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Viva Miriya posted:Apparently I should find a good financial advisor to plan out these college expenses. Anyone have any experience with this? Do I just walk into the bank and ask? What's your situation? Are you looking at a ton of private loans? You were going to Ivy and might have an ROTC scholarship, right?
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Jun 27, 2018 16:26
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Wiggy Marie posted:What's your situation? Are you looking at a ton of private loans? You were going to Ivy and might have an ROTC scholarship, right? Going to an Ivy yup. ROTC isn't going to be factored in honestly at this point due to academic progression being funky. They want me in and out in 2 years and I actually want to learn some languages and not truncate my education simply to get a commission. VA Vocational rehab probably will be but I still need to sit down with a counselor. NY ACCESS-VR should also help defray some, but not all of the cost. VA voc rehab is supposed to eat the entire cost though and that's my main plan. It looks like I'm going to spend 2 good years in undergrad and go for a Master's separately instead of rushing both in 3 years through a five year program. I may need to take out private loans for this semester, at most a year. At my fellowship advisement meeting, I was told it would be a good idea to plan out my education with the help of a financial advisor. Since i wanna do bachelors and masters seperately+study abroad, it may also mean I'm taking out loans anyway even if I have tuition covered by voc rehab because they want you to be focused on getting the degree and getting out. Of course there are scholarships and fellowships which I will be applying to but those aren't guarantees and can't be planned for. Viva Miriya fucked around with this message at 17:29 on Jun 27, 2018 |
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Jun 27, 2018 16:42
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I don't have any specifics for you except to gently reinforce that money and time you spend to whittle down the cost of your education is money well spent. You don't want to skimp on the awesome opportunity you've been given, but every dollar saved is a dollar that won't be turning into onerous debt. Good luck and congratulations on the Ivy admission.
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Jun 27, 2018 17:14
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Viva Miriya posted:Apparently I should find a good financial adviser to plan out these college expenses. Anyone have any experience with this? Do I just walk into the bank and ask? https://genyplanning.com/financial-planning/ Yo if the search for a financial adviser is gonna be more poo poo like this then I think I'm gonna have to figure out how not to get hosed on my own. I don't have 2k lying around lmao. I mean I can google around some more but I'm already disinclined. EAT FASTER!!!!!! posted:I don't have any specifics for you except to gently reinforce that money and time you spend to whittle down the cost of your education is money well spent. You don't want to skimp on the awesome opportunity you've been given, but every dollar saved is a dollar that won't be turning into onerous debt. Good luck and congratulations on the Ivy admission. I'm going to try to do this. But right now it looks like I need to be my own financial adviser. Thank you by the way. e: nm another goon let me know that website is a joke. I'll keep looking but holy poo poo I'm keeping my eyes open Viva Miriya fucked around with this message at 22:24 on Jun 27, 2018 |
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Jun 27, 2018 22:15
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Viva Miriya posted:I'm going to try to do this. But right now it looks like I need to be my own financial adviser. Thank you by the way.
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Jun 27, 2018 23:03
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Dik Hz posted:Nobody is ever going to care more about your money than you. Also going to remember this going forward.
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Jun 27, 2018 23:17
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Dik Hz posted:Nobody is ever going to care more about your money than you. This should be hanging on everyone's wall. I would actually recommend sitting down with a financial aid advisor to figure out exact costs etc., and then go to your bank/credit union and ask them if they can help you with financial advice. There's also threads here on SA where goons help each other out, and if you send me stuff via PMs (if you're not comfortable sharing finances in the main thread) I'm happy to help with basic advice. The overall summary of anything I say would be budget the hell out of your life: every bill, every expense, every bit of income should be clearly documented and accounted for.
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Jun 28, 2018 00:32
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Well I got in to grad school  But now I have to take out student loans for the first time in my life. I saw the OP is from 2006. Is it still a good starting point?
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Jul 3, 2018 15:12
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FizFashizzle posted:Well I got in to grad school Congrats! What will you be studying? It's a good starting point, with the caveat that I haven't looked into aggregate limits and dependent/independent status on the FAFSA in ages, so definitely trust the resources over me. Studentloans.gov is a great all-around resource. Are you looking at federal only loans, or federal and private?
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Jul 3, 2018 17:48
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My student loan got purchased from My Great Lanes by First Mark, who works for Nelnet. It's a loan for $27000. Normally $311.50 a month. Level repayment for 6 years. How the actual gently caress can they crank my minimum payment to $1,015.00?
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Jul 8, 2018 15:00
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CaptainScraps posted:My student loan got purchased from My Great Lanes by First Mark, who works for Nelnet. What happened to the other money, plus interest?
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Jul 8, 2018 19:34
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SiGmA_X posted:311.5 * (6 * 12) = 22,428 I meant current balance was 27K.
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Jul 8, 2018 19:47
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CaptainScraps posted:I meant current balance was 27K. Either way, call the provider, they probably dun hosed up the transfer.
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Jul 8, 2018 22:11
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I have a private loan I set up through my credit union. It's pretty low ($2342.27) but the interest rate keeps increasing. It started at 6% and is now up to 7.25%. Is this common? Also is it worth trying to refinance? I tried to look it up on Earnest but they have a $5,000 minimum.
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Jul 10, 2018 19:41
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plz dont pull out posted:I have a private loan I set up through my credit union. It's pretty low ($2342.27) but the interest rate keeps increasing. It started at 6% and is now up to 7.25%. Is this common? Also is it worth trying to refinance? I tried to look it up on Earnest but they have a $5,000 minimum. You probably have a variable rate loan, which is why the interest rate keeps changing. Most of the time variable loans are pegged to some interbank interest rate and updates at regular intervals (monthly, annually, etc) as spelled out in your loan agreement. We're in a rising rate environment, so unless you refinance into a fixed rate loan or you hit your interest rate cap, expect it to keep going up. EDIT: Refinancing usually comes with fees and your loan amount is low enough that you're unlikely to save money from the stabilizing the interest rate compared to just knocking out the loan quickly with extra payments. Ancillary Character fucked around with this message at 21:56 on Jul 10, 2018 |
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Jul 10, 2018 21:49
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That's what I figured. Thanks for letting me know. Been trying to put whatever extra money I have into it. Hopefully I can pay off the rest in the next two years or so.
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Jul 10, 2018 23:08
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Hey there, I have about $15.7k in student loans including interest from a $12.5k loan I took out 7 years ago. It's split into two direct loans, a 4.5% subsidized $5.5k with no interest yet and a 6.8% unsubsidized $7k loan with $3.2k interest (so $10.2k). The sub loan has not accrued interest because I'm still in school, about to start year 6 of my PhD--fortunately the PhD has not required me to take out any loans (in fact I'm able to make payments on the loans out of my PhD funding, yay). The reason I'm posting here is that a family financial windfall has just sent about $9k worth of stock my way, all in one company, and I'm trying to figure out what to do with it. I last had stock in this company a number of years ago, and had to sell it to pay off other education expenses; apparently each share is now worth 4x+ what it was then. Aside from my mortgage, which I split with my wife and which has very affordable payments because we live in kind of a lovely town (academics don't get to choose where we live), the student loan is the only real monetary debt in my life. Should I just sell all this stock before it loses value (thanks, Coming Trade War!) and pay as much of the loan + interest as I can? Or should I hold on to it, possibly converting it to an index fund, and just consider that part of my retirement savings while continuing to make small payments on my current student loans? My wife makes a good salary, as she is about a year from (all but certain) tenure, however the odds of us both having TT jobs once I finish are very slim given that we are not going to do the LDR thing--so the sooner I can get debt-free the better. Or so it seems to me. Other thoughts? Apollodorus fucked around with this message at 17:59 on Jul 26, 2018 |
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Jul 26, 2018 17:55
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Apollodorus posted:Hey there, I have about $15.7k in student loans including interest from a $12.5k loan I took out 7 years ago. It's split into two direct loans, a 4.5% subsidized $5.5k with no interest yet and a 6.8% unsubsidized $7k loan with $3.2k interest (so $10.2k). The sub loan has not accrued interest because I'm still in school, about to start year 6 of my PhD--fortunately the PhD has not required me to take out any loans (in fact I'm able to make payments on the loans out of my PhD funding, yay). After that, pay down the 6.8% loan. A guaranteed 6.8% return is better than anything you're going to get elsewhere.
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Jul 27, 2018 12:12
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Dik Hz posted:Do you have an emergency fund? If no, then keep that as your emergency fund. Between our three or four savings accounts (mine, our joint account, and the two my wife has) we have enough set aside to cover maybe 5 months of regular expenses. Like I said our mortgage is VERY affordable. Also my wife received a (low) six-figure inheritance from a deceased family member recently, so in a real emergency we'd probably be okay--but that's been earmarked for retirement/(possible) kid's education so we're considering it off the table. I turned down her offer to use some of it to buy me a new car since my 20-year-old one works just fine and is cheap to maintain. Honestly I just want to not be a financial drain on my successful professional spouse, and getting rid of the big debt in my life feels like a good step in that direction. She had 3x as much student debt as I did when she came out of grad school but paid it off in 3 or 4 years...something not really possible for me at my current PhD candidate income.
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Jul 27, 2018 12:32
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Separate budgeting and pools of money - outside of individual blow money - is weird. Sounds like the inheritance needs to be put to work - 529, etc. You need a household emergency fund. And you need to clear the debt too.
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Jul 27, 2018 14:11
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Okay I think she and I are both on board for clearing the debt. Once that's out of the way it will give me a lot more freedom to figure out my post-doc job options. As for the 529 - which I'd completely forgotten was a thing - if we aren't sure now that we want (a) kid(s), should we try to start a 529 before we try to have a kid? Or just sit on it for a year? SiGmA_X posted:Separate budgeting and pools of money - outside of individual blow money - is weird. Can you elaborate on this point? Or--better--direct me to a place that has a good discussion of the subject, so you don't have to repeat stuff I'm sure others have already said?
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Jul 27, 2018 16:06
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Apollodorus posted:Between our three or four savings accounts (mine, our joint account, and the two my wife has) we have enough set aside to cover maybe 5 months of regular expenses. Like I said our mortgage is VERY affordable.
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Jul 28, 2018 03:19
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Living with my dad and his girlfriend was a bust. For sake of my mental health im choosing to move out. To be honest im surprised I tolerated everything for so long, but its still 6 months too early (hoping to have 18k repaid by Feb '19). It's immensely frustrating because I was on track to do it. After asking close friends and coworkers about the situation, they all said something to the effect of "yeah you've seemed miserable for a while but we didn't want to say it". With that E/N out of the way, I'm wondering what my next step is going to be with regards to the loans. 35k income a year before taxes, about 3.3k saved up (specifically to bail me out in case the aforementioned event occurred. Im super duper happy I had the foresight to do that.). I could probably get 5k saved up before moving out so I have enough emergency fund. Finding housing isn't bad here. $400-$600 for a room with utilities. Thanks Fresno for being redeeming in that regard. Whats the magic emergency fund figure for my situation? My job is stable, but because I work in such a small business with overachiever coworkers, things seem more precarious compared to when I was a retail drone at Office Depot that was relied on for everything.
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Aug 6, 2018 18:34
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buglord posted:Living with my dad and his girlfriend was a bust. For sake of my mental health im choosing to move out. To be honest im surprised I tolerated everything for so long, but its still 6 months too early (hoping to have 18k repaid by Feb '19). It's immensely frustrating because I was on track to do it. After asking close friends and coworkers about the situation, they all said something to the effect of "yeah you've seemed miserable for a while but we didn't want to say it". With that E/N out of the way, I'm wondering what my next step is going to be with regards to the loans. You want a couple months of living expenses in savings, probably. That number varies by your mandatory expenses.
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Aug 6, 2018 21:01
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So I, admittedly, haven't been making payments to my Federal Perkins loan. I kept meaning to set aside time to set up a deferment/forbearance, but things got away from me etc. My other loans are on the REPAYE plan, which has determined my current payment is $0 because I'm loving broke. I got a letter from Heartland ECSI dated July 24th (I don't remember when I got it, but obviously not July 24th) stating that if I didn't make a payment or apply for forbearance in 30 days from receipt my account could be placed in collections. I got a follow up letter Saturday, August 18th, that the account had been placed in collections. I got a letter from the collection agency (Conserve?) today confirming the account is in collections and they expect the total amount of the loan to be paid now. Obviously, this is a narrow timeframe, but...the debt shouldn't have been sent to collections yet. Also my spouse and I are living on $2000/month in California and we have absolutely nothing to spare. I'm going to call Heartland tomorrow, but what the hell am I supposed to say? Since it's already been sent to collections, is it a done deal at this point, despite the fact I should have still had a couple of days to contact them? How hosed are we?
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Aug 21, 2018 03:53
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RabbitMage posted:So I, admittedly, haven't been making payments to my Federal Perkins loan. I kept meaning to set aside time to set up a deferment/forbearance, but things got away from me etc. My other loans are on the REPAYE plan, which has determined my current payment is $0 because I'm loving broke. Proactively calling up student loan creditors puts you in the top 10% of people they deal with.
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Aug 21, 2018 04:12
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I had a pretty pleasant chat with someone from Heartland just now. They didn't send the loan to collections, the school did. Heartland says I can apply for an economic hardship deference or a general forbearance and provided me with those forms, and once they get them, they can ask the school to remove the loan from collections. So I'm going to get those sent out ASAP and see what happens.
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Aug 21, 2018 15:39
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Wiggy Marie posted:Congrats! What will you be studying? I got in to PA school, so luckily i won't have too much trouble paying things back. or if I want to get really  i can go work for the VA.the government considers me hella poor so I got per quarter Direct unsubsidized: 6,834 Direct GradPLUS: 11,509 I'll have roughly 7600 left over a quarter, which I'm going to  so I'd like to think I can resist the urge to go nuts in Vegas. I'm fortunate that my family is helping me with living expenses so nothing should cost too much. also if I could save it all that could support me during my 15 months of rotations. Overall the process was....suspiciously easy.
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Sep 11, 2018 13:59
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So I did follow the advice here and I paid off my unsubsidized loan. I also paid off my credit card around the same time. Much to my surprise, my credit rating has DROPPED 50 POINTS since this June--anyone have an idea why that might be?
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Sep 11, 2018 15:41
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Apollodorus posted:So I did follow the advice here and I paid off my unsubsidized loan. I also paid off my credit card around the same time. No clue how reliable this source is but a quick "paid off debt credit score went down" turned up several articles like this: https://www.bankrate.com/loans/personal-loans/credit-score-fall-after-paying-loan/
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Sep 11, 2018 16:26
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Same thing happened to me when I paid off some loans ahead of time last year. It’s also happening again right now. Because I’m officially student loan free as of a couple weeks ago  It rebounded last year so hopefully the same happens for us both this go round, too.
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Sep 11, 2018 17:10
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Congratulations!
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Sep 11, 2018 17:32
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Wiggy Marie posted:Congratulations! Thanks! For the past ten years today was the day that they dipped into my bank account for money. Feels good. Now to buy a house!  I'm sure there is some perfectly clear explanation for why it dips then rebounds, all I know is that it climbed back up so maybe give it a bit more time.
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Sep 11, 2018 18:53
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Anyone have an idea of how long it takes for idr to recertify? Filled out the application on studentloans.gov Never really got confirmation that it was submitted, but it is grouped in with "completed idr applications" with the 2017 application from last year. I believe current idr ends in January, so the first new payment would be February. I submitted it the same day FedLoan sent a reminder. Should I call FedLoan to confirm they received the application?
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Sep 26, 2018 13:06
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Apollodorus posted:So I did follow the advice here and I paid off my unsubsidized loan. I also paid off my credit card around the same time.
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Sep 28, 2018 02:38
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The credit score alone isn't the end all, be all when it comes to how credit history factors in to getting a loan or credit card. Debt to income ratio, good payment history, utilization of active accounts (I.e. are all your credit cards maxed out?), and negative history (e.g. bankruptcy) are all also factors. Score is still pretty important, mind, but there's more to it. And 40 points might not make much difference if your score is already very high (or low).
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Sep 30, 2018 08:41
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Oh, and speaking of which, my credit score increased by 39 points just now. At least I'm back on the right side of 800.
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Oct 1, 2018 17:16
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This seems as good a place to ask this question as any. I'm in the 11th hour of my college program and just have to cover the last ~1500 bux for my last couple credits. I also need to eat for another couple months and continue paying rent on this horrible basement room. So I was thinking about getting a loan from a bank for ~3k or so. This isn't a school loan, I'm an independant student so I don't qualify for a parent plus loan or w/e, I just need to go down to a bank and actually do sign up for one. My parents are willing to cosign if nessecary but I have good credit so I'm hoping I might be able to get this loan without them, but I've never gone and gotten a loan like that before. i was just curious if anybody here knew the process or anything, or might be able to tell me what to expect? Do I just walk into any ole bank and ask?
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Oct 1, 2018 20:40
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Question about student loan repayment: 1. I submit a PSLF employer certification form every year. Mine came back this year and for some reason lists a few loans separately and as having only started making qualifying payments in 2016 (the rest started back in 2012). I'm going to try to clarify and fix this, but if this all works out, could I potentially do two rounds of PSLF? 2. My wife and I both have student loans. She didn't do IBR for her loans and we're going to pay hers off. We're still trying to live the dream with mine. Our combined income puts us over the 10 year repayment plan payments. I'm currently on REPAYE. Which plan should I switch to to minimize payments/maximize forgiveness? IBR?
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Oct 8, 2018 23:38
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Residency Evil posted:Question about student loan repayment: My understanding on #2 is you'll switch to IBR and your payment will be equal to what it would be under the 10 year repayment plan. No clue on #1 sorry.
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Oct 8, 2018 23:56
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