From 30K to 9K in a little over a year �� Student Loans |
- From 30K to 9K in a little over a year ��
- Refinancing advice
- Just hit 'PAY NOW' on my first student loan!
- ITT Tech Borrower Defense to repayment
- Student Loan Help
- Any here have experience with Earnest for refinancing?
- Loan companies do you recommend ?
- Sudden 6 figure home equity, along with 6 figure student loans
- (2/3) of the way there - Motivational Milestone (Continued)
- No idea
- Am I overpaying somewhere between $74k to $93.7k for a 4 year?
- Looking for student loan refinancing with bad credit payment history.
- Fasfa Application question
- What to do with my student loans?
- Which loan to pay off first?
- Anyone ever heard of Ascendium Education Solutions?
- Lender recommendations for refinancing student loans ?
- Should I refinance my federal student loans?
- If you were me, how would you handle paying off the last of my $19k federal student loans?
- Out of school 10 years, starting classes next month, help!
- What would you guys do differently?
- New to student loans please help - Newly transferring to Rutgers from community college
- Is this a reasonable expectation?
| From 30K to 9K in a little over a year �� Posted: 02 Jul 2021 10:03 AM PDT Initially, my goal was to be debt free at the age of 30. Now at 27, I have brought down debt from 30K to 9K thanks to this forbearance. Trying to stay optimistic that it'll be extended but if not…ima still accomplish this goal of mine real soon. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 02 Jul 2021 08:34 AM PDT I have a student loan refinancing question. With federal loan forbearance likely coming to an end, I am thinking of taking advantage of the low rates. I am stuck as to what route to go. I have about $60,000 in debt. Approximately $20,000 is undergrad debt at an interest rate of ~4%, and the remaining $40,000 is law school at a rate of ~7.5%. I could refinance all at a fixed rate of 3.24% for a 5 year term. I'm hesitant to do this as I would lose out on the potential of any federal loan forgiveness and or extended forbearance (where I would continue paying at the 0%). I could refinance just the law school loans at a fixed rate of 2.94 for a 5 year term. I could also roll the dice and hope for some amount of federal loan forgiveness and then look into refinancing later. I'm in the position that I'm looking for the maximum savings and she shortest payoff time. I am not the best with personal finance, and it seems like everything with loan forgiveness/ forbearance seems to be up in the air. I would love to hear any advice you have! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Just hit 'PAY NOW' on my first student loan! Posted: 01 Jul 2021 12:45 PM PDT I just hit PAY NOW on my first student loan! $2,500 that is now paid off for GOOD! This is my oldest loan with a 6.8% interest rate. Even though I'm making a payment, it feels like I'm making a small deposit toward freedom! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ITT Tech Borrower Defense to repayment Posted: 02 Jul 2021 10:43 AM PDT just want to know if anyone else it's on the same situation as i am at the moment, last week they approved around 18k pending borrower defense to repayment applications specifically for students that enrolled in ITT Tech, i applied around 4 years ago and it's been in review ever since till today.. it's now showing PENDING.. Unsure if this is a good thing or a bad thing? i don't want to get my hopes high but if anyone else is in the same situation as i am and would like to express their feelings i would appreciate it. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 02 Jul 2021 10:34 AM PDT Hello. My boyfriend is looking to start college but cannot seem to get a loan from anywhere. He wants to go to a community school in NY has a job but has lots of bills to pay so he can't save and he has no help from his family. Does anyone have any ideas? Anything would be appreciated! Thank you. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Any here have experience with Earnest for refinancing? Posted: 02 Jul 2021 10:08 AM PDT Hi everyone, I currently have about 16k of loans with sallie mae at 5.5%. For refinancing, I compared a few lenders with soft credit checks and earnest gave me the best rate at 3.01%. Just wondering if anyone here has had good experience with Earnest as their lender/servicer or if I should run for the hills? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan companies do you recommend ? Posted: 02 Jul 2021 08:31 AM PDT I was notified by my college that because of my past due balance of $5000 (our limit is at least $3500), that I wouldn't be able to register for classes until that's covered. At this time, I don't think I'm in a good financial set to try paying this amount off before August since I'm trying to make things work with my new job. My school informed me that Sallie Mae would be a better option if I were to defer the payment 6 months after I graduate, and it'd might be a good idea to also get a co-signer for this loan. My mom's credit isn't good at the moment, and even though my dad is already paying for my parent plus loan, I'd still rather not stress him out and have him worry about being a co-signer since he's also paying w the parent plus (and I'm paying with my financial aid and scholarships as well). If I end up considering the private loan, of course I want to start paying it off immediately as soon as I get it (even if I end up deferring it), but I'm just still hesitant because I haven't really built up my own credit yet if I consider applying without a cosigner. I also just really don't want this to affect my father's credit as well, even if he's co-signing and I plan to pay this off with my own finances. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sudden 6 figure home equity, along with 6 figure student loans Posted: 01 Jul 2021 11:52 PM PDT Hey folks, I'm a lucky millenial. I signed a contract for my family's (first!) home at $363,000 last november. Market value is now, conservatively around $550k as of today (median in my area is now 510, for smaller and older homes). Construction is expected to be completed in December, and our market isn't slowing down. I am considering doing a student loan cashout for our property, once we move in Current Details: Household Income - ~$140,000 USD/year (~$180,000 after an expected promotion either next month or in decembe, though not counting on it for budget) Student Loans: ~$120,000 @ 5.5% average rate/15 years Current Expected Mortgage - $340,000 @ ~3.00%/30 years ~Home Equity (including our downpayment): $210,000 Other debts: no CC debt, $530/mo note on one car, may need a second once things open up (wife, two kids, dogs, etc), but no rush ------------ Student Loan Cashout Estimates (approximate because each individual loan needs to be paid off in full, haven't run specific numbers) New Mortgage: ~$440,000 - @ 3.125%/years New Student Loan Balance ~ $20,000 @ ~3.00%/15 years New Home Equity ~ $110,000 Net gained MIN. monthly payments: ~$1,000/mo cashflow improvements So other than losing student interest deduction (which we'll be income'd out of after this tax year, I believe), what am I missing here? Is this a good plan to take advantage of my boomer-esque equity gains? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2/3) of the way there - Motivational Milestone (Continued) Posted: 01 Jul 2021 08:00 PM PDT so a TL;DR of my last post in August 2020: I graduated in 2015 with 120k in federal loans. 5 years later, I cut it down to 60k.
The sad reality is that I believe COVID has been a forced savings account for those fortunate enough to work from home, while also freezing business & income for others. (think of all the things you didn't buy or spend money on due to the quarantine) My net worth has steadily increased during quarantine, (again not because of my own merit) it's purely because i didn't have a choice and i've been too afraid to go out. During the interest freeze, I threw the money that would have gone to student loans into index funds and a couple YOLO trades. Net net, i turned 13k into 15k, but hey 2000 bucks is a month of rent in a lot of areas, so I'll take it My last post I said that I felt like I'm at a manageable place now, and my student loans were pretty much the equivalent of a Land Rover. With my 45k now, I owe pretty much a Jeep Wrangler(?) lol Next Steps: Biden's student loan forgiveness seems like pure speculation at this point, not saying it's impossible, I'm just saying no one knows. I'm not holding my breath for any good news, and I'm just going to rely on myself. (If any) kind of government relief provided will just be an added bonus. I'm not sure how much the additional 15k payoff is going to help my credit score, but my plan is to hedge. I'll refinance ~20k (half of my loans) into private which will hopefully give me better rates now that I've paid down more of my car loan and student loans. I also think my employment and resume is stable enough, so I'm willing to forgo the protections by switching to private, but also this way I still get some benefits (if any) on the 20k I leave in federal. I've been pretty aggressive with the paydown and have been pretty frugal by nature. I'm still using the same burned pixel computer since 2015, the same old phone, and I wasn't even a big clothes shopper to begin with, but the pandemic pretty much eliminated any need to buy new shoes or clothes. My only real expenses were groceries, eating out on weekends, and Jameson. We can't go on vacations, but I can still get drunk enough to wake up and not know where I am. Anyway, same ending as last time. Let me know what you think. Tell me if you have better ideas. I'm not trying to brag, I'm just trying to tell you it's doable. Set a budget, stick to it, and any windfalls, gifts, credit card reward points, use strategically so you can throw money at the debt. We're all using teacups and our bare hands to scoop the water out of our student loan-sunk boats but we just have to keep going. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Jul 2021 11:49 AM PDT My son is going to college this fall. Unfortunately, his father and I have terrible credit right now. I tried to apply for parent plus but of course was denied. My question is.. are there loans my son can apply for on his own? He was offered 5,000 in fed loans and also received a scholarship for $10,000 a year. It leaves us owing about 17,000 a year. I have no clue where to start to help him. He graduated top 5% of his class so this kid deserves to go. By the way we are looking at a local state school ( Stockton) and I am planning to pay as much as we can out of pocket . [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Am I overpaying somewhere between $74k to $93.7k for a 4 year? Posted: 01 Jul 2021 05:48 AM PDT https://www.maryville.edu/admissions/undergraduate-tuition-and-fees/ Im going for a degree in IT with a focus on Cybersecurity. Im being charged anywhere from $622 a credit hour to $781 (im not concerned about the room/meal plan costs etc cause Im 100% online) Now...for a 4 year degree that is going land me somewhere between $74k to $93.7k. And that just seems like a lot of money. Keep in mind I have absolutely zero loyalty to this school. If another school could give me a similar degree at a cheaper price I have zero issues with finishing what clases I have and moving on. As for my funding Im getting about 1.6k in grants per semester (I imagine that stays the same regradless of my college) I also have a college fund with 15k in cash. I also work fulltime (i'll probably make 60k) I can contribute some to. But am I overpaying? Cause it feels like I am. I wish Id have done more research before starting thats for sure. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Looking for student loan refinancing with bad credit payment history. Posted: 01 Jul 2021 08:44 AM PDT Hello. I finished college this past December and I have started working this in April. To give you an idea, I make more than $5000 per month (gross) as a Data Engineer. I currently live with my parents but I am currently looking to move to Philadelphia as early as August. Over 3 years ago, I had opened 3 credit cards. Long story short, I screwed up. I ran them up to their max and didn't pay them off. They all went to collections at some point. From winter of 2019 to summer of 2020, I was able to pay off everything. One of the cards was also removed from my history. Since then, my credit score went from the low 500s to low 700s. I was able to responsibly build my credit back up opening some credit cards, using them, and paying them off with no issues. I have enough student loan debt to be facing over $1300 per month in loan payments. My parents made enough money to not qualify for real federal aid but not enough to pay for college themselves. They went into repayment days ago and my first payment is in August. Further details on the loans In total, about $139,000. About $21,000 of that is Federal and $118,000 is private provided by Citizens Bank. There are 6 federal loans, half subsidized and half unsubsidized. The first two private loans are variable; one is $31,000 at 6.09% and the other is $41,000 at 6.34%. The last two private loans are fixed; one is 23,000 at 9.24% and the other is 23,000 at 9.64%. I'm running into a problem where I'm applying for refinancing and getting denied. The common reason given is because of my payment history. Despite perfect payments over the last year and how much my credit score went up, those delinquencies still show a history of several missed payments. I just want advice on how to handle that. Is there a way to get refinancing despite my delinquencies and (preferably) without co-signers or will I have to wait until those delinquencies go away 3 years from now? I'm not worried about surviving since I make enough. However, I want to be able to save and invest as much as I can. Thank you in advance! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Jul 2021 09:35 AM PDT Both my parents will be retiring at the end of September this year, which obviously means their income will be different. But I don't know when I should apply for the program. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What to do with my student loans? Posted: 01 Jul 2021 09:24 AM PDT I will be completely honest and state that I really don't know much student loans. I am an idiot who made poor decisions and switched my major 4 times in college. My history: I have a bachelor's in social work and was only making about $11/hr for my first two jobs, I decided to get my master's in social work in the hopes of becoming a therapist. I finished my master's last year and have interviewed for a couple of jobs that pay less than I currently make with more hours. I did make payments after graduation with my bachelors but I was single then and my payment was about $200 a month for the one loan and about $200 for a private loan. I went to graduate school and my loans were in foreberence I believe that's what it's called. I have a savings account I've been saving for since the pandemic hit because I have about $130,000 worth of student loans. I know my repayments would be high but they called today and stated that if I apply for Income based repayment my payment would be about $900 a month and it would be higher without the IBR. I do work for a non profit and public service loan forgiveness would require me to do an IBR, There is no way I can pay $900 in addition to the other loan that I'm playing $250 a month for. I currently bring home about $1,000 after taxes twice a month. My husband is the breadwinner of the family and together we make about $110,000 gross. They did mention it might be worth it to look into loan consolidation. I have no idea where to start or what to do. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Jul 2021 11:18 AM PDT I have about 8k in a special savings account just to pay my loans off with. Yes I have an emergency fund, and yes I save for retirement - those are separate accounts. I have these loans: Stafford $3k Stafford $31k Consolidated $6k If I wait another month, I can pay off both of the smaller loans. I'm not interested in "waiting because there is no interest right now" - I want to be done with these. But is there any reason to focus on the Stafford loans first? When I log into my account, all rates are 0.0%, but I think that's because of COVID. So I don't know what the rates are when things go back to normal. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Anyone ever heard of Ascendium Education Solutions? Posted: 01 Jul 2021 09:05 AM PDT I just received an email from this company about all student loan servicers being closed July 5th due to the holiday Sunday. However, I have never once heard of this company so I'm a little sketched out. My student loan servicers are Nelnet (fed sub and unsub), Sallie Mae (just refinanced to Earnest) and MoHela (for a MOFELP loan). My father's parents plus loan is also through Navient but it's currently in the 3 year watch period for TPD. Any one else ever heard of this company? Should I be concerned or just ignore it? --- yes I did confirm my loan servicers before I made this post so it's not that my servicers switched recently. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lender recommendations for refinancing student loans ? Posted: 01 Jul 2021 10:28 AM PDT So I went to get my undergraduate degree from a school way out of my financial means (which I didn't understand at 18). I took out federal and private loans and in my second year I got denied for further private loans and hit a brick wall.. essentially I couldn't continue my education at that school. I took several years off school and burned through my forbearance options on the private loans as I could barely afford my day to day life working full time. I eventually decided to go back to school (a more affordable school) thinking I could use in school deferment to put off repayment until graduating. I go less than half time because I also work full time. I found out that I'm not eligible for in school deferment unless I go half time or more and even if I went half time, the amount of time I could claim in school deferment is still limited. My private loans consist of three separate loans totaling about $50k with really high interest rates and really high monthly payments (over $500 a month.. seriously who has an extra $500 every month???). I am looking for a lender I could refinance through to try to get a lower interest rate, longer repayment terms, and possibly have the option for in school deferment without needing to be at half time enrollment. I know this is a long shot but I'm just trying to survive at this point and cope with the literal life changing decisions I made at 18. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should I refinance my federal student loans? Posted: 01 Jul 2021 08:02 AM PDT Hi everyone! I was wondering if I should refinance Loans 12, 10, and 11 (bolded) below. I was offered a 2.8% fixed interest rate over 5 years on loans 12, 10, and 11 but I wasn't sure if it was worth giving up any potential federal benefits to refinance. On a similar note, would it be worth refinancing my undergraduate loans at a 2.8% interest rate, as well? Any thoughts here? Thanks!
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| If you were me, how would you handle paying off the last of my $19k federal student loans? Posted: 01 Jul 2021 10:10 AM PDT I have 6 little loans to total $19k worth of federal loans through Mohela. I haven't been making payments on them at all (I know, bad me- I actually have a credit score related question on this but I digress) My plan based on how I have been saving was at some point before the interest forgiveness is up starting October 1, I plan to dump anywhere from 10-12k on it and then start up a monthly payment probably double the minimum until they are paid off. Should I start just doing payments now to maybe help with credit score? Will it matter if i do a lump sum near the end? Also, am I able to specifically put the money to a certain loan (the highest one is ~7k and also has highest interest rate) or does the lump sum get evenly dispersed across all of them? What would be your strategic plan of action if you were me? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Out of school 10 years, starting classes next month, help! Posted: 01 Jul 2021 06:20 AM PDT I graduated from highschool in 2011. Due to some unforseen circumstances, I graduated from an online school which did not give any kind of college advice or guidance. It didn't matter much at the time as I went to a local trade school. I'm now wanting to eventually get my masters in speech pathology, but I am beginning with an associate's in arts with an emphasis on communication disorders. Honestly, I have no idea what my exact questions are, but here is my situation. I begin online classes next month. I had planned to work through school, but really laying things out, I'm not sure that will be possible, at least for a while. My stepson has some special needs which require frequent out of town appointments and therapies. My job has been really flexible with my scheduled shifts, until two weeks ago when I was put on medical leave for a serious foot injury. Unfortunately, my current job requires standing for 10+ hours, which I am not able to do now. It's not likely I will be able to do that type of work in the next year or so either. As I am the only one able to take my stepson to appointments, I have to have a flexible work schedule. I can't imagine getting that type of flexibility elsewhere outside of my current career field. My classes are 100% online and, I feel, very affordable ($4,500/year). I have filled out my FAFSA and according to the email I received after my FAFSA was accepted, I am eligible for the PELL Grant (efc approximately 3,500) as well as a Stafford loan in the amount of $9,500. I have not yet received an award letter for my school of choice, but it should be any day now. Clearly, the amount available to me will cover my direct schooling expenses, but can it also be applied to living expenses? From my understanding, only up to 100% of the cost can be paid out through federal grants/loans. Will this include the cost of living expenses or is the line drawn at tuition and books? If I am able to receive over the amount, approximately how much, in your opinion will I receive and how do I go about getting it? I apologize if I sound naive, I just feel extremely lost. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What would you guys do differently? Posted: 01 Jul 2021 08:52 AM PDT In hindsight given all that you know now, is there something you would personally change in your education-related decision making? Ofc in the context of student loans. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New to student loans please help - Newly transferring to Rutgers from community college Posted: 01 Jul 2021 08:38 AM PDT Hi I am not sure which student loan option to pick. Federal or private. Tuition at SAS Rutgers will be around 16k. I have currently got a Federal Direct Loan - Subsidized of 4,500 and and unsubsidized loan of 2000. 6500 is not enough. So what loan would be optimal in order to pay for this. My sister is also coming from community college but as a sophomore. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is this a reasonable expectation? Posted: 01 Jul 2021 06:52 AM PDT I've never applied for a school loan before. I am anticipating getting into a public college nursing program. I should be able to qualify in my state (NJ) for free tuition. Because it's a nursing program at some point I will need to take clinicals which require me to cut my work hours. I have 1-2 semesters before that and was hoping I could apply for a loan (maybe 5-10k) to help supplement my housing costs over the 2 year period I may have to cut my hours. How would I go about this and am I likely to qualify? I have decent credit (hovering just below or above 700) and do not have a cosigner. Thanks 😊 [link] [comments]  |
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