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ShaqDiesel posted:If you're a dependent student you might consider having a parent apply for a PLUS loan. If you they are approved you will be covered (although parent would then be obligated to repay that loan) ;if they get denied your Stafford loan would increase by $2000/semester. Welp, my parents credit is utter crap (both currently unemployed. I think I registered as independent because of that.) Would I still be eligible for a parent plus loan if that's the case?
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Aug 15, 2013 07:16
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Okay, so I need some help. I went to Le codon Bleu and got my two year degree in 2008, my loans totaled about 60k. As of now I have it down to about 40k, my loans Are sallie may, nelnet, and parent plus. My monthly payment was around 750$ until I left my job a few months back, now I am on deferment plans until I get into the military. What are some options for lowering my payments and maybe using some military benefits to help me out of the hole? My credit score is perfect, and I have no dependents and no other loans.
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Aug 15, 2013 07:30
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Stool Sample posted:Welp, my parents credit is utter crap (both currently unemployed. I think I registered as independent because of that.) Would I still be eligible for a parent plus loan if that's the case? They still need to apply for the ParentPlus Loan. If they apply and get denied, your Unsub Stafford limit increases by $2000. I don't believe it is possible for you to get the limit increase if they don't apply at all. edit: Wiggy Marie, I have a question for you. I just had a sub and an unsub loan taken out for this coming academic year. Yet, according to Great Lakes, the interest rate for both of these is 6.8%. I'm pretty sure Congress just passed a bill setting them at 3.9% for the year, so what gives? Wickerman fucked around with this message at 17:01 on Aug 15, 2013 |
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Aug 15, 2013 11:31
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Aerofallosov posted:I have an odd question. A couple of semesters ago, I took a short term loan to get some dental work. Had the payoff taken out of a refund. Apparently now they're saying I was refunded again and need to pay it again (And I should've had a hold on my account, but never did). I have no problem with that, but I was worried it would hurt my GradPLUS chances. How long does it take to show that I have everything paid off? Did you receive an actual refund for the amount they're saying you owe them? You need to triple check to be sure. If so, just set up a payment arrangement - unless you were already in repayment and delinquent on payments, which it doesn't sound like you are, your GradPLUS shouldn't be affected. MasterColin posted:TL;DR: can afford payments if she is working but can't have kids or live and her timer is ticking (per her words), should we do IBR. My recommendation is to get on IBR just so you have the lower payment option if needed for emergencies/unexpected expenses, and pay as much as you can anyway. You want to try and pay them off ASAP if you can, but that way you have flexibility with your payments. And you are correct that filing separately will qualify her for the IBR plan - just make sure to crunch the numbers hard to make sure the amount you're losing in refunds is worth the trade-off, money wise (it sounds like you pretty much already have!). Good luck! Stool Sample posted:Welp, my parents credit is utter crap (both currently unemployed. I think I registered as independent because of that.) Would I still be eligible for a parent plus loan if that's the case? This would in no way affect dependency status. The FAFSA is very particular about what a dependent is, so unless you qualify under one of those statuses, you're most likely a dependent in the system. That being said, I agree that you should have a parent apply for the PLUS to get them denied if possible, because this will make you eligible for more federal loan. Once that's done, you're looking at private loans - but you will most likely need a cosigner, because private loans don't mess around with bad credit. Do you have someone who could cosign for you? The website I generally recommend using is simpletuition.com for a private loan. There is also borrowsmart.afford.com. ShaqDiesel posted:Wiggy do you know what deferment options are available for Sallie Mae private loan borrowers? Specifically regarding unemployment. I honestly don't know, as I'm not familiar with their private loan programs. You'll have to call  Alternately, you might be able to check the information on the online site, a lot of places have ways to at least check def/forbearance eligibility online now. Wokrider posted:Okay, so I need some help. Well, if you're in active duty status there's an indefinite military deferment that can be applied to your account (you must notify the servicer). As for additional benefits, your commanding officer will be a better resource. Most military benefits are focused on paying tuition before taking out the loans, I'm actually not aware of a program for paying them off later, but that doesn't mean it doesn't exist - it might just be something you'd find through Veteran's Affairs/the commanding officer. Wickerman posted:edit: Wiggy Marie, I have a question for you. I just had a sub and an unsub loan taken out for this coming academic year. Yet, according to Great Lakes, the interest rate for both of these is 6.8%. I'm pretty sure Congress just passed a bill setting them at 3.9% for the year, so what gives? Frankly, the law was passed after the July 1st deadline, so not a single financial aid system in the entire country shows the current rates now. They will be retroactively applied, but students will need to be patient while schools completely overhaul their systems to take the new regs into account. From a financial aid point of view, this whole thing is a massive cluster, but at least the rates coming out for now will actually benefit students. In short, it will be fixed, just give the schools time to incorporate the new information. Thank you to everyone answering questions! I really appreciate the help!
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Aug 16, 2013 05:06
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ShaqDiesel posted:Wiggy do you know what deferment options are available for Sallie Mae private loan borrowers? Specifically regarding unemployment. I think it is similar to fed loans. I believe they have something on their website that tells you what to do. I can probably look this weekend.
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Aug 16, 2013 06:29
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Wiggy Marie posted:Did you receive an actual refund for the amount they're saying you owe them? You need to triple check to be sure. If so, just set up a payment arrangement - unless you were already in repayment and delinquent on payments, which it doesn't sound like you are, your GradPLUS shouldn't be affected. I did. And they apparently counted me as late, even though it never showed me having a negative balance or any holds for a few months. I feel awful, but I did check my account balance. Still, I'll have it paid by Friday and I wasn't sure if it would knock me off GradPLUS, though the school I am going to is waiting for mailed documents.
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Aug 16, 2013 08:26
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I looked back a few pages and didn't see anyone with this problem. I've been out of school and in an IBR payment plan. I received a letter in June that says we need to reapply by 9/18/13 or be switched to a Standard plan within 10 days. On August 12 we were charged the Standard amount instead of the IBR amount ($450 v. $48). When we called Nelnet they said it was because the IBR 12 month period ended in August. When we asked about the discrepancy in dates they basically said "sucks for you". The extra $400 basically emptied my husband's checking. It seems like Nelnet made an expensive (for us) mistake - do we have any recourse?
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Aug 17, 2013 10:17
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Tesla Insanely Coil posted:I looked back a few pages and didn't see anyone with this problem. Do you mean legally? In a word: no. Especially since if there was an issue with the payment amount, the servicer will say you could call and skip the payment using a forbearance, etc. etc. That's not to say you shouldn't complain/speak with a supervisor about the situation, but from the servicer's position, I'd find it strange that you waited until after making the payment to call them up. Just to be clear, I'm not saying they were right or that you shouldn't have been notified correctly, I'm just playing devil's advocate for the other side so that you can see what you might be up against if/when you complain. As for IBR, the 12 month period is non-negotiable, so definitely something to mark on a calender for future to avoid faulty notifications.
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Aug 17, 2013 21:45
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It was an autopay payment. We wouldn't have paid that amount knowingly. Thanks for the feedback. It just feels unfair that I can't trust the student loan servicer's information unless it's something with my signature. We've talked with our credit union. They have a "bill me" system that is automatic but will let us control better how much money the servicer gets so there's an idea for anyone who is or might use autopay. Edit: we had the customer service rep submit an inquiry to a committee (his suggestion and words) about why there was a discrepancy. Tesla Insanely Coil fucked around with this message at 23:32 on Aug 17, 2013 |
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Aug 17, 2013 23:29
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Tesla Insanely Coil posted:Thanks for the feedback. It just feels unfair that I can't trust the student loan servicer's information unless it's something with my signature. The entire student loan industry is designed to extort as much money from you as possible and gently caress you in the rear end the second your back is turned. Trust no one.
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Aug 18, 2013 19:05
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spwrozek posted:I think it is similar to fed loans. I believe they have something on their website that tells you what to do. I can probably look this weekend. I called Sallie Mae to look into this and they said no such options exist for any private loan they offer. I assume that's the whole reason they ask for a co-signer in the first place.
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Aug 19, 2013 16:18
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ShaqDiesel posted:I called Sallie Mae to look into this and they said no such options exist for any private loan they offer. I assume that's the whole reason they ask for a co-signer in the first place. Yep, that's the way SLM rolls. There are forbearance options, but daring to use them will hurt you more than help.
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Aug 19, 2013 16:46
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Well that is too bad. Also more motivation for me to dump as much money as I can into my wifes sallie Mae loans...
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Aug 19, 2013 17:48
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Pay off private loans as soon as humanly possible. That's the only recommendation I have for anyone looking to pay them off. Always pay them off ASAP, because they will haunt you until that bill is gone.
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Aug 19, 2013 23:13
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Wiggy Marie posted:Pay off private loans as soon as humanly possible. That's the only recommendation I have for anyone looking to pay them off. Always pay them off ASAP, because they will haunt you until that bill is gone. Don't be like me!
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Aug 20, 2013 02:04
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100 HOGS AGREE posted:I lie awake in bed at night thinking about my private loans more nights than I do not. And I'm paying down them as fast as I am capable. I am the same. What I do is set my budget, pay everything I have to, and look at what I have saved each month. Anything extra over my $500/mo save goal I dump into the private loans. Then I take any year end bonus and do the same type of thing. The balance does not go down fast enough though...
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Aug 20, 2013 04:04
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How long does it typically take for a response after applying for IBR plans? I applied for it July 30 and received a conformation email from AES on Aug 1 stating that they will notify me in 10 business days. It's been close to 15 now and I've heard nothing. Should I be waiting for an email or regular mail? My next payment is due Sept 01 and I'd like to know if I'll have a reduced payment before I pay the higher bill. Would it be a good idea to try calling AES to ask about the status? I applied through https://studentloans.gov Should I also apply through http://www.loanconsolidation.ed.gov/ or will that delay things?
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Aug 22, 2013 06:23
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Quid posted:How long does it typically take for a response after applying for IBR plans? I applied for it July 30 and received a conformation email from AES on Aug 1 stating that they will notify me in 10 business days. It's been close to 15 now and I've heard nothing. Should I be waiting for an email or regular mail? My next payment is due Sept 01 and I'd like to know if I'll have a reduced payment before I pay the higher bill. Would it be a good idea to try calling AES to ask about the status? I applied through https://studentloans.gov Should I also apply through http://www.loanconsolidation.ed.gov/ or will that delay things? Normally they notify via mail. Give your servicer a call to check on the status. You could also try logging in online, the payment due will tell if you're on IBR or not.
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Aug 22, 2013 13:30
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Do you guys think a major in Japanese Language and a minor in Economics with an rear end load of extracurricular activity is worth getting subsidized loans for?
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Aug 22, 2013 16:44
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Anyone see this yet? http://m.theatlantic.com/politics/archive/2013/08/the-white-house-wants-to-help-you-make-smaller-student-loan-payments/278948/ Given that it takes a long time for a loan to be completely forgiven, I'm guessing it's still best to pay off the loan, but I'm just curious on other opinions.
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Aug 23, 2013 13:48
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I'm not holding my breath on any of those reforms, and they won't help me much anyway as about half of my total loans are private loans and not federal ones. And I already pay just about 10% of my monthly income straight to my federal loan anyway.
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Aug 23, 2013 14:23
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Dryer Lint posted:Do you guys think a major in Japanese Language and a minor in Economics with an rear end load of extracurricular activity is worth getting subsidized loans for?
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Aug 24, 2013 04:19
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I think a double major in Japanese and Economics would be a lot better for getting a job in that sector of the industry. From what I understand, Japanese business is different enough from Western business that a deep understanding of the language, history, and culture would be crucial for success. Wouldn't want you to step on any toes by accident over there. This is assuming you're studying Japanese for business purposes not just personal enjoyment of course. Otherwise definitely major in Econ. Think about it, if you were the HR manager, would you rather hire an Econ minor or major? INTJ Mastermind fucked around with this message at 06:27 on Aug 24, 2013 |
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Aug 24, 2013 06:25
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Dryer Lint posted:Do you guys think a major in Japanese Language and a minor in Economics with an rear end load of extracurricular activity is worth getting subsidized loans for? You'll really need to give more info. What are your goals with this degree and how much debt are we talking? I say degree because job wise, after your graduate, nobody anywhere gives a poo poo about your minor and very few people give a poo poo about extracurriculars unless they are internships. If you just need to check the box to compete in today's lovely job market just majoring in economics would be a better bet. If you want to learn Japanese and live in Japan just go do that. If you want to go to grad school to study Japanese/Japanese culture you'll have massively more debt than undergrad. The amount of debt you are talking about taking matters a lot. There's a ton of difference between doing 2 years of community college for the basics and finishing out your bachelors at the state school with 10-20K in subsidized loans and doing the 4 year haul at an out of state school ending up with 80K in loans. You specifically mentioned subsidized federal loans only so at least there's that. But the difference between say 15k and 70k when it comes to quality of life post-grad is extreme.
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Aug 24, 2013 16:32
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Duckman2008 posted:http://m.theatlantic.com/politics/archive/2013/08/the-white-house-wants-to-help-you-make-smaller-student-loan-payments/278948/ I keep reading about the IBR plan. I don't understand the language that they use to describe it: "A partial financial hardship is when the 10-year standard monthly payment on what you owed when you first entered repayment is more than 15% of discretionary income." What does that mean? What is discretionary income? Right now I'm paying 13% of my total gross income per month to federal consolidated loans and when my private loans are due in December, it will probably be 25% of my total gross income. Does that sound right?
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Aug 24, 2013 16:36
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I'll be entering repayment on my loans soon and I have a quick question about the new 10% IBR plan. I have loans originating from 2004 through 2013. Is it possible to qualify for the 10% plan if I were to consolidate all of my loans, thus making it a 2013 loan? Since that seems too good to be true, are there any other options for reducing my loan payments? Between my wife and I we have a little over 150k in student loans. I will be going to worth for a non-profit hospital and hope to take advantage of the public service loan forgiveness after 10 years. I'd like to minimize my payments to take advantage of the forgiveness.
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Aug 24, 2013 22:34
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Dryer Lint posted:Do you guys think a major in Japanese Language and a minor in Economics with an rear end load of extracurricular activity is worth getting subsidized loans for? My question is: what does majoring in Japanese get you that minoring would not? I think having another language is very valuable in the job market, but I'm not sure why you would major in the language versus economics. Duckman2008 posted:Anyone see this yet? There's a lot of activity going on right now with student loans and proposed reforms. I'm skeptical of some, happy with others (the interest rate change, for instance). Cacafuego posted:I keep reading about the IBR plan. I don't understand the language that they use to describe it: Discretionary income is what you have left after bills are paid. The problem is that private loans don't use programs like IBR - you would need to contact the servicer of your specific loan to see what kind of repayment options, if any, they can offer you. gwarm01 posted:I'll be entering repayment on my loans soon and I have a quick question about the new 10% IBR plan. I have loans originating from 2004 through 2013. Is it possible to qualify for the 10% plan if I were to consolidate all of my loans, thus making it a 2013 loan? I believe so, as the DoE decided to use consolidation as a means to getting more borrowers eligible for their programs. I don't want to say 100% for sure, but you're certainly correct that a consolidated loan's origination date is based on when the loan was originated. However, borrower benefits might be based on when the borrower's first loan was originated - hence I'm not 100% positive that a consolidation would make you eligible. Either way, I highly suggest both you and your wife contact your servicing agencies and explain your income-to-debt ratios. You can both probably get onto a better repayment plan.
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Aug 25, 2013 21:41
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seacat posted:...job wise, after your graduate, nobody anywhere gives a poo poo about your minor and very few people give a poo poo about extracurriculars unless they are internships. I wanted to quote this because this statement is extremely important, especially for current and prospective students: Many employers often could not care less about what your degree is in, but will salivate like dogs if you have experience in the field. Get as many internships as possible, get a part-time job in a company that's related to your field, volunteer in an on-campus lab (for the sciences), do anything you can to get that on your resume.
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Aug 25, 2013 21:44
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100 HOGS AGREE posted:I lie awake in bed at night thinking about my private loans more nights than I do not. And I'm paying down them as fast as I am capable. My loans have made me suicidal. My education was not worth the amount that I am paying back now. If I understood the ramifications of my massive, soul-crushing debt 5 years ago I wouldn't have put myself in this situation. I have a whole mess of private loans that total to close to $85k at this point in time. I have a $10k loan I'm paying off personally very slowly. My family is trying to help me pay off my $25k loan with a 10.25% interest rate (now $36k) by taking out of their retirement fund. We just had a discussion that they may sell the house to pay off the rest of my loans (two other $25k loans). We tried consolidating and I was denied for having too much debt. I only make about $20k a year doing rough work (vet tech), but it's something I enjoy. At this point I'm not entirely sure what the next step to do is. The loan companies I'm with aren't budging and are unwilling to work with me. Is there something else I'm missing? I'll probably try taking up a second job in the fall at this point.
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Aug 27, 2013 00:14
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Shnooks posted:My loans have made me suicidal. My education was not worth the amount that I am paying back now. If I understood the ramifications of my massive, soul-crushing debt 5 years ago I wouldn't have put myself in this situation. Private loan companies generally don't budge. Private loans are like credit cards, and all that this implies. I'm so sorry you're struggling One thing a few friends have done is get a part-time job and plug every cent of those jobs straight toward the private loans.
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Aug 27, 2013 01:01
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Wiggy Marie posted:Private loan companies generally don't budge. Private loans are like credit cards, and all that this implies. I'm so sorry you're struggling Yeah, I've been meaning to apply part time to a few positions that are closer to what I studied. It'd be like 10hrs a week but it'd give me a boost in the field (I did no internships and no volunteer work in college  ) and give me a tiny bit of extra income.
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Aug 27, 2013 01:22
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I feel a bit bad about it, but part of me is grateful I've only got Federal loans (Stafford, and hopefully GradPLUS). On one hand, I wish I had never taken on student loan debt. On the other, I got a lot of research experience in this time around, connected with people, got a few hobbies in, got better medical care and therapy and am quietly chugging towards a Master's program and escaping call centers because my first degree isn't cutting it. That said, my alma mater screwed up, and a payment I made for a short term loan in fall 2012 apparently got marked as overpayment for tuition. They aren't sure why I was able to register, why my balance showed 0, etc for the better part of a year. If I had known about it, I would have paid it. I paid it off ASAP, and I sent my SAR to the university I want to go to in October. Would the loan being paid off show when they check it now so I don't get hosed on GradPLUS?
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Aug 27, 2013 09:47
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Shnooks posted:My loans have made me suicidal. My education was not worth the amount that I am paying back now. If I understood the ramifications of my massive, soul-crushing debt 5 years ago I wouldn't have put myself in this situation. Because I didn't know any goddamn better I was a loving teenager. By the time I started to realize maybe I should have picked a different major I was a couple semesters away from my degree and it was too late to change my previous uninformed decision. I wish I had access to this thread back then.
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Aug 27, 2013 13:41
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100 HOGS AGREE posted:This. I don't ever plan on having kids but on the low chance that I do I'm going to do a lot better than my parents did, who basically told me "You gotta go to college!!" and then passively nagged me about what I was planning to do with my major instead of actually forcing me to have a real discussion about what my life goals might be. I think this is a major issue for basically everyone in the 18-28 generation. For benefit of the doubt, either tuition was lower for our parents when they went to school, or our parents didn't go to college, so its either a misperception on how badly costs have sky rocketed, the dream of getting your kid to the level you couldn't get to, or a combo of both. I'm all for education, but yeah I think we are hitting a plateau cost wise. My favorite is schools asking alumni for donations. I liked my school, but gently caress giving them more money.
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Aug 27, 2013 16:51
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Duckman2008 posted:My favorite is schools asking alumni for donations. I liked my school, but gently caress giving them more money. Before I even received my first paycheck they were asking me to donate to the school, donate to a scholarship fund (so that a future student may receive $1000!), join us for a charity dinner, buy our merchandise. Guys, you put me into six figure debt. I think our financial relationship is over. gwarm01 fucked around with this message at 18:00 on Aug 27, 2013 |
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Aug 27, 2013 17:49
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Aerofallosov posted:I feel a bit bad about it, but part of me is grateful I've only got Federal loans (Stafford, and hopefully GradPLUS). On one hand, I wish I had never taken on student loan debt. On the other, I got a lot of research experience in this time around, connected with people, got a few hobbies in, got better medical care and therapy and am quietly chugging towards a Master's program and escaping call centers because my first degree isn't cutting it. Did it go onto your credit? That's the only reason it would affect GradPLUS. However, it sounds like this was a school system issue. Do you have billing statements that show 0 balance, etc.? If so, you might consider appealing your credit scores, assuming you got negative reporting.
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Aug 28, 2013 23:30
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Wiggy Marie posted:Did it go onto your credit? That's the only reason it would affect GradPLUS. However, it sounds like this was a school system issue. Do you have billing statements that show 0 balance, etc.? If so, you might consider appealing your credit scores, assuming you got negative reporting. Looks like everything's okay. I passed the credit check, but I was /really/ miffed that I had a short term loan out for a year and had no warning about it. I try to be responsible with these things. I was certain I'd paid it because if you don't, it comes out of your aid and my aid was billed the precise amount. I took the statements to them but they were like 'well, we don't know. It just says here you owe'. So I just paid it and was done with it after a couple of hours of explaining what I think happened.
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Aug 29, 2013 01:08
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I'm glad you were able to get it all resolved, but I can certainly see the frustration. What a strange situation!
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Aug 29, 2013 02:33
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*edit* Found my answer. Ghost of Eazy E fucked around with this message at 04:57 on Aug 29, 2013 |
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Aug 29, 2013 03:09
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Wiggy Marie posted:I'm glad you were able to get it all resolved, but I can certainly see the frustration. What a strange situation! Yeah, it was. They still claim it was never taken out of my aid, blah blah. Ooh well. I think they were changing from VMS to Banner at the time.
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Aug 29, 2013 07:08
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