After 21 years, it's time that I finally put this sub behind me... Student Loans |
- After 21 years, it's time that I finally put this sub behind me...
- With the start of a New Year, and student loan payments paused until May, what are everyone's thoughts on lawmakers wiping $10K in debt?
- So I am about to do it…
- Should I take out a private student loan?
- Debt advice
- WF sold my private student loan - and reset the interest??
- IDR plans and Foreign Income Exclusion
- Finance, Parent PLUS, and other general questions
- Should I use my refund to pay?
- How bad of an idea to take out a loan of 3000 for the semester?
- Refinance my loans?
- Private Student Loan Refi?
- Paid off all federal loans/teacher question
- Dropped out last year and have $60k in debt, looking for any help
- Max Time Frame Suspension
- student loan services?
- student loan help
- How much would you suffer for a smaller loan?
- Perkins Loan Consolidation
- Student Loan Refinancing for Private Loan Under $5000
- Can a US citizen living abroad take private student loans in the US ? (more info below)
- Student Loan Calculator: Excel Based
- Taking an education loan in USA to refinance loan in India? Is it allowed? Pros & Cons?
- Credit score not updating
- Will income driven payment amounts change once payments restart?
| After 21 years, it's time that I finally put this sub behind me... Posted: 03 Jan 2022 07:35 AM PST ..because I have now just submitted my FINAL payment on a total of $42,126.55!!!!!!!!!!!!!!!!!!!!! Quick points: -Yes, it's because of the pause that I attribute my ability to have quickly paid down the balance over the past 2 years. -Lost my dream job at the beginning of the 'demic, but got a new one with a 30% raise. Turned the firehose of payments on the principle. -No, I don't see us EVER getting SL forgiveness. BUHT, I would compromise on killing the interest. The damn interest...holy s*it...the interest. We are ALL aware of how we spin our wheels just never touching the principle paying interest payments. It's criminal how the issuance of gov't SL has propped up the entire SL servicer economy simply by all the interest and fees we generate. If we kill off the interest (that's an uphill battle in itself b/c the servicer industry is now HEAVILY lobbied), we'd have the ability to actually pay off just the debt for our education, not the damn profit being generated off our backs. If the gov't is going to facilitate loans to better their peoples/society, when are we going to have our representatives pull their heads out of their collective sphincters to realize that if we are perpetual wage slaves (like we're currently protesting), we cannot participate in the Great Capitalism Scam by never actually gaining the ability for all of us to pay off our SLs? [link] [comments] |
| Posted: 03 Jan 2022 04:12 AM PST As the title states. I'm thinking Dems are going to leverage this (again)in the looming election.I'm just under $10K in student loan debt (I've paid off a large amount over the years). I plan on making the absolute minimum payments because I think, eventually, we are going to get a chunk wiped off. I think there is going to be a rude awakening come May once student loan payments start collecting interest again. Anyway. What are everyone's thoughts? Likely or unlikely? Edit: There seems to be a strong consensus that this will NOT happen. Though I'm not so sure; it's going to be interesting to see how the country responds once the 0% interest goes away. Who knows. Maybe there will be a loud enough uproar that our elected officials do something to help curb the unfortunate price of getting an education in this country. [link] [comments] |
| Posted: 03 Jan 2022 11:48 AM PST Just got an offer to refinance my 315k debt to 2.535% with Sofi, for a 15 year loan (was offered 2.3 for the 10 year) from my 5.8% federal loans. I know the math is sound, but this is so nerve wracking. Can I get other stories of people that refinanced for the better? [link] [comments] |
| Should I take out a private student loan? Posted: 04 Jan 2022 05:08 AM PST Hey, I know private loans are a last resort but I feel like I'm at that point. I'm first year currently living in the dorms. Im an independent student and have taken out all the federal loans I can for this school year and I still owe about $1900. In my state full time students are only allowed to work up to 20 hours a week which I do. I currently have $0 as everything I earn goes to my university bill. I'm struggling to pay my phone bill and living expenses, not to mention I still have to buy books for this coming semester. So should I take out a private loan to help me stay afloat? [link] [comments] |
| Posted: 04 Jan 2022 03:33 AM PST So, I took out student overdraft from a bank but forgot to pay my student loan into it, (ik I'm an idiot) so they cancelled the loan and now I'm on -1500, is there anything I can do? Can I take out a different student loan from another bank or? [link] [comments] |
| WF sold my private student loan - and reset the interest?? Posted: 03 Jan 2022 01:06 PM PST I'm not sure of the terminology, but my private student loan with WellsFargo started out with most of my monthly payment going towards interest, and the rest going towards principal, and as the interest was paid off, I began mostly paying on the principal each month. (My payments have always been around $65, so initially it was like $60 towards interest and 5 towards principal, and by the end of last year I want to say it was something like $1 towards interest and and $64 going towards the principal.) But, WF sold my loan in March of this year to Firstmark Services, and I've noticed that half of my payment is going towards interest now and half towards principal. This seems shady, and Wellsfargo wouldn't send me my old loan statments and said they gave them to Firstmark, and Firstmark has said they can't give me old statements. Is there someone to report them to if they continue to play this game? Is it lawful for them to start the interest all over even though it has already been paid off? [link] [comments] |
| IDR plans and Foreign Income Exclusion Posted: 04 Jan 2022 02:03 AM PST I'm doing my Master's abroad and am planning to stay after graduation for work. Hoping to stay abroad permanently eventually. From my undergrad, I have around $21,000 in federal student loans, $14,000 in student loans given to me directly by my school with relatively favorable conditions (5% simple fixed interest rate, repayment over 10 years), and around $20,000 in Parent PLUS loans. I have no graduate loans. I understand that IDR repayment and FEIE would be good options for me. I know that I would still have to pay back my school-granted loans and Parent PLUS loans, but the freedom of not having to pay huge amounts on my federal student loans at a time would be a huge relief for me. However, I am wondering if someone might be able to help me out regarding some small things:
Thanks in advance for your help. [link] [comments] |
| Finance, Parent PLUS, and other general questions Posted: 03 Jan 2022 07:19 PM PST Intro: I'm sure these questions have been answered a hundred times but I need some help on figuring out my loans. I graduated from college in August of 2021 (so about 6 months ago) and have just about 100K of total loans. ~25K in stafford federal loans and ~78K in parent PLUS loans. Current Situation: I started working on contract in June and recently been hired full time on salary as of the past month. I got very fortunate with my first job and I'm making around ~72K a year. But I need help and I don't know who to turn to. I am the oldest of 6 kids and the first to go to college. My parents are clueless about the whole situation. My sister is currently in college and my brother will be attending next year. I still live with my parents but have been a dummy and been using the student loan delay by not paying anything back yet. I am moving out in February so my living expenses will be increasing. To start I want to ask about PLUS loans. Parent PLUS: As of now I understand that Parent PLUS loans are terrible to take and am encouraging my parents to look for other options for my younger siblings. As I am trying to organize my loans all together I am quite confused by how these work. All my loans are connected in one account with my sister's loans. I understand they are in my father's name but can I transfer them to my name? My goal would be to get all of my loans under my name. My parent plus loans currently sit at $78K which include about 6000 of interest so far. I have found that we can refinance them so that they get separated from my sister's loans but they will be at 7% interest and still under my dad's name. Best Options?: I'm really on here just asking to be pointed in the right direction. Can I move my Parent PLUS loans to my name and refinance with my stafford loans so they are under 1 account? Is this advisable? Where do I find the best option for repayment? What's the best strategy for repaying these type of loans at my income level? Anybody have spreadsheets that I can plug my numbers into to find the best option. Any help is appreciated. [link] [comments] |
| Should I use my refund to pay? Posted: 03 Jan 2022 08:57 PM PST After my fall semester, I finished with enough money leftover from my FAFSA refund + covid aid to at least payoff my unsubsidized loan. My family keeps telling me to not start paying off loans until I graduate, but I'm terrified about leaving any loans that have interest. Is it a good idea for me to start now? I plan to talk with my school but it'd be nice to have some other opinions. [link] [comments] |
| How bad of an idea to take out a loan of 3000 for the semester? Posted: 03 Jan 2022 06:16 PM PST School was paid for by the university of dad for my entire college career, never worked to pay for classes, food, apartment, etc.Things went down during the start of Covid, and I failed multiple classes, and now I need to recover. Had to go to school for an extra semester, and I felt terrible about taking even more money from my parents to cover my own ass way past the point it should've been necessary. They're still content with paying for my living situation, and cost of classes comes out to about 3000 dollars. Would it be a bad idea to take out a direct unsubsidized student loan to pay for this? I know very little about student loans outside of the basic outlines on the fasfa website, but I've seen student loan horror stories over the years so I wanted to come here for help first. [link] [comments] |
| Posted: 03 Jan 2022 08:21 PM PST I'm currently at about 110k in debt with private and govt loans right now. When i first refinanced in 2019, I went with SoFi and got a 4.54% interest rate. Since then I've gotten promoted twice and make 50k more than I did when I first refinanced, and my credit score has gone up some (currently at 766). I keep getting letters for refinance offers from other companies around 2% - should I refinance again? And if i did, what's the likelihood I'd come close to a 2% rate? [link] [comments] |
| Posted: 04 Jan 2022 12:06 AM PST Hey so I have three student loans, all private, and at various rates and amounts due on each one. I am getting to the point where I'm over it and just want to focus on getting this paid down and done once and for all. I'm considering refinancing for several reasons, 1) combine my multiple payments into one single payment (getting a bit tedious to manage three seperate payments), 2) I think I'm missing out on making any meaningful gains on the principle, 3) I keep hearing rates are at historic lows so I'd like to take advantage if I can. My rates are 4.74%, 4.34%, and 7.250% (all are variable) and owe about $18K combined. Would it make sense to refi? I been quoted two fixed rates, 3.09% @ 5yrs and 3.25% 7yrs. I'm leaning towards the higher one only for the extra two years but I could push myself to pay it off in the 5 yr window but I like that I wouldn't be forced to make that higher payment when I can't. Also, does refinancing a private student loan loose the ability to get a 1098-E, the form that reports to the IRS the interest paid. I continue to get one with my current servicer. [link] [comments] |
| Paid off all federal loans/teacher question Posted: 03 Jan 2022 03:17 PM PST I've been a special education teacher for close to 10 years in a school that would qualify me for loan forgiveness. Could I get my money back for the money I already paid off? I figure no, but just wanted to check. [link] [comments] |
| Dropped out last year and have $60k in debt, looking for any help Posted: 03 Jan 2022 09:52 AM PST Hey all, I'm sure there's thousands of posts similar to this, and I'm sorry if it gets tedious, but I have constant anxiety over my loans now that my payment is becoming due. I dropped out of undergrad this past year during the pandemic, as I work full time to support myself and have had a long history of mental health struggles. I can't really blame me dropping out on the pandemic in entirety, but it certainly didn't help my cause. During my time at university, I racked up a total of about 60 thousand in debt. It's split pretty much evenly between federal loans, under nelenet, and the rest with Sallie Mae. Having not received my degree, I find myself lacking with any decent paying job opportunities or options. I make roughly $18,000 a year currently, and don't have a lot of tangible skills. I am in the process of trying to return to community college at least get my associates and possible defer my payments until then. My current monthly payment to Sallie Mae alone would be almost half of my monthly income. I find myself constantly weighed down by this, and don't see a path to paying off these loans. I have no experience or guidance on navigating this or any financial literacy at all really. I don't really have family or relatives to look to for advice. Anything I can get here would be greatly appreciated, as I feel I'm barely treading water now. Thank you for your time. [link] [comments] |
| Posted: 03 Jan 2022 04:31 PM PST Hello, just asking if anyone has gone through a max time frame suspension appeal process and received it. I just filed and did all of the process and am now in limbo waiting. I am only over by 6 credits as I changed programs of study at my CC last year. My gpa is a 3.8, I'm a great student and just did not plan for this when I changed programs. I definitely feel stupid for being in this situation but I am also a mom of two small kiddos and with my husbands work schedule I was really hoping to complete my degree and then get in my field making enough to put one or both kids in daycare, as right now I cannot afford to do that at all & work full time to pay for classes as well. Anyways- this isn't the point, I just wanted to see what other people may have experienced when doing this sort of an appeal, or if I should just plan on being denied. I understand that max time frame is a rule for all colleges and although it was listed on my schools reason to appeal, I am still concerned. Any advice or stories that match this would help! Thanks! [link] [comments] |
| Posted: 03 Jan 2022 10:17 AM PST Got a voicemail today about qualifying for student loan forgiveness from a "student loan services" rep, asking for my current job and student loan debt amount…. I called twice and gave them the info but the call ended both times … is this legit ? I don't think I'm eligible anyway [link] [comments] |
| Posted: 03 Jan 2022 09:26 AM PST will be attending pt school next year and have no idea how loans work - will have no loans to pay back after undergrad but wondering where do I start when determining what the best type of loan to take out how? Any advice on how this stuff works in general would be appreciated! [link] [comments] |
| How much would you suffer for a smaller loan? Posted: 03 Jan 2022 05:20 PM PST Would you stay in a city you're not mentally healthy in for 1-2 years longer than you'd otherwise have to, go to a school that's good but not great, and deal with an awful work-life balance, if it would give you less debt? I'm so so terrified about the debt I'd be in after finishing the Master's programs I'm applying for. I dread the repayments and amount of time I'd be weighted down if I attended school full-time while working part-time. I could work full-time and go to school part-time, but the only applicable school for that option for me is one in my current city, where I'm not really settled or thriving. Also working full-time with part-time school seems really stressful and I wouldn't have needed rest or free-time, because weekends and evenings would be taken up by homework. I would finish school in 3-4 years including summers, compared with 2 years if I went full-time. But, I'd need a smaller loan. Would that all be worth it for less debt? [link] [comments] |
| Posted: 03 Jan 2022 05:02 PM PST Hey everybody, quick Perkins consolidation question. I'm reading through the form from studentaid.gov and trying to make sense of the portion surrounding Perkins loans. Do I need to get on a PSLF qualifying payment plan immediately in order to consolidate the Perkins loans? Based on the language, that's how I'm interpreting it, but I hope I'm wrong especially since not everyone else may want to consolidate them for PSLF reasons! [link] [comments] |
| Student Loan Refinancing for Private Loan Under $5000 Posted: 03 Jan 2022 07:37 AM PST I have a private loan that I've paid down slightly to roughly $4600. The interest rate on this is 11.1% (I know that's high, I was 18 and didn't have a co-signer). How can I bring this interest rate down? I've looked into refinancing, but the minimum for all of these is $5,000. What can I do? It's certainly not the end of the world if there's no other solution but to pay it off quickly. I'd just like to save a little bit, if possible. [link] [comments] |
| Can a US citizen living abroad take private student loans in the US ? (more info below) Posted: 03 Jan 2022 07:31 AM PST
THANK YOU 🙏If any professional, or experienced personal can help me it'll be very much appreciated [link] [comments] |
| Student Loan Calculator: Excel Based Posted: 02 Jan 2022 03:32 PM PST I created an excel spreadsheet that allows you to compare different student loan scenarios. It allows you to take 2 different loans, then manipulate the rate, extra payments per month, time to pay off, etc... After that it will show you the difference between accumulated interest, days between payoff dates, things along those lines. I never found a calculator online that did this super well, and I hope it helps others. I am not a financial professional or a programmer so I would appreciate any feedback or double-checking. [link] [comments] |
| Taking an education loan in USA to refinance loan in India? Is it allowed? Pros & Cons? Posted: 03 Jan 2022 10:41 AM PST already posted this on r/personalfinance but thought it would be a good question to ask here too! hello! i took an education loan in india for my bachelors degree in the US (about $100K) and want to continue studying in the US. i am currently earning and want to pursue my masters degree for which i'm thinking of taking an education loan in the US to pay off my loan in india as well as use it for my masters degree. one of my relatives will be the cosigner and is a US citizen. my questions are: 1. would be legal to do this? 2. what kind of interest rate does a private lender usually charge? 3. what are the pros and cons of this? 4. any other options i should consider? 5. what type of loan should i take out to pay for my masters degree as well as to refinance my undergraduate loan in india? [link] [comments] |
| Posted: 03 Jan 2022 06:32 AM PST So I've been paying off my student loans with the covid forbearance, since early November I've paid about 3k. I usually check my credit score on the credit karma app, the app is pretty good and usually updates at least once a month. Except my students loans haven't updated since November. I can see my credit cards on the app and those update down to the dollar 1-2 times a month? [link] [comments] |
| Will income driven payment amounts change once payments restart? Posted: 03 Jan 2022 09:55 AM PST I recently updated my income, which is higher than it was when the payment freeze started. However, the payment amount is the same as it's been since the freeze. It seems odd that they'd wait until the last minute to up our payment amounts. Does anyone have an info about this? [link] [comments] |
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