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LemonLimeTime posted:I'm freaking out that I've taken out way too much in loans and will have a bill over my head for the rest of my life. Or at the very least (calculated out) the next 15 years or so after I graduate college next year. How realistic is this? I've already taken out $17,000 and this year I have the option to take out $16,000 or possibly more and only $6,000 of it I need for tuition. However a large chunk of that $16,000 loan for this year would seriously help with certain expenses. (knocking out my Bill Me Later bill once and for all so I no longer have to deal with it, medical expenses that I need) On a ten year loan that's going to be roughly $300/mo, depending on interest rates. That's basically nothing in the student debt world.
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Jul 2, 2013 00:24
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mastershakeman posted:On a ten year loan that's going to be roughly $300/mo, depending on interest rates. That's basically nothing in the student debt world. I agree here. If you have better rates versus what you are paying off it could be worth it. Plus the medical thing (health is good and all). Long story but my wifes dad basically stole her credit card in high school and she owed $6K with 19% interest. She took an extra loan at 6.8% just to escape out of it. For reference on a $300 payment, we put $1500 a month into student loans. It will take us about 6 years (unless I get a bonus at work and can dump money into them) to get them paid off.
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Jul 2, 2013 01:23
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In January 2013, my IBR student loans were sold from Direct Loans to MOHELA. Just today, I got an incomprehensible letter saying that my payment plan has changed. I contacted MOHELA, and they said that I needed to 'reapply' for IBR every year or else my loans would be automatically switched to the Standard repayment plan. Also, I need to send in a "tax return transcript" to prove my income when I reapply. Luckily I can get that from the IRS free of charge, but it still takes time, and I was on IBR since my loans entered repayment in '07 and never had to deal with that until the servicer changed. What the hell is going on here?
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Jul 6, 2013 04:47
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Servicers have to renew IBR every year, since it's based on income. I'm not sure why you wouldn't have had to submit tax information annually with Direct, but every other servicer has to review your information annually. It's not a scam, though. One caution: if your income has increased in that time, and your payment with Direct never did, it's possible you will see a change now.
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Jul 6, 2013 23:24
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Wiggy Marie posted:They can pull the FAFSA more than once, but changes to household size require additional verification because it has such a large impact on the EFC. Wiggy Marie, thanks so much for your insight. Will I be able to appeal to increase the household size without my brother-in-law's statement? What if I had a statement from each of my parents? He is having a falling out with one of my parents and is acting pretty distant; I'm afraid that he might not want to do this anymore, and that puts me in a bit of a rut.
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Jul 8, 2013 23:22
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Unless the school requests a statement from him, what they actually need is a statement from you saying that you'll be providing over 50% support through *insert date*. I'm not sure how hard core your particular school is about professional judgments, but I would recommend starting with a personal statement and any supporting documentation (if applicable), and going on from there.
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Jul 8, 2013 23:32
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I'm applying for a CAL Loan in Texas, and my understanding is that the repayment period does not begin until after I graduate or cease being enrolled at least half time for a 6 month period, as shown here: http://www.hhloans.com/index.cfm?objectid=21A41908-C7D3-A868-66FB91774CF078CB Strangely, or perhaps not, that doesn't show up in the promissory note thing that I/my cosigner must sign and mail to them. Should I be worried or what?
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Jul 11, 2013 22:54
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That seems a tad strange, although if it helps I know of this loan and from what I know it's legit. The MPN should discuss the grace period, though!
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Jul 12, 2013 00:47
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So, I have resolution for my problem and I figured I'd update you Wiggy Marie just so you can feel good about helping me.  Turns out that my university did repull my updated FAFSA in March and my award package was calculated with the increased household size. So basically, no need to appeal. Guess I should've waited until July 1st to see the Federal financial aid judgements.
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Jul 12, 2013 00:56
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Awesome! Nothing wrong with double checking everything to make sure! I'm glad it worked out for you.
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Jul 12, 2013 01:17
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Your advice has been invaluable, even though I was mostly being a panicky anxious mess. So, for more productive questioning: I'm considering taking out 2,000$ unsubsidized Stafford and putting it in an account for medical school application fees (and purchasing a suit, and a bag for hauling it). I guess that I'm just anxious about taking an unsubbed loan since I've been going to school for 3 years now and have kept my debt strictly to subsidized loans. I guess I'm just asking you if it's gonna be okay?
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Jul 12, 2013 02:14
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Wickerman posted:Your advice has been invaluable, even though I was mostly being a panicky anxious mess. As an MD I can say it'll be the first in a long line of unsubbed loans once you get into med school. I owe direct loans as much as I owe on my home loan.  It won't be the end of the world but do try to stretch your budget as much as possible, it all piles up really, really quickly.
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Jul 12, 2013 05:13
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Right now I am living at home going to a two year program at my community college. (My mom is claiming me as a dependent) I have plans to move out with my boyfriend over summer break. He works full time and can cover most of our expenses, i will be working part time to cover the rest. My question is, will moving out of my house effect my FAFSA award? Can my mom still claim me as a dependent? I am 20 years old.
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Jul 12, 2013 20:20
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Taxes and FAFSA dependency are two different criteria, so for taxes it'd be best to consult an accountant. However, for FAFSA purposes, moving out doesn't make you independent. There are very specific criteria you must meet in order to be independent per the FAFSA: - you're 24 years old by the end of the school (aka award) year - you are married - you have legal dependents - you are an orphan or ward of the court - you are a veteran of the US armed forces - you are a graduate or professional student
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Jul 12, 2013 22:14
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First, this is a great thread I'm catching up on. Second, I'm sorry if this has been asked. I guess we can't do a thread search anymore? I skimmed the last few pages and didn't see anything on it. Is it worth it to take out additional loans to cover living expenses? Or is there a better way to do this than taking out extra student loans? I'm 25 and moving from my parents to go to school in Philadelphia. I'm going to be living with other students in off campus housing that is unaffiliated with the school. I got a pretty good financial aid package, but because I've been paying out of pocket to go to a community college for the past year I have no savings to speak of, and don't have a job yet in Philly. Am I right in assuming that for loans on top of my financial aid package I'm looking at private loans? For the record I already applied for state grants and federal aid, and I'm also applying for scholarships now. This is happening soo fast (I just got accepted like, not even 2 weeks ago), and I'm starting to feel a little pressure now.
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Jul 13, 2013 00:07
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First off, congratulations on your acceptance! I hope all goes well! My recommendation is to only take out loans if you absolutely need them. If you can find a job to cover living expenses outside of what your loans will cover, that's the better option. In terms of what's available outside of the financial aid package, are you dependent or independent? If you're dependent, the PLUS loan is something your parents might be willing to consider. If not, then you're correct that private loans are what's left. Good luck!
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Jul 13, 2013 02:38
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Thank you. My fear is that I won't be able to cover the living expenses while working, and that there will be a layover where I do not have money to live before finding a job and getting paid. And I'm on as an independent, so I can't wait to deal with more private loans.
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Jul 13, 2013 03:14
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If you have extra scholarship or sub loan money after paying for tuition the school will cut you a check for the remainder. When I moved to cheaper off campus housing it paid for my rent
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Jul 13, 2013 04:23
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Yeah, I know that, the problem will be the months before that check arrives. Thanks though.
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Jul 13, 2013 04:43
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I'm returning to school after a semester off and transferring to a 4 year university and transferring my general ed credits from technical college, I got accepted and my generals did transfer into my new program, I've gotten a room and roommates assignment already and today I received this form in the mail today. http://i.imgur.com/YTRAzYz.png The thin is I already received a form like this a few weeks ago ( http://www.uwstout.edu/services/finaid/upload/IVF-Independent-Worksheet-13-14-v2.pdf ) , it's not the same form but it's from the same office and asking for the same. I filled that out sent it in. Now I'm getting this new form. I know they received the first form because the hold on my account from it was removed and I could enroll in classes. I'm not really sure what info they're looking for that I haven't already gave them. I'm Independent but I live at my dad's and didn't make enough to file taxes for 2012, I lived off my work study earnings and what I received that was left over from my financial aid last fall. Is this what they want in the 13th line? I've tried calling the number of the new form multiple times today without answer or even voicemail and no response from email. So I'm freaking out a little, cause I absolutely cannot afford to go if I don't get financial aid. Shuffle fucked around with this message at 05:20 on Jul 13, 2013 |
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Jul 13, 2013 05:17
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So my 3 years of community college are basically up. (that extra one due to slacking off hardcore). Despite that though I've always had classes paid for by FAFSA, nothing more or less. I have one more semester to round my units to 60 to transfer, which is going to be a cake walk. Knowing that colleges do fall admissions, looks like I have to wait it out until this time next year. I'm bummed about that but at least I have more time to think I guess. I recently moved out, and I have a job that luckily covers the expenses that involve living on my own, but little more. I live in a small disconnected rural town so rent is as cheap as it gets. Apparently I can't register as independent either, so while i'm still getting my classes paid for, I don't think i'm getting any extra cheese on top of that, despite living outside the parental nest. I figure an actual four year university is going to be incredibly expensive, on top of housing. If I am barely covering expenses now, I guess it's student loan time? Is it responsible to offload my housing and tuition onto student loans, and just use my income to pay for things like food, gas, and the like? I think it would be sort of nice to offload that concern for the time being while im at school and work.
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Jul 13, 2013 07:44
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You should have no problem transferring for the winter semester. Just call the admissions at the new school and figure out what you need to do. Then make sure all the credits transfer (or talk them into it at least).
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Jul 13, 2013 08:07
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Shuffle posted:I'm not really sure what info they're looking for that I haven't already gave them. I'm Independent but I live at my dad's and didn't make enough to file taxes for 2012, I lived off my work study earnings and what I received that was left over from my financial aid last fall. Is this what they want in the 13th line? No worries on the new form, this is a normal part of the financial aid verification process for a lot of schools. The initial form you filled out was their initial verification form, and now they're taking additional information because the income reported on the FAFSA is low compared to the number in household you reported. It's super common and not scammy, I promise! They're just trying to figure out your income/outcome ratio based on household and reported income. Just fill out the form honestly (indicate which bills are paid by your parents on your behalf, such as whether they pay for your cell phone for you, that sort of thing), and for stuff like "rent" just put "live with parents." If they need further clarification than that, they'll let you know. Since you're independent, you only need to fill out the "student" column. Avocados posted:So my 3 years of community college are basically up. (that extra one due to slacking off hardcore). Despite that though I've always had classes paid for by FAFSA, nothing more or less. I have one more semester to round my units to 60 to transfer, which is going to be a cake walk. Knowing that colleges do fall admissions, looks like I have to wait it out until this time next year. I'm bummed about that but at least I have more time to think I guess. I recently moved out, and I have a job that luckily covers the expenses that involve living on my own, but little more. I live in a small disconnected rural town so rent is as cheap as it gets. Apparently I can't register as independent either, so while i'm still getting my classes paid for, I don't think i'm getting any extra cheese on top of that, despite living outside the parental nest. It's a good idea to take out as little loan as possible and pay out of pocket for the rest. Also, you should still be able to transfer in for the Fall for most universities, admissions don't normally close until later in the summer. Check out their deadlines! If not Fall, then you can certainly still apply for Spring!
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Jul 13, 2013 12:33
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My fiancée's student loans are killing her finances. Her payments for all of the different loans are literally more than an entire paycheck. They are all unsubsidized federal loans. She wants to consolidate them, but she is unsure if she can because she is not a US citizen yet, just a permanent resident. Would she be eligible to consolidate them through the Feds?
BobbyDrake fucked around with this message at 13:00 on Jul 17, 2013 |
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Jul 17, 2013 12:58
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Yes, she should be fine doing a consolidation. She should also contact her servicer(s) about repayment plans to make sure she's on one that will keep her payment manageable.
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Jul 17, 2013 16:55
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I'm using Great Lakes as my loaner and I already paid off my Unsubsidized Stafford Loans. But in doing so, it says that I paid ahead until January of 2016. Do I still have to pay monthly as they required or am I off the hook until 2016. Obviously I'm going to continue to pay monthly to at least shed off the interest, but I was just wondering if they would penalize me if I paid ahead and didn't pay for the next month.
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Jul 18, 2013 00:55
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You should check and make sure you have no incentives that are based on consecutive monthly payments, as those would be impacted if you decide to skip a payment. Otherwise, you'd be fine. I would highly suggest continuing the regular payments though, since your interest will build up a ton and you don't want that!
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Jul 18, 2013 00:59
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Wiggy Marie posted:You should check and make sure you have no incentives that are based on consecutive monthly payments, as those would be impacted if you decide to skip a payment. Otherwise, you'd be fine. I would highly suggest continuing the regular payments though, since your interest will build up a ton and you don't want that! Thanks for the quick heads up! My monthly billing statement says that my total due for this month is $0.00 and my next required payment is in 2016. But yeah, I'll definitely continue my regular payments. Also, my sister is going to be in a deeper hole than me regarding student loans. She's signing up for private loans but she doesn't know how to tackle it. Considering that I never applied for it, I was kind of confused too. We checked out two loans, one from Sallie Mae and one from Discover. In order to get the interest rate, I assume that she would have to sign up for an account while registering her SSN, correct? And she doesn't need to accept one rate if she find the other lower and more accessible, correct? That would leave her with two account and with one where she'd be paying off her loans then. I know these questions are a bit basic, but its hard to understand something if you can't find the answer on google. Thanks in advance
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Jul 18, 2013 01:15
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Pistol Packin Poet posted:Thanks for the quick heads up! My monthly billing statement says that my total due for this month is $0.00 and my next required payment is in 2016. But yeah, I'll definitely continue my regular payments. The thing with private loans is that the interest rate quoted might not be what she ends up with, because it will depend on her credit check. Is a private loan her only option? Is there any chance of some other kind of loan? If not, tell her to make a list of questions and call to ask them what their policies are. Some things she needs to ask are: 1. How long is the deferment available on the account? Is there a limit, or is it always applied when she's attending at least half-time regardless of time? 2. Is it just the principal that's deferred? In other words, will she be required to make interest-only payments? 3. What repayment plans are available for future use? 4. Are there any incentives? 5. Is there a cap on the interest rate? What is it, if so? 6. If she can't make payments due to emergency or low income, is there any forbearance/deferment program available on the account? 7. What is the origination fee on the loan? As in, if she gets a loan for $5,000.00, how much will the school actually receive? If anyone else who has private loans can think of other questions to ask, please respond! Until she signs the contract, she does not need to accept the loan. Even once it's been disbursed, she can still return the money or cancel the loan - although she'll want to ask about their process if the loan needs to be cancelled to make sure there's no fees.
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Jul 18, 2013 15:10
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Wiggy Marie posted:Taxes and FAFSA dependency are two different criteria, so for taxes it'd be best to consult an accountant. However, for FAFSA purposes, moving out doesn't make you independent. There are very specific criteria you must meet in order to be independent per the FAFSA: But Wiggy, you forgot about the bullshit about being homeless!!!  Seriously though, you are doing God's work here.
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Jul 18, 2013 20:27
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That particular poster wouldn't qualify under the additional qualifications based on their stated living situation - so I didn't mention them! But those statuses are used a lot more than you might think, especially in community and junior colleges. They're a godsend to people who fall under those categories! Also, thank you
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Jul 18, 2013 21:14
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Just out of curiosity what type of documentation is typically given to prove homelessness?
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Jul 18, 2013 21:58
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The most common are letters from a school counselor (which would apply annually afterward as time progresses), letters from a social worker, letters from friends documenting what the student's situation is, etc. Since the kids are working with financial aid, a lot of times the school will get to know their situation pretty well and work with the student.
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Jul 18, 2013 23:43
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Wiggy Marie posted:The thing with private loans is that the interest rate quoted might not be what she ends up with, because it will depend on her credit check. Is a private loan her only option? Is there any chance of some other kind of loan? If not, tell her to make a list of questions and call to ask them what their policies are. Some things she needs to ask are: I got the information needed when we talked with a online representative and from looking at the rates and fees. My sister doesn't really have any other loans to go to since her federal aid was not even half of what I got when I enrolled 4 years ago. It's a shame. Because this is our first experience looking at alternative loans, we only heard of private loans such as Sallie Mae and Discover.
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Jul 18, 2013 23:44
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Take a gander at simpletuition.com as well, to see if there's a better deal out there for her.
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Jul 18, 2013 23:45
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My wife has 3 loans through sallie Mae. So far it has been an easy process to replay them. What really kills is the rate 7.75% she had and then sitting there for 6 years getting interest. So if you can pay off the interest that would be good. They will capitalize it at some point and that is no good. Her one loan went from $14K to $20K in that time. I have heard plenty of stories about sallie not being so good so you can consider that as well.
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Jul 19, 2013 00:23
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Wiggy Marie posted:Take a gander at simpletuition.com as well, to see if there's a better deal out there for her. So we found out that she would need to esign her documents before sallie Mae approve her loan. There was no interest rate told for the loan. If she signs her documents does that still mean she is able to shop around for a lower rate? Or does it mean that she will sign her name for the loans to go through regardless of checking the interest rate?
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Jul 19, 2013 02:57
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Don't sign any document that doesn't disclose the initial interest rate. In fact, you shouldn't sign for any loan until you know as much as possible about the program. That is very odd that they would have her esign for the loan before showing her the rate she'll receive. It's possible that the credit check is part of the esign process (and they can't tell you the interest rate until they do the credit check). Still, I wouldn't sign any financial contract until you have all of the information first!
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Jul 19, 2013 14:48
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Alright, thanks for the tip. My sister hit another snag in the application process. For some reason, they can't verify her personal information stating that their may be a mistake when she inputted it so now she needs to send in her Promissory Note to Discover delaying the process. 
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Jul 20, 2013 02:13
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What kind of info can you tell me about the Public Service Loan Forgiveness program? I'm a nurse and I work for a not for profit hospital. I've already consolidated all my current loans through the federal Direct Loans consolidation program. Am I correct that if I make payments for 10 years and I'm employed as a nurse full time while working for a not for profit hospital, my loans will be forgiven?
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Jul 22, 2013 04:44
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