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Skimmed through the first few pages and the last page. Here is my current student loan situation.  I want to consolidate all this down into one payment with 5% - 7% interest. Is my best option still googling loan consolidations? I went to wells fargo and the best they could do for me was a personal loan of $25k with 10.76% interest at a 60 month pay back term. The goal is to get the payment down to $300 so I can still pay the $575 and pay it off 8 years early out of a new 15 year term. Do I have any options or am I SoL? I tried checking out one of the consolidation sites suggested by creditkarma.com but my lovely tech college that doesn't exist anymore wasn't on their list. Does that even matter?
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Jun 2, 2015 07:30
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I believe that a few goons tend to favor SoFi for student loan refinancing. Honestly though, my understanding is that when consolidating student loans, the interest rate you get is a weighted average of your current interest rates. It appears that most of your debt is in the form of private loans. The personal loan is about one half of a percent lower interest rate than your largest private loan. That's not much lower and is probably a weighted average. I would not refinance my Staffords. You are likely better off just staying put. Wickerman fucked around with this message at 11:53 on Jun 2, 2015 |
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Jun 2, 2015 11:50
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Navient rejected my Teacher Loan Forgiveness application for writing my dates in YY format instead of YYYY. Seriously. Even though when they were Sallie Mae they forgave my loans… so they know it's legit. What assholes.
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Jun 2, 2015 14:41
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Wickerman posted:I believe that a few goons tend to favor SoFi for student loan refinancing. Honestly though, my understanding is that when consolidating student loans, the interest rate you get is a weighted average of your current interest rates. SoFi basically undercuts Grad PLUS loan rates with the goal of targeting STEM fields and such who have higher income potential to secure their loans. Not sure which degrees they accept but there's rules about having graduated and such.
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Jun 2, 2015 22:28
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I've been in a bit of a conundrum with my largest single student loan for some time. I had a Grad PLUS loan taken out for law school in 2009 that I consolidated in 2012. The servicer consolidated it into a Direct PLUS Consolidation Loan and I thought no more about it until I joined a public service job last month. Apparently Direct PLUS Consolidation Loans are considered by the Department of Education as ineligible for PSLF, which would be a difficult result. However, based on the research I've done, it appears that Direct PLUS Consolidation Loans are only loans (i) made prior to July 1, 2006 that (ii) repaid Direct or FFEL PLUS Loans made to a parent borrower. This consolidation was done in 2012 and I am not a parent, so it appears that the Grad PLUS loan was incorrectly classified upon consolidation. The Department says that only the servicer can reclassify a loan. The servicer says that they classified it correctly BECAUSE it was originally a Grad PLUS Loan, but that the Direct PLUS Consolidation Loan IS eligible for PSLF. 1. Are Direct PLUS Consolidation Loans eligible for PSLF? 2. Despite my research, is the servicer right that Grad PLUS Loans become Direct PLUS Consolidation Loans when consolidated? 3. If the servicer is wrong, how can I get them (or the Department) to fix this?
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Jun 3, 2015 01:11
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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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Massasoit posted: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? When you go to make a payment, it will ask you an amount to pay, then it asks you to distribute the payment on a different screen.
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Jun 11, 2015 15:51
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Dale Sveum posted:When you go to make a payment, it will ask you an amount to pay, then it asks you to distribute the payment on a different screen. Back when I had Sallie Mae loans, you only had an option to distribute overpayment whenever you make a payment, after paying the minimum on all your other loans, regardless if you've made a payment that month already. You can't make a regular payment then a week later go "Oh, better add $200 bucks to x loan." their website makes it literally impossible. The alternative is mailing them a paper check.
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Jun 11, 2015 20:29
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100 HOGS AGREE posted:Back when I had Sallie Mae loans, you only had an option to distribute overpayment whenever you make a payment, after paying the minimum on all your other loans, regardless if you've made a payment that month already. You can't make a regular payment then a week later go "Oh, better add $200 bucks to x loan." their website makes it literally impossible. I have not had this problem. Every time I make a payment, it states the payment will be in addition to my auto debit and I can apply the whole balance to one loan. So I make two payments a month; one that covers the minimum on all loans, and a second that is applied entirely to one loan.
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Jun 11, 2015 21:53
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100 HOGS AGREE posted:Back when I had Sallie Mae loans, you only had an option to distribute overpayment whenever you make a payment, after paying the minimum on all your other loans, regardless if you've made a payment that month already. You can't make a regular payment then a week later go "Oh, better add $200 bucks to x loan." their website makes it literally impossible. This is what happens to me on Navient as well. I would have to pay an extra month's payment to my other loans first before paying any extra to a specific one. The disclaimer it gives is the exact opposite of the actual behavior and it's better to just send a check with the loan number specified.
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Jun 11, 2015 22:45
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When I was still with Navient I tried a few times to pay down one of my loans ahead of the other one (so that I could have my total due drop to something silly like $200 / Month). I agree, there is no way to do this via the website which is stupid, Instead I called to do some fairly large payments (~$7000) Asked it to be put to one specific loan instead of both of them. The rep said "Sure" only to find out that instead of doing what I asked it was just applied across my loans as advanced payments (WTF). Horror Story 2 with Navient, there is honest to god no way on the site to transition to a standard 10 year repayment plan, or heaven forbid ask them to do more then increase your payment (but not alter the loan terms). When I called to have this done the guy like had no clue how to handle the situation. I solved the problem by going to SOFI which gave me a 5 year 3% Loan with variable rates (after all the fancy, set up auto draft junk). For my situation I just wanted the lowest rate I could get my hands on so I could get myself the hell out of debt. Should the rates go wonky I have enough credit to simply do a bunch of 0% APR balance transfers (which you can do for some insane reason). On the bright side I am saving a ton of interest by transferring as much as I can pay off in a year (about $7000) to 0 APR credit offerings just so I can get out of the ugly rates I was paying (just under 7%). Based on my spreadsheet this has saved me something like 3000 over the last year. SOFI: Getting someone to respond at SOFI has however been a very slow process. That said almost everything is setup to run online. Other posters are correct, SOFI is more or less going after STEM and business majors and grads but doing it as a private student loan instead of a line of credit or a signature loan so they can still dick you over if you go bankrupt or get hit by a truck (and live).
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Jun 12, 2015 03:17
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I guess I'm very lucky to have my loans serviced thru FedLoan. I have never had to deal with an actual person, but their website is so easy to use. It took no additional effort to allocate my extra payments to the specific loan I wanted. Is it just random luck that determines what loan service you get? Or do certain schools or regions get lumped together?
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Jun 13, 2015 17:48
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Based on the awards I think its random luck when your loan is allocated, different government servicers basicly bid for how many loans they can service and the government awards them as such. The problem is the bad apples (Navient) like to over bid as much as they can get away with and then provide the minimal service required by law.
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Jun 13, 2015 18:44
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I'm winding up a Peace Corps service and I'm starting to get into the paper-work for cancellation of Perkins loans. It's a headache because I need to submit a separate form (by mail of course) to every loan servicer that holds a perkins loan of mine and that form needs a input from my boss as well. Lovely. Anyhow, one servicer I have has written on their form that in order to qualify for the cancellation I need to have filed for it before starting my service, and then again at the one year mark, and then again now that I'm leaving. Is this true? Have I missed my cancellation opportunity and lost a shitload of money because I'm filing at the end of my service for the full two year cancellation? Or is this servicer lying and full of poo poo? If they're not, do I have any recourse or options available to me? El Mero Mero fucked around with this message at 22:35 on Jun 15, 2015 |
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Jun 15, 2015 20:11
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Has anyone used Earnest for a student loan consolidation? I'm approved for a loan and arm deciding what terms / rated to go with. I can do anything from 5 years / 4.77% to 19.5 years / 6.31%. I am consolidating $45,000 of debt (only private loans).
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Jun 16, 2015 00:10
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So I'm looking at a getting a postbaccalaureate certificate. My employer won't help with tuition unless I decide to get a full blown MA degree. So I'd be paying for this out of my own pocket, which suits me fine since I won't be indebted to continue working for them for X amount of time once I finish. It'll cost me around $10,000 to get the certificate. I can easily pay enough up front (3-5 grand depending), but the problem I'm running into is that if I want to get a loan to pay the rest of my tuition so I don't need to save for another 2-3 years, I need a cosigner apparently. Is there any way I can get a private loan for this without having to get a cosigner? I have no other debts (paid off my undergrad debt in 3.5 years) and have excellent credit, so I'm at a loss why I would in the words of the advisor I spoke with "absolutely need a cosigner to get a private loan for this".
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Jun 16, 2015 01:16
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I have recently graduated and I want to consolidate my private loans, totaling ~90k split between 6 or so different loans (Navient and Sallie Mae). The interest rates and repayment terms are lovely, and it would be nice to have them all in one place to streamline the payment process. Problem is, I tried applying for consolidation loans through both DRB and SoFi, and both lenders told me my income is too low to be approved. My wife and I make a combined income of around $70k annually. I thought that was pretty solid but I guess not? Well, actually the SoFi application didn't even let me put in my wife's income before telling me no...I'm not sure I understand why so maybe I'll give them a call later. In the meantime, does anyone have a suggestion for how I should go about consolidating these loans? I don't want to just try applying randomly with a bunch of different lenders because rejections probably reflect poorly on my credit.
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Jun 18, 2015 15:38
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I just wanted to chime in and say: I paid off my student loans today. There is hope. Today is a good day.
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Jun 24, 2015 23:17
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LargeHadron posted:I have recently graduated and I want to consolidate my private loans, totaling ~90k split between 6 or so different loans (Navient and Sallie Mae). The interest rates and repayment terms are lovely, and it would be nice to have them all in one place to streamline the payment process. Problem is, I tried applying for consolidation loans through both DRB and SoFi, and both lenders told me my income is too low to be approved. My wife and I make a combined income of around $70k annually. I thought that was pretty solid but I guess not? Well, actually the SoFi application didn't even let me put in my wife's income before telling me no...I'm not sure I understand why so maybe I'll give them a call later. In the meantime, does anyone have a suggestion for how I should go about consolidating these loans? I don't want to just try applying randomly with a bunch of different lenders because rejections probably reflect poorly on my credit. I have a very limited understanding of the US student loan system but on the federal student aid site they do warn that loan consolidation can lose some benefits like interest rate discounts. https://studentaid.ed.gov/sa/repay-loans/consolidation I'm assuming that if you're applying to DRB and SoFi that your interest rates are exceeding 6%. Is suspect your debt to income ratio based on your income only probably means they can't consolidate the loan. Initially you are going to be stuck making big payments which will be a sizable chunk of your net monthly income. The one benefit is that this will reduce the size of your loan and provided you don't miss any payments it will give you a decent credit history. It might be worth revisiting this in a year when the loan will be a bit smaller and hopefully you receive a pay increase. Otherwise you would need to put even more money into loan repayments to reduce your debt to income ratio. NarwhalParty posted:I just wanted to chime in and say: It's a good feeling once it's all paid off. Being free of payments is the best thing. Devian666 fucked around with this message at 07:25 on Jun 25, 2015 |
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Jun 25, 2015 07:22
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I just checked and I have one loan left. I technically had two with great lakes (both consolidated) and while it functionally doesn't make any difference since they both had the sama rate, my overpayments just wiped out the smaller one. 
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Jun 25, 2015 16:17
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100 HOGS AGREE posted:I just checked and I have one loan left. I technically had two with great lakes (both consolidated) and while it functionally doesn't make any difference since they both had the sama rate, my overpayments just wiped out the smaller one. Hell yeah.
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Jun 25, 2015 21:40
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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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Massasoit posted:Anyone have an opinion on credible.com? I can't even get to the site due to too many redirects. That makes me a bit nervous.
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Jun 25, 2015 23:27
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mastershakeman posted:This is what happens to me on Navient as well. I would have to pay an extra month's payment to my other loans first before paying any extra to a specific one. The disclaimer it gives is the exact opposite of the actual behavior and it's better to just send a check with the loan number specified. For what it's worth they can ignore the instructions you send and process the check against the whole set of loans as well. I did have luck though calling them and asking them to ungroup my loans. It was a good 40 minute call and it took them 2 weeks to do it, but they finally got it done.
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Jun 26, 2015 20:53
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I know this thread is primarily for American loans and such but would anyone maybe be able to help me with Student Finance England? They have been royally buttfucking me for two months and if anyone can help me potentially buttfuck them way harder I would be eternally grateful. If there is a thread pertaining to UK student loans I am super sorry that I missed it, but this was the closest I could find. 
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Jul 28, 2015 06:59
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I think the Student Room might be a better bet for forum help with UK loans. They helped me wade through US-UK shenanigans. That said, I'm on PAYE and my minimum payments are 0 dollars. I made my first payment, then I have it set to autopay 5 bucks on each loan (yay dropped interest rate). This month it... didn't pull the autopay amount out. I might've screwed up the routing number. But it's not showing anything as late. Should I give 'em a ring? Will I need to pay fees? A 0.00 minimum is weirdly confusing. I may call and make sure, just to be safe.
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Jul 29, 2015 04:08
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Aerofallosov posted:I think the Student Room might be a better bet for forum help with UK loans. They helped me wade through US-UK shenanigans. What day was the payment? Normally if they fall on a weekend, the payment doesn't process until after, so it might just be that delay. If not, definitely give them a ring!
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Jul 29, 2015 05:57
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Wiggy Marie posted:What day was the payment? Normally if they fall on a weekend, the payment doesn't process until after, so it might just be that delay. If not, definitely give them a ring! Sunday. I'll check. My minimum payment is 0, but I try to put in 5. I think I will give them a ring in case I did hork up the routing number or something.
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Jul 29, 2015 06:37
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Okay, I don't know if I should edit this or double post, but. I called Great Lakes and apparently if your payment is 0.00 and the autopay for 5 bucks doesn't go off, it does NOT count as being late. Granted, I'm gonna fix the autopay (I did derp on the routing number) so I can get in on that sweet interest rate reduction but I am not gonna be hit with late fees or whatever. I'm still gonna make payments so it counts towards the 120+ I need.
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Jul 29, 2015 22:10
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Aerofallosov posted:Okay, I don't know if I should edit this or double post, but. I called Great Lakes and apparently if your payment is 0.00 and the autopay for 5 bucks doesn't go off, it does NOT count as being late. Granted, I'm gonna fix the autopay (I did derp on the routing number) so I can get in on that sweet interest rate reduction but I am not gonna be hit with late fees or whatever. I'm still gonna make payments so it counts towards the 120+ I need. A $0 minimum payment also counts towards the required payments for the various forgiveness schemes. It's not necessary to pay that $5 if that's why you're doing it and not to chip away at the interest accruing or the principal. Ancillary Character fucked around with this message at 00:24 on Jul 30, 2015 |
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Jul 30, 2015 00:22
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Ancillary Character posted:A $0 minimum payment also counts towards the required payments for the various forgiveness schemes. It's not necessary to pay that $5 if that's why you're doing it and not to chip away at the interest accruing or the principal. Oh. Well. Snap. I learned something today, thank you.
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Jul 30, 2015 01:23
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Is there a number of credit hours limit on student loans or just the aggregate loan cap? If I have 100 credit hours or whatever as a grad student, am I no longer eligible for student loans or just when I cross the unholy total loan limit of $138, 000?
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Aug 10, 2015 17:29
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My aggregate limit (for professional school) is something like 225k. Is that a figure given to you by your fin aid office?
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Aug 10, 2015 17:43
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Do I have any options for loans if I don't have a cosigner and don't make 35k$/year?
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Aug 10, 2015 18:05
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Wickerman posted:My aggregate limit (for professional school) is something like 225k. Is that a figure given to you by your fin aid office? Just from the first post. I would not be the least bit surprised if it's gone up.
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Aug 10, 2015 20:15
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Brennanite posted:Just from the first post. I would not be the least bit surprised if it's gone up. Ah. It's certainly possible, I recently underwent a financial aid entrance course for my professional program. Here are the notes I took, perhaps useful, perhaps not. ------ Federal Stafford Aggregate Limit: $224,000 (Includes all Unsub + Sub Loans taken for Undergrad/Grad/Professional School, these values can be found here: https://www.nslds.ed.gov/npas/index.htm) Federal Stafford Loan - Unsubsidized: Currently 5.84% Fixed, 1.073% Processing Fee Federal Grad PLUS Loan: Currently 6.84% Fixed, 4.292% Processing Fee In Deferment, Stafford Sub don't accrue interest while Stafford Unsub does. In forbearance, both Sub and Unsub accrue interest. Cost of Attendance limits the amount of loan monies that may be taken, although hardship exemptions can increase that CoA ceiling. Common Hardship Exemptions: Daycare expenses, Medical Expenses (appendectomy being the example given to us), Private loans unable to be deferred any longer, and M4 residency interviews (or other education associated expenses such as laptop computer purchase (one time only for our institution.))
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Aug 10, 2015 22:11
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Jazz Marimba posted:Do I have any options for loans if I don't have a cosigner and don't make 35k$/year? Federal loans are for the most part not based on credit (PLUS and GradPLUS are the exceptions), and making less is better in terms of how much you can get. Private loans will vary depending on the provider.
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Aug 11, 2015 00:52
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There's a lot of pages in here, so hopefully this hasn't been asked somewhere already, but I decided for various reasons to attend school in Germany, where tuition is free, but it turns out food still costs money. It also turns out that my school is listed as "Deferment Only" for FAFSA etc, so when I went to try to apply for loans of any kind, I couldn't. While this means I don't need to pay back my student loans, my car loans and that whole eating thing is really taking a bite into my savings. Is there still a way to get a loan somehow? tl;dr: My international school is listed as deferment-only, can i still money for food? Shadow0 fucked around with this message at 16:53 on Aug 12, 2015 |
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Aug 12, 2015 16:49
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My parents are splitting up and both leaving town. I'm living with them while I get my MBA. Tuition and basic living expenses max out my Stafford loans, and it looks like my bills are going to get a whole lot higher for the 15 months left in my program. I'm in an area where I can't make more than minimum wage at the moment and working 40 hours a week would certainly affect my grades. I'm first in my cohort and have first pick of internships if I can maintain where I'm at. I don't want to gently caress up. What do I do? vvv I know this is the answer but wanted someone to say it directly. What's my best option in Satan's Playground? i say swears online fucked around with this message at 08:46 on Aug 13, 2015 |
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Aug 13, 2015 03:44
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Make a deal with the devil (private loans)
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Aug 13, 2015 08:44
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