Student loans are due but I'm still in college Student Loans |
- Student loans are due but I'm still in college
- Seeking advice
- Seeking Advice
- Which lender to go with?
- 19k in student loans. Given up hope for any loan forgiveness. Should I just pay it off in full?
- Any reason I shouldn't refinance these federal loans?
- How new is PAYE? Have any high debt individuals ACTUALLy received a tax bomb?
- Flunked out of Law School 90k in debt. Got diagnosed with ADHD, Anxiety, Autism and a reading disability. Petitioned for reinstatement with all of these recommended accommodations, emphasized that I now have the right tools to succeed. Petition was just denied.
- Refinancing federal into private
| Student loans are due but I'm still in college Posted: 09 Dec 2021 07:11 PM PST I'm not understanding why FAFSA keeps emailing me that my payments are due soon because I'm still in college. What am I supposed to do? I don't have money to pay them. They gave me a loan for this past fall '21 semester, so wouldn't they know I'm still in school? Thanks. [link] [comments] |
| Posted: 09 Dec 2021 11:06 PM PST Hi all. I'm a single 26 year old female needing advice on how to approach my student loans before January 11, 2022. I graduated from pharmacy school in 2021 and am currently a pharmacy resident. My current annual income for residency is ~60k before taxes. I have a combination of Grad Plus and Stafford Unsubsidized loans.$33,000 @ 6% with $4,000 interest accrued$12,000 @ 7% with $2,000 interest accrued$7,700 @ 7% with $1,000 in interest accrued$7,700 @ 7% with $1,000 in interest accrued$33,000 @ 6.6% with $2,600 in interest accrued$15,00 @ 7.6% with $1,200 in interest accrued$25,533 @ 6.08% with $400 in interest accrued$15,000 @ 4.3% with $0 interest accrued accrued In total, I have $162k in federal loans. I have an $8,000 loan that was from my school with a 5% interest rate but has not accrued any interest yet. I currently contribute to my HSA and HYSA. I have not been contributing to my 403b but plan to. I'm hoping to buy a condo/house in April/May 2022 (with the help of parents) so I can invest my money towards something rather than paying rent. Hopefully by June, I can get hired on by my hospital full-time and anticipate salary to go up to ~110-120k. I currently work for non-profit but can't foresee myself working full-time for the next 10 years with the job outlook of pharmacy. I hope to pay off my loans in 5 years but am considering applying for a income-driven repayment program while I'm in residency in case I'm unable to make the payments of a standard plan. Is an income-driven repayment plan the right thing for me? I am pretty driven and save money pretty well. If so, which one should I pick?? Thanks! [link] [comments] |
| Posted: 10 Dec 2021 07:39 AM PST Hello! I hope you guys can help me. I just feel so lost on student loans and I am not sure what to do about them or what the smartest and fastest way I can get out of debt. Should I refinance, consolidate, or tackle what loan first? Thank you kindly in advance for any advice you can share with me and for your time. I have a full time job with a $50k salary with a take home amount of $1,497.97 biweekly. My expenses are about $2,225 per month. My credit score is around 729-739. I rent right now but I am starting to save up for my first home. I have nothing in savings and trying to build that up too. Here are my 9 loans. Total 5 unsubsidized is $38,871 broken down below. DIRECT STAFFORD UNSUBSIDIZED Principal, Interest, Total Balance $7.317 $972 $8,289 DIRECT STAFFORD UNSUBSIDIZED Principal, Interest, Total Balance $3,749 $541 $4,290 DIRECT STAFFORD UNSUBSIDIZED Principal, Interest, Total Balance $7,673 $1,108 $8,781 DIRECT STAFFORD UNSUBSIDIZED Principal, Interest, Total Balance $6.697 $801 $7,498 FFEL STAFFORD UNSUBSIDIZED Principal, Interest, Total Balance $8,249 $1,764 $10,013 Total 4 subsidized is $20,704 broken down below. DIRECT STAFFORD SUBSIDIZED Principal, Interest, Total Balance $5.473 $727 $6,200 DIRECT STAFFORD SUBSIDIZED Principal, Interest, Total Balance $2.736 $395 $3,131 DIRECT STAFFORD SUBSIDIZED Principal, Interest, Total Balance $5,472 $790 $6.262 DIRECT STAFFORD SUBSIDIZED Principal, Interest, Total Balance $4,565 $546 $5,111 Thank you again for your help! 🙏🏻💜 [link] [comments] |
| Posted: 09 Dec 2021 05:22 PM PST I am lucky in that I have been able to cash flow college this far. However, will need roughly 15-20k to graduate this Summer. I qualify for I in unsubsidized federal loans, and private loans (750 credit score). Any recommendations or advice? Thank you, I hope whoever reads this is doing well 😀 [link] [comments] |
| 19k in student loans. Given up hope for any loan forgiveness. Should I just pay it off in full? Posted: 09 Dec 2021 09:24 PM PST I'm planning to pay off all of my loan nearing end of January. The interest rate is about 4%. I'm in no hurry to pay off my debt and I work full time. However since interest rate will start accruing starting on Feb 1, should I just pay it all off and be debt free? What would be advantageous for me to have student loans and pay it off monthly instead? [link] [comments] |
| Any reason I shouldn't refinance these federal loans? Posted: 09 Dec 2021 04:54 PM PST Hey y'all, I realize that not refinancing your federal loans is usually the best advice, but I feel I'm in a position where doing a private refi is the better option for me. To give an idea of where I'm at: I work in tech. 80k/yr salary + 2k/yr from my employer that can be applied directly to my student loans for the next ~2.5yrs (so roughly $5k total). No interest in or need for PSLF and not holding out hope for wider loan forgiveness. I have good credit and no debt outside of these federal loans. I currently have $28,998 in unconsolidated loan debt, broken down as follows:
Which would bring me to $12254 that would have a weighted average interest rate of 3.84% consolidated (which I will do with Nelnet if I don't refi). So, I'm soon to have $12k in loans with a free $5k anticipated over the next couple years. I want to prioritize investing in the new year and I'm not interested in cutting down my entertainment/travel spending to speedrun the remaining balance. Right now I just want to let a low monthly payment churn away in the background with my employer's bonus payments stacking on top until that $5k is exhausted. At which point I'd pay down whatever remains. Just taking a quick glance at advertised interest rates for private loans, I shouldn't have a hard time beating 3.84% at a fixed or variable rate. A lower interest rate seems like it'll complement my laissez-faire approach nicely. Is there anything critical I'm missing here? [link] [comments] |
| How new is PAYE? Have any high debt individuals ACTUALLy received a tax bomb? Posted: 09 Dec 2021 03:59 PM PST Hey everyone! So my "friend" finished medical school and combining all her student debt owes just short of 300k. We ran the numbers of her PAYE payments and it seems reasonable given her expected income. The payments over 20 years would suck, but I think it's in her best deal given the debt and income potential. Running the numbers it looks like the total forgiveness would be over 300k through those 20 years. Is the government really going to slap on an additional 300k of taxable income in 1 year to somebody? Some quick math would put that at over a 100k bill and that's if tax rates are the same 20 years from now lol. This essentially treats someone who has spent the last 20 years of their life in debt as a wealthy person for a single tax year. PAYE hasn't been around for 20 years correct? So no one has experienced this? I found something online that Biden may be trying to remove this until 2025. Any news on the plan afterwards? I understand the government wanting more money (of course) but seems moronic to dump it all in one taxable year and expect people to have that sort of cash casually laying around. [link] [comments] |
| Posted: 09 Dec 2021 05:01 PM PST Amazing resources and support systems set up, I was so excited to go back to school with these new tools and a deeper understanding of how my brain functions. Spent months reflecting upon how these conditions affected me in the past and how I might better navigate obstacles in the future. Petition for reinstatement was denied. I'm in so much debt. I don't know what I'm going to do. Payments start January 31 when the Covid forbearance expires. Just looking for any advice, experience, opinions, I don't know. I'm really panicking. I genuinely can't figure out how PSLF works. I don't have a job. Just debt and fear. [link] [comments] |
| Refinancing federal into private Posted: 09 Dec 2021 04:57 PM PST I know that the general advice in this sub is to never refinance federal loans into private, but I'm having a hard time convincing myself of this. I currently have $37k spread across several loans, averaging 6%. I'm in a graduated repayment plan. Currently, my monthly payment is $350, which is very manageable. But as graduated repayment plans go up every couple years, my last two years will be $829.60, which doesn't seem so manageable. I have an offer through a student loan refinance company to pay $355 a month at 2.59% for 10 years. I have a very stable job (teacher, tenured, union), as does my wife, who's got about $15k left to pay. I'm likely to not have to ever go into forbearance or use any of the other benefits that are built into federal loans. I don't believe I qualify for PSLF. Can anyone convince me to not do this? [link] [comments] |
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