Why don’t student loan companies accept payment by debit card? Student Loans |
- Why don’t student loan companies accept payment by debit card?
- Loan calculator showed me 0 dollar monthly payments until forgiven in 2041
- Old borrower with student loan questions
- Should I pay off $11,500 all at once or do payments?
- No Cosigner for Private Student Loan, but I have Credit. What are my options here?
- How much interest would i be paying?
- Borrower Defense Discharge?
- Has anyone ever successfully discharged SL through bankruptcy?
- Payment question
- Access Group "Took Back My Loan" from Collections
- IBR thought process
- Need advice for best repayment strategy
- Trying to help a friend find an answer regarding re-certification of income based repayment
| Why don’t student loan companies accept payment by debit card? Posted: 29 Oct 2021 09:52 AM PDT I was always curious about this as I pay my federal loans on My Great Lakes with my checking account as well as my private loans with Sallie Mae. I remember being able to call Sallie Mae in the past if I wanted to pay by debit card but apparently after October of this year they stopped accepting payment via that method. I'm thoroughly confused as to why as aren't debit cards always traditionally attached to checking accounts anyway? It's just a faster method of paying so what's the big deal? [link] [comments]  |
| Loan calculator showed me 0 dollar monthly payments until forgiven in 2041 Posted: 29 Oct 2021 11:21 PM PDT So I live in a country where my salary is typical for the cost of living here but would be considered quite close to the poverty line back in the US. My wife and I are also having a kid soon. So I've got about 20k in outstanding loan debt borrowed from college back in 2009-12. Previous monthly payments under IBR were around $150 or so. Now with IBR recertification time arriving since loans are coming out of COVID forbearance, I decided to check out what my new monthly payment would be with a wife and kid now (got married and she got pregnant just this year). I selected 'pay off the lowest amount over time' for my goal, and to my surprise, for REPAYE, IBR and the other IBR related plans it showed a 'total paid over time' amount of $0, with the full amount to be forgiven in 2041 (since they're forgiven after 25 years). I'm confused, is it because I've got dependents now - because I've got a kid now - because my salary is so low? Or all of the above? Or is this just a poor calculator and the actual monthly amount won't be that low? I need to know so that I can decide whether I should aggressively attack these loans and make sacrifices to do so over the next few years - or if I can actually just make zero dollars in payments until they're eventually forgiven? [link] [comments]  |
| Old borrower with student loan questions Posted: 29 Oct 2021 07:49 PM PDT This subreddit was recommended by a commenter at r/personalfinance, and this is cross-posted there. I'm looking for any advice from anyone who has student loans from before 2008 who has taken advantage of IBR or REPAYE. I am in my mid 40s, married filing jointly. We have a joint AGI of approximately $110K. I also have $155K in student loans. I have been paying on them on and off for almost 20 years, I think. For the past eight to ten years, the spouse and I have been aggressively trying to eliminate debt. However, spouse was also adamant that we buy a house five years ago because we were almost completely debt free (except for student loans, which I had already paid down to less than $90K). He purchased a money pit, and we are now back in considerable debt with frequent emergency repairs (electrical wiring caught fire, central heating died, basement flooded, leaking roof, etc.). As for my student loans. I've been making payments before and after the passage of IBR. Since we purchased the house, and the wiring almost immediately caught fire, I applied for IBR (2016) and have been paying less than monthly interest. Thanks to the magic of capitalization, the principal ballooned by over 150%. I owe about $90,000 in principal, and $65,000 in capitalized interest. During the moratorium, I took the opportunity to pay off several home repair debts to free up income for when payments resumed. Then our boiler died, and both of our cars needed emergency repairs. $20,000 later, I accomplished nothing during the moratorium. With the moratorium ending, I'm trying to get back into IBR, or REPAYE, or something. Every single option seems to require consolidation, and my loans do not qualify this year. (I've already tried.) I have Federal Direct Subsidized and Unsubsidized loans (no Pell grants). My current options, starting 2/1/2022, are 50% of my monthly take-home pay (interest only), or 75% of my monthly take-home pay (standard repayment) due to my tax filing status. These two options are not economically feasible. My income currently covers our food and servicing the debt for car and home repairs, and spouse's income pays the mortgage and utilities, and also debt from emergency home repairs. My questions: Anyone else in the same boat? (Paying loans over the course of changing laws) Did you apply for IBR? How did it affect your repayment options? Have you applied for some sort of extended repayment this year? Does the process seem different to you? Anyone having issues with applying for extended repayment options this year specifically? At what point does someone qualify for forgiveness? How do you ask for it? Do you have any additional recommendations? (Other than "make a budget." We have one. Thanks.) Notes: We do not eat out. We do not have a "daily latte" spending habit to cut (coffee is made at home). I'm actively looking for part time income, but due to my degree (legal), employers generally don't want me around. Bankruptcy would kill my career and prevent me from maintaining certain professional licenses. [link] [comments]  |
| Should I pay off $11,500 all at once or do payments? Posted: 29 Oct 2021 01:33 PM PDT I graduated last year but just had the nerve to open up NelNet to see my loan amount and it's currently $11,500. I have enough in my bank account to be able to pay it all off in full but I'm not sure if there's going to be a loan forgiveness or anything, but is it better to do it at once or payments? [link] [comments]  |
| No Cosigner for Private Student Loan, but I have Credit. What are my options here? Posted: 29 Oct 2021 05:03 PM PDT So to break it down, I've been in a godawful situation with my university for many years but things REALLY hit the fan this month. Despite being raised by my grandparents my entire life, FAFSA wanted my dad's tax information, despite him being rarely around, because he still had visitation and therefore never had his rights terminated. This made zero sense because he never supported me, I was never under his roof, and my grandma actually SUED him for underpaying on child support (the court ruled in our favor). It was a many month long fight but we gave in and I provided his info. My EFC went from $0 to $3200 - $3500 for my Freshman and Sophomore year. Fast forward to this year, Junior year, he and his wife (my stepmom) got a $20k raise according to his last FAFSA filings. This made my EFC jump to nearly $10,000. Absolutely insane, I know. He said he will give zero help and I'm on my own, despite him living in a million dollar house. Luckily I had a $3,000 housing relief and an $1,800 Cares Act fund to mitigate this down to about $5,200. But I'm still short. For Fall Quarter I need $1800 (I can cover this no problem), but Winter will be $2000 and Spring $1300. This is where I had to plan how to go about this, and here's what I came up with. I need a private student loan of $5,000. This will be split for the next two quarters, since my school takes money and divides it among quarters evenly. This will cover everything I need. That being said, I have no cosigner. Everyone on my side of the family (my dad's side is entirely in Cali and we're extremely infrequent in communication) has absolutely DESTROYED their credit six ways from Sunday. The only person with a good credit score said he would cosign for me but his account has so many inquiries and bad marks that it'd be better to apply without him. He recommended that I check to make sure I even have a credit score, and turns out I have a 669 credit score (checked with Experian) with 16 months of history. This is good news for me. I'm already applying for grants and scholarships but they will be for next year, none left for this year. What happened this year was entirely unprecedented. I went from thinking I could cover absolutely everything, to being badly in trouble. I. Need. This. $5000 loan. I work and make $900 a month, but my plan is to save $700 a month for the next year (and during the Summer I can make close to $3000 and all that will also go to college savings) because this is going to be worse next year. The EFC will possibly be half of the entire cost. I need to prepare for this. I also hear that applying for several student loans is going to really hurt my credit because of inquiries and hard/soft credit checks, but my financial aid officer said I get a grace period of six months after the first inquiry. There's also the matter of having no cosigner, which is out of my control. But with how much I'm asking for compared to other students (I'm also a Business Admin major with a specialization of Finance, with one of the best business schools in my state), I feel like this helps my case even more. TLDR: I desperately need a $5000 loan to cover the rest of the year, but no one in my family is cosigner material, but I have a credit score of 669. I'm also worried about hurting my credit badly through applying for student loans. Any advice? Anything helps. I need to resolve this ASAP so I can move forward with the plan. [link] [comments]  |
| How much interest would i be paying? Posted: 29 Oct 2021 04:12 PM PDT So I'm thinking about taking out a Federal Direct Unsubsidized Loan of $7000 with an interest of 3.73%. I won't really be able to make any payments until about 2 years and then I could probably pay it off in a year or a year and a half. So I'm trying to figure out how much interest would already have been accrued in 2 years' time. And not exactly sure how it would look like. Also is it worth it? I could do without, but I live at home and pay rent and bills and have very little money and would be going to school online and that extra money would help a lot during my time in school. I except to have a much higher salary than currently in about 2 years which is why I'm wondering if the interest would be so high that its just not worth it. EDIT: If I did do this and decided to pay $20-$30 monthly until I can start paying of a lot more at a time, would that help keep interest low making it worth taking out the loan? [link] [comments]  |
| Posted: 29 Oct 2021 12:12 PM PDT Now that we're months into Biden's administration, has anyone had any luck with this? I went to both Kaplan and Devry from 2009 thru 2011 while I was working retail and ended up having to quit my program both times due to my job not working with me on my class times and running out of financial aid and have $50k in student loans for those two places that I am never going to finish paying off. I want to do the borrower defense claim but I don't know anyone that it has worked for. I understand the last 4 years that would have been a pipe dream, but how about now? I do have some other student loans that I racked up at my state school and I have been paying those off but they're only $20k left and I am fine with them because I actually got a degree and money's worth. I can't say that about the Devry or Kaplan though, I was scammed, bought into the promise of amazing job prospects and easy to navigate classes that sucked all of my money and will to live out. Just wanted to see if anyone has any advice or words of wisdom on that whole process? [link] [comments]  |
| Has anyone ever successfully discharged SL through bankruptcy? Posted: 29 Oct 2021 12:02 PM PDT Just like the question asked. I am over 60, make under 30k a year and after taxes and just my living expenses (HCOL area) I barely have enough for food for two weeks. I have no retirement and admit to making poor life choices.d I live alone and cannot take a second job due to limiting arthritis and my current work schedule. I have close to $100,000 in student debt since college in the 90's. Over half of the amount due is interest. There are a couple of parent plus loans in there also. Please do not lecture me on how it's my fault the debt is so high or the whys of this debt. You have not lived my life nor walked in my shoes. You do not know my life. I am asking for advice only, if bankruptcy would rid me of this stress and anxiety causing student debt hanging over my head. Thank you. [link] [comments]  |
| Posted: 29 Oct 2021 09:18 AM PDT For those who use the Sallie Mae app… I just made my first payment on the 28th at around 2 PST (payment is due 11/3). As of today the app still says that my payment is "pending." How long does it normally take for Sallie Mae to process a payment? [link] [comments]  |
| Access Group "Took Back My Loan" from Collections Posted: 29 Oct 2021 07:42 AM PDT I have been making monthly payments to a debt collection agency for the past 5 years on a defaulted student loan, but I missed the last 3 monthly payments and received a voicemail from the agency yesterday. When I called back this morning, however, the agency told me that they no longer had my loan but that the original loan provider, Access Group, took it back and that I had to contact Access Group directly. There is no direct phone number so I sent an email to the address on their website; I am waiting on a response. I still have other loans with Access Group in good standing. Has this happened to anyone? Does my defaulted loan get placed in good standing again? Or does it get sent to collections again but at a different agency? What are my options? [link] [comments]  |
| Posted: 29 Oct 2021 02:35 PM PDT So assuming you were making less money in 2018/19 and now have gotten a few raises or switched jobs, are you planning to recertify your income before the start of repayment or are you letting it go till they make you recertify? [link] [comments]  |
| Need advice for best repayment strategy Posted: 29 Oct 2021 12:37 PM PDT Hi everyone, thanks in advance for your help and advice. I'll try and breakdown the situation easily.
I'm looking for advice on the best way to pay this down come February when federal loans are live again with the goal of paying the least amount of interest over time taking into account avg expected market returns and interest on the loan. I have an avg interest rate of 4.12% on the loans. $21,277 of the loan is Direct Unsubsidized Stafford Loan. The remaining $20,892 is a subsidized loan. With the current plan I'm on according to an old income driven repayment plan... the payment is only $21 a month with the government subsidizing 100% of the interest for the next 2 1/2 years on the subsidized loans. I'm thinking of paying down the high interest unsubsidized loans first then slowly paying back the subsidized loans while taking advantage of all the money I have in the market (assuming it will provide over 4.12%). Do I try and pay off the $21,277 unsubsidized in one chunk or should I do something else? Any advice helps, I appreciate all of you! [link] [comments]  |
| Trying to help a friend find an answer regarding re-certification of income based repayment Posted: 29 Oct 2021 07:25 AM PDT My friend has her own business and it sounds like she's struggling with whether to submit her W2/wages or her whole business' financials. I'm leaning towards W2 since she as an individual is likely listed as the borrower but wanted to hear your thoughts: "…I'm trying to do the recertification for the income based repayment plans. This will be the first time that I recert with having an SCorp (before it was a LLC). I'm trying to figure out if it's legal to just submit my wages/W2 (I think - the thing that says wages), or if I need to submit the whole thing that has that along with what the business itself made. It's a big jump if doing the latter so I'm terrified to see what the payments go to, lol." Her financial advisor thought that she would submit what she's paying herself through company payroll, while the tax advisor thought it needed to be the whole tax packet [of the business]." Appareciate any insight and/or resources you could provide! [link] [comments]  |
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