85k paid off Student Loans |
- 85k paid off
- Should we file taxes married but separate?
- Federal Student Loan Transfer Fiasco
- Paid off my student loans!
- 10 k in a little less than one year!
- Check to Navient instead of Aidvantage
- Which option to take dilemma
- FA counselors: can I be denied financial aid if I have SAP issues at a previous college?
- Paying off unsubsidized Stafford loan or grad plus loan first?
- Updated student loan debt tracker
- Struggling with refinancing a private student loan
- Federal Student Loan Payments May Go Up When Repayment Starts
- Nursing Student Loan Repayment
- Public Servant Loan Forgiveness
- Can anyone well versed in refinancing help me?
- Is anyone's balance suddenly $0?
- NFCU student loan help!
- PSLF Forgiveness and Income Driven Repayment
- Can you get public student loans if you go to a private college?
- How can I find out which of my 2 loans will have higher interest?
- Refinance student loans?
- Does Biden have the authority to cancel student loans?
- Paid tuition in full and then accepted loans. Am I screwed?
- If someone has been paying towards their total during the freeze, wouldn't their monthly payment be reduced when it starts up again?
- lost freshman
| Posted: 05 Jan 2022 01:01 PM PST I just finished paying off 85k in federal student loans from undergrad and grad school. It took about 5 years of making the biggest payments I was able to every month (at least $1500). A few years ago I changed jobs to a job making 20k more. I technically qualified for PSLF but chose not to do it in case something happened with the program. My advice is to take advantage of the 0% interest rate and throw all available funds at your loans. If you make sacrifices now, there is a light at the end of the tunnel. Plus you will enjoy the extra money you will have after paying off the loans. [link] [comments] |
| Should we file taxes married but separate? Posted: 05 Jan 2022 07:33 PM PST Posted this on PF but hoping it will gain a little bit more traction here. TLDR: My wife and I gross about $180k combined. I have approx. $25k in federal student loans, while she has $151k. Does it make the most sense for us to file married but separately and ride it out till her loans are forgiven? The full story: I recently received a significant pay increase to $115k and am looking to strategize for the 2022 tax year and beyond. My wife currently makes about $65k. We got married in 2020 and filed jointly but with the looming return of student loan payments I am wondering if we should change our strategy for 2022. With my career I would be eligible for PSLF in 4 years but my wife is not. I ran the numbers through Nelnet's repayment estimator and if we were to file separately, my wife would pay $165/month under Pay as You Earn vs. $666 under REPAYE and filing jointly (I'm a little suspicious of Nelnet's calculator because it has my payments as low as $35). I am planning to max out my 401k to reduce my AGI and encouraging my wife to contribute as much as she can to hers but the loan payments are a big factor. For the calculator, I reduced my income by the 401k max and standard deduction, but just the standard deduction for her. Last year (before the raise) we both contributed to Roth IRAs so we would need to file jointly for 2021 as we would not be allowed to contribute otherwise, but I think that won't have much bearing on my plan to file separately in 2022. My wife did go on forbearance for her loans at one point, so I'm not sure if that would impact forgiveness. My hope is that she can minimize the payments and ride it out until they're forgiven. I plan to aim for PSLF but probably shouldn't hold my breath the way it's already been handled. My loans are very much the smaller issue here. Does it make sense for us to file separately and is there anything else I should be considering here? [link] [comments] |
| Federal Student Loan Transfer Fiasco Posted: 05 Jan 2022 07:04 PM PST Don't know if this helps anyone, but my federal student loans transferred from Fedloan to Nelnet. I was on REPAYE payment plan with Fedloan with a lower monthly payment, but when the account showed up in Nelnet, it showed standard repayment with the REPAYE amount. Then, the COVID pause was extended from 1/31/2022 to 5/1/2022. After that, my account not only showed standard repayment but also the much higher standard repayment amount. I emailed Nelnet through their contact form because this is hard to explain to a phone agent, but they basically just said I can apply for REPAYE ...again. The thing is I have a lower payment than I otherwise would have due to the extensions of IDR recertification deadlines, and the repayment info was supposed to transfer to Nelnet, and the lower amount would be helpful to me for the time being, financially. The Department of Education had the correct repayment plan at studentaid.gov, so the screwup had to be with Nelnet. So I found a chat feature after logging in to Nelnet's site. Apparently, it's a known issue, and the chat agent had to send a complaint to the processing department to investigate, and they'll email back within 10 business days. So now I'm just waiting and hoping the processing department fixes the issue. TL/DR: Nelnet screwed up repayment plans and monthly payment amounts on transferred loans. cross-posted from r/personalfinance [link] [comments] |
| Posted: 04 Jan 2022 04:58 PM PST In October of 2019 I read through Dave Ramseys Total Money Makeover and had a reality check I need to get out of debt and get my life back. At that time I owed 50K in student loans and was paying bare minimum each month. Fast forward to today, taking advantage of the CARES act, saved up and I have officially paid off all 50K of loans! (Yes I know it's still in a freeze but no I don't believe the government is going to do anything and I'm not going to wait on them.) This isn't a post to try and brag or anything. This is a post for anyone, who like myself, felt lost/crushed by debt and believed you will be paying off loans until you retire. This is how I use to feel as well and YOU CAN DO IT! You might have to make some sacrifices/cuts but remember it's temporally and worth it. Thanks! Edit: My goodness thank you everyone for the support! Honestly wasn't sure what to expect and it's been so nice reading all the comments. Thanks again! [link] [comments] |
| 10 k in a little less than one year! Posted: 05 Jan 2022 09:12 AM PST I just realized Feb of last year I had 10k more debt than I do now. I'm so excited. I think it's good to recognize the process as well as the end goal. So, you can do it! And right now is a great time to do more if you can while since they extended the 0% interest. [link] [comments] |
| Check to Navient instead of Aidvantage Posted: 05 Jan 2022 10:05 PM PST Title kinda says it all. My husband's work offered a bonus or a student loan payment and he opted for loan payment. In the time between that and the check being issued his loans switched and now we have a check addressed to Navient and loans are Aidvantage. Does he need to ask his work to reissue the check addressed to Aidvantage? What's the best way to handle this? [link] [comments] |
| Posted: 05 Jan 2022 04:44 PM PST Hi I am a recent law school graduate and have all federal loans (direct unsub and gradplus) that had 6% and 7% rate respectively totaling 136K. I held on not paying it until this covid forbearance is over so no payment has ever been made. Expecting the january forbearance to be the final one, I shopped around private refinancing and had an offer of 10 year 3.28% fixed apr (3.58% interest rate) after 6 months if 0% intro apr. I thought this was great because although I will still be making about 1.1k monthly payment for the 6 months, my interest wont accrue until late July. There is no pre payment penalty either so if I want to pay a chunk before the 0% intro, it seems like i can. The only dilemma i have is whether to jump the ship right now or stay federal hoping for extension of fed covid benefit. I lurk around here often so i am aware of people's prediction that no amount will be forgiven but more than likely chance of extension of forbearance due to midterm pressure. I also agree and don't really expect any amount to be forgiven but I believe the forbearance may continue beyond May (unrealistically speaking end of 2022, perhaps?) [link] [comments] |
| FA counselors: can I be denied financial aid if I have SAP issues at a previous college? Posted: 05 Jan 2022 03:40 PM PST Let's say I have all Ws or Fs on a transcript from a community college. Then my family and I move, so I have to enroll at a different community college. Will my financial aid be affected by my inability to make Satisfactory Academic Progress at my previous community college? [link] [comments] |
| Paying off unsubsidized Stafford loan or grad plus loan first? Posted: 05 Jan 2022 02:53 PM PST So I have two loans for my advanced degree. The grad plus loan is much larger and has a higher interest rate than the unsubsidized Stafford loan that has a lower interest rate. Normally I'd think to pay off the higher interest loan first but I'm set up for IBR so when repayments begin that is my payment, from what I've read if your payments are less than the interest rates that accrue(which it will be) the government pays off the rest of the interest for the grad plus loan for the first 3 years of payment. So would it make sense to put extra money into the Stafford loan to pay it off first for the first 3 years since the government will cover any interest that my payments don't cover for the grad plus loan? [link] [comments] |
| Updated student loan debt tracker Posted: 05 Jan 2022 12:23 PM PST Ended 2020 with less than $50k remaining in loans, and ended 2021 with less than $30k! Here's my updated tracker: https://imgur.com/gallery/0M8BjAU [link] [comments] |
| Struggling with refinancing a private student loan Posted: 05 Jan 2022 06:16 PM PST Hi guys, I'm feeling like I'm out of options here and need your advice. I have a private student loan (originated outside of the US) from Prodigy Finance that I used to fund my Master's degree here in the U.S. Unfortunately, I wasn't able to finish my studies, so that's one of the reasons why I'm having such a hard time finding a new lender. Another reason being I'm not from this country and I currently have a conditional green card, which a lot of the companies I have spoken with view as ineligible for refinancing purposes (they want me to have a 10 year green card instead). To sum things up, I would really appreciate it if you guys could think of some companies that would work with my case or let me know if you had a similar experience. Thanks. [link] [comments] |
| Federal Student Loan Payments May Go Up When Repayment Starts Posted: 05 Jan 2022 09:40 PM PST Edit: See the comment by horsebycommittee. Seems like my servicer (Nelnet) screwed up. They subtracted the COVID pause months and upped the payment amount. Original post: Just an FYI to those on fixed-term (ex. standard, graduated, extended) repayment plans, your payment might go up once repayment starts. If you haven't been paying during the COVID pause, servicers will take the remaining amount and divide it by the number of months left in your payment plan. See the repayment FAQ here: https://studentaid.gov/announcements-events/covid-19#repayment-prep For example, if you had 86 monthly payments left before the COVID pause in March 2020, they would subtract all the skipped months (~26 to May 2022) and divide your loan across the result. So instead of your total loan being divided by 86 months, it would be divided by 60 months resulting in an increased monthly payment. cross-post from r/personalfinance [link] [comments] |
| Nursing Student Loan Repayment Posted: 05 Jan 2022 11:31 AM PST Hello. I'm a nurse that's been working in the hospital throughout Covid, they've initiated a student loan forgiveness up to 7,500. However I've paid all my loans myself. I'm still in classes up until March so I'm wondering if I can take out a student loan that I could use towards school supplies such as a new computer and laptop then use this forgiveness to repay that loan. What type of loan would be able to do this? My understanding is that most loans are paid directly to the school. Therefore i would not be able to use my loan to buy myself a new laptop/computer. I'm not in graduate courses either, I'm finishing up my bachelors. My employer pays for my schooling so I won't have any fees for this next class either. [link] [comments] |
| Public Servant Loan Forgiveness Posted: 05 Jan 2022 05:19 PM PST Hello StudentLoans. I'm sorry in advance if this has been posted in the past. I have been a public servant for about 8 years now. I'm just now looking into student loan forgiveness (I know, I know. Really late to the game). My questions to you lovely redditors here in personal finance are:
Thank you so much in advance. And again, please let me know if this has been posted before and I will delete. [link] [comments] |
| Can anyone well versed in refinancing help me? Posted: 05 Jan 2022 04:37 PM PST Hi all, I made another post in here the other day about my general situation (if you want to look at that post too). I since applied to refinance with 1 lender so far and would appreciate if someone with a good knowledge of refinancing can help me. Basically I started off with 100k+ loans in 2019 (both federal and private). Now I only have private left. Remaining private loan balance: $58,940 (total of 3 loans): $16,399 $21,052 $21,488 Current interest rate: 4.95% Current monthly payment: $685 Maturity date: 3/3/2031 I applied with SoFi to refinance and they offered a 4.26% interest rate for 10 years ($605 monthly payment) with a .25% reduction in the rate if I enroll in autopay (which I would). I plan on applying to at least one other lender if not more. I believe SoFi said they would match a competitors rate. Random questions -
Basically I'm making $51k right now and I need to move out in a year so I need to get my monthly payment as low as possible and want to save on interest as much as I can as well [link] [comments] |
| Is anyone's balance suddenly $0? Posted: 05 Jan 2022 09:56 AM PST I had $40k in loans last week and I went to check today. The balance is now $0 with 0% interest. I'm hoping it's not a glitch... [link] [comments] |
| Posted: 05 Jan 2022 01:26 PM PST I need a $9,000 student loan asap but my credit is poor and don't have a cosigner. I have a 559 and 531. Im in the process of getting my credit fixed now, but I need a student loan so I can be back in school this spring semester. As a member how likely will Navy federal approve me? [link] [comments] |
| PSLF Forgiveness and Income Driven Repayment Posted: 05 Jan 2022 06:44 AM PST Hey All! Since the beginning, I thought I had applied for Income Driven Repayment since I was in fact paying the absolute minimum (only marginal interest, no principal). I have three loans, ranked as Direct Plus, Subsidized and Unsubsidized Federal Loans. So I'm also unclear if I should consolidate. Any advice? By my count, I would be close to the 120 required payments by this point. Thank you! [link] [comments] |
| Can you get public student loans if you go to a private college? Posted: 05 Jan 2022 11:57 AM PST If I go to a private college like sienna can I get public loans still or am I only able to get private loans. [link] [comments] |
| How can I find out which of my 2 loans will have higher interest? Posted: 05 Jan 2022 07:45 AM PST I have 1 subsidized and 1 unsubsidized loan. Both say 0% interest, but I'd like to pay more towards whichever will have higher interest. How can I find out which one that is? I have Aidvantage, previously Navient. [link] [comments] |
| Posted: 05 Jan 2022 11:22 AM PST Hoping for advice on my student loan situation. Currently owe $60k in federal loans (originally borrowed $125k, have paid back $145k so far thanks to interest), and I've been paying ~1500/month during the COVID forbearance to wipe out my Grad Plus loans. My Grad Plus loans are now gone (hooray!), which leaves the remainder of my loans at 6.55%. I can refinance my loans at 2.25% for 5 years (monthly payment of around $1k), or I can keep the federal protections, but pay more in interest. My income is stable, so it seems logical to refinance, but would this be a mistake? My income is in the low 6 figures, but I also have sizeable childcare expenses. Thoughts? [link] [comments] |
| Does Biden have the authority to cancel student loans? Posted: 05 Jan 2022 10:06 AM PST Biden said canceling $10,000 of student loans is something he would do if elected. He put it right on his campaign website. Now he says he doesn't have the authority to do it without congress. If he has the authority to forgive student loans for certain groups, such as the disabled or students of schools that defrauded them, why wouldn't he have the authority to cancel it for everyone? Additionally, if he can pause student loans for a few years or a few months, why couldn't he do it for 50 years or 100 years, effectively canceling them without technically canceling them? It seems to me Biden pulled a bait and switch. [link] [comments] |
| Paid tuition in full and then accepted loans. Am I screwed? Posted: 05 Jan 2022 09:56 AM PST Last semester I was given a combination of federal subsidized/unsubsidized loans but didn't take it because I was expecting a scholarship instead. After I paid tuition for this semester, however, I heard that there's loan forgiveness for one type of loan, and I could receive a refund for it, and I filled out all the required materials on FAFSA. This morning I received my loan disclosure detailing the amounts my school would disburse to me. The problem is I paid tuition in full and my balance is currently zero. Will I still receive a refund? Where will the leftover loan money go? [link] [comments] |
| Posted: 04 Jan 2022 09:11 PM PST |
| Posted: 04 Jan 2022 09:51 PM PST hi everyone! it's my first year in college and i'm so excited however the idea of student loans stresses me out! this first semester my parents and i had no clue on how to get loans and ended up not getting a loan. we were fortunate enough to be able to pay out of pocket for this semester. now i need to get a loan and i have no clue where to start, what's a good interest rate, variable or fixed, who's reliable, etc… you get the point. i'm hoping to find someone to just point me slightly in the right direction :) thank you!! [link] [comments] |
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