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OK, here is my situation. Any help would be awesome. My wife and I have a total of three loans for my education. Two are in her name and one is in mine. All 3 are private "tuition answer" loans from Sallie Mae. I graduated in May and will be attending law school in the fall. I'm looking to: A) consulate all 3 loans B) lower the interest rate on my wife's loans (pretty high %) C) Defer payment until I graduate from law school I called Sallie Mae and they won't do A because they are under two different names (even though I'm the student listed on both and we are married). They were willing to help with B if I consolidated her loans with them. However payment would be due immediately on the consolidation because I was going from "tuition answer" (which has a 48 month deferment) to a consolidated loan. If my wife were going to law school, she could defer the payments for 48 months but not because I am. Any third party companies that would help achieve A-C?
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Jun 27, 2007 18:33
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Wiggy Marie posted:Just a quick post to say advice is coming, I swear. I'm just swamped at the moment and can't think straight. Make with some answers! 
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Jul 2, 2007 06:36
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marsattacks posted:Is it worth it to try and start repaying your student loans before you get out of school? I was just looking at the interest I've already managed to accumulate on my fairly modestly sized loans, and it was kind of sobering, to say the least. You answered your own question.
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Sep 20, 2011 15:37
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Lee Harvey Oswald posted:I have another question about the 10 year public services loan forgiveness. If I work in a private college library or city hospital library, would I still be eligible for the 10 year forgiveness? Must be a 401(c)(3) not for profit organization or public organization. 10 years do not have to be contiguous. So, yes.
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Sep 30, 2011 17:49
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Effexxor posted:Sorry that I'm getting onto a soapbox, and I don't mean to be scaring anyone, but a big thing to consider before getting onto the IBR is that the next administration can throw this out the window. It's way too subject to change, and if all of the people that rely on the ibr get their only way to pay their loans off taken away... I'll probably cry. And drink a lot that day. Without looking into the specifics of the IBR agreement, I'm pretty sure this would be unconstitutional. They may end the program for new debtors but they can't retroactively cancel a contract.
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Oct 27, 2011 19:27
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Effexxor posted:And yeah, the reason that defaults aren't any more catastrophic right now is probably due to the IBR. On the other hand, it's going to be an insane amount of debt for the federal government once those people reach 20 years, which frankly doesn't seem sustainable at all right now. I think it should be cost neutral, Here's my back of the envelope analysis: 3 classes of people: 1) people that never pay a dime under IBR for all 25 years (I can't imagine this class being too large) 2) people that don't pay for a few years, after they find employment they pay their 15% into the system (I'd guess they pay back their principle plus some) 3) people that don't pay for a few years, after they find employment they pay back all of their loans plus the extra interest they built up over the first few years. These folks will help cover class 1. There might be some cost to the IBR system but I don't think it will be insane. Edit: Nothing personal, I just don't think it's all doom and gloom. The larger the problem, the more they have to address it. 
Roger_Mudd fucked around with this message at 19:50 on Oct 27, 2011 |
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Oct 27, 2011 19:41
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When calculating the AGI for IBR payments, does it reduce the AGI by the amount you are paying per month on private loans? Edit: also/alternatively do they consider private loan payments as part of the % of disposable income cap? Roger_Mudd fucked around with this message at 03:08 on Nov 16, 2011 |
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Nov 16, 2011 02:37
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Harry posted:It doesn't count as income for him, and won't be taxed as income. Actually a pretty nice deal if they won't cover it outright. It will probably be taxed as income.
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Nov 22, 2011 05:37
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tishthedish posted:I just made a payment at direct loan, and my entire deposit went to interest....nothing to capital. Why would they do this? How am I supposed to get anywhere if I'm not paying towards principal? Depends on the timing of the payments, your payment length, if you missed a payment, etc.
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Jan 9, 2012 14:47
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Effexxor posted:Not for PAYE. If you had a loan disbursed prior to 2008, you don't qualify for it. PAYE is great if you can get it, but the requirements are pretty strict for it. My servicer told me that if I consolidate my loans using http://www.loanconsolidation.ed.gov/ I would qualify for PAYE even though I had a loan disbursed prior to 08. I'm still in the process of doing so but it seems promising. http://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn Says: "Federal Consolidation Loans that did not repay any PLUS loans for parents" qualify for PAYE.
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Apr 21, 2013 23:57
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Effexxor posted:That... is not what we're told. What we're told is that if someone had a loan disbursed before 2008, they're disqualified, like if you wanted an extended plan but you had a loan disbursed before 1998, you can't get an extended plan. Then again, the servicer I work with tends to be very strict to the word of the regulations, for better or worse. Yeah I called back, spoke to another agent and he told me I'm still disqualified. I thought I would have caught that if it was an option. 
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Apr 22, 2013 17:20
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Omits-Bagels posted:My wife has $30,000 in student loans that just came due. I'm starting my master's this fall. My tuition will be about $44k and my parents are giving me $17K to put toward school. Would it be a better idea to put all 17k straight into my wife's loans or should I just take out $27k worth of loans for myself. Depends on the interest rates involved. Depends if they are private or federal loans. Depends on the future earning potential of you and your wife.
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Jun 4, 2013 04:59
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I'm seeing a lot more private student loans suing borrowers who are in default. The good news is that so far the settlement options have been at 0% interest. If your worrying at night about your private loans, a strategic default might help. It's risky but if you can't pay, you can't pay. Edit: you should also consider your state exemption list. In Tejas, it's not easy for them to garnish wages (if it's possible at all).
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Sep 17, 2013 23:30
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For those with private student loans. I'm having a pretty easy time defeating them in court. In Texas they have to bring suit within 4 years of default (just like credit cards) and then prove they own the debt. They can almost never prove they own the debt. Strategic default might be a reasonable option depending on your state and it's laws. Edit: this isn't an advertisement, if you have questions I'll be happy to give you general, non-legal advice, answers.
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Feb 17, 2014 16:28
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Wiggy Marie posted:Assuming all that you have are federal loans, you can actually consolidate the lower interest ones with the higher interest ones and get a rate in the middle. If the higher balance is at the higher rate, this might save you money in the long run, but definitely crunch the numbers hard before you do something like that. It's a weighted average.
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Feb 22, 2014 16:18
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Socrates16 posted:For essentially no other reason than forgetfulness/laziness, my wife has missed several fedloan payments and been dinged half a dozen times on her credit report for it. Does anyone here have any success negotiating with fedloan to remove them in exchange for automatic payments or anything else? We can pay them, no problem, but these marks are killing her credit score. Ask servicer about "rehab-ing" the loan. You make 9 out of 10 payments and they'll remove from your credit report.
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May 21, 2014 00:42
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EugeneJ posted:http://www.usatoday.com/story/news/politics/2014/06/09/obama-student-loans-mcconnell-boehner/10236209/ EugeneJ posted:http://www.usatoday.com/story/news/politics/2014/06/09/obama-student-loans-mcconnell-boehner/10236209/ Would be amazing for my family. Sadly has less than a 10% shot at passing by folks that handicap such things.
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Jun 10, 2014 01:05
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Magnetic North posted:Two questions: Avoid like the god drat plague.
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Jul 30, 2014 01:17
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Radio Talmudist posted:Aside from the debt forgiveness you get for working for a government entity, what protections are you referring to? Pay as you earn. Income based repayment. Deferment. Etc.
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Aug 8, 2014 17:58
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