It is finally over Student Loans |
- It is finally over
- Do federal FAFSA student loans rise/adjust with inflation? Where can I find this information?
- Student Loans and Debt
- Advice on a small private loan
- Help, which one is the right one?
- Requesting Help Deciding on a Loan Payoff Strategy
- Public Student Loan Foregiveness
- Is co-signer beneficial in my situation?
- This sounds cliche but I feel so much dread
- Institution suggestion for refinancing
- I’m a little confused about refinancing and length of repayment.
- Stressing about my student loans????
- Parent Plus Loan credit refunds
- In a bit of a predicament right now
- Can You Extend the Amount of a Loan for Parent Plus?
- REPAYE Questions
- Advice for someone who doesn't qualify for federal financial aid?
- Tuition questions
- Refinance private loan?
- Need help finding loan forgiveness/reduction/consolidation... no scams.
- Should I refinance loans pending borrowers defense claims?
| Posted: 01 Aug 2021 05:36 PM PDT My wife and I didn't take our loans seriously during or after school, but they quickly became big anchors to carry. We finished school with about $90,000 in loans between the two of us. We started taking the loans more seriously a few years ago once we felt more comfortable in our careers. We are fortunate to both have stable jobs, and we now have enough on top of our emergency account to pay off the remainder of the loans (~$53,000). We will have paid $145,000 in total, and $33,000 will have been paid in interest alone. We saved a lot of money since March 2020 seeing as how we weren't eating out or going on an vacations thanks to Covid. Our first child was born in March 2020, and that also made it easier to stay home as well. Frequently checking this subreddit helped provide motivation to keep going...thanks! [link] [comments]  |
| Do federal FAFSA student loans rise/adjust with inflation? Where can I find this information? Posted: 01 Aug 2021 03:24 PM PDT |
| Posted: 01 Aug 2021 08:09 PM PDT Hey everyone! I'm a college sophomore and recently transferred to DePaul in Chicago. My major is Accounting and my estimated total for loans is $58k (federal loans). What's the best way to pay it off? I'm scared to get into debt and not be able pay off my loans. Any college, loan, or general advice is appreciated! [link] [comments]  |
| Advice on a small private loan Posted: 01 Aug 2021 09:51 PM PDT I'm currently taking about $7,500 a year in federal loans. This will be my second semester coming up and will finally be moving to an apartment off campus. I will need about $300 more to fully pay my tuition this year and would like a few hundred for my deposit on the apartment plus a bit extra so I can take off time from work for midterms and finals. I'm thinking that I will take around $1,500 or so in private loans.
If you have read this far thank you for your time <3 I'm sorry if this could all be found somewhere else, with my anxiety I find researching these things on my own almost impossible. [link] [comments]  |
| Help, which one is the right one? Posted: 01 Aug 2021 10:48 AM PDT I HAVE to take out private loans for school. After accepting federal loans I'm still left with about 8k/ semester 50k ish/ year. I completed all my general ed do I'm only doing 2 years for my bachelor's. This is a private school unfortunately. They're the only ones who have my program and are local. I will be working full time. What private loan institution should I go with? Does it matter? Any advise would help. Thank you. [link] [comments]  |
| Requesting Help Deciding on a Loan Payoff Strategy Posted: 01 Aug 2021 06:08 AM PDT Posted this in personal finance the other day and got some good feedback, would love to get this subs feedback as well. Hi - I'm looking for some 3rd party advice regarding which strategy to take in tackling my federal student loans. I'm trying to figure out whether or not it's worth it to aggressively pay off my loans over the next year while sacrificing investment potential or if I should use that money for other investments while continuing to make minimum payments for 20 more years and then receive REPAYE based forgiveness. Any help is appreciated. Context: I'm 31 years old with ~95k in Graduate level federal loans currently in IBR REPAYE. I've made minimum payments since Jan 2017, so I have 20 more years of minimum payments until I am forgiven under REPAYE. My salary is around 100k USD. The loans are roughly as follows: 13k @ 6.69% 24k @ 6.69% 13k @ 6.59% 22k @ 5.96% 22k @ 5.59% Option 1: Make a 30k lump sum payment at the end of September 2021 and reduce my principal balance to ~65k. Once I do this, I can continue to make 500/month payments and will be beating the accruing interest. At the rate of 500/month I will pay off the loans by 2038. Over the next 20-ish years this strategy will cost me around 130k in total. This assumes my minimum payments stay at around 500/month but may increase over time with my salary. Option 2: At 500/month I will match the interest accruing on the account and the balance will not increase. Therefore over the next 20 years the 500/month payments will amount to around 120k. At that point the 95k balance will be forgiven as income on my tax return resulting in a roughly 47k tax bomb. Therefore, over the next 20-ish years this strategy will cost me around 170k in total. Option 3: Use vesting stock grants to aggressively payoff my entire loan balance before September 2022. In this option I would be making a 51k lump sum payment onto the remaining balance on October 1st 2021, and then over the next year as my RSUs vest I would use all of them to pay off the remaining balance. Assuming the stock price stays where it is or goes higher, these vested stock units would allow me to pay off the loan in 1 year while making minimum payments. 20 years is a pretty long investment timeline and I'm having second thoughts about pursuing option 1 when I could throw that 30k into VOO style ETF investments instead. By using strategy 2, I'm assuming that A. my investments will negate the adverse effects of the tax bomb, B. my earning potential and net worth will have increased to a position in which 47k added to my income tax won't be a HUGE deal. I know it's riskier and not guaranteed, but it doesn't seem totally unreasonable. With strategy 3, I'm sacrificing my RSUs to pay off my student debt which I am hesitant about because I was hoping to use this money for a home down payment in the future. A fourth option could be to consolidate my federal loans to private and reduce the interest rate while pursuing one of the 3 strategies listed above, but I'm nervous about losing IBR REPAYE forgiveness in case my life explodes. Can anyone help me think through this? Curious to hear your thoughts and thanks for the help. [link] [comments]  |
| Public Student Loan Foregiveness Posted: 01 Aug 2021 08:12 PM PDT Hi all, Right now i have about $45K in student loans applied through via FAFSA. I am currently working for a Not-For-Profit company, so i believe i would qualify. A few quick questions:
Thanks!! [link] [comments]  |
| Is co-signer beneficial in my situation? Posted: 01 Aug 2021 07:58 PM PDT My credit score is in the 750s but my dad's is in the 500s, however, he has a stable income and I don't really. I have some regular income but it will significantly decrease when I begin school. Would it be best to apply without him or should I still have him as a co-signer? [link] [comments]  |
| This sounds cliche but I feel so much dread Posted: 01 Aug 2021 07:46 PM PDT I know I'll sound like so many other people who are struggling but I just feel like I need to get this out somewhere. I'm about to start my last year of college and then when the time comes I'll have to start paying on my private loans which come out to about $40k. There's just no way I'll be able to make monthly payments on that as me and my wife have both discussed. I'm a sport management major which so many people have made me feel dumb about. I feel like I won't have a job using my degree because everyone I've talked to has convinced me that it was a terrible degree and I doubt I'll run into any job that pays a salary that is more than my loan amount. It just sucks because I know I have so much to offer. I just feel like I'm coming to end and life is gonna be bleak as all hell. I plan on refinancing through SoFi or Credible or wherever I can get a good rate. If anyone has any advice I'd gladly listen. I just needed to rant away. Anyways if you made it this far thanks for reading my sob story :') [link] [comments]  |
| Institution suggestion for refinancing Posted: 01 Aug 2021 07:26 PM PDT I had bunch of private loans totaling to 13k with wellsfargo. It has been transferred to first mark. My average interest is 7.8% ish (it is not variable). I would like to refinance the loans into a single loan with lower interest. Do you guys know of any reliable institution? My credit score is about 758, I recently started making 6 figures and my original co-signer is willing to co-sign again. [link] [comments]  |
| I’m a little confused about refinancing and length of repayment. Posted: 01 Aug 2021 11:27 AM PDT I'm having a bit of trouble deciding what my next step forward is. I have $87k in private loans that are managed through Firstmark/Nelnet currently and want to refinance. Currently I'm paying $780 a month on these while making minimum wage and it's ruining my life. If I refinance can I switch to a longer term plan, such as 25 years, to pay less monthly with the new servicer or is that something I should take care of with Firstmark before I switch? Thanks so much for any help. [link] [comments]  |
| Stressing about my student loans???? Posted: 01 Aug 2021 09:43 AM PDT Okay so I'm 29 went back to college last year and I had no choice but to take out student loans to pay for it. I took out $21,000 to cover my tuition and housing since I lost my job due to the pandemic last year. Tuition is about almost $4000 a semester after fees and books. And rent is $760 a month. I was getting unemployment which helped a bit with rent but I mainly used my unemployment to pay off my car which I did about a month ago, 2 years earlier than expected. And I also paid Off a credit card. Now that unemployment is ending soon I want to work part time to focus on school. But obviously a part time job won't take me far and would barely cover my rent. I have never owe so much money in my life. My car loan was $13000 and that was the most debt I've had. With credit cards I hardly used them except for emergencies. Another thing is I'm not qualifying for financial aid and currently fighting with an appeal to get some help paying for school but that will take weeks to get an answer. Idk what to do, I was thinking pulling out more. But I'm terrified on the thought owing student loans for years to come. [link] [comments]  |
| Parent Plus Loan credit refunds Posted: 01 Aug 2021 04:46 PM PDT Have a Parent Plus loan that exceeds what is due the university directly (we asked for a bigger loan because we want to use part of it for housing that is not paid to the university). How long into the semester do we have to wait to have our credit refunded (after direct school expenses like tuition are paid)? [link] [comments]  |
| In a bit of a predicament right now Posted: 01 Aug 2021 10:29 AM PDT Hello everyone! So I am just about to start my undergrad journey and I am seeking advice. I am going to a state school and majoring in accounting. If I cram my units right and do summer classes, I might be able to graduate in 3 years. My first year is paid off, so I would pay off the last 2 years at 15k/yr, so 30k in debt. Then I would work for a year and plan to get my Macc in order to be cpa eligible. However, I've been heavily considering transferring to usc as an option. I want to do this because I'm considering pursuing consulting or investment banking. Over 3 years, usc would cost $80k for me since my parents are paying $10k/yr for me wherever I go. I would have like $10-15k saved after undergrad because of internships and such. If I live frugally enough, I could cut down $5k of the cost down over 4 years. So I would be around $65k in debt. My other option (if it's not too late right now), is to start at community college and transfer after a year and take whatever money my parents were going to pay for SDSU and pay it forward to usc (around $10k). I'm lost and confused, what should i do? [link] [comments]  |
| Can You Extend the Amount of a Loan for Parent Plus? Posted: 01 Aug 2021 12:11 PM PDT Going to school to be a Nurse and we're using the Parent Plus Loan, but I'm having a small amount of confusion. My loan for the first semester is $4,625, and I imagine the second semester will be the same. Do I need to say the loan requested is for 8/2021-5/2022 and then ask for more on the loan when I get the next amount? Or do I have it for 8/2021-12/2022 and do the same? [link] [comments]  |
| Posted: 01 Aug 2021 09:27 AM PDT Is there an income limit for REPAYE? And if there is, what is it and what happens if you meet it? Also, I know discretionary income is based on the federal poverty guidelines which are the same for the 48 contiguous states. Is there any leeway at all here? I live in one of the highest cost of living areas in the country and I have the standards applied to me as someone in rural Arkansas (no offense Arkansas!). Can you appeal to have this adjusted at all? I'm sure the answer is no, but I'm just curious. Thank you! [link] [comments]  |
| Advice for someone who doesn't qualify for federal financial aid? Posted: 01 Aug 2021 11:24 AM PDT Hey I'm trying to pay for classes at a college to raise my GPA so I do qualify for student loans. For now though I need to qualify for private loans to be able to take those classes in the first place. I've never taken out a loan myself before and I have a cosigner with a credit score of like 550 or something like that. Are there any trustable private loan vendors for student loans that you can recommend me? Thank you. [link] [comments]  |
| Posted: 01 Aug 2021 11:19 AM PDT Hey so I need help, I went to a college in florida that will not be named and after I left I realized my education was less the worthless. People didnt want to hire people from my school because we were notoriously I'll prepared for the jobs we were in school for. I am have been talking to a lawyer for probably over a year now about joining the class action lawsuit against the school. I put in a borrowers defense application in to try to get my loans from that school removed and I have been waiting since may to get final word on that. I realize that may take a while because I know I am not the only one... for profit colleges you know? Yikes! But so I still have tution options to worry about because the school had me take out so much money. The loan rates for that company are crazy. I paid a couple hundred dollars and it didnt put a dent in that loan... now I am not doing well and havent made a payment since 2019. I read that they are a 3rd party loan? So will the debt go to collections and then fall off in 7 years? With that loan go against me if I need to take out extra student loans in the future? I have been accepted into an excellent college back home in the midwest but it may not cover books and misc things so I may have to take out more loans to cover those things. Will a future servicer see my tution options loan and deny me aid because of it? Also! If my borrowers defense app is approved will I also get my Pell back too? The school I am suing got a couple of thousand that I could really use right now... Finally, how long does it take for a borrowers defense app take to be approved? Because it has been 3 months but I assume they have to be very backed up right now. thank you for reading all of this! And please help😞 [link] [comments]  |
| Posted: 01 Aug 2021 11:13 AM PDT Can I refinance a private student loan? It's 10k under Sallie Mae I have been making payments for almost 2 years now. [link] [comments]  |
| Need help finding loan forgiveness/reduction/consolidation... no scams. Posted: 01 Aug 2021 07:11 AM PDT Alright here's the score. -I graduated college undergrad at 20 debt free -Took a year off -Went to grad school but due to various issues (my own mental health took a dive, my dad got cancer again, physical health wasn't great due to being allergic to something in the area resulting in migraines/vomiting which makes it hard to do anything including internship and 2 jobs, etc resulting in tanking a semester --> 2 Cs). I ended up not completing my masters. -I have 97k in student debt between federal and private (not totally sure the breakdown, we had to quick move out of the state and I lost my log in info etc in the process so I couldn't have paid even if I wanted to tbh) -They are technically defaulted and have been for 5 years though I have only just recently started a job and gotten into a place that I think I could start paying off debt -I am trying to fix my credit so I can buy a house -Between my husband (34m) and I (29f), we have about 26k in credit card debt most of which is mine because I helped my dad out (he passed away about 6 months after I left school) and paid for move etc. -I am also looking into trying to save/invest for the future ***What I'm looking for ultimately is to reduce my student debt significantly via forgiveness/reduction or ANY other way. I also am looking for a good way to make it one bill that's not too expensive (consolidation, re-whatever... anything). I have been hesitant out of fear of getting scammed so I want some reliable resources/company names/links ***I'd take debt forgiveness/consolidation for credit cards too if it can cover that amount and make a cheap repayment plan. Thank you [link] [comments]  |
| Should I refinance loans pending borrowers defense claims? Posted: 01 Aug 2021 05:16 AM PDT I'm one of the schmucks suckered into attending Westwood college in 2006 and have been regretting it ever since. In 2018 I submitted a borrowers defense form which still appears to be pending when I check on the status. Recently I saw headlines that the Biden administration will be cancelling several strident loans for Westwood College citing misleading claims of credit transferability, which is one of the parts of my claim I submitted. So I'm waiting with baited breath to see if this debt finally goes away, but in the meantime I'm looking at possibly refinancing to get that lower interest rate through Navi ReFi. However part of me is wary that this is some kind of trap that could keep me from having those same loans cancelled. Any guidance would be greatly appreciated! [link] [comments]  |
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