Should I go with the low interest rate but horrible company or get a higher interest rate with a great company? Student Loans |
- Should I go with the low interest rate but horrible company or get a higher interest rate with a great company?
- How to best pay remaining loan balance?
- Significant other pays off loans?
- How to manage my student loan debts
- Defaulted borrower here
- Student loan reduction by Biden Admin off the table?
- Home Cash out refi to pay off student loans
- Postponed student loans?
- Anyone else have their FedLoan accounts saying first payments are due in March?
- Question: Paying off before servicer transfer
- Error when trying to add college
| Posted: 21 Nov 2021 05:51 PM PST So basically I was accepted for Sallie Mae and Ascent and Sallie Mae is lower than ascent but I've heard soooo many bad things about them. Would you go with the worse company with a lower interest rate? [link] [comments] |
| How to best pay remaining loan balance? Posted: 21 Nov 2021 05:21 PM PST Hello all. I have $84,373.05 left in federal loans. I have saved up enough to pay it all off just in time for the 0% interest (big help) to end in January. Is there any advantage (taxes, etc) to paying half this year and the remaining at the beginning of January? Or should I pay it all in January? [link] [comments] |
| Significant other pays off loans? Posted: 21 Nov 2021 09:29 PM PST My boyfriend said if we get married that he would pay off my student loans (less than $100k), but it feels wrong to me. I feel like it's my responsibility to get them paid off, not his. It's a nice offer but will it breed negative feelings? I would like to hear other opinions. [link] [comments] |
| How to manage my student loan debts Posted: 21 Nov 2021 11:45 AM PST Cross posted from personal finance (per recommendations): Hello, using a throw away account. This thread has been really helpful for me and I wanted to thank everyone. I'm hoping to get advice for my situation. I currently have $415,000 in student loans mostly related to dental school. It's all in federal loans paying 5.8-7.3% interest. I was paying ~$2800/month using income based repayment with $2200 of it going to interest payments. The pandemic relief has allowed me to put a pause on things and not accrue interest, but that's coming to an end in March. I currently rent an apartment for $2200/month. Due to family issues, I've been supporting my family and have a mortgage on my parents house (~$200,000 left with about $500,000 in equity). I make about $225,000/year and have $250,000 saved up (my intention was to buy a house to get out of the rental market, but I'm leaning towards managing my student debt rather than getting a home, not sure if that's smart). I feel like I'm am just wasting money with the student loans (and rent) and am trying to figure out the best way to address it:
I'm open to other options, those were just some that I came up with. I also feel like like federal loans are "safer" than dealing with a private company, but that's just my feeling not something based on fact. Anyways. Appreciate everyone's input. [link] [comments] |
| Posted: 21 Nov 2021 10:41 PM PST Hello - I have had my head in the sand for way too long and want to use this (dare I say) unprecedented time to face my student loan debt. I understand there is a rehabilitation program, but several years ago I was told by my then-servicer that I could only do IBR or rehabilitation one time ever ? Is that still true or is the current rehabilitation program or IBR different ? Please help ! I feel like this has been an elephant in the room of my life for way too long. Original loans were 60k but now they're well over 100k [link] [comments] |
| Student loan reduction by Biden Admin off the table? Posted: 21 Nov 2021 10:37 PM PST Not here to start a political discussion with this question, just trying to be wise with how I proceed on student loan repayments. I've been stocking up payments during deferment like most people. Once payments resume, I'll be in a position to nuke all the loans under my name. Does anyone have an idea if mass student loan reduction by the Biden Administration is still on the table in any capacity? For obvious reasons, I'd rather not find myself out a few thousand should this happen. [link] [comments] |
| Home Cash out refi to pay off student loans Posted: 21 Nov 2021 04:31 PM PST Hello Reddit's finest: I am very much interested in some advice and insight on how to proceed with my upcoming cash out refi on my home to pay off debt and student loans. I have spreadsheets on spreadsheets and have done my research but ultimately want to make the best choice at the end of the day and feel the water on where others stand. About the home: Bought in 6/2020 for $540,000 Appraised for $754,000 last week New loan amount, $603,200 (new conforming loan limits of $625k with 20% equity) I currently owe $$505,000 Will be dropping PMI, managing my own impound account. Interest rate, 2.86% When dust settles, will have about $97,000 cash About me: Aerospace Engineer Approx $120,000 yearly income 33 years old Married About the debt: Student loan (Fed): $56,000 @ 6.2% Student loan (Private): $43,500 @ 3.7% Car loan: $31,200 @ 2.49% Student Loan (wife's -Federal): $21,100 @ 4% (WAG) Added all up is about $152k so I wont knock it all out near term, so what would you keep and why ? A little more background info: House appraisal is currently in Review as I am confident it can/should appraise for closer to $770k-780k, so that could change things. Payments on fed loans are paused for a few more months, but here are the expected/current monthly payments: Student load (Fed): $343 Student loan (Private): $261 Car loan: $590 Student loan (wife's-Fed): $220 My Approach: Option 1 Pay the car first and foremost, clear $600 a month right away and have a paid off car. Then, Pay off wife's loan in March when payments are due. About $45,000 left - enough to pay off the private Student loan and leave only the larger Student loan. This is federal, and I'm on a Graduated payment plan. Every 2 years my payments will go up about $20/mo. I can have it paid off in 4-5 years with a steady and determined payoff plan. Option 2 Is student loan forgiveness possible? This is very important because, Is it worth keeping the federal loan?? If not, then I pay that off right away and the car. This leaves me with about $10k, throw that at my wife's loan, pay the rest off in a year. Still have the private Student loan I refinanced in May at 3.7% saving $70/mo compared to keeping my federal loan. Refinancing now "saves" me a mortgage payment in December so almost $2800 to play with also, if that helps at all. What does everyone think? Thank you in advance for your help - please let me know if you need anymore info or if I forgot to mention anything. PS - I thought I would have these student loans for the rest of my life, and the very risky investment in my first home paid off during a pandemic. I'd rather have good debt in things that will continue to go up in value. My mortgage payment will go up about $450. Thank you for your help and inputs !! [link] [comments] |
| Posted: 21 Nov 2021 09:15 PM PST Hello, I was getting ready to set up my card to pay for student loans when it said account forbearance. Originally, payments were to start in December of this year. I graduated in May and I guess because of Covid, the payments were delayed until Dec. However, now it says forbearance and I won't owe until April. What does this mean? I never changed payment plans or anything. Did the government do this because of Covid? [link] [comments] |
| Anyone else have their FedLoan accounts saying first payments are due in March? Posted: 21 Nov 2021 08:10 PM PST I just recertified my PSLF and I noticed that my first payment isn't scheduled until March. Anyone else not starting until then? [link] [comments] |
| Question: Paying off before servicer transfer Posted: 21 Nov 2021 01:12 PM PST I just submitted my final payment to Navient this morning before the servicer transfer in December so my balance will be $0 this week. Is there anything I should plan for to ensure the payoff is tracked? I am hoping to get the payoff letter before the transfer and I will keep a record of all the payments. Is there anything I am not considering or should be prepared for since the payoff is close to the transfer date? I am expecting that since there is no balance, there will be nothing transfer and my account will be closed. Thank you for any support with answering the questions! [link] [comments] |
| Error when trying to add college Posted: 21 Nov 2021 01:37 PM PST Whenever my wife was doing her exit loan it had an error when trying to add her college to be notified about her exit loan. It would say her college does not participate in exit counseling. We tried to add other colleges to see if the same error happened and it did. Is there something going on with the website? [link] [comments] |
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