Noncontroversial Elimination of Student Loans Student Loans |
- Noncontroversial Elimination of Student Loans
- A judge approved $100,000 in student-loan forgiveness for a 35-year-old man who filed for bankruptcy. Biden's education secretary just took the first step to block that decision.
- Got about $35,000 left to go
- Loan Forbearance Scam Going Around
- Data on the state of student loans 1995-2017 and solutions going forward
- 20 years paying on my student loan- cant that be forgiven at some point? Even if PSLF and TESLF don’t get it forgiven?
- Master's and PsyD debt
- Grace period ending, but we're still in a payment freeze???
- Has anyone ever requested (and gotten) a W9 from Great Lakes?
- Should I refinance my federal loans now?
- IBR certification
- Income based repayment recert question
- Student Loan Payoff Strategy
- I need advice on how to handle this student loan mess
- My loans transferred to Navient last year
- Credit burea reporting
- Fedloan provider
- Private Loan Advice
- Any borrowers with the Leif ISA through the New Horizons bootcamp?
- Anything to watch out for? About to pay off in full with Nelnet and College Foundation (CFNC).
- I don't understand financial math, and should I convert my loan to a Direct Loan?
- Combined income driven repayment
- Does the ICR plan for Parent PLUS loans include both parent income if they do MFS?
- Political consequences
- Considering a private loan
| Noncontroversial Elimination of Student Loans Posted: 03 Feb 2022 02:02 PM PST It blows my mind that the following isn't what everyone is pushing for. We can eradicate student loans in a noncontroversial way using pre-tax payments and the Federal Discount Rate
That's it, easy as pie. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 06:47 PM PST "Easing the burden on student-loan borrowers in bankruptcy has support across the political spectrum," Zibel told Insider. "In this case, the bankruptcy court's decision is well-reasoned. It also joins a growing chorus of decisions noting how the discharge standards for student borrowers have been wrongly applied. The Department of Education should have welcomed this decision." It's almost like this administration doesn't want people to get relief. Even if the loan is deemed an undue hardship in a court… Biden says his hands are tied. I think he's happy with how things are. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 08:36 PM PST Hello folks! I have made substantial progress in the last two years with my student loan debt. I graduated undergrad and graduate school with about 80,000 and got it down to 35,000. I am trying to capitalize on this zero percent interest rate and just crush the rest of them. I'm so tired of looking at them, and know the amount of freedom I'll have when they are gone. I make about $67,000 a year and trying to put every extra cent I have going to them. I'm living as frugal as possible while enjoying myself every know and again (work in healthcare, so got to do something enjoyable to prevent burnout occasionally). And other tips to crush the rest of this? [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Forbearance Scam Going Around Posted: 03 Feb 2022 02:31 PM PST Received a call from a Perryville, AR number area code 501 asking if I want to participate in a federal loan forbearance program. They ask you if you have loans, how much, and whatʻs your FAFSA ID. Once I refused to give her my FASFA ID she hung up the phone on me. BE CAREFUL!!!! [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Data on the state of student loans 1995-2017 and solutions going forward Posted: 03 Feb 2022 06:01 PM PST So, there have been lots of solution post going around, and even some posts that can only be surmised as one individual's takes of: "DOOM!" But along these lines of boring Reddit tunnels, I found this summary from the CBO. The Volume and Repayment of Federal Student Loans: 1995 to 2017 There are many unsurprising things here:Lower interest rates keep borrowers out of default. IDR plans keep borrowers out of default. IDR plans make it so balances grow over time. But the interesting things from this about default Three-year default rate is very high 20%+ for undergraduates. Interestingly when divided by school type, for-profit and 2-year colleges had high default rates, peaking in about 40% Three Year Default and ending marginally lower in recent years. According to the report, some of this may be accounted for those who did not finish school or had lower family income. Graduates had relatively low default rates, although 7-8% still seems fairly high, (1 in 12). Interesting things about the state of the student loan program The CBO mentions that the treasury expected to make some money even including default. Although in other posts we have explored that based on the accounting method used it could be considered a small loss. State funding dropped and student loan balances increased or vice-versa. As funding was restored, this rate slowed. Meanwhile student loan limits were raised slightly and students did take the raises as average borrowing went up. CBO noted that lower state funding puts upward pressure to borrow. Meanwhile it also noted there was little evidence that student loans led to a upward rise in costs, but does note there are some newer evidence that does suggest schools that accepted student loans raised tuition higher than those who did not. (Although I would like to point out possible confounders in the study—comparing population that accepts student loans to those that don't accept student loans may not be an apples-to-apples comparison). [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Posted: 03 Feb 2022 03:38 PM PST I had my interviews for the master's program in clinical psych I applied for, and I really think I killed it, but my only concern is the estimated debt after I finish. The master's is 11 months long but very rigorous and uses an experiential learning model, which is important to me as a student, and the theoretical foundation of the school is humanistic, reach really resonates with myself at a personal level. No doubt in my mind I want to attend this school, but I found out after I get my master's and PsyD I'd be around $236,000 in debt. What are some ways besides scholarships and apprenticeships where I can get this tuition lowered? [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grace period ending, but we're still in a payment freeze??? Posted: 03 Feb 2022 11:15 PM PST Here's the deal: I exited school in August, and my after-school grace period for Sallie Mae ends in April. However, because of the Pandemic Freeze, none of my other loans due until the summer. Is it just an error on the website's part, or is Sallie really going to charge me before student loan payments are due starting in May? Very concerned because I have a contracted school job that pays close to nothing right now and I'm scared 😬😬😬 TIA [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Has anyone ever requested (and gotten) a W9 from Great Lakes? Posted: 03 Feb 2022 10:37 PM PST My employer (a city government) has a "loan reimbursement program" where they basically will make a once-a-year payment to my student loan servicer ... very similar to a tuition reimbursement program. However, one of the requirements is that I submit a W9 from Great Lakes along with proof of my loans. I emailed Great Lakes a blank W9 form to fill out the same way I would as a freelancer when I brought on board a client. I also called them and they flat out said they don't give those out. Actually, the first lady on the phone had no idea what a W9 was, and the EIN she gave me was different from the W9 I found on Google in some file on their website. Everyone I've talked to said this sounds super weird, and even other people trying to apply for the program are super confused by it. So I'm wondering if anyone else has ever handled this before, and if so, what did you do? [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should I refinance my federal loans now? Posted: 03 Feb 2022 10:35 PM PST My federal grad loan is over 7% and interest rates are at a low and about to rise again. I just got approved for one less than 3%. Should I go ahead and refinance to a private loan or wait? I'm worried if interest keeps going up then I'm losing money in the long run. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 06:18 PM PST Since IBR recertification was postponed to 2023 if your recertification date was before November 2022, does this mean that if my IBR was zero dollars when I initially signed up in 2021 (because my tax return I used to initially apply in 2020 was when I was a student and had no income), that my payments will be 0 dollars until I recertify in 2023? Does this also mean that if I set aside 10% of my income from June-December 2021 in a HYSA to have that money for when i eventually have to pay it (I started working in June since I just graduated in may),that that money can be used for other things since it won't count for 2022 recertification? My plan is that I will continue to set aside 10% of my income for 2022 for when I need to recertify in 2023 (using 2022's tax return) so that the money is ready to go to Uncle Sam for IBR, but it would be awesome if the 10% I saved from June-December 2021 is essentially a "freebie" that I can use to invest instead of needing it for IBR. Thanks! [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income based repayment recert question Posted: 03 Feb 2022 08:44 AM PST I submitted the application to recertify my income based payment plan today. Last year, it was based off of 2019 taxes where my husband and I filed married filing separately and my payments were technically $0. Since, I've transition to being a stay at home mom and we filed last years taxes as married filing jointly as the return was significantly different. I knew this would impact my repayment plan, but I'm curious about something in the recertification process as it applies to what the payments will be now. It asks how many children receive more than half of their monetary support from me. In the past when we've filed separately, I've answered this as zero since my husband provides the financial support since I am not working. However, if we are filing jointly and it's only his income that is being taken into account, should I have put 2 this year (we have one child currently, another on the way shortly)? The question is worded specifically for me, it seems, but if the plan is based on a family of 2 vs a family of 4, shouldn't that make a difference? Just not trying to get hit with a huge payment when the payment pause ends (balance is a little under 70k if that matters at all). [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 09:23 PM PST TLDR: Need help evaluating loan payoff strategy. See proposed plan and below stats. Hello, best subreddit! Posting on a throwaway account as my other account has personal details. I am in need of advice on my student loan payoff strategy. Here are the facts:
I just want to say that I love this subreddit so much. After graduating valedictorian of my high school with absolutely no scholarships, I fell victim to private and federal loans and am unfortunately now in $80,000+ in student loan debt. Virtually everyone I know from high school, met in college, or see on YouTube have no student loan debt due to parental help or massive financial aid + scholarships. I literally could not go one day from my 2017 to 2021 education not thinking about student loans, even taking off 3 semesters in between to work and avoid taking out more loans for the next semester. So thank you all, even though we are all struggling, for making me feel seen! I graduated in December and my parents are gracious enough to let me work my first job from home, which I started in January. With money I made through various internships and signing bonuses, I now have about $51,000 in savings. Last summer, I invested all the money I made from my last internship, so the money is tied up and I won't be taking any out. Of course I know the importance of investing young (I'm turning 23 soon), and I know the money could be better invested, but I just want out of this burden. I also guess I just want some validation for how I'm going to go about my aggressive payoff strategy. Plan APay off the highest interest rate loan in full (snowball method) and repeat until all loans are gone.
Plan B Pay off in $4k increments (entire month's pay) every month until all loans are gone, but keep emergency savings and invest large portion of savings. Plan C I'm open to your suggestions! If you got this far, thank you for reading! [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I need advice on how to handle this student loan mess Posted: 03 Feb 2022 04:59 PM PST I found out yesterday that I am being billed again for student loans after I dropped a class. It is the second month in the semester and I am currently taking classes, which are in jeopardy of being dropped because of this bill. I called my school's F/A office and they couldn't really help only to tell me that the subsidized loan that I once applied for took back some of the money they funded me with because of a dropped course DURING the add/drop period. (I went from 12 to 9 credit hours) I also called the Dept. of Ed to see if they could provide help or insight, after receiving an email from them about a "corrected FAFSA" a few days prior. unfortunately, they seemed confused about the bill telling me to contact the F/A of my school. At this point, I was considering just paying it, but this whole thing doesn't seem to sit right with me. I've dropped a class or withdrew from a class before and this has never happened, is there any advice anyone has for me on how to handle the situation or insights as to why this is happening. Also not sure if this makes a difference but I go to Ga State University [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My loans transferred to Navient last year Posted: 03 Feb 2022 05:20 AM PST I didn't notice that my loans on fedloan servicing transferred to Navient last October. I'm still in school and never paid attention to my loans but kind of worried about the fact I didn't notice till now and I never got an email from Navient about it. It said it would be transferred in November but never got anything still. Tried to find or create an account there but it didnt work, says my information is not found in their records. I should be graduating in a few months kind of hoping they just get transfered elsewhere that will actually respond.. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 07:23 PM PST Credit bureas Has anyone who who was switched over to nelnet had their loans reported to the credit bureaus yet ? Both transunion and Experian say mine hasnt been reported since November ( when they were transferred originally) [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 10:33 AM PST I can't access my information through Fedloan; anybody know where the information has been transferred? [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 11:53 AM PST Hello, I received my first bachelor's in 2018 and have worked since while trying to get into Medical School. During that time, I broadened my options and applied to different programs and ultimately decided and was accepted into an accelerated nursing program. Now, I am overwhelmed with deciding what private loan to take out to cover the remaining cost from the Federal loans I received. I have a good credit score and have been leaning toward a variable interest rate, but that's about all I have decided since there are just so many lender options. Any advice is greatly appreciated, thank you. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Any borrowers with the Leif ISA through the New Horizons bootcamp? Posted: 03 Feb 2022 03:26 PM PST Hi, I'm looking for borrowers (particularly any connected to the military) who have taken on an ISA for this bootcamp: https://www.linkedin.com/pulse/college-meltdown-investigation-new-horizons-computer-learning-dahn/ Please let me know if I can learn more about your experience! Thanks [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Anything to watch out for? About to pay off in full with Nelnet and College Foundation (CFNC). Posted: 03 Feb 2022 02:55 PM PST Any gotchas like prepayment penalties or horror stories to share? Going to pay off the two lenders shortly - Nelnet (Federal loans) and CFNC/CFI (FFEL aka Federal loans through a private lender). I don't have the terms in front of me but I will try and get them. Any experience with this or things you would do differently? Is there a name for the payoff/zero-balance letter they are supposed to send to me? Just trying not to sound like an idiot when I call them. Is one type of payoff method safer than another (check vs wire)? Bear with me here if these are dumb questions. I don't have a copy of the loan terms from either lender, is there a special name for this if it's not the promissory note? I assume they are legally obligated to provide these to me? I know a bunch of people here are going to tell me to chill out, and I get that. But if anyone has some good info on any of these points I would really appreciate it. Thanks! [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I don't understand financial math, and should I convert my loan to a Direct Loan? Posted: 03 Feb 2022 04:13 AM PST I have about $19k in loans remaining at 4.125% (it's technically 2 loans that add up to 19k, but they have the same interest rate and term). It's mostly principal with about $15.00 in interest. I pay about $325 a month and am due to make my last payment in 2031 (112 months). Currently, it's an FFELP loan managed by Navient. I'm looking at consolidating into a Direct Loan to potentially take advantage of any federal loan forgiveness, with either PSLF or outright canceling (I'm not holding my breath for that). I don't really understand much about the details of amortization and interest rates, etc. I also don't understand how $325 x 112 = $36,000 but if I punch all those numbers into a loan calculator (19k, 4.125%, 112 months) I get $22,923.85 which seems way better. If this loan is all principal now, does it hurt me to consolidate it? I understand that it would be a whole new loan, but would I be able to get the same terms? Would I still be able to pay it off in 9 years paying $325/mo? Faster or Slower? also for some reason, Navient shows 4.125% and studentaid.gov shows 5.38%. Don't know why, but I'm going with Navient's numbers since it's their loan. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Combined income driven repayment Posted: 03 Feb 2022 02:44 PM PST So I am graduated now and considering my options for repayment, my husband is already repaying his loan. Based on our income, he has been paying $400 monthly. My question is this: if they are already considering both of our incomes to figure out his repayment amount, wouldn't my repayment amount be figured into what he's already paying? Or would it be doubled, so I'm paying the same amount as him? Another note: we are both educators and already applied to get the Public Service Loan Forgiveness. He's already paid about half of the payments to get his loans all forgiven. (I want to qualify asap so these months if paused repayment will count toward the repayment count). Thanks in advance. Numbers confuse me and give me headaches 🙃 [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Does the ICR plan for Parent PLUS loans include both parent income if they do MFS? Posted: 03 Feb 2022 01:30 PM PST Basically what the title says. Plus loan is in my moms name. She and my dad are married. If she consolidates the loan and they file Married Filing Separately, will the ICR payments be based off of just her income or include my dad's? [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 09:59 PM PST I voted for Biden in 2020 partly due to his campaign promise of forgiving $10k in loans. Today, I cannot believe I was that gullible. Even worse is that he is doing nothing else to fix the broken system. As a starting point, he could be working to lower or eliminate interest rates, or allow discharge in bankruptcy. But, he'd rather sit there like a lame duck and let Americans suffer. No amount of petitions will change things. Advocates in DC can only do so much. They've been talking for months. I am getting tired of the political BS, and I am thirsty for revenge. Our power as individuals lies within our right to vote. Having this liar lose control is the only way to hold his feet to fire. Assuming there are no positive changes by the time repayments resume in May, I will be voting against his party in every race that's on my ballot for all upcoming elections. Despite what some say, it was the government that pushed the narrative that we must attend college in order to get ahead in life. Federal student loans paved way for the rise in college costs. Congress was also responsible for excluding student loans from being discharged in bankruptcy. They were on to us from the beginning. They knowingly scammed us. Instead of getting ahead, college and these loans set me back 10 years. Just as they intended, the rich get richer and the poor get poorer. Game on! I am happy to bring this country down with me by keeping the opposite party in power. [link] [comments] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 12:51 PM PST Hey everyone. I'm currently in the process of finishing up my prerequisites for my AS Nursing Degree which I should start the actual program next January. Is it possible for me to get a private student loan to not only help pay for the tuition, but also my other living expenses such as car, insurances, mortgage, groceries, etc? I was considering dropping my full time job and just asking for two years worth of my current salary (the total would be 60-70k) since the program is a M-F thing so working a full time job would be extremely difficult and I just want to focus on my studies. [link] [comments] |
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