Discover Student Loans 165k payback Student Loans |
- Discover Student Loans 165k payback
- Anyone out there in their early 30s with 100k student loan debt and a low wage paying job?
- Im not sure where to start with this rollercoaster
- I DID IT! I finally finished paying back all the money I borrowed for college!
- Would taking out private student loans effect Fafsa?
- Is there a way to fix the student loan system that is fair for all borrowers (past, present, future)?
- question regarding ibr tax bomb?
- TPD Discharge frustration
- Paid off my private loans!
- Can you submit & file fasfa after being accepted to a college?
- File Taxes Jointly This Year?
- Can I control what percentage goes towards principle and what goes to interest?
- How can you know the difference between federal or private loans?
- Mother trying for TPD, but I will pick up the loans if she doesn't get it. How to plan the future when this is so uncertain?
- Accrued interest?
- Paying off sibling's student loans?
- Anyone who’s in the process of repayment of the loan taken via prodigy, can you share your experience?
- May 1 2022 - restart question
- Need advice who to consolidate or how to...
- Parent PLUS loans in divorce
- How long does it take for a SallieMae Automatic Debit Enrollment Application to go through?
- New Federal loan scam?
| Discover Student Loans 165k payback Posted: 30 Jan 2022 11:04 AM PST Hi everyone, so i need to take out 50k of private schools for one year of school tuition. I have decided to go through discover and got approve for 9% APR. It says my loan term would be 30 years and eventually, I would have paid back about 165k to them at ~600/month. Does this make any sense at all? I would not even take 30 years to repay this. Is this just an estimate for them? I was fortunate to not be able to take out any loans during undergrad. This just seems a little absurd for me to be paying more than my overall tuition (120k) for borrowing 50k Edit: I don't qualify for FAFSA and therefore not eligible for federal student loans. I would also like to add that my overall tuition for DPT is around 113k. I needed 50k in loans and the rest is being paid out of pocket Edit 2: I appreciate everyones inputs! I definitely understand the trade off of my chosen career path. I love DPT and the idea of helping my patients get better. I am also immersed in the realm of fitness and lifestyle, and therefore do not see myself in any other field. I will not be taking this loan out, as I know its a terrible idea for a job that would pay a little under a 100k. Finding another school is not an option because my chosen school aligns with the same belief system I have when it comes to being a successful healthcare practitioner. I appreciate everyones comments once again! Thanks for saving my ass [link] [comments] |
| Anyone out there in their early 30s with 100k student loan debt and a low wage paying job? Posted: 30 Jan 2022 01:01 PM PST I am 31 with 100k in student loan debt (I know). I am currently making 40k salary with my MSW degree. I am feeling very depressed about being 31 and in this situation. Are there any other people in a similar situation? If so how are you coping? [link] [comments] |
| Im not sure where to start with this rollercoaster Posted: 30 Jan 2022 10:35 AM PST Hi. Im 22. I just got divorced while I was in college. We did it to save money on rent and cause i loved him. Failed two semesters realizing that it was because I was being segsualy ashalted during those times so theres that. Been in and out of the hospital over 12 times in 3 mo. Bought a almost new car during a manic episode (16k w 7% apr) but the registration never came in the mail so im kind of stuck with it until the new one comes. I moved to another campus to avoid seeing my ashalter. New city with no friends. Found a interior design job for $10/hr. Loneliness sinking in. I have no money either, or savings. Kind of blew through a lot (over $8k) in six months during my manic/depressive state. Dealing with a demanding school until June. Might drop out for a few months but idk. If i continue and graduate thats an extra $60k on top of the 170k i have in parent plus loans haha. First person to attend college in my family so i cant really fail. Might go cry. what to do? Idk. Any advice is good advice. [link] [comments] |
| I DID IT! I finally finished paying back all the money I borrowed for college! Posted: 29 Jan 2022 12:33 PM PST I'M DEBT FR— oh, wait, nevermind. Still owe $50k in interest. 😔 [link] [comments] |
| Would taking out private student loans effect Fafsa? Posted: 30 Jan 2022 03:23 PM PST I didn't get enough Fafsa this year. So I'm thinking of taking out some student loans. would that affect my Fafsa in any way? Like would I get less fafsa next semester or something? [link] [comments] |
| Posted: 30 Jan 2022 06:13 AM PST Every American should have access to a QUALITY and AFFORDABLE eduction, and the federal student loan system is designed to help. Only, millions of borrowers that used the system are now saddled with mountains of debt that will be difficult to repay. I've given some thought on things that can be done to improve the system and lessen the burden for borrowers. I have some ideas that I'd like share with the community to get feedback on. Eliminate the FAFSA for loan eligibility. Let every student be eligible for a maximum amount of loans ($40k - $60k) for an undergraduate degree. Rationale: Level the playing field for everyone. Many people get stuck taking out higher interest private loans because they don't qualify for federal loans and this excludes the student from IDR programs, federal loan protections, and certain types of loan forgiveness. If many Americans can't handle a surprise $500 expense, why do we think that these same people will have adequate means to send their child to college? Cons: Students may be tempted to borrow more than they need. Cap interest on federal student loans (2.5%- 3%). Rationale: The interest rates are set by Congress and fund other programs, but the current system is too unbalanced. Over the past ten years the rate has been as low as 2.750% and as high as 5.045%. Again, level the playing field. Cons: This will benefit wealthy people the most. Forgive 1/10th of PSLF borrowers loans annually as long as the borrower has maintained necessary payments. Rationale: This is a better incentive than having to commit to ten years of service. It shouldn't be an all or nothing type deal. Cons: None? After a fixed interest rate is established, refund interest paid in excess of this amount to federal borrowers. Rationale: This will provide relief to borrowers who were unfairly charged higher interest rates. Cons: None? Mandate that all students with federal loans take a one hour class on student loans in their first semester that details how interest is calculated, how payments are calculated, when payments are due, and information about IDR and PSLF programs. Rationale: Too many borrowers have no clue about any of this and too many claim that loans were taken out without their consent or knowledge. This will make sure every student understands what is going on and leaves no room for future student loan ignorance. Cons: Extra expense for students Set satisfactory academic progress to 2.5 on a 4.0 scale effective after the first semester. Rationale: Too many poorly performing students that eventually drop out/get dismissed from school accrue lots of debt unnecessarily. College is not meant for everyone and not for a lot of people straight out of high school. Hold students accountable early so that no one's time or money is wasted. Cons: Even under my new plan, a student could have $5000 - $7500 of debt with little to show for it. Also, this could discourage people from attending college. I'm sure I've missed providing ways to improve the IDR programs, but I don't know enough about that to suggest anything. I'm sure I've missed other things as well. I know student loan forgiveness has been on a lot of people's minds lately, but it seems extremely unlikely. Loan forgiveness now would only provide a temporary reprieve for current borrowers, be an incentive for future borrowers to delay paying loans in hopes of more loan forgiveness, and unfairly penalize borrowers who aggressively paid down loans. You don't have to agree with me, but I'd like hear what think. How do we get out of this mess? *Originally, I thought this post might need mod approval because rule 6, but I'm not collecting info or asking for personal info. I'm just looking to start a dialogue. If I'm wrong, I'm sure a mod will let me know. [link] [comments] |
| question regarding ibr tax bomb? Posted: 30 Jan 2022 09:40 AM PST So I hear tax bomb at the end of your IBR has been taken out until 2026 at the moment so I'm assuming any students whose IDR plan end within 2026 won't have to worry about paying off the loan as it will be forgiven automatically? Will this tax bomb cancellation be extended or permanently taken out? I started my IBR in 2016 so mine should be forgiven around 2041; I plan to pay them off before the end but if the tax bomb gets taken out for good this will really help with my savings. [link] [comments] |
| Posted: 30 Jan 2022 07:19 AM PST Finished my 2nd half of undergrad end of 2021. Before that, i had taken out parent plus loans under my mother, meanwhile she gets approved for SSDI the coming years. I knew this day had come to get these loans discharged since beginning of 2021, To this day I am constantly waiting for a proof from SSA, Benefits Planning Query (BPQY form 2459). Why is it so difficult to get this from SSA? Months go by and still nothing in the mail. Soon my mother will visit a doctor for a health check, should I just ask him to sign the discharge papers or is that too absurd in taste? Should I keep pestering SSA for the BPQY? I just want to get this 3 year monitoring period over with already. I appreciate the pause on loan payments but I refuse to pay a dime when I know I can get it discharged. tldr: SSA taking forever with proof, idk what to do [link] [comments] |
| Posted: 29 Jan 2022 04:27 PM PST As of yesterday I've paid off all my private loans, 2 Discover loans and 1 Sallie Mae. It's a nice feeling but not as nice as I was expecting lol - I have a ways to go. My total private and federal disbursed for 3.5 years: $41,330 What I have left: $29,312.36 I've paid a total of $14,930.19, $2,311.11 being interest. I'm planning to knock out my federal Perkins loan next because it's still gaining interest, which has about $750 balance, before the federal pause stops in May (or will it?). I'm also waiting on an Americorps education award to get applied to my federal loans so that will drop by 3k soon. At least I'm finally under $30k. How is it going for everyone else? [link] [comments] |
| Can you submit & file fasfa after being accepted to a college? Posted: 30 Jan 2022 12:59 PM PST Hi! So i got accepted into IU a while back and il was planning on filling out the fasfa tomorrow with my dad- can i still get aid or is it too late and if so, can i submit it to iu and still get aid if i already got accepted? Their fasfa deadline is in like 3 months. Also a second question: If i submit fasfa tomorrow is it too late for schools with a feb 1 deadline? Thanks:) [link] [comments] |
| Posted: 30 Jan 2022 12:51 PM PST Good Afternoon! My wife and I typically file taxes separately since she doesn't have income and it makes her IBR payment $0. Overall so far it has made sense for us. However, I am reading that we won't need to re-certify her income this year until at least November 2022. Is this actually the case? If it is, could we file jointly to get the most from our taxes, then in November re-certify with our joint income, and then in January of 2023 file separately again and re-certify right away with her $0 income? If that is the case, we would only make IBR payments on our joint income for 1 or 2 months if I'm understanding correctly. Also, there is now an option to "self certify" your pay instead of pulling from your taxes. Does this have an effect on anything? Like, does it allow her to only self-certify her $0 income regardless of how we file our taxes, or would it make her include my income as well if we file jointly? Thanks in advance! [link] [comments] |
| Can I control what percentage goes towards principle and what goes to interest? Posted: 29 Jan 2022 09:27 PM PST I paid $800 towards my loan at 7.4% and I found out $634 went to interest! The remaining balance of the interest is $297 and the principal is $10,224. I have been targeting loan by loan and this one accrued interest before covid. It pissed me off to see how much of my payment went directly to interest before the principal. I'm not trying to dodge the interest payment, but I have a plan in mind and don't care for that BS. My plan was to lower the principal as much as I can so that the overall interest would decrease with time since the original principal is a lower amount. PS. I'm with mohela. All federal loans. [link] [comments] |
| How can you know the difference between federal or private loans? Posted: 30 Jan 2022 03:52 AM PST If everything was handled by FAFSA, how can you know which were federal and which parts were private? Note: all for a bachelor's [link] [comments] |
| Posted: 29 Jan 2022 07:50 PM PST Please be kind.. My mother has stage 3 kidney disease. She is not on dialysis. She is unable to stand for long periods of time. She is planning on applying for total permanent disability (TPD) using a physician certification. If she is not able to get TPD, I plan on paying off the loans myself and putting some of my life goals on hold. The biggest of those goals is going back to school to earn a degree that will give me more income. Other goals include buying a house, etc. I understand that loans come first. I understand that applying and hearing back for TPD could take months. If there is a monitoring period, then we might not know for 3 years if the loans even get dismissed. Given those circumstances, it feels like I need to put my life on hold for the monitoring period until I know for a fact the loans are dismissed. That means no house, no kids, no grad school for better income. Am I thinking about this correctly? [link] [comments] |
| Posted: 29 Jan 2022 11:38 PM PST I have two consolidated federal student loans that I've been over-paying regularly for quite some time. I just discovered that in 2018 my loan servicer started applying all my payments to only one of the loans. As a result there is a significant balance of accrued interest on one of the loans. Has anyone seen this before? [link] [comments] |
| Paying off sibling's student loans? Posted: 29 Jan 2022 05:17 PM PST Hi, I'm paying off 20k of my sibling's student loans. Mixture of federal and private loans. Should I prioritize the federal or private loans? Is there any way to get tax benefits? From what I'm reading a good plan would be maxing out a 529 plan for her ($10k) then just putting the other $10k as a gift. Does anyone know of a better way to do this? Thank you for the help. [link] [comments] |
| Posted: 30 Jan 2022 01:53 AM PST I have no option but opting for a non-collateral loan for my graduate studies! I'm an international student and looking forward to studying at a grad school in the US! [link] [comments] |
| Posted: 29 Jan 2022 04:53 PM PST Do I have to call my federal loan servicer to restart payments or will the payments begin again automatically? [link] [comments] |
| Need advice who to consolidate or how to... Posted: 29 Jan 2022 08:43 PM PST I've been in several jobs that should qualify me for public service forgiveness.. But, seems like I'll need to consolidate my loans but with all the scams and all issues with navient I'm wondering what to do next... I currently have [EDIT] Navient: 4 FFELP - 2 SUBSIDIZED -2 UN-SUBSIDIZED - 2 FFELP CONSOLIDATED - 2 FFELP - STAFFORD SUBSIDIZED that were transferred to Aidvantage I want to do what's best to try to get forgiveness but I'm still making sure I pay. Can you help me with what steps I sound begin with to make sure I do this the right way. Thank you. [link] [comments] |
| Posted: 29 Jan 2022 04:45 PM PST My mom is in an emotionally/ physically abusive marriage. She's afraid to leave because us 3 kids have loans under her name as parent plus loans. It's about $220K and she knows if they divorce she wont be able to afford to buy the home out from him. In divorce, would the parent PLUS loans get split between both adults? Or would they remain in her name? Would it be any different in court knowing my dad is emotionally / physically abusive? My mom just feels stuck and I feel desperate to help her. Thank you [link] [comments] |
| How long does it take for a SallieMae Automatic Debit Enrollment Application to go through? Posted: 29 Jan 2022 07:11 PM PST I honestly can't believe I have to ask this here and there's no way to easily contact them for such a basic piece of information. [link] [comments] |
| Posted: 29 Jan 2022 06:48 PM PST So I received an email about a survey from CFI group, regarding my student loans, allegedly relat3d to the FedLoan Servicing stuff. Anyone else gotten this or is this a scam? [link] [comments] |
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