Paid in full! Student Loans |
- Paid in full!
- How does the U.S government calculate student loan interest rates?
- Help!! 150k in debt
- Does anyone recommend Sofi? Any other refinancing companies for private loans?
- Underwater with student loan debt. Losing faith
- Restarting payments on or after 5/1?
- help with private default
- Student Loan Hypothetical
- Rant / Question on interest-only payments
- Sign now or wait and reapply after the interest freeze is over
- Quick question about paying off student loan in full right after graduation, will interest still be accrued?
- Why are my loans not showing on credit report?
- I don’t know where else to ask, so I’m hoping you guys can help.
- Student Loan Debt - $60k
- TLF questions about pandemic pause and payment months towards, IDRP, and potential tax bombs.
- Loan Consolidation
- What tone to use in the email?
- A student loan to study abroad
- Refinance Process Credit Application
- Do I have to keep paying?
| Posted: 08 Jan 2022 06:59 AM PST After dealing with student loans for 27years (irresponsibly for the 1st 10)... I made a lump sum payment of $35,664.28 to exit the matrix. I'm finally done. This has been a cautionary tale to my kids that we preach about avoiding. So far one kid has got through college and walked across the stage with no loan debt. It was the happiest I could be for someone. Two to go! [link] [comments] |
| How does the U.S government calculate student loan interest rates? Posted: 08 Jan 2022 04:47 PM PST When it comes to the student loan debt forgiveness debate I often see people saying they would just be happy with 0% interest. Which got me thinking, how in fact does the government calculate the interest rate? I assume it can't be 0% because I'd imagine someone needs to get paid for tracking it all. [link] [comments] |
| Posted: 08 Jan 2022 07:00 AM PST Hi. I am 24 years old and from NJ, and I am a NJ teacher making $1700 per paycheck, or about $3400 per month (this includes contributions to Roth IRA, pension, & 403b plan, but does NOT include health insurance— still under parents plan for another year). I am also living with my parents and this loan is my only bill. I currently have 40k saved just sitting in my savings account. I have a little over 150k in student loan debt. 100k is in private loans (NJClass) which I just refinanced. This costs me 1000k per month. My other 50k is federal loans which is paused from Biden. Usually, my monthly payments are $1500, but now it is $1000 because I am only paying my private loans now. I feel like I'm stuck. Pretty much, 1 entire paycheck goes to my student loans. This makes it nearly impossible to get out of my parents house on my own. In NJ where I live, I cannot afford an apartment or a house, unless I want a run-down place and be living paycheck-to-paycheck. Even with this, I wouldn't be able to afford other bills that come with moving out (water, electric, car insurance, etc). I can't and don't want to switch jobs or careers. I love being a teacher. I am not putting too much into retirement right now because I'm focusing on saving as much money as I can in my TD bank savings in case I need it (in case car breaks down, gas money, emergency fund, etc). I would really appreciate any advice. What would you do this all of these loans with my salary, and what would you do with this 40k? I'm cautious of spending the 40k in case I need it for my car/gas etc. Thank you! —I also wanted to add that I am saving a lot and definitely taking advantage of the student loan pause. Typically, I spend 1 paycheck and the other goes directly into savings. Is this a good plan? [link] [comments] |
| Does anyone recommend Sofi? Any other refinancing companies for private loans? Posted: 08 Jan 2022 07:15 PM PST I have three Sallie Mae loans but the most concerning one is around $38k. I had to put my loans on forbearance about three months ago and they just restarted the regular payment which went up quite a bit and it was honestly pretty shocking. It's stressing me out a lot since it's basically a whole paycheck on top of rent. I will call them on Monday to see if I can do anything but just in case, is there a way to refinance this mess? I've thought about Sofi but don't really know how this works or if this being a private loan will hinder anything. [link] [comments] |
| Underwater with student loan debt. Losing faith Posted: 08 Jan 2022 09:51 PM PST I'm scheduled to graduate university in May of 2023 with a bachelors of commerce (Major in finance) with close to $100k in student loan debt. I had relied entirely on student loans to fund absolutely everything (from rent, food, transportation, haircut, clothes etc). I will be 24 years old when I graduate and I'm worried how I can pay off this demon. Has others done it with just a bachelors degree? Im based in Canada (for salary perspective & other economic factors etc) and I'm bilingual. [link] [comments] |
| Restarting payments on or after 5/1? Posted: 08 Jan 2022 01:51 PM PST The wording of the renewed deferment of student loan payments and interest states that they are frozen through 5/1/21. Does that mean since my payment is due on 5/1 that I will not need to make a payment until 6/1? [link] [comments] |
| Posted: 08 Jan 2022 03:31 PM PST i'm panicking. i have been served papers for both of my Discover student loans in the past 2 months. i can't tell when the SOL would have started. can anyone please help? i have all of the court documents but they are confusing. there's a bunch of lines past when my last payment was that make it /look/ like it made the last payment more recently than it actually was. i thought i was in the clear and now i'm panicking. anyone familiar with this? [link] [comments] |
| Posted: 08 Jan 2022 07:06 PM PST I'm a current grad student and posted in this sub before regarding the amount of debt I will have upon graduating (~$150,000+) and the relatively low income I will have in comparison (will probably average about 80k) I was advised many times that PSLF will be my best bet out of this situation, and I think there's a ton of PSLF eligible jobs in my field and from my understanding finding one of these positions would not be hard and I would also have the ability to switch around eligible jobs if needed for any reason. My question is, throughout undergrad and now grad school I have been very frugal and consistently budgeting and staying on top of my finances. I was making payments all through school, but now looking to PSLF have stopped this. While I have been pretty conservative with my spending, what would be the cons of taking out more loans for something like a nicer apartment without roommates? Is the risk that PSLF doesn't work out and then I'm too far in? Is there any real downside if I were to just accumulate more debt at this point? This isn't something I'm heavily considering, just wondering if I'm overlooking something here. [link] [comments] |
| Rant / Question on interest-only payments Posted: 08 Jan 2022 06:10 PM PST TL;DR: Is it unusual for other loans to not allow principal-only payments until interest is paid or are student loans in the minority here? Mostly a rant but also looking for confirmation of my understanding and others' experiences with various types of loans. I have a ton of all federal student loans, on old IBR with over $10k in interest that hasn't capitalized. I bought a house during the pandemic thanks to the pause and recently an extra payment I made on the mortgage posted. ALL OF THE PAYMENT WENT TO PRINCIPAL. I allocated the payment specifically to principal and, to my surprise, 100% went to principal. Mid-cycle. What is this magic. My car loan applies payments like student loans do. Extra payments made mid-cycle will go to the small amount of accrued interest first. So, is my mortgage in the minority here, or is it student loans in the minority? Seems relatively minor and specific, but for me personally, it would make a big difference for how I tackle my student loans. [link] [comments] |
| Sign now or wait and reapply after the interest freeze is over Posted: 08 Jan 2022 12:58 PM PST I have about 90k in loans (10k private, 80k gov) and have locked in a 2.81% rate after the .25% auto pay deduction with SoFi. Should I sign the refinance or reapply in may and hope interest rates aren't higher then. [link] [comments] |
| Posted: 08 Jan 2022 12:56 PM PST I am currently thinking about accepting a [link] [comments] |
| Why are my loans not showing on credit report? Posted: 08 Jan 2022 11:38 AM PST When I sign into my Experian account, I don't see my student loans reflected the at all, even though some of them I've been holding for six months. Anyone know why this would be? [link] [comments] |
| I don’t know where else to ask, so I’m hoping you guys can help. Posted: 08 Jan 2022 09:26 AM PST UPDATE: THANK YOU ALL FOR WALKING ME THROUGH THIS!!!!!! I was able to access my account and I do not have any student loans!!! I do have a Pell Grant I received and have not used the full amount of. I do not plan to until I become truly skilled in financial literacy. I am using the resources suggested to me to start that journey but I am really grateful for the time you each took to step me through this process. I'm sure I seem overly grateful but I really am ignorant to a lot of things and am trying every day in a way that might seem small on the outside looking in but is very big for me. So I don't feel like I can walk away without expressing that! May you all have the best day possible! Also as an aside, anyone who's in my position or might enter the position I was in, let this be a warning to you. No matter how much it "works" or is "comfortable ", it's never a good idea to rely on your spouse to manage all aspects of your life. I didn't realize just how poorly I was able to function until he passed. It has been a hard journey. Educating yourself can never hurt even if it's not a responsibility delegated to you in the relationship. —————— I've been incredibly anxious about posting this for fear of both the worst and looking rather…stupid. But, when your subreddit kept popping up on my feed and the recent pause being discussed so often in the news it made me realize something. Let me preface this with a bit of background information. 5/6 years ago my spouse died. It was extremely traumatic. Even using those words feels like a massive understatement. I was not well for many years after. He controlled all the money concerns in our house. I'll be honest, he controlled most everything but the home making. To be frank, I had no idea how to take care of myself. He encouraged me to go seek higher education. I recall taking out some form of loan but he handled payments on it. I have never been contacted by anyone regarding this loan. It doesn't show up on my credit report. But I'm worried I might still owe. I attended a single semester before his work took us overseas, where he ultimately passed away. I don't know my federal student loan log in nor how to access it. Is there a way to track down if I still owe on this? I have some money saved and live very frugally. I'm not sure where to start in finding out if I owe anything. I know how this makes me look and I ask to please be gentle with me in the comments. I feel very stupid asking and not knowing. But it has been bothering me, I've come a long way but it took a lot of time. Frankly, it is humiliating how ill prepared I was for life and how ignorant I was to so much (for an example, I did not know how to pump gas myself). If you have any advice on who I should contact it would help a lot. [link] [comments] |
| Posted: 08 Jan 2022 07:48 AM PST Age: 35 Loan Type: Federal I will be graduating with my MBA in August '22. I will be in about $60k student debt. I have been living with my dad while working and have about $10k saved up. Loans interest range from 4% to 5.5%. I'm hoping to have $20 to $30k saved up from living with my dad and working remotely. My plan: - spend all my savings toward my loans with the highest interest first, especially before May 1st from Biden's student loan extension - move out from my dad's in August but live frugally I currently only make $77k in a hourly contract role. I'm hoping to get perm and hopefully be making $100k yearly. That may not even happen so I think I should start shopping around for a new role come time I graduate with my MBA since that is when the value of it will be the highest. Any advice? [link] [comments] |
| TLF questions about pandemic pause and payment months towards, IDRP, and potential tax bombs. Posted: 08 Jan 2022 11:17 AM PST I plan to pursue TLF and go on an income-driven repayment payment plan. My student debt is under 25k (will come back and edit post once my loans for my final semester go through), and I plan on teaching middle school science (all but finalized a contract for next fall) in a low income school, thus qualifying me for $17,500 in loan forgiveness. My understanding is an IDR plan will make my monthly payments less than if I was on a standard 10 year payment plan, which means more of my income can go towards other expenses (🏠 rent (which is about to go up 20% come May), house down payment, mortgage, ...; 🚗 car repairs, cost of a new (used) car when my clunker kaputs, and the almost doubled insurance rate I'll have to pay when I do get a new vehicle); 🏥 health insurance, looooong overdue visits to specialist and medical debt from both my late husband and myself; 👩👧👦 supporting my self (retirement) and dependents), and, overall, I'll pay less of my debt before TFL covers what's left. Which IDR plan would you suggest? I know that under income-driven repayment plans (IBR, PAYE, REPAYE, ICR) the borrower pays 10%/15%/20% of their discretionary income (AGI from their taxes - 150% of the Federal Poverty Guideline for IBR/PAYE/REPAYE or the FPGL for ICR), and that you have to recertify your income every year to stay on the plans ... but I am still a bit lost as to what that means, exactly. The pandemic pause counts as payment months towards the 120 qualifying payments made to qualifying loans (i.e. Direct loans, as all my student loans are) while working for a qualifying employer and on a qualifying repayment plan (IDR plans and 10 year SRP) for PSLF. Is this the case for TLF? I've gotten mixed answers on this. Also, I've been told that under TLF the forgiven amount may or may not be tax free and I may potentially have to pay taxes on up to $17,500. Would it be wise to start saving a little sinking fund of what that amount would be, more or less, to prepare for this? [link] [comments] |
| Posted: 08 Jan 2022 08:24 AM PST So beginning of December I submitted a loan consolidation to have all of my loans into one and the servicer set as OLSA. On the application I put that I am in grace until 05/2022, because I am a recent grad, and the form states that it should not be processed until then. Well the application was processed with the loans that I have that are not in grace and the remaining loans that are in grace are in FedLoan. I got a letter stating that they cannot be consolidated until they are out of grace. The letter also stated I could call and have the process canceled and to call if I had any issues, but the deadline on the letter has passed. I got the letter today and they are closed, so I will still be calling on Monday. Has anyone else had this problem where the consolidation application was done sooner than it was suppose to? [link] [comments] |
| What tone to use in the email? Posted: 08 Jan 2022 09:42 AM PST Long story short, I owe around USD80,000 to a company oversea for breaking a contract with them and according to the payment plan, I need to send them USD2500 every six months for the first 5 years (and the amount will increase subsequently for a period of 15 years) But because of Covid and being a full time student, I have sent them USD1700 in Jul 2021 and now USD1000 in Jan 2022, instead of the actual outstanding payment. I wonder what tone I should use in the email I send along with the payment. Their reminder email was ''Happy New Year to you and your family! A gentle reminder that your 5th instalment is due on 15 Jan 2022. Including outstanding payment for the previous instalments and late payment interest incurred, the amount payable by 15 Jan 2022 would be S$8,218.95'' So should I write: Dear miss Y, Happy new year to you too. It was a rough year for me as I had to deal with my mental health issue and the pressure of not earning enough because I lost my full time job, so I couldn't not fully support myself and my family. I am also back in school to pursue a career that can get me out of this slump and I don't know when I can actually start earning real money. Luckily, despite all that turmoil, I managed to gather $1000 to send to you for Jan 2022 payment. I appreciate your understanding. Thank you. Or should I just put it short and sweet and write ' 'Dear miss Y, Happy new year to you too. I'm sorry I can only pay $1000 right now as I have been a full time student and no longer hold a full time job. Thank you for understanding' [link] [comments] |
| A student loan to study abroad Posted: 08 Jan 2022 03:09 AM PST 21M Starting university abroad in a few months. I'll be attending a business school in Amsterdam the tuition fee is 12,500 Euros/year. I'll be doing a 4 year International Business programme, Initially my parents had offered to pay the tuition fees for my studies but, I'm considering getting a student loan to pay for at least half of my tuition over the next 4 years which would be about 25,000 euros. My reasoning for this I'm factoring in the accommodation costs as well. I plan to get a part time job once I'm abroad to cover my day to day expenses accommodation, food, transport, health insurance & other necessities. The estimate of expenses per month is 1000-1200 euros according to the schools website. I'm sure I'll be able to cut down my expenses once I settle into my new environment. I'm considering get a loan between 30000-35000 euros. Is this a good idea? I've never taken out a loan before so I'm not sure if this is an unreasonable amount of money for a loan that I'll have trouble paying back in the future? [link] [comments] |
| Refinance Process Credit Application Posted: 07 Jan 2022 08:52 PM PST I applied initially through Splash Financial with a projected fixed interest rate of around 2.5%. They then let me know that Nelnet would be the loan servicer and I've been approved after submitting all of my documentation. I'm now at the stage where I am to sign a Credit Agreement but there is not an interest rate on the agreement. The document mentions that an interest rate would be determined in a Final Disclosure and that "The Final Disclosure is incorporated herein and is made a part of this Credit Agreement by this reference." How am I supposed to sign the Credit Agreement if I don't actually know what the interest rate is? There is nothing on Netnet's application process that indicates the interest rate. Is this typically the process for refinancing? Should I look for another lender? Or should I try and get the interest rate included in the Credit Agreement? [link] [comments] |
| Posted: 07 Jan 2022 08:49 PM PST Hi all! I am rehabbing my defaulted federal student loans and have made six monthly on time payments. I just contacted them to get out of garnishment. I was wondering, with the extension, do I need to keep paying on my student loans? Or, will I continue being credited for payments without actually paying due to the extension of relief? I'm just trying to get back on track and don't want to do anything to mess this up. [link] [comments] |
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