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I recently switched to part-time status. I currently have 10 units but will soon be dropping to either 8 or 7. Will the loan refund from the drop from full-time to part-time and again from 10->8 units just go right back to me, or are they going to somehow send it back to the loan company? I'm already at my max loan amount (tuition + living expenses) so normally I wouldn't be able to get this much cash. I think it's going to work, but I want to make sure. I'm kind of counting on having some extra (both to replace my computers that died over break and for other costs around summertime). This should mean about $5k extra for me. edit: This maybe isn't a great question for you and I should just contact my FinAid office. But they're not open right now and I just thought to wonder about this.
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Jan 11, 2007 04:13
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| # ¿ Apr 28, 2024 07:49 |
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Consolidation So it doens't look like interest rates are going to move much at all come July 1st, however a lot of the consolidation offers I've been getting have been mentioning not only the standard possibility of increased rates on July 1, but also that they recent changes passed by congress could increase costs for lenders and might make them drop various incentives they offer. What are the chances this is true and not just bullshit to get me to consolidate? I'm looking at Educational Loan Company to do my federal consolidation, however it doesn't look like they offer any sort of graduated payment plan. I'm pretty sure making payments on my loans is going to be pretty difficult for a while, so anything I can do to decrease my earlier payments would be great. Are there particular reccomendations for consolidators that offer graduated payments or other front-loaded benefits while still maintaining a decent deal over the life of the loan? Also, what's the deal with forbearance? Can I just say "can't pay, not enough income" and basically get another grace period? Finally, do any private loan companies offer graduated payment plans? It doesn't seem like private loan consolidation offers a whole lot other than simplifying payments, but maybe there's something out there.
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Jun 14, 2007 22:17
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I have a $2500 bar study loan through myrichuncle. I uh..got the money, and will have to pay it back. I'm not sure what else to say. The interest rate is high, but its not a regular school loan and I didn't have a cosigner, unlike my regular school loans.
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Jun 20, 2007 04:07
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dzarc posted:A new law has been passed about student loans. I read something about it will force lenders to cut federal student loans' interest rates down to 3.4%. My consolidated loan is currently sitting at 7%. Can I get my rates reduced? This bill apparently killed a lot of consolidation deals. Many lenders either aren't taking consolidation applications right now, or aren't offering any benefits. Wiggy, do you know if this is permanent or if the lenders just need to figure out how this bill affects them before reorganizing their incentives? I feel really stupid for not getting off my rear end and doing my consolidation already.
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Oct 2, 2007 23:08
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So people who already graduated just got hosed.
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Oct 3, 2007 01:41
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Wiggy, any idea if NTHEA will offer any benefits on their loans? Their website still lists a 1% interest rate reduction, but I assume they just haven't updated, since I've only found one lender still offering any benefits at all (Loanster, .5 reduction after 36 months), so 1% seems a little too good to be true right now. edit: Nevermind, just gave them a call, and those benefits are still accurate through the end of the year. Guess I'm going with them. No idea why they're maintaining incentives while everyone else is dropping them. Kase Im Licht fucked around with this message at 21:32 on Oct 9, 2007 |
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Oct 9, 2007 21:20
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Weird question. I graduated law school last May. My understanding was my loans would go into repayment around the end of November, with the first payment being due at the end of Dec or beginning of Jan. So far, thats whats happened with my federal loans. I've got an early Jan due date on those (I have no idea what the status of my NTHEA consolidation is). However, on my private loans through citibank, when I called to figure out when a payment was due, as I hadn't received any bills (other than the ones they sent while in school that list an amount due but its not real because its deferred) since graduation. They say they think I'm in school until January, and my grace period won't end until 6 months after that. I didn't correct them, because I really don't have the money to pay that loan and I'm under the impression that you're not as likely to get a forbearance from a private lender. Any idea why they think I'm graduating 6 months later than I am? Any way I can get in trouble for this? Anyway that not saying anything and enjoying my extra 6 months could backfire in some horrible way? Could it have anything to do with a couple bar study loans I got after graduation? My only theory was that their system is retarded and getting a loan after my graduation date makes it think that I must still be in school so it tacks on another semester. Also, if I want a forbearance on my federal loans (payment only $329 so I'm not sure if I need it or not), how does me being in consolidation limbo affect that? I haven't received anything from NTHEA saying its done, and I still occasionally get Sallie Mae emails (after the first one I got saying "we received a consolidation request, don't leave us, please call" which I promptly ignored).
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Dec 24, 2007 22:17
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So I talked to NTHEA and the consolidation has finished. If I hadn't been in CA for Christmas I probably would had received the paperwork from them already. So its all paid off and when I get home in a couple days I will probably call about a forbearance. I think I asked about forbearances before, but don't remember where that was, and I see you mentioned them a little in your last reply to me. Is it really as simple as calling them up, saying I can't pay right now, and getting another year (or more) to put off payments? I realize I really can't pay my federal loans right now and probably won't be able to for 6 months or more. And hell, the longer I can put them off and concentrate my payments on my private loans, the better, even if I could make the minimums on both. And a weird thing. When I logged into SallieMae's webpage to make sure everything was paid off (after reading some horror stories in this thread about loans not getting entirely paid off and people getting in trouble for not paying on loans they thought were paid off), everything was paid off, but all my loan balances were negative, to a total of about -$1200. I have six different loans (a sub and unsub stafford each year for 3 years). Each is negative by about $200 with a little variation. Any idea what happened here? Did NTHEA give them too much money to pay off the loans for some reason? Will this balance out? How will that happen?
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Dec 30, 2007 06:22
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A question about consolidation recently popped up in the bus/fin forum and it reminded me, you should probably alter your original post's info on consolidation, since NTHEA and educational loan company both dropped their good incentive plans. My consolidation is done so I'm no longer keeping up on whether or not anyone still offers anything. What is going to be the status of consolidation for people taking out new loans in the future? It seems like consolidation used to be something everyone did as you wanted to lock in rates and take advantage of incentives, but now the incentives are gone and the rates will go down permanently, will people just not bother with it, barring situations where their lender just really sucks and they want out? Kase Im Licht fucked around with this message at 02:33 on Feb 19, 2008 |
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Feb 19, 2008 02:30
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Fatty Patty posted:Wait, the money doesn't come until after you've started classes? That doesn't make any sense
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May 1, 2008 02:49
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How do you pay for books etc?
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Moneyball posted:My loan service company is Great Lakes, and I have a question about how payments are applied. Don't you still need to be making enough payments to have the loan pay off at some point? You can't have nothing going towards a loan.
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Oct 29, 2015 04:16
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Okay, so big question. This seems very insane to me when I think about it, but the numbers work, as far as I can tell. What am I missing? Basically I'm thinking about going back to school to postpone loan payments. I've got about 50k in private loans that I have to pay $1000 per month on, which is obviously, terrible. I also have about 100k in federal loans that they want me to pay about $500 per month on. Combining these two comes up with an amount that is nearly impossible for me to pay. Even just the $1000/month is no good and I can't keep federal loans in forbearance forever. IBR doesn't help much, $500/month IS the IBR payment, down from like $650 without it. They don't take private loans into account. The private loans will be paid off in about 5 years, which is great, but those 5 years are going to suck. I'd love to refinance them to a longer term but I don't think it's possible with my credit, and it's definitely not possible to do it at the low interest rate I currently have. So what if I went back to school? Everything goes into deferment. I can keep making payments to cut down on the private loans, but at a more reasonable pace. I could even take out loans for living expenses, continue working, and use that money to pay down the private loans even further. I could actually get them nearly paid off with a couple years of partial payments + paying with loan disbursements. Of course, I would be adding quite a bit of money to my federal loan totals. But, my job qualifies me for PSLF, so what does it matter? My federal loan payment would be the same as it is now. So why doesn't this work? And why does anyone think the government taking over student loans was going to save the government money? What would I go back to school for? Well option 1 is find something career related so it might actually be helpful. Not really sure what this would be as I'm already over educated for my job. Option 2 is just find the absolute cheapest school and get something easy that will require minimal effort to get passing grades in.
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Oct 29, 2015 04:40
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It didn't change but it wouldn't do him any good as it phases out well before 120k. It was a max 2500 so it was never very helpful for people with large amounts of debt.
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Nov 28, 2018 02:59
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If my income is too high to qualify for any income driven repayment is there any real reason not to refinance into a private loan to save 2% on interest? I'll likely pay off the loan before or right around when I would get forgiveness, and with less interest I could pay it off faster and/or alternately stretch out the payments to a longer term with a more manageable payment. I'm married filing jointly. I will probably run the numbers to see what filing separately would cost us just in case. But I'm not eligible for PAYE, and MFS won't affect REPAYE, but IBR/ICR might be worthwhile if my income alone gets low enough? I've worked for the government for the last 8.5 years but unfortunately most of that time was under some combination of ineligible repayment plan, forbearance, paying late, or not paying at all, so I think I've accrued very few payments. I'll check that before I make a final decision, but I'm not sure really sure what the cutoff would be to change the decision. There aren't any rumors of anyone contemplating massive changes to the system, right? I guess something like Bernie winning could be a wildcard that might initiate something crazy but that feels unlikely. Maybe worth paying another year of higher interest to see what happens in November?
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Jan 7, 2020 23:57
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The actual language in the bill seems pretty clear that you can go on forbearance and your payments still count towards PSLF. Now I need to decide, keep making payments on my federal loans that can go entirely to principal, or take the money and dump it in my private loans and try to get those paid off by next year. Private interest rate is slightly lower, so on a pure money-saved analysis, making payments to the federal loans is smarter. But I can get the private loans paid off earlier and that gets me more flexibility when that payment disappears and would be a nice achievement, so it has that going for it. Or just save the money in case things really go to poo poo but I think our jobs are pretty secure.
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Mar 31, 2020 13:38
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Where are you seeing a .5% interest loan?
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May 13, 2020 14:49
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If I go here I don't see anything close to .5%: https://www.sofi.com/refinance-student-loan/refinance-student-loan-rates/ Your total payment is made up of smaller individual payments that go toward each loan. There should be something in your monthly statements showing how much goes to each loan. I think the portion going toward the big amount would drop off after that chunk is forgiven. Your payment toward the remainder should remain the same since your payment is already the 10 year repayment. You should be able to take the individual payments for each loan and put them in a loan calculator and see when you would pay it off if you kept making the same payment amount at the lower refinance interest rate. I doubt you're going to find any benefit, certainly not for the loans being forgiven in 2023. Given you said you're expecting 60k in forgiveness, it's doubtful you can make that up with lower interest for a few years. But if that's all on the 120k chunk and you're not expecting forgiveness on the second portion, there will be some financial benefit to refinancing the second portion, but this is something you can and should calculate so you can see exactly what you'll gain before you make the decision. If you have been doing your certifications and you've been on an IBR plan the whole time I don't think you would have any issues. The problems have usually been people on an ineligible plan or who have issues with their employer certifications. If you've been on IBR with the same government employer the whole time that part's easy. Either way you should not be refinancing federal loans while they have 0% interest and not until you know there won't be more 0% periods to come. I am in a similar position but farther away from forgiveness. I'm waiting until at least the election to see if anything else significant gets proposed.
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May 13, 2020 15:35
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| # ¿ Apr 28, 2024 07:49 |
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Since FFELP loans aren't held by the government it's extremely unlikely they would be included in forgiveness. They don't want to write checks. Of course it's irrelevant since blanket forgiveness is also extremely unlikely.
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Dec 23, 2021 21:29
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