student loans to pay for living expenses? Basically I hate my job and don't see a way to keep it and go to school. So is it possible?
- Summer school student loans
- help
- Taking a Federal Subsidised loan vs paying off up front
- 3k in No Interest Federal Loan and 5k in Private Loans: Is it Worth it?
- International student loans
- Cash vs Stafford Unsubsidized vs Grad PLUS loans and disbursement schedule
- Is 14k considered a lot of student debt?
- how much debt should i take if I'm going to be a cardiologist?
- FFELP consolidating help
- Best strategy to pay off MBA loans?
- How to determine/adjust federal loan principle
- How can I check original interest rates during forbearance?
| Posted: 03 May 2021 02:32 PM PDT Though my tuition is covered by a full ride, room and board are an arm and a sixpence (20k/year). I will be taking out loans in Sallie Mae, and I read thoroughly here about interest rates and the sort, but in truth, there's no other way. I plan on getting a high gpa to offset scholarship cost, but the interest rate will offset me into debt for life, if projected correctly. I want to know if debt affects any other areas of my life besides not being able to pay for wants and always living frugally. Does it affect investments (real estate, stocks), credit, attempts to obtain assets like a house? How limiting is a non paid off debt before I accept this conundrum fully? (why do I say there's no other way?) *my brother has ties to a gang, and they're going against another gang in what I assume is a clique type intimidation war. at the risk of it spiraling into madness and me becoming a target, everybody thought it was best (especially since I'm the only one going to college) that I find somewhere out of state (due to some gangs having ties in other cities and the rest of the cities in my state being "sundown towns") I got a fully covered tuition ride in chicago, but I didn't read the fine print in time (doesn't cover room and board) and now I'm stuck there (which isn't a bad thing imo). yeah sorry I didn't mention it majoring in comp sci / interest rate is 7% (for now) edit: !solved - not as bad as I thought. I'll summer job and work hardest to connect comp sci [link] [comments]  |
| Posted: 03 May 2021 03:53 AM PDT Hi all, I just want to share exciting news that I have paid off almost 32k(31,500) since Feb 2019. This was a Wells Fargo private loan and I graduated 5/2018. I started working 08/2018 and I saved up about 10k. When my loan payments began in 12/2018, I paid the minimum for 2 months until 02/2018 when I forced myself to make a big 10k payment. The loan was split into one that was 14k+ and the other was ~17k. I paid $8,000 on the 14k one and then 2,000 to the bigger one to get the interest down. From there, I closed the smaller loan 04/2018 and then began on the bigger loan. It was hard but I still live at home, don't shop much, and try to sell things on eBay as I can. I also picked up some babysitting (minimal, maybe made about $500-600) and transcribing for a couple months (maybe $500) but this all went to my loans. Any extra $ I had that I could spend, I put towards loans. I do have a 401k but I only do 3% and I do have a savings account but this is small ($100 a month) and will be until I pay off my debt. I still have about 20k in private loans and 25k in federal. I just refinanced my 20k loans from Sallie Mae from 7-11% interest down to 3.5% interest (used credible and its through pen fed now) so I will start paying this hard. Graduating with 80k of debt while half my counterparts all had school paid for is hard and the fact that I won't be able to buy a house or move out as soon is also hard but I am doing it! I also traveled to Iceland, Denver, Phoenix, Mexico, and Ireland in the past year so I could've paid my loan quicker but I don't want to miss out on experiences and be miserable with just work. I am proud I was able to pay this and travel affordably (orbitz/stalking flights until they were cheap/etc.) [link] [comments]  |
| UK: Repaying student loan plan 2 Posted: 03 May 2021 11:30 PM PDT Hi, I hope everyone is well. My student loan is currently £45,372.83 the interest is 2.6% RPI plus up to 3%. On my last statement I was paying an average of 5% interest. Student loan takes average of £111 out my salary every month. Which is not making a dent in paying the loan just the interest. On my next promotion 60k (god willing) my student loan interest will be 6%. I want to start making payments towards my student loan. I don't want to end up paying double the amount later on. Has anyone on plan 2 student loan made payment towards it? What your plan? I want to aim to pay it off in 7 years (not sure how realistic that is) Thanks for any advice. [link] [comments]  |
| Posted: 03 May 2021 09:35 PM PDT Hi. I have 2 loans that AES services a subsidized Stafford loan and an unsubsidized Stafford loan. I stopped paying 2 months ago due to the federal cares act situation but now AES is saying I have to pay regardless....what gives? [link] [comments]  |
| Paid off 35k private loan before some of my friends graduated! In a single income married household. Posted: 03 May 2021 11:29 PM PDT Graduated December 2019, dual degree in 3 and a half years... so 150 credit hours. I was out, making money, and paying down for an extra semester vs the majority of my class and a year ahead of many I knew... taking a streamlined path through college really paid off. I hope positive posts like this are welcome here but it's exciting because last month was my last bill on my private loan. I was able to get it down whilst supporting my wife who I married January 2020 who needed more time to find employment than I did (she started two months ago). Doing door dash as a side hustle helped. [link] [comments]  |
| Posted: 03 May 2021 04:27 PM PDT Hi all, So my situation is basically as stated above. I have returned to school in a dual enrollment program at two different schools working on my ADN and BSN concurrently. I should be an RN in a year (and back to working) and in another two semesters (winter 2022) have my bachelor's. I currently have good credit, but I am not working and have spent more of my federal loans than I anticipated due to health concerns. Is there a private loan option out there for someone like me? [link] [comments]  |
| Is it worth taking out student loans if I go to school part time? Posted: 03 May 2021 11:22 AM PDT Currently I am working full-time as a welder while I am attending community College. I'm only taking two classes. I only just started in January and I paid the classes out of pocket. I'm only going to get an associates of applied science (IT/programming). Because I'm only taking two classes, I will definitely not be graduating in 2 years. I was wanting in fall to drop my hours to 20 hours a week and pick up a 3rd class. I feel like that will be a good balance where I don't want to kill myself all the time But because I'll be dropping to part-time, I won't be able to afford paying my classes out of pocket. So I was thinking of going the route of loans, but I've heard some people say that getting loans for part-time schooling isn't worth it. Would it be stupid of me to go that route? I mean I could stay full-time and only do two classes, but honestly I just want to get my degree and move to a new career I don't want to wait four years or so just for an associate's. Edit: please leave your opinions alone on if you believe my degree is worth it or not. That is not what I am asking about [link] [comments]  |
| anticipating about 30k in debt for umich. is this doable? Posted: 03 May 2021 09:43 AM PDT Hello! I'm very new to the subreddit but it seems like such a great resource. I just wanted to get some outside opinions on the situation I'm about to get into. Backstory: turned down Cornell because it would have left me 120k in debt (good decision I think). Just committed to U of M. My parents have about 65k saved for me and I get 1 year of the GI bill, which totals to me having to cover about 1 year of the full cost of attendance. I plan on majoring in economics and the goal is to end up as a policy analyst somewhere/somehow. I do anticipate going to grad school, maybe after working for a few years. I feel like ~30k is a reasonable amount of debt for an employable degree, but I would love some reassurance. How long does it take the average grad to pay off 30k? Should I concerned about this level of debt? Any guidance is appreciated. Thank you! [link] [comments]  |
| Federal Direct Subsidized loan Posted: 03 May 2021 04:04 PM PDT So I am about to finish high school, I enrolled and got accepted to college and the bill came. After 2 scholarships I still need to pay a bit out of pocket. They offered me the federal direct subsidized loan about $3,256. I was wondering if I should take it or not. Is this a good idea?? [link] [comments]  |
| Posted: 03 May 2021 03:51 PM PDT i've been paying incredibly small monthly payments ($15-20) on a navient loan from undergrad. whenever im able ive put more money towards it ($500-$800 at a time) and probably have less than $2000 left. if i pay that off faster instead of this slow drip of small payments will it affect my credit? it's annoying how slowly this loan is taking to pay off. [link] [comments]  |
| Posted: 03 May 2021 06:14 AM PDT I work as an electrician through a union and I've done it now for 4 years and just can't do this anymore, I want to go to school for computer science but I also need to pay bills so how is this possible? Or is it not possible? [link] [comments]  |
| Posted: 03 May 2021 07:02 PM PDT Hello, I've been very thankful to not have to take out any loans ever. I'm 20 and this summer I need to do summer school through my university. It's not possible for me to take the classes at the local community college because they will not transfer as how I need them to transfer. I have about $100 in my bank account, $1k in credit card debt(have a year to pay off), and $6k in my Robinhood. I would prefer not to take money out of my Robinhood if possible. Summer school will be $2.5k. My parents will not be cosigning. I have an internship this summer, and I'll be making $2k biweekly. I would be able to payoff the loan pretty fast and would get my first check June 5th. I need to make the payment by May 17th for summer school. What are my options for a student loan if I can pay it off pretty quickly and it's not that big of a payment? [link] [comments]  |
| Posted: 03 May 2021 10:09 AM PDT so, the school I want to go to costs around 40k a year in tuition + room and board. My parents can pay off approx. 20k per year. If I do this, i'd say my tuition will probably total 75k throughout my 4 years since I won't have to pay that room and board after the first year. Is this doable? [link] [comments]  |
| Taking a Federal Subsidised loan vs paying off up front Posted: 03 May 2021 10:36 AM PDT So im attending summer classes and i have the option to take out a federal subsidised loan to cover pretty much the entire summer. I also have the money to pay it off in cash if i would like. Im wondering if i take the subsidised loan and pay it off before graduation(or 6 months after when interest starts) will i be paying more still than if I just payed it off now? so say i take 1500 in subsidised loans. will i pay 1500 back or more than that? i cant seem to find if there are any fees/interest that get applied up front when taking the loans [link] [comments]  |
| 3k in No Interest Federal Loan and 5k in Private Loans: Is it Worth it? Posted: 03 May 2021 06:01 PM PDT I am considering going to Boston University for Biomedical Engineering. The COA is ~$79,000 (Insanity I know), but due to me being essentially dirt poor I got $70,000 in grants, $2,000 in work study, and $3,000 in no interest loans. This would put me in a position where in order to cover the COA I need a 5K private loan. I have a pretty good credit score (745... for now). Would this be a bad idea for my future? If so which lenders do you recommend for a 5k loan? I am mostly asking because those in my family who have went to college are in a lot debt and I have been stalking this sub religiously recently trying to assess whether taking out this loan is worth it. I just need some straight to the point advice. Thank you so much! [link] [comments]  |
| Posted: 03 May 2021 04:57 PM PDT Does anyone know where and how to get student loan as an international student ? Any tips and Advice would be appreciated. [link] [comments]  |
| Cash vs Stafford Unsubsidized vs Grad PLUS loans and disbursement schedule Posted: 03 May 2021 04:17 PM PDT I am going to be attending grad school this fall for a degree that has a 100% employment rate and typically starts salaries around 80k in the (high cost of living) city where I would move to post grad school (long term significant other is there and can't move due to work). I have been working the past few years and have no current debt and enough cash to cover 2/4 semesters and still have enough left over for an emergency fund and living expenses. I am likely going to take out the max amount of Stafford unsubsidized loans for my second year. The $20,500 does not fully cover the year though. I would still need another $5,000-$10,000 to cover the final semester. Should I make up this difference by taking out Grad PLUS loans at the higher interest rate just for the final semester or should I take out the extra money by taking Stafford unsubsidized loans during the second semester of my first year? Even though the interest rate would be higher on the Grad PLUS loans, would it be advantageous to still go this route because I could take the loans out a year later and save a year of interest? On that note, if I took out the Stafford unsubsidized loans during the second semester of my first year, could I note that I only want $10k in loans? Could I have just this amount disbursed to me at the start of the semester (or in two payments during the one semester would be okay too)? Is it also possible to have the $20,500 max disbursed in two payments with the first being during the start of second semester instead of the start of the academic year? Just wondering how the disbursement process works if you just take the money partway through the academic year. [link] [comments]  |
| Is 14k considered a lot of student debt? Posted: 03 May 2021 02:41 PM PDT I'm going to go teach English abroad to pay it all off before returning to school, but is this considered a lot of debt or not too big of a deal? Thanks everyone!! [link] [comments]  |
| how much debt should i take if I'm going to be a cardiologist? Posted: 03 May 2021 02:17 PM PDT my parent's income is high enough i will get no aid, so I will have to pay the sticker price for the college I attend (60k a year) along with med school, which is about the same price, so all in all, my student debt will be about half a million dollars. i know that doctors have high salaries, but for the first couple years I'm going to be a resident so making about 60k a year. is it worth doing if I know I'm going to have a high salary as a doctor after the debt? can you pay off that much even if you're a doctor? lmao i'm a little clueless about this and don't want to put myself in crippling debt i can't get out of, please help! [link] [comments]  |
| Posted: 03 May 2021 09:57 AM PDT I have 4 FFELP loans that I decided to consolidate to take advantage of the deferred due to the pandemic. Those 4 loans became 2 direct loans. However on the Navient website..it still show those 4 FFELP loans along with the 2 Direct Consolidation loans.. How long does it usually take for those 4 loans before consolidation to disappear? [link] [comments]  |
| Best strategy to pay off MBA loans? Posted: 03 May 2021 12:45 PM PDT Hi all! I'm graduating from my MBA program shortly and wanted to get advice on how to deal with finances once I enter the real world again. My debt is:
My current assets include:
My job begins in July; I have a base salary of about $130K and a lump sum bonus of $40K that I receive the month I start. I anticipate that total compensation will stay around that $175K range via ongoing cash bonuses/equity vesting. It seems clear to me that I should ignore the federal loans for now given forbearance and 0% interest. I expect to refinance those if/when interest picks up again, as I expect that I can refinance to a very low rate (credit score ~800 and reasonably high income). With this in mind, I see some options as:
What would folks recommend? [link] [comments]  |
| How to determine/adjust federal loan principle Posted: 03 May 2021 11:44 AM PDT Hi everyone, I am starting graduate school this fall (2 yr program). I'm calculating how much of a federal loan to take out but there is a good chance of receiving tuition subsidy in my 2nd-4th terms. However since that is not 100% guaranteed, would you advise taking out the full loan for the 4 terms or take out a loan 1 year at a time? I understand the federal loans have origination fees so I'd rather take out the loan just once but if there is a good chance of a lower tuition bill I'd rather start with a lower principle. I guess that leads to another question - could I just adjust the loan principle during school? Anyone have insight on that process? [link] [comments]  |
| How can I check original interest rates during forbearance? Posted: 03 May 2021 11:44 AM PDT I've been trying to pay down as much as possible on my student loans during the US' National Interest Rate forbearance, and I'd love to pay off the loans with the highest interest rates. But during the forbearance, I can't seem to find anywhere in Navient's dashboard where it tells me the original interest rate vs the current one, where everything displays 0%. I guess ultimately I'm looking for where some information is hidden in Navient's dashboard - where can I find the original interest rates for these loans in order to try and pay off the most volatile ones? Edit: Solved by calling them up! The information isn't available anywhere in the dashboard. [link] [comments]  |
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