Was paying off a lump sum a bad idea? Student Loans |
- Was paying off a lump sum a bad idea?
- I'm out of forbearance on my Navient loans - if I refinance with another lender, would that give me new forbearance? Would Navient be willing to let me pay off a "lump sum" with the refinance?
- Principal Balance Increase During COVID forbearance
- Will I get penalized if I pay my loans 10 days late?
- Paid student loan shows balance remaining on credit karma
- Great Lake Loan COVID payment pause
- Defaulted student loans fell off credit report - will they re-appear when repayment begins?
- Help estimating what I'll pay monthly?
- Help
- Can I get Federal Student Loans with high income and good credit?
- Consolidation Federal Loans to Private Company for lower interest rate?
- If I take out a subsidized student loan, will my credit score go down right away for having more debt? Even when it’s deferred?
- Trouble with IRS Retrieval tool
- Need help figuring out best repayment option
- Grad plus loans
| Was paying off a lump sum a bad idea? Posted: 30 Oct 2021 08:10 PM PDT Hello. I'm in a sticky situation. I am a dentist currently in debt ~266k (all federal), averaging 5-7% interest. This is after I paid off a lump sum of 40k earlier during the pandemic, since I assumed I would be aggressively paying off the rest. Unfortunately with my current job I only make 93k/year. The low income is because I fell unexpectedly ill with an autoimmune disease and currently can only work 3 days/week. Not sure how this will change in the future. I was planning on refinancing but now I do not think I would be able to afford payments and that my better option is to stay on IDR.... Still, I am deeply regretting paying that lump sum and wondering if I should refinance anyways.... I don't know. Thoughts? Thanks in advance. [link] [comments]  |
| Posted: 30 Oct 2021 09:42 PM PDT As the title states, I'm out of forbearance with my Navient loans and have been making income-based repayments on their rate-reduction program for a little while, but I honestly really don't like not having any forbearance available if I need it. Also, when I had been in a worse financial position a few years ago and had almost defaulted, they had offered me a significantly less pay-off amount (which I could still definitely not afford as one payment). My credit is now in the "excellent" range (it used to be in the "poor" range), so I'm sure I could get approved for a refinance. So, if I do that: 1) Do most companies that offer student loan refinancing provide you with new forbearance? Like, would I get another few years of forbearance out of it? 2) Is refinancing viewed by Navient as equal to paying off your loan in a lump sum? Would they offer to let me pay a lump sum with the refinance (like they had offered me before)? Thanks for any insight! [link] [comments]  |
| Principal Balance Increase During COVID forbearance Posted: 30 Oct 2021 09:51 AM PDT In comparing my finances with the online portal I saw that my remaining fedloan balance was higher than anticipated (a few hundred). Unfortunately there are no billing statements I can pull, but in comparing a letter from them from February 2021 to today, a few of the specific loans are higher now than before. They all list as 0% interest due to the forbearance and can't understand why this would be the case. Has anybody else noticed this? [link] [comments]  |
| Will I get penalized if I pay my loans 10 days late? Posted: 30 Oct 2021 05:17 PM PDT I get paid bi- monthly and the majority of my 1st monthly paycheck goes to my rent and there is a few hundred left over that isn't enough to make my loan payment. I get my 2nd paycheck 10 days after my payment is due and it covers the entirety of the payment. [link] [comments]  |
| Paid student loan shows balance remaining on credit karma Posted: 30 Oct 2021 08:05 AM PDT I have a student loan with NJ Hesaa that used to be $3003.19. I paid off the entire student loan with Hesaa, who has since comfirmed that the loan is paid in full, and is not accruing anymore interest. This payoff date was over 6 months ago. However when i sign into credit karma, the credit karma app still shows a $7 balance that has not changed ever since I paid off the loan. I have disputed this balance with them once before, which they resolved the next day after. This balance still shows as $7 and it's just really annoying to waste 3 grand on a student loan that doesn't show as being paid. [link] [comments]  |
| Great Lake Loan COVID payment pause Posted: 30 Oct 2021 11:43 PM PDT My payments start on November 1st (king of doing things last minute here), and I was reading about the payment pause they issues ones August 6th due to the continuation of COVID-19. It says that accounts will be updated to show that payment is paused until January 2022, but mine does not say anything about that. It still says my first payment is due the 1st…Help??? Does anyone else have this issue? Am I just not reading things right? [link] [comments]  |
| Defaulted student loans fell off credit report - will they re-appear when repayment begins? Posted: 30 Oct 2021 10:54 PM PDT Hello, My student loans were in default and have finally fell off my credit report. I no longer have any negative items on my credit report. I am planning on beginning an income-based repayment plan and getting the student loans out of default. My question is, when I do this, will the old negative missed payments and default status re-appear on my credit report? Forgive me for my ignorance, but I'm not sure how this works I see conflicting information about how things re-appear on your credit report. Will my credit score hurt in the beginning until the repayments are made? I don't know how this works. Thanks in advance. [link] [comments]  |
| Help estimating what I'll pay monthly? Posted: 30 Oct 2021 10:13 PM PDT Hello all, I haven't had much experience with making payments yet because I stopped taking classes about the same time as the payment freeze started, so I'm just trying to get a rough estimate of what you all think I should expect so I can be prepared in January. I currently owe roughly $20,000 in federal student loans. I have an average ish income, but not low enough to qualify for an extended plan. About $37k per year. If I just go with the standard federal repayment plan what should I expect to pay monthly? With most of the calculators I've found online I'm coming up with something around $210-$235 per month. Does that sound accurate? I can afford that for now so that's not a huge issue, but if it's gonna be more I'd rather know now so I don't panic when I get some ridiculously expensive bill. I apologize if this is the wrong place to ask this, but I can't even get an answer from my loan servicer anymore (FedLoan) because they got bought out... Second time this has happened to me now. The new one hasn't contacted me yet so I just feel in the dark at the moment. Thanks! [link] [comments]  |
| Posted: 30 Oct 2021 08:21 PM PDT I work full time (about 10-12 hours five days a week) and I have been taking one class a semester. I want to go to school full time and either quit my job or do part time if they allow it, what should I do? I know I will have to take out a loan but where do I start? [link] [comments]  |
| Can I get Federal Student Loans with high income and good credit? Posted: 30 Oct 2021 02:21 PM PDT Hello, I'm 22 years old and am going back to college. I am self employed with a high income and great credit but no co-signer. Am I able to get federal student loans? Or is my only option private loans? Side note, I have quite a bit of cash and investments on hand. Not sure if that effects the application process? Any advice or input would be very much appreciated! [link] [comments]  |
| Consolidation Federal Loans to Private Company for lower interest rate? Posted: 30 Oct 2021 03:11 AM PDT Thinking of consolidating all federal loans to private company for a much lower interest rate and risk losing federal perks because federal perks are not helping to reduce debt just extending the duration of debt while interest accrues. It will begin accruing again in January. The payments would be impossible to payoff as is. $175,000 at 6.8% interest rate [link] [comments]  |
| Posted: 30 Oct 2021 01:39 PM PDT Debating on whether or not taking out a 6000$ student loan or trying to pay out of pocket. I really don't want my credit score dropping down from taking out a loan. I worked so hard to get it near 800 [link] [comments]  |
| Trouble with IRS Retrieval tool Posted: 30 Oct 2021 01:27 PM PDT Has anyone else tried to recertify their IDR plan and been rejected by the IRS retrieval tool? I'm entering all of my information in from my tax return and it's not certifying [link] [comments]  |
| Need help figuring out best repayment option Posted: 30 Oct 2021 10:06 AM PDT So I went to college as an older adult and used student loans to pay for childcare while I got my masters degree. I currently work in a PSLF eligible position and make 100k per year. I have approx 100k in student loans. My dilemma is, if I use an income-based repayment strategy, my student loan payment will be $666 per month for 10 years. If I use non income based repayment, my payment goes down to $150 but I pay for 30 years. Either way, I pay the about same amount - the PSLF forgiveness is less than $10,000. I am 40, married, and own a house in a MCOL area in California with 3 kids. Having an extra $400ish per month to play around with seems like the best option at this point but I'd love to hear others weigh in on what I might be missing. Here are the options: STANDARD REPAYMENT Starting payment $276 Last payment $276 Total paid $99,278 Forgiveness amount: $0 Paid off: September 2051 GRADUATED REPAYMENT Starting payment $150 Last payment $452 Total paid $99,278 Forgiveness amount: $0 Paid off: September 2051 PAY AS YOU EARN REPAYMENT Starting payment $666 Last payment $827 Total paid $93,113 Forgiveness amount: $6,615 Paid off: September 2031 See? Am I right in thinking there's not much benefit to doing pay as you earn? I keep more money every month that I can invest, use, etc. [link] [comments]  |
| Posted: 30 Oct 2021 09:26 AM PDT I have been living abroad most of my life, and I am moving back to the us to attend grad school I have no credit history and I don't file for taxes as I don't owe any, my question is do I qualify for grad plus loans? [link] [comments]  |
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