My $81k in student loans was forgiven! Student Loans |
- My $81k in student loans was forgiven!
- Paid off 51k in 3 years
- White House may delay student loan payments yet again as it weighs debt forgiveness
- Paid off my high-interest loans. Should I just pay the minimum if/when repayments restart?
- Since graduate loans are unlikely to be included in any student loan forgiveness program, should consideration be given to reducing the number of years it takes to qualify for PSLF?
- $150,000 in federal student loans. Should I wait to refinance?
- Navient just forgave $154k that owed in student loans- Repost
- I’m free!
- advice for loan payment options
- I need some advice
- Help me understand, please?
- Help Regarding loans
- Update 3: Federal Student Loan Transfer Fiasco (Hopefully the Last One)
- Reform concept for discussion
- Are graduate loans excluded from forgiveness?
- Today: White House chief of staff update on student loans!
- I tried calling Federal Student Aid and was immediately transferred to a live agent!
- Is student loan debt a primary and unique characteristic of the American education system? Do other countries have this issue?
- Credit now reporting “closed”
- Student loan servicer reports late payment during forbearance period
- Where to go from here for refinancing
- I've got $30k Federal student loans, unconsolidated, at ~2-5.5%, set to make $40k pretax this year which is about double what I made last year. Would it be in my best interest to transition from REPAYE to a standard plan before the freeze ends?
- Confused…
- REPAYE vs PAYE - PSLF
- Student loans accruing interest while in forebearance
| My $81k in student loans was forgiven! Posted: 05 Mar 2022 08:54 AM PST I have been pursuing Public Service Loan Forgiveness since I graduated with my MPA in 2011 (entered repayment in early 2012) and it finally happened! Each year I sent in my employment certification around the same time I had to recertify income-based repayment. This time, instead of getting a letter telling me how many payments they approved for PSLF, I got a letter beginning with "Congratulations!" And just like that, my $81k debt went poof! I'm posting this because right now the Dept of Ed is operating under Temporary Emergency PSLF rules due to COVID, and these rules are looser around qualifying payments and loan types. I want as many people as possible to experience the freedom of no longer being tied down by student loan debt. So please check out the TEPSFL rules to see of you qualify, here is a link: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service/temporary-expanded-public-service-loan-forgiveness After all, the worst they can do is say no, but they might say yes! [link] [comments] |
| Posted: 05 Mar 2022 05:33 AM PST I paid off over 51k of private student loans in 3 years. It was exhausting...all of my extra money went towards paying it off. I've been making lists of things I want to buy once the loans were paid off and I'm thrilled I get to finally start splurging on myself and my husband. The first thing I'm doing is getting a massage! [link] [comments] |
| White House may delay student loan payments yet again as it weighs debt forgiveness Posted: 04 Mar 2022 04:08 PM PST |
| Paid off my high-interest loans. Should I just pay the minimum if/when repayments restart? Posted: 05 Mar 2022 10:18 AM PST I have just under $30k remaining in student loans, all my interest rates are under 5%. I earn enough to pay much more than the minimum monthly. I am torn between: - Pay off the debt sooner, pay less in the long run - let inflation reduce the overall value of the loans anyway. I know I am missing some important financial principles in at least one of those decisions. Any help would be greatly appreciated! edit: Thanks for the suggestions. I forgot to mention that in terms of retirement i have: 1) maxed employer 401(k) match 2) max roth IRA monthly contributions I guess my next move is to have some money saved for a rainy day! [link] [comments] |
| Posted: 05 Mar 2022 05:56 AM PST |
| $150,000 in federal student loans. Should I wait to refinance? Posted: 05 Mar 2022 09:15 AM PST Seems like interest rates are continuing to rise but there are talks of another payment extension. My loans through federal are 7-8 percent and the lowest private rate I've seen is 3%. What would you do? [link] [comments] |
| Navient just forgave $154k that owed in student loans- Repost Posted: 04 Mar 2022 10:45 AM PST *Not my story but I saw this and thought it might help some people here. Link to original post at the bottom. I called Navient randomly on October 18th to ask about lowering my monthly payment. I was paying about $800 per month at the time. The representative told me that she unable to do anything to lower my payment. As we were talking I guess she noticed that I banked with Navy Federal so she asked if I was military. She then referred me to Navient's military department saying that she's not sure they could do anything for me because I'm not active but it doesn't hurt to check. So I call the military department and initially the representative said there was nothing she could do because I'm not active. As I was about to hang up the phone she asked if I was receiving VA Disability. When I told her that I was she said that Navient has a program where they can forgive veterans student loans if they have a VA rating of 40% or higher. All they needed from me was my benefit letter from the VA. I emailed it to her and 10 days later all my private student loans are gone. Navient Military Benefits team 855-284-4879 Link to Original post- [link] [comments] |
| Posted: 04 Mar 2022 09:14 AM PST Today the final payment cleared. I no longer have student loan debt, and I'm debt free. I'm a 31-year-old man. The original principal was $48,635.83, and it was disbursed to me in 2014 for my postgraduate school year abroad. This loan paid for books, tuition, room and board, food, etc. It was originally two loans, one subsidized and the other unsubsidized, but it was consolidated into one loan after I returned from my travels. The original interest rate was 6.8%. Due to several years of no payments for various reasons, or me traveling abroad again, interest racked up. I did spend a few years paying the minimum, but that didn't help much. In January of 2021, the loan had ballooned to nearly $60k. This is when I decided to attack it. It took me only 13 months to destroy this debt. I accomplished it so quickly because I took extreme steps, as well as the forbearance of interest on federal student loans. Here's a breakdown of how I did it: The first payment was a "bomb payment" of $20k which nearly wiped out my entire savings. But it also wiped out all of the interest that had accrued, as well as some of the principal. Since then I've been throwing everything I earned at the balance. Covid stimulus payments, tax refunds, the $50 earned from pulling weeds, the $800 I earned from photographing a wedding, anything I earned through gig work such as DoorDash, etc. all of this was on top of my regular full time job. Each month I was throwing at least $2k at the balance, sometimes more, sometimes less. This was my only debt. I own my car outright. I do not have a house payment, no credit card debt, no pets, no subscriptions, no kids, no relationship. I cook for myself a lot. I live by myself in my own apartment in a small town in California. Before moving into my current apartment, the old apartment was $850 in rent. The current apartment is $575 in rent. Utilities are approximately $200 every two months in the winter. I'm finally done. I feel relief. I am impressed with the amount of self-discipline i showed in order to accomplish this feat. It's insane when I think about it. But I am in an atypical situation, one that not many other people have. This weekend all I feel like doing is sleeping. I'll smoke a victory cigar. I have almost no money to my name right now, I'm burnt out and exhausted…but I'm done. [link] [comments] |
| advice for loan payment options Posted: 05 Mar 2022 10:12 AM PST i am a current college student anticipating graduation this december and i've been going back and forth with what to do w my 7.5k student loans (a little more than half is unsubsidized). while i want to pay it as fast as possible, im stuck between the constant promise/disappointment in the news about student loans being forgiven. does anyone have any advice on whether i should keep waiting to before i start paying or should i just get it all out of the way sooner? [link] [comments] |
| Posted: 05 Mar 2022 09:22 AM PST I am currently a senior in high school (17) and I'm completely torn right now. Let me give some background: I have been accepted into the engineering programs at both Texas A&M and University of Oklahoma. My goal is to go into aerospace engineering and I'm from Louisiana so there are no in-state options for that major. My brother attended Texas A&M and while he was there I absolutely FELL IN LOVE with that place. He graduated December 2021 with no student debt because he was able to get in state tuition. Unfortunately I haven't been as lucky as him and although I was accepted into the program (not an easy feat), I have not yet qualified for in state tuition, and the bottom line is that I'd have to take on about 100k in student loans (assuming I get no additional scholarships or aid). That's terrifying, but I'm absolutely in love with A&M, and it has been my dream school for as long as I can remember. They have inspiring traditions, a competitive engineering program, an amazing, friendly student body, and every time I visited, I felt so in place and at home. Of course, as a high schooler, visiting any college feels like that in a way because you have people left and right telling you how awesome their school is and you normally leave like "this place is awesome and I'd love to go here." But I'm talking about being at A&M for things other than their campus tours or games. Just visiting my brother and getting to meet his friends and genuinely feel the school's atmosphere. Everyone was always so welcoming and wonderful no matter what I was there for. For all I know they could have assumed that I was a college student just coming to visit from a different college to see my brother. I feel that I could've had no interest in going there and they still treated me like I was one of their own. Also, I know that this doesn't mean everything, but A&M is ranked 11 in the country for engineering while OU is around 108. Now onto OU. OU is also an amazing school with a great program, but I don't feel the same connection to it as I do to A&M. Of course it may offer things that A&M doesn't have, but it's just different. OU does have aerospace so I'd be getting a similar education, but my heart isn't in it. I know I'd find a way to enjoy myself there, because I generally try to make the best of out every situation, but I would definitely regret not going to A&M. The Aggie traditions are more than just fun and unique things that can define a university. They truly embody characteristics of respect and honor, and I want to be a part of this community of students and former students who share this same spirit. Of course, if I decide to go to A&M, I will do everything in my power to get those tuition costs down. I'll apply for every scholarship on the face of the earth, apply for internships in the summers, etc. So long story short, I can either go to my dream school and take on around 100k in student debt (about 10 years that I'll have to spend paying it off unless some miracle happens or there's some alternative debt option.....I'm basing this off of the lower end starting salary for engineers and my goal of setting a payment plan to not go past 10 years of debt), or I can go to my second choice school with zero debt but not get the experience I want or feel that I've worked so hard for these last 5 years. I don't necessarily want people to tell me what choice to make, I just want advice and maybe some of you could share your personal experiences with debt of that amount and if your starting salary was lucrative enough to offset that debt some. Like, what choice would you make if you could do it again? Apologies in advance for the rambling and jumping around. [link] [comments] |
| Posted: 05 Mar 2022 09:19 AM PST I'm still in school. Graduation is December 2022. So I'm still taking out loans. My current balance is ~82k I made sure my school is now withholding excess funds to send back to the lender after each academic year. Question 1: does doing this lessen the amount borrowed? If so, does this balance recalculate after each academic year? Also. Taxes came back. So I've started paying on the individual disbursements from my undergrad degrees. ~$10k worth. Is this a smart move? Will paying a windfall amount (or any amount really )before repayment actually benefit me when I enter repayment? Or am I wasting my time and money? [link] [comments] |
| Posted: 05 Mar 2022 09:15 AM PST I am an Indian student living in India and I have never been to USA . I want to know is there any way I can get a loan from USA if I want to study in some other country ? (Like if I can get a cosigner from USA or something like that ) Basically , loan from usa but not studying in usa . [link] [comments] |
| Update 3: Federal Student Loan Transfer Fiasco (Hopefully the Last One) Posted: 04 Mar 2022 09:33 PM 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/ Update 2: https://www.reddit.com/r/StudentLoans/comments/szkkla/i_hope_nelnet_burns_to_the_ground_update_2/ So I submitted a complaint on FSA's complaint page. I also submitted one to the CFPB just in case. For the FSA one, generally, the process is that they kick that complaint back to the servicer to investigate (and hopefully solve). If you're not satisfied with the servicer's resolution, you can escalate it to the FSA Ombudsman. Thankfully, in my case, the person assigned to my complaint resolved it at the Nelnet level. Everything looks like it's back where it should be. Hopefully new issues don't pop up. Rant part: I know this doesn't do anything, but take that, supervisor who said it couldn't be undone. This whole issue with Nelnet was potentially going to cost me 3-4 figures over the next year or two due to their mistake and incompetence that they initially wouldn't correct. I still don't see how Nelnet can transfer millions of loans and have everything correct except the payment plans and amounts. I was fully prepared to contact the CEO of Nelnet, my US Representative, and possibly the media if the issue wasn't resolved. [link] [comments] |
| Posted: 05 Mar 2022 08:23 AM PST I want to share a potential middle ground or compromise in student debt reform to see how you all feel about it. One of the fundamental issues with student loans is their inability to be discharged. For most people, student loans are large but manageable burden. But for some (many who post here), it becomes an inescapable cycle of growing interest and principle. This is particularly problematic with private loans, which have fewer options for flexible repayment. In just about any other financial vehicle, bankruptcy represents a last-resort option to escape this cycle and "start over," albeit with some penalties. As we're all painfully aware, this is not possible with student loans. The argument behind preventing student loan bankruptcies -- with some irony one that was pushed by Biden -- is that there is no collateral to return. If you file bankruptcy for most asset-backed loans, the bank or lender can repossess some or all of the value of the item you borrowed the money for (car, investment properties, business etc.). This is largely difficult with student loans -- how do you repossess a degree? The argument here is that folks that are able to discharge their loans still have their degree and higher earning power as a result, and that allowing a discharge of student loans would allow student borrowers to "have their cake and eat it to." To be clear, I don't necessarily believe this, this is just what the argument is from conservative politicians. Well.. how would you feel about administrations being allowed to "rescind" degrees (remove students from historical registrar, refuse release of transcript, etc.), but in turn allowing for all student loans (federal and private) to be discharged in bankruptcy? Please accept this as an honest suggestion meant for discussion. [link] [comments] |
| Are graduate loans excluded from forgiveness? Posted: 05 Mar 2022 07:27 AM PST I didn't take any loans out in undergrad. But for grad school I took out federal loans. Someone in here just said they aren't considering graduate loans for forgiveness, which I thought counted too since they're federal. Can someone please provide more information on this? I know there's know bill/decision yet I mean what they are considering [link] [comments] |
| Today: White House chief of staff update on student loans! Posted: 03 Mar 2022 06:41 PM PST Ron Klain states: "The President is going to look at what we should do on student debt before the pause expires, or he'll extend the pause." On podcast called POD Save America https://twitter.com/podsaveamerica/status/1499527767368601604?s=21 Article on his interview: https://www.forbes.com/sites/adamminsky/2022/03/03/biden-may-extend-student-loan-pause-and-is-considering-loan-forgiveness-says-white-house-official/ I'm going to remain faithful you guys!! I think something positive will happen. [link] [comments] |
| I tried calling Federal Student Aid and was immediately transferred to a live agent! Posted: 04 Mar 2022 10:00 AM PST It's too bad that they transferred me to Jacobson Landscaping instead of Forgiveness Department! 🤣🤣🤣 [link] [comments] |
| Posted: 04 Mar 2022 02:34 PM PST |
| Posted: 04 Mar 2022 07:04 PM PST I've been making payments with Nelnet for two+ years and now my loans are in deferment status due to me returning to school. My loans have always shown as "open" on my credit report up until today they all now say closed annnnd the balance of my total debt as decreased by the amount of the loans. This cause a major increase of my credit. I reached out to Nelnet and they say my accounts are still open and in deferment and Experian says to dispute their findings if i think something is wrong. I don't want to do that just yet. Called the department of education and they say call Nelnet because they hold the loans. (Everyone is playing call the other person) Has anyone ever had something like this happen where the loans magically show as closed on their credit after being open for yearssss and the balance being reported as no longer there? I'm not sure what to do and no one at and no customer service department can provide any useful information. [link] [comments] |
| Student loan servicer reports late payment during forbearance period Posted: 04 Mar 2022 03:07 PM PST About 5 years ago, I was laid off and sought forbearance on a student loan. I secured said forbearance - but the loan servicer still reported the loan late during the stated forebearance period. I have documents stating the forbearance period and a credit report that shows this period as a 90 day late. You cannot have it both ways - issue a forbearance and still report the lateness . I have disputed this with the CRA and it is often removed and then reinserted. It tanked my credit score , stop me from securing apartments , its been hell . Any thoughts on resolution or possibly suing the loan servicer? [link] [comments] |
| Where to go from here for refinancing Posted: 04 Mar 2022 12:48 PM PST I've been graduated since December 2020 (yay me right), four months ago I got a full-time job, I'm budgeting for paying $800 a month in loans and its doable. I've tried refinancing my private loans (just under 50k) and can get no combination of the loans or even just 1 refinanced. I'm hoping to at least refinance some of my higher interest rate ones (8-12%) but I've tried Laurel Road, SoFi and Earnest, I've tried as low as $5000 to refinance and been asked for a cosigner from every lender. My credit is just about 700. What do I do from here? I'd like to responsibly keep budgeting until I can climb that job ladder and make some more damn money but the interest on some of those is going to kill me. Not to mention the federal loans eating away at my other ear. Should I try and focus on paying off one single loan (I have one with only $1000ish left) to close out the line of credit? I don't know I'm fairly inexperienced with how credit stuff works and my credit was great until these damn loans. [link] [comments] |
| Posted: 04 Mar 2022 08:13 AM PST Good morning! I was looking for some advice from fellow borrowers on my federal loans. Like I said in the title, I graduated with about $30k in federal student loans with some pretty low interest, 2-5.5% though the lion's share ($17k about) is closer to 4 to 5 percent. It's unconsolidated for now, between 10 loans, until the federal government makes a statement one way or another on student debt forgiveness (As I understand it, consolidation would mean I would lose protections provided by the government, including forgiveness). I signed up for REPAYE last year based off of my income at the time which was somewhere around the poverty line. However, I've recently received a pretty significant raise from my employer. Since it's income-driven, I'm under the understanding that this is bad news if I continue on REPAYE since my payments will be higher and more interest-driven. Am I wrong about this? And if so, how should I proceed? [link] [comments] |
| Posted: 04 Mar 2022 07:29 AM PST So, I (30m) defaulted on my loans when I was about 23/24 years old. My parents kicked me out of the house, I was broke, stupid, etc. I defaulted and my loans went to collections. I set up a "rehab" program shortly thereafter. After 9 on-time payments and getting them out of collections, I was told that they were getting transferred to the dept. of education. Never heard from them. Called the number the collections company gave me, dept. of education didn't have them yet. I haven't looked really because I haven't been charged…looking at my credit report today accounts are "closed" with about $22k still owed. Says that the "student loan is permanently assigned to the government". No record of my default on my credit report. Anybody have a similar experience? Am I going to be getting a call down the road? [link] [comments] |
| Posted: 04 Mar 2022 07:16 AM PST I qualify for PSLF, FSA and also my student loan provided, Nelnet, have defaulted me to the REPAYE payment plan. I am seeing online that PAYE is the better option. I currently have around 70k in student loan debt and make about $75k/ per year. Just wanted to confirm that PAYE is the best option to maximize the PSLF program? Or should I stick with REPAYE? Thanks [link] [comments] |
| Student loans accruing interest while in forebearance Posted: 03 Mar 2022 05:53 PM PST Hey team. To my understanding, student loans are on pause until May. I took that to mean that payments are paused AND the interest rate is fixed at 0% until then. However, I just checked my account and somehow I have accumulated about $500 of interest. Can someone help me understand? They are federal Stafford loans, and I graduated in October 2020 so the forebearance has been in effect since then. I'd appreciate some light shed on this. Thanks [link] [comments] |
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