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Wiggy Marie posted:LemonLimeTime, there's never a guarantee on alternative loans coming through because they're outside the scope of federal loans, so I can't say it will work beyond any doubt. But it's not an uncommon practice. You just want to make sure you'll get enough in federal loans to pay off what you previously used to pay tuition and fees. Ok. Would you suggest I ask my Financial Aid office about this (outside sources) or pursue it on my own? The amount I would need is roughly $3,300 for the fall semester, so.
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Aug 16, 2012 01:20
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Do both to cover all bases. Start shopping around for a loan (https://www.simpletuition.com is one good place to start, if you don't know of any search engines) and contact the financial aid office in the meantime. Keep in mind that private loans take a while to set up, so there's a possibility that you'll need to do a payment plan just because of the turnaround time. That's why you'll want to start nagging the financial aid office also!
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Aug 16, 2012 01:35
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How hard is it to get a Plus loan? I want to take out more loans this year, and I'm hoping that my mother's credit is bad enough that she can apply and get rejected, so that I can take out a Plus loan in my own name. Have I misunderstood how this works?
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Aug 16, 2012 01:54
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So I got approved for a loan!..... ...and I have no one willing to be a cosigner. I did it off the Discover Student loans site and neither of my parents is willing to take out the loan/be the cosigner....I'm guessing since I don't have any credit getting around this is going to be neigh impossible right? Pretty much every site is going to be asking for a cosigner of some sort I'm guessing?
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Aug 16, 2012 02:16
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I've got all my federal Stafford/Plus loans managed on myedaccount.com and for some reason my monthly payments have gone down by about $35 starting this period. I'm on a fixed repayment plan so my understanding is that the monthly payments won't go down until the loans that are part of my account start being paid off (which, sadly, won't happen for several more years). Normally I wouldn't mind having a little bit of extra change in my pocket each month, but looking at the payment details the discrepancy came straight out of what would have been applied to my principal balance. Have any changes been made with regards to how they manage accounts that would explain the sudden change in fixed payment? I'd just as soon sock that extra back in and whittle away a little extra at the principal, I just want to make sure I'm not missing anything important. Also, is there any real reason not to go for Income-Based Repayment? I get that they re-assess your finances each year to determine your payments, but if IBR were to ever exceed normal fixed options (can this even happen?) would there be any penalty/downside to switching to a fixed option at that time?
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Aug 16, 2012 03:17
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I graduated in December and I am currently employed. I have two groups of loans one subsidized at 4.955% with a balance of 20k and a one Unsubsidized at 6.550% and a balance at 10k. All my loans are Direct Loans. Can I refinance those down to a lower rate? The ed.gov site list a fixed rate of 3.40% and a variable rate of 2.39%, are those actually a rate I can receive? http://www2.ed.gov/offices/OSFAP/DirectLoan/calc.html
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Aug 16, 2012 17:26
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I owe a private college money from a semester in 2008. Is it possible to take out a student loan now to pay for it? If not do I have any options for paying for it through a loan? I am currently enrolled at a community college and need to pay off this debt before I can send my transcripts to the new 4 year university I want to attend.
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Aug 16, 2012 18:17
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LemonLimeTime, unfortunately you will most likely need a cosigner for the loan anywhere you apply. I'm sorry  GFBeach, I haven't heard of anything but it wouldn't hurt to call and ask why your payment lowered, and if you could redisclose for the higher amount (if you'd like to of course). As for IBR, I've not heard of any particular downsides, although keep in mind that if/when you start making lots of money it could stop being a good repayment option, and you might have more loans/interest to pay off if your payment was lower for several years. Calidus, normally the interest rate is a fixed weighted average of the rates you currently have. I would call to speak with something to be very clear about what kind of interest rate you'll be looking at if you consolidate. con, no, unfortunately that's too far in the past for even private loans to handle. You could certainly take out a personal loan through a bank if you can and pay the balance off with that, otherwise you should try to arrange some kind of payment plan with the old school.
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Aug 17, 2012 00:57
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I am guessing there is no such thing as deferment for being in school on a personal loan right?
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Aug 17, 2012 03:20
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Not on a personal loan, no They have to be education-related. Is it a large amount? Any chance of a friend/family member lending the money?
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Aug 17, 2012 03:27
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Wiggy Marie posted:GFBeach, I haven't heard of anything but it wouldn't hurt to call and ask why your payment lowered, and if you could redisclose for the higher amount (if you'd like to of course). As for IBR, I've not heard of any particular downsides, although keep in mind that if/when you start making lots of money it could stop being a good repayment option, and you might have more loans/interest to pay off if your payment was lower for several years. Yeah, it occurred to me after I asked my question that if I pay less now, I'll more than likely have to pay more later. As for the change in payment, the website has an option for paying extra beyond the default auto-pay values, so after I find out why the payment amount changed I'll likely just do that. Thanks for your help!
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Aug 17, 2012 03:36
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Wiggy Marie posted:Not on a personal loan, no It's at least $15k. I was in a bad situation in every aspect of my life at the time. I had nobody to help and I still really don't. I left a message for the guy in charge of Student Accounts to call me back when he gets the chance and I am going to try and set up a meeting with someone from my bank next week. I'm a Paramedic now and plan on going to PA school but this, and finishing my degree, are my only hurdles.
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Aug 17, 2012 04:13
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Safe and Secure! posted:How hard is it to get a Plus loan? I want to take out more loans this year, and I'm hoping that my mother's credit is bad enough that she can apply and get rejected, so that I can take out a Plus loan in my own name. You have. As an undergraduate, only your parent(s) can qualify for a PLUS loan. Graduates can take out Graduate PLUS Loans in their own name. If your mother does get rejected for the PLUS loan, you will be able to take out additional Stafford loans, but only to the limits for independent students (I believe the maximum for a junior or senior is about $12,000) -- whereas the PLUS loan can be any amount up to the the cost of attendance of the school. If you're an undergraduate, you can't take out your own PLUS loan, period, even if you're an independent student Also, bad credit isn't enough to be denied a PLUS. They only deny applicants that have filed bankruptcy in recent years, are in default on other federal student loans of some kind, or... I think that's it actually. I mean literally if your mom was on a fixed income $200 a month but she had no bankruptcy or default on other debt, then they would give her the PLUS loan. I say this because I've seen parents try to get denied for the PLUS loan so that their kids can get a higher amount of Stafford loan and accidentally end up receiving the PLUS (even if they requested $40,000 or something ridiculous, does not matter one bit). hitension fucked around with this message at 04:53 on Aug 17, 2012 |
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Aug 17, 2012 04:49
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I was just popping in the thread to say that my teacher loan forgiveness is pending and should be approved in 7-10 business days. I'm getting rid of $12,000 in loan debt this way. I should note that it was a serious headache for it to get to this point--I had to resubmit my documents 3 times before they accepted them. Everything has to be exactly correct and they don't accept signatures more than 90 days old. But, if you can qualify for this, it's definitely worth the hassle. More info about the program can be found here: http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/teacher
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Aug 17, 2012 17:09
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Asked this in the college advice thread but apparently that's not the right one so I'll just ask here. I'm starting as a junior, majoring in computer science this semester and I have yet to move out of my parents' house. I mean it's been long time coming, moving out of the house and all even though I'm not a native here. I know that in this economy, there are quite a few young adults living at home to save money and all but I just feel like I should get out of the house and start on my own. My question is, is it worth it to get an unsub loan to move out and live on my own? I don't have a job right at this moment but I'm looking to get one soon to help out with various things. Plus there's a high chance that my parents might give me some supplement money after I move out. A bad financial decision but a good life decision someone said. I tend to agree but then I wouldn't want it to put me in a crazy financial hole that'll cripple me later on. Sacramento here so rents should be ~550 at the most, including all the utilities.
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Aug 20, 2012 01:27
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Holy wow Safe and Secure!, I'm really sorry about skipping you! Somehow I did not see your post. The only thing I'll add to what hitension said is that as soon as you're an independent student, your parent can't take out a PLUS loan for you. con, keep us updated if you hear anything. If there's a solution it might help someone else in this thread. Hip Hoptimus Prime, congratulations! As you said, that paperwork is a nightmare, I'm glad you were able to get it sorted out! washow, frankly if you can stand to live there it's better to save money than to take out any loan to move out. However, whether it's worth it is totally up to you. Remember that living with them saves you on rent, food and utilities all at once. If you end up working that's money straight for the bank.
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Aug 20, 2012 01:50
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For a state school, what's the average amount of student loans that students take out? I can take $7k unsub loan but I don't think I would require that much for the whole school year. I'm a terribly spoiled brat, with my parents providing everything I need for me. On one hand I realize that I'm a very fortunate person for having a sound financial support but on the other hand I started to realize how it's turning me into an rear end in a top hat. I'm a grown rear end man and I need to start acting like one, even if it will put me in a temporary debt. Problem is that I don't really know what's what haha...
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Aug 20, 2012 21:18
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Don't take out extra loans if your parents are paying for everything. What? To answer your question, I read recently that the average public university grad in 2012 has over $20,000 of loans and the average private university grad has around $30,000. This is not a good or desirable thing. If you want more responsibility, get a job.
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Aug 20, 2012 23:50
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quote:For a state school, what's the average amount of student loans that students take out? I can take $7k unsub loan but I don't think I would require that much for the whole school year. Who gives a poo poo what the average is? You still have to pay back every cent you take out. washow posted:I'm a terribly spoiled brat, with my parents providing everything I need for me. On one hand I realize that I'm a very fortunate person for having a sound financial support but on the other hand I started to realize how it's turning me into an rear end in a top hat. I'm a grown rear end man and I need to start acting like one, even if it will put me in a temporary debt. You're obviously young and inexperienced because this is a very dumb attitude to take. Having sound financial support doesn't make you an rear end in a top hat, being an rear end in a top hat does. "Grown rear end men" know when to accept help that has been given to them, instead of needlessly taking on debt that is anything but temporary. And just because you sleep and store your stuff at your parents' house, doesn't mean you have to spend all your time there. Get involved in clubs and campus activities, every college has them. That way you can live the "college life" without having to pay for it big down the line. quote:A bad financial decision but a good life decision someone who has never had to pay back student loans without a job said.
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Aug 21, 2012 00:14
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I agree with the "get a job" sentiment. You do not need to take out debt to be an adult. In fact, taking out debt you don't need is the antithesis of a smart, mature choice. If you need the loan, use it. If you don't need the loan, do not use it.
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Aug 21, 2012 00:25
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I wasn't saying that I would just live off the loans. I just don't have much money saved up and I would really like to move out of the house hence the loan question. I will get a job asap of course. It's gonna be some minimum wage gig but I'm not complaining
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Aug 21, 2012 03:11
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washow posted:I wasn't saying that I would just live off the loans. I just don't have much money saved up and I would really like to move out of the house hence the loan question. We're getting into E/N territory here. The correct financial decision is to live with your parents, unless they are abusive. You really need to have a plan or reason for your actions though beyond "i want to be a real man ugh parents  "quote:I will get a job asap of course. It's gonna be some minimum wage gig but I'm not complaining Since you're in CS I would look around for opportunities for some work that will contribute to your resume. My school always had postings for student help to contribute to a small website or some other coding project, often for pay. Or use your spare time to contribute to an open source project or three. That use of your time will be worth much more to your career than minimum wage slavery at a fast food joint.
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Aug 21, 2012 04:04
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How much/often does the Education department/Loan servicers actually care about whether or not student loans are used for education related purposes? I ask because someone I know paid some fines to the court for two tickets using student loan money some time ago, and I want them to quit freaking out that their loan will be accelerated and their souls will be claimed by the devil  Also how would they even find out? It just seems that when people get their student loan refunds that's the end of it, no follow up or anything. Corny fucked around with this message at 03:52 on Aug 28, 2012 |
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Aug 28, 2012 03:42
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Corny posted:How much/often does the Education department/Loan servicers actually care about whether or not student loans are used for education related purposes? I ask because someone I know paid some fines to the court for two tickets using student loan money some time ago, and I want them to quit freaking out that their loan will be accelerated and their souls will be claimed by the devil They are being paranoid.
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Aug 28, 2012 15:43
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Corny posted:Also how would they even find out? If there is a large discrepancy between the costs reported by the school to the amount of loans being taken out, that would be a red flag I suppose.
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Aug 28, 2012 17:23
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They don't track the money at all once it's in the student's hands. The school will only take back money if the student stopped attending classes, in which case the school has to return money to the Dept. of Ed. There is literally no way for them to track the money otherwise. Some schools deposit the money onto a debit card to try and stop students from using the funds for stuff other than school-related (drugs), but normally the student can still withdraw money.
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Aug 29, 2012 02:16
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Wiggy Marie posted:There is literally no way for them to track the money otherwise. Some schools deposit the money onto a debit card to try and stop students from using the funds for stuff other than school-related (drugs), but normally the student can still withdraw money. Yeah, this is what happened to her. The school she attended partners with higher one and deposited her DL refund to that. She's paranoid that they will "investigate her card statements/higher one account" and find out that she used her card and money on court fees, a couple concert tickets, and apparently Skyrim too. I've been telling her that's ridiculous and would never happen in a million years. It's gotten through somewhat. I imagine the DOE put these clauses about not using student loans for educational things in case the police pull someone over for selling drugs that they financed using SL money that they got from school, or they start committing massive insurance fraud or poo poo like that, so that their asses are covered. Am I basically correct?
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Aug 29, 2012 02:37
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Pretty much yep. There's no audit performed on what students use the funds for so she really shouldn't worry 
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Aug 29, 2012 02:48
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I just sent this novel of an email to customerservice@salliemae.com and advocate@salliemae.com. It took me this long to document their stupidity. The purpose of my posting it in entirety is half bitching and seeking commiseration, and half asking for advice.quote:Hello, This situation would make Kafka proud. Is there anything else I can do to get this fixed short of canceling and going back to bill-pay (and consequently not get the baited lower interest rate), or better yet get free of Sallie Mae entirely? I'm sure they'll have a few  s at my presumption that I'm entitled to anything but being bent over by the insane machinations of their incompetent bureaucracy. 
celestial teapot fucked around with this message at 23:36 on Aug 29, 2012 |
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Aug 29, 2012 22:57
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Sounds like a system glitch. The system looks for a specific amount, and when it doesn't see that amount it goes a little wacky and automates late payment notifications. It's weird that their draft takes paid ahead into account - ours doesn't for exactly this reason. I wonder if you could call and request the paid ahead feature be turned off? As for the interest, I'm sure they won't write it off (not sure it's actually possible), however they might be able to reapply your payments in weird ways to show the full payment made each month and take care of excess interest. However, if you go that route it'll mean the payment that came out right after the accidental payment will hit more interest than principal, because that accidental payment took care of some of the interest hanging out on the account. You might want to take a look at your payments breakdown (interest vs. principal) to see if that's really a route you want to take. Remember that interest accrues daily, which means if there were only 5 days between the accident and the normal payment, there were only 5 days worth of interest to satisfy, which meant more of that payment hit principal (even though it wasn't a full payment the second time around. Does that make sense? Anyway, keep working on them but show some patience. When a system glitch like this occurs it actually can take a couple of months to make the system sort itself self, especially when paid ahead payments are involved. If it's really hurting your account there's nothing wrong with asking for a refund of payment, but if not then you might want to let the previous payments stand and just make sure that the full payment comes out in the future - including you sending a little extra if necessary to round it off until the paid ahead status catches up to itself.
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Sep 2, 2012 22:14
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Yeah, I worked in a call center for a year and a half and I more or less already internalized the lessons in the cracked article about it. I'm always polite to people on the phone because I know they guy on the other end of the line has very little power and even less responsibility for the problem. I had to write this letter because they've known about this for two complete billing cycles now. The answer really does seem to be "It'll get fixed when it gets fixed, so just live with it", but the answer they give me over the phone is "this will be corrected in the next few days, no further action is required on your part" followed by a collections call. My thought was that if I wrote a semi-angry email it might (a) eventually get forwarded up to a manager or someone who could really fix it or (b) help me to have a record in writing in case they try to sue me or something insane like that. The reason I want the interest is that looking back on it their auto-debit actually has been billing me less than my minimum payments. So I went ahead and paid what I owed with a check just to get them to go away, but that still puts me behind a few hundred bucks in payments from last month when the CSR was able to somehow just make it go away for 30 days. Really, what I want more than anything is for it to be fixed. I have plenty of money and actually want to start paying ahead for real once I get this bs sorted out and can readjust my monthly budgets. I definitely don't understand the point of having to figure out what "extra" amount I need to send on top of their auto-debit every month. If I have to do that I might as well go back to what I was doing. 
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Sep 3, 2012 00:06
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Honestly, your email could be forwarded, or you might get another canned email. If you got someone like me reading it, I would bend over backwards trying to fix the problem just because I'd be angry FOR you. Sadly Sallie isn't known for its amazing customer service, but here's hoping you get someone who cares about the service they give reading that email! PS - I don't work at Sallie or I'd take care of it myself, promise.
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Sep 3, 2012 03:17
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The only posts I've found about this in this thread were old and unresolved, but here's my question anyway: I have two consolidated Stafford loans from way back when I was in undergrad. I've deferred these while I was obtaining my PhD. I'm taking a Postdoctoral Fellowship at the beginning on the new year, and would like to continue to defer these. Can I? I know you can during a residency or something like that, which is a similar situation to a postdoc.
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Sep 7, 2012 16:25
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Honestly, you should probably contact your servicer. There's a deferment for graduate students in a fellowship, but it specifies graduate students so I'm not sure if there's a program available after that level. However, there are other deferments/forbearances you could use if you end up needing to.
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Sep 9, 2012 03:12
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Wiggy Marie posted:Honestly, you should probably contact your servicer. There's a deferment for graduate students in a fellowship, but it specifies graduate students so I'm not sure if there's a program available after that level. However, there are other deferments/forbearances you could use if you end up needing to. Eh. I guess I don't "need" to but it would be easier to put it off from 2 more years. I did talk to the servicer on the the phone, before I posted even. I don't think she knew what a postdoc was and kept asking me if I would be a "full time" or not. She seemed to just be reading off their website anyway so I just told her to forget about it. Maybe I should call back.
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Sep 10, 2012 22:41
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Poor thing, she probably has no clue what you're talking about. Generally the rule of thumb is if your school reports you as enrolled at least half-time you're on in-school deferment - which doesn't really apply to postdoc work. I looked over the deferments/forbearances and didn't see any referencing postdoc specifically, so based on the evidence I'm going to say that you can't use def/forb during this time specifically due to postdoc. But of course there's the other def/forbs you can use should you want to!
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Sep 11, 2012 14:54
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Question for those that know about IBR: I started residency in June with an income that's about 53k/year. For IBR purposes I sent in a form with my annual income, however my actual income for 2012 will be about half of 53k since I'll only work for half the year. Is there any way for my payments to be based off of half the income? The impression I get from talking to the greatlakes people is no and that I'll have to wait until the next IBR form for 2013, at which point they'll base my payments off of my AGI for 2012 off of my tax returns which seems silly.
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Sep 11, 2012 15:57
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Why did you do that instead of using last year's AGI? I am about to enter repayment with a $0 payment by doing that...
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Sep 20, 2012 03:00
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Tyro posted:Why did you do that instead of using last year's AGI? I am about to enter repayment with a $0 payment by doing that... Because I didn't earn any income during my 3rd/4th year of med school and had no tax return.
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Sep 20, 2012 05:11
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It sounds like they calculated it correctly, because IBR is a monthly estimate of payments, so generally they will take the annual total and divide it by 12 to figure out your monthly income. However you can always call and ask again. You never know the mood of the person you're talking to. Edit: To clarify, IBR is a great plan for some incomes and not so great for others, because when you start making above 40-50 a year, it might calculate higher monthly payments than the standard plan. Wiggy Marie fucked around with this message at 13:00 on Sep 20, 2012 |
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Sep 20, 2012 12:58
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