Not Sure where to start. About 200k in debt, 55k salary Student Loans |
- Not Sure where to start. About 200k in debt, 55k salary
- 900K student loan
- Student loan forbearance after Oct 1st?
- Forced repayment status by FirstMark Services (bought WelksFargo Loan) despite postgraduate status...
- Defaulted FFEL loans question
- Need advice on possible refinancing companies
- Sallie Mae and other Loans
- Will outstanding student loans automatically defer if I enroll in school?
- Currently on PAYE but I might be permanently moving abroad…
- Private student loan with bad credit? Is it possible?
- Refinancing after deferment in oder to invest
- Frequently refinancing loans
- Figuring out student loans for graduate school
- Earnest denied me on limited self employment
| Not Sure where to start. About 200k in debt, 55k salary Posted: 06 Jul 2021 09:06 PM PDT Hi all. I am beginning to pay off my student loans. I have 7 from Sallie Mae that equal about 66k 3 from Discover 1 from Citizens bank and 111k in federal loans. I cannot afford to make the monthly payment on all of these + afford rent. I did many calculations and I don't know what to do or where to start. I called Discover and they will not lower the payment (I pay about 800 a month). Where should I start? Is there anything I can do or is there one i should pay over the other if it comes down to it? There's no possible way I can make more money at my job. [link] [comments]  |
| Posted: 06 Jul 2021 10:21 AM PDT I know it's crazy but I have 900k student loan and just finished my professional school training. in the first few years I will be making 500k/yr and I will be making more after 3 yrs. My question is for ppl like me who have high student loan but will be getting high income, what would be the best strategy to tackle the loan but also to have some money aside for investment to take advantage of compound interest? My current plan is: 1. Refinance my loan (mix of sub, unsub but all from fafsa) to lower interest rate (my ave interest rate is 6.9%) 2. Pay aggressively (10k/mo) but leave 30% of my monthly income for investment But when if I pay minimum for 25 yrs (3k/mo) without refinancing, the gov will forgive 200-300k. Even after Calculating the tax bomb (I will be at the highest tax bracket), I actually pay less money in this way because I just have so much loan. I don't know much about finance so I would appreciate any help. TIA! [link] [comments]  |
| Student loan forbearance after Oct 1st? Posted: 06 Jul 2021 09:58 AM PDT Hey everyone! I have a question I can't seem to find an answer to anywhere online. For those of us who graduated in May 2021, does the normal six month forbearance period start once the COVID forbearance ends on Oct 1st? Can't seem to find any answers or really anyone asking this question! 😅 [link] [comments]  |
| Posted: 06 Jul 2021 02:30 PM PDT On July 1, I got an email from FirstMark Services saying payment for my student loan (bought from Wells Fargo) was due. I emailed them the following: Dear FirstMark Services, I am an unemployed PhD student, and you have just bought my loan and taken it out of forbearance. I have a year left of school, and it is impossible for me to pay loan payments with no income. Please advise. All the best, X X Today they replied: Dear X X, Thank you for contacting Firstmark Services. Unfortunately your loans have entered the Forced Repayment status and therefore are no longer eligible for Deferment for being in school. We appreciate the opportunity to serve you as a valued customer. If you have any other questions, please respond to this e-mail or visit our website at www.firstmarkservices.com. Sincerely, Coyote Q. Firstmark Customer Service Firstmark Services PO Box 82522 Lincoln, NE 68501 Clearly, I am not a "valued customer," and it is as if they are trying to force me to default. Any subreddit suggestions for what I might do? [link] [comments]  |
| Posted: 06 Jul 2021 07:29 PM PDT I have defaulted FFEL loans from 2010 when I went to ITT Tech. I spoke to the Education Department today and they referred me to speak to Borrower's Defense. I called them and they "not telling you what to do but..." advised me to call the Collection Agency and have my FFEL loans "consolidated to a Direct Loan" so it qualifies to be forgiven under the Student Loan Forgiveness program, since FFEL do not quality to be forgiven. I read that Biden's new plan is to allow ITT Tech FFEL to be forgiven so I am worried if I consolidate I will lose the FFEL classification and screw myself out of a potential forgiveness. What should I do? [link] [comments]  |
| Need advice on possible refinancing companies Posted: 06 Jul 2021 06:45 PM PDT Hello, I have a handful of private loans from Sallie Mae and one CommonBond loan. I want to consolidate them, and refinance too. Which companies do you recommend? I have heard of SoFi and Credible. Are there any others? I am finally tackling the loans I took out starting 2013. Wish I had done it sooner, but alas, better late than never. Thanks for any advice. [link] [comments]  |
| Posted: 06 Jul 2021 04:43 PM PDT Hi I am new here. I am going to attend College for flight training this August as a Freshman. It's a 4 year course. So when I finish my Loan Application , how or where will I receive the money ? [link] [comments]  |
| Will outstanding student loans automatically defer if I enroll in school? Posted: 06 Jul 2021 10:41 AM PDT Years ago, I started off at my state university, then transferred to CC after one year. All of my debt is from the state school, and it's a lot. Prior to the pandemic my account was in default. Obviously now it's in forbearance until September.. regardless it's still not in good standing. I want and need to finish my bachelor's and am close to enrolling for the fall. Will my loans automatically defer once I enroll in school? Or will they need to be brought up to good standing first, even if they are currently in pandemic related forbearance? Thank you. [link] [comments]  |
| Currently on PAYE but I might be permanently moving abroad… Posted: 06 Jul 2021 06:48 AM PDT My plan would be to continue to make payments, continue to file a US tax return each year declaring I made zero US dollars and owe no taxes, payment then drops to zero, rinse and repeat for the next fifteen years until loan forgiveness (and a hefty tax bill). What am I missing? I'm secretly hoping the tax is dropped at that point but not banking on it. Anything I'm missing or not understanding? [link] [comments]  |
| Private student loan with bad credit? Is it possible? Posted: 06 Jul 2021 02:44 PM PDT Never applied for a loan before. I applied for financial aid at the community college I'm attending. It was denied. I filled out an appeal and they said it will be a few weeks before I know anything. They told me if it's denied, I won't be eligible for a federal loan and that I will have to get a private loan. I don't have a co-signer and I'm needing about 7k. Is it possible to get a private loan with bad credit? From what I've read online it doesn't seem promising. Kinda scared I'm gonna have to hang up my dreams of becoming a nurse at this point. [link] [comments]  |
| Refinancing after deferment in oder to invest Posted: 06 Jul 2021 01:56 PM PDT I currently have $57,000 in federal loans that are on 0% covid forbearance. I've been able to use covid to save up and will have enough to pay off the loans in full whenever forbearance ends. However, I'm wondering if I should instead refinance the loans and invest instead. I can refinance at 2.5% fixed. Over 5 years, I will pay about $3,600 in interest. But assuming a 7% return, investments would earn close to $16k. I have no emotional attachment to money. It won't burn a hole in my pocket. My student loans don't cause me stress. From a purely financial perspective, is there anything I'm missing? Thanks! [link] [comments]  |
| Posted: 06 Jul 2021 12:20 PM PDT I just refinanced my loans for the first time, but I've read posts on this sub about people refinancing frequently. How often do you refinance? Can you refinance with the same lender that you refinanced with before, and does that change your interest rate? [link] [comments]  |
| Figuring out student loans for graduate school Posted: 06 Jul 2021 06:17 AM PDT I am figuring out my Student Loan situation for grad school and am looking for advice: my program is a 3 year dual-degree program, with the first and last years costing around 16k and the middle year at 42 (MSW/MPH, MPH is the expensive as hell one). I am working full-time throughout the course of my education; full disclosure, it's a federal contractor position that they are (supposedly) converting to a fed position. They have said that there is money for me, but they also have said they are going to convert me sooner and it's now July, and I need to start making decisions on my aid package. I was offered 20.5 k for the unsubsidized loan. I have a personal loan from some aberrant spending in my early 20's (I'm actually 3 years ahead on this loan, as I've been paying significantly extra, and have about 2k left on it). I was thinking of taking out the full amount (20.5 k) in unsubsidized federal loans, paying off my personal loan with the extra (PL has a higher interest rate than the Student Loan--13.66 vs 6.8%) and then just making $500-1000 payments while in school this upcoming year on the loan, (i.e. paying off the accruing interest, as well as making a dent on the principal balance). I would love to be able to pay the whole thing out of pocket, but I know that when I do get switched over to the federal position, I'll take a salary cut for sure, and I don't want to be in the position where I'm super stressed while working and in school because I bit off more than I can chew financially. Am I crazy? Any advice here? [link] [comments]  |
| Earnest denied me on limited self employment Posted: 06 Jul 2021 03:32 AM PDT Limited History of Self-Employment - Sorry, we are unable to approve your application due to your limited history of self-employment. Once your income is supported by additional Form 1040 filings, we hope that you will consider us again. I have 2 months history. Also, some blemishes from the past, 650 score overall. How long should I wait to reapply? I'm thinking next year after I file my first 1040. I'd have about 10 months around that time I think. [link] [comments]  |
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