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Congratulations!
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May 14, 2019 15:38
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Lord of Garbagemen posted:Having trouble refinancing loans and need help. Ended up going through commonbond, they had no issue refinancing the student loans in my parents name to mine. Got a fixed rate of 3.95% which is almost half of what the old rate was, moved the repayment period down to 5 years and only a small increase in monthly payment.
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May 23, 2019 23:41
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Everyman fucked around with this message at 00:50 on Jun 29, 2021 |
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Jun 13, 2019 00:25
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Everyman posted:I'm looking for some advice on the best way to handle my student loan debt. I'm not sure about the private notes because I don't know anything about those.
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Jun 13, 2019 01:26
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Agreed. You def want to do the debt rehabilitation process for the defaulted federal loans because it will also fix the tradelines on your credit report.
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Jun 13, 2019 15:29
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I remember a zillion pages ago in this thread, someone said something like "my brother still believes a future president will eliminate his student debt so he's not worrying about it" https://twitter.com/JStein_WaPo/status/1142977310808821760 
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Jun 24, 2019 04:02
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Hell, even just a decent amount of forgiveness would be such a godsend. In Germany, if you receive money from the public student funds, you get half of that debt forgiven automatically. You get another big portion forgiven if you save up and pay it back in one go rather than paying in installments. Even our lovely conservatives have not dared touching that in a long time. It's not that hard. My husband is really hoping a future president will forgive his debt but we're not counting on it.
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Jun 24, 2019 10:35
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EugeneJ posted:I remember a zillion pages ago in this thread, someone said something like "my brother still believes a future president will eliminate his student debt so he's not worrying about it" As an economic stimulus, the effects of this would be absolutely loving insane. We would basically buy a new house overnight if this went through.
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Jun 24, 2019 14:14
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If this ever goes through, we will feel doubly silly about aggressively paying off student loans, but hey. 
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Jun 24, 2019 14:32
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Residency Evil posted:If this ever goes through, we will feel doubly silly about aggressively paying off student loans, but hey. I doubt it will but also if it does it will probably be some version of it. Just look at the ACA...
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Jun 24, 2019 14:56
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I'm not anticipating it ever going through. I can be pleasantly surprised if it does. Also, this likely would do nothing about private loans.
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Jun 24, 2019 17:59
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I was unemployed several months ago and entered in to IDR, so payments have been on hold until 10/23/19. I'm scheduled to renew on 8/19, and while I'm currently employed, that may be in question. But I'll likely enter in to repayment. I would like to pay off the accumulated interest before it capitalizes. Is that going to be on or before 10/23?
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Aug 5, 2019 16:06
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Simpsons Reference posted:I was unemployed several months ago and entered in to IDR, so payments have been on hold until 10/23/19. I'm scheduled to renew on 8/19, and while I'm currently employed, that may be in question. But I'll likely enter in to repayment. IDR isn't deferment, so I'm not sure that the interest will capitalize. My wife has loans on IDR and when she certified income annually (working towards PSLF) the interest hasn't capitalized.
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Aug 5, 2019 16:22
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I'll probably go back to just regular repayment status. That's my concern, that a status change will trigger it.
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Aug 5, 2019 16:26
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Simpsons Reference posted:I was unemployed several months ago and entered in to IDR, so payments have been on hold until 10/23/19. I'm scheduled to renew on 8/19, and while I'm currently employed, that may be in question. But I'll likely enter in to repayment. Why does it matter if it capitalizes or not?
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Aug 5, 2019 23:41
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Has PSLF/employment certification improved significantly? I've been hearing horror stories and my annual form was submitted/reviewed/approved within a few weeks.
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Aug 5, 2019 23:44
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Dik Hz posted:Why does it matter if it capitalizes or not? I want dat sweet 25% deduction 
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Aug 5, 2019 23:45
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Residency Evil posted:Has PSLF/employment certification improved significantly? I've been hearing horror stories and my annual form was submitted/reviewed/approved within a few weeks. Meaning you are done with your 10 years? That is where I hear all the issues are at. Actually getting the loans forgiven.
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Aug 5, 2019 23:50
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spwrozek posted:Meaning you are done with your 10 years? That is where I hear all the issues are at. Actually getting the loans forgiven. No, I have 3 more to go. I was hearing issues with the employer certification forms taking months-a year to process earlier this year.
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Aug 5, 2019 23:51
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Simpsons Reference posted:I want dat sweet 25% deduction https://taxmap.irs.gov/taxmap/pubs/p970-015.htm posted:Capitalized interest. Dik Hz fucked around with this message at 23:58 on Aug 5, 2019 |
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Aug 5, 2019 23:56
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Simpsons Reference posted:I'll probably go back to just regular repayment status. That's my concern, that a status change will trigger it. Changing to a different payment plan (eg. IDR -> Standard) will trigger capitalization of your interest. Dik Hz posted:Why does it matter if it capitalizes or not? The downside is that the interest starts accruing interest itself rather than sitting in a separate pool of accumulated interest that needs to be paid off before principal, but does not itself accrue interest.
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Aug 6, 2019 06:10
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spwrozek posted:Meaning you are done with your 10 years? That is where I hear all the issues are at. Actually getting the loans forgiven. The New York Times has an article that as more and more eligible loans are popping up, they're actually being forgiven. You can see some real success stories on r/PSLF over on Reddit. A lot of the initial rejections and delays were because people actually hadn't qualified, or had tried to qualify under sketchy circumstances (TEPSLF and the like). It's looking for the time being if you have valid ECF and 120 valid payments you're going to get your forgiveness (eventually).
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Aug 6, 2019 14:33
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Hi thread. I've paid almost 30k on an original 80k loan but very little of that has gone to principle. I consolidated after graduation with my State Bank (my State has a state Bank) to a 5% interest rate. I hate this rate, and I have stellar credit. Is this refinance-able to a reasonable rate? What are my options? The state Bank only offers higher fixed rates then I currently have so gently caress those guys. I just assumed every student loan consolidation offering was a scam
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Aug 27, 2019 19:04
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Are they still classified as student loans? Were they federal or private? I'm assuming they're private now, so the only option would be a payoff with another private loan. I'm not sure how interest rates are going with those.
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Aug 28, 2019 12:12
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I believe they are still classified as a student loan. They were all federal before I consolidated. So my options are stuff offerings like Sofi? See if they can give a better rate?
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Aug 28, 2019 15:31
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Yeah, unless they're a federal consolidation through Direct or another former FFELP lender which specifically kept them as federal loans, they can't be handled any other way. Even if they were federal, in order to lower the rate you'd have to consider something similar, as once they're consolidated they're locked in. When you say very little has gone to principal, can you give more specific information? How much are you paying monthly? Are you on an income-based repayment plan of some kind? How much of your payments tend to go to principal versus interest? Feel free to PM me answers if you don't want to share, and no pressure to share at all if you prefer.
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Aug 28, 2019 19:31
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Can anyone help me out with some student loan math? Currently, I have 178k in student loans through myfedloans at 6.6%. Unfortunately, 54k of that was originally NOT eligible for forgiveness until it got reconsolidated. As a result, about 124k of my loans are eligible for forgiveness in 2023, while 54k are eligible only in 2027. My loans are at 6.6% right now, and our family income is such that I max out the IBR payment, which comes out to be $1850/month. I have 47 payments remaining for PSLF on the 124k. I have 92 payments remaining on PSLF for the 54k in loans. 47*1850 is 85k, so I'd have about 40k forgiven, after which I'd be on the hook for however much remains of that 54k loan, which would then get paid off, and would be accruing interest at 6.6% all this time. So really, I'm only looking at 40k in student loan forgiveness from this point on, best case. Should I: A) Do nothing now, refinance 54k loan later. B) Refinance the 54k in loans to a private lender now, since loan rates are super low. C) Refinance everything to a private lender and stop worrying about my chances of PSLF. D) ??? Residency Evil fucked around with this message at 16:28 on Sep 5, 2019 |
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Sep 5, 2019 16:21
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Residency Evil posted:Can anyone help me out with some student loan math? Currently, I have 178k in student loans through myfedloans at 6.6%. B I think, right?
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Sep 5, 2019 16:34
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EAT FASTER!!!!!! posted:B I think, right? I think so, but right now "forgiveness" is theoretically going to the current debt + accrued interest on 178k, whereas if I refinance/bring the 54k out of that, all of the payments will be going to the 124k portion, right? I'm just trying to figure out what works out best for me long term. Changing jobs, going to private practice, and laughing at myself for being so stupid.
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Sep 5, 2019 18:37
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I always hesitate to recommend consolidating federal into private loans, especially on such high balances, but if you're certain you can pay the 54K off quickly, it can save you money. My best advice is to find an amortization calculator and play with all of the potential numbers to plan out savings you can anticipate. This is one that I've used before: https://www.amortization-calc.com
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Sep 5, 2019 18:44
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I paid off my student loans wooohooooooo
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Sep 5, 2019 18:52
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an skeleton posted:I paid off my student loans wooohooooooo Hell yeah bro
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Sep 5, 2019 18:54
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Residency Evil posted:Changing jobs, going to private practice, and laughing at myself for being so stupid.  My wife has told me that if you really look inside your soul the satisfaction you get from helping the poorest and most vulnerable more than makes up for all of the money in the world. Also you have one of the best fringe benefits in the universe attached to your position (free Ivy League tuition at your institution as long as you're employed, right?)
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Sep 5, 2019 18:55
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an skeleton posted:I paid off my student loans wooohooooooo HELL YEAH FUCKIN RIGHT BRO
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Sep 5, 2019 18:56
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EAT FASTER!!!!!! posted:
75%, and uh, we don't have kids yet. Wiggy Marie posted:I always hesitate to recommend consolidating federal into private loans, especially on such high balances, but if you're certain you can pay the 54K off quickly, it can save you money. My best advice is to find an amortization calculator and play with all of the potential numbers to plan out savings you can anticipate. This is one that I've used before: https://www.amortization-calc.com Yeah, I hear you. It's tough for me to weigh the idea of: A. Trying to max out PSLF, knowing that it's essentially going to be "only" 40k and I have to pay 54k back at prevailing rates, with the uncertainty of actually getting PSLF in 3 years. B. Just saying "gently caress it," and refinance everything at 2.5%, letting it ride for as long as possible, and not being beholden to my current job if I get tired of it.
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Sep 5, 2019 19:27
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an skeleton posted:I paid off my student loans wooohooooooo Congratulations! 
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Sep 5, 2019 19:33
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Residency Evil posted:Yeah, I hear you. It's tough for me to weigh the idea of: I don't think theres much uncertainly about PSLF anymore, unless you are a student with loans who has not yet graduated. Assuming you've been submitting your ECF yearly and getting accurate reporting back from FedLoan on your status, it's pretty much a lock. 22 months left
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Sep 5, 2019 20:48
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Sirotan posted:I don't think theres much uncertainly about PSLF anymore, unless you are a student with loans who has not yet graduated. Assuming you've been submitting your ECF yearly and getting accurate reporting back from FedLoan on your status, it's pretty much a lock. I had to get the ombudsperson involved in the accounting of my payments but a few months later, bang, they were there, certified in their totality. I'm a bit behind you, but 55 months isn't so long!
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Sep 5, 2019 20:52
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Residency Evil posted:Can anyone help me out with some student loan math? Currently, I have 178k in student loans through myfedloans at 6.6%. I assume then that the $124k and the $54k are separate loans and not consolidated together then. In that case, it'd matter what the payments are on the $54k. Basically the comparison would be: - 92 * monthly payment on $54k currently vs refinance and pay off in 3 yrs the $54k using some assumed numbers Throwing in a refinanced interest rate of 2.5% and paying off in 3 years, that'd be paying back a total of about $56k, or $2.1k above principal, which would take $1558/mo to do. If you really get that low of a rate, then maybe stretch it if the difference would actually be invested and not, you know, get thrown at another Porsche. Other considerations are how likely it is you're switching jobs, and how much you want to deal with a random loan payment for another 92 months. If kids are ever in your future, it helps with the cash flows to not still be dealing with loans and paying for daycare/saving for college/etc, unlike this sucker. 33 months left for me, 45 for the spouse.
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Sep 7, 2019 23:06
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Man I have almost 5 more years to go on my PSLF. They also jerked me around this summer on my recertification form. They claimed the date was altered next to my HR person's signature (because his handwriting sucks) so they said I have to get HR to do a new form. Which is fun in a giant government bureaucracy. I thought about just skipping a year but I'm still doing it, because gently caress them. Good luck y'all.
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Sep 7, 2019 23:13
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