Finally under $40K! (Starting debt $305K) Student Loans |
- Finally under $40K! (Starting debt $305K)
- $136k in student loans and receiving an inheritance of $125k
- How to pay off my last $100 to Navient?
- Parent plus loan after parent dies
- So I went to the Fedloan app and it says it’s transferring or loans to a different services. Well…who? How are we supposed to find out?
- Can I pay a portion of my student loans back right away before interest accrues?
- Refinancing private student loans
- Substantial student loans, Dad is offering to pay them off
- Moving back to a semi-strict parents to save money and pay off loans or continue renting?
- Westwood Notice of Borrower Defense Discharge Approval
- $188K student loan from private university for doctorate degree
- Parent Plus Loans - When Do My Parents Pay Them Back
- Default | Payment in Full | Ruined Credit?
- 529 for grad school and lump sum payoff
- Help with Income-Driven Repayment (IDR) and PSLF Plan
- Will Private Lenders' Interest Rates Spike Closer to January?
- How to find out what my interest rates are on my student loans after the pause?
- Just bought a house, when should I refinance student loans?
- Using home equity to pay off loans?
| Finally under $40K! (Starting debt $305K) Posted: 14 Sep 2021 12:07 PM PDT Hey DFC! I was finally able to make an extra payment on my student loan this month after 4 months of only paying the minimums, bringing my remaining balance to $39,207.24. I had to pause making extra payments for a while because I moved and my whole paycheck had to go to minimums and settling into a new apartment in a new city. It feels so nice to be able to pay extra again, even if it's just a little bit above the minimum. I have to keep reminding myself that it's ok to readjust your goals and timelines when life things come up, and that any forward progress is better than no forward progress. I love the term "snowflake payment," just little bits of money here and there to supplement the snowball/avalanche methods of debt repayment. And this snowflake payment brought me into the $30's! Starting debt $305K like the title says, combination of undergrad, law school, and credit cards. The snowflakes add up! We got this DFC!!! [link] [comments]  | ||||||||||||||||
| $136k in student loans and receiving an inheritance of $125k Posted: 14 Sep 2021 08:53 AM PDT As the title says I have $136k in student loans, mostly from law school. My grandmother passed away and she apparently was a lot richer than any of us knew. She's left me around $125k, maybe a little more. My first instinct was to immediately pay off my loans. Current repayment is 20 years at about $1,000 a month. Wife and I make around $130k in an area with a relatively low cost of living. The $1,000 hurts - a lot, because at the moment I only make $50k (not an admitted attorney yet). I went to law school late, I'm 38 and have virtually nothing in my retirement (under $10k). But instantly paying off the loan is basically a 5ish% return instantly. But, it's equally tempting to invest the $100k for 25 years for when I reach retirement age. Even assuming a relatively conservative 6% growth with no additional contribution that's $400k or so. Would I be better off paying the c.$100k in interest on my student loans for the next 20 years? Refinancing for a lower rate? Paying off and investing the $1,000 a month moving forward? Any help would be appreciated! [link] [comments]  | ||||||||||||||||
| How to pay off my last $100 to Navient? Posted: 14 Sep 2021 08:14 PM PDT I'm thinking of shipping 10,000 pennies. What would you do? I'm not paying off the last 100 until 12/31 so they have to eat the administration costs of keeping my account open. But I want it to sting just a little more… /s obvi [link] [comments]  | ||||||||||||||||
| Parent plus loan after parent dies Posted: 14 Sep 2021 07:51 PM PDT If you have parent plus loans out under a parent, do they disappear when they pass away or get passed to me? Disclaimer: Not planning a murder just figuring out if I should take longer to pay some off [link] [comments]  | ||||||||||||||||
| Posted: 14 Sep 2021 07:19 PM PDT | ||||||||||||||||
| Can I pay a portion of my student loans back right away before interest accrues? Posted: 14 Sep 2021 03:55 PM PDT Part time masters student. This is my first time using student loans. For the 2021-22 year I pulled $8,000 in an unsubsidized loan, equalling $4,000 per semester. My tuition is only ~$2,400 per semester but I needed to include enough to cover the summer semester and any additional costs. A few days ago I was awarded a Federal Emergency Aid grant from my school totaling $2,000. I know that graduate loans begin accruing interest immediately (although I am uncertain if I'm included in this pause that's occurring?) so I wanted to know if I can pay back that $2k right now so as to avoid interest, or if I have to wait until it is time to repay it all. Thank you! [link] [comments]  | ||||||||||||||||
| Refinancing private student loans Posted: 15 Sep 2021 12:24 AM PDT TW: Familial and Financial abuse . . Long-story-short I grew up with financially, physically, and emotionally abusive parents who insisted on having total control over my finances. I found out over a year ago that my mom had taken out credit cards and student loans in my name (without my knowledge) to cover my college tuition, resulting in a tremendous amount of debt. While I am currently unemployed I have worked several contract jobs to stay afloat since graduating in 2020. However, this was not enough to cover $1,400 a month- the amount I am currently set to pay through First Mark (FM). I took out a forbearance in June but it is ending on the 28th of this month. I am hoping to get the FM loans refinanced but I am not sure where to start. Has anyone been through this? Do you have any recommendations for organizations/ businesses that assist in refinancing the loans of folks who make a low income? I have an outstanding balance of around $132,000 with FM and a credit score of about 660. [link] [comments]  | ||||||||||||||||
| Substantial student loans, Dad is offering to pay them off Posted: 14 Sep 2021 01:34 PM PDT I have around $260k in student loans from law school. My amazing father is at a place where he can pay it off and is offering to do so this year. He is not a co-signer on the debt. What can I expect in terms of tax implications? Are there special rules or deals we can make to mitigate the tax implications? Where do I start to look? [link] [comments]  | ||||||||||||||||
| Moving back to a semi-strict parents to save money and pay off loans or continue renting? Posted: 14 Sep 2021 10:43 PM PDT Hi all. I am being offered a contract job (so it will be temporary. 8 months or so) with extremely good pay in my home state. I believe I'll be able to pay off $40-45k of my $70k loan if I move home to very old school parents. My mental health wasn't the best when I was living at home. Don't get me wrong my parents are very loving but they are stuck in their old ways. Is it worth it?! [link] [comments]  | ||||||||||||||||
| Westwood Notice of Borrower Defense Discharge Approval Posted: 14 Sep 2021 01:51 PM PDT Any other Westwood students get the letter??!!? The Department of Education (Department) has approved your claim for discharge of your federal student loans under the borrower defense to repayment rules, 34 C.F.R. §685.206(c) and/or §685.222. We have determined that you are entitled to a discharge of the loans associated with your enrollment in program(s) at Westwood based on the school's material misrepresentation(s) to you. What does this mean for you?
Hoping this really is true! My loan types below. Loan Type Direct Consolidation Unsubsidized Loan Type Direct Consolidation Subsidized Total [link] [comments]  | ||||||||||||||||
| $188K student loan from private university for doctorate degree Posted: 14 Sep 2021 10:26 PM PDT I just graduated from physical therapy school at a private university and my current balance is about $188,000. Sadly this profession is one that does not compensate well (especially as a new grad) despite having a doctorate degree. I just accepted a job that is offering me only $70K (sadly the standard in my area), but with a 15K sign on bonus if I complete a 2 year contract. I will receive $7,500 after 90 days of employment and then the other half after 12 months. They also offer benefits. My current expenses are pretty limited due to my gracious and generous parents. They are letting me live with them for free, and for the most part pay for groceries since we eat the same food. I did have to purchase a car while in grad school (I tried to make my previous car last but it was becoming more expensive to consistently repair than to just buy a used car) but my parents generously offered to help out with the payments until I got a job, so I will be taking over the payments by the end of the year. I realize I am definitely one of the lucky few to have parents help with financial responsibilities. I would like some guidance on how to take advantage of this situation especially while there is a pause in interest to try and make a somewhat of a dent in my loans. I do not know how long I will be with my parents, I am in a serious relationship and plan to be engaged/married within the next year. Income: $70K but with $15K bonus first year, there also will be an increase in salary every year (maybe be about $2K) I also just started DoorDashing and plan to get about $300/mo of supplemental income Stafford Loan (Subsidized and Unsubsidized): $85K Grad Plus Loan: $103K Car Payment: $333/mo [link] [comments]  | ||||||||||||||||
| Parent Plus Loans - When Do My Parents Pay Them Back Posted: 14 Sep 2021 10:15 PM PDT hi! i am currently a first year undergrad. my parents took out the FSA parent plus loan. we are confused because we thought we'd need to start paying it back right away but havent been contacted by our "loan provider." can someone clarify how this is supposed to work? when will they start having to pay? how can they make payments? thank you i appreciate your help. [link] [comments]  | ||||||||||||||||
| Default | Payment in Full | Ruined Credit? Posted: 14 Sep 2021 08:22 AM PDT I am so mortified. When cleaning up paperwork, I discovered a FFELP Stafford loan (unsubsidized and subsidized) from Bank of America for almost $4k.....originating in 2007. I totally forgot about this loan and have no recollection of ever taking it. I had started a new life in Europe and ended up staying. I have a lot of anxiety and waiting for the FSA website to notify me what the current total amount is. I plan on paying for it in full, assuming that it is no more than $10k due to all the fees. My biggest concern is how badly will it affect my credit. I went into default more than 7 years ago. Would full repayment now show up on my U.S. credit report? It means a lot to me because I want the option to move back to the U.S. Thanks in advance. [link] [comments]  | ||||||||||||||||
| 529 for grad school and lump sum payoff Posted: 14 Sep 2021 07:45 PM PDT I'm wondering how feasible 529 accounts are for: 1. Stashing for a lump sum payment towards the end of the year 2. Covering my tail for grad school so I don't wind up right back in debt. Anyone have any experience with navigating 529 accounts? [link] [comments]  | ||||||||||||||||
| Help with Income-Driven Repayment (IDR) and PSLF Plan Posted: 14 Sep 2021 01:04 PM PDT Context: I am a new grad and just started a permanent, full-time federal job this week. I have 32k in unsubsidized federal student loans. I see two routes to apply for an income-driven repayment plan: One -
Two -
Another thing to note, based on the loan simulator, income-contingent (ICR) will be the cheapest option while being compatible with PSLF with my current income plugged in. Please correct me if I'm wrong in any of this or think I have better options -- I feel like a chicken with it's head cut off trying to figure out what the best course of action is and understand any of this. [link] [comments]  | ||||||||||||||||
| Will Private Lenders' Interest Rates Spike Closer to January? Posted: 14 Sep 2021 02:12 PM PDT Private lender just offered to refinance my federal loans at 3%, and will give me a 0% interest rate for the first six months. My federal loans have an average interest rate of ~6.4%. Would I be stupid not to take this now? Aren't they just offering such a low interest rate because no one is refinancing right now? And as we get closer to January that number will creep up? [link] [comments]  | ||||||||||||||||
| How to find out what my interest rates are on my student loans after the pause? Posted: 14 Sep 2021 11:28 AM PDT I haven't had to pay interest on my student loans due to the pause. I don't remember what my interest rates were on my accounts. I have a bunch and I'm trying to figure out which one has the highest interest rates so I could pay it down first. I however don't remember what the interest rates were for each loan and they all say 0% when I look it up now due to the pause. Thanks for your help. [link] [comments]  | ||||||||||||||||
| Just bought a house, when should I refinance student loans? Posted: 14 Sep 2021 05:24 AM PDT Just closed on a house in mid-August and am looking to refinance my private student loan (see table below). I refinanced about a year ago in preparation for buying a house, and I took on a longer loan term in exchange for lower monthly payments while going through the mortgage preapproval process. I'm now ready to refinance the private student loan and raise the monthly payment so that I can pay it off faster. My questions are:
Does anyone have advice here? I want to make sure I'm not refinancing the private loan too early. Thank you!
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| Using home equity to pay off loans? Posted: 14 Sep 2021 05:21 AM PDT I finished grad school in June with about $45k in unsubsidized grad plus loans at around 6% and will go into payment when the freeze ends next year. I also own a home with more than $200k in equity. We will likely sell our home in the next 2-3 years to buy another home in a similar price range and would need only about $120k for a down payment. I make about $100k but have childcare costs as well. It seems like I could save myself years of payments and thousands in interest if I tapped into my home equity to pay off my student loan debt. Does anyone have experience with this and can suggest my best options? [link] [comments]  |
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