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    Looks like some news regarding the memo came out Student Loans

    November 02, 2021

    Looks like some news regarding the memo came out Student Loans

    Looks like some news regarding the memo came out

    Posted: 01 Nov 2021 12:08 PM PDT

    Forbearance ends Jan 31, but my greatlakes profile says "loans starting repayment" in March?

    Posted: 01 Nov 2021 06:48 PM PDT

    Graduated Dec 2020, wondering why I seem to have extra time (hopefully, unless I'm understanding wrong). I'm past the 6 month grace period and the harassing emails about Jan 31 are flooding in. So is it January? Or March?

    submitted by /u/didnt_have_fun
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    How much is your student loans ?

    Posted: 01 Nov 2021 05:47 AM PDT

    I was curious what kind of school did you go to, for how long, and how much do you owe? I went to a graphic design trade school for 1 year and owe about 16,000.
    My friend from the UK says he owes nothing because college is free.. I clearly went to school in the wrong country.

    submitted by /u/chibiashiya
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    Should I sell my house and pay off loans ?

    Posted: 02 Nov 2021 12:40 AM PDT

    I have 60K in student loans - which will become due 6 months after I graduate this December.

    I currently make 120K a year as a project manager - and plan to continue working for many years to come.

    However I have a baby on the way - and lots of bills to pay on a regular basis and am the sole provider for the house hold.

    I have a great equity position of over $150K in my current home - in the current market.

    Im in the process of buying a new home. This new home will come with a larger mortgage payment.

    My plan was to keep current home as a rental - and use the rental income to offset the increase costs of higher mortgage on the new house. Because there is only 200K on the loan for this house - once student loans are paid off - I could tackle paying off this rental and have all that cash flow coming in.

    Alternatively - I could sell the house. Wipe out the student loans - and put more down on this new house - but would not have an asset to create cash flow from any longer - but I would be debt fee except for a mortgage.

    Recommendations ?

    Sell the house and wipe out debt? Utilize rental income wisely and tackle the student loans through aggressive budgeting over the next 5-10 years ?

    Eventually my wife may go back to work in a few years - which will bring in income and help pay off these loans - but I'm afraid with interest accruing - they will quickly become larger and larger before I can make a dent in them.

    submitted by /u/QuantumRocky99
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    Homeless college student with no job and no bank in need of student loans ASAP. What do I do?

    Posted: 01 Nov 2021 08:33 AM PDT

    Hello all!

    My account for college currently has a hold on it due to having 3k in fees I need to pay. That is the only amount that was not covered by grants/loans. I don't have a job or anything in my name, and I can't register for the rest of my classes with this amount on my profile. I can't lose college, because after nearly 600 job applications and no offers, school is the only thing I have going for me right now. I don't have a bank to get loans through, and I've been looking everywhere for fast student loans, to no avail. What do I do, and what are the best options to get student loans at this time?

    Thank you all in advance.

    submitted by /u/calamityecho
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    Medical condition preventing me from continuing school… how do I get relief from my private loans? I can’t pay the full payment of $325 once it goes up from not being enrolled.

    Posted: 02 Nov 2021 12:11 AM PDT

    In some deep financial trouble, need some thoughts (and maybe prayers too lol)

    Posted: 01 Nov 2021 07:06 PM PDT

    Hey y'all,

    So, to get out in front of it I know how dumb I have acted. But I'm in some trouble and dont know where else to turn. So here is a brief statement of my current situation.

    I am around 30, in my second year of Law school at a good regional school with pretty decent grades.

    But I have royally messed myself up with my finances. I maxed out my available federal loans based on the COA of my school, and have racked up an astonishing 15k in credit card debt. I have been making the minimum monthly payments, and my credit score is mid 700's.

    I am well aware of the error of my ways, and I have stopped the activities that got me into this mess. But anyways, I'm looking for some thoughts on how I should handle this.

    In particular, is it possible to consolidate my credit card debt and law school debt in a way that I can just start paying off the total balance when I get out of school? I'm currently more concerned about getting myself out of the immediate pressure that the cc debt is putting on me.

    I know I should be working right now, but with school and other personal obligations I just cannot.

    ​

    Other than debt consolidation, is there anything I can do to hold off the cc debt obligation until I get out of school? Thanks in advance, and feel free to mention how dumb my actions are if you must, I get it lol.

    submitted by /u/initprettydeep
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    Am I crazy for wanting to consolidate?

    Posted: 01 Nov 2021 10:44 PM PDT

    I am reaching out because I am unsure of what to do with my student loans they go back into repayment soon and don't know if I should consolidate them does that hurt or improve? There are 4 total loans. Almost $14,000. Each individual loan reports to my credit each month and they all have an interest rate of about 4.4-5.5%

    submitted by /u/Jrosevorhees
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    $110K in the hole and can’t afford to finish my degree

    Posted: 01 Nov 2021 01:49 PM PDT

    My educational path has been a very hard one and I'm feeling really crappy about this.

    TL/DR: I have completed 3/4 of a BFA degree at a private university. I am on a LOA due to pregnancy, but want nothing more than to finish my degree. Should I stick with the private school program, or essentially "start over" by returning to CC/transferring to a CSU?

    Long story: I graduated hs in 2009 and immediately went to CC without any real direction for a major. I completed some courses, but mostly failed a lot of them despite being a 3.0 average student in hs. I was bored in class, lacked a lot of motivation to go, and in retrospect was experiencing my first of many depressive episodes but didn't understand mental health at the time. I gave up on my education in 2012, believing that maybe college just wasn't the path for me. No one in my family has completed college. I had no guidance in how the educational system/student loan process works.

    In 2014 I tried again after discovering a career path that I had a lot of interest in. Passed a few classes (mostly major classes) and failed a few. Still struggled with attendance and distractions in class. My parents stopped funding my education (I don't blame them). After a few years of inconsistent success, I attended my first therapy session and the dr advised that maybe my learning style wasn't compatible with the public school system. She encouraged me to apply to a private art university. I followed this advice.

    In 2018, I began at the private university. On my income of $38K/year, I qualified for $9K/year in federal loans (combo of subsidized & unsubsidized). Tuition is $30K/year for full time, which I was pressured to enroll in by constant calls from the university. To supplement my tuition, I took out (2) Sallie Mae loans at 11% with a different co-signer on each. I was laid off from my job, which sucked but allowed me to really focus on school. I have done very well at this university and have a 3.0GPA, but still struggled every semester to focus/meet deadlines. In 2020, I got a stable job in my field but it pays low bc I don't have a degree ($45K/year). After through testing and consistent therapy, I was diagnosed with ADHD in early 2021. Two weeks later I found out that I am pregnant and cannot begin treatment for the ADHD.

    Overwhelmed, I decided to take a LOA after the spring 2021 semester. I no longer qualify for in-school deferment, and my grace period ends in a month. I was able to get IBR for the federal loans, but don't qualify for refinancing on the private loans.

    I planned to return to school in Fall 2022, but would only go part time, disqualifying me from more federal borrowing. I have to pay out of pocket, while also trying to pay my loans.

    Because each class at the private university is $2800, I'm considering going back to CC. I have 84 units completed in the private university program. The public university system won't accept my private university credits.

    What would you do in this situation? Should I give up on the degree altogether? Send help.

    submitted by /u/ghoul00000
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    Refinance to a Longer Term for Leverage - Thoughts?

    Posted: 01 Nov 2021 10:03 PM PDT

    I've been thinking through a refinancing situation and would like to bounce ideas off of the random and intelligent populace here (including if someone tells me I am crazy for what I am proposing). Know I am very fortunate to be in this situation but also looking to maximize.

    I have roughly $150K+ outstanding in student loans with about 7 years left to payoff, which is currently at a rock bottom just above 1.5% rate (variable). I got lucky refinancing a few months before covid and LIBOR 1MO has hit near zero since. No problem paying this off really and have been paying minimums and investing since this was refinanced.

    With rates where they are now, I've been scoping out refinancing options to possibly extend the term. I can do so at a fixed rate 3.18% for a new 20 year term (or 2.98% for 15 years), which would more than half my monthly payment and allow an incremental $1K a month more into investments. Essentially, this also raises the cost of servicing the debt but theoretically I'm taking on more 3% money for longer to invest the difference at normal market return (Boglehead-style). I've modeled this out simply, and it takes roughly 5-8 years for the investment gains on the incremental investment from the monthly payment savings to dwarf the incremental interest payments caused by the higher interest rate (depending on what assumptions are used for return). And at the 20 year mark this is is essentially an extra $50K-100K in net worth benefit, so at least prima facie seems like a prudent move to refinance now.

    A couple of caveats, that swing both ways:

    • This excludes the impact of potentially rising rates - I'm not going to have a 1.54% rate forever if I keep the variable for 7 years, though who really knows. So locking in a relatively low fixed rate seems prudent even putting aside the "potential borrowing at 3% to invest at 6%" benefits. Also i-bonds are paying out 7% for the next 6 months!! (advantage refinancing)
    • But the flip side of that is that if interest rates do increase, I could drop money that is currently going elsewhere into the loans at a much faster rate and deleverage, which mitigates the threat of rising rates a bit. (advantage status quo)
    • This doesn't take into account taxes, though I have no intent to sell in anything near the short term. This benefits keeping the current loan with lower interest paid (since I can't deduct anything anyway), and all of the investments would go into taxable accounts, though relatively tax advantageous (e.g., mostly VTI or NTSX or VXUS). So I don't think this is a huge factor. (advantage status quo)
    • I don't think I'll really get a strong psychological benefit from having no loans. But I put myself through undergrad and law school primarily with debt, so I've really been debt free while an adult, so maybe a wildcard. I think the extra leverage is helpful from a Lifecycle Investing perspective
      (neutral)
    • I work a high-stress but high-paying job at present, and there is an appeal to me of having a lower monthly minimum payment which could facilitate me quitting suddenly and taking some time to figure out my next moves, or just generally to promote flexibility. I think leverage generally is helpful for not tying ones hands and providing more options (as long as one can de-lever if need be). (advantage refinancing)

    Anyway thank you for any thoughts - sure there are things I am missing. I'm usually pretty good with finances but this is a few too many variables to feel comfortable deciding without thinking a lot of paths through. Cheers.

    TLDR: Thinking about leveraging up a bit by extending student loan term at a higher rate (but still pretty low). Seems to be NPV positive but with a complex risk calculus.

    submitted by /u/Appropriate_Word_187
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    Plan ideas/help? Thanks

    Posted: 01 Nov 2021 08:07 PM PDT

    I am 26, have about $35k saved, make $58k annually.

    My monthly expenses are only about $1600. I owe $49,000 in student loans, and my only other liability is a $37,000 balance on a vehicle I have about $5k in equity with (at 4.99% apr).

    As repayment begins soon, what plan would you recommend? Should I make a big payment to drop the balance?

    Thank you in advance!

    submitted by /u/ReactionIntelligent6
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    Borrower Forgiveness Application Time?

    Posted: 01 Nov 2021 06:14 AM PDT

    I submitted a borrower forgiveness application in December 2020. It has been "in review" since then with no sign of actual review. There's been zero correspondence or requests. What are the odds absolutely nothing is happening? Anyone else have experience with this?

    submitted by /u/4ImPrinted
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    TPD discharge Illinois

    Posted: 01 Nov 2021 05:14 PM PDT

    Does anyone know if Illinois is one of the states that uses tpd discharge amount as taxable income, I have scoured the web to no avail, I also cannot find if it gets paid the year of discharge or after the 3 year monitoring period I have 2 papers from nlets that are conflicting? Thanks so much for the help!

    submitted by /u/giazma
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    Anyone else banking on the idea of the tax bomb being eliminated for IBR payments in the future?

    Posted: 01 Nov 2021 08:39 PM PDT

    Unfortunately, like many, I'm in a situation where I have no reasonable way to pay back my student loans without putting my life on hold for another many years. Which is why the IBR plans are a lifesaver for me and many others. It allows me to save some money for investments. It allows me to breathe and actually live life a little after 8 years of college and graduate school. I think it's more then fair to give away 10% of your income for 20 years so that it can be forgiven. In most cases this ends up exceeding the cost of the loan easily. There are enough people in this country who are going to be affected substantially by this that I feel like will have to force a call to action. I feel like nothing has been done yet because IBR is still new and no one has had their loans "forgiven" yet under the PAYE/REPAYE program. Nobody has been hit by this tax bomb yet, but as we get closer to when it actually does happen, it should generate enough backlash so that something is actually done about it. They were able to achieve tax-free forgiveness for PSLF, so why does IBR have to be any different?

    I feel like I'm gambling on the idea that at the very least, the concept of the tax bomb will be reconsidered (and hopefully eliminated) by the time it affects me. If this isn't the case, then I may be making the wrong decision by choosing this strategy. Anybody else?

    submitted by /u/thercias
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    I can make a single lump sum payment to pay my student loans. What's the best way?

    Posted: 01 Nov 2021 04:01 PM PDT

    I currently have around $80k in student loans and the interest rate on it is around 10%.
    I'm finally able to pay the entire thing off and get it out of the way but not sure what the best way is. Payment can only be made directly from your bank account.

    Is there some kind of credit card to earn rewards? Anything to get out of spending $80k in full?

    Just wondering if there is a smarter way to pay a lump sum of your student loans. Any advice would help.

    submitted by /u/pinkpandaklutz
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    Should I make a single lump sum payment in order to pay off my student loans?

    Posted: 01 Nov 2021 08:27 AM PDT

    I'm 24 and have 78k in loans which I can pay all off now. Should I do it or spread it across a few months in order to build my credit?

    submitted by /u/dtguy651
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    My tuition

    Posted: 01 Nov 2021 03:24 PM PDT

    Hello all, I've just recently learned fafsa won't cover me because I'm short one credit, so I have to pay my tuition out of pocket, it's $1,200 which isn't too bad for tuition but I'm currently unemployed and looking for a job, I was just wondering if any of you would know how long I have to pay my fall balance before it's sent to collections, if I have until summer or longer I know I can easily get it paid by then, but if I only have a couple weeks/months then I'm pretty screwed, so does anyone know how long you usually have to pay tuition fees?

    submitted by /u/Kayski363
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    How many colleges can I transfer? This is my 3rd t

    Posted: 01 Nov 2021 10:50 AM PDT

    How many colleges can I transfer? This is my 3rd time I decided I want to transfer colleges. I took an 1year break because I was uncertain the program that I was in.(Business) Now I really feel like I found my that I can see myself in longterm career wise.(Respiratory Therapist). Me and my husband is in the middle class salary. My last university I was at, I only qualified for 2 classes. All day Ive been having racy overthinking thoughts "what if I don't qualify for tuition because I'm a transfer student" or "what if addmissions side eye me and I don't get in because this is my 3rd college I want to transfer to"

    Any advice?

    submitted by /u/West_Face8194
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    Seeking Advice

    Posted: 01 Nov 2021 06:55 AM PDT

    I am a current Junior in college and have a small amount of student loans so far. I only have the unsubsidized student loans, and am doing okay, however frequently I am having to live paycheck to paycheck and cut major corners. Bills are piling up and I am just struggling overall financially. I have been looking into taking out a small student loan to help me get through the year into an internship prior to my senior year where I can save enough to get my through my senior year but I have no idea where to start, or if this is a terrible idea. Any advice is appreciated.

    submitted by /u/Relative-Ad-9109
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    Refinancing student loans and promotional offers

    Posted: 01 Nov 2021 12:02 PM PDT

    Hey guys..I was wondering if anyone had any references to different companies that I can refinance student loans with that are offering promos for refinancing.

    I currently have $135,000 in federal loans that I am looking to pay off in full once the forbearance is up in February. I was looking at different promotional offers and found ELF offers $1100 promotional credit for refinancing >100k. Are there other competitive offers or companies that you guys have seen?

    I know to be sure there is no early repayment penalty as I want to pay this all off...is there anything else I should be careful of in my particular situation?

    Thanks!

    submitted by /u/PeeezoSD
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    How do payments work?

    Posted: 01 Nov 2021 10:15 AM PDT

    Hi all, recent graduate and haven't had to make any payments yet.

    I owe $48k spread out between 12 different federal loans from completing my undergrad and graduate degrees back to back.

    One loan is about $9k and has a 6% interest rate - the rest are smaller and have lower rates.

    If I pay off this one before repayment starts am I correct in assuming this would lower my monthly payment?

    What if I pay it off after repayment starts? Would my next months payment be smaller or the same?

    I'm trying to figure out if I should make this one lump payment before repayment begins - I would pay more but that would be dipping into my emergency savings.

    Any advice Is appreciated.

    submitted by /u/state_issued
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    Best way to pay down opinions

    Posted: 01 Nov 2021 08:58 AM PDT

    38k plus loan with 4k cc debt pay 1800 biweekly basic expenses

    submitted by /u/Alternative_Young_25
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    Can I take out a further loan from the student loan company as a business investment ?

    Posted: 01 Nov 2021 06:50 AM PDT

    Does anyone know if it's possible to borrow more money from the student loan company? I was attempting to take out a loan with a bank, I have a student bank account, my bank told me I could take a loan out under the SFL company ?

    submitted by /u/gossip_worthless
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