1098-E shows a stupid high amount of interest paid for 2021. I paid no interest in 2021 due to the temporary pause in student loan payments. Any ideas? Student Loans |
- 1098-E shows a stupid high amount of interest paid for 2021. I paid no interest in 2021 due to the temporary pause in student loan payments. Any ideas?
- Is it Legal to pay off a Private loan with a Federal loan?
- Please help me with a plan for Parent Plus student loans forgiveness
- Student Loan Asset Backed Securities…
- Am I independent or dependent?
- Why do so many posts on here say living off-campus (excluding commuting from family home) is drastically cheaper?
- What to expect in the upcoming future?
- Rate Comparisons for Jan 2022 vs Nov/Dec 2021
- How does the Student loan repayment pause help current students?
- Can I decrease the amount of fed loans I accept for the spring 2022 semester?
- How does PLSF work w/ going back for Masters degree?
- Does a full ride cover full tuition or full CoA?
- Anyone with any experience with paying back a loan after it goes into default?
- I don't have a second address to provide on Master Promisory Note, what should I do?
- Interest confusion?
- Heartland ESCI private loans delayed?
- [Discussion] How do people have ever-increasing loan remaining amounts? What do numbers look like for these loans? How exactly is the system permitting these awful situations?
- What are the chances of a reduction?
- How Screwed I am?
| Posted: 23 Jan 2022 03:32 PM PST |
| Is it Legal to pay off a Private loan with a Federal loan? Posted: 23 Jan 2022 08:46 PM PST Hypothetically, if one were to take a federal student loan, pay for school, then take the excess loan amount to pay off a private student loan, would that be legal? [link] [comments] |
| Please help me with a plan for Parent Plus student loans forgiveness Posted: 23 Jan 2022 07:23 AM PST We owe $238,000 towards Parent Plus loans. We have been making consistent payments for over 10 years and recently started paying an extra $650 towards the principal. I have worked for over 10 years for a not for profit organization and I found out that these loans have the potential for debt forgiveness through the government - EXCEPT for the fact that approximately 18 months ago, we refinanced all of the consolidated loans through a private bank. We went from an interest rate of over 7% to 3.55%. The loans are all under my name and my credit score is 780. I spoke to Fiducius, a company that explained to me that I blew it and by refinancing with a private bank, I have removed any chance of government loan forgiveness at this point. Do I have any options at all for student loan forgiveness today or is there any way to unring this bell? And of course, when we looked at refinancing several months ago, the possibility that I would forever lose any option for student loan forgiveness was never discussed from the bank to me. At the time, I see now that I didn't do enough research before I refinanced. Any advice or steps that I could take now would be greatly appreciated. [link] [comments] |
| Student Loan Asset Backed Securities… Posted: 23 Jan 2022 07:02 PM PST I need someone with more financial expertise to elaborate, but my slabs for dummies analysis is that wealthy institutions/people purchased slabs that were highly rated since the little guy (us the student loan holders) could not default. And one of the reason's why student loans aren't getting canceled is because these folks holding the slabs would get bent over and lose a lot of money depending on how much forgiveness happened. Intentionally holding people down with payments for decades while the wealthy profit off student loan debt🤦♂️ Exasperating generational poverty because most people who go to traditional college do not see the return on their investment. I can't tell you how many people I know who have finished a 4 year degree and end up at Walmart, gas stations, and other jobs that do not require a degree paying under $20 an hour. It is a lifetime crippling situation for these people who delay homeownership/families and many other milestones the generations beforehand achieved in their 20's. [link] [comments] |
| Am I independent or dependent? Posted: 23 Jan 2022 07:44 PM PST So, I'm a bit confused if I'll be labelled independent or dependent this year. Right now I'm living in a place off-campus, paying for it with only my financial aid. My parents don't/can't help me in any capacity besides buying me food occasionally, so I'm definitely not dependent on them. But I don't answer 'yes' to any of the questions on the dependency status questions... except possibly the age one. It's strange, it has two different time frames on if you count as independent or not. For example, I'm 23. I was born on October 5th, 1998. For FAFSA 2022-2023, it asks if I'll be 24 by January 1st, 2022. Obviously, I'm not 24 currently. But then it gives an example "Were you born before January 1st, 1999?" which is obviously true. I then saw something somewhere about you having to be 24 by the end of the ACTUAL year (December 31st, 2022). So, what am I missing here? I don't have time currently to finish my FAFSA application, will probably do it tomorrow. But I noticed this question and it's sort of confusing me. Here is where I noticed this odd question. https://studentaid.gov/apply-for-aid/fafsa/filling-out/dependency [link] [comments] |
| Posted: 23 Jan 2022 09:16 AM PST I am in college and looking at housing for next year. It looks like the on campus housing options at my school that have a kitchen (for upperclassmen) and that don't require a meal plan are $5k/semester, so $10k/year. So $10,000/year divided by 12 months (since you don't have to pay for campus housing in the summer) = $833/month "rent" for on-campus including utilities. On the other hand, looks like most off-campus rentals ask for ~$750/month per person not including utilities, and you have to pay rent for 12 months. I'm not buying a meal plan next year no matter where I live. So off-campus might be $500/year cheaper, but you have more responsibilities toward maintaining the unit. Right? Now I may live off-campus anyway because saving $500/year isn't pocket change, but my parents aren't convinced that it's worth the hassle for myself & them. I'll be a junior. I will forgo proximity, luxury, etc if it means saving us money & I am indifferent to sharing a bedroom. Off-campus Apartments are close by. Edit: I will be going home to my parents house for summers & winters. Probably, actually I don't know but I don't anticipate staying in the college town if/when I intern in the summer, which might not be until summer before senior year. This is school in my home state so I pay instate tuition. [link] [comments] |
| What to expect in the upcoming future? Posted: 24 Jan 2022 12:02 AM PST Hi, I am 18 and in my second semester of community college. I am planning on transferring my credits to a university for my bachelors degree, and then try to achieve my masters degree. I am studying aerospace engineering. I started with community college as my family and I could pay for the credits without any assistance besides the COF fund. However, if and when I continue my education after community college we will not be able to afford it and it's really stressing me out; I also know nothing about student loans and what I should be expecting from them. I want to apply for grants, but I'm not sure if I can if I'm transferring between colleges. Any advice is awesome, I also think I'm just freaking myself out. (Not asking for anyone to help me plan, just wanting to know the things I should do or avoid with student loans) [link] [comments] |
| Rate Comparisons for Jan 2022 vs Nov/Dec 2021 Posted: 23 Jan 2022 06:02 PM PST Anybody done a refi comparison yet to see how the extension has affected loan rates? Early December I was offered 2.91% fixed on a 10 year term for 100k. I was able to get them to extend my application until February, so I can't really re-check at the moment. Curious if anyone else has. [link] [comments] |
| How does the Student loan repayment pause help current students? Posted: 23 Jan 2022 03:37 PM PST Does the current student loan repayment pause help current students? I am currently in grad school and started taking out loans during my first year before COVID and after. Does the pause stop the interest from accumulating while Im in school? OR does it only affect people who are in the workforce working to pay back their loans? Sorry I'm financially illiterate [link] [comments] |
| Can I decrease the amount of fed loans I accept for the spring 2022 semester? Posted: 23 Jan 2022 01:52 PM PST My loans including the grad plus which will cover more than tuition and the school will send me a refund. However, I do not want to take out any more loans than what is necessary to cover tuition. How can I decrease the loan amount I was awarded? [link] [comments] |
| How does PLSF work w/ going back for Masters degree? Posted: 23 Jan 2022 09:52 AM PST My wife is a music teacher in Washington state with almost 5 years under her belt. She's got about ~9000 left to pay off from her undergrad. She wants to get a masters degree in education so that she can a) get that much better at her profession and b) get ~10k more in annual salary by the time she wraps up the program (~3 years or so). She should be eligible for about $5k forgiveness this summer (if I read her eligibility correctly), but we're wondering if it would be better to quickly pay off the rest and then try to save to cash flow a masters, or if she should go ahead and enroll and take on some extra loans. My question: how does PSLF work with someone who is already a public employee and goes back for a higher degree? Does it reset when she takes on new loans, or is it all cumulative and she's be eligible for forgiveness after 10 years of qualified payments and public service? Also, how is the Covid loan pause impacting this - does it push that time horizon out or is that time included in the 10 years? I appreciate any feedback, I've looked online to try to find some of these answers but I figured you folks might have some insight. This will help us determine when/where she can pursue a higher degree. Thanks! [link] [comments] |
| Does a full ride cover full tuition or full CoA? Posted: 23 Jan 2022 07:46 AM PST When someone says they got a full ride or a school gives someone a full ride, which does it mean? [link] [comments] |
| Anyone with any experience with paying back a loan after it goes into default? Posted: 23 Jan 2022 12:46 PM PST So I'm in default. Rewind.. Since 2010, I've stopped receiving a tax return because of a bad tax move. They finally forgave it after an 8 year fight. I didn't even get the money owed back to me but that's a whole other issue. But now my tax return for the last 3 years has been going to my defaulted loan. My question is this. Has anyone out there experienced this, with them taking your tax return? If so, and if you started paying your loan, do they stop taking your tax return? [link] [comments] |
| I don't have a second address to provide on Master Promisory Note, what should I do? Posted: 23 Jan 2022 10:40 AM PST I want to take out FAFSA loans, but the mastery promise note requires me to provide 2 different addresses. but my family and I moved here from another country so we do not have another address to provide. What should I do to sign Master Promissory Note? I talked to my school's financial aid office and FAFSA loan services, and none of cannot help me out. [link] [comments] |
| Posted: 23 Jan 2022 08:10 AM PST Hey, I'm doing theoretical calculations for potential law school debt using this https://smartasset.com/student-loans/student-loan-calculator#RNetxxKIqA site. At face value, the loan is $80k at 7% interest, which should be $85,600. However, when I add up all the monthly payments, it amounts to $111,480, which is 39.33% interest? What gives, 7% is grossly misrepresentative of this. Is the site off, does the interest compound or something, do they factor in inflation too? Nearly 40% interest is so much higher than 7% that I feel like I must be missing something, how can they even advertise 7% interest if after all is said and done it's nearly 40%? I compounded 2% (inflation) for 13 years and it came out at 29.35%, but even this feels sus since the payments start rolling in 3 years after the loan, not as a lump sum at the end of 13 years? What gives? [link] [comments] |
| Heartland ESCI private loans delayed? Posted: 23 Jan 2022 06:46 AM PST I figure since they are private they may not be delayed until May 2022… Does anyone know if these are delayed as well? [link] [comments] |
| Posted: 23 Jan 2022 02:56 AM PST I keep hearing news of student loans worth $x at y% rate and despite constant repayment over a few years, the remaining amount is $2x. What loans are these and how do people get into these situations? How is the system broken? [link] [comments] |
| What are the chances of a reduction? Posted: 23 Jan 2022 04:21 AM PST So way back in 2006 to 2008/2009 I attended Devry. At the time, I was unaware of loan amounts and had no way of paying them off. I was forced to drop out before completing my degree. As there was nothing I could do to pay them off I ignored them. Now, I'm finally in a position where I can start working on them. Today, I owe a total of just over $25k. $15k is principal, and $10k is interest. I know I can apply for borrowers defense due to Devry's predatory practices, and I will, but in case that gets denied, what are the chances of my servicer (the Dept. of Ed.) dropping the total owed if I could pay it off in its entirety immediately? If they agree to drop the total to just the principle, I can pay for it now. Borrowers defense could take upwards of a year to hear back from and could be denied. I'd rather just take care of this quickly to get the enormous source of stress off my mind. Has anyone gotten their loan amounts reduced by agreeing to make large payments like this? [link] [comments] |
| Posted: 23 Jan 2022 03:51 AM PST Note: 1. I am not from US (so excuse my english too) 2. Have engineering degree but borrowed money to study Design 3. I'll convert everything in US $ I have an existing $35,000 student loan with 3% interest, termed for 20 years. Minimum payment would be $200 per month. But last minute career change (because I was naive), I decided to go back to Engineering and will be studying for postgrad (my last resort and redemption), so I have a plan of borrowing $35,000 again, but from different company, with 1.5%. If I got a job as an engineer, I'll probably start at $40,000/yr. If only I studied for postgrad I won't be worrying but the total amount seems huge for a starting salary of 40k. [link] [comments] |
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