All signs point to Jan 31 restart of payments… you got a plan in place? Student Loans |
- All signs point to Jan 31 restart of payments… you got a plan in place?
- How should I go about tackling massive student loan debt?
- Long shot - My mom worked in a non-profit healthcare facility for over 10 years but was technically employed by a for-profit food service corporation. PSLF?
- Do student loans ever actually get forgiven?
- Finally started adulting, in a mountain of student debt. Any help is appreciated!
- Do income share agreements show up on your credit report?
- Does EdFinancial not work for anyone else?
- IDR when you can afford your payment.
- Can anyone tell me how the 529s work towards student loans?
- Federal and Private Schoo Loan Help
- To consolidate or not to consolidate...?
- Min max student loan
- Finally finished the PSLF and loans forgiven!
- Will the unemployment I received last year affect my income based repayment?
- Series EE Bonds
- Income Recertification for FedLoan
- Can I file separately from my spouse to avoid his salary going towards my loans?
- Pay it all off (32k) or...... wait for hopeful "forgiveness"? Conundrums
- How does variable rate work?
- School shut down.. Loan forgiveness?
- Why do my loans keep getting transferred?
- What happens if I only pay partially for Sallie Mae
- Denied refinancing from laurel road because of my debt to available credit ratio. Why on earth do they think I’m trying to refinance in the first place….?
- Fedloan not answering phone calls
- Should I Repay Loans?
| All signs point to Jan 31 restart of payments… you got a plan in place? Posted: 18 Nov 2021 12:01 PM PST Of course, who knows, maybe there is a big announcement extending the payment freeze, but so far no dice. So what's your plan? Time to get things in order! It all starts with an overall strategy for tackling your debt. Either you are (1) paying it down, or (2) pursuing a forgiveness program. Your approach tactically will be entirely different based on the overall strategy that is right for you. For example, if you are paying it down, you might think about an aggressive payment plan, or explore refinancing your high interest loans. However, if your are pursuing forgiveness, you would be aiming to utilize legal strategies to minimize your payments, and avoid refinancing, as private loans don't have forgiveness benefits… If you haven't already, it's time to think it through! What's your plan to tackle debt? Pay it back or forgiveness? How did you decide? And if you haven't decided, post about it! Share your income, debt, and where you are most stuck deciding what to do. Folks here would love to help you think through your options…. Time to karate chop these loans! Hiiiiiiyyyyaaaahhh! [link] [comments] |
| How should I go about tackling massive student loan debt? Posted: 18 Nov 2021 01:29 PM PST How should I tackle my massive student loan debt? My student loans are starting to become a reality as I get closer to graduation and I really have no idea what's the best way to handle them. I currently have total $240k in student loan debt. $70k is in federal loans $170k is in private loans My parents claim they are going to help me pay them but they've been saying this for the past few years so I can't rely on that. My starting salary will be $85k + $10k signing bonus and should get about ~ 10% annual raises and about 5% bonuses. What should be my plan here? Do I have to go back and live with my parents for a few years? Should I consolidate as soon as I graduate? Should I use the grace period before I start paying back? Do I even bother saving money before paying debt off (have about $25k in the bank right now). Starting to freak out about this and would appreciate any advice. Edit: 23 when I graduate with a Masters in Computer Systems and undergrad in Public Policy and Budgeting working for a consulting firm in a HCOL area in Northeast (living with my parents would be free) [link] [comments] |
| Posted: 18 Nov 2021 06:20 AM PST Title basically says it all. I know what the answer probably is but I thought I'd ask just in case… My mom was a food service director at a non-profit mental healthcare facility for over 10 years. She ran all of the food service and, later on, the maintenance/housekeeping programs as well. She only worked in this facility specifically. Unfortunately, she wasn't employed directly by the facility/non-profit but by Sodexo, a for-profit corporation who had a contract with the facility. So we always assumed that she was not eligible for any PSLF because of this but I thought I'd ask just in case there's a loophole or something that we don't know about. So… anyone ever been in/heard of this kind of situation before? Is there any way for her to qualify for PSLF? [link] [comments] |
| Do student loans ever actually get forgiven? Posted: 18 Nov 2021 07:56 AM PST I've looked into this and supposedly if your loans are on an income-contingent plan for 20 years or so they will wipe them out. I gotta be close to that. But I have my doubts if they actually do. I try to inquire with the companies that hold them and never get direct answers. They have transferred from provider or source 3 times or so. Someone before corner stone loans and then recently Mohela. In the past when I would call cornerstone loans and inquire about it they could never tell me how long I had been on certain plans. So i wonder if this is part of the Gov's scam or way of transferring your loans to a provider so you can never actually get the 20 years. I also remember Bernie Sanders on Joe Rogan saying people are taking loans with them to the grave. [link] [comments] |
| Finally started adulting, in a mountain of student debt. Any help is appreciated! Posted: 18 Nov 2021 01:27 PM PST All I have ever known was school and loans. Recently graduated and started my first official adult job, but the vast amount of loans I accrued to get the job is haunting me with forbearance ending very soon. LOANS: I currently make $120k living in CA. After all my bills I can scrape by making standard payments but will not be able to put any money into savings or retirement which is not ideal IMO. My biggest dilemma is trying to figure out if I want to pay off loans as fast as possible and consolidate for a lower interest vs standard payments and no money into savings vs IBR/IDR and try going for loan forgiveness (which scares me because if it fails I will still have a mountain of debt) vs extended level payments plans which reduce the monthly cost significantly but end up paying much more in interest. I am at a loss. Any advice will be truly appreciated. I am simply a potato trying to navigate through what we call life. [link] [comments] |
| Do income share agreements show up on your credit report? Posted: 18 Nov 2021 04:10 PM PST I'd imagine they would if you failed to pay and they sent it to collections, but if you're making timely payments I'd assume... maybe? There's no interest, but it is essentially a loan at the end of the day. I can't seem to find a straightforward answer anywhere. I don't even know where I could go to ask. [link] [comments] |
| Does EdFinancial not work for anyone else? Posted: 18 Nov 2021 07:41 PM PST I was transferred to this servicer with around $500 of loans left. I should have just paid them off before this because I have been unable to create an account or even contact them (I get an error message when on the webpage for either). Anyone else have this issue? [link] [comments] |
| IDR when you can afford your payment. Posted: 18 Nov 2021 06:15 PM PST What is the value in applying for IDR when you can "afford" your monthly payment. Or is it not valuable? I'm a bit confused. [link] [comments] |
| Can anyone tell me how the 529s work towards student loans? Posted: 18 Nov 2021 05:47 PM PST Hi everyone! I've heard that it's possible to use (up to 10k?) 529 contributions toward student loans? Can anyone confirm this? I have about 26k in my name and another 109k in my Parents' name under a ParentPlus account that I'm paying on (I plan to refinance to a much lower rate here shortly- it's currently at 8% so the interest generated pre-Covid was a BEAR!). Before I do so, I was wondering if it would be beneficial to open a 529 account and place 10k+ that I have saved up to pay on the ParentPlus account before I refinance so that I can save on taxes (I'm in Ohio and they allow pre-state tax contributions), as well and do another 529 to use 10k towards the accounts in my name. Additional questions if anyone knows: - can the 529 have me listed as the beneficiary for the accounts in my name I want to pay down? And my parents' names as the beneficiary for the accounts in their name? - does anyone know if I can still go this route once I refinance privately? Or does this only work for federal loans? If so, I'd plan on keeping the lowest interest ones around and refinance the rest. Any and all advance would be appreciated! Thanks in advance! [link] [comments] |
| Federal and Private Schoo Loan Help Posted: 18 Nov 2021 10:33 AM PST I know this is likely a very stupid question, but I just don't understand. If my husband who is in medical school has taken his entire COA out through federal loans this year, is he able to take out any additional private loans to help cover additional costs of living? I keep reading mixed things and I'm so confused. [link] [comments] |
| To consolidate or not to consolidate...? Posted: 18 Nov 2021 03:22 PM PST If I could go back and remake the decisions that led me here, I would. But here's to being a grown up and facing the consequences of questionable decisions! 🥂 I have almost 200k in federal direct student loans, spread between 6 different loans. There is a direct subsidized consolidation loan for 50k, a direct unsubsidized consolidation loan for 90k, then 4 direct unsubsidized Stafford loans for 15k, 12k, 10k and 6k. Right now they're in forbearance, but will be back into active payment soon. I don't expect that I'll ever pay them off, but am hoping to use one of the repayment plans that allow the balance to be forgiven after a # of years paying. My questions are: Should I consolidate them all together? [link] [comments] |
| Posted: 18 Nov 2021 02:01 PM PST Hi, I've got about 60k in federal student loans to pay (thanks for paying half, parents) at ~7.6% interest rate. I'm now a research scientist for the feds making about 50k gross. Living with parents, $400/month car payment is my only expense, minus "fun" money of course. I've been thinking about this for a while in a way to min max this shit, I'd like to see some other viewpoints Plan was to initially put a large sum of money towards the loans by Jan 31 then continue with $2000/month payments to hopefully have it paid off before I move out. SoFi could supposedly get me a 3.6% interest rate if I refinanced, however I'm worried I may miss out on student loan forgiveness in the next ~2 years. This also does not give me enough room to max a roth ira, but I will do the 5% match with the gov for the 401k equivalent. Theoretical options: 1. refinance to low interest rate, potentially miss student loan forgiveness but it would make more sense to invest more money due to lower interest rate. 2. Keep federal, hope for forgiveness, pump loans, miss out on juicy investment returns. 3. IBR for a year to get 0% interest (does this even work? I didn't work previously) 4. ? [link] [comments] |
| Finally finished the PSLF and loans forgiven! Posted: 17 Nov 2021 12:31 PM PST Got the letter in the mail today that after 13 years of PSLF payments and 3 different services, I finally qualified for the forgiveness and my balance is $0. The extra 3 years were due to need forbearance for a little bit in the years when we had our 2 kids. After hundred or hours tracking payments, phone calls and emails to the services, and giant stacks of papers I've kept for those 13 years, it's finally over. I'm going to frame that letter. [link] [comments] |
| Will the unemployment I received last year affect my income based repayment? Posted: 18 Nov 2021 01:28 PM PST |
| Posted: 18 Nov 2021 08:17 AM PST Does anyone have any knowledge or advice on series E or EE bonds if they are used to pay student loan debt? I have several that aren't yet at their full maturity so I have been holding on to them but I have been wondering if it would be better to just cash them all in and try to pay off a portion of my student loan debt (even at full maturity it won't pay for it all). The way the bonds are classified you are supposedly not charged taxes for the interest collected if it is spent on education. Not sure if paying off a student loan counts? [link] [comments] |
| Income Recertification for FedLoan Posted: 18 Nov 2021 11:18 AM PST I'm a bit confused about recertifying my income for an IDR this year. I married this year in July, but my husband and I have not filed taxes together (obviously). We will be filing jointly for 2021 next year, though. Since the data retrieval tool on the website only pulls my data, as on my most recent taxes I was "single", does this mean his income will not be included for payment calculations? Please help; I'm just super confused! [link] [comments] |
| Can I file separately from my spouse to avoid his salary going towards my loans? Posted: 18 Nov 2021 07:24 AM PST I am looking at repayment options for when loans inevitably come back in 2022, unfortunately. I have about 25k in loans from undergrad and 50k in loans from grad school. So about 75k in total. My husband has less than 20k in loans remaining, and also has a much better salary than I have. I was also unemployed for over a year and just found a new job a few months ago. We got married in 2020 and filed jointly for 2020 on our taxes. Can we file separately for 2021, and will that allow my repayment plan to only take into account my income and not my husband's for my repayment? We generally keep finances separate anyway at least on paper, and only filed jointly in 2020 for the tax benefits we received then. Just trying to figure out all I can before choosing a repayment plan. There are so many and it makes the choice very confusing. Would rather his salary remain in tact so we can be more financially secure and just have my salary go towards my loans. [link] [comments] |
| Pay it all off (32k) or...... wait for hopeful "forgiveness"? Conundrums Posted: 17 Nov 2021 10:25 AM PST I'm in a bit of a funny predicament and can't seem to figure out the best route no matter how many times I do the math. When I graduated college in the Spring of 2012 from a state university of new york (in-state for me), I had $65,267.20 in student loan debt (two private loans and one big consolidated federal student loan). My parents did not help me with funding for college. Since then, I've made $55,061.55 in payments (killing both private loans), yet, because of some ups and downs in my career/life... I still have $32,261.35 left in federal student loan debt (serviced by Navient, soon to be.... Aidvantage), consolidated, PAYE plan. I have zero interest on this loan (I paid off all unpaid interest and interest accrual has been paused since like March 2020). The $32,261.35 is all principal, and the interest rate is 5.5% (once it starts up again) During COVID, I've been lucky enough to keep a job and have saved enough money over the past 8 years to pay off the entire balance today if I wanted to. However, I keep up very closely with federal student loan debt forgiveness media (for better or worse) and I'd be pretty upset if I paid off the full balance today to then see the same kind of debt I had remaining get forgiven. It has taken me YEARS to save this much money (only ~$40,000), but it has given me serious financial security that I did not have in the past. Should I pay it all off? Should I pay off a chunk of it (say, $10,000) before interest starts accruing again? My monthly payments will not be small when they resume (~$350/month), but the loan at $32,261.35 accrues close to $150/month, so even a $350 payment barely makes a dent. I know people feel that there is a moral obligation to pay back what you've taken out, especially if you have the money now, but if I could wait for forgiveness, I would. I've worked hard and had many jobs, sometimes multiple at one time (I'm not lazy), but they all just simply don't pay enough (the return on investment for college is, for the most part, bad, what can I say?). I don't own a house (will never ever be able to afford a mortgage), I hardly have any money in retirement funds, I won't be inheriting anything (my parents don't own or have anything)..... What would you do? [link] [comments] |
| Posted: 18 Nov 2021 09:17 AM PST I have to pull some private student loans for graduate school, so does it increase by year or does increase by month? How does the market work and how do you know if itll increase over time? [link] [comments] |
| School shut down.. Loan forgiveness? Posted: 18 Nov 2021 08:00 AM PST To make it short and sweet I went to a private college from 2016 -2018, where in April they told us they were closing and selling the school to a larger one. I was a law/criminal justice major. I went to a school by my house and only received a CJ degree. The new school didn't even take all my credits and I had to go an extra year. All of my loans are from this school that no longer exists. Between federal and private I have about 35k. I'm in the process of attempting to get my loans forgiven. Does anyone think I actually have a shot of getting them forgiven? I've been fighting with them for about a year. [link] [comments] |
| Why do my loans keep getting transferred? Posted: 18 Nov 2021 07:48 AM PST For a long time they were with cornerstone loans and then after covid recently Mohela or smthg. I think before cornerstone loans they were with someone different too. [link] [comments] |
| What happens if I only pay partially for Sallie Mae Posted: 18 Nov 2021 05:37 AM PST Long story short, I have numerous loan providers, some federal, some private. Sallie Mae is the worst of them all. I have several loans from them and all together, it would be over $1200 a month. Even with a second job, I cannot make it work. I am curious what would happen if I for example only paid them $600 a month. What would happen to me? [link] [comments] |
| Posted: 17 Nov 2021 02:06 PM PST I'm just trying to understand how this makes sense. They send me a bunch of letters in the mail and then deny me without a co-signer. I have a 746 credit score- my credit age isn't great but considering my age is impressive. I pay my bills on time etc etc. My original private loans are at a whopping 12% interest thanks to needing a cosigner with my parents less than stellar scores (they tried their best). If I add them on, it will continue to be a shit rate…which I personally don't think I deserve based off my personal credit history. i know this isn't how credit scores work but im just scared and upset) I just don't understand and regret not understanding how the loans would pan out when I first started college. If I make my current monthly payments on time for a couple months could I possibly be approved without a co-signer then? How is it that I can get a credit card at 18, take out thousands in debt under my parents but it's like pulling teeth to try dig out of it. It's just…backwards. [link] [comments] |
| Fedloan not answering phone calls Posted: 17 Nov 2021 11:20 AM PST I've been waiting for more than an hour to speak to someone to help with my account because it got locked. I forgot the answer to one of my security questions and now I'm locked out. I've been calling for the past two days and every time I'm waiting for more than an hour… I called yesterday and pressed 1 to save my spot but no one ever called me back This is so frustrating /-: [link] [comments] |
| Posted: 17 Nov 2021 04:12 PM PST I am in a healthy predicament. I owe $240k in federal student loans at 7%. I recently refinanced three rental properties I own and got proceeds of about $200k which with other savings I would be able to pay off my loans in full at any time. I have been slowly averaging the cash into the market (Index funds)… $170k left in cash. The question is whether I should invest my cash or pay off loans when I can comfortably afford the monthly payment on the loans at this time and forgiveness is potentially on the horizon. I am unlikely to get forgiveness if there is any type on means testing. Both me and my wife have fairly secure jobs but could not comfortably afford the student loan payment if I were to lose my job. Also, I currently owe about $1.9m total between the loans and mortgages so I am not a debt averse person and the student loans are not an outsize percentage of my debt load. [link] [comments] |
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