I paid off my last student loan today! Student Loans |
- I paid off my last student loan today!
- I just wanted to share because I got excited
- Not ready for 2022 (loan depression rant)
- Unable to refinance First Republic Student loan with SoFi?
- Disability Discharge with MEFA/AES?
- Are Student Loans Really That Bad?
- Have you guys always paid attention to your loans?
- REPAYE interest subsidy question
- Accept parents’ help with student loans, or do it myself?
- Pay off loans fast or contribute to my Roth ira?
- STUDENT LOANS COMPANY HARASSING FAMILY
- Calculating whether or not it's worthwhile to pay a lump sum before interest resumes
- Do you regret your student loans? If so why? If not, why not?
- Paid off 2/6 loans during forbearance period - will my monthly loan payment decrease?
- Delinquent student loans
- Great Lakes: Accrued interest is gone and Consolidation Question
- Fedloan to Nelnet
- I feel like school was a waste of my time and I don’t know if I’ll ever be able to pay off my doubt. I honestly don’t know what I’m doing anymore. Advice?
- Student loan advice
- Why do I have a balance due in December?
- Navient changing to Aidvantage
- Federal loan debt - need advice on plan
- Why do my federal loans have different due dates?
| I paid off my last student loan today! Posted: 12 Dec 2021 07:09 AM PST I had approximately 50k in debt from my Bachelors and Masters program combined. I graduated in May 2021 and have been throwing as much money at those loans as my husband and I could afford. After about 7 months, that debt is GONE! My husband and I can't really share that great news with our families but I had to tell someone because I am so excited! I had always pictured paying these loans off over the course of several years. But, after my husband and I both got hired at higher paying jobs, we decided to pave our way to a debt free life. To anyone still fighting the good fight, you got this! Keep going! [link] [comments] |
| I just wanted to share because I got excited Posted: 11 Dec 2021 05:05 PM PST Sorry in advance if no one cares lol. I was extremely lucky to keep my job for the pause and I was able to save up about a third of my payments so I'll only have like 3 loans left open. My friends didn't really care but I had to tell somebody [link] [comments] |
| Not ready for 2022 (loan depression rant) Posted: 12 Dec 2021 11:35 AM PST I am not ready for loan payments to resume next year. I recently had a lot of medical bills and car issues, so my savings account is effectively $0. My loan balance is over 80K (grad + undergrad), and I make about 70K (which doesn't go as far as it sounds), so I'm not sure IBR is an option for me. I'm single, live alone (rent), and can't get any help from family. I'm in my 30s. My loans are on the extended repayment plan, so I'll be in my 50s by the time they're paid off. How do people do this? Sure, I could side hustle. I could get a roommate. But DAMN, I just want to start enjoying my life. I feel like I'm stuck until these things are paid off, and by then my youth will be behind me. It's making me depressed. Can anyone relate? [link] [comments] |
| Unable to refinance First Republic Student loan with SoFi? Posted: 12 Dec 2021 12:43 PM PST My wife's refinanced her federal loans with First Republic Bank a few years back and we were hoping to refinance now with SoFi due to their favorable loan rates. Unfortunately we got a denial statement stating that her loan with First Republic "Does not meet program requirements". When we called to clarify, the representative stated that the loan isn't a qualifying loan as they don't classify First Republic loans as student loans. Has anyone faced this issue? We don't want to pursue any other lenders if we are going to be denied after the hard credit pull.... [link] [comments] |
| Disability Discharge with MEFA/AES? Posted: 12 Dec 2021 12:00 PM PST Hi everyone! I wanted to see if anyone here has ever attempted, successfully or not, to get the TPD discharge specifically through MEFA/AES. I submitted the form with doctor's references and everything a few weeks ago and heard nothing about it from them. The late notices were piling up as I was waiting for the decision, so I used their chat support to ask if they'd gotten the paperwork and if I could pause payments and late fees until a decision was made. The rep confirmed that they had received my paperwork and were reviewing the case, but it would likely take months. She said that I'd have to call to figure out options for pausing payments, but talking about my loans (....over $200,000, ugh. Don't go to a private school without a scholarship, folks.) almost always results in a panic attack. As with any difficult discussion, chat/email is always easier. I'd asked a multitude of times prior to submitting the form for alternate ways to contact them, and always was told that wasn't possible. I'd never even thought to use my disability as an excuse because I know this is something a looooot of people struggle with and I don't like asking for special treatment if I can avoid it. But....this time I thought, why not? I politely said that I needed them to provide a reasonable accommodation for my disability, which prevents me from speaking on the phone, and that I had not received it in the past. She told me to wait for a few minutes, then came back and asked if the co-borrowers could be in the same room with me to call and speak on my behalf with brief verbal consent from me. No can do, the co-borrowers are my parents and live 2,000 miles away. She told me to wait again, this time for a bit longer, and came back saying she'd escalated the issue, and I'd hear back in 2 days with a reasonable accommodation. Great! Two days pass, and I got an email from them saying that they had 'received my correspondence and would take appropriate action in no more than 10 business days. Not all correspondence will receive a written response.' Nothing about an alternative way to contact them. A few hours later, my mom (one of the co-borrowers) texted me frantically asking about the last time I'd gotten an update about the loans and sent me a screenshot of her account. $0 monthly payment, $0 interest, $0 remaining, and a banner saying "Thank you! Your account has been paid in full." Same thing on my dad's (the other co-borrower) account. My account now has NO record of any loans existing, at all. This was on Friday, two days ago, and it's still the same. We haven't gotten any written confirmation, but the notice I got said that might not ever happen. Has anyone else been through this? We're holding our breath because this seems way too good to be true. I thought that submitting the form was a long shot, last-ditch effort to try to not have my whole future ruined. It seems a lot more likely to me that they didn't think it was worth their time to find an accomodation, but I still don't want to believe this is real because I don't want to be disappointed if it isn't. Is this standard procedure while they're reviewing a case (which would be really cruel) or are they really, truly gone? TIA TL;DR $200,000 in loans from MEFA/AES vanished with no written confirmation after submitting a Disability Discharge case. I requested a reasonable accommodation for an alternate contact method and was promised a follow-up in two days, and two days later the balance was $0. Am I allowed to be excited or is this not real??? [link] [comments] |
| Are Student Loans Really That Bad? Posted: 11 Dec 2021 01:36 PM PST I grew up learning that all debt is bad, but when you're a college student with depression you can only work so many hours without getting burnt out and wanting to kill yourself. Is it worth it to get a small student loan to be able to pay for rent, food, fun, gas, etc? My tuition is covered by FAFSA. Or should I do school a bit slower so I can always have enough money because I can hold a job doing part-time school? [link] [comments] |
| Have you guys always paid attention to your loans? Posted: 12 Dec 2021 09:35 AM PST I see posts where people say "I took x amount in loans, paid y amount, this amount was principle and this amount was interest". Were you guys paying attention to your loans this whole time? I only starting paying attention to my debt a couple years ago. When I log into My Great Lakes, I can see the original loan amount, what my current loan amount is, and how some loans have been paid off, but I can't see the amount I've personally paid throughout the years and how much went towards interest. [link] [comments] |
| REPAYE interest subsidy question Posted: 12 Dec 2021 09:28 AM PST I've been doing research on which repayment plan to enter once my grace period is up. REPAYE seems to offer the most benefits with the interest subsidy provided if your minimum payments don't cover interest. My question is: If I enter REPAYE and make above my minimum payments to cover the interest that is not covered by subsidy and then some, will the interest subsidy still be active? I've tried doing my own research but I can't seem to find any direct answers. I only ask because I may be getting a promotion at my job soon, which will increase my income by a decent amount, and I'd like to tackle these student loans to get them paid off ASAP. I'm really worried about the tax bomb at the end of these income based repayment plans. I know it's possible the tax-free forgiveness will be extended, but right now I'm just planning based on the information we have now. I'm absolutely not banking on any broad student loan forgiveness, I'm not that confident in our current administration. [link] [comments] |
| Accept parents’ help with student loans, or do it myself? Posted: 11 Dec 2021 09:47 PM PST 22M fresh out of college - I have 25K left in student loans from undergrad. Interest is 5% for the loan. My dad has a considerable amount in his savings that he isn't using for anything, and offered to pay 20K before interest kicks in again in February. He and I discussed a 5 year repayment between us, and he isn't going to charge me interest, just the ~$333/month over 60mos. The pro is that I'd save a considerable amount on paper and get ahead in building NW, the con is that I know my dad ends up losing money in this deal, and my parents have already helped me enough financially/growing up. Now that I have a full time job/stable income, feels like I shouldn't be asking for money from them, but maybe it's all in my head. Should I take this deal? [link] [comments] |
| Pay off loans fast or contribute to my Roth ira? Posted: 11 Dec 2021 07:50 PM PST So here's some context for this question: I start work in January at 65k. I'm an accountant with a masters degree and plans to take my cpa exams if I can ever freaking pass them. And apologies in advance for how much like a math problem this is gonna be: After taxes, I'm looking at: take home pay of 4125 a month Expenses of 2678 a month Leaving 1400 give or take for savings, discretionary spending and loans I have 14k in subbed stafford loans. Payments start in April. I think my payment will be like $140 a month for 10 years. Totally doable However, I'm 30 with no savings. So, my question is,
I know this is all subjective, just looking for some resources and guidance really. [link] [comments] |
| STUDENT LOANS COMPANY HARASSING FAMILY Posted: 12 Dec 2021 02:37 AM PST I am from the UK and currently have outstanding loans with SLC but as usual I dont have to start paying these back until I earn over the threshold amount. I graduated last September but over the past few weeks I have been bombarded with calls on multiple numbers, private numbers, which I don't answer if I dont recognise but after googling I found out these were from SLC. I have recieved ONE LETTER that didn't even go to my address telling me that apparently I have been overpaid, there is no calculation, no evidence, just a statement saying I need to pay them back £5000. I have absolutely no idea how they have come to this conclusion as I can assure I have received no more than what was worked out for me BY THEM. I work as a carer and I care for my end of life grandad full time, I am extremely busy so ringing them back has been the last thing on my mind. Yesterday I was informed by my 80 year old poorly nana that SLC are now harassing her, ringing her and sending her letters, I am very concerned how they have managed to get her contact details and how they think this is the right way to go about it. My mum is my next of kin and they haven't tried to contact her? My nana suffers from bad anxiety and also has a dying husband to look after and now she is so worked up and worried about this that she cannot sleep and it makes me sick. I will be ringing them tomorrow as soon as they open and telling them how disgusting they are and how much upset they have caused. I would understand more if I actually owed them the money but I dont! I've had problems throughout my university course with them as they have consistently messed me about, it was also like they didn't believe that my mum was on such a low income, they asked for evidence of her wages over 4 times. I really don't know what to do, but I want something to be done about this harassment of my poor nan, can anyone give any advice? [link] [comments] |
| Calculating whether or not it's worthwhile to pay a lump sum before interest resumes Posted: 12 Dec 2021 05:29 AM PST Hello all, I've tried to calculate if I should use my yearly bonus to make a large payment towards my student loans before the interest resumes on January 31. Below is are my current situation and potential scenario of me making a large payment towards the principal. I think all my math is correct, but if I calculated wrong please let me know. If you have advice, I'd love to hear that also. As of 12/12/2021: Nearly $29,000 owed for Student Loans. Interest rates set at 5.375%. $29,000 / 0.05375 = $1,558.75 of interest ANNUALLY. Payments of $250 monthly on average: I plan to pay $250 each month. Nearly $29,000 owed for Student Loans. My minimum payment is currently $202.35. This means that 52% of my annual payments are interest alone. *If I paid $5,000 into the account before the interest pause ends on January 31, 2022.* Nearly $29,000 owed for Student Loans. Interest rates set at 5.375%. 24,000 / 0.05375 = $1,290 of interest annually. I plan to pay $250 each month. Nearly $29,000 owed for Student Loans. My minimum payment is currently $202.35. This means that 43% of my annual payments are interest alone. [link] [comments] |
| Do you regret your student loans? If so why? If not, why not? Posted: 12 Dec 2021 12:22 AM PST |
| Paid off 2/6 loans during forbearance period - will my monthly loan payment decrease? Posted: 11 Dec 2021 02:56 PM PST When I chose my repayment plan for my student loans, I chose the static payment plan that does not change, since it was the quickest one I could afford at the time ($2000 per month). Will this still be the same number when payments begin, since I have removed 2 of my loans from the equation? When looking at MyFedLoan it seems like it was splitting my payment between all 6, so I think in theory it should go down. [link] [comments] |
| Posted: 12 Dec 2021 01:31 AM PST I have unsubsidized and subsidized stafford loans through aes/pnc bank and i thought they were federal loans. Im not gonna lie i was irresponsible and ignored payments because i thought they didnt resume until beginning of next year. They have filed deliquent remark to my credit report. I also have more federal loans that i pay through myfedloans... but those still say they are current, is there anything i can do about this or do i just have to wait the 7 years because of my dumb mistake? [link] [comments] |
| Great Lakes: Accrued interest is gone and Consolidation Question Posted: 11 Dec 2021 09:09 PM PST Hi, all: two quick questions. I am only now entering repayment after finishing graduate school. I have 16 loans, all are Direct Stafford Subsidized and Unsubsidized spanning from 2005 to 2014 (I was in school a long time!). UPDATE: System shows accrued interest again so ignore the first question.
Second: since I have so many different loans, would I need to consolidate at any point to be eligible for PSLF (again, I'm just starting)? My understanding is that with my approved IDR (REPAYE to be exact), I make one payment (awaiting payment schedule but have an estimate of $117ish monthly) and it accounts for all 16 loan disbursements. Obviously, some of these loans are very old have been in forbearance, grace, etc at different times than the more recent ones from 2014, but they will all enter repayment at the same time after the COVID forbearance ends. Thanks for the help. [link] [comments] |
| Posted: 11 Dec 2021 09:38 PM PST For anyone that had fedloan and was transfered to nelnet this month . Are you able to make an account yet ? Mine says they don't have my info on record [link] [comments] |
| Posted: 11 Dec 2021 05:47 PM PST I went to a liberal arts school because my parents wanted me to go to college but I didn't know what I wanted to go to college for. Neither of my parents ever went to college and I had no clue what I was doing and they didn't either. I took out loans for a degree in animation only to realize as a junior that I had no interest in doing animation as a career. On top of that I developed chronic health problems while I was in school that cost me an extra year of school time. Due to these same chronic health problems, I wasn't able to work while I was in school and was just accruing debt. When I told my parents I was thinking about dropping out of school they got angry with me and I decided to stay so as not to disappoint them. To make things worse, I'm a non-traditional student and I didn't start school until I was in my 20's, so even if I can afford a 10 year payment plan, I won't pay off my loans until my mid 30's. I wasn't even able to benefit from the loan forbearance because because I was in school during this time. I was considering an income based repayment plan for after I graduate because I'm not sure that I can afford anything else, but I've heard that in the long run these plans aren't good. My total debt is $50k (probably closer to $55k by time I graduate). Next year after I get my degree I am going to try to join LaunchCode and look for a job in a computer science field (networking probably). I feel totally helpless right now and I'm having trouble in my classes because my depression and my physical health have both deteriorated so much. I feel like school has literally ruined my life and I have no hope for the future lately. Sometimes I feel like I'd be better off dead. And before anyone asks, yes, I'm seeing a counselor and yes, I'm on medication for depression. Does anyone have advice for me on what the best course of action to take after I graduate would be? If I enroll in an income based repayment plan now can I change it later, or will I be stuck with an income based repayment plan forever? Can I be on an IBR plan while I look for a job and try to become financially stable? Are there any professionals or agencies I can reach out to for help? Thank you to anyone who takes the time to read this. [link] [comments] |
| Posted: 12 Dec 2021 01:27 AM PST |
| Why do I have a balance due in December? Posted: 11 Dec 2021 07:07 PM PST I logged into MyFedLoan and saw I have a balance due of $327.30 on 12/18. I have been paying about $1150 a month through the pandemic, but the balance due has always been 0. I know repayment doesn't begin until February, so why do I have a balance? Interest is still being shown as 0. [link] [comments] |
| Navient changing to Aidvantage Posted: 11 Dec 2021 02:00 PM PST Hello all! Recently Navient announced that they will be changing to Aidvantage and something about the company Maximus... I haven't looked too much into it honestly and am in a weird spot as I will begin repayment once the switch occurs and interest begins to accrue again. I have been paying my loans during my schooling so thankfully when this happens I will have two loans, one subsidized and one unsubsidized, that are $3,500 each left to pay. Do I have much to worry about? I am in the process of planning a wedding and am planning on paying off these loans ASAP so I won't have to worry about them [link] [comments] |
| Federal loan debt - need advice on plan Posted: 11 Dec 2021 10:09 AM PST I have $150K in direct consolidated federal student loans, income-based repayment plan. I work in a public school district (PSLF eligible) but only part-time for the past 4 years. Prior to that I worked full time in the same district for 5 years. My plan was always to go back to full time once all of my kids were in school (in around 3 years). However, I experienced some health issues which led me to a diagnosis of lupus. I have a lot of good days, but some bad, and I'm afraid I won't be able to commit to working full time for 5 more years to be able to get the loans forgiven. I'm wondering what others would do in my situation. These are the three options I can see: 1 - Keep working part time and get loan forgiveness after 25 years. For my work/life balance/health/pension this is the best. However, I file taxes separately from my husband to keep my payments really low, and I'll keep losing out on the tax benefit. Plus I believe I would have to pay taxes when forgiven which will be a huge amount. 2 - Go on disability and get loans forgiven this way. I'm not 100% sure my doctor would sign off since I do have a lot of good days with medication. I would also lose the income, pension, and sense of purpose I get with work. Even if after a few years I am able to work again, it's unlikely I would be able to find part time work again since these positions seem to be going away in my field. 3 - Stick to the original plan and push through to work full time for 5 years. I haven't had good luck with ADA accommodations at my current employer but maybe if I find another school to work for it'll be better with flexibility. If it makes a difference, I've been in this plan for almost 9 years. Married 3 kids. I make around $50k and husband makes around $100k. [link] [comments] |
| Why do my federal loans have different due dates? Posted: 11 Dec 2021 05:31 PM PST On EdFinancial i have group A loan, group B loan, group C loan, etc. Some of them have different due dates. I took out direct plus and direct unsubsidized loans for grad school. Is there a way to consolidate these into one payment? Keeping track of all of those different payment dates seems confusing. [link] [comments] |
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