is it true that there’s a maximum amount i can borrow? Student Loans |
- is it true that there’s a maximum amount i can borrow?
- Finally, it's over!
- I feel like I’m going to owe too much in student loans?
- Borrower Defense Approval Letter - FFEL Consolidation
- I had $120k in debt June of last year. It's now under $80k
- If we all stop paying student loans, what happens?
- How likely is it I pay off my loans within a decade?
- If you have a federal student loan with direct debit, make sure to submit a reconfirmation with your student loan servicer.
- Advice needed - Getting into the private student loans world
- This may be a silly question but is an unsubsidized loan the same as a Parent Plus Loan?
- AES claiming I missed recertification
- Refinance 3-Year Repayment Term?
- Forced Lender Change Blows
- Structuring payment when interest is the same
- Just my story. Looking to see if anyone else was in a similar boat a few years ago and wondering what they did.
- Can you refinance a majority of ONE student loan?
- $52k Loan, but repaid $100k so far?
- Covid refunds
- Advice on filling out forgiveness applications?
- Any advice on how to pay off 200k in private student loans. I'm open to refinancing or other ways of paying this down quickly. It was for my nursing degree (BSN)
- federal employment and $10,000/year towards student loan repayment
- Lender Not Processing IBR Application
- Student loans needed
| is it true that there’s a maximum amount i can borrow? Posted: 20 Nov 2021 09:44 AM PST i owe 20,000-ish and i don't even have my associate's degree… in a major that i no longer want to do. i am going to need 4 more years of school for the major that i do want but i won't be able to afford it if there's a maximum of $50,000 and since i am moving to a new state in a few months… [link] [comments] |
| Posted: 19 Nov 2021 09:45 PM PST The only way out of student loan debt is death or permanent disability . Today I received notice that my 3 year monitoring program on SSDI is over. That debt is gone, if I get healthy miraculously and start working full time the debt is still gone! Freedom! Even if it cost me my hips, worth it! Worth every single one of the 6 ortho surgeries I had. Free at last, free at last! Edit: it should concern people that someone would rather suffer from disabling, incurable diseases rather than pay off their huge debt. Loaning 17 year olds unlimited funds is just as bad as the subprime mortgage crisis. [link] [comments] |
| I feel like I’m going to owe too much in student loans? Posted: 20 Nov 2021 10:16 AM PST So college has been way more expensive than I originally thought. Last year I got zero financial aid and relied on paying tuition in full. I had to double my loan amount and atm I'm $22,000 in debt. (I paid 3 semesters, student housing with my loans) This year I only got a $1000 grant and still paid 90% with loans. I'm still a year away from graduation and I still need to do my credentials. I've appealed for more financial aid and had to turn in proof of financial need but I'm having zero luck in getting anymore grants. I've never owed this much money in my life. I've always been careful with money and don't have any other debts. I'm looking at least $35,000 in student loan debt after I'm done and tbh I feel like it will be more. The teaching credential program is even more expensive. Like I know I'm almost done but it sucks im going to be stuck paying these loans for the next 15 years of my adult life. [link] [comments] |
| Borrower Defense Approval Letter - FFEL Consolidation Posted: 20 Nov 2021 12:01 PM PST I received my approval letter for my borrower defense claim a few months ago, waited for the "additional steps" they mentioned for FFEL loans and haven't received anything. So, I called and they told me to go ahead and consolidate by either going through the DOE website or by calling Navient. I submitted my consolidation application on their website, but I'm concerned about the section that specifically mentions losing eligibility for borrower defense. Anybody know anything about this? Maybe this explains why alot of our claims still show "Pending" or "In Review" because the consolidation needs to be finalized before approval in the system? Probably wishful thinking. [link] [comments] |
| I had $120k in debt June of last year. It's now under $80k Posted: 19 Nov 2021 10:32 AM PST The forbearance definitely helped. Still a long way to go but getting there. [link] [comments] |
| If we all stop paying student loans, what happens? Posted: 20 Nov 2021 12:27 PM PST If an overwhelming majority of student loan borrowers collectively agreed to stop paying off their student loans, what would happen to them? To the economy? To the workforce? Would they all be arrested? Who will do the work? Edit: This is not an opinion based question or a call to action. I am asking for you to play out the situation as if this scenario is actually happening. What events would actually happen? [link] [comments] |
| How likely is it I pay off my loans within a decade? Posted: 20 Nov 2021 12:15 PM PST Hello! First time posting here but wanted to get some advice and guidance. I recently joined this sub and wanted to gather advice and testimonies for what you all are doing to tackle your debt so I can learn from this community. Background: my wife and I make lower wages, but combined we make just around $66k/year, not accounting taxes. We knew what it would take to tackle student debt ASAP when we had to start paying, and we formulated a game plan that we would put a single salary towards student debt to ensure we pay off the debt ASAP. I have about $23K in federal, and just over $73K private with absurd interest rates, and I will be paying approximately $1129 per month, minimum, towards these various loans. After I checked how much we make and spend on bills, minus no "splurging" happens, we would be putting back $1400 just about towards other various things. Meaning a large portion of that will be going towards debt. I am unsure of the terminology regarding the various strategies, but we plan to implement a large portion of that towards the smallest loan, and then once that is paid off, put that towards the next, and then continue that until it is all paid off. I wanted to get some advice and insight from you all to see if this was a feasible plan? I want to get this paid off ASAP, hopefully within a decade it will all be gone but I don't see myself being eligible for forgiveness programs or any other thing to erase the debt. Thanks in advance! My wife and I are really desperate to get this handled. [link] [comments] |
| Posted: 19 Nov 2021 09:25 PM PST Because federal student loans will have been paused for 22 months when payments restart after January 31, 2022, student loan servicers are requiring a reconfirmation of your direct debit election for direct debits to resume. I suspect many won't pick up on this critical change especially because moves, lost mail, the lack of a payment for many months, or whatnot. If you fail to reconfirm, no payment will be withdrawn, and there is a risk if you don't get the bill to pay it, you'll miss the payment. Also, if you have an interest rate reduction from using direct debit, you'll lose the reduction while it's not active. Also, besides the above, make sure to check your banking details and update it for any changes. (Copied from https://www.reddit.com/r/personalfinance/comments/qxykg3/if_you_have_a_federal_student_loan_with_direct/ because it seems relevant here as well, and I couldn't cross-post.) Edit: Some servicers call this "auto pay." It's the same thing. [link] [comments] |
| Advice needed - Getting into the private student loans world Posted: 20 Nov 2021 11:34 AM PST Hello, I am about to start Nursing school in Texas and I got FAFSA (grants $2148, unsub $1980, sub $1155) and it's covering almost everything except $753 which I need to pay out of pocket. I am wondering if it will be smart to take private loans to cover that $753 and my expenses such as car payment, insurance,rent, food and personal stuff. Since I am going to be full time student (15 credit hours) and I will be working part time (20-25 hours per week where I make $12.5 per hour) I am wondering if I want to get that private student loans to pay my stuff and survive. My husband (makes $18 /hr) helps me paying our rent and pretty much housing but I also send money to my family every month is something that I can't avoid. We have 1 car and I help him to pay the car payment and insurance, with the money that I will make won't be enough. I just want to have a clear idea if I don't have an option and my only exit is the private student loans. My husband is going to dental school to become a dentist next year and he got a military scholarship so he won't pay anything for dental school and he will help me in paying my debt (so far FAFSA loans). Thanks [link] [comments] |
| This may be a silly question but is an unsubsidized loan the same as a Parent Plus Loan? Posted: 20 Nov 2021 10:49 AM PST |
| AES claiming I missed recertification Posted: 20 Nov 2021 05:58 AM PST I just got a bill from AES saying I now owe $240 a month toward my student loans, up from where it's normally been at $0. On their site, they claim I missed my recertification date for my IDR plan, but StudentAid.gov says I'm not due to recertify anything until July 2022. And to be clear, I followed the instructions sent by AES and their own instructions on where to go and those instructions led to the July 2022 date. I'm really not sure what to do here. If anyone has info on what to do next, I'd really appreciate it. [link] [comments] |
| Refinance 3-Year Repayment Term? Posted: 20 Nov 2021 09:30 AM PST Does anyone know if there are any refi lenders that offer a 3-year repayment term? A few years ago I refinanced one of my private loans, and at the time I thought I saw a 3-year option for some lenders, but now I don't see anything below 5 years. My recollection may just be wrong, but wanted to see if anyone has seen a shorter term. Thanks! [link] [comments] |
| Posted: 20 Nov 2021 08:48 AM PST I might be in the minority here, but switching lenders puts a wrinkle in my rebuilt credit score. My student loans were aging well; and a forced lender change really screws up the age mix of my open accounts. First world problems I'm sure, but is anyone else feeling this? [link] [comments] |
| Structuring payment when interest is the same Posted: 20 Nov 2021 07:34 AM PST Hi all, I am very fortunate to be able to start knocking down my student loan debt fairly quickly, but it's been a long road and I don't feel like I'll sleep well until I'm done completely. My graduate school loans are all at the same interest rate but there are six groups: A-F. A bit more than half of it is subsidized, the other half unsubsidized, and all of it is federal. My income is too high for me to qualify for any sort of reduced repayment, and that's fine; I will be adding extra each month anyway. When I do make extra payments, it seems to auto-apply to just the subsidized part first. Assuming all goes well, that should not make a mathematical difference in the end, but I try to apply it to the unsubsidized portion first just because I do not know what the coming years will bring and subsidized seems more favorable if life goes sideways (and maybe I re-enroll?). But my main question is, if I focus on paying off Loan F first, and then Loan E, and so forth down the line, will that auto-recalculate my minimum payment? Is there anything else I should be considering? I expect to pay off about $80k in the next 3-4 years. [link] [comments] |
| Posted: 19 Nov 2021 09:41 PM PST My wife and I had about 240k in student loans 3 years ago. We are now at about 159k. The first year was great for us as we were both working. Then a kid came, and another ones coming in a few weeks. So now our 6-7 year plan is turning into a 10-12 year plan. There's not an option for forgiveness as my wife works in retail and I'm basically a stay at home dad now. I go back and forth all the time in wanting to be aggressive vs increasing our quality of life in the interim at the expense of quicker payoff. Some things we have already done are: buy a house (on a mortgage), renovate some, put in air conditioning. There are some other quality of life things we are considering and I'm wondering if anyone else was in our boat a few years ago and what they decided / was it worth it whatever decision you made? [link] [comments] |
| Can you refinance a majority of ONE student loan? Posted: 19 Nov 2021 08:39 PM PST |
| $52k Loan, but repaid $100k so far? Posted: 19 Nov 2021 09:02 AM PST I was reviewing my remaining student loans with the upcoming repayments being re-instated, and decided to export the history of my loans. I had 11 loans, as I was working through community college trying to decide what I wanted to do. I ended up spending 5 years in a university college going back and forth. Long story short, I ended with 11 loans at $52k. I have been repaying them since 2013. I was repaying the bare minimum until about 2019, where I really started to kick it into overdrive, since I had a job that could afford paying over minimum. After exporting my loans and summing the entire "total repayment" section (fees, interest, principle), I noticed it reached above $100k. That seems extremely impossible, given I still have $16k more to repay. I had interest rates from 3% to 9%. I double checked my calculations and ran it again and checked the entire list for errors, but it all looks correct. Is this possible or am I completely wrong? How can I have paid $100k, almost double the loan amount, and still owe $16k? I emailed Navient for confirmation, but wanted to check to see if this seems either plausible or outlandish and I need to do something more with my calculations. [link] [comments] |
| Posted: 19 Nov 2021 11:09 AM PST For those that had payments refunded, did it come in waves? I was at 10,200 now I'm at 19,000 but I only got 5,800 into my account yesterday. Figured I'd give it a few days and then call. [link] [comments] |
| Advice on filling out forgiveness applications? Posted: 19 Nov 2021 12:47 PM PST Was considering applying for the Closed School Discharge (Kaplan University) and/or Borrow Defense to Repayment (Ashford University). Can anyone who has successfully completed this process offer tips or advice? Or show me a post where maybe someone has already asked about this so I don't waste your time. Thank you, I TRULY appreciate any help! [link] [comments] |
| Posted: 19 Nov 2021 11:33 AM PST |
| federal employment and $10,000/year towards student loan repayment Posted: 19 Nov 2021 09:25 AM PST Has anyone utilized this before? if so, can we talk? Thanks so much. fed employment and student loan repayment [link] [comments] |
| Lender Not Processing IBR Application Posted: 19 Nov 2021 09:07 AM PST Do I have any recourse or protections in this matter? I am in the USA. My unsubsidized Fed loans were purchased from my State lender (highly unethical, but w/e) by a bottom feeding organization called "AES Success", and I submitted my IBR application w/ all documentation back in September as they requested. Now I check my email and my credit report is sacked because they never processed my application. They let it sit. And now I am in hard waters because of this. I have sent multiple requests for communication from AES and even resent the application, but have not received a response. All in all, this is negatively impacting my life, emotional state, and overall well-being. Do we have any protections against this? If not, this is a glaring oversight and needs to be addressed by Congress ASAP. Any advice will be appreciated - 'cause I don't know what to do. [link] [comments] |
| Posted: 19 Nov 2021 11:33 AM PST Hey everyone I'm unsure of where to start so I'll start here. I need to apply for student loans for school. My financial aid was 0 because I make too much money (bullshit but to the American government, I do). My school program total is about $50,000. It's a 2.5yr nursing program in which I'll finish with my BSN. I'm not really sure where to start as far as applying for loans go. I'm guaranteed about $5000 a year through federal loans which is great, but still leaves me short $35,000. The schools curriculum runs every 8 weeks so I'll have a semester amount due every 8 weeks. This seems tedious to apply for loans every 8 weeks but it's something I may have to do. Ideally, I was hoping to borrow the full amount and just pay the school in full, if this is even possible. What are my options? Personal loan? Credit isn't good, I'm on the lower side of the fair rating. Heard terrible things about Sallie Mae and was hoping to not utilize that route. If anyone can point me in the direction of where to begin, I would appreciate it. Also should note that I'll be getting $5200 a year in tuition reimbursement however this money has to be put out ahead of time. Realistically this can bring my total amount down to about $20,000 that I need to borrow in personal loans, but I'll still need to put the money out upfront in the long run for that $5200 to be returned, which I'll utilize again once and it is, and repeat said steps. Any and all advice is appreciated! [link] [comments] |
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