Student loan system is rigged, my personal experience with paying them off Student Loans |
- Student loan system is rigged, my personal experience with paying them off
- Finally saved enough to pay off student loans thanks to crypto.
- $102k in Fed. Loans - Advice?
- $177k private loan with Navient...help!
- I may have to drop out of college
- Could someone explain private student loans to me?
- Loans all showing less than $5 interest left on loan; need help understanding
- FFEL loans are now eligible for borrower defense to repayment discharge…?
- Mohela Parent Plus Loan balances not updating with payments
- Americans refinancing from abroad?
- Switching payment plans question
- Student loans are coming back, and I just got my first email about my first payment.
- My Mother Took Out A Private Loan and I'm Overwhelmed
- Unusual Grad Plus Loan Situation
- Fiancé offering to pay my loans, how to avoid taxes??
- Confused on how to tackle debt while in grad school
- Good experiences refinancing Sallie Mae loans?
- FFELP owned by Navient Federal Loan Trust by guarantor PA Higher Ed
- Borrowers Defense application finally got approved.
- Floating interest
- Is this False Certification?
| Student loan system is rigged, my personal experience with paying them off Posted: 13 Sep 2021 09:12 AM PDT The process of paying off Student loans is rigged and let me tell you why. I have just recently paid off my student loans and, instead of celebrating, I am thinking about how I was able to because of reasons outside myself and yet so many people will not be able to anytime soon. I was lucky enough to go to get my undergraduate degree completely without debt. That alone is worth celebrating but I didn't do it alone. Most of my expenses, with a little help from scholarships, were covered by my parents who were able and willing to help me achieve this goal. I am an only child which helped a lot. How many people can say they started out this lucky? Later on I moved on to graduate school where I was well aware I wouldn't be as lucky the second time as my parents could not afford to pay for tuition, expenses, etc. So if I wanted to do this, it was on my own. Here come the loans! But was it really on my own? I lived in their house for most of the two years, ate their food, used their car to get everywhere and used utilities without paying for a dime of it. However I did work a lot. Along with being in school full time for two years, I had continually had 2 to 3 jobs that helped pay off most of my tuition and some extra expenses. I lived in a town that was known for not being expensive and I lucked out that my university was in my hometown so I even had the option of living at home. I did everything that I could possibly do to save money when in college. Yet I still came out with $9,000 dollars still in student loan debt. This amount is pretty good considering what many others usually end up with. Like I said, two years after graduating I have paid it off. How? I made sure to put a big chunk of savings into it as soon as possible. Then the pandemic hit. I was able to take full advantage of the no interest for the majority of that time period and pay off my loans in full. However I would not have been able to do that without more assistance with living expenses after I graduated and having difficulty finding a good job during a pandemic. I am proud of taking the right steps to achieve this but I have to also consider the tremendous amount of help I got from my parents and other members of my support team. Not enough people are as lucky as I am. I know many people who are struggling with student loan debit, passionate people who want to help others, and will for years to come. This system is rigged and we need to help them any way we can. Thank you for reading. Edit (added some additional comments I made to questions asked below that include some missing points): I was trying to highlight that the only way I was able to achieve this was to put a lot of financial burden on others, using situational circumstances outside of my control- including a global pandemic- to my advantage and taking on every opportunity that came my way even when it put too much on my plate and put my mental health at risk. I cannot fathom how socity can be comfortable with encouraging people to pursue their dreams, when it benefits us as a whole when the do, but also allow them to have an outrageous amount of debit that will be difficult to pay off and likely take many years. I forgot to mention that the interest rate makes paying off student loan debit that much more difficult as many end up just paying off the interest itself instead of the amount they borrowed in the first place. I did mention in my story that I took advantage of the global pandemic as it paused interest for most of that two year time period which directly contributed to me being able to pay it off that much faster. To be fair I didn't exactly chose the school I went to. Because the scholarship I won I could only pick a state school, also since my parents were paying for undergrad (most of that time I actually did live away from them because they were able to afford that option) they also made it clear that was my only option as well. Not to say picking a state school is bad, in fact I lucked out that my local university had a great program in both fields I studied, but it wasn't my first choice and again I was lucky. I also honestly would not have wanted to work either if I have a choice. It impacted my grades, my ability to learn and work with professors and I missed out on opportunities that could have helped find my career path after I graduated. I am still struggling with that last aspect even today. Not to mention my mental health was severely impacted and I don't think I have fully recovered. I made a lot of good financial choices and sacrifices but I really don't wish that upon anyone if they had other options. [link] [comments]  |
| Finally saved enough to pay off student loans thanks to crypto. Posted: 13 Sep 2021 11:59 AM PDT Thank you to this sub for all the information you have provided me the pay 6 years. $20k saved and out of the rat race once the dust settles end of January. No one deserves to deal with student loans. [link] [comments]  |
| Posted: 13 Sep 2021 05:46 PM PDT Hello, I have $102k in student loans, and I currently make about $120k per year, and I expect that to continue to go up relatively steadily over my life. I have $25k in savings, and I'm going to throw that at the loan once forbearance ends, and then my annual bonus in March. Should I also consider refing in March? I want to get the rate as low as possible and I don't see myself qualifying for any other forgiveness, and an income based option doesn't work for me. No credit card debt or car payment. [link] [comments]  |
| $177k private loan with Navient...help! Posted: 13 Sep 2021 07:35 PM PDT Coming off an interest driven payment plan, and need to make a smart move to keep the current monthly payment or lower. Credit 650 Current payment $738 [link] [comments]  |
| I may have to drop out of college Posted: 13 Sep 2021 04:20 PM PDT I have found out that i can no longer afford my full tuition cost as my loans and stuff no longer cover I. Don't quite know what is should do this is my final year and I'm unaware to take out a loan cause all lenders want a cosigner for me but I don't have anyone to help anyone know any places that loan with out one? [link] [comments]  |
| Could someone explain private student loans to me? Posted: 13 Sep 2021 10:00 PM PDT I've never applied for a private loan for school so I know basically nothing. I'm not sure what to choose or what to look for. [link] [comments]  |
| Loans all showing less than $5 interest left on loan; need help understanding Posted: 13 Sep 2021 05:16 PM PDT Loan example: Repayment start date: fall of 2010 Estimated payoff date (calculated by Navient): Jan 2024 Unpaid principle: $1,300.00 Unpaid interest: $2.58 Current balance: Interest rates are anywhere between 2.5% and 6% My husband and I both have numerous loans like this. We can't pay them all off, but with less than $3 on this loan, for interest, what are the pros/cons to paying them off as we are able, rather than just continuing the monthly payments? My loans went through a period of forebarance as well as lower, income-based plan, which is why they aren't paid off after 10 years. [link] [comments]  |
| FFEL loans are now eligible for borrower defense to repayment discharge…? Posted: 13 Sep 2021 01:49 PM PDT Does anybody have any info about this? My spouse filled out an application for borrower defense to repayment discharge several years ago. One loan was almost immediately discharged but the other 7 have been in limbo, and we didn't have much hope because the application was listed as closed. But last week we got notice that the application has been approved. Three of the loans are FFEL so we did not expect discharge of those. The studentaid.gov website says they aren't eligible. HOWEVER… the email my spouse received states: "The Department is determining whether you have other Federal non-Direct loans (such as FFEL or Perkins Loans). If you do have these other types of loans, they will also be eligible for full discharge, but you will have to take some additional steps to receive this relief." It doesn't stay what the steps are; it only says they'll be in contact if additional steps are needed. I'm so confused because the federal aid website explicitly states you can't have FFEL loans discharged without going through one of the payment plans. What gives? [link] [comments]  |
| Mohela Parent Plus Loan balances not updating with payments Posted: 13 Sep 2021 03:14 PM PDT I just graduated and got a well paying job, and am looking into paying off my student loans. I graduated with $100,020 in Parent Plus loans which are now my responsibility, as well as $26,000 in subsidized and unsubsidized Stafford loans. My parents paid what they could towards the Parent Plus loans, but it wasn't much so I didn't bat an eye at the fact that my loans were at or above their initial principle balances despite being deferred from halfway through my sophomore year on. The part that caught my eye was my senior year loan, ~$31,000, was deferred the entire time so it accrued no interest, and I made a $3,850 lump payment towards it January 15th of this year, posted the day before I graduated in May. Today, the balance is the exact same as the original principle, despite the payment showing as the last payment towards that loan. Between my parents and I having paid roughly $20,000 towards these loans over 4 years, with them deferred just over half that time, where is this money actually going? I can't find it anywhere in the statements. Any help/advice/input is greatly appreciated. [link] [comments]  |
| Americans refinancing from abroad? Posted: 13 Sep 2021 09:38 AM PDT Hi all, So my wife is American, but lives with me (Brit) in the UK. She has just over 100k in private loan debt with an interest rate of roughly 9% I've been looking into refinancing as I'm hoping we can get the interest down to maybe 4% and (if I'm really lucky) even lower the monthly payments. But so far I've been hitting brick walls with companies asking for US addresses and basically refusing to acknowledge the existence of foreigners haha. Does anyone know of a US refinancing company which would be happy to accept overseas citizens? We have a US co-signer if that helps. Alternatively, does anyone know of any success stories of UK banks buying US student debt? Im open to the idea of transferring it here even if the end result isn't quite as good as US refinancing, as currently we have to do all payments and customer service via the in-laws. (Sorry if I'm posting this wrong btw, please do let me know as I'm not a frequent user of reddit) [link] [comments]  |
| Switching payment plans question Posted: 13 Sep 2021 08:19 AM PDT Ok so I have a general question that I know will depend on a lot of factors, so I'm making a lot of assumptions here. Assume that I have a 10 year loan that started on a standard payment in 2018 was switched to REPAYE for 2 years in 2019-2021, and am now switching back to standard in 2021. Assume no pause in payments and no federal COVID forbearance. Is my payoff date still 2028 after switching back to standard with my payment amounts increasing to "make up for lost time"? or will the term/payoff date shift because of the REPAYE? Thanks! [link] [comments]  |
| Student loans are coming back, and I just got my first email about my first payment. Posted: 13 Sep 2021 04:47 PM PDT I went to a local community college, so it's about 7,000 (6,925). Not terrible, and I only have to pay $74 a month, which, is way better than I expected. HOWEVER, when going on the site to make the payment, I was faced with only one option for payment, and it was not via a bank/credit card (I use chime and have both a primary card as well as the credit builder, which is what I'd use to make the payments so my credit score can go up, as it's not too great at the moment, I figured 2 birds one stone type situation. I got my loans through OSLA (Oklahoma Student Loan Authority). I am just not comfortable giving my bank information, even though I know it's secure. I am currently trying to save up money to be able to get a place of my own next year, and budgeting isn't a strong point of mine, but I am working on a spreadsheet to make it easier to save as much as possible. Is there any possible way that I am able to do manual payments for my loans, or do I really have no other options other than submitting my personal banking information. I've been scammed by many people (companies /organizations, etc) having money taken from my account that wasn't authorized, causing my account to go into the negatives, and I really do not want that happening again, especially when I'm trying to build some kind of future for myself. Thank you in advance to everyone who replies to this. I asked my mom but she just said use another bank account, which, I also do not want to do because I already don't use the physical bank account I have as it is. [link] [comments]  |
| My Mother Took Out A Private Loan and I'm Overwhelmed Posted: 13 Sep 2021 04:40 PM PDT Hello everyone. I'm in a pickle. My mother, instead of parent plus, took out a Wells Fargo private student loan my sophomore year. I just got the first statement today. Apparently I have a 11.8% interest rate, the interest already racked up $5k, and they want me to pay $10.5k on that loan alone this year. Along with that, they estimate my total payments would amount to around $47k. I'm extremely overwhelmed and I have not the first clue what to do to with this. I have over $130k in student debt total and I want to consolidate them all into one loan with a lower interest rate. What do I do? [link] [comments]  |
| Unusual Grad Plus Loan Situation Posted: 13 Sep 2021 12:48 PM PDT Hello All! I'm wondering if anyone else has experienced this and if so, the outcome of the situation. I applied for and was denied a grad plus loan and the next day, received info from the school stating that my aid package had been updated. Despite being denied, the school seemed to approve it?? I've been waiting for 2 weeks now and nothing was dispersed. I talked to the school today and they're saying it's showing as pending on their end and that I needed to complete the MPN, despite me telling them that I've done that already; they kept saying I needed to go in and "resign" but that's not even a damn option. I just went ahead and completed another MPN & also went ahead and completed another entrance loan counseling & acknowledgment of the aid year. I guess time will tell but I'm very interested in knowing if anyone else has experienced this. Please let me know! [link] [comments]  |
| Fiancé offering to pay my loans, how to avoid taxes?? Posted: 13 Sep 2021 11:24 AM PDT I graduated nursing school as a second degree last December with about $40k debt. My fiancé proposed in March and much of the extra income Ive been getting has been going towards saving for the wedding next spring and I am paying a little over minimum towards my loans each month. He is worried about how my debt will affect us getting a house later next year if it is not paid off. He recently made a hefty profit off an NFT and has offered to pay off $30k of my debt. However, we aren't sure how to go about doing this. If he "gifts" me the money, would I still be required to pay taxes on it if it's a gift? He will already be required to pay capital gains tax on the profit he made so it seems silly for me to pay another tax on top of that. Or is it better to give him access to my account and let him pay the loan from his account? In that case, would he be able to write that off on his taxes like I would get to do if I had paid the loan myself? (Also wondering if it's better for him to wait until we are married to do this) We just have so many questions and his tax guy wasn't much help. Thanks in advance for any advice! [link] [comments]  |
| Confused on how to tackle debt while in grad school Posted: 13 Sep 2021 11:00 AM PDT Graduated undergrad with 41,000 in debt and paid it down to 33,850. Stopped making payments halfway through 2021. Got married, currently paying off marriage expenses( engagement ring, wedding band, other expenses by January 2022). Graduate school should cost around 7,000 a semester for 4 semesters $28,000. While in school I will have no required payments. Roughly half my debt will be subsidized loans. The other loans will be unsubsidized interest rates will be between 4-5.28%. My company offers tuition reimbursement of 6,000 per calendar year, but you have to stay working for them for 3 years. I think I will take it this year. Should I take it next year ? I can then apply for a educational loan interest free through my religious community to pay for the 3rd semester. My question is what should my repayment strategy be during graduate school? I think next year I'll have roughly 1000 left each month after for bills, regular savings, and retirement savings. What would people recommend? [link] [comments]  |
| Good experiences refinancing Sallie Mae loans? Posted: 13 Sep 2021 02:09 PM PDT Hi guys, so I have four SM loans at interest rates: 9%, 12.375%, 9%, 9.5% AND total 146K. As you can see I made some dumb choices and now we're here. I'm hoping to refinance it somewhere. Luckily my field pays a decent enough salary to not starve with these payments, but I still feel like they'll be taking just under 40% of my income which is ridiculous. Has anyone here had good luck refinancing? Did it make a big difference? What was the company and what were the factors (credit/ work history/ cosigner/ income...etc)? [link] [comments]  |
| FFELP owned by Navient Federal Loan Trust by guarantor PA Higher Ed Posted: 13 Sep 2021 09:55 AM PDT I have this loan since 1998. I consolidated the loan at 7.75% interest rate and Navient refuses to reconsolidate. Can anyone offer me advice on what to do? I am trying to pay this off but I feel like I am going nowhere with this. Please help. [link] [comments]  |
| Borrowers Defense application finally got approved. Posted: 13 Sep 2021 03:45 AM PDT After damn near 3 years they finally approved my application. However, this only covers federal loans and not private. Has anyone had any success with private loans being forgiven? Such and navient? [link] [comments]  |
| Posted: 13 Sep 2021 11:51 AM PDT Hi all, Can floating interest rate increase backpropagate, that is, to the payments that were made in past? For example, if in past the rate was 5% and now it's 6% will the interest for the next payments include the 1% increase for the past payments as well? Is this legal? I am unable to find any resources that state it as such. [link] [comments]  |
| Posted: 13 Sep 2021 09:38 AM PDT I attended a private college and completed a 48 credit hour masters degree in mental health counseling. Unfortunately, shortly afterwards, the required credit hours for licensure changed to 60 credit hours. I therefore can't be licensed unless I pay to catch up. That would be prohibitively expensive and, at 55 years old, not helpful in terms of income. It has limited my opportunities as well as my income and I've made, at the most, $49k. My question is, what are your thoughts on a false certification discharge? Also, if I were to Pursue one, does my masters degree get rescinded? [link] [comments]  |
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