Paid off $110K in student loans in record time. Rewarded with a dip in my credit score. Student Loans |
- Paid off $110K in student loans in record time. Rewarded with a dip in my credit score.
- Paid off $80k in 5 years
- Recieving student loans ASAP after the semester has started?
- Trying to strategize how to pay my student loans...and confusion about previous recent news on student loans
- The thing that makes me the most angry about my student loans: not being able to discharge co-signer
- student loan new provider??
- Am I still interest free from the covid-19 emergency relief and federal student aid if I’m paying a debt collector for the school? Or are those just for students with loans?
- Loan Payment Refund Frustration
- Bar study loan interest - is this tax deductible?
- Consolidation and balance questions
- school lied to get me to sign another students loan documents
- What do you do when your student loans have been closed (but still have a balance)?
- Has anyone heard of Mpower financing ?
- School holding funds
- Help me understand this letter from Aidvantage (federal loan servicer)
- Signature student loans-enroll in community college to “avoid” paying.
- Scam? Student Loan Help Group in North Palm Beach, FL
- Conventional loan versus student loan
- Grad plus loan denial… help
| Paid off $110K in student loans in record time. Rewarded with a dip in my credit score. Posted: 11 Feb 2022 09:58 AM PST I am blessed. Through a combination of scholarships, the military, and living in hovels and driving beaters; I managed to make it through medschool and residency with about 1/3 of the average debt and then prioritized paying it off..... that was still about $110k after deferred interest. Was also able to make real headway because of the interest freeze during the pandemic (seriously if nothing else this needs to be permanent) and finally being done with residency. Paid off 5 years early. Then my credit score still dropped. I understand how it's calculated. I understand how it is supposed to go back up. I just find the notion maddening. Pay off all debts and interest early and actually punished on paper. Screw this system. [link] [comments] |
| Posted: 11 Feb 2022 06:05 PM PST I graduated in 2017, got a job late 2017 making $68k as a data analyst, and have been working since then, gradually making more income (in six figures now) and also had a few lucky windfalls from speculation & cheap rent. $30k was stafford/federal loans, and $50k was parent plus loans - of which I paid all but $5k which my parents chipped in at the final stretch. Feels really good to see that a serving of financial discipline (and a lot of luck & privilege as well) did what it was supposed to and I can now focus on other financial goals. Additionally, I'm quite happy I was able to do what I said when my parents first took the parent plus loans out almost a decade ago: that I considered myself responsible for paying them off, and I did. This experience has left me very weary of taking our a huge mortgage if and when that time comes - I've learned the importance of only using debt intelligently (don't overlever yourself). Likewise, I also was turned off from doing expensive grad school programs - unless I was able to find a perfect program and pay out of pocket (which as it happens - I have! And I am now applying). Other details:
Just wanted to celebrate a bit, even though my journey wasnt as arduous as many others who post here (who I commend for their hard work and focus). I hope the details & context I included in this post may be of some kind of help to others on their student loan journey. Cheers. [link] [comments] |
| Recieving student loans ASAP after the semester has started? Posted: 12 Feb 2022 03:43 AM PST An emergency came up, and I may have to leave my current housing. I need the loans to pay rent, am I able to get Direct Parent Plus loans this late? [link] [comments] |
| Posted: 12 Feb 2022 01:57 AM PST Hi guys, Currently at $39k in federal student loans (did IBR for most of the whole thing and had used a couple of forbearance moments due to emergency circumstances and was on a very tight budget). The repayment's going to restart again and would like to strategize. In the past, it was hard to properly pay for it due to my questionable job choices and now I feel I got something really stable and just want to start somewhere. I've read thru some other redditors comments here while lurking that they focused on the high interest rates first. My question for this is - do you just put all the payments on that particular loan to pay it off? If so, wouldn't you collect interest on the other loans? And would you get in trouble for not even paying the other loans off? As for the other initial question (previous recent news) - if you went to a school listed on that site (can't remember i'm sorry), is there a possibility to be actually forgiven with the loans? Really confused about that and just want clarity. Oh and there's that IBR thing...does it really get forgiven if you're on IBR for a long time? Thanks so much..not sure where else to turn to. [link] [comments] |
| The thing that makes me the most angry about my student loans: not being able to discharge co-signer Posted: 11 Feb 2022 08:02 AM PST I went to school kind of late. I didn't know what I wanted to go for so I went to a community college. After my first year, I realized criminal justice was not going to be for me so I switched over to nursing. Completed 2 years of schooling and had to complete clinicals. My school is a very highly respected nursing school in my state and as a result, had far more students than clinical seats available, therefore, they had a literary system that meant I could be waiting to complete school for 2 or more years. In the mean time, I swapped over to Software and Web Development. Before I got selected for clinical, I completed me AAS and got a job. After 5 years of schooling, I managed to accumulate about $115k in student loans after all the interest was calculated. A big chunk of that is a private student loan I took when I started out at school because it was during the Great Recession and it was impossible to find a job in my area that also accommodated school hours (even with me taking almost entirely evening classes). So here we are in 2022. I'm making ~$75k per year now and I STILL cannot remove my parent as co-signer on my student loan despite having a perfect repayment history on this loan. My mom needed to make some housing repairs recently and I had to co-sign with her so she can get a new roof, siding, and insulation. She would've been able to do a heloc no problem if my loans were no longer a part of her credit report. It's just infuriating. [link] [comments] |
| Posted: 11 Feb 2022 08:29 PM PST Hey everyone so since fed loan is moving our loans to new providers i received an email in december 2021 that my loans will be moved to mohela, and I just received an email from fed loan saying that my loans will be moved to Aidvantage?? I'm really confused and i can still log into my account at fed loan, has anyone had this happen to them i just need one loan to payoff I've already finished paying off my other two loans, and i checked to see how much interest ive paid off it only amounted to $322.91. Thanks!! [link] [comments] |
| Posted: 11 Feb 2022 05:07 PM PST Hello, I was a student at UIC 3 years ago, and started paying off my debt maybe 3-5 months after dropping out. Then the coronavirus came and I told them I did not have enough, and that I will start a payment plan to pay them back later after the pandemic. I thought because of the covid-19 emergency relief, I would be protected until May 1st 2022 having to pay no interest. But today I got a letter from UIC saying that I have 30 days to dispute my debt. And the balance is now $1000 more than what it used to be. Is having a balance interest free as well or is it just student loans? [link] [comments] |
| Loan Payment Refund Frustration Posted: 11 Feb 2022 09:46 AM PST I recently learned about the refund option under the CARES act. My loan was transferred in December to FedLoan. They can only "see" 3 payments. Told me to contact Navient and they cannot help because my loan is with FedLoan. Called FedLoan Ombudsman, they ended up transferring me to Federal Student Aid which cannot help because they don't do refunds, can't see payments, etc. Super frustrated....any advice? I was going to submit an online complaint via FedLoan. TIA. [link] [comments] |
| Bar study loan interest - is this tax deductible? Posted: 11 Feb 2022 02:35 PM PST I took out a bar study loan in my last semester of law school in order to pay for my bar prep course and for living costs. I took the loan out through Sallie Mae. I've almost paid the whole thing off this year (woooohoooooo!) but Sallie Mae said they won't provide me with a 1098 as the interest is not tax deductible. Seeing as I paid almost $1400 in interest, I really want to include this on my taxes. Can anyone give me guidance on this? Thank you!!! [link] [comments] |
| Consolidation and balance questions Posted: 11 Feb 2022 02:32 PM PST I have about $27.5k left max one is 6.8% Its a mix of 8 Stafford Subsidized and Unsubsidized Direct Stafford loans. My payments in May would resume at around $360 to $380. My questions on consolidation and reasoning follow. We have been paying down our Credit Card debt aggressively, having a new $365 payment to take on is possible, but it would make things a bit tight. We are continuing to make aggressive paydown on debt because eff that noise. My question is this. Modelling 2 different consolidation scenarios show that over a 20 year time the total paid would be like $42~47k. But if this is like other consolidations of non student debt stuff, the balance that is consolidated would NOT change. It would roll into a single $27.5k balance. The reason the overall cost is so much is due to a low payment of $115 to $305 or flat $185 a month payments over such a long time. The payments each month would chip away at that $27.5, but if I made the absolute min payments it would be over that $40k. Let's say that my CC debt is killed I can still make extra payments to the Student Loan debt and accelerate that paydown. My principle at the time of consolidation would be that $27.5k. If I made big chunky payments after the CC debt Id get it paid down well in advance of 20 years and save thousands on interest. We have paid down over 70% of our credit card debt in the last 2 years and should be done in about 18 months. Doing the consolidation would allow us to continue to kill that higher interest debt first and then finally focus on the student debt. Is my understanding correct on the balance at consolidation? Im just wanting to make sure that when I do that my $27.5k doesnt roll to $40ish on day one. That $40k figure was just an illustration of if only minimum payments made for the entire time. [link] [comments] |
| school lied to get me to sign another students loan documents Posted: 11 Feb 2022 01:28 PM PST Hi, Back in 2007ish, the financial aid department at the trade school I was attending informed one of my classmates that he needed to secure a new loan to continue with courses. we were told it was 1 loan of 20k to see him thru to graduation, from AES I met with him and the financial aid department, and went over the details at length before signing some paperwork 'to see if it would be approved'. I explicitly asked and was assured that id have another option to review the full terms before moving forward, but of course the application was accepted with me as the co-signer, and the funds were issued without any further interactions. it turned out to be 2x loans of nearly 40k each, and it did NOT cover him thru graduation but only thru the end of the 'semester' and he was still unable to complete the course to graduation. He's a good person and has continually done everything he can to make the payments, communicate with me and AES, and keep them at bay thru deferments, forbearances, and payments etc, but the last 2 years of the pandemic has been crippling on both of us, and AES says we are out of postponement options. Do we have any options? searching the internet for solutions is a rabbit hole of scams and misinformation, but I keep hearing there are new programs or things we could be doing.. I feel like we were both young and naïve, manipulated and lied to to get us into the contract, and I've got no idea where to start to find help with it without getting taken advantage of. Any advice would be greatly appreciated! thanks! [link] [comments] |
| What do you do when your student loans have been closed (but still have a balance)? Posted: 11 Feb 2022 09:09 AM PST Hi folks - new to this sub, very glad to have found y'all. Basically I'm wondering what to do. I have $48k in student loans (PLUS another $25k in fees, yay) that I was diligent about paying for years. Then I had a shit-tastic divorce / custody battle, lost my job, generally had to claw my way along for a few years. I'm in much better shape now and am trying to salvage my credit score. I stopped paying my student loans about 6 years ago, they went thru several collections agencies, and finally it looks like they're "closed". What do I do? Start paying all over again? Will this even accomplish anything? I'm not trying to be the asshole who just walks way from debt while everyone else in here is trying to do the right thing. I just don't even know if making an attempt to pay would accomplish anything. Who do I pay? What happens if I don't? My credit is already in the crapper. Thoughts? [link] [comments] |
| Has anyone heard of Mpower financing ? Posted: 11 Feb 2022 12:22 PM PST I'm a third country student and plan to transfer to the university in America. My major is computer science. Is it wise to get student loan from Mpower ? How about the institution? Is it reliable? [link] [comments] |
| Posted: 11 Feb 2022 11:40 AM PST So I graduated in December and didn't think my student loan for the upcoming spring would be disbursed to the school but it was. Now, I'm gaining interest on it (because it was a privilege student loan) instead of it just being cancelled. They said the loan would be cancelled due to non-enrollment and be shown that the school never received the funds but I feel like they are dragging their butts on this. Has anyone else every experienced this? I'm paying my student loans down right now but like…I don't want to continue paying interest on money that I haven't seen/used. [link] [comments] |
| Help me understand this letter from Aidvantage (federal loan servicer) Posted: 11 Feb 2022 04:20 AM PST So I received a notification from my loan servicer, and the subject of the document is "Interest will not be capitalizing 3/13/20-7/31/22" Then in the body of the letter, it says: "Interest which would have been capitalized on your loan between March 13, 2020 and November 1, 2022 has not been and/or will not be added to your principal balance. Under guidance from Federal Student Aid, we will update your student loan account to undo any capitalizaton of interest since March 13 2020. What Does This Mean for You
I don't understand why the title of the letter doesn't match the body.. to me I thought oh, Biden extended the no interent thing from May until the end lf July, awesome. But this letter doesn't really say that, and I just googled student loan news and it looks like it's still May right now. Also #2- why would my interest increase and why would that be a good thing?! Thanks! [link] [comments] |
| Signature student loans-enroll in community college to “avoid” paying. Posted: 11 Feb 2022 09:09 AM PST "Avoid" meaning I have zero ability to pay these loans and I am out of forbearance options. I have spoken with numerous Navient reps. I'm eligible for a reduced payment plan for 6 months, but I know I won't be able to swing those payments either. These are private loans so IBR does not apply. I have zero income, but my fed loans are up-to-date because of IBR. I'm only concerned with private student signature loans from Sallie Mae/ Navient. I could scrape together a few hundred bucks to enroll in classes at my local community college. They offer a few that I'd actually be interested in and could potentially give me some options for earning an income. In my county I could also get reimbursed for them dependent on performance which thankfully is usually easy for me. Would this stop me from having to make payments on my private loans? How many credits would I need? Could I be an online student? I'm just trying to hang on to what little is left of my credit rating rather than flat out defaulting. Any insight or direction is appreciated. Thank you! [link] [comments] |
| Scam? Student Loan Help Group in North Palm Beach, FL Posted: 11 Feb 2022 07:59 AM PST I just got off the phone with the Student Loan Help Group in North Palm Beach, FL. They seem very knowledgeable. They quoted things about CARES act. They sent me their BBB information. Looks legit. Sounds legit. For their services, $1200. Is this a scam? I so hope it is not. There was light at the end of the tunnel. [link] [comments] |
| Conventional loan versus student loan Posted: 11 Feb 2022 06:58 AM PST I have overdue conventional loans. Yet I need student loans due to the fact I'm on academic suspension. Will my conventional loans stop me from taking student loans [link] [comments] |
| Posted: 11 Feb 2022 02:34 AM PST So i will be applying for grad plus loans within the next month for summer semester and worried about getting denied because i have some things in collections from 2 years ago and one from 4 years ago which is like 4K in total. I think grad plus limit is if it's in collections it can't total over $4K I have a few questions for anyone that has went through the process
Please any advice on this would be helpful [link] [comments] |
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