Made my first loan payment Student Loans |
- Made my first loan payment
- Buying A House with $36K Student Loans
- Almost fell for a basic scam.
- Lump sum payment before refi?
- 26, about to make first student loan payment AND move to Canada. Advice?
- Is it worth it?
- Question about negotiating refinance rates: is this even possible?
- Crippling Private Loans
- Scam calls
- Taking out a private school loan on top of federal loans
- TPD Discharge and Social Security Impact
- Almost ready to pay loans but being hit with expenses. Should I sell my car?
- Stay at NYU or transfer
- Any options for international students without a cosigner?
- I need advice
- Have to start paying Sallie Mae loans but I can’t afford the monthly costs. What can I do?
- Scholarships for debtors?
| Posted: 31 Jul 2021 11:54 AM PDT I made a small payment of $335 on my federal student loan balance of $39,223. It's a long road ahead of me but I can do this! Do y'all recommend the snowball method or avalanche method. My loans are separated into 10 groups with 15 loans in total. [link] [comments]  |
| Buying A House with $36K Student Loans Posted: 31 Jul 2021 06:12 PM PDT Want to ask for advice on this. I live in California and currently owe $36K ($12K for me, $24K for my girlfriend) @ 5% interest I believe, and the home I've been approved for is $470K @ 2.9% fixed interest, down payment of $33K. I'll be the only source of income at $108K annual, with $42K in checkings (no savings). Given minimum student loan payments ($400), mortgage ($2500), and estimated costs of food, electric, water etc. based on current usage roughly 65%-70% of my monthly income will cover all expenses. It should be manageable to save and pay off my debts, but at those minimum payments I'll be looking at 8 years to fully pay off the student loans and 24 years to pay off the home. My main concern is the student loans, should I just pay them off before even considering buying a home? If I did, I could pay off my student debt in full right now (assuming Biden doesn't go forward with debt forgiveness), and start saving for a home again. It would take about a year to recover the amount, but at least once I started searching for a home again that $400 monthly would be freed up to make more aggressive payments on the mortgage, or save instead. My family is saying that I should do this homes are a good long term investment, and with the current market it continues to climb ($15K annually in California I believe). I'm worried if I don't, it'll become less and less feasible to buy a home. Thank you for any advice EDIT: Seems like the best route is to pay off my student loans first, and take it slow with buying a house. Thank you for all the advice! [link] [comments]  |
| Posted: 31 Jul 2021 01:27 PM PDT Got a call from a guy who made himself out to be affiliated with the Biden relief program. He said he could eliminate my debt if I paid 199 dollars for 4 months. I was really dumb and feel bad for almost being ensnared in his scam, but I guess I was in a vulnerable place because of some personal and financial issues, so I took the bait. He asked for my username and then asked me to confirm a pin sent to my phone number. He got my birthdate as well which I now realize was used to reset my account so he could gain access to it. Then he changed my password and gave me the new one. He took a credit card number from me and sent me some documents to electronically sign. I started to come to my senses that something wasn't right and I asked if I could wait before making a decision. He said it absolutely couldn't wait. When he sent me the documents I began to sign them but then decided to check the company name on the letterhead on Google, and information about scams popped up. I told the guy that I decided I wanted to wait before sending him some rushed contract, and he became more agitated and asked me what questions I had. I told him I needed to do some research and he hung up and voided the document. I changed my passwords on my accounts and called to have my credit card cancelled. On Monday I'm going to call the FSA as well as my servicer to explain the situation. I also plan on freezing my credit with the bureaus. Is there anything else I can do to protect myself? I'm afraid this will haunt me later. [link] [comments]  |
| Posted: 31 Jul 2021 04:14 PM PDT I have $225k in law school debt outstanding (fed loans). During the course of the pandemic, I've saved and earmarked $150k to put towards my student loans once forbearance ends. (I have a healthy emergency fund, and my retirement accounts are well-funded for my age. But I also have $0 saved for regular "life" things like a down payment on a house or a car.) My current interest rate is 6.875%, and I am on REPAYE. I would like to refinance my loans to get a much lower rate. I fully understand what I would be giving up if I refi from federal to private. However, once forbearance ends, I am willing to take the risk. Pre-pandemic, my minimum payment meant I was only paying interest so it felt like I was treading water. Question: Is there any benefit to making a $150k lump sum payment before I refinance? Is principal a factor that Sofi, Earnest, etc. use when determining the payment plans? If not, and I can get a reasonable interest rate, I may take some sort of middle approach of refinancing and making a large-ish payment ($75k) but retaining some funds for other large expenditures. [link] [comments]  |
| 26, about to make first student loan payment AND move to Canada. Advice? Posted: 31 Jul 2021 09:11 PM PDT There's a lot that's about to be changing in my life in the next few months. In short, I'm 26, I've just gotten my first "real job" where I can actually save money, I'm only making around $31K and my student loans are currently around 57K. I am married to a Canadian and we are currently in the process of waiting approval for Spousal Sponsorship for me (gaining Permanent Residency and being able to work in Canada). I may be out of work for about 6 months or so following this unfortunately. But I will have little to no expenses for that time period and really will plan to use most of my savings for phone bill and student loans payments. Which brings me to my main concern: I'm currently using the Loan Simulator tool on studentloans.gov to figure out what exactly I should do for payments and honestly, I'm looking at this sort of thing as worst case scenario. I inserted me making the same amount of money I'll be making for the rest of my life, 30K, (I hope I don't but I just want a general starting point) with only a 5% increase in income every year. For my spouse, a Canadian student, I just threw in $1K with 5% increase a year. Somehow, the tool spit out: Monthly Payments ($22 First - $287 Last) over 20 years Total to be paid:$29,670 Forgiveness amount $75,621 I mean this sounds too good to be true, no? Only paying under $50 a month for the estimated 6 months I will have with no income? And assuming I miss no payments (but I guess also assuming I make $30K for the rest of my life) then I only pay half of the loans + the forgiveness income tax? But a large confusion comes into play since I am married to a Canadian spouse. From what I understand REPAYE and PAYE seem to factor in the spouse's income. If I'm married filing separately, does her income have anything to do with my student loan payments? Lastly, from what I understand, there's the foreign earned tax exclusion that makes up to $100K income look like $0 AGI to REPAYE/PAYE and that could make my minimum monthly payments $0? (Yes, I know interest will still accrue). Honestly, I'm not looking to run away from my loans, I'm just looking for the best way to pay them while the start of next year is looking like I will have no income. When I get income, I will happily pay $300 a month. Any help would be greatly appreciated, thank you! [link] [comments]  |
| Posted: 31 Jul 2021 06:19 AM PDT So I'm 23 & ive avoided going to school because I am so afraid of debt. I recently decided to go this year because I know that becoming a teacher is my calling & I was initially under the impression I was gonna qualify for a grant to pay for it. After finding out I don't qualify I've estimated that if nothing changes I will be in about 25-30k of debt when I graduate with my bachelors degree. Has anyone been in a similar situation as this and was it worth it to you? What are some factors that made it worth it or not so much? [link] [comments]  |
| Question about negotiating refinance rates: is this even possible? Posted: 31 Jul 2021 09:57 PM PDT Okay quick background, I have $58k total in student loans, $35k of this is private with an average interest rate of 9.25%. I make roughly $40k per year working in an emergency department. With overtime, which I have been doing, I can possibly bring that up to $50k. My credit is not good, I had emergency heart surgery two years ago, lost both my jobs and fell behind on payments. There's about 10 missed payments on my record but they're all in that short timeline of 6 months after the surgery where I was getting back on my feet and back to work. I now am looking to refinance my private loans to decrease that interest rate and get on a reasonable repayment plan that works with my current budget in hopes that in a couple years I'll be done with some further education and be making double, or at least closer to 60-70k per year base rate. Fortunately I have a cosigner willing to help me out since my credit is shit and I'm immediately denied when I apply alone. I was just approved, with their help, for a CommonBond application. I was denied SoFi without the option to add a cosigner, and denied PenFed even after the cosigner (strange because cosigner has excellent credit,) I guess mine is just that bad... The issue now is that to fit my budget, the only term that will work from CommonBond is the 20 year payment plan. The 20 year fixed rate is 5.15% where as the 5 year rate is 3.04%. I was really hoping to get the lower rate on a longer term, I know this is wishful thinking but is there any way to negotiate this? I could potentially increase my monthly payment a bit to do the 15 year plan but the interest rate only goes down .10% so it doesn't seem worth it for the added stress of owing more per month at this point in my career and income. Can anyone provide any guidance? The obvious answer is to take the longest rate regardless since I'm shaving my interest in half; however, is there any way to get a better deal that I don't know about? I got a text that seems like it's from a real agent after my cosigner got approved, worth asking them or totally ignoring the text? I'm also open to other company recommendations for student loan refinancing. [link] [comments]  |
| Posted: 31 Jul 2021 07:25 AM PDT Hello, I have about 150k+ in private loans from Sallie Mae because I was out of state for 2 years of my college career and I only became instate for the last 2 years. I still have a lot of debt to pay and am going in the medical field. I plan on being a doctor which means that I have to go to medical school, and in turneans more loans. I am worried about my 150k loans at the moment and don't know how to pay it off. I am currently trying to find a job at the medical field or at least an internship. Any advice for my situation? [link] [comments]  |
| Posted: 31 Jul 2021 12:23 PM PDT Andrea from the student loan department has called my 7 times from 7 different phone numbers in the last 5 days. This is getting ridiculous [link] [comments]  |
| Taking out a private school loan on top of federal loans Posted: 31 Jul 2021 04:37 PM PDT Hello please someone advise me. Is it possible to take out a private school loan on top of federal loans? I already took out federal loans in maximum amount. I have some issues with employment, health and etc. So I need more loans to continue with my grad school. I don't want to take a gap year because I am already done with my field hours and I will make minimum 30k-40k more than what I make right now after graduating from grad school. Would it be possible to take out a private school loan? If my school does not certify my loan, how can I fight/convince them (or is that even possible)? My credit is already approved by the loan company. Please someone advise. Thank you. [link] [comments]  |
| TPD Discharge and Social Security Impact Posted: 31 Jul 2021 09:43 AM PDT I received TPD discharge by Physician Certification. I recently applied for Social Security Disability. I have heard that often times your first application is denied for Social Security. If I am denied Social Security will it impact my existing TPD discharge? I am currently in 3 year monitoring. [link] [comments]  |
| Almost ready to pay loans but being hit with expenses. Should I sell my car? Posted: 31 Jul 2021 06:09 AM PDT My partner and I have been together seven years and are committed so she will let me use her car on weekends. She has a 2010 Toyota Corolla with less than 100k miles. I have a 2017 RAV4 that still has a $4,000 loan on it. I have $14k remaining student loan debt after 5 years of paying. We are moving to an apartment in a big city where we have to pay for parking. I had money saved to pay the loans off, but our moving expenses are eating it. I got an offer for $19.2k for my 2017 RAV4 with 41k miles. I would net $14-15k after the loan has paid off. Should I sell the car? Just looking for a sanity check here. Thank you! [link] [comments]  |
| Posted: 31 Jul 2021 11:59 AM PDT So I'm currently a rising junior in a predicament. I have 40k in loans from my first two years, and I'll probably add another 15-30k in loans for the next two years if I stay at NYU. I'm currently in Gallatin, but hope to go into management/strategy consulting (I understand it's a competitive field). My other option right now is UMich. If I switch, I'd probably take another 10k in loans for the remaining two years, which makes my total 50k. The cost difference leans me towards UMich, but I don't want to leave NY. It's been a great experience, and I want to end up working there as well. Do you guys think it would be worth staying at NYU? Academically they're on a similar level, but I'm not a fan of the "traditional" undergrad experience at umich. [link] [comments]  |
| Any options for international students without a cosigner? Posted: 31 Jul 2021 05:56 AM PDT Hello, I'm an incoming freshman which is somewhat worried about paying for college. As you can see, I've stated that I'm an international, but that's not completely true as I'm (legally) American but live abroad with parents that are non-citizens. Due to this, I have gone through unusual verifications and many different processes, which in some way led to all this. In my financial offer, my school stated that one way to pay for my first year would be through Parent Direct Plus Loans; however, later I realized that this was an automatic response (I learned that after knowing that Direct Plus Loans cannot be offered to non-citizens). Currently, I am worried as most private options (I've seen) require a cosigner, and the ones who don't, have some requirements which I don't meet (such as having a permanent US address). I've contacted my school, but so far I haven't received any useful information. Although I'll call them again and keep trying, I was wondering if anyone here has any ideas or information I could use to solve this issue. I already tried to get help online, but apparently, there is not enough information. I'll keep trying, but in the meantime, if anyone has something to help (advice or info on borrowers) I would appreciate it. [link] [comments]  |
| Posted: 31 Jul 2021 02:51 PM PDT Hello, I'm an undergraduate freshman who is moving from New York to Georgia to attend to the University of West Georgia. My first semester has a bill of around $11100, not counting the subsidized/unsubsidized loans and Pell Grant money I already put for it (since I'm out of state it's more expensive obviously, but I plan on applying for in state tuition and becoming a resident next August). My father just recently filed for bankruptcy and him and my mom both have bad credit. I don't have a good enough cosigner to get a loan from Sallie Mae and I think it's already hard enough finding a lender willing to work with you as an undergraduate freshman. I am moving to Georgia in the first place to see my significant other on days I don't have class so I really wanna make this work. I've already looked into some lenders that will help you based on your grades but from the ones I've seen they don't work with students in NY or only work with 3rd year undergraduates and above. I'm gonna call my school on Monday for help, and any scrap of advice will do. Are there any good lenders for this? Anything? Any help is greatly appreciated. [link] [comments]  |
| Have to start paying Sallie Mae loans but I can’t afford the monthly costs. What can I do? Posted: 31 Jul 2021 09:07 AM PDT As it stands I have just recently graduated from school in December and have had a few months to save up money to start paying my loans. I was optimistic at first that I'd find something in my field but I've been forced to work odd jobs making OK money biweekly in landscaping. I've saved up a decent amount of money but nothing spectacular. Currently I have 3 loans I have taken out during school. Loan 1: $27,415.45 at 5.125% interest. Loan 2: $6,206.94 at 2.375% interest. Loan 3: $2,164.87 at 5.500% interest. There are payments all due for the first time by August 3rd. The website is saying I should be paying $350 a month which isn't inherently bad but I'm not financially able to pay this long term because my job is seasonal and I'm going to be unemployed by mid September. What're my options? I tried setting the payments to $50 each to make the payment $150 but it says "your payment amount selected does not cover the total amount due for your loans. If you do not pay the total amount by the due date your loan may fall past due." UPDATE: I was approved for a forbearance on the loans until November. In that meantime I'm going to find a better paying job as my term with the landscaping ends. [link] [comments]  |
| Posted: 31 Jul 2021 08:09 AM PDT Hello Reddit! College dropout with 80k of private debt here. I was just curious to know if anyone knew of any scholarships that can be applied for after you leave school? I only left because I couldn't afford another 2 years of debt and had taken all of my degree specific courses. I'm in the workforce now but man are those $1300 / month payments killing me! Advice? [link] [comments]  |
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