Paid off $28,500 in Private Loans! Woohoo! Student Loans |
- Paid off $28,500 in Private Loans! Woohoo!
- Hesitant to take loans
- In the middle of PSLF right now. About to begin contributing to a Traditional IRA to lower my AGI. Would doing a Backdoor Roth be smart at all?
- Married filing jointly or separately.. both of us on IBR plans
- I Hope Nelnet Burns to the Ground. Update 2: Federal Student Loan Transfer Fiasco
- Americorps education award payment to federal loan - refund CARES act
- Credit report
- Questions on Student Loan's Need Help
- Those of you with 100k+ in student debt, what tips do you have to make repayment more tolerable?
- A couple of questions about my loans after approval for discharge.
- Question
- FSA Borrowers Defense
- I am planning to take educational loan please guide me through it!!
- question about refinancing co-signed loans
- Sallie mae choke hold
- Chances of getting Mpower financing
- 150k debt for a bachelor's w/cosigner
- Private loans and help with how they work needed
- Please help me understand the Charge Off stipulations for Grad Plus Loans.
- Paid off loans to Aidvantage but still no Paid in Full notice
- Anybody think this will help future generations avoid the pitfalls of excessive student loans?
- Pay off loan?
- Refinancing Question
- I feel like its not enough
- National Debt Relief
| Paid off $28,500 in Private Loans! Woohoo! Posted: 23 Feb 2022 10:51 AM PST I did it! I paid off about $28,500 in private loans in about 21 months! I graduated in December 2020 with a B.A in Political Science. Got a job right before the pandemic at a non-profit trade organization in a small-ish city on the East Coast. Started making $17.25/hour and now make $25/hour, and just got a raise to $27.40/hour. I'm honestly so grateful I landed this job, in my field, right before the pandemic. Also very grateful for the federal student loan interest payment pause, as I have about $22k in federal loans that I haven't touched in order to pay off my private ones. My private loan minimum was $313, but on average I put down about $1,3000 per month. I've made a graph of my monthly payments vs. income, linked above, in case anyone's interested. I really just had fun making it for myself :) How did I pay it off so quickly? My cost of living was very low for over a year, because I lived with my partner and a roommate and paid only $350 in rent for that time. My rent later increased to about $950-$1000 when my partner bought his own house, and now I'm living the single life and paying about $1,200 in rent. My work also gives us a very helpful $5,000 health insurance stipend if we don't use their plan, and since my parents still pay for health insurance for me I was able to put that towards loans. Also got a big COVID bonus one month. I was still able to put money in savings, and at one point had about $15,000. That's gone down a bit in the past couple months due to moving expenses though :( My next steps? Pay a little bit more than the minimum on my federal loans, which the expected minimum is $212, and I'll probably put around $500. Also want to start contributing more to my Roth IRA and save up for my next car before mine dies, as well as build back my savings. Oh, and finally get a kitty :) [link] [comments] |
| Posted: 23 Feb 2022 08:37 AM PST Hi all, I'm looking for advice! I've been going to school very slowly at a local CC for a couple years. I work full time so I'm really only able to take a class or two at a time without overwhelming myself. I've qualified for financial aid up until the 20-21 school year so the last couple terms I've paid out of pocket for classes and just not sure I can keep doing that without draining my savings which is really for buying a home... anyway so I'm super hesitant to take out school loans because of all the negative stuff I've heard about the impossibleness of repayment, hurt credit, unable to borrow in the future, defaulting, etc. So I'm really curious to hear from people who have taken loans, why is it so hard to pay them back? Are the monthly payments like astronomically higher than a normal loan would be..? I was hoping to be able to get through CC without loans and just take then when I transfer to university if I need to... TIA [link] [comments] |
| Posted: 23 Feb 2022 07:53 AM PST Pretty straight forward. I would LIKE to have a ROTH IRA, but I understand that keeping my AGI lower during my PSLF payments makes it smarter to do a Traditional... but could doing a Backdoor Roth somehow be advantageous?... or should I just wait until the PSLF is done and begin converting to a Roth at that time? [link] [comments] |
| Married filing jointly or separately.. both of us on IBR plans Posted: 23 Feb 2022 07:08 AM PST I hired a CPA to do our taxes this year, and he isn't any help. My husband and I got married in 2021. He has about $180,000 in federal loans. He's on IBR. His salary is about $82,000. I have about $70,000 in federal loans and $40,000 in private loans. I obviously pay my private loans which is about $400 per month (I just refinanced). My federal loans are IBR and I have five more years until PSLF forgiveness. My income for 2021 was $72,000. I need to figure out if we should file jointly or separately. If we file jointly, I know they will look at both of our incomes when calculating our IBR payments. Will they take into account both of our debts? Or will they essentially double both of your payments since we have two incomes? [link] [comments] |
| I Hope Nelnet Burns to the Ground. Update 2: Federal Student Loan Transfer Fiasco Posted: 23 Feb 2022 07:49 AM PST Original post: https://www.reddit.com/r/StudentLoans/comments/rx3q0s/federal_student_loan_transfer_fiasco/ Update 1: https://www.reddit.com/r/StudentLoans/comments/sd6s1j/update_federal_student_loan_transfer_fiasco/ A week ago, I chatted with a Nelnet agent to see what's up with my payment plan. (It still had not been corrected after a month and a half.) She was trying to get me to do a recertification instead. I politely declined because my current, correct payment would have been lower if I didn't recertify immediately. Instead, she proceeded to submit an IDR application for ICR with an income significantly higher than what I had. I found that out a week later checking on my account and chatting with a different agent. This current agent said they can't go back and fix it, and I'll simply have to submit another IDR application, which I didn't want to because Nelnet made a mistake during my loan transfer and submitted an application that I did not ask for. I wasn't getting anywhere with her, and she suggested calling and speaking with a supervisor, which I did. Now this supervisor insisted that I submitted the application and that agents couldn't do it and that they got it from Federal Student Aid, which only I had access to. After I insisted several times that 2 agents offered to submit an application on my behalf and that one was submitted without my permission, he finally said that he could submit a complaint to investigate the first chat and see if they can/can't roll back the app. Who knows where that'll go. Nelnet basically is saying, "My mistake, but your fall." I might submit a complaint to Federal Student Aid. I'm not the only one who's had payment plan issues through this dumpster fire of a company. [link] [comments] |
| Americorps education award payment to federal loan - refund CARES act Posted: 23 Feb 2022 06:31 AM PST Hello, at the beginning of the pandemic I made a ton of payments to my student loan because i didn't want the loans to capitalize. Not realizing that due to the 0% interest rate, the FedLoan letter I received was misleading about my loans going up. I am doing PSLF and I'm at 4 years now and plan to continue the full 10 years in hopes the loans get forgiven. I read that since I made these payments during the pandemic I am able to request for a refund. After reading some information, when requesting a refund, the payment goes back to original account. Since this payment was disbursed through my AmeriCorps award, does that mean it goes back to my americorps award or would/can I get it back to my personal account? If anyone has successfully done this, please let me know or any advice thank you. [link] [comments] |
| Posted: 23 Feb 2022 11:24 AM PST I pulled my credit report today and it said my student loans were closed as of 2013, 100% paid on time. What is that about? I filed for forgiveness a few years ago and was denied. [link] [comments] |
| Questions on Student Loan's Need Help Posted: 23 Feb 2022 11:01 AM PST Hey r/studentloans, I have 2 private loans hosted by Navient, and I recently lost my job. After the call today they tell me I need to pay $50 per loan to get my loans into a 3 month forbearance. (Total $100) I only have 12 months of forbearance to use in total per loan. My total income from unemployment goes to rent, and i will need to apply to other govt programs just to keep a roof over a my head, and food on the table. I have a cosigner on these loans, who is 93 years old and on his death bed. They said they can go after him, which i don't believe is true. His only income is VA benefits, and social security. He has no other assets to his name, and his house is in foreclosure. Now for my questions - What happens if my private student loans go into default, and remain there? I have no way to repay them until I get another job. - If they go into default would it be worth it to just not pay them until they cancel it? My only income is unemployment income, and don't have much in savings. - Is it worth asking people for the $100 to put my loans into forbearance every 3 months? - Can they go after my cosigner Social security or VA benefits if my loan goes into default? [link] [comments] |
| Those of you with 100k+ in student debt, what tips do you have to make repayment more tolerable? Posted: 22 Feb 2022 01:04 PM PST |
| A couple of questions about my loans after approval for discharge. Posted: 23 Feb 2022 08:55 AM PST So the Department of Education approved my application for a full discharge. I enrolled in a for profit school when I was 17 and received close to none of what I was promised. It said that it would be processed within the next 180 days. It's been about 5 months and I still see the balance. It could obviously update within this final month but should the balance update or does it usually take longer? Also my loan was transferred from Navient to Aidvantage these past few months. It said my loan wouldn't change at all and just the servicer changes. However I find the timing odd. My loan was transferred about 3 months after I was approved. And lastly should I expect to be taxed on this money? Money is tight right now and it would be a pretty significant amount at even a small percentage. [link] [comments] |
| Posted: 23 Feb 2022 05:53 AM PST Does anyone know if it is possible for my daughter to take out a student loan to only pay for her off campus apartment security deposit? And possibly the summer rent if she cannot get a subletter? [link] [comments] |
| Posted: 23 Feb 2022 12:16 AM PST I'm getting concerned now! I received the email on 7 September stating my loans were approved to be forgiven. However, when I log into MyFed loan and Federal Student Aid accounts, I still see my full balance. They stated that It could take up to 180 days, that's 6 March. Anyone else still waiting? [link] [comments] |
| I am planning to take educational loan please guide me through it!! Posted: 23 Feb 2022 05:43 AM PST Recently I have planned to study abroad and i want to take educational loan for it and i have tried to search about it, But i was not able to get proper information. Please anyone can guide me through and share your own experience about repayment of loan and what the procedure. I am Indian and planing to go to usa. [link] [comments] |
| question about refinancing co-signed loans Posted: 23 Feb 2022 05:32 AM PST After graduation, I plan to refinance my private student loans. I needed a co-signer to take them out during undergrad but I don't anticipate needing a co-signer for the refinance. My co-signer on my loans is an estranged parent. If I don't need their cosignature on the refinance, what will I need them to do if they're co-signed on the loans themselves? Trying to plan accordingly. [link] [comments] |
| Posted: 22 Feb 2022 08:53 AM PST I have about 93k in student debt owed to Sallie Mae. My monthly payments are about $1100 which with my 50k annual salary, i'm struggling bad. Does anyone know ANYTHING about them or what I could do? I have $45 in my bank account until next week after paying them and my other bills. This is no way to live and I wish I was given proper guidance as a young student. Also open to refinancing suggestions if anyone is versed in that area. [link] [comments] |
| Chances of getting Mpower financing Posted: 23 Feb 2022 04:11 AM PST Hey am, I'm an international student and want to pursue an MSF in the states next year. I'm looking to borrow about 60K from Mpower, I've never had student loans so I just want to realistically know what my chances are. Total cost of attendance should be 90K $, I've got about 20K in savings and my parents are willing to contribute 10k. I know interest rates are high but I have no other way of getting that much money, I just want to know whether its common to get rejected by Mpower and for what reasons. Thanks! [link] [comments] |
| 150k debt for a bachelor's w/cosigner Posted: 23 Feb 2022 06:46 AM PST I'm going to graduate with 150k private debt for a Bachelor's degree in teaching. Parent is cosigner. With more understanding I'm really not sure I can pay these off. Is there a way to transfer a portion of it to my cosigner? [link] [comments] |
| Private loans and help with how they work needed Posted: 22 Feb 2022 07:26 PM PST Hi I'm looking to transfer from community college associates degree into a university to finish up my bachelors. I won't be able to receive enough to anything from my Fafsa, my parents won't be able to help out, and I have barely and money. I've heard I could take a private loan out to get what I need but I don't know if that's possible or how. I have a strong credit score and I just don't know how this works. [link] [comments] |
| Please help me understand the Charge Off stipulations for Grad Plus Loans. Posted: 23 Feb 2022 12:09 AM PST I'm specifically referring to this clause " Accounts with a total outstanding balance greater than $2,085 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off during the two years preceding the date of the credit report". What happens if these accounts were charged off yes but have since been settled via debt consolidation, reflecting $0 balance? As of "have been placed in collection or charged off during the two years preceding the date of the credit report". Does this mean that the creditor cannot have flagged the account as charged off any month within 2 years of the grad plus application? Or is the 2 year check only looking for when the debt FIRST got reported as charged off? Thank you in advance. TLDR: Pls help clarify Adverse credit. [link] [comments] |
| Paid off loans to Aidvantage but still no Paid in Full notice Posted: 22 Feb 2022 04:35 PM PST Hi there! I recently paid off the last of my student loans on Aidvantage on 2/18/22. The funds left my bank and even the Aidvantage noted that it was received. However I have not received a message that my loan has been paid in full like the other loan I had with Navient. Any idea how long it would take to have the paid in full notice show and have peace of mind that the last of my student loans have been paid? [link] [comments] |
| Anybody think this will help future generations avoid the pitfalls of excessive student loans? Posted: 22 Feb 2022 09:54 AM PST Anybody think this kind of thing nationally will help? [link] [comments] |
| Posted: 22 Feb 2022 04:14 PM PST I have 1 private loan of $22k that I have just recently refinanced to 2.9%. I have the means to completely pay it off right now with a comfortable amount leftover in my bank, but idk if that would be the best thing to do with my current stash. I do also have federal loans to the tune of $150k, which I have not contributed to yet as I'm a recent grad and they've been frozen since I graduated. I'm still on the fence on to be aggressive or not. Thoughts? [link] [comments] |
| Posted: 22 Feb 2022 03:47 PM PST My fiancé has private loans through Sallie Mae and we are considering refinancing. If the original loan has a co-signer, do they have to approve of the refinancing or can the primary borrower do so regardless of the co-signer? [link] [comments] |
| Posted: 21 Feb 2022 06:47 PM PST I graduated undergrad with ~177K in student loan debt. I graduated in 2019 and I now owe 154K. I make 71K a year but I live in an expensive city. Boston, Ma. I feel proud of myself for what I was able to do in that short amount of time. I also was able to save up 13K in my emergency fund. But I still feel like it is not enough. I feel bad when I go out with friends sometimes because I think about the money I could be saving. I also see my friends and some of them have new cars and are buying a house soon. I know I'm nowhere near doing any of that stuff, but It just makes me sad seeing it. I just feel like I have no help. My parents know about my financial situation, but they don't seem to understand how much it affects my mood and life decisions sometimes. I just feel down all the time. [link] [comments] |
| Posted: 22 Feb 2022 06:57 AM PST Hi All, I am looking into the possibility of using National Debt Relief for my student loans. I am skeptical, but the quote I received/the conversation I had with one of their representatives seemed pretty legit. I have $170,000 in private student loans, and my brother has $30,000. They told us that if we did a joint account, that we could make 55 monthly payments at approximately $2,500, and would only pay $138,000 of the combined $201,000 out of pocket. The monthly payment would suck but it's doable. This seems like it would definitely be beneficial as it's a much shorter timetable than the 20 year plan I'm currently on, and we would save a ton of money in the overall payback of the loan in terms of the $63,000 forgiveness and the interest that we wouldn't be paying. However I'm not trying to get myself and my brother scammed. Would love to hear some input. Thank you! (I also have posted in r/Debt and feel free to look at the comment thread for some points that have already been made - Link: https://www.reddit.com/r/Debt/comments/swrgsc/national_debt_relief/) [link] [comments] |
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