For those with federal and parent plus, how did you navigate repayment? Student Loans |
- For those with federal and parent plus, how did you navigate repayment?
- Need advice on student loan debt
- I just refinanced my student loans without a cosigner. I am beyond happy.
- Incoming freshman
- Federal Loan Refinancing
- Estimating minimum payments?
- flywire
- REPAYE vs PAYE if married
- How do I navigate student loans
- I'm one payment away from paying off my student loans!
- Loan with cosigner FICO 674
- Which payment plan to pick
- I am super confused
- Just Accepted My Last Few Loans
- Is there an income cap to utilize federal loans for education?
- Got off phone with agency, Loans fast-tracked through Rehabilitation?
- Navient is the Antichrist
- Refinance rejected by SoFi. Where to go next?
- 38K in debt with recent 30yr mortgage. Need help to plan.
- BCO consulting services legit or scam?
- Laurel road for student loans?
- Help me find my interest rate?
- Student loan consolidation vs. rehabilitation: Is there a substantial difference in the credit score impact?
- Sallie Mae Loan - I was Approved But Question
| For those with federal and parent plus, how did you navigate repayment? Posted: 09 Jun 2021 07:32 AM PDT My story: first-generation student from low income family. Got seduced by admission into a prestigious college when in reality I should have taken a more reasonable option. I regret elements of my decision but don't regret getting an education. I took out about 20k in my own name and 50k in my mother's name via Parent Plus. Repayment started in 2016. Common story. All things considered, things turned out OK for me. I graduated. I have a stable, middle-class job in a medium cost-of-living metro area. The loans have not prevented me from becoming a homeowner. It could be far worse. I'm hopeful for reform in October but pessimistic, so trying to plan ahead of time (would prefer lower interest and payment amount flexibility over lump sum forgiveness). Pre-pandemic, my repayment for my federal loans were about 175/mo. I also always paid the payments for my mothers' PLUS loans, which varied between 75-200 each month. Here's the issue: from the onset my mother and I agreed that while the loans would be in her name, they would be my responsibility. However, a few years in she is starting to bemoan having the loans tied to her name. She is low income and has stated that the loans in her name have given her reduced flexibility and that it isn't her problem. She's both right and wrong, in a sense -- but she is rammy and uneducated. Example: she consolidated a few months ago without my knowledge, during COVID forbearance, resetting the clock when she works for an employer that qualifies for PSLF. Talk about an unforced error. I'm guessing I'm not the only one in the situation -- how did everyone else navigate this? I'm not doing anything until October, but trying to do research now so I don't put myself in dire straits. Did you refinance off the Parent Plus and take on private? (Can I get a ~$500/month payment if I consolidate to private?) Or did you stay the course and pay both simultaneously and keep on Parent's account? Thanks! [link] [comments]  |
| Need advice on student loan debt Posted: 09 Jun 2021 03:05 PM PDT So... I owe about 58K in student loans, most of that sum from my master's degree. In 2019 I did the IBR, since my earnings were less than 30K a year (now I'm at less than 20K). I tried to reapply for IBR in 2020 during the pandemic and couldn't because of the Cares act. I stopped making payments and my forbearances ran out. In October, my credit lowered significantly because Navient and Nelnet reported my late payments. I'd thought that the Cares act protected me from that, but it seems I was mistaken. I have three loans in default at DEBT MANAGEMENT AND COLLECTIONS SYSTEM plus the other ones at the servicers mentioned before. Part of me was waiting to see if Biden would pardon loans, but that seems farfetched at this point (more than it was during campaign). I just reapplied for IBR again, but don't know what I can do about the bad credit report (if anything). Also, I don't know if I should consolidate all these loans in order to make my life a bit simpler. I'd appreciate any advice or insights anyone may have. Where I live, the job market for my skill set is limited and a lot of my work is very sporadic. I can earn 3-4k in a month and not see a dime the next. My spouse is the main breadwinner and I feel like my debt could limit our financial future. Thanks in advance. [link] [comments]  |
| I just refinanced my student loans without a cosigner. I am beyond happy. Posted: 08 Jun 2021 12:21 PM PDT I refinanced my loans in 2018 with my dad as a cosigner, and my mom was really mad about it. My loan, which I put on autopay and include an extra amount every month made her mad. She said that she didn't want to help, and that I should figure it out on my own. If I had not refinanced the loan in 2018 I would have many smaller loans that would have a massive payment due and all be compounded separately. My mom is a very selfish person, and she doesn't even like helping her own kids and has stated that she wants no part in helping anyone. She doesn't work, so she's speaking for my dad's money basically. I thought it was generous of my dad to cosign, he genuinely wants to help me and my sister. I've never asked for anything from them except for that. Today I got a loan approved without a cosigner. Interest rate is about 2% lower than what my current loan is. I am going to pay the same amount as I've been paying, but the minimum is $200 lower than my current minimum. I am just thrilled. I did it! [link] [comments]  |
| Posted: 09 Jun 2021 02:45 PM PDT I'm an incoming freshman for fall'21 and I was wondering what student loan company is the best option. I was thinking about getting Discover student loan; however, I'm not sure if there are other better options. [link] [comments]  |
| Posted: 09 Jun 2021 02:03 PM PDT I know this is a tough decision for many. I find myself with about 90k in debt and a 78k career with zero and I mean zero mobility for that much more money. I am a PT that maybe at the end of my career will make 90k. I have all my loans in federal right at average weighted 6% now but I have an offer for 3.9% fixed to refinance to private. Why would I not want to do this based upon the horrendous financial decision I put myself in? [link] [comments]  |
| Posted: 09 Jun 2021 01:39 PM PDT I just graduated with ~20k in student loan debt. This includes 1 loan for ~18k and one for ~2k. How much should I expect to pay after the 6 month grace period? Also, can I start paying now or is it smarter to wait 6 months? Also, my credit score is 740, I'm not sure if that changes anything. My dad was a co-signer. [link] [comments]  |
| Posted: 09 Jun 2021 01:27 PM PDT Hello, Does anyone have a list of the countries that Flywire works with? [link] [comments]  |
| Posted: 09 Jun 2021 09:15 AM PDT Hi everyone! I'm sorry if this topic has been discussed to death, but I had a somewhat specific question about PAYE vs REPAYE. I just graduated medical school with around $210k in student loan debt. I will be starting a four-year residency this summer, where my starting salary will be around $57k. As of right now, I am planning to do PSLF, so I'm looking for the plan that would give me the lowest monthly payment. Normally, I would go for REPAYE because of the forgiven 50% interest subsidy. However, I am planning to get married in about a year, and my future spouse earns about $100k and has minimal debt. I understand that if I were to go for REPAYE, since his income would be counted, my monthly payments would be significantly higher. On the other hand, if I were to go for PAYE and if we did married filing separately on our taxes, then my monthly payments would be much lower (I've included the numbers below), but we would miss out on the tax benefits of filing jointly. I was thinking of doing REPAYE while I'm single and then switching to PAYE once we are married, but the interest capitalization when you switch from one plan to another might not be worth it. At this point, I'm leaning more towards doing PAYE and married filing separately once we are married. I am just wondering if there is anything that I haven't considered that I should be? Would the benefits of married filing jointly outweigh the benefits of benefits of doing PAYE and married filing separately? Thanks in advance! REPAYE (if single) During residency: $359-435 Post-residency: $1952-2848 PAYE (if single or married filing separately) During residency: $359-435 Post-residency: $1952-2533 REPAYE (if married) During residency: $1,134 - $1,286 PAYE (if married filing jointly) During residency: $1,134 - $1,286 [link] [comments]  |
| How do I navigate student loans Posted: 09 Jun 2021 08:31 AM PDT Hi guys! I'm wanting to go back to school for a career change, but I've never had to research or take out student loans. I'm 24, with a previous bachelors degree… so I don't expect to get much assistance with grants or scholarships. Can someone kind of give me the dummy outline to student loans? Any information is good! I know I constantly get mail from my credit card (discover) about their student loans so I suppose that's an option. I've had friends do sallie mae, others have some kind of government student loan… it's all very confusing to me. I've heard so many horror stories and I just want to try my absolute best to avoid being crushed by debt. I mean, do schools not offer payment plans of any kind? I have a job so I can make at least some kind of payment. Thank you in advance for any information! [link] [comments]  |
| I'm one payment away from paying off my student loans! Posted: 08 Jun 2021 11:30 AM PDT But I just calculated the lifetime interest I paid and it totals around $60,000. I feel sick. We need student loan reform now! [link] [comments]  |
| Posted: 09 Jun 2021 04:23 AM PDT I'll try to be short. I am an international student - graduate degree-, the university gives me in-state tuition and a fellowship. However, I still have a shortfall of 30k for the first year. According to my program, the second year must be sponsored. My cousin is a resident and has FICO 674. I'm out of any other option. Do you know where can get a private loan for the first year? I am considering Discover and Ascend Funding said no due to his FICO. Thx pd: Should I start a gofund? [link] [comments]  |
| Posted: 09 Jun 2021 07:14 AM PDT Hello everyone , just graduated in may with 28k in loans. Landed a job making 65k a year with a sign on bonus of 10k on the first paycheck I receive. I will start working in august . My question is does it matter which payment plan I choose ? I want to pay the loan off as fast as possible but I rather invest the money elsewhere if I'm being honest. My monthly bills total around $1500 that's including rent . Should I just throw the 10k to my loans? My grace period ends in November and my interest rate is 5%. As of right now I don't have a emergency fund so I kind of wanted to use to 10k for that instead or maybe just a portion of it . [link] [comments]  |
| Posted: 08 Jun 2021 07:55 PM PDT Okay, so I was going to take a class at GCU online last year and I enrolled and took out a loan. Long story short, 2020's events turned my life upside down and I withdrew from the class within the withdrawal period. GCU then told me that since I dropped so early on, the student loan would be refunded and I'd have to pay for that class out of pocket even though I dropped. So they're saying the loan was refunded. However, on the OSLA website, it's showing my loan is still active. So my question is...wtf? If the loan was refunded by the school and I had to pay out of my pocket, why would I still have to pay back the unused loan? [link] [comments]  |
| Just Accepted My Last Few Loans Posted: 08 Jun 2021 07:10 PM PDT I'm a grad student and just accepted my last few federal loans for my last two semesters of school. In total I'm looking at $40K. I feel like it's a lot but not really considering I'm receiving my Master's degree for it. I also have accepted a full time job for post-graduation which pays $61K. My loans are a mixture of subsidized and unsubsidized, what are your all's thoughts on repaying my loans? I'm open to any tips and tricks you all may have :) I've thought about, not really looked into it, refinancing them at a lower interest rate as well trying my best to pay them off within the first couple of years (2-3) max. Thanks! [link] [comments]  |
| Is there an income cap to utilize federal loans for education? Posted: 08 Jun 2021 07:39 PM PDT I am 28 years old and make about 75k annually. I am in school with an employer that reimburses my tuition. I have a job offer from a federal agency that reimburses federal loans......my question is, moving forward can I simply utilize federal loans with a 75k annual salary to utilize the program? Thanks. [link] [comments]  |
| Got off phone with agency, Loans fast-tracked through Rehabilitation? Posted: 08 Jun 2021 11:39 AM PDT Defaulted on student loans in 2015, 37k past due consisting of 26k balance, 5k interest, 5k collection fees. I tried to rehabilitate in February 2020 when I thought I was going to be employed, and reached a verbal agreement on the phone but COVID happened and forgot about the payments (also was paranoid about opening mails, and never signed anything). Employment agreement fell through and remained unemployed due to pandemic. Fast forward to today, currently employed, called in May 2021 prepared to do anything to a 2nd shot at rehabilitation, turns out I was still eligible, and they mentioned about getting credit for Cares act payments until October 2021. And then the conversation turned a bit sketch? The representative who was pretty talkative and sounded like they were following a script and started stumbling on words kept insisting I follow up with them at least once a month via phone to ask about the status of my loans. Not sure if this was a trap or something because they were limited in communications, but I didn't mind it since I had fully intention to pay off the debt now that I'm employed. Eventually they mentioned that there were marks on my account that I might be rehabilitated sooner than I thought and to call back at the end of the month and verify my status again. edit: I have already signed the rehabilitation agreement, I can see the FIS sent to them, and we have an agreed upon repayment plan. Did anyone else experience this or know what's going on? I don't wana post the collections agency just in case they're doing something they shouldn't be doing for me (as naive as that sounds). [link] [comments]  |
| Posted: 08 Jun 2021 03:21 PM PDT I just tried to email customerservice@navient.com, only to receive this: "Delivery has failed to these recipients or groups: "This is a non monitored mailbox." Of course the Customer Service mailbox would NOT be set up to receive messages. Isn't that the whole point of "customer service"? Navient is, by far, one of the worst companies I've ever had to deal with. They send me refinance offers every other month, only to make the application process extremely painful and, in the above example, near impossible. That automated reply above was to this initial inquiry: "I logged into main account. Downloaded the PDF. All that did was tell me to navigate to navirefi.com. Navigated there only to have to log in again. For some reason, the VERY SAME login I used on main site was now unrecognized. Then I got locked out. "For the love of God, where is Biden with this student loan forgiveness? I loathe Navient." I realize this comes off as venting. But also take as a cautionary tale. Be very mindful of the organization(s) handling your sometimes very high-interest student loans. I've been deeply in debt since the mid-2000s. My loans have exchanged "handlers" a half dozen times within that period. I'm basically back to what I initially borrowed for grad school back in 2007. I've paid regularly every month I wasn't in hardship. How is this not indentured servitude? [link] [comments]  |
| Refinance rejected by SoFi. Where to go next? Posted: 08 Jun 2021 02:43 PM PDT I am in desperate need to refinance my student loans. I do not have a co-signer. I have been paying my Sallie Mae loans for about three years now. I currently owe 25k with Sallie Mae, with interest rates up to 11%. I have Navient loans totaling 20k with much lower interest rates, and I do not plan to refinance those. My debt to income ratio is poor, I just don't make a lot right now. But I have never missed a payment and have a great credit score. Can anyone recommend companies that may refinance for someone with a bad debt to income ratio? [link] [comments]  |
| 38K in debt with recent 30yr mortgage. Need help to plan. Posted: 08 Jun 2021 07:31 AM PDT Posting for my BF. He has about 38K debt left in federal with avg 7% APR. Currently not paying due to 0% interest. While he has a decent paying job as an entry level software engineer, we recently bought a home with 30yr mortgage. His monthly mortgage payment is about $2200. Which brings up the pressure but should be manageable. Our goal is to pay off student loan ASAP. We think he can refinance all loans to get a better rate (3-4%) but we are concerned to lose any federal loan benefits (ie any forgiveness in the future or 0%APR extension) We also talk about only refinance part of the loan but that just sounds like we don't know what we are doing. Any advice? [link] [comments]  |
| BCO consulting services legit or scam? Posted: 08 Jun 2021 04:48 PM PDT Today I spoke to a rep at this company and they told me I'm eligible for a loan forgiveness and I didn't realize that it may be scam until after they sent me a confirmation email and it said my SS# on there. I told them I'm holding off for now and I'll call back and they kinda hung up which made me realize it was probably a scam. I changed my FSA ID and didn't provide any other information. Are there any further steps I have to take? I'm worried and I'm not sure what's else to do and how bad this is.... please advise, thank you. [link] [comments]  |
| Laurel road for student loans? Posted: 08 Jun 2021 10:05 AM PDT Hi everyone, I am trying to go back to school to finish my bachelors, and I am getting some aid, it's not enough to cover my expenses, so I am looking around for loans. Laurel Road caught my eye as it had great low rates, but does anyone have any advice for me? Is this a good place to get student loans? Thanks [link] [comments]  |
| Help me find my interest rate? Posted: 08 Jun 2021 12:05 PM PDT Hi all! My grace period ended during Covid and I am trying to prepare for my repayments once the covid forbearance is lifted. I am trying to spreadsheet everything with all my amounts and interest rates, but with the way the dept of ed website is set up everything is at a 0% interest rate. Does anyone know where I can track down my ACTUAL interest rates that I need to prepare for? I have no mail saved from any of my original lending because I, like most people have relied on finding this information via the website! TIA! [link] [comments]  |
| Posted: 08 Jun 2021 08:35 AM PDT Sitting here with a friend trying to sort through her student loan situation. She defaulted and is trying to get back in good standing. So far it looks like she can take the fast route and "consolidate" her loans and get back in good standing in about a month, but that would leave the record of the default on her credit report (along with the missed payments). If she decides to "rehabilitate" the loans it would take at least 9 months of on-time payments but it would remove the default from her credit report. Assuming I understand all that correctly, is there even a substantial difference in the credit score impact between these two options (she hasn't paid on these in a long-ass time)? If not, it seems she should just "consolidate" and fast track her situation. Any insight would be appreciated much appreciated! Thank you. [link] [comments]  |
| Sallie Mae Loan - I was Approved But Question Posted: 08 Jun 2021 12:15 PM PDT I'm recieving FAFSA but I need the loan for personal rent, etc. I know it goes through the school first. How do I make sure I get the whole amount into my bank? [link] [comments]  |
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