|
Eris posted:That's what I think too ... but what about trying to knock out loans before they have a chance to accumulate interest?
|
#
?
Jan 28, 2014 22:13
|
|
|
|
| # ? Jun 9, 2024 13:05 |
|
|
Hey thread, I didn't really see anything in the OP that answered my question, so I'll ask here: I'm an independent student that is going back for a second bachelor's degree which makes me ineligible for all financial aid except Stafford loans. The cost my education is going to exceed the $12,500 annual Stafford limit that applies to me. What are my options for financing the rest my tuition? Just private loans?
|
|
#
?
Jan 30, 2014 07:21
|
|
|
Tomahawk posted:Hey thread, I didn't really see anything in the OP that answered my question, so I'll ask here: I'm in your same boat. If you didn't use financial aid the first time and have a low EFC, you should qualify for the full Stafford amounts. Anything above that needs to be scholarships or private loans. I got a Perkins my first year, but none of the following years, so don't count on those. I would recommend attending somewhere that either gives you enough in scholarships that the additional cost doesn't matter, or attending a university where the cost of tuition doesn't exceed financial aid available.
|
|
#
?
Jan 30, 2014 14:12
|
|
|
I'm an American, going to be applying for US student loans for a program in Australia that starts early next year. I've never had student loans before (rode the Bright Futures gravy train as an undergrad in Florida in the early to mid 00's), so it's all pretty new to me. I've actually got... some money saved already. For the purposes of this thread, let's call it more (but not substantially so) than enough to pay my tuition for the two year Master's program I've been accepted to. However, for my visa, I also need to show enough cash to live for those two years as well, about US$16k/year (university said most do it for less than that, it's just the government's official mandated figure). So at this point, I assume what I'll be doing is taking out a loan to pay the tuition, and pointing the government at my bank account for living expenses. I hope to be working while I'm there to offset the living expenses, but I've taken some Master's level coursework as an undergrad and know how busy one can get, plus I've got unpaid teaching practicums to complete. I've been working overseas the last 3 years, making $47k-35k (thanks, loving yen making a comeback). Am I right to expect I'll probably only have access to higher-interest private loans? If it makes any difference, I'm going into education, although it'd be over in Australia, not in the US. Would I at least be out of the woods for having to have a co-signer? No credit card debt, haven't really used credit cards all that much, actually :-\ I'll definitely be looking more into scholarships (I'm already receiving one from the university for a 25% reduction of my fees, which is great!), but from what I can tell there's not much out there for me given my nationality/current income/field. Not complaining mind you, I've been lucky as hell so far.
|
|
#
?
Jan 31, 2014 06:08
|
|
|
If it's a Master's program that is accredited through the US, then you can actually get GradPLUS federal loans instead of private loans. If it's not accredited as an international school, you'll need to be looking at private loans.
|
|
#
?
Jan 31, 2014 23:12
|
|
|
Wiggy Marie posted:If it's a Master's program that is accredited through the US, then you can actually get GradPLUS federal loans instead of private loans. If it's not accredited as an international school, you'll need to be looking at private loans. Thanks! As it turns out, my university is one of the few in Australia not participating. (On the other hand, I reckon the 25% off scholarship I got more than makes up for that, the international fees are all about the same across the board otherwise). If anyone's curious, I found the list here. I was considering using my USAA membership, as they partner with Wells Fargo. Obviously, terms will depend on my credit history, etc, but does this look like a good starting off point? The lack of a penalty for early repayment is a big plus, I have a real distaste for owing money and plan to get them paid off ASAP. Pompous Rhombus fucked around with this message at 00:08 on Feb 1, 2014 |
|
#
?
Feb 1, 2014 00:05
|
|
|
So, I have a rant/question. I was denied for Stafford loans from my local community college (which only awards 2 year degrees) because I already hold a bachelor's degree. It did not say this anywhere on their financial aid web site--about people with bachelor's degrees not being allowed to get federal aid. However I didn't know this until after the term started. We paid cash out of our savings for our classes, figuring that I would be "reimbursed" with loan money, but now I won't be. Meanwhile, I have friends who, at other community colleges, obtained Stafford loans after already holding a Bachelor's degree. What gives here? I'm nowhere near aggregate limits or anything like that. I only borrowed $11,000 when I was an undergrad the first time, and it's paid in full because I got teacher loan forgiveness a year and a half ago. There was also a few thousand more that I took out for some graduate coursework, but all that is paid off too. But nowhere near the 55K or 60K limit. I also have a 735 credit score, even though credit doesn't necessarily matter for fed loans. In 2012 me and my husband made about 60K combined and same in 2013 but this year (2014) it's going to be about 1/3 that since I'm no longer working and half my husband's income is tax free housing allowance from the Army so on paper it will "look like" 20K even though he's really making about 36K. Finally, if I couldn't get Stafford loans at the community college, what will happen when I transfer back into a four year school for a second bachelors? Am I going to be completely hosed? It's one thing to pay cash as we go for classes that are $80 per credit hour but even a public four year will be double or triple that per hour. Even as an in-stater. I am angry and stressed and second guessing my entire career change because of this hiccup. Any advice? 
|
|
#
?
Feb 1, 2014 01:01
|
|
|
Hip Hoptimus Prime posted:So, I have a rant/question. Did they give a particular reason why? I'm a Direct Loans program coordinator at a community college and I can't think of a certain reason why they should deny you. I sometimes hear from students upset that they can't get Pell grant funding after their Bachelor's, but I don't know why they would deny federal loans. I didn't see in your past posts after a quick look on my phone, but are you doing a degree/certificate there or prerequisites for the four year school?
|
|
#
?
Feb 1, 2014 01:24
|
|
|
My loan consolidation disbursed today! Shouldn't be too long til my old loans are gone gone gone, I was so impressed with the service I got from them I even sent a thank you email to the company for not being total garbage like most of my other loan companies.  However, I have this nagging feeling that even though I and they did everything right, I'm going to log into my SallieMae account in a couple weeks to see a balance of like 20 cents or something.
|
|
#
?
Feb 1, 2014 01:30
|
|
|
Pompous Rhombus posted:Thanks! As it turns out, my university is one of the few in Australia not participating. (On the other hand, I reckon the 25% off scholarship I got more than makes up for that, the international fees are all about the same across the board otherwise). If anyone's curious, I found the list here. USAA generally has better deals than anywhere else, and Wells Fargo has a good reputation in terms of private loans, so I think this is a good route to go. Thank you for sharing the link! Hip Hoptimus Prime posted:So, I have a rant/question. I agree with Kitsch!, there's no regulation barring you from taking out additional loans if you have a previous Bachelor's (that's how I'm getting mine). You need to get a reason from them. Let us know what it is, Kitsch! or I can research the regs for you to see if it's legal. 100 HOGS AGREE posted:My loan consolidation disbursed today! Shouldn't be too long til my old loans are gone gone gone, Hooray! I know you've had a lot of issues with Sallie, so congrats on getting away! At least 20 cents is easily paid off!
|
|
#
?
Feb 1, 2014 01:41
|
|
|
Wiggy Marie posted:Hooray! I know you've had a lot of issues with Sallie, so congrats on getting away! At least 20 cents is easily paid off! 
|
|
#
?
Feb 1, 2014 17:16
|
|
|
Kitsch! posted:Did they give a particular reason why? I'm a Direct Loans program coordinator at a community college and I can't think of a certain reason why they should deny you. I sometimes hear from students upset that they can't get Pell grant funding after their Bachelor's, but I don't know why they would deny federal loans. I am doing prereqs. Just a few math classes (spread out over multiple semesters because they have to be taken in a certain order). So no, it's not a specific program. That's the only reason I can possibly think of where they would deny it. My friends who had bachelors, then went to a CC, were enrolled in associate's programs (one friend did a bachelor's in international relations and finished it because she didn't want to not finish it, but then immediately went into an RN program at a CC and has Stafford loans from the CC program). I knew going in I couldn't get a Pell grant--that they told me up front, but I didn't expect one. I didn't even qualify for that on my first bachelors (parents made too much). Thankfully once I get to the four year school I won't have to take English and stuff since I did all that on the first go around, which will save me some money.
|
|
#
?
Feb 1, 2014 18:55
|
|
|
Hip Hoptimus Prime posted:I am doing prereqs. Just a few math classes (spread out over multiple semesters because they have to be taken in a certain order). So no, it's not a specific program. That's the only reason I can possibly think of where they would deny it. My friends who had bachelors, then went to a CC, were enrolled in associate's programs (one friend did a bachelor's in international relations and finished it because she didn't want to not finish it, but then immediately went into an RN program at a CC and has Stafford loans from the CC program). Thanks for the info. The only thing I can think of at the moment is they may have denied you if you're not enrolled at what your community college considers least "half-time" (which is six credits at my institution) OR if you're taking the classes to raise your GPA (but that doesn't sound like the case). Our math classes are five credits each so that might be the case. Especially if they're sequential order which would prevent you from taking more than one per quarter/semester. There is a stipulation in the regulations that students who are taking prereqs (or "preparatory classes") can receive loans if the classes necessary for admission into a degree program, but you do have to be enrolled at least half-time. Here's the text verbatim: 2013-2014 IFAP Handbook posted:A student may apply for a Direct Subsidized/Unsubsidized Loan (or a parent may apply for a PLUS Loan on behalf of a dependent student) for coursework the school has documented is necessary for the student to enroll in an eligible program. The courses must be part of an eligible program otherwise offered by the school, though the student does not have to be in that program. If enrolled at least half time in these prerequisite courses, the student is eligible for loans for one consecutive 12-month period (not per program) beginning on the first day of the loan period. If the period of preparatory courses spans more than one academic year, the student may receive multiple loans. We also have a lot of students doing prereqs for universities since classes are cheaper. Did your school's financial aid department ask for a list of prereqs or have any sort of prereq form/contract to sign? That's terribly frustrating that you'd get through the whole process of enrollment and self-payment only not even to be reimbursed if that was stated to you.
|
|
#
?
Feb 1, 2014 20:13
|
|
|
Kitsch! posted:Thanks for the info. The only thing I can think of at the moment is they may have denied you if you're not enrolled at what your community college considers least "half-time" (which is six credits at my institution) OR if you're taking the classes to raise your GPA (but that doesn't sound like the case). Our math classes are five credits each so that might be the case. Especially if they're sequential order which would prevent you from taking more than one per quarter/semester. There is a stipulation in the regulations that students who are taking prereqs (or "preparatory classes") can receive loans if the classes necessary for admission into a degree program, but you do have to be enrolled at least half-time. No, there was no prereq contract or anything like that.  I am enrolled in 3 courses (11 credit hours total--a 4 hour math class, 4 hour chemistry w/lab, and 3 hours of Spanish).
|
|
#
?
Feb 1, 2014 20:41
|
|
|
Hip Hoptimus Prime posted:No, there was no prereq contract or anything like that. To be fair, a contract is something I'm working on for my school (because for some reason, our students tend to try to throw in unnecessary PE classes), so wishful thinking  We do require a list of the prereqs from the four year school or documented by an adviser from the other school.If all those classes are required for entrance/admissions into your degree program, I would absolutely request some sort of appointment or explanation why you were denied. I don't know how your community college's financial aid is set up, but we have "front line" customer service staff (at some schools, they're work study students) who are trained in the basics, then upper level like managerial/supervisor who could possibly assist you. Good luck!
|
|
#
?
Feb 1, 2014 20:47
|
|
|
Thank you for all of your help, Kitsch! I don't have anything to add, beyond: wtf school? One quick thing to check: can you log into your FAFSA online, that you filed, and pull up the final screen? This would list comments that might affect your ability to receive aid (such as reaching agg limits, that sort of thing). It's worth a check to see if you have any reasons listed that might be preventing you from getting aid. Or maybe you were selected for verification and need to complete additional forms? That would show up in those comments also.
|
|
#
?
Feb 2, 2014 03:54
|
|
|
100 HOGS AGREE posted:I was curious and just checked, SallieMae will not accept a payment that is less than a dollar on their website.
|
|
#
?
Feb 3, 2014 00:07
|
|
|
Does anyone have experience with the alternative documentation of income form for IBR and debt-servicer "Nelnet" (the govt. sold all of my student loans to these people apparently) I had zero income in 2013 and don't have to file a return as far as the IRS is concerned. Doing this would allow my wife to check off the spouse exemption. Why she can't do this anyway if I send in a return that just has zeros is beyond me, but the rules are clear - I cannot file a return in order to get the exemption on hers. Obviously without a return, I'll have to use the alternative doc. of income form. I find it hard to believe they'll just take my word for it without a return. Are they going to call me and ask for bank statements??? My wife transfers some money to my account regularly because I pay all our bills since she's busy working, BUT I added her name to my account when we got married. TIA.
|
|
#
?
Feb 3, 2014 03:26
|
|
|
Unfortunately I don't, since this program was made available after I stopped working the servicing side. I would recommend you contact your servicer and ask them to walk you through the form. We've had servicer reps in the past post here, hopefully one of them will pop in to help you!
|
|
#
?
Feb 4, 2014 23:46
|
|
|
Hey everyone, I wanted to let the collective thread know that I have officially stopped working at a servicer/with financial aid. I can still answer questions, but my knowledge will start to be out of date in the new few months. Because there are several others who post and help, I'm going to leave the thread open, unless someone else would like to start a fresh one!
|
|
#
?
Feb 4, 2014 23:48
|
|
|
Wiggy Marie posted:USAA generally has better deals than anywhere else, and Wells Fargo has a good reputation in terms of private loans, so I think this is a good route to go. Thank you for sharing the link! Great, thanks!
|
|
#
?
Feb 5, 2014 01:02
|
|
|
Is there any reason to try to pay off my student loans, $12,000ish, if I can just pay the minimum of $135 a month and get my interest costs deducted each year? Family members say to just pay on it for "credit history" and all that but I'd rather just get the loans paid off within the next few years if it's not truly going to help me in any way, ie: applying for a car or house.
|
|
#
?
Feb 6, 2014 22:24
|
|
|
kloa posted:Is there any reason to try to pay off my student loans, $12,000ish, if I can just pay the minimum of $135 a month and get my interest costs deducted each year? Because getting rid of them ASAP is the best plan. I suppose building credit is a fine reason to keep them, and federal student loans are, to me, better than credit card debt, but paying them off sooner means you can focus your finances elsewhere (such as car, house).
|
|
#
?
Feb 6, 2014 22:31
|
|
|
If you take three years it will be the years of Good credit reporting. Pay them off as soon as you can. Having debt is no fun.
|
|
#
?
Feb 6, 2014 22:53
|
|
|
You don't build credit by holding on to debt. Also, student loan interest is a Tax Deduction, not a Tax Credit. If you qualify for a $500 student loan interest deduction, that means you don't pay income taxes on those $500. Assuming you are at the 15% bracket, you save $75 on your taxes, not $500. If you have the means to do so, pay off your loans. If you have some other loan at a higher rate, pay that off first.
|
|
#
?
Feb 6, 2014 22:57
|
|
|
Wiggy Marie posted:Hey everyone, I wanted to let the collective thread know that I have officially stopped working at a servicer/with financial aid. I can still answer questions, but my knowledge will start to be out of date in the new few months. I'm totally up for answering questions in this thread, but can't do much in the way of servicing chat. I've been debating starting a thread in Ask/Tell about being in Financial Aid administration but maybe it'd be better in BFC.
|
|
#
?
Feb 8, 2014 14:43
|
|
|
I breathed a sigh of relief when I signed into the Sallie Mae website and saw that my loans were completely paid off, paid off so well in fact that they now owe my consolidation loan like 50 bucks. Whatever, I was told a payoff letter is in the mail so I'm satisfied.
|
|
#
?
Feb 8, 2014 15:03
|
|
|
So I recently separated from the military, and my wife and I are in school(I'm back for a second time, I have about 2 years to go) together. We have quite a bit in savings(~$14k) and no debt, but we are wondering what's the best approach for financing her education? Obviously scholarships and the Pell Grant cover some of it, but should we try to pay out of pocket for her as long as we can? Or should we just take out some loans and pay them off as we go?
|
|
#
?
Feb 8, 2014 21:19
|
|
|
HoogieChooChoo posted:So I recently separated from the military, and my wife and I are in school(I'm back for a second time, I have about 2 years to go) together. We have quite a bit in savings(~$14k) and no debt, but we are wondering what's the best approach for financing her education? Obviously scholarships and the Pell Grant cover some of it, but should we try to pay out of pocket for her as long as we can? Or should we just take out some loans and pay them off as we go? If I were in your situation, I would at least borrow what I could through subsidized loans. The interest doesn't accrue while you are a student. You can pay it off once you are done with your program before the interest starts to build, and you would have the cash available if you needed it for something else in the meantime. And even if you didn't pay it all off right away, a roughly 4% interest rate that is tax deductible is pretty cheap.
|
|
#
?
Feb 8, 2014 21:34
|
|
|
My wife is a PhD student and has low five-figure student loan debt, all subsidized. Right now, no interest because she is still enrolled in her program. It does not currently look like she will have a job for next year - can she file for an unemployment deferment as she continues applying for jobs? She will have made diligent effort for at least 6 jobs...teaching jobs, but not full-time phone support, for example.
|
|
#
?
Feb 9, 2014 05:42
|
|
|
Howdy! I have a question regarding PLUS loans. I took out some government loans in my name and my parents signed off on a PLUS loan to cover the rest. I've been paying off both since I have a job and I'm a Responsible Adult. I gave them their 1098-E for the student loan interest deduction on the PLUS loan because they are the borrower, and since then it has set off all sorts of alarm bells with them thinking that they need to put the loan in my name. It's my understanding that there is no way to put the PLUS loan in my name, and the only real way to do it would for me to take out a personal loan with a Texas% interest rate and get screwed to the wall since Texas% is way more than the 8% on the PLUS. Not to forget that I won't be able to claim anything on the student loan interest in either situation. Am I right in my understanding? Phone fucked around with this message at 19:50 on Feb 10, 2014 |
|
#
?
Feb 10, 2014 19:46
|
|
|
I've been out of school for a while and am sick of making an array of payments monthly. -Federal loans -2x Private loans through Sallie Mae in my name, and my mother's name -2x from Nelnet for both myself and my mother as well. These all range from 3.4 - 8.5% interest. Getting paid bi-weekly, it's uncomfortable having 5 different due dates for each of my accounts with these companies. It would be so much easier if I just had 1 payment on single date to deal with but I have no idea who to talk to. Am I better off just going to another bank and see if they'll buy my debt and just make a single payment to them?
|
|
#
?
Feb 10, 2014 20:38
|
|
|
Sab669 posted:I've been out of school for a while and am sick of making an array of payments monthly. Phone posted:Howdy! I have a question regarding PLUS loans. I think what it says is that your parents are able to take the deduction, as it is their loan and you effectively are gifting them the money.Being you state that you are a Responsible Adult and paying for your own college expenses, I'm guessing you are in a position to just let the deduction slide. If this is true, I would just consider it a gift to your folks for all they have helped you with over the years. Or ask them to run Turbo Tax without the 1098-E and see what they owe/get back, and then add the 1098-E.
|
|
#
?
Feb 10, 2014 23:04
|
|
|
SiGmA_X posted:I'd ask this in the Tax Megathread. I looked over Pub 970 for you and have more questions than answers Yeah, it was kind of the opposite where they wanted the PLUS loan in my name for whatever awful reason and the only way I could see that working would be to take out a personal loan at the bank and get hosed with a 20% interest rate. Luckily this explanation worked quite well when I said that there is nothing to lose with the current setup and that I'd prefer 8% over 20% on the loan. (I also left out the part that I could technically go nuclear and default on the loan)
|
|
#
?
Feb 11, 2014 01:36
|
|
|
kaishek posted:My wife is a PhD student and has low five-figure student loan debt, all subsidized. Right now, no interest because she is still enrolled in her program. It does not currently look like she will have a job for next year - can she file for an unemployment deferment as she continues applying for jobs? She will have made diligent effort for at least 6 jobs...teaching jobs, but not full-time phone support, for example. She should be able to, but it depends on the servicer. A lot of them let you apply online now, so have her log in to her servicer account site and see if she can go through the steps there.
|
|
#
?
Feb 11, 2014 02:41
|
|
|
Phone posted:Howdy! I have a question regarding PLUS loans. As has been said, you are correct, and also the PLUS deduction will not hurt them on their taxes. It doesn't matter who's paying the loan, it's in one of your parent's names and that person has the ability to include the interest deduction on their taxes.
|
|
#
?
Feb 11, 2014 02:43
|
|
|
Alright, 1.) I currently have 4 total student loans through the federal government (myfedloan.org). All are direct, some are subsidized some are unsubsidized. I am in repayment. The total balance is around $22,000. 2.) I have been in repayment for about 14 months, so have about 106 months left. 3.) I am in public service and have been since the loans were disbursed in 2010. I make around 95,000/year. 4.) Can I change to IBR or ICR, will either result in less a monthly payment than I currently have, so that there is still a balance after 106 months to be forgiven?
|
|
|
#
?
Feb 11, 2014 15:10
|
|
|
You make to much money. Just pay them off this year. With that income level you should be free and clear in 2 years. That is your best course of action really. E: v also that... spwrozek fucked around with this message at 04:17 on Feb 14, 2014 |
|
#
?
Feb 11, 2014 15:36
|
|
|
fivetwo posted:Alright, Is this a joke? Are you seriously this irresponsible and selfish? Or just that big of an entitled douche? IBR was made to give people a break if they chose to help people at their own financial sacrifice, not to forgive your loans. YOU borrowed that money, and YOU owe it back. There is not a city on earth with a cost of living high enough to make your loans unbearable at your salary. What makes you think you DESERVE to have your loans forgiven? And, just for my own curiosity, what do you do in "public service"? Because you sound like everything that is wrong with how public service is handled.
|
|
#
?
Feb 14, 2014 04:13
|
|
|
|
| # ? Jun 9, 2024 13:05 |
|
|
Whoops. I raged at the rage above me. I'll just edit that silliness out. For content: $41,000 to go here. Down from $51. Whatever did I do that for? Who knows. It's a long haul. Comatoast fucked around with this message at 06:24 on Feb 14, 2014 |
|
#
?
Feb 14, 2014 06:19
|
|
