AOC urges Biden to use executive authority on student-loan forgiveness, warns 'time is running out' after Manchin tanked the Build Back Better agenda Student Loans |
- AOC urges Biden to use executive authority on student-loan forgiveness, warns 'time is running out' after Manchin tanked the Build Back Better agenda
- What happens if you move abroad without paying your student loans?
- Fed student loan paid in full!
- Amazing Stats About Student Debt and Changes Over the Past 2 Years
- Have your student loans ruined relationships?
- Student Loan Defense Center IS A SCAM
- Paid off a loan
- What about those that give loans.
- How long have y’all been paying on your student loans?
- Income-driven repayment forgiveness
- Almost done
- Quick life pro tip of how I just saved $200/month on my student loans: look at each individual loan and see how much they are costing you per month.
- Advice to new grad
- I'm just wondering, what happens if you never pay off your loans?
- Mental milestone: Loan Balance Remaining ~ Equals my Current Savings Balance
- Sallie Mae Loans, Covid and Surgery
- ITT Tech loans forgiven but balance hasn't changed
- Paying off my private student loan.
- Moving Abroad
- Does Sallie Mae have an email address?
- How do you know how much your minimum payment is?
- Can't login into Navient or Aidvantage, and Studentaid.gov shows I owe nothing
- Naive question about high debt
- Refinancing my federal loans; make lump sum dent before or after?
- REPAYE strategy
| Posted: 20 Dec 2021 07:55 PM PST |
| What happens if you move abroad without paying your student loans? Posted: 20 Dec 2021 04:32 PM PST |
| Fed student loan paid in full! Posted: 20 Dec 2021 08:49 AM PST Just paid lump sum 27,000 to pay off my student loan. Had to share with someone, as I don't want to come off as boasting to my friend group (a lot of them struggling with loans). 45,000 parent plus loan left then I'm free. Should be debt free by 2023!!! Edit: RIP to my savings account ðŸ˜ðŸ˜µ [link] [comments] |
| Amazing Stats About Student Debt and Changes Over the Past 2 Years Posted: 20 Dec 2021 06:45 AM PST Report Highlights. Student loan debt in the United States totals $1.75 trillion and grows 6 times faster than the nation's economy.* The process of student loan forgiveness appears to be muddled by ambiguous processes and errors. Borrowers are often unaware of actually being eligible for student loan forgiveness. Additionally, borrowers who should be eligible are denied because of negligence or misinformation by their loan servicer.
Before the Great Recession of 2008, predatory private lenders targeted students with subprime loans, just as they did homebuyers. For-profit schools enrolling low-income students engaged disproportionately in these lending practices. In 2009, 27.15% of private loans were not school-certified. By 2019, 0.06% of private loans were not school-certified. Since then, these loans are more typically only available to prime borrowers with high credit scores. It is all but certain that some of the increase in the cumulative student loan balance can be attributed to the debts originating from the subprime student loan era. The economic consequences of this type of predatory lending will likely be detectable in statistical trends for years to come. [link] [comments] |
| Have your student loans ruined relationships? Posted: 20 Dec 2021 03:28 PM PST I've posted about my situation on here before but just feeling alone and looking for others who may also be in the same boat. Recently turned 29, graduated from culinary school with a 3 year bachelors degree for around $135K (absolute rip off). Currently have $147K in student loans but also have about $105K in the bank and another $25K-ish in investments. My problem isn't how to pay them off at this point. Due to the pandemic freeze I will actually be able to pay off my loans which I never would have otherwise. What I struggle with is how to move on from feeling betrayed or failed by my parents. I'm just looking for any wisdom or hear about other peoples experiences because this 9 year battle has left me feeling so hopeless and alone. I often get so mad at myself for not knowing better, but how could I when I was 17 and had two financially irresponsible parents who didn't teach me anything about money or debt. My mom always said "everyone has debt and no one gets ahead with money" so I just accepted it as is and went to college thinking that is what I needed for a better life. There also was an incident where my parents invested in bonds which grew into $10,000 and they later took half for themselves saying it was their money, even though they knew I was drowning in this debt. This whole student loan situation has ruined my relationship with them. I'm just curious if anyone else is kinda in the same boat. I also had my first boyfriend leave me because of the debt. Which really sucks but everyone will just say you don't wanna be with someone who does that, and I agree. But it's still the trauma I have connected with these loans that has been so hard to live with. Anyways, not the typical topic of discussion on here, but I am curious if there are others who have cracks in their relationships with parents/ family members/ loved ones due to their student loan debt situation. And yes I'm in therapy working on this but just turning to this subreddit as I'm sure others can relate [link] [comments] |
| Student Loan Defense Center IS A SCAM Posted: 20 Dec 2021 01:28 PM PST This company used to go by "Documents Done Right" until they attracted the attention of the authorities. They switch up their messaging all the time, like when Joe Biden took office: https://www.nomorobo.com/lookup/206-460-0057 They also go by "Central Processing Center For Student Loan Forgiveness Applications" And a new one they are trying out is "my name is David fuller with the division of economic impact"... https://www.nomorobo.com/lookup/229-545-3302 These are all the same frauds run by the Student Loan Defense Center. The scam is always the same. Massive fees to put basic information on deferment paperwork. And they rely on massive amounts of robocalling to find their marks. Don't return these calls. You won't even get the scammer when you dial, but an outsourced call center that screens though the callbacks, looking for a good mark to take to the cleaners. [link] [comments] |
| Posted: 20 Dec 2021 01:36 PM PST I have $285k in loans and finally paid off a small loan today. It feels good knocking a small one off. I did a spread sheet and figured out that I'd pay less overall if I don't try to pay off most of my loans in the 19 years I have left on IDR, but instead try to save for the tax bill while making minimum IDR payments. The sheet did show that its worth it to pay off four of the 12 loans I have. I paid a student loan off years ago, now I just paid off one of the four from my spreadsheet. I am planning on using the snowball method for these four (now three), then reevaluate my spreadsheet and see if it's worth it to pay off anymore while still keeping on track for saving. I would love to pay off one more in 2022. (I have no hope of being able to pay off all of my loans. I am having to take care of my father who didn't have enough money saved for retirement...) [link] [comments] |
| What about those that give loans. Posted: 20 Dec 2021 08:31 PM PST I was taught that if I was ever to loan someone money, it would be so I can get that money back plus interest. If I had doubt on that I shouldn't be giving the loan. I see so many people talk about you shouldn't have taken the loan. But I wonder why do we allow unrestricted access to these loans? Where is the due diligence on the side of the loaner. Sure equal opportunity, but that's the choice the person giving the loan makes and has to understand the risks of not being repaid. There is no such thing as guaranteed money on any investment even when trying to get interest on a loan you gave out. My point: why does those giving the loan get to absolve themselves from recklessly giving away money? They have responsibility in this too. Yet, they continue to make the same mistakes without repercussion. Edit: Consequences to those that recklessly give out loans that they know they won't get back. 1. Loss of investment. 2. They run out of money. The place we are getting the money from? Your pockets, Atleast 92% of it. The other 8% is the private banks/loaners. Imagine giving a banker your money and they invest it by giving loans to people who can't afford the house they are buying? (2008) But here the entity giving the money has seemingly unlimited money (from your pockets(taxes)) to give away and is doing so recklessly. [link] [comments] |
| How long have y’all been paying on your student loans? Posted: 20 Dec 2021 07:44 PM PST I'm a 24F and bracing myself for the student loan pause to end after January 31, 2022. I have $25k in my name and a little under $47k PLUS loans in my mom's name that I plan to take on as well. I can definitely pay off my loans in about 3-4 years but the PLUS loans will take a while. I've seen a few posts on this forum about people finally paying off their student loans after x amount of years and was curious about how long others have been paying on theirs. Also, any advice on how to navigate this long and stressful journey would be greatly appreciated. [link] [comments] |
| Income-driven repayment forgiveness Posted: 20 Dec 2021 03:54 PM PST I saw reports today (here and here) that as of March 2021, only 32 borrowers have qualified for forgiveness through 20 years of payments on income-driven plans, despite 2 million borrowers having exceeded the 20 year mark. Poking around reddit, I saw mention in passing somewhere that the first group of borrowers won't qualify until 2022, but I don't understand how that can be so if the term is 240 payments. Is there reason for concern for those of us who expect forgiveness 20-25 years down the road? If the total amount I pay from refinancing now for a 20-year plan at current low rates and the total amount I'd pay over 25 years are about the same, should I consider refinancing my federal loans instead of relying on forgiveness? Or would it be worth it just for the considerably lower monthly payments on an income-driven plan? (Note that if I refinance for a 20-year plan now, I expect that I can pay off in less than 20 years if I am able to get an even lower interest rate after some years. Note also that I will be nearly 60 by the time I'd reach 300 monthly payments on my graduate loans.) As a secondary question: If you have graduate loans under the REPAYE or PAYE plans, do you have to wait for 300 monthly payments for forgiveness on all of the loans? [link] [comments] |
| Posted: 20 Dec 2021 01:26 PM PST My wife and I both paid our own way through school. She went full time undergrad, worked a few years and then went to law school. I worked though undergrad and went to school part time. We never really had enough to pay for it as we went, but admittedly could have paid more than we did. Instead we borrowed. That resulted in about $165k in loans, 3/4 of that being hers. Well we managed to get decent jobs, put in the time, got promotions etc. Happy to say that we are almost done. I paid mine off about 3 years ago and then started working on hers. Took a brief pause in 2020 when covid hit so we could build a better nest egg. Then decided to go crazy and devote a significant portion of our take home income to paying them off while they were zero interest. Put almost $70k toward them in the last year alone. Can't say it wasn't a sacrifice but we made it work, all while having 2 small kids in full time day care Tldr: Wife and I came from meager means. Racked up a bunch of student loans. Worked our butts off, and are about to pay them off next month. $165k in 7 years. $70k in the last year alone [link] [comments] |
| Posted: 20 Dec 2021 07:32 AM PST I have just over $20,000 of student loans with Sallie Mae. These are costing me a whopping $585 per month, on top of a student loan with another provider as well as government ones, for a total of $50,000. All in all, I pay around $950 per month in student loans. With Sallie Mae, I have 5 individual loans. One of them is down to $2,200 and but is costing me a whopping $187 per month. So my plan was to pay this down ASAP, which brought my Sallie Mae monthly payment down from $585 to $400 per month, which I think will be much more reasonable for me to handle. Check your individual loans! This may be more applicable if you've been paying for a while already, but it will be good to start a snowball anyways. I had a single loan with another company which is now at $7000 and costing me $180 per month. I was going to work on paying that off but when I realized I can pay off $2200 at Sallie Mae to save $187 per month I shifted to this plan. Meanwhile, I have a $3000 loan with Sallie Mae that is only costing me $73 per month so go figure. [link] [comments] |
| Posted: 20 Dec 2021 09:31 PM PST Hi everyone. I just finished exit counseling for my masters degree. I currently have 14.4K in private loans and almost 42K in public loans. I started working on relaying early on (about halfway through my senior year of college spring of 2020). I was able to pay off one of my private loans and have almost paid off the second of the three private loans. I'm worried about having monthly payments in 6 months and make about 32K annually. My current strategy has been to go after loans based on interest rate. My private loans were/are about 8.5% and most of my government loans are below 5%. My question is twofold. Should I continue with my current strategy and what other strategies do you recommend if I shouldn't continue with this current one? If y'all need more info I'm happy to provide it but as always, thank you for any guidance you can offer at this time [link] [comments] |
| I'm just wondering, what happens if you never pay off your loans? Posted: 20 Dec 2021 01:17 PM PST I really can't find any concrete answers on this question, can you not get a house? Not get a good vehicle? Or does it do something to your credit. I mean I'm basically getting used to the idea that I'll be paying on them forever and it's whatever at this point , like I'm just getting by but I'm paying the minimum and honestly I'm ok with that. Thanks for answering! [link] [comments] |
| Mental milestone: Loan Balance Remaining ~ Equals my Current Savings Balance Posted: 20 Dec 2021 01:07 PM PST 40K exactly left on my two SL accounts.. 44K in the bank. It is a huge mental relief to know that I now have the funds to pay everything off. I don't want to do that as I need the cash for liquidity/emergency fund/ we will probably need another car in 2022. We will see how 2022 plays out, but I am expecting some improvements to cash flow and got another raise at work. I think in 2022, I'm aiming to pay down another 20k and then everything off by 2023. Inching along.. [link] [comments] |
| Sallie Mae Loans, Covid and Surgery Posted: 20 Dec 2021 05:46 PM PST Hoping this community can help me or see anything that I am missing. I'm currently as of today a little over 30 days past due on two Sallie Mae Loans. When I first spoke to a Sallie Mae representative a few weeks prior to today, they asked if I had been affected by Covid ( I lost a relative). I also let them know I was waiting on clearance from my doctor because I had surgery and do not currently get any paid medical leave. This evening I was given three options: 1) Pay the total amount past due (Close to $800) and then make lowered payments for six months I asked the representative today, why did the other worker ask me was I affected by Covid? when I mentioned about being on unpaid medical leave and she said she wasn't sure because Sallie Mae no longer does any sort of forbearance because of Covid. She even asked me was there anyone I could ask to help me make the payments. And I said no, I don't have anyone that can help me. Is there anything else I can try and do? I can't default on these loans because I will eventually be going back to school and private loans are the only way I can afford school. [link] [comments] |
| ITT Tech loans forgiven but balance hasn't changed Posted: 20 Dec 2021 11:39 PM PST I attended ITT tech around 2011-2013 ish. Sporadically made payments here and there but never got around to paying them off and the amount I owe is around $48,000. I received an email September 9th stating that some or all of my federal student loans will be discharged. It also stated it would take about 90 days to complete. I also received a letter via snail mail on October 12th from the Dept. of Education stating they've determined that I qualify for closed school discharge of my loans, then listed all of my ITT loans. I've been checking on the federal student aid website almost daily and I've seen no change. My ITT tech loans are still there. I've been receiving emails about loan payments starting back up again in a month or so, and that my loans have been transferred to a different servicer. When I checked their website the $48,000 had been transferred to them entirely. I've also been seeing people post about their ITT tech loans being removed from their accounts as early as August and early September. I'm worried something's wrong or I was supposed to take action, didn't, and I've somehow missed a golden opportunity to get $48,000 off my chest. Does anyone have any advice/insight that could help? Any steps I should take or if I should sit on my hands and try to be patient a bit longer? Sorry if this seems muddled or confusing--brain doesn't work well when I'm anxious lol. [link] [comments] |
| Paying off my private student loan. Posted: 20 Dec 2021 11:36 PM PST Navient separate my loans. The private loans $4000+ with Navient on Income based repayment plan. The rest of $40000+ Aidvantage on Forbearance. I have about $7000+ in the stock exchange. I was thinking on getting it the $7000+ and paying off the $4000+ off the private loan. And I am planning to be on Income Based Repayment plan on the Aidvantage loan. Would it be problem if I pay off my private loans? Any advice? [link] [comments] |
| Posted: 20 Dec 2021 07:10 PM PST I'm Canadian and I was wondering what the legalities would be if I were to move out of the country permanently instead of paying my loans upon graduating? I'll probably only be 10K-25K in debt towards the end of my program so it might not be very cost effective for the government to come find me but it's not about the money, it's mostly about the principal of playing the system and the disdain of sky high tuition prices. Also, I plan on heading over to the middle east, got family in Dubai, will I be protected there? [link] [comments] |
| Does Sallie Mae have an email address? Posted: 20 Dec 2021 06:39 PM PST I have been having a big issue regarding a ton of my student loan money that fell into the wrong hands. Does anyone know how to contact Sallie Mae via email? Talking to customer service over the phone has not been fruitful. I cannot find an email address on their site. Thank you. [link] [comments] |
| How do you know how much your minimum payment is? Posted: 20 Dec 2021 11:43 AM PST I tried looking on fedloan and it says zero since I graduated in spring and since then loans have been zero % interest since then. I have 34.6k in total. I know how to calculate how my payments affect my loan in excel but I want to know the bare minimum so that I know what goes towards my loan payment. I could probably just set it in excel to whatever it is above the interest amount. I thought I had heard that you need to pay it off in 10 years though. Thank you in advance [link] [comments] |
| Can't login into Navient or Aidvantage, and Studentaid.gov shows I owe nothing Posted: 20 Dec 2021 06:46 AM PST I have my federal loans through Navient, who is switching to Aidvantage sometime this week/next week. I was all set logging into my Navient account last week, but now it says my credentials don't match their records, and the same goes for Aidvantage. Last week I also logged into studentaid.gov website and it showed the accurate amount of how much I owed and what I received, but now today it shows I owe nothing. Anyone else seeing this on their end? Hoping this is just a temporary thing and it will sort itself out by new years to avoid any future problems, or maybe they'll just be lost forever :) Update: I tried again 4 hours later and was able to log into my "new" aidvantage account, and all my numbers were the same as Navient. Not sure what the actualy change was besides the brand name, the Aidvantage site portal is the exact same as Navient just reskinned. [link] [comments] |
| Naive question about high debt Posted: 20 Dec 2021 09:13 PM PST I read a lot of posts from redditors that they are in 100k debt, 150k debt, 200k, 350k, etc…I am in my first year of community college and the max amount of loan I can take is 4750 per semester. Financial aid also said you have a lifetime of eligibility for loans and she was was saying something like 60k you cant get federal loans anymore. If that's the case, how are people getting these high amounts? [link] [comments] |
| Refinancing my federal loans; make lump sum dent before or after? Posted: 20 Dec 2021 03:47 PM PST Here's the gist:
Here's the question: What do I do with that $8k? Should I throw it at my federal loan first, and then refinance the $20k remainder? Or should I refinance the total $28k, and then pay that $8k lump sum? Will it make any difference at all? Thanks for any feedback or advice! [link] [comments] |
| Posted: 20 Dec 2021 07:20 PM PST Hello, Current resident looking to apply for REPAYE program. ~205k in loans at 6%. on Resident Salary 50k. Would be making ~300 dollar payments each month while on Repaye. From what I understand, if I am accruing ~$1000 in interest each month, the govt will subsidize half of the remaining $700. Aka. gov is paying $350 of the remaining 700 I owe of interest. Residency program is 4 years long, so after 4 years, I anticipate approximately net of 15k of interest accrued. The primary reason I plan to enter repaye, is so that I can have minimal payments while on a resident salary. Once I complete residency in 4 years, my annual income will increase dramatically on the order of 250k-300k yearly. On this salary, My plan was to aggressively pay off my loans as soon as possible (within a few years) and not continue with only the minimum payment required on Repaye. Is there any caveat to this? Is this something I can do while on repaye? I.e. If I start paying 4-5k per month once I am an attending, this would all start going towards my principal immediately after paying off the remaining 15k in interest, correct? There is no stipulation that I need to make the minimum payment each month while on REPAYE is there? I just want to make sure I am understanding this program correctly before I enroll in it. Thanks! [link] [comments] |
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