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Thread on Paying Back Student Loans
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Date: May 27th, 2012 10:49 AM
1. Pay minimums only, then make extra payments separately which must be accompanied with a letter stating that the amount is to be applied to PRINCIPAL ONLY and specify which loan, choosing the one with the higher interest rate.
2. In order to lower minimums, enroll in IBR with your income based on previous year agi. This will enable you to allocate more money toward principal on the highest interest debt, saving you a boatload. If you have subsidized loans they will be interest free for two years to the extent minimums do not cover it. Save another boatload.
3. When IBR no longer takes effect enroll in 25 yr plan instead of 10, enabling you to again allocate more money to principal on the highest interest debt. |
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Date: May 27th, 2012 12:10 PM |
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Date: May 27th, 2012 12:14 PM |
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Date: May 27th, 2012 1:28 PM |
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Date: May 27th, 2012 12:12 PM
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Date: May 27th, 2012 12:14 PM |
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Date: May 27th, 2012 12:19 PM |
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Date: May 27th, 2012 12:21 PM
"I started with a 72-month, $23,468 auto loan in March 2003. I've paid $400 every month to the present date, although the required payment is only $325 a month. I just found out that the extra money is not going to principal, but it adds time until my next payment is due, which the bank says is in August 2005." |
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Date: May 27th, 2012 12:25 PM |
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Date: October 21st, 2012 11:56 AM |
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Date: May 27th, 2012 12:26 PM
http://www.finaid.org/loans/prepayment.phtml
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Date: May 27th, 2012 1:32 PM |
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Date: October 18th, 2012 8:24 PM
So, letting them move your "next" date back doesn't really hurt you if you continue making your payments ever month. And if you ever get laid off pwned, you'll have built up a period with no payments due.
Am I wrong here? |
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Date: October 19th, 2012 5:06 PM
IF you get laid off, you can immediately go into financial hardship deferrment. I believe interest keeps running though. So ya, I can see prepaying 3 months or so in advance to give yourself some cushion.
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Date: May 27th, 2012 1:30 PM |
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Date: May 27th, 2012 1:33 PM |
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Date: May 27th, 2012 1:37 PM |
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Date: May 27th, 2012 4:05 PM |
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Date: October 19th, 2012 12:57 AM |
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Date: October 19th, 2012 9:42 AM |
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Date: October 19th, 2012 5:07 PM |
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Date: October 23rd, 2012 1:36 PM |
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Date: October 23rd, 2012 1:47 PM |
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Date: October 23rd, 2012 2:08 PM |
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Date: October 23rd, 2012 2:16 PM |
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Date: October 23rd, 2012 2:41 PM |
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Date: October 23rd, 2012 2:45 PM |
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Date: October 19th, 2012 9:41 AM
To the people above, you definitely have to write a letter and nail those assholes down. They will not simply do what is in your best interests automatically. Your online payments will NOT go to principal. Even when you write a letter, they will sometimes not do it right. Gotta keep a tight leash on them mofos. |
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Date: October 19th, 2012 5:18 PM
My highest rate loan is now only 5.5% |
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Date: October 19th, 2012 5:21 PM
Also, what do you have to say this faggot below talking about "Alternate Income" form? did you have to do that?
http://www.autoadmit.com/thread.php?thread_id=1957734&forum_id=2#21827149 |
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Date: October 23rd, 2012 1:46 PM
I had Sallie Mae and here is what I did. Instead of falling into the trap of using their online system, I went and got the standard government IBR form. I filled it out and sent it to them along with my previous year tax return. I then mailed it to them and faxed it to them. You can fax the hell out of them until they take it. I think I did it every other day or so for a couple weeks.
Again, I think it is possible that some lender at some point might actually put their foot down and refuse to take anything but alternative documentation. I have not heard of a single instance of this happening yet. |
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Date: May 27th, 2012 12:08 PM |
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Date: May 27th, 2012 1:17 PM 2. COnsolidate your 180K of Fed Loans. 3. Enroll in IBR. 4. Pay 0 dollars in payments for the first 12 payments as it is based on your prior years AGI on ur 1040. 5. Pay 0 the following year in payments as the amount u made is less than 15gs from your government start date in sept, which your agi is based off of in your new taxes. 6. Defer the maximum Federal alotted amount into your 401k (17gs) 7. In year 3 begin to make payments of around 100-300 a month. 8. After 7 years of payments amounting to approx 25 gs to 32 gs in total, your entire principal of 180k plus whatever interest you have accrued (approx 50gs) is forgiven. 9. Profit as you paid 30 gs for lawschool and (hopefully) undergrad and have rock solid job security, 40 hr work weeks, free medical, dental and health club reimbursement, over 170,000 in your 401k and a pension that you are vested in. |
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Date: May 27th, 2012 1:36 PM |
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Date: May 27th, 2012 1:40 PM |
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Date: May 27th, 2012 4:09 PM |
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Date: May 27th, 2012 4:33 PM |
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Date: May 27th, 2012 4:44 PM |
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Date: October 18th, 2012 5:56 PM |
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Date: October 18th, 2012 6:03 PM |
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Date: October 19th, 2012 1:52 AM |
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Date: October 19th, 2012 9:36 AM |
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Date: October 19th, 2012 8:54 PM |
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Date: October 18th, 2012 8:30 PM |
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Date: October 19th, 2012 12:54 AM |
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Date: October 19th, 2012 5:13 PM
Show me where it says you have to consolidate under IBR. |
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Date: October 23rd, 2012 1:30 PM |
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Date: October 21st, 2012 11:59 AM |
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Date: October 21st, 2012 12:13 PM |
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Date: October 18th, 2012 5:50 PM |
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Date: October 18th, 2012 5:52 PM > Paying your student loans |
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Date: October 18th, 2012 6:16 PM |
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Date: October 18th, 2012 6:40 PM |
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Date: October 18th, 2012 6:53 PM
2. Wait for Student Loan Forgiveness Act
3. ???
4. Profit |
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Date: October 18th, 2012 8:07 PM
Schools are so fucking deplorable that they will keep raising tuition every year by 8-9%. Within a few years, student loan debt is going to cripple this country. |
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Date: October 19th, 2012 1:12 AM |
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Date: October 19th, 2012 12:58 AM |
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Date: October 19th, 2012 8:34 AM |
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Date: October 19th, 2012 9:38 AM
At MOST it will forgive based on the "average" amount of debt, which even with tuition increases and the recession is still at 28k. |
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Date: October 19th, 2012 9:46 AM
Second, I would expect that the most we would see is an expansion of the current programs. Maybe PSLF applies to private sector or something like that. However, it may apply only to people going forward while those of us already graduated are just left in the dust. |
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Date: October 19th, 2012 9:45 AM |
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Date: October 19th, 2012 9:06 PM |
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Date: October 23rd, 2012 1:37 PM |
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Date: October 19th, 2012 1:55 AM |
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Date: October 19th, 2012 4:56 PM |
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Date: October 19th, 2012 5:07 PM |
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Date: October 19th, 2012 5:13 PM |
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Date: October 21st, 2012 12:15 PM |
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Date: October 23rd, 2012 1:36 PM |
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Date: October 23rd, 2012 1:37 PM |
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Date: October 23rd, 2012 1:38 PM
2. Vote for Obama
3. Profit |