Loans are DONE Student Loans |
- Loans are DONE
- Sallie Mae really likes to keep students trapped forever it seems.
- Owe $90K+ in Sallie Mae student loans, I default on these loans if I don’t pay by 5PM EST today, need some advice.
- Direct Plus Graduate Loans eligibility
- In School Deferment Question
- Sallie Mae Forbearance Ending
- Taking a longer refinancing term but still overpaying?
- Graduate loans for my masters
- Being denied by every private loan company, I have a 760+ credit score..
- IADT Predatory tactics
- My school is trying to switch out the second half of my 20-21 pell grant disbursement for the first half of my 21-22 pell grant disbursement? Is this normal?
- It's good to be frugal. The best things in life are free, but are there some things that make you happier by having them?
- How to make sure that I will be paying for the parent plus loans, not my parents?
- Consolidated FFEL loans to Direct loans, capitalized interest added, but 3 months later it's gone
| Posted: 28 May 2021 10:55 AM PDT We did it! No more student loans!!! Of course posting this to Reddit strangers because I need to tell someone but I don't want to post on a Facebook or Twitter. My partner and I have FINALLY saved enough to pay off our student loans completely!! Back story: I had very little undergraduate debt but piled it on high during grad school. My spouse racked up a ton of debt in a graduate program that he didn't complete (story for another time...). Cue the typical minimum monthly payments based on low income that got us absolutely nowhere for years. My spouse basically had the mindset that we were going to die with this debt. No chance to pay it off. I was NOT having that! So as we made more money, we paid large chunks down each month by targeting specific loans. We took a healthy amount out of our savings to pay off 3 loans because our payment were only covering interest, no principal. (These were my spouse's loans. How he didn't realize this for EIGHT FREAKING YEARS also is a story for another time.) When loan interest rates went to 0% during COVID, we socked away the money that would have gone towards loans. That was if one of us lost our jobs, we would still have some liquidity. And one of us did, but we were able to get by without touching that money. Today we met our goal of saving enough to pay them all off! Plus we have maintained a healthy EF as well. I don't know the exact amount that we started with spouse carried loans before we even met) but estimate it was over $200k. So tonight we celebrate! [link] [comments]  |
| Sallie Mae really likes to keep students trapped forever it seems. Posted: 28 May 2021 07:00 AM PDT It's just something I noticed as an idiot borrower of their private loans. My interest rates are at 7.5 percent and 8.5 percent respectfully at 24,000 each. My federal loan was paid off and it was my only option as at the time my parents made too much and didn't want to help me with my college. I'm about halfway for my private loans, but then COVID hit and I did interest only payments for 3 months til I got back out of my hole. These agreed payments didn't cover the whole interest amount and i decided to look at my payment history. Every month it seems they tack on 166 dollars of interest per month through the life of my loans. I pay 700 a month and it seems still like my balance only barely sees a decrease still. How does SM compound their interest?? [link] [comments]  |
| Posted: 29 May 2021 01:46 AM PDT Hey Reddit, I owe around $90,000 in student loans. I've defaulted on half of these loans and I default on the rest of the loans (around $45,000) today by 5 PM EST today so it looks like I'm probably going to default. My cosigner is my dad and there's no way he's going to pay any of the monthly or any other payments for that matter (his words). I make $3500 a month pre-tax and I've moved out of the country years prior due to lack of work and to try and run from this matter. Is there anything I should/could do to protect my dad and myself? Also does any one have any advice or personal experience dealing with this? Thanks in advance [link] [comments]  |
| Direct Plus Graduate Loans eligibility Posted: 29 May 2021 02:37 AM PDT Hi. So I've been researching on the topic of federal and private student loans for my Graduate studies in the US. I've stumbled upon the so called Direct Plus federal loan program and I'm genuinely flummoxed by the fact that such thing even exists. Prior to that, I had though that there are no federal loans that can cover the total cost of attendance for expensive postgraduate studies like those in dental or law schools. That brings me to my questions. What is the average rejection rate for this program? Does eligibility for general federal loans mean that the person is also eligible for this type of loans? Why on earth would someone rather opt for private loans? Although I'm quite flabbergasted by this discovery, I guess the devil is in the details. So am I missing something? Will be grateful for any help. [link] [comments]  |
| Posted: 28 May 2021 08:49 PM PDT Hello. So i'll try to make this relatively short, my plan since starting highschool, I knew, was always to pursue a doctorate in Engineering. I knew I'd come out of it with A Lot of student loan debt. I was prepared, and I'm still prepared. All of my private loans are through Sallie Mae, and I'm about to graduate with my bachelors come December and I start my Master's come January. Admittedly I didn't do enough research, I understand that. But while perusing and planning for future semesters I just came across information that Sallie Mae only allows 48 months of in-school deferment? Can anyone provide some more information on this? I'm having a hard time finding out any more information from Sallie Mae in general, and of course I read this at 10:47 p.m on a Friday night so I'm not sure how many immediate answers I can get to prevent my panic attacks. I still have more school to go, and I'm not quite sure what to do at this point and what would be my best path forward so I can finish my path. Thanks everyone in advance - A very, very worried person. [link] [comments]  |
| Posted: 28 May 2021 12:44 PM PDT I have roughly 50k with Sallie Mae. I've been on hardship forbearance for about a year (4 cycles max) then COVID-19 forbearance. Yesterday, I called in to request another COVID forbearance and I was advised that they're suspending this option next month. I'm a MD graduate who still has not applied for residency. Realistically speaking I cannot work. I'm studying full-time for boards. Any insight and advice would be helpful! Thank you in advance. [link] [comments]  |
| Taking a longer refinancing term but still overpaying? Posted: 28 May 2021 08:07 AM PDT This might be a dumb question - I'm refinancing my private loans with Earnest to get a better interest rate. I've been overpaying on my current loans to pay them off faster to the tune of $1200 a month. I'd like to keep doing that, but I'm also moving out which of course adds some uncertainty to everything. My plan was - take the longer repayment period so that the minimums are lower in case god forbid something happens and I can't pay a huge amount. If I took the five-year repayment, it'd be a minimum of $719.82 per month at a 3.26% APR. If I took the twenty-year, it'd be $328.89 per month at a 4.05% APR. So my plan would be to take the twenty year but still pay off aggressively as I am doing currently, but have that "safety net" of having a smaller minimum payment just in case something happens financially and I can't afford the higher payment. Does that make any sense to do, or am I thinking about this the wrong way? [link] [comments]  |
| Posted: 28 May 2021 10:32 AM PDT If I filed for chapter 7 and for a discharge for my credit card debt a year ago. Will it hurt my chances pursuing a graduate program I am interested in? As far as getting graduate loans? Thanks all [link] [comments]  |
| Being denied by every private loan company, I have a 760+ credit score.. Posted: 28 May 2021 12:13 PM PDT Hi all, Last year I dropped to community college as a freshman because of COVID. I am transferring back to a 4-year as a sophomore this year. My financial aid and scholarship does not cover the full cost of attendance, and I am needing a loan. My credit is great / excellent at 760 on Experian and higher with the other two companies. I am being denied by every single loan company there is without a cosigner. No, I do not have the option for one; as all my family members refuse to cosign. I am confused. I am far above their minimum credit requirements and make a steady income, and some are even listing their denial reason as 'Low FICO'. I could use some advice, this doesn't make sense.. [link] [comments]  |
| Posted: 28 May 2021 12:10 PM PDT Hi everyone, sorry this is a bit long... I attended IADT from 2011 to 2014 in Orlando. They promised a lot of things and didn't come through with any of it - the classes were terrible, our teachers would quit mid class, one of our teachers was the department head and taught like 75% of the classes, they even had a newly graduated student take over one class (and they advertised that only industry professionals were teachers)...the list goes on. At this point I felt trapped because I had been there for three years and just wanted to get my degree. I had to withdraw due to personal reasons for the last semester I was there. According to them, there would be no issues with me returning after my leave but when I tried to go back they refused to accept me (even though I had good standing with grades and professors). They kept telling me that I couldn't return because they had closed the program (not the school at this point) even though I knew they still had classes happening because I was friends with most of the people in the program - they even took a friend of mine back who had worse grades than me (nothing against her, just facts). I tried enrolling in the main Tampa campus but they also denied me, even if I couldn't continue with my chosen major, I just didn't want it all to go to waste. In the end, I have like 70k in loans, no pell grant left, and I couldn't even transfer my credits over. It took me years to get back to school and I had to start from scratch - luckily I was able to get some scholarships to help pay for school. Unfortunately, I do not qualify for a loan discharge because I 'withdrew' over the 120 day mark by the time the school closed in 2015. I feel so stupid for falling for their tactics, but even the recruiter said that I would never be accepted at places like Valencia or UCF, and I am a first generation everything (my parents and siblings never went farther than middle school) so my family and I were not well versed in anything that dealt with college or loans. Anyway, I guess my question is, is there any other way to work around the 120 day thing to get my loan discharged or even partially discharged on the grounds that they basically forced me out? Can I write someone or get a hold of someone? I don't mind paying some of the loans, but I was lied to and my money was ultimately stolen... Any advise would be great. Thank you. -SM [link] [comments]  |
| Posted: 28 May 2021 08:44 AM PDT Basically as the title says. I'm supposed to get my second half of my financial aid disbursement in about two weeks, but now my pell grant is under review. When I asked my school about it, they said that it's under review because they are trying to cancel out the second half of my 20-21 pell grant disbursement so they can get me a higher amount with the first half of my 21-22 pell grant disbursement. Is this normal? I'm getting nervous because without the pell grant I'll be underfunded and have to pay out of pocket. [link] [comments]  |
| Posted: 28 May 2021 09:16 PM PDT What do you buy to make yourself happier? This list was pretty spot on for me: https://thecompletepharmacist.com/things-you-can-buy-to-make-you-happier/ [link] [comments]  |
| How to make sure that I will be paying for the parent plus loans, not my parents? Posted: 28 May 2021 09:55 AM PDT I've already received aid from my school which covered a decent chunk of my tuition. Still, I have about 10k left in remaining need. My mom suggested that I have my dad take out a Parent Plus Loan for me. My only concern is I don't want him to pay for my loans. So is there a way that we can do this and have me be the one to pay off the loans? I am going to have us defer payments until after college so I won't be paying them right away, but I want them to be my responsibility. [link] [comments]  |
| Consolidated FFEL loans to Direct loans, capitalized interest added, but 3 months later it's gone Posted: 28 May 2021 09:33 AM PDT Hi everyone, In February I consolidated my FFEL loans, which were not included in the COVID forbearance, to Direct loans to get the interest pause and be ready in case some forgiveness happened. When the consolidation went through in Feb, $900 of capitalized interest was added to my balance. I just logged in today and now it's gone. What happened? Do I still owe it? This is important info because I've been saving the payoff amount while waiting out the pause and this $900 puts me past a payoff milestone I've been waiting to get to for a loooooong time. TIA [link] [comments]  |
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