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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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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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Thanks, will do.
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Mar 31, 2014 23:36
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Going through my SO's loans last night on Navient. She had one that was for ~200 that we figured we could pay off as a feel good start to repayment. There didn't seem to be an option for paying directly on one loan - do we have to mail them a check or something?
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Jun 11, 2015 13:43
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Anyone have an opinion on credible.com? Legit or sketchy? Hadn't heard about it until recently
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Jun 25, 2015 23:15
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Anyone have any experience with https://www.meetearnest.com for refinance?
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Sep 3, 2015 20:50
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Garnish up to 15% of your post tax pay e: probably other stuff too The Slack Lagoon fucked around with this message at 20:22 on Sep 30, 2015 |
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Sep 30, 2015 20:17
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Does the 10 year loan forgiveness for working at a 501(c)3 apply to Department of Education Loans or only 'Federal' loans? Having some difficulty determining.
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Oct 26, 2015 23:49
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Navient lists three types is loan categories: private, department of education, and federal. Do the 'federal' and 'doe' loans both qualify for ibr and the 10 year public service forgiveness? edit for clarification of the question: are department of education loans considered "federal" for eligible benefits? Obligatory Navient is poo poo.
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Oct 27, 2015 19:50
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I think you CAN consolidate federal loans with outside parties but you can only retain federal loan benefits if you so a direct consolidation.
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Oct 28, 2015 14:39
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If it is with Navient you have to mail them a check and a signed letter saying you want to apply money to a specific loan. Make sure you get the 10 day payoff amount. Because Navient say: gently caress you
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Nov 4, 2015 04:06
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It may be because that's what the website says to do. I'd there is another way, that is great news.
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Nov 4, 2015 14:33
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Looking to refi 50k of private loans with 9.5-9.75% interest rates. Going to be applying with a cosigner. Is DRB a good option? I've looked mostly at Citizens but their rates are higher than others.
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Nov 12, 2015 18:57
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They don't make direct consolidation very easy, or refi of private loans for that matter.
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Nov 30, 2015 15:14
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I mean it's going through but they are like "we didn't get your info for IBR" even though I got a confirmation email that they recieved my income documentation. The consolidation is fairly simple. The refi of private loans is a big pain, but in general getting the loans sorted out is a pain. Looking forward to having them consolidated/refi. Particularly away from Navient.
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Dec 1, 2015 02:23
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Tyro posted:Note that submitting that paperwork will change your student loan servicer. You said they were consolidated through fedloan (penfed) so they shouldn't change servicer since penfed is the pslf servicer
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Dec 24, 2015 13:30
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Yea I had some trouble with that. It's PenFed but the website is myfedloan.com because reasons
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Dec 24, 2015 15:58
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We consolidated federal loans. When consolidating the doe website asked if we wanted to go for pslf. When selecting pslf it automatically set penfed as the servicer. Consolidation took about three-four weeks. They automatically put the loans in forbearance for three months which is not ideal, since when they come out interest will be capitalized. Called to have them removed from forbearance, and they will be coming out early January (the consolidation only went through first week in Dec). My understanding is if you consolidate and had pslf eligible payments the counter 'resets'. The IBR is making the payments manageable, which will allow us to focus on paying down private student loans. Budgeted 1k for loans monthly, and without consolidation/IBR payment would have been up at the 1800 mark. Haven't made any payments, but looking forward to January, 2026 when these loans are gone. We're going to do paperwork with penfed to confirm current employment - 501(c)3 - payments will count, to get the ticker going
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Dec 24, 2015 18:16
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It might not hurt giving penfed a call - their csrs have been friendly and helpful.
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Dec 24, 2015 19:34
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Refinanced some loans that were housed at Navient. It looks like the organization I refinanced with overpaid by $500. Should I be able to get that from Navient as a rebate check?
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Dec 30, 2015 14:05
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Do you qualify for PSLF? Do you work for government/non-profit.
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Jan 16, 2016 02:04
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You can go for IBR and let the loans eventually die in 20-25 years. I'm kinda in the same boat but work for a non profit so I'm hoping congress doesn't kill PSLF in the next ten years.
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Jan 16, 2016 04:29
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I used Citizens Bank. Not the best rate but they allow cosigners. Right now SoFi/Earnest dont really.
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Jan 31, 2016 06:35
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meanolmrcloud posted:So I'm graduating soon and just coming to terms with how bad my debt is. I've got about 70k across 5 or six loans and I'm pretty clueless as to what first steps I can take. The fafsa site gives me an option to apply to consolidate all these into one loan with around 5.5%. Is this, broadly speaking, a decent idea? Consolidating federal loans doesn't change overall interest rate - the new rate is based on the weighted average of all the loans. It can make managing the loans a bit easier. Keep in mind that consolidating will 'reset' payments for forgiveness if that's something you're aiming for (like PSLF). If you do a consolidation for federal loans make sure it is a direct consolidation through the DOE. If you have any private loans they cannot be consolidated with federal loans. e: federal loans provide nice forgiveness options and payment options. It if possible to refinance and consolidate federal loans into private loans, but you will no longer be eligible for forgiveness. This may make sense for some people to do if they think they can repay the loans quickly and refinancing would give them a lower interest rate. A lot of the stuff is based on specific case - types of loans/interest rate/career field etc. Make sure you look at all potential options before you make any decisions. For example I consolidated federal loans and refinances private loans (from 9.8% down to 5.2%). Hoping to pay off the private loans quickly and have the federal ones forgiven under PSLF and IBR in ten years. The Slack Lagoon fucked around with this message at 17:35 on Apr 7, 2016 |
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Apr 7, 2016 17:27
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See my above post - there are advantages and disadvantages for refinancing loans depending on what type of loan it is. If they are private with high interest refi might be a good idea. No reputable lender will charge fees.
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Apr 10, 2016 21:56
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Hexmage-SA posted:Is taking someone's degree into account unique to SoFi, or is that standard? For example, would Citizens Bank factor that in? Citizens kind of factors it in in that there is a higher amount you can refi based on degree. Ba? 90k max. MBA? Up to like 150k
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Apr 11, 2016 13:38
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Are your federal loans variable interest? None of my federal ones were variable so I don't have any experience with that specific case. e: if these are private variable loans it is possible that you may not be able to get them fefid at a fixed rate that is comparable to your current variable rates. The variable rates I had ballooned up to 9% and I was able to refi down to a pretty good rate. If your variable have favorable interest rates it's possible you won't be able to get similar fixed rate, but at some point the rate will be going up. If this were the case it would make sense to keep the variable, but keep am eye on their interest rates and an eye on what you can refi them to, and when you can refi to a favorable fixed rate pull the trigger then. ee: mastershakeman do you know which of your loans are which re: public/private? The Slack Lagoon fucked around with this message at 14:42 on Apr 11, 2016 |
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Apr 11, 2016 14:37
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If you did a private refi of the federal loans you could probably get a much lower rate but remember that you lose a lot of benefits with the fed loans. If you have a stable job and are looking to pay them off quickly it might make sense to refi.
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Jun 1, 2016 15:40
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For married folks doing pslf: I just did a comparison of filing jointly/single and the effect on IBR. If we filled jointly (for our a specific case) IBR would increase by about 600/mo, or 7200/year. Filling jointly would save us 200 in taxes. Pretty easy choice to make (for my case) I think.
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Jun 9, 2016 14:54
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Iirc PSLF will not be taxed, but the normal 20/25 year forgiveness is. I believe you can contact your servicing company to adjust IBR payments but not 100% sure. As far as mfj/mfs it depends on your tax case. If you find jointly will your tax return be 12k higher? If not, mfs will probably make more sense. Probably consult a tax preparer
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Jun 13, 2016 21:55
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Would having a joint bank account in any way impact IBR if you're going to be MFS?
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Aug 17, 2016 14:16
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How stable is your employment and do you want to keep federal benefits (income based payments, forbearance, etc)
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Sep 9, 2016 14:16
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22 Eargesplitten posted:Yep, we're starting budgeting, and already have stuck with it longer than ever. Are the advisors actually helpful? It looks like my servicer is Fedloan, which apparently has a reputation for being godawful. All the servicers are awful, but keep in mind that a lot of the bitching that goes on is from people that aren't proactive about their loans and then ask the servicers for something they can't provide/is too late for. Fedloan has been pretty good for me, I've just had to make sure i stay on top of communications with them
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Sep 9, 2016 16:54
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Maximum deduction for student loans is 2k and that's only for interest on loans. Crock of poo poo
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Sep 29, 2016 17:08
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The PSLF language is in the contract for federal loans so it is likely the benefit going away would only effect future people (FYGM). Hope so anyway. I'm 1 year down of 10
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Sep 30, 2016 21:57
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Not high with Trump
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Dec 1, 2016 02:26
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Yes, you generally certify income with pay stubs. Not sure how self employment works
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Dec 26, 2016 00:14
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Depends I think. Some loans start accumulating interest as soon as ink is on the paper. Some don't start accumulating until after you are done with school. Are you ok with paying extra interest in a principal that you may or may not need?
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May 9, 2017 14:56
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Which servicer do you have?
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Jun 21, 2017 03:45
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Household size will increase, would decrease loans by an amount. You can play around with doe ibr calculator and change family size or what ever it's called
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Jul 4, 2017 05:38
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