2022), 25 year plan Student Loans

140k Federal Student loans, ~6% interest, $737/mo (will resume 2/2022), 25 year plan
Scammed
PSLF: “Individuals working in schools, government and other non-profit settings will be automatically enrolled in this forgiveness program; up to five years of prior national or community service will also qualify.”
Consolidate vs Refinance HPSL loan
Parent Plus Loans: Old, Sketchy Parents.
Has anyone here used or in the Public Service Loan Forgiveness (PSLF) program?
Grad school and private loan question
anyone have experienced with two loan providers?
Paying off principal student loan amount vs. interest
Student Loan Provider Recommendations
a mix of federal and private
Any reason not to refinance this private loan?
Uni in London but living outside

140k Federal Student loans, ~6% interest, $737/mo (will resume 2/2022), 25 year plan

Posted: 16 Sep 2021 10:41 AM PDT

28yo. So the title says it all about my federal student loans. I'm not working anywhere that will qualify for loan forgiveness. STABLE job field (Optometry).

Income: 147k base salary + Bonus potential (Currently at 12k bonus for this year)

Monthly take home is ~ 7.8k post tax and retirement contributions (maxing HSA, putting up to my employer match for 401k (6% of each paycheck))

Mortgage is ~2k + utilities.

Savings: 15k, Roth IRA: 12k, HSA: 3k, 401k: 1.5k (just started contributing because match didn't start until 1 year of work)

Question: Would you guys refinance student loans to a lower interest rate and pay the minimal and invest (safe mutual funds) with all my extra incoming after expenses? Or refinance and pay it off ASAP? Or leave it federal and pay if off ASAP?

With my current "extended graduated" plan, the $737/mo doesn't sound bad.. Super managable. If I refinance or consolidated, can the payment lower? Because I feel like if i can lower the payment, then it would be even MORE manageable and I can just leave it and invest my money even more for better returns.

*EDIT* I have like 90k at 5.5% interest and the rest at 6.5% interest

submitted by /u/EyeDoc123
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Scammed

Posted: 17 Sep 2021 12:26 AM PDT

I recently found out about a scam from a company called DOCinAid that claimed to consolidate my student loans and was part of a loan forgiveness program.

I only discovered this because Nelnet flagged my credit with a ton of late payments that showed up when I was applying for a mortgage. My loans were in deferment due to covid, but Nelnet deemed it was a scam because only half were actually consolidated and put into deferment, while the rest were not. Neither company have been any help and I have been going in circles trying to remedy the situation.

I paid $1,000 for the help of docinaid last year and have since been trying to clear up my credit, but wanted to see if there is a complaint or any legal action I can take to dispute this?

So far it is preventing me from buying a house and impacting my credit.

I was told I can contact my bank to get my money back due to fraud.

Is there anything more I can do besides file a complaint with the BBB or dispute it through the credit bureau's?

submitted by /u/Benjiminsmommy
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PSLF: “Individuals working in schools, government and other non-profit settings will be automatically enrolled in this forgiveness program; up to five years of prior national or community service will also qualify.”

Posted: 16 Sep 2021 04:24 PM PDT

Is this still a thing that Biden is trying to get passed, or was this a political statement to get elected? I have searched Google, but I am not seeing any mention of it?

submitted by /u/teacher1231231234
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Consolidate vs Refinance HPSL loan

Posted: 16 Sep 2021 10:53 PM PDT

I am new grad and work in healthcare. I make ~ $77 an hour. My fixed monthly expenses (rent/utilities/car payments, etc) are about $2700. Most of my school loans are private (~200k on a home equity loan that my awesome parents are helping pay interest on. I'm responsible for this after I'm done paying my public loans). The following are under the department of education (DOE).

1: $3297 @ 4.66% 2: $5181 @ 4.29% 3: $31000 @ 5.31% 4: $31000 @ 6%

I also have a HPSL with my school for 54,000 at a fixed rate of 5%; this loan is under the department of health and human services and acts pretty much like a private loan (no federal benefits like PSLF or IDR plans). Interest is currently at 0% due to covid relief and will likely end 9/30/21 (no updates yet). It does not seem like they will mimic the extension to 1/31/22.

I was thinking of refinancing my HPSL loan since the 0% interest is ending this month. LaurelRoad is offering me 2.45% fixed rate for 7 years, which seems like a good deal. I would be paying $700 per month and saving ~10k in interest. Offer expires 10/7/21.

The other option is consolidating my HPSL with a federal loan to get federal benefits. However, I learned that consolidating would reset all payments for PSLF so I would be starting over. That does not seem like a good deal for me at my salary (feel free to double check me on this).

If refinancing my HPSL loan, I am looking to also refinance at least my #3 and #4 DOE loans next year when the 0% ends and try to pay as much toward the principal as possible before then. It doesn't make sense to pursue PSLF for only 68k under the DOE.

Would be grateful for any insight on whether refinancing the HPSL loan is a good idea! Or any advice on what my options are really. Thanks!

submitted by /u/Foreign-Building-428
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Parent Plus Loans: Old, Sketchy Parents.

Posted: 16 Sep 2021 10:51 AM PDT

Loans: My partner has about $30k in his name + $150-200k in parent plus loans under his dad's name.

Considerations:

Parents SUCK (E.g., they joined a cult and raised him in an abusive household; they previously left my partner homeless for being gay; they're incredibly fickle; etc.). They reconciled their relationship but now my partner realized he's trans. He plans on coming out to them in the next month or so and we are worried about retaliation. They have his SSN by virtue of being his parents. We are worried they will refinance the loans into his name without his consent. The government requires third party proof before changing a SSN and even then, it makes life incredibly difficult to have a changed SSN.
Dad is 70, but based on family history he could live to 95. Loans get wiped when he dies.
Dad makes 6 figures in a low cost of living city. Mom makes almost nothing.
When he first started college, my partner promised his parents he'd be responsible for the loans. Of course, there's no binding legal obligation, but they do expect it.
Partner is currently unemployed. He graduated in Fall of 2020. COVID crushed his industry. He has done a small amount of freelance work. He is physically disabled. We live in the most expensive city in the country under just my income (which is a LOT by any other city's standards and would also be sufficient out here if it weren't for health problems/American healthcare system).

Plan?

Advice on strategy re: SSN and repayment?

Let folks struggle with payments until dad dies?
Somehow try to get a new SSN?
If we assumed responsibility (to preserve a family relationship or prevent them from refinancing, e tc.) would it be more cost effective to make minimum payments on the loans until dad dies or just try to pay it off?

EDIT:

1) We are obviously fully aware that refinancing without consent is fraud. However rectifying that requires legal action, time, resources, and is equally damaging to the relationship. (I'm a lawyer and I intimately understand that this would be a nightmare we want to avoid at all costs).

2) My partner, like many other folks who incur educational debt is not irresponsible for doing so. That is unhelpful classist bullshit. Not that it's relevant, but:

a) there are zero private universities that offered my partner's major because it was niche—it's a middle class white collar profession. So, he was forced to go to a private university; and

b) he was 17 when he started college which is below the age of consent.

submitted by /u/awaythrowhey
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Has anyone here used or in the Public Service Loan Forgiveness (PSLF) program?

Posted: 16 Sep 2021 01:13 PM PDT

Hello, I was wondering if anyone is doing this program. I am currently a grad student and I'm wondering if doing this is an option for future educators. I'm probably going to be six figures in debt with my grad and undergrad tuition combined. I plan to work in a high school as a counselor. I've also heard hardly anyone gets approved for it? What's up with that? Any advice is welcomed. TIA!

submitted by /u/RaisinRedditor
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Grad school and private loan question

Posted: 16 Sep 2021 02:35 PM PDT

Hello, I am currently a senior in my undergrad and I am looking to go straight into grad school. I have Sallie Mae loans and have had them deferred since freshman year but looking to defer them further till I'm done with my PhD. Should I be worried about getting my deferment application denied? I already have deferred them so long and I'm not sure if I'll be able to defer them again?? Can anyone offer me guidance or their experience with this? If my deferment application gets denied can I refinance with a different company and try again?

submitted by /u/cherrybomb676
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anyone have experienced with two loan providers?

Posted: 16 Sep 2021 06:49 PM PDT

i went to school and took a loan but later dropped out and now i'm back at school…

i got another loan and a different provider so i am wondering how will it work when i stay paying ?

will it have to be minimum to both ? i know for one provider i'll probably be able to pay off quicker because it was basically pocket change that i don't have now that i had to take out …

any one dealt with this before ?

submitted by /u/lanibami
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Paying off principal student loan amount vs. interest

Posted: 16 Sep 2021 05:48 PM PDT

If you pay off only the principal amount of a private loan, does the interest stop accruing? Does it depend on the lender/policy you signed?

I'm not sure whether saving up to pay off a large private loan (while still making monthly payments) - but not save enough to also pay off the interest accrued - would be worth it, or to just wait until enough is saved to pay the entire principal amount + interest.

submitted by /u/Reputaytions13
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Student Loan Provider Recommendations

Posted: 16 Sep 2021 10:31 AM PDT

I had a few life issues come up which unfortunately requires me to take a loan out to cover my college expenses. Does anyone have any good recommendations? I don't want to take out any loans that are risky or will be a burden later. I would sincerely appreciate it.

submitted by /u/ArtLoveLife1
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a mix of federal and private

Posted: 16 Sep 2021 03:05 PM PDT

Hello! I will graduate in about 9 months with a nursing degree. I should being a first year nurse, make around 50k maybe more. I want to pay these down quickly and get rid of them. I do plan on going back to school in about 3 years to get my masters degree in nursing, and would love to have undergrad paid off before i start. I have about 20k in federal loans, and 13k in private. The 13k in private loans are all through commonbond, and my grandma is my co-signer. They are at 6-11% interest rate. I myself, have a stable job, not the best pay, but considering I have no other bills at the moment. Credit score in the mid 700's. Would it be possible to refinance, and get a lower rate so I could start paying these down quicker? Also, after graduation I will be staying at home, so thankfully no bills! TIA.

submitted by /u/Beginning-Ad7863
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Any reason not to refinance this private loan?

Posted: 16 Sep 2021 12:38 PM PDT

Currently I have 45,000 at 3.98% on a 15 year loan. I pay 450 a month, $100 over the minimum.

I can refinance to 2.6% on a 10 year loan. The minimum would be 420 a month. The only reason I can think of is that it gives me less flexibility in an emergency.

submitted by /u/Substantial-Recipe88
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Uni in London but living outside

Posted: 16 Sep 2021 04:00 AM PDT

If I go to uni in London, but live outside of London but not with my parents is the fact I go to uni in London still a factor on the amount I get?

submitted by /u/Greedy-Dragonfly-252
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