I'm drowning and I don't know what to do. Student Loans |
- I'm drowning and I don't know what to do.
- Ever got married to get better financial aid?
- Advice for $80k loans?
- Looking for some input on my personal payoff plan, nicely formatted.
- U.S Department of Education Audit?
- Math AND science teacher. Which amount do I qualify for under the teacher loan forgiveness?
- Issues Sending Payments to Frontier
- student loan and bankruptcy help!!!
- Student loans in Canada - HELP
- going back to school after 7 yrs and need help navigating loans!
- Can you refinance a Prodigy Loan in the US as an international student?
| I'm drowning and I don't know what to do. Posted: 04 Jun 2021 11:51 PM PDT To give some background, I'm about to graduate with my Doctorate in Occupational Therapy. The school I chose was due to it being closest to home and because it was a doctorate vs. a masters. I had about $30k from undergrad and $130,000K + $30,000/year to live (x3 years) from grad school - equaling a whopping $250k. From what I'm seeing, a lot of new grad OTs make around $60k - $70k/year. That sounded like a lot when I was first looking into schools and back when I was only making around $30 - 35k during undergrad. They don't tell you how huge your payments for your loans are going to be once you get out, which I should have known better, but I was a wide-eyed dreamer eager to go after my dream career. The closer I get to graduation, the more I feel like I'm sinking. I have worked so hard to get to where I am. My whole life money has always been a struggle. My mother was a single mother of five and I had to start working when I was 14. When I was 16 I began working two jobs which was the beginning of working two jobs for the next 7 years. When I started grad school, I was burnt out from working insanely long days and I wanted for once in my life to be able to focus on school - since I worked 2 and at times 3 jobs during my undergrad. Currently, I'm living on $2300 - $2500/month and I am barely getting by. I've had a lot of health issues and unexpected expenses that have wracked up my monthly bills. I've just been coming to this realization that with my enormous student loan, that even though I worked my ass off to "better my life" I am going to be essentially living on the same amount of money I am now after I make my monthly student loan payment. It would be one thing if it was only for a few years, but I know it will be for 10 or more. I can't sleep. It honestly makes me want to shoot myself. I've never felt so trapped in my life. I'm in my late 20's and I'm not married. I just don't see how I'm ever going to be able to afford a house or kids. I feel like an idiot for letting myself get into this much debt. Anyone else who has had a monstrous student loan that doesn't correlate to how much you've made coming out of school - how did you deal with it without wanting to jump off the deep end? I just find it so depressing to realize what I thought was going to be the end of my struggle, feels like more of just the beginning. [link] [comments]  |
| Ever got married to get better financial aid? Posted: 04 Jun 2021 02:25 PM PDT Let's be clear, my partner and I are already long term. We just dont believe in the construct of marriage. However recently, I decided to go get a degree the age of 21, thinking I could get enough loans to cover my entire tuition and worry about it later. Come to find out, since I'm not 24, dont have kids, and am not married, I'm still considered a dependent of my parents in the eyes of student aid. I can either let my parent take a out loans in their names to cover the remaining tuition (about 23,000 after graduation), or I can get married and qualify for a extra Stafford loans as well as a scholarship that would cover any remaining tuition. My partner is fine with it, we agreed to only ever get married if their was a financial benefit. Is it crazy to do this if I'm really serious about this path, and my partner? Neither of us have steady income. What will change, legally, if we do get married? [link] [comments]  |
| Posted: 04 Jun 2021 09:19 PM PDT Hi, I might have to take out loans for college this year and I wanted some advice. I got into Columbia College in NY but I would have to get around $80k in loans each year, plus I want to go to graduate school after I graduate. Is this worth or sound reasonable to pay off? Also, if I want to go to graduate school, would I start paying my loans for undergrad while I am in school or afterwards? Thanks in advance! [link] [comments]  |
| Looking for some input on my personal payoff plan, nicely formatted. Posted: 04 Jun 2021 07:22 PM PDT Current Stats:
Original Loan Amounts: $179,913; Weighted Average Rate: 7.25%
Original Monthly Payments on Standard 10-Year Plan: $2,087
I have a trust fund which I do not receive access to for another 12 years. My original plan was to do the extended payment plan. However, the trustee has stated that they will supplement the difference ($827), so that I remain on the 10-year plan and don't get annihilated by interest. Also, a one-time payment was made to clear the accrued interest on the Grad PLUS loan ($9,724). We have decided that despite the federal forbearance, we would continue to make the monthly payments, beginning in March of 2021, except that the funds would be placed into an investment account and a lump sum of the total would be applied to the Grad PLUS loan before the forbearance lifts. As such, by October 1, 2021, the new balances should look like this (not including profits from investment account for uncertainty purposes): Total New Balance: $155,680
The plan is to continue the monthly payments of $2,087 ($1,260 from me; $827 from trust), despite a lower monthly payment due to the lowered principal. The "additional" payments from the lowered principal on the Grad PLUS will be applied to the Grad PLUS, as it has a higher interest rate. In doing so, the total interest paid comes out to: Total Interest: $48,303
In light of the interest rates, I submitted an application to Earnest to test the waters on what refinancing options I may have available. I received a quote for the new balance combined total of $155,680 (assuming I have everything consolidated and refinanced just prior to forbearance suspending), for a 10-year plan at 3.5%. Using this interest rate, the numbers, assuming the same monthly payment of $2,087 is kept, would like this: Refinanced Total Interest: $20,129 Additionally, each raise I receive, I plan to add an additional 20-30% of the additional income towards the loan payments, the actual percentage dependent on current life circumstances. Does anyone have any input, advice, criticism, etc. that they could share? All input is appreciated, as is your time for reading through this. [link] [comments]  |
| U.S Department of Education Audit? Posted: 04 Jun 2021 06:33 PM PDT Hello everyone. I was wondering if anyone else has experienced this? I was trying to make a payment on my student loans when I noticed 2 loans with small balances. My loans are through Great Lakes, and I have been paying off one loan at a time until it is zero balance/paid in full and then moving on to the next loan. The loans with the balances I KNOW I paid off last year. So I called Great Lakes and the lady told me the the U.S Department of Education does an audit and will take your payments you've made and apply them to the loans with the highest interest rates. Leaving loans that I already paid in full with a balance. How is this even legal? And they didn't even send an email or letter letting me know that they did this. She claimed she could reverse what they did but it will take a few days to process. I was just wondering if anyone else has experienced this with their student loans? [link] [comments]  |
| Math AND science teacher. Which amount do I qualify for under the teacher loan forgiveness? Posted: 04 Jun 2021 06:12 AM PDT I'm wrapping up my 5th year teaching math and science to 6th graders at a middle school. I'm going to apply for the teacher loan forgiveness soon. Am I eligible for the $17,500 or $5,000? It says math or science teacher to qualify for the larger amount but I'm both. [link] [comments]  |
| Issues Sending Payments to Frontier Posted: 04 Jun 2021 08:39 AM PDT Hey everyone, I haven't been able to find information about this on a search. I have been unlucky at getting Frontier to send me information for making payments to get out of default. I have asked them to send me a letter with information about where to send payments, I re-enrolling in school, and need financial aid. Any advice? [link] [comments]  |
| student loan and bankruptcy help!!! Posted: 04 Jun 2021 03:47 AM PDT Hi! I need some advice. In 2016, I graduated from a child and youth care with addictions support program. I was given a work term and offered a job once it was complete. I worked with this company for a really great 2 years before I was badly assaulted by the youth I was working with. I had to stop working, attend counselling for months, get on mediation and tried a safe return to work. Ultimately, the ptsd was too much and I had no choice but to leave the field. I struggled for a few years with figuring out what to do. I was on a very fixed income which meant I couldn't afford payments on anything. I fell into debt and my student loan went to collections. Recently, I've gotten myself to a place where I'm mentally and finically ready to pay my loan and go back to school. I filed for bankruptcy back in March. My student loan survived the bankruptcy which was fine as I had intended to pay it and return to school. However, I was just informed that in order to apply for another loan I have to be out of my bankruptcy for 3 years. I can't wait another 3 years for a career. I'm wondering if anyone has experienced this or something similar? I've been told I can't be denied education, but this information is a little conflicting. Or does anyone know who I can contact to appeal this? I have full support of my doctor, counsellor and supervisors from this job that can vouch for me. Please help!! I'm just trying to get my life, career and finances back together and it hasn't been easy. [link] [comments]  |
| Student loans in Canada - HELP Posted: 04 Jun 2021 06:36 AM PDT I have $20,000 in savings, but I'm planning on going to school for 5 years. This will only cover 2 of those years. Do I have to tell student loans that I have this savings or can I just use $5000 per year to pay half my tuition and student loans pay the other half? [link] [comments]  |
| going back to school after 7 yrs and need help navigating loans! Posted: 03 Jun 2021 10:25 PM PDT Heyo, first post ever, sorry if it's long. I graduated HS in 2014 and have been working pretty much ever since, I now have a full time job in retail but I need OUT! 2020 and this past holiday season broke me, so I decided to go back to school to study environmental science (I know it's a broad subject, but I haven't narrowed down a specific career goal yet). I was accepted to a private college in Wisconsin (I live in AZ) and I am really excited to be on this journey. I've tried community college before but I wasn't able to fully commit, so I only have about 7 credits that will transfer to this school so I am pretty much starting out as a freshman. However I did well in HS so I was able to get a pretty good scholarship from the school. Total estimated cost of attending (including room and board because I will not be able to find an apartment for my first year) is 53k. Scholarship, grant, work study, and sub/unsub loans brings that down to about 15k a year that I'll be responsible for (24k if we include the federal loans). I know it's a lot but I also applied quite late because I forgot that most kids spend like a whole year prepping for college. I intend to live off campus after year 1, saving money on living/food costs. What banks/lenders should I be looking at? What sneaky little fees besides interest should I be aware of? What other advice do you have about applying for more scholarships, especially if you are/have been in a similar situation as me? Any advice is highly appreciated, but please don't tell me to just go to community college; it didn't work for me. I need to throw myself into this and fully commit otherwise I will find reasons to self-sabotage and back out. That sounds extreme but it's true lol. Thank you! [link] [comments]  |
| Can you refinance a Prodigy Loan in the US as an international student? Posted: 03 Jun 2021 10:18 PM PDT I'm an international student and wanted to find out the possibility of refinancing my prodigy loan in the US to get better interest rates. Any information would be appreciated. [link] [comments]  |
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