What’s a 25,000 student loan debt these days ?
I mean I didn't go to Medical school, a Law school, or an Ivy League school so 25 grand in debt is about the price of a new Hyundai! Is everyone on these forums like 100,000 grand in debt from college? If thats the case this country is DONE .....
Categories: Student Loans Tags: business-now, case, country, feel-as-though, grand-education, hyundai, medical, price, these-forums
Income-Based Repayment Option
I have a quick question regarding the new IBR plan and I was hoping someone could help me out with it. I have about $100K in Fed Student Loan (75% subsidized and 25% unsubsidized) currently. At an average interest rate of about 5%, I'm assuming the interest on the loan will be about $5000/year. Hypothetically speaking, if I take a job in the public sector making ~$40K/year and choose the IBR option, my monthly student loan payment will be approximately ~$300/month or $3600/year. So if I'm understanding this correctly, this would mean that my outstanding balance will increase each year, resulting in my owing more than the original amount.
Categories: Student Loans Tags: choose-the-ibr, correctly, credit, Credit Score, Loan, loan-forgiven, monthly, monthly-student, outstanding, public, Question, quick-question, sector-hoping, student, student-loan
Student Loan DOFD and collection questions
I had a call from a CA yesterday about something that I thought was history. I had a PLUS student loan that was paid off 12 or 13 years ago. The final payment was about $6000.00, which I paid when I got a small inheritance. About a year after I paid it, I got a collection call, so I called the entity to whom I wrote the check
Categories: Student Loans Tags: check, credit, entity, final-payment, student-loan, wages, wrote-the-check, years-ago
Categories: Student Loans Tags: auto, credit, Credit Score, reach-the-700, score, situation, student, very-upsetting
In student loan rehabilitation, but Current status is still 120+ days late
I've been in my student loan rehab for 22 months on my 9 month agreement. I'm unsure if TSAC (the guarantor) is reporting correctly. Should they still be reporting as 120+ days late every month, even though I've made 22 consecutive payments?
Categories: Student Loans Tags: days-late, even-though, every-month, guarantor, reporting-as-120, student, student-loan, the-guarantor, tsac, unsure-if-tsac
Trying to enter Student Loan Rehab, but not sure I am really entering Rehab program
hi, I've been lurking for a long time, but now I need help that I can't seem to find my lurking only. My 2 student loans went into default on 5/13/2007. Yesterday I sent an e-mail to the company I believe is the guarantor, American Student Assistance, (ASA) asking about their rehab program. This morning I received a response from the Borrower Advocate, stating I should call the main number and use option 1. After an hour or so of debating my next stepsI called and spoke to a gentleman. He was not very helpful, but not horrible eitherthank goodnes. I asked to get into the rehab program and he told me I cannot be accepted into rehab until I make 9 payments on time, and asked when can I make the first payment. He asked for $100 per month, but since I have not worked since Oct 2008 I told him I could not pay that much monthly right now. He agreed to $75 per month, I told him I would send a money order when I receive something from ASA. He told me he would send me a statement today, but I would not get anything about rehad until after the 9th payment is received
Categories: Student Loans Tags: after-the-9th, borrower, call-the-main, lurking, make-the-first, rehab, statement-today, Student Loans, the-guarantor
School loan debt affecting credit score?
Hi everyone, Thanks in advance for all your helpful knowledge regarding my question. I currently have over 32k @ 4% of school loan debt due to my bachelors and masters degree. Few questions: 1.
Categories: Student Loans Tags: FICO, focus-on-paying, investment-loan, mortgage-under, principal, Question, school, school-loan
GWing Direct Loans or ECSI?
I have a late on my Direct Loan because of a deferment issue (I asked my registrar to send the info to the Clearinghouse already), but I can't get a person and not a canned response from the DL people. Has anyone got contact info for them? I also have a late on my ECSI because I didn't realize they were handling my Perkins loan. I saw that someone here had success when their school had requested the info removed, but I am having no such luck with my school. I've sent them a hard copy GW letter (ECSI, not my school), but is there anyone who has had good luck with them / has contact info for them?
Categories: Student Loans Tags: clearinghouse, deferment-issue, direct, direct-loan, ecsi, info, info-removed, perkins, registrar, school, send-the-info
Not about credit but about a student loan
My daughter, who is 27, has just completed her pre-requisites for nursing school. Unfortunately, the school she is going to changed hands, and changed names, so they are not eligible for federal student loans for 3 years. The cost is $20k and I don't want to co-sign for her. I just got past the car loan that she defaulted on that was on my credit for 7 years and I am not doing it again. She will put up $10k if I can do $10k too for a secured loan in her name. She went to Wells Fargo and they will do a secured loan at 8% and the $20k will be locked into a 5-year CD at 1.9%. WF has just about the lowest CD rates in the nation, that is a horrible rate. Is there any other option out there?
Categories: Student Loans Tags: changed-hands, credit, lowest, nation, not-eligible, option, other-option, past-the-car, school, secured-loan, Student Loans, wells-fargo
Student Loan/Public-Sector Job/Mortgage
I've just spent the past hour or so reading over the many posts on here and they've been very informative. However, I still have a quick question that I was hoping someone could help me out with. Between my undergraduate and graduate studies, I've amassed for myself a nice chunk of student loans (~$100K). This isn't necessarily THAT horrible assuming that all my schooling will eventually result in much higher income potential. However, for the time being, I'm seriously contemplating doing some public-sector work after I graduate this May. So far, majority of the jobs that I've looked at/interviewed for have a salary in the range of about $40K. My current plans are to start off on the income based repayment option (monthly payment should be around $300) and then pay larger amounts as my income increases. Anyway, my question is - hypothetically speaking - if my salary doesn't increase significantly within the next several years, will I never be eligible for a mortgage due to the high debt-to-income ratio? I'm trying to decide if I should either forget about trying to save some money for a potential down payment on a house and use whatever money I have left over each month toward the student loan or just stay current on my monthly payments while I put away a bit toward the down payment. If I calculate the amount of money I've spent on rent during my time in school, it just blows my mind away. If I can, I'd like to avoid throwing my money away by paying rent to a complete stranger and instead, use that money toward building some equity for myself.
Categories: Student Loans Tags: money, monthly-payment, relevant-or-not, spent-on-rent, spent-the-past, student, Student Loans, time