Biden Administration confirms student loan repayment WILL start in Feb 2022. No more forbearance extensions. Student Loans |
- Biden Administration confirms student loan repayment WILL start in Feb 2022. No more forbearance extensions.
- Great Lakes Borrowers Service
- Standard repayment or income based student loans
- question about borrower defense (great lakes)
- paid off the remainder of my loans a week ago (FedLoan) but I also just got an email that they're transferring to MOHELA
- Need help finding private student loan that doesn't require a cosigner.
- Best Repayment Plan
- Is now a good time to refinance?(seeking advice)
- any advice for how to proceed now?
- How much student loan debt do you have?
- IDR help!! Payment is way too high
- Too Afraid To Ask: by rough estimate what percent of borrowers currently fall in the qualification of IBR ( PAYE, REPAYE etc) With student loan payment restarting I am reading for some people it will be third of their paycheck. are most of these people not on an income based payment?
- Neg Reg Rulemaking - Anything Promising?
- Student Loan Forgiveness
- Is my instrest rate insanely high?
- How can I get my loans forgiven without being disabled, going to the peace corp, reaching, nursing or getting scammed?
- Pay off loans through FedLoan Servicing now or wait until transferred to Navient?
- Should I sell my car to be student debt free in 5 months?
- Student loans in Germany
- Requesting opinion on refinancing 190k debt
- Error with unpaid interest after loans transferred!
- Refinancing Offer 2 options: what should I do?
- Thoughts on Refinancing within 3 months
- Refinancing Options
- Doctors across NY (DANY) loan grant
| Posted: 13 Dec 2021 05:54 PM PST From Forbes: "The Biden administration won't extend student loan relief and confirmed student loan payments restart February 1, 2022." Student Loans White House Press Secretary Jen Psaki confirmed to reporters during a press briefing that the Biden administration won't extend student loan relief — and the student loan payment pause will end January 31, 2022. (No, Biden won't extend student loan relief again). Here are some highlights from her comments:
So, for anyone who thinks Biden will extend - it's not happening again. To anyone holding on to large sums of money in case of forgiveness, just pay it off. Anyone who doesn't have a repayment plan because they thought Biden was going to do something, be prepared. We aren't getting shit forgiven. 😑 [link] [comments] |
| Posted: 14 Dec 2021 09:18 AM PST I heard great lakes was going to sell my debt to someone else, what's the word peeps? I hope not, I like their interest rates and am moving to pay off aggressively [link] [comments] |
| Standard repayment or income based student loans Posted: 14 Dec 2021 07:37 AM PST I am currently making 50k a year and will need to begin paying off my student loans (46k). With the standard repayment plan I owe $500 a month. I am getting paid about $3,000 monthly and have $1,200 living expenses. I want to know: is $500 the minimum I need to pay monthly in the standard repayment? And is the income based repayment plan smarter for my situation? I appreciate all help! [link] [comments] |
| question about borrower defense (great lakes) Posted: 14 Dec 2021 11:22 AM PST Hello I am curious if I would qualify for borrowers defense. I was recruited by the coach of the school I went to. He showed up to a couple of my games, we practiced a couple times here and there and he knew my high school coach who helped convince me to go join his school to be on his team. When I got to the school he was no longer the coach there and switched to a different school. I joined the team and the sport is in the second semester. For the majority of the first semester we had no coach and the one we did get later was not a proper one. In addition the school the previous year had done something that made the team ineligible for any post season play. I had only applied to be on this team under the coach so I decided to stop going the next semester given he had left and even if I did stay and basically coach myself I couldnt compete in anything meaningful. This was a community college and I only owe around 1500. Would I qualify for borrower defense loan discharge? If not is there anything that I might qualify for in terms of forgiveness? Thank you for your time whoever reads this. [link] [comments] |
| Posted: 14 Dec 2021 10:46 AM PST So this should be interesting... The payment has already processed on FedLoan's site and displays a balance of zero. In other news, I was sick of my loans being transferred (I was just transferred from Cornerstone a year ago) and I've given up on any sort of forgiveness, so I just went ahead and paid off the balance. Started with a balance of $40k in April 2018, and I was about $28k in March 2020 at the beginning of the forbearance. According to my past few returns, my gross income was $25k in 2018, $56k in 2019, $63k in 2020, and will be roughly $71k in 2021. I saved up a $10k emergency fund within the first year. I've paid rent the whole time (varied between $800-$1200) and maxed out my employer's 401k. I bought a used car in August 2020 for $7k in cash and haven't accrued any other debt. Feeling very relieved! I don't think I could have done it without the forbearance. [link] [comments] |
| Need help finding private student loan that doesn't require a cosigner. Posted: 14 Dec 2021 10:16 AM PST I'm starting Nursing school this spring 2022 and when I applied for a private loan through Sallie Mae they said I needed a cosigner. This is a problem for me as I don't think I would be able to find someone willing to cosign. Does this community know of a lender who is willing to provide a private loan without a cosigner. Did a credit check and it is around 717 (not good or terrible). Side note: I'm currently fighting my residency status with the school as they classified me as out-of state. Once I get that resolved (hopefully) my private loan requirements will be 29K for the entire year. Initially when I requested through Sallie Mae I requested a higher amount (around 40K per year) so maybe that was the issue? Appreciate any insight. [link] [comments] |
| Posted: 14 Dec 2021 09:29 AM PST Hey everyone, Based on the recent news I wanted to finally solidify the best repayment plan that I should move forward with. My current salary is 105k and my total loans is 55k (ranging from undergrad and grad loans). I've used the loan simulator and I was leaning towards doing standard repayment plan (516) payed of by 3/2032 and over paying by like 1k a month. Other Offered Plans: REPAYE: 710-982 a month payed off by 5/2028 ICR: 562 -612 a month payed off by 5/2031 Extended Fixed Payment: 279 a month payed off by 3/2047 Additional Information: I plan on buying a house with FHA in Florida some time next year (Spring - Summer 2022) additionally I'm still in Grad school(no more taking out loans) until Summer 2022 so some of my loans might still be under deferment(I think?). I sold my Tesla recently and bought a beater so I'm saving 1k a month on that end. Ultimately I'm trying to make the best financial decision moving forward. I appreciate any advice! Best! [link] [comments] |
| Is now a good time to refinance?(seeking advice) Posted: 14 Dec 2021 09:26 AM PST Background: A year total out of college: I Have 4 loans under citizens totaling 49k, with various rates at 8-13% with monthly payments around 650$. ( 2 10 year and 2 5 year) Currently have a CS just below 700(had a deliquent medical bill i resolved that dropped me 15pts). Annual income: I'm in sales an on target to hit 75k this year.( Base of 50k). Im very worried about my credit not getting me a decent refinancing rate, or being denied. Given the background do you think I should wait to raise my credit further before refinancing? The interest rate on these loans are mind boggling and im hoping refinancing will lower the payments to allow me to save more. [link] [comments] |
| any advice for how to proceed now? Posted: 14 Dec 2021 08:36 AM PST joining the "disappointed but not surprised" crowd here and trying to figure out what to do now that it's been confirmed there's no pause extension. i'm on hold with FedLoan to go over options, but thought i'd post this too since i'm more or less in a panic and kinda close to crying?? haha owe just over $100k in loans, currently all federal, but the majority of them (~$89k) were taken out in my dad's name as Parent Plus Loans. he makes way, way more money than me (~$100k more) yearly, so i have a feeling any sort of IBR plan is out, since they wouldn't use my own income (~$35k) as the basis for the payment.
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| How much student loan debt do you have? Posted: 13 Dec 2021 02:24 PM PST I currently have more then I would like to admit. It's actually more then when I graduated because jerks messed up my payments for a while and couldn't gather up enough brains to fix it to the right monthly payment. Anyway, that's a long story that still makes me boil. I was wondering how many people are in the same boat as me. I'm pretty sure I'll be paying off my debt when my kids are in college. Makes me want to vomit. [link] [comments] |
| IDR help!! Payment is way too high Posted: 14 Dec 2021 06:14 AM PST My original loan payments were only about $200/month. I applied to the payment plans and it was lowered to $11 a month. I just recertified and it is $500. I cannot afford this. I'm in the middle of buying a house. My income didn't go up that much. I did have to pay taxes on a Roth conversion. I'm wondering if that raised my income. I only make about $50k a year and the loans are about $26k. [link] [comments] |
| Posted: 14 Dec 2021 05:39 AM PST Is there a large portion of borrower whose payment is not a percent of their paycheck ? [link] [comments] |
| Neg Reg Rulemaking - Anything Promising? Posted: 14 Dec 2021 05:05 AM PST I've been trying to follow the IBR rulemaking. Anything promising developing? I'm hoping the payments go down to 5% of discretionary income or the poverty/discretionary income is changed. I'm also stuck with pre-October 2007 loans, so I cannot do PAYE, so getting married would put me into the 15% IBR plan. Any signal from DoED on picking up some of the negotiator plans? [link] [comments] |
| Posted: 14 Dec 2021 10:30 AM PST Does anyone have any success having part of their student loan balance waived? I have essentially saved up enough money to pay off $17,000 of my current $20,000 loan amount. I just want to know if it's possible for my servicer to forgive the remaining $3,000 before I call and ask. Thank you! [link] [comments] |
| Is my instrest rate insanely high? Posted: 13 Dec 2021 09:25 AM PST Just looking to take out a student loan from discover, I currently have a credit score in the high 700's. The interest rate on this loan is 10.99%. Is this normal? All these websites boast about student loans that are around 3% yet none seem to actually have low interest rates, am I missing something? [link] [comments] |
| Posted: 14 Dec 2021 08:16 AM PST Hi I'm just getting started on tackling these loans. How do I get some of this forgiven? I owe 200k. Seems like an impossibility to pay. I meant teaching title. [link] [comments] |
| Pay off loans through FedLoan Servicing now or wait until transferred to Navient? Posted: 13 Dec 2021 10:29 PM PST My student loan transfers to Navient this week. In light of recent news regarding forgiveness being a no-go (I was below the , I'm considering just paying the rest of it off in one go so I don't have to deal with the transfer and can just wash my hands of it. However, I'm concerned stuff will go wrong in the transfer a couple days later and the payments won't register and I'm stuck on the phone making an international phone call in the middle of the night (I'm living in Korea now). Would you advise waiting until after the transfer or just paying it all in one lump sum now? [link] [comments] |
| Should I sell my car to be student debt free in 5 months? Posted: 13 Dec 2021 12:22 PM PST I owe 32,000 in SL debt. My car is worth 18k private sale. Bonus this year is 3,700 after taxes, tax return will be 5kish. (State program for student loans) If I dump all that on my loans I will owe around 5,300.. which I could pay off at 1k per month in 5 months but wouldn't have a car. Is this smart or should I just stay on track to pay it off in 2 years with the state program? Thanks Redditors [link] [comments] |
| Posted: 14 Dec 2021 12:42 AM PST I am from Egypt , Can I take a student loan in an abroad university ? And how does loans actually work ? [link] [comments] |
| Requesting opinion on refinancing 190k debt Posted: 13 Dec 2021 08:41 PM PST I currently owe 190k in federal student loans, avg interest rate 7.1% across 8 diff loans. I have the option to refinance with SOFI 151k for 15 year 3.667% interest rate. Stable income 120,000 a year. I have currently saved almost 150k during the student loan pause. Now, with fed possibly increasing the interest rates due to high inflation, I am considering changing course and not paying my student loans in full but instead bringing them down to 151k and refinancing with this 3.667% interest rate and continue to invest the money I currently have. Thoughts on this? I know everyone's situation is different, but IBR for my income, seeing as I have never even started it doesn't seem to be a good choice at this point and paying off my loans slowly with a much better interest rate while taking advantage of investments seems better. Also 34 yo if that matters. Thanks! [link] [comments] |
| Error with unpaid interest after loans transferred! Posted: 13 Dec 2021 10:37 AM PST Argghhhh. My federal student loans transferred out of Fedloan to Navient on 11/29. I have been waiting since then without any welcome email from Navient. I called Navient today and they informed me that they do in fact have my loans now and that everything is ready for me to make an online account. So, I created my account and to my surprise there is $60 of unpaid interest spread across my 6 loans. I paid off all my interest 1 year ago! Now, I know $60 is not a huge amount of money, but it's still MY hard earned cash and I do NOT plan on wrongfully paying it to Navient. Those scam artists. This is further complicated by the fact that I am refinancing my loans and started the process while my loans were still at Fedloan. I have been waiting to sign my refi offer until the loans finished transferring because I thought that would help things go more smoothly. Now I'm worried that the small, but still very real discrepancy in amounts might cause problems with the refi. Sidebar, Navient was not very helpful and rather sassy about the whole thing. I explained to the rep that I have documents showing $0 of unpaid interest across all loans, but they did not request the documents to clear the issue, which could resolve it now. Instead they say I have to wait another week for them to look into things. Meanwhile, the clock is ticking on my refi. Update: Called Navient back. This time, the rep was much more helpful. He helped me upload the document I have that shows all my interest is paid off and is offering to personally follow up on it later in the week and call me back once he knows more. Fingers crossed it gets sorted out and I can comfortably sign my refi offer next week. Additionally, he told me my loans will be transferring to Aidvantage at the end of this month, which is even more news to me since I received absolutely no communications regarding that (and I am type A checking all my accounts on the daily and would have known if they sent something). Oy vey. [link] [comments] |
| Refinancing Offer 2 options: what should I do? Posted: 13 Dec 2021 01:32 PM PST I am looking to refinance my private loans. I have a high loan number ($110k) and got an offer from Laurel Road to refinance. They offered me either: 15 years, 4.00%, 176 monthly payments at $823.01 Or 20 years, 4.20%, 234 monthly payments at $689.18 My mom said if I want to buy a house in the next 10 years I should do the 20 year plan so I have more room and I can always pay more…. That being said, doing a higher interest rate scares me. I'm 100% going to refinance to get away from Sallie Mae because my current payment ($1500/month) basically leaves me broke, but I'm not sure which option I should go with. What should I do? [link] [comments] |
| Thoughts on Refinancing within 3 months Posted: 13 Dec 2021 06:11 PM PST Recently refinanced a $58k private loan to FirstTechFed for a 15 year term for 3.620, it was at 5.550% previously, which I was only able to do after getting my scores to 720-750. Anyways, I was just currently checking out student loan refinancing a bit earlier than I had planned. Through LaurelRoad I was offered a 2.700% if I get my direct deposits in their checking account along with a $500 bonus. This seems like a no brainer to me. I am using a combined snowball and avalanche method of paying down my debt (mainly student loans) and with an aggressive tactic should be able to handle 115k worth of debt within 2.5 years. Is there any potential downside to refinancing so shortly? I am aware my avg credit length will go down a bit as well as having a high balance remaining to initial loan. But it seems this would help me save more in the long run (est. $1200 in interest) while i focus on tackling my higher rate federal loans first. [link] [comments] |
| Posted: 13 Dec 2021 08:28 PM PST Looking for recommendations for the best fixed APR rate for my student loans. Here are my details: Loans: ~80,000 Income: ~133,000 Credit: >720 Any recommendations or advice would be greatly appreciated! [link] [comments] |
| Doctors across NY (DANY) loan grant Posted: 13 Dec 2021 04:41 PM PST My employer just notified me that this program is open to my specialty, so I'm applying but there are some stipulations (need to be employed with the same employer or in same underserved area x3 years etc etc). My boss needed to sign off on some paperwork for the grant and caught wind of the 3 year thing and kinda got a bit weird with me about it talking about making me do more work and stuff. Gave me some bad vibes like she'll have something over me, so I looked at what would happen if I cancelled midway and there are some penalties. Anyone have any experience with this student loan grant program? Thanks! [link] [comments] |
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