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    I made my final loan payment today Student Loans

    September 01, 2021

    I made my final loan payment today Student Loans

    I made my final loan payment today

    Posted: 31 Aug 2021 07:29 PM PDT

    As of today I have paid off roughly 41k since last June. I've been living at my parents' to save money and thrown as much $$ as I could at each loan, starting with the one with the highest interest rate.

    In less than a week, I am moving into a beautiful spot by the ocean, and I couldn't be more excited. Thanks to this sub for support and tips along the way, and best wishes to everyone currently in repayment.

    submitted by /u/timhealsallwounds
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    175k student loan and 80k salary

    Posted: 31 Aug 2021 05:55 PM PDT

    How bad is my situation? My average interest rate is 6%. I think my salary will be capped around 90k in the next few years. I have around 20 k in the bank atm. No credit card / car / mortgage loan.

    submitted by /u/GreenOtherwise
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    Strategic Divorce for Tax Purposes: Legal?

    Posted: 31 Aug 2021 08:59 AM PDT

    My wife and I are considering a strategic divorce for tax purposes; we have been married filing separately due to her Income Based Repayment plan for her student debt. However, now with a dependent, filing as such (MFS) means we lose out on the child care tax credit ($8,000) and ability (since we would both be required) to itemize my deduction to take advantage of claiming my state income tax, my property taxes, and my mortgage interest. I'm losing out on a lot of money MFS, plus I'd really like to be able to contribute to a Roth IRA again (which you can't if MFS).

    Has anyone had a strategic divorce for tax purposes? Is it legal? The only thing I could find from the IRS website is, "If you and your spouse obtain a divorce in one year for the sole purpose of filing tax returns as unmarried individuals, and at the time of divorce you intend to remarry each other and do so in the next tax year, you and your spouse must file as married individuals." We would be getting a divorce for 5-10 years at least. Thanks!

    submitted by /u/fuckit_do_it_live
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    100k in federal student loans - should I go on IBR and invest the money I save?

    Posted: 31 Aug 2021 02:19 PM PDT

    I'm currently making, salaried, 67k a year in a field that pays pretty well (data science, my first job ever, hoping to earn more). About 60k of my debt is around 5% interest. The rest of it is at 0% interest. I've been given advice to go on IBR and throw the pocketed saving into something like the S&P 500 that will grow faster than the interest being gained on the student loans. Is this a viable strategy, or should I be trying to pay down the loans quicker?

    submitted by /u/ADDMYRSN
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    Paid ahead status confusion

    Posted: 31 Aug 2021 03:06 PM PDT

    I recently paid off one of my student loans and have snowballed the monthly payment into my other student loan. The loan is currently in a paid ahead status. I did some research and from what I understand for my situation it would be best to remove the paid ahead status (no concerns with making the monthly payment, want to pay it off as soon as possible). My loan provider (AES) has a FAQ page that says I need to contact them to opt out. I did and they responded with the message below, which made me second guess my understanding. It sort of feels like they are trying to make it overly confusing on purpose as it is in their best interest to not opt out? Is that correct? Is it my best interest to opt out ?

    ​

    We have received your request regarding the paid ahead status currently on your account; however, to ensure your account is adjusted in the manner which you are requesting, we would like to request clarification. If you would like all future bills to reflect a full installment due regardless of any prior overpayments, please reply to this email and request to have the paid ahead status permanently removed from your account.

    You may also reply to this email to request to have only the current paid ahead status removed, which would allow future payments to pay your account ahead.

    Please keep in mind neither of the above options will change the way previous or future payments to your account are applied to principal and interest. When payments are received they are applied to the interest that has accrued through the day before the effective date of your payment, and the remainder of the payment, if any, is applied to the principal balance. Interest will then accrue based on this lower balance; the lower the balance, the less interest that will accrue. Since interest accrues daily, there is always interest outstanding. You can satisfy interest that has accrued through the current date; however, you cannot pay future interest because it has not yet accrued.

    submitted by /u/enoshixi
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    Great Lakes' contract expiring?

    Posted: 31 Aug 2021 12:37 PM PDT

    Does anyone know if Great Lakes is going to lose/end their loan servicing contract at the end of this year? I've heard conflicting reports.

    I'm just trying to figure out if it's best to pay a chunk of my loans now and get an updated statement before my servicer switches (assuming it does) or if I should keep waiting.

    submitted by /u/singing-mud-nerd
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    Next payment date - 2029?

    Posted: 31 Aug 2021 02:58 PM PDT

    I just logged in to my Nelnet account and it says my next payment is due on 6/01/2029. Is this date just a place holder until they actually resume payments in January? Is this a mistake? My wife has her own student loans. We've been paying down all of our other debt during this deferral period. Come January, I think the only debt we will have is student loans and mortgage. I'm trying to figure out a budget so I was trying to determine how much we were going to have to make in student loan payments come January but this 2029 payment date is really confusing me. Any thoughts?

    submitted by /u/Gummikoalabears
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    NSLSC website problem

    Posted: 31 Aug 2021 06:15 PM PDT

    I've been trying to log in to the NSLSC website for 2 days now, but every time I sign in it and finish the Multi-factor authentication. It always shows this page to me https://srv156.services.gc.ca/arb/errors/error.html?005&RA01

    I saw a guy posted the same issue 14 days ago, which means they didn't fix it within half a month?? Is anyone else having this issue or is it really on my end? Is there anyone that I can contact about this issue?

    submitted by /u/Pushbroom_W
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    How much student loan debt did you owe when you left school and how did you pay them off?

    Posted: 31 Aug 2021 05:54 PM PDT

    Any last COVID policies to take advantage of?

    Posted: 31 Aug 2021 07:01 PM PDT

    This might be a stupid question but in case anybody has an opinion – I'm attending my last year of grad school right now, my parents are generously giving me $12,000 to put towards it so after scholarships and that money I will be taking out around $23,000 in student loans for the entire year. My question is regarding how to distribute that $12,000. Is there any reason I should take out more loans one semester than the other? Are there any COVID policies that would be strategic to take advantage of until they run out end of Jan 2022? My intuition says to just put the lump sum towards my first semester so I'm taking out the majority of my loans second semester (less time to accrue interest?) but clearly I'm not very knowledgable and would love some advice if anyone has some to offer. The loans I will be taking out are mostly direct unsubsidized loans and then some graduate direct plus loans (the latter has a higher interest rate so I intend on accepting less of those).

    submitted by /u/buchabitxh
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    $167k in Loans - Opinions on Consolidation & Refinancing Prior to Payment Commencement

    Posted: 31 Aug 2021 04:50 PM PDT

    I currently have $167k in federal student loans - split up between GradPlus and Stafford (all from post-undergraduate).

    Originally, there was $180k including about $10k of interest - I have not yet entered into official repayment as I graduated in May 2020.

    I have paid off the interest + additional $3k earlier this year - however I have stopped making payments and instead I have been investing (I've been investing for about 8 years now, I'm not a novice) the monthly payments I would normally be making (about $2,100 per month) on the 10-year plan. I currently have about $13k in the account, and I plan to continue this method until around the beginning of January where I will make a lump sum payment to the highest interest rate loan (shown below) to knock out as much principal as possible prior to loan payments beginning.

    Regarding the loans:

    • GradPlus: 4 Loans currently totaling $100k with an average weighted rate of 7.25%
      • Highest Rate: 7.60% with $15k and another 7.60% with $14.5k
    • Stafford: 6 loans currently totaling $67k with an average weighted rate of 6.25%
      • Highest Rate: 6.60% with $11.2k and another 6.60% with $11k

    ​

    Regarding consolidation and refinancing - should I:

    1. Consolidate all into one loan and have it refinanced?
    2. Consolidate all GradPlus in one, and Stafford into another, and have both refinanced?
    3. Consolidate all GradPlus in one and refinance, and leave Stafford as-is in case of any federal loan forgiveness that may arise in the future?
    4. Any other suggestions?

    In May of 2021, I was given an estimated refinance rate of 3.25% for a 10-year plan with an estimated total amount of a single loan of $155k. I'm not sure how rates are looking since May, but my credit is a little over 800. Another thought to add to this - I am planning on purchasing a home sometime in the next year or so.

    ​

    Any input is greatly appreciated.

    submitted by /u/mkg13c
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    [UK] Does anyone know how University loans and advanced learner loans stack?

    Posted: 31 Aug 2021 11:31 AM PDT

    Ive recently finished university and got my degree in primary teaching, however due to covid, I have next to no experience that will help me in an actual classroom and the course's content was massively scaled back. Needless to say, I no longer want to teach.

    I've been looking for a while for ways to fund a second degree, but it seems that I'm out of luck unless I suddenly become rich.

    The next best thing for me would be to go back to college and study something I enjoy (I'm considering music). I recently discovered that advanced learner loans are a thing. Am I right in thinking that this type of loan completely covers course fees?

    My main question is, to anyone who knows, or has taken a similar path to the one I am considering, how do the university and advanced learner loans stack? I know they both work on a percentage over £25k(ish) system. Would I pay back both loans on top of each other i.e. 300 from one and 300 from another each month (I know it won't be that much), or would it just be 300 a month, but from a larger pool of debt that I would pay over a longer period?

    If it's the latter case, then I am seriously going to consider doing this as I love to learn, and I'm never going to earn enough to even pay back the £50k of debt I amassed through university. I might as well do something I enjoy, but if payments stack then it's a more weighty decision that I'll feel the consequences of more severely.

    Apologies for the massive post, but any help would be greatly appreciated!

    submitted by /u/jackrik3
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    15k needed, anxiety high, advice welcomed. Plz

    Posted: 31 Aug 2021 01:51 PM PDT

    I just got noticed that I got a school bill from my pervious school that I dropped out of 2 years ago.

    Context: I dropped out of school because I could no longer could afford it and I also developed some mental health issues throughout those years. It has not been easy as my family did not support me financially. I was waiting till I turned 24 to file under independent (which I will in December) to get my own loans and return back to school. However I just got a bill for 14,500 due from my school.

    I don't mind getting a loan but I find it difficult to get one on my own. I do have access to my parents taxes so I can get a government loan but since I'm not currently registered in any school i don't know how that works.

    Also my anxiety is going through the roof right now. I want to go to PA School in the future. I even have a plan to go to community college and transfer to a university in the next year and a half.

    Any advice can really help me. Also if you have any stories of how you somehow live a life with a ton of student loan debt please share. My anxiety is up right now and hearing how people manage their crazy loan debt really help me out.

    submitted by /u/Euphoric-Goose
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    UK student loan and universal credit?

    Posted: 31 Aug 2021 01:13 PM PDT

    I am starting uni on the 20th of September. I have my student loan in place and I'm on the old tax credits system. I have to leave my job as I'm a student nurse and have been accepted on the matinence loan. I was wondering is it better to continue on the tax credits system or convert over to universal credit? If i stay on tax credits I pay full rent, council tax etc. If i switch over do I get help with these or will they take the loan I get as an income and still have to pay in full? I have a child and a single parent so worried about bills. Thanks.

    submitted by /u/sharnih
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    Getting Married - How it effects PAYE & PSLF

    Posted: 31 Aug 2021 08:27 AM PDT

    My Fiancee and I are getting married in November and will have to figure out how we want to file our taxes sooner than later.

    Some general information

    Me (MFS) Wife (MFS) Combined (MFJ)
    Income 52,000 55,000 107,000
    Gov't Loans 30,000 80,000 110,000
    Payment Plan 25 year fixed ($190/mo) PAYE (Current $0.00/mo) (Thank you COVID)
    Anticipated 2021 payments 190 or ($283 if PAYE)A $308 689 (based on Student Loan Hero)
    Annual Expected 2,280 / 3,396 (talk more on this lower)A 3,696 $8,268
    Annual Tax $4,550 $4,910 $9,165
    Tax + SL $6,830 / $7,946 $8,606 $17,433
    Total Worst = $16,552 $17,433

    ​

    1. My question is in relation to how PAYE and PSLF works. How would it work if we were to file Married Filing Separately? Would I be able to remain on my 25 year fixed @ $190/month and she remain on her PAYE and only have her income count towards the PAYE calculation without screwing anything up for PSLF?
      1. Essentially, does MFS work the same as if we were to file Single in relation to Student laons? (I know taxes are the difference here)
    2. If we went MFJ, How would that affect her PAYE if I remained on my $190/mo plan? $689 is the 10% of discretionary income, would her payment then be $499 (689-190)? Or would I also have to go into a PAYE plan in order for the sum of both of our payments be capped at the 10%?

    Where could I turn in order to get a full breakdown of everything we are both bringing to the table? I feel like a CPA would be helpful but unsure if they would fully understand the rules of the PAYE and PSLF and how it all works together?

    Appreciate it!

    submitted by /u/Wast3d_x_KUTCH
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    Columbia University

    Posted: 31 Aug 2021 07:39 AM PDT

    Hello everyone, I am currently a 3+2 engineering program student. It's a program where I get to spend 3 years at a liberal arts college then transfer to a bigger university ( Columbia University and WashU in my case). I read in a forum that some international students got nothing when they were accepted at Columbia. So my question is, is it worth it to take a loan to get a Computer science degree from Columbia? Ps: I'm an international student, and I plan to major in software engineering if I go to Columbia. Thanks!

    submitted by /u/Ray687
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