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Thank gently caress I don't have to deal with this any more! Wiped out my savings pretty much, but it's good to get the monkey off my back.
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Mar 25, 2014 16:22
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Congrats! And thanks to the others for your advice!
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Mar 25, 2014 17:29
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For those of you who are worried about the changes to PSLF in the President's proposed budget, Heather Jarvis wrote a comforting blog article: http://askheatherjarvis.com/blog/will-proposed-cuts-to-public-service-loan-forgiveness-impact-existing-borro Of course, all of her comforting words are in the backdrop of "anything can happen" which seems to be a troubling cloud over most things in our government these days.
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Mar 25, 2014 18:33
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Stumpus posted:For those of you who are worried about the changes to PSLF in the President's proposed budget, Heather Jarvis wrote a comforting blog article: That's a really good point on the MPN and statutory effects. I personally don't think it will be an issue, especially not retroactively applied. But hopefully this will calm down my now-Fiance(!) and convince her that we can get legally married without ruining our loan repayment situation.
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Mar 25, 2014 19:26
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I've graduated and my federal loans exit deferment in June. I have the majority of loans (a mix of subsidized and unsubsidized) served by the government, now owned by great Lakes. A small amount (maybe 7k) is private through a bank. I'm considering consolidating but I don't really see the upside. My small loans can be paid off soon, so making two payments for a few months isn't really an issue. For the big loans, as I understand it, the separate interest rates they each have will just be used for a weighted average on my consolidation, so my monthly payments will be the same, won't they? Can I actually get a lower interest rate by consolidating?
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Mar 25, 2014 19:55
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So I might as well write this down so it's recorded someplace. Six years ago I posted in this thread looking for advice because I was about to land in a shitload of student debt and needed to mitigate it somehow; my dad, who meant very well but vastly overestimated the job market at the time, pushed the "money is no object" angle when I was picking a college, thinking that he and my mom could pay it off as the latter was making beaucoup cash at the time. That was true for the first two years, and then she lost her job, got divorced, and I was left holding the rest of the bill for a degree which, suffice to say, was not at all worth the cost. I made overtures toward transferring to something less expensive but my dad's optimism won out, so I was left with sixty grand in debt, most of it private. So, six years later, including a two-year stint of unemployment which I'm sure came as a nasty surprise to my dad, I've paid it all off. Wouldn't have managed it if he hadn't insisted I stay with him rent-free so I could funnel all my cash into the loans, so I still lucked out in a way. It's finished, it's over, it's done, much-belated thanks to this thread for the help, now to get on with the rest of my life.
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Mar 26, 2014 01:17
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Congratulations! I'm so glad you were able to work everything out. Now you can start slamming all that extra cash to savings, and/or a residence of your own! Or blow it all on junk food! Or whatever you want! I bet that feels wonderful. Also, I can't believe this thread is that old. I sure hope a lot of other people have gotten help from the advice given in this thread!
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Mar 26, 2014 17:52
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Duckman2008 posted:So I could use some help. My wife went to school and we are now quite a bit in student loan debt. We took our the loans when she started school and honestly, looking at it now we probably were not smart about how much and how. So I am realizing we were probably stupid. But any help could really be appreciated. To quote this, is there any reason to go with http://www.custudentloans.org or any type of loan consolidation?
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Mar 26, 2014 23:35
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Put in for a 2 month voluntary forbearance, and it was approved. Thank the Gods! And gently caress loans! God drat I just want to live my life and do fun stuff and have experiences, not loving drop all of my disposable income into a 25 year black hole mitztronic fucked around with this message at 01:28 on Mar 27, 2014 |
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Mar 27, 2014 00:03
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Duckman2008 posted:To quote this, is there any reason to go with http://www.custudentloans.org or any type of loan consolidation? For instance, when I consolidated I took 4 private loans ranging from 7.5 - 9.75% interest rates and lumped them all together into a single loan with a 4.9% rate. I also have a lower minimum payment. I am still paying the same amount I was before because I want to pay these things off faster though. There are generally better options for consolidating federal loans through the government, so look into that for any federal loans you have instead of going through a private organization. 100 HOGS AGREE fucked around with this message at 00:34 on Mar 27, 2014 |
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Mar 27, 2014 00:26
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100 HOGS AGREE posted:There are generally better options for consolidating federal loans through the government, so look into that for any federal loans you have instead of going through a private organization. Agreed. You want to keep your federal loans as federal loans, because they do have lots of benefits that private loans don't (mainly the deferments and forbearances, better repayment plans, etc.).
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Mar 27, 2014 01:55
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Wiggy Marie posted:Agreed. You want to keep your federal loans as federal loans, because they do have lots of benefits that private loans don't (mainly the deferments and forbearances, better repayment plans, etc.). Ok great. There are links on consolidating on the fed loan website, so I am going to try and figure that out. Seeing that my loans were at interest rates like 7.9%, 6.5%, etc just made me want to cry. So if I can fix that I would feel a lot better. Duckman2008 fucked around with this message at 02:20 on Mar 27, 2014 |
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Mar 27, 2014 02:12
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Duckman2008 posted:Ok great. There are links on consolidating on the fed loan website, so I am going to try and figure that out. I was going to suggest a credit union for you since you may have been able to drop your interest rate some...but to my knowledge, only the federal government can consolidate federal loans, and that wouldn't drop the rate. In order to get it through a credit union, you would have to take a new loan for the total amount and pay off the federal loans with it yourself. Then you lose the tax benefits of the interest payments and I don't think the terms would be as favorable (if you could even get the loan, which I would doubt).
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Mar 27, 2014 02:23
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E-Money posted:That's a really good point on the MPN and statutory effects. I personally don't think it will be an issue, especially not retroactively applied. But hopefully this will calm down my now-Fiance(!) and convince her that we can get legally married without ruining our loan repayment situation. I hope you guys pull the trigger. Getting married to my wife was the greatest decision I ever made, and that's independent of any financial issues.
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Mar 27, 2014 17:12
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Holy poo poo, they had better not gently caress up this PSLF poo poo or I am bolting to the GOP for straight-up accelerationism. Edit: Looks like it would apply to new borrowers (post July 1, 2015) Grand Theft Autobot fucked around with this message at 17:55 on Mar 27, 2014 |
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Mar 27, 2014 17:39
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Grand Theft Autobot posted:Holy poo poo, they had better not gently caress up this PSLF poo poo or I am bolting to the GOP for straight-up accelerationism. This post is the best post. That's exactly what I was expecting but it's great to see it in writing.
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Mar 27, 2014 20:19
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This might be the wrong thread (?) but I want to ask for some advice. I'm a couple years out (BS in May '12) at 23 and have been slowly grinding away at my loans, and was wondering if I might want to take a concentrated effort to try and take them out. Here are my loans presently, with Sallie Mae (thanks, government!):code:(and don't get me started on the girlfriend's loans - deferred for the time being, thank goodness)
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Mar 28, 2014 15:44
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It's your call. If it were me and my job was stable, I'd throw all my savings minus 1k to 1mo expenses at your loans. Then use your prior total monthly payments to more aggressively knock out the remaining 5k-ish. Is there anything you can do to improve your income? 22k is basically minimum wage, or $10.50 an hour. You have to be worth more than that!
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Mar 28, 2014 16:36
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That's actually spot on the nose. And I know! Aand hey, it's a few bucks above minimum, and I'll take that behind a desk over $8 breaking my back trying to be an exemplary little stocker drone in the overnight walmart job I had for a year.  My History degree hasn't been the most useful thing (only recognized it might not be/I wasn't doing enough for future prospects while in college way, way late in the game) and the job I almost finished a lengthy interview process for twice as much/awesome benefits had a big hiring shakeup at the last moment.And I've definitely thought about throwing a lot of my savings toward it, especially since my job and situation both seem stable at the moment. Maybe at least see wiping out both the smaller, higher %rate lows. Hmm.
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Mar 28, 2014 16:49
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You'd have about 3k in the bank if you knocked out your two higher interest loans, and it would give you more money to throw at the remaining loans. Not a bad option. I think a big factor is will that leave you enough mental comfort cushion in the event of layoff etc. Only you can decide that. Dave Ramsey says throw everything except 1k at the loans and get out of debt sooner, and keep the momentum up. Your savings will rebuild. But I wouldn't do that if you're going to feel stressed about job loss, injury, etc, as money stress really sucks. You mentioned gf/loans. If you live together and she makes enough, maybe consider how much money in cash you would need to survive if one of you got laid off. This is what my gf and I did, and we decided we could live on just over one income, so we set aside enough money to buffer a single income. Eventually that will be 6mo of expenses, but not yet....drat being underpaid! Oh man, history degree! At least you learned lots of cool stuff, I loved my history classes, but I only took 2 for electives - the 101 prof told us do not major in it unless you're getting a PhD. I would keep looking for jobs you're qualified for or nearly qualified for, and see if you can bump income. You have a degree which shows a level of competence in completing large tasks, so it's possible you can find better things. It all depends.
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Mar 28, 2014 17:57
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I think I'm going to at least go ahead and clean up one of the small/higher interest loans, and figure out where to go from there. I know I'm comfortable with that much. But I'll have to do some tabulating after that. As for the GF, she's trying, but has had even less luck than I have. (English and History, we make a great combination of degree choices, eh.) The big thing is that I have a lot of money stress. I worry constantly.  And I know I can find better things! I was so close to that new job, and plan on trying with them again as soon as they revise their policy. For now, gotta just keep tossing the ole' resume out there. I know it's a good resume (for what's on it, at least!)
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Mar 28, 2014 18:36
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So consolidation came through... $211,000 at 7% on a 30 yr is like $14xx a month.. Kill me. So about $17k post-tax dollars per year. Then I'll throw another 40-50k at it per year I'm hoping. (Unless we, have kids, but a house, move, or eat anything other than ramen) I saw the stuff about the bill for the refinancing to 4%... God that would be epic. Would lower my payment to $950 or something. I could actually pay it off faster. MasterColin fucked around with this message at 13:24 on Mar 31, 2014 |
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Mar 30, 2014 03:35
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MasterColin posted:(Unless we, have kids, but a house, move, or eat anything other than Ramon) I don't think cannibalism is the answer.
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Mar 30, 2014 14:52
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I can tell this is mostly a thread for the u.s. but is there any u.k. goons with an understanding of this? I'm trying to/want to begin a college course in Wales but working out what I've got available to me so far as assistance goes is proving tricky.
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Mar 31, 2014 11:55
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JohnnyPalace posted:I don't think cannibalism is the answer. Fair point! Although if Ramon lives in my household, it may cut food expenses!
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Mar 31, 2014 13:24
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Not sure if this question is more for this thread or a tax thread, but here goes. I am currently in graduate school, and was looking into loans to pay for it, my mother saw the interest rate and essentially said "nope, too high". I am borrowing money from my parents, to be repaid. Would it be beneficial to get a notarized statement about the private loan for tax/other legal issues?
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Mar 31, 2014 15:48
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Do you and your parents want to make this an enforceable legal contract, complete with the hassles of interest on the loan? Your mom would get to report the interest she receives as income, and you would get to deduct it just like any other educational loan. What complications are you looking to avoid by setting this up?
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Mar 31, 2014 18:27
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There are no issues I want to avoid, I was just wondering if it would be beneficial for any reason.
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Mar 31, 2014 18:47
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I would definitely post that in the tax advice thread, because there's a lot of additional information that you might need to provide and I am most definitely not a good tax resource.
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Mar 31, 2014 18:53
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Thanks, will do.
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Mar 31, 2014 23:36
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I graduated in December but am still looking for a full-time job. I'm having difficulty paying for my CFI student loans. Can I ask them to delay them a bit until I find a job?
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Apr 1, 2014 20:02
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So I have a citiassist loan that I took out long ago with 4.25 interest and 4600 remaining on it. I have enough money to pay it all off. But I was wondering if it was worth it. I figure it's only 4 percent interest and also I am only paying 30 dollars a month so the bank isn't raping me that much. I calculated that in the end I would only lose about 100 or 200 to interest so I figured it wasn't worth it to pay it all off. Just wanted to get some advice on this.
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Apr 8, 2014 17:05
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If you stay with the $30 payment you'll end up paying about $200 in interest over the next 12 months. Or about $2000 in interest over the life of the loan. I'd pay it off assuming that you've saved some sort of emergency cushion for yourself, already contribute to get maximum matching on your 401k, and don't have any other higher interest loans or credit cards.
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Apr 8, 2014 17:31
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the posted:I graduated in December but am still looking for a full-time job. I'm having difficulty paying for my CFI student loans. Can I ask them to delay them a bit until I find a job? I completely missed this post, I'm so sorry about the delay! Are they private loans? If so, the answer is "maybe." You will need to contact them to see if they have any program available. lurkdawg posted:So I have a citiassist loan that I took out long ago with 4.25 interest and 4600 remaining on it. I have enough money to pay it all off. But I was wondering if it was worth it. I figure it's only 4 percent interest and also I am only paying 30 dollars a month so the bank isn't raping me that much. I calculated that in the end I would only lose about 100 or 200 to interest so I figured it wasn't worth it to pay it all off. Just wanted to get some advice on this. I would pay it off, as Initio says. You'll be done with it. It's always best to think of the future and what might happen, so it's better to just be rid of it so that you don't need to worry about it should something happen in the future.
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Apr 8, 2014 18:06
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Blinks77 posted:I can tell this is mostly a thread for the u.s. but is there any u.k. goons with an understanding of this? For what it is worth, I am doing my Master's in Britain, and there were loans and such available to me (I am at the graduate level). It depends on the school, and your best bet is to contact their financial aid department.
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Apr 9, 2014 13:54
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Sallie Mae is splitting into two companies... How I hate them.
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Apr 16, 2014 01:22
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Hello. I need some serious help. I've been having my loan payments come out of my account each month and not really paying too much attention to it. I resigned myself to the fact that I will be paying on these things forever and there's nothing I can do about it. That was until I decided to check in on my interest rates today. Holy poo poo I didn't realize I was paying 6-7% interest on almost every loan except a few federal loans that are at 2.1%. I currently have 57k from Sallie Mae with a minimum payment of about 500/month and then I have 60k in fed loans with a minimum payment of about $311 per month. I just checked the statement for my fed loans and only 20 bucks went to the principal last month; everything else was interest. Here's a screen shot from Sallie Mae and FedLoan:  I have got to get these under control. I think I posted in here a few years ago about consolidation and at that time was denied by Wells Fargo. I am open to any and all suggestions to get these interest rates down and start getting these paid off. Thanks!
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Apr 16, 2014 02:57
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I don't know if you know much about Canadian student loans, but I have an OSAP loan of about $14k that I haven't paid into yet. I've been on assistance since I graduated in 2011. I have been saving up some money in the mean time since I can't afford to pay it every month, but my question is, if I were to pay lump sums at a time, say a few thousand dollars, would there be a penalty? Also, if I paid some of it would they assume I can now afford to pay monthly (even though I can't.) ? Thanks!
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Apr 16, 2014 15:59
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thebehaviorist posted:I have got to get these under control. I think I posted in here a few years ago about consolidation and at that time was denied by Wells Fargo. I am open to any and all suggestions to get these interest rates down and start getting these paid off. Thanks! With private loans, consolidation unfortunately tends to be the only option. You can certainly contact them about other payment plans they might have, and maybe check to see if autodraft payments gets you a bit of an interest break. I wish I could be more helpful One other thing to check is to make sure your federal loans are on the best plan option for you. They can take payments for other loans into account. For Canadian loans, I know sometimes Canadian goons stop in. Hopefully someone will pop in! There's a write-up about them in the OP which might have info to help as well.
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Apr 16, 2014 22:50
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spwrozek posted:Sallie Mae is splitting into two companies... How I hate them. Wait, what? I didn't hear about this. So after looking at a news article about it, the loan servicing will be split off into a company called Navient? Ok...guess we'll just have to wait and see what changes that brings. I can't imagine any major changes, besides probably just some headaches with getting a new account set up on a new website, and re-doing all my auto-debit information.
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Apr 17, 2014 20:34
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