r/StudentLoanSupport

Last year I wanted to get out of save forbearance, and the federal student loan website pushed me to reconsolidate, making it appear that was the only way to get on an affordable repayment plan (I have since learned this cost me the ability to buyback save forbearance months and has significantly harmed me as I am close to 10 years employment for PSLF). They approved my consolidation and placed me on IBR, with an AGI of 138,000 and a monthly payment of 864. I received an email to recertify, and now it is saying my monthly payment will be 1500 with an AGI of 153,000 as a household of 2. This seems like an extremely high payment jump, as it is 50% of the increase we had in household AGI, and my husband's income is different every year as he works commission based. The alternative is RAP, which is still listing payments at 1275 a month. With rising costs of gas, food, home insurance, taxes, etc. I don't know how to afford this or if I even have any options as I need to be on a PSLF eligible plan. Am I just screwed and doomed to make 2-3 extra years payments at a much higher rate because of being pushed to consolidate and losing repaye/save? Just struggling to know what to do and accept that I was pushed toward a bad choice.

Have over $140k in loans with 2.9%-9.2% in interest, accruing ~$800 in additional unpaid interest each month (thanks grad plus loans and PT school).

With the high loan and high interest amount and making less than 85k per year on an IBR — teetering between if I switch to the RAP plan so the interest can’t accrue or staying on IBR for a low payment to put money into 401k/Roth, other investments, and HYSA.

or just switching gears to aggressively pay off? Single adult in 1BR apt with currently no roommates —though could move back in with parents (mostly) rent free.

Parents don’t want to influence my decision so not getting much help in advice there —any words of advice?

I got the email notice about the forced change on July 1st, as well as a reminder text this week confirming that my 90-day deadline ends on September 29th.

I have been aggressively paying off my loan for the last year and plan to continue doing so for the foreseeable future. I estimate that I can zero out my balance in another 1.5 years.

Given my most recent income on tax records and the current size of the loan, the plan I’m on doesn’t really matter because I will be massively overpaying the required monthly amount. Additionally, the monthly accrued interest would be less than my required payment on RAP, so I would not get the interest subsidy and therefore there’s no advantage for me to go on that plan.

If I just let things be, will I immediately get moved to the Standard Plan on September 30th? Because if it is instant, I should be able to activate autopay that day and get the 1% interest deduction (saves me about $25/month based on my current balance). If it takes longer, then I believe I’d miss the autopay sign-up deadline and only get the typical 0.25%.

I have no doubt that the increased autopay deduction is just another way to bribe people off SAVE. I’m concerned that if I actively leave the plan (vs. being forced off in September) then I would miss out if there’s any legal proceedings related to SAVE in the future.

Has anyone switched from SAVE to Standard and noticed how fast their loan plan got updated?

Is anyone else in similar circumstances and weighing their options? What are you thinking of doing?

So I unfortunately got myself into a rough situation. Refinanced my private student loans into SoFi that was last totaled roughly at $150,000. Long story short, I went to undergrad and then went back for a nursing bachelors and found myself racked up in student loan debt. I have unfortunately been living on a nursing paycheck, fell behind in payments, and my account has been charged off into a debt collection agency. I spoke with them today, and I can’t do any type of monthly payment without it being $6,000 a month. Or it would be a large lump sum up front and then a 12 month repayment - still being a large monthly payment. Any advice on what to do? Can I negotiate to a smaller monthly payment or no lump sum payment up front? I don’t have that type of money. They didn’t seem like they were budging on working with me to pay. Stressed and not sure where to turn or what to do. I don’t want them to take my wages or sue. Help :(

ETA: The debt agency really only gave a few options on repayment: 1) $36,000 up front with $2,360 monthly payment for 47 months 2) $12,331 monthly payment for 12 months 3) settle for $120,000 or 4) (I think I finally blacked out here so not sure the specifics) but settle to roughly half of what is owed so it’d be $66,000 payment. Not sure if there were monthly payments. I know it’s in collections now, but I feel like a gun is to my head asking where the money is, and I’m “lucky” the weekend is here to give me time to figure something out

Is drcc and remaining with bank loan not possible they told me you have to take all 7L from bank only

I completed an IDR at the end of June that was approved in less than 24 hours. I was one of those who was told it would be $50 in the estimate, then jumped to $330 when approved. I am waiting on buyback (2/25, IIRC) and so I requested forbearance instead so wait it out.

I just got this email and am wondering if I actually need to re-apply since I'm on forbearance? I'm in the chat queue so I figured I might as well post in case anyone has gotten this and gotten further than me so far.

Dear AgressiveCrab6702,

You recently applied for an income-driven repayment (IDR) plan to repay your federal student loans. Due to an error, you received an incorrect monthly payment amount. You must submit a new IDR application to enroll in the plan of your choosing and receive the correct monthly payment amount under that plan.

You may have received a notification from your loan servicer indicating your application was processed. If you have not received this notification, your application was not processed and has been canceled. You can confirm the status of your application by logging in to StudentAid.gov and navigating to "My Activity." We apologize for any inconvenience.

Yes I know about government grants and loans like OSAP, scholarships and bursaries but it’s nearly not enough to cover 120k.

Anyone else see this federal bill that would get rid of student loan interest on federal loans if passed? Am I dreaming to hope maybe it has a chance?? With all the talk in the past about student loan forgiveness I’ve always wondered why the solution couldn’t be to just eliminate or severely restrict the interest?

It says "You’ve reached 120 payments, but you may need to meet other program requirements."

i have green bars and green ribbons. What does it mean other requirements?

I am a freshman at GT and I just got my first bill for the semester: 7.6k. I have 7.5k in the bank but I’m really stressing out over this money. Obviously, I have to look at more loans. How much should I go ahead and pay out of pocket and how much should I use as a loan? For semesters moving forward, is it worth to take up that much debt?

I did not expect to work my first year in college, but I may have to. Do you guys think I should with this high of a bill? I only have Zelle miller and wasn’t able to win any other scholarships (I will apply more). I am middle class and don’t qualify for Pelle.

Hello!

(Disclaimer: I put myself through college because my parents couldn't help me. They refused to fill out the FAFSA and they make too much for me to be considered "need based," but did not help me at all. I am 22F, just got my first salaried job, and need helpful and constructive advice for how to get myself out of this private loan hole).

I just graduated in May. I have $52,334.11 in loans from SallieMae. There are five loans, all with different co-signers, with up to 19% interest rates (my parents were never financially stable and their credit wasn't good enough, so I had to find a different co-signer every semester. I was 17 and stupid, I know). My monthly payments with SM begin on August 3rd, $743/month.

I do have a full time job ($57,325 10 month salary without taxes), but I do not get my first paycheck until September 1st. I will also be paying $725/month in rent + $60/month in utilities.

I tried calling SallieMae to get into their "graduate forgiveness" program that lasts one year after you graduate and has interest-only payments (around $200/month from what I hear), but they told me to call back in August (?). I've seen a TikTok about a person that argued SallieMae down to 2% interest but I don't think that is possible with my case.

So, what to do now?

I want to refinance to a place that is able to combine all of my loans into one payment and has lower interest rates/frees me from the burden of letting down all of my co-signers. From the research I've done, SoFi and Earnest are the best, but I might not qualify right out of college. I think my credit score is like 680? (I've had to pay for everything myself, please have grace!)

I don't know what to do or where to go from here. Please give me advice.

I want to acknowledge upfront that choosing an expensive private university was probably not the best financial decision. My family and I are immigrants, and at the time we were simply grateful and proud that we had made it this far. We did not fully understand how serious the long-term financial consequences could become. That decision has already been made, though, and now I am trying to figure out the most responsible way forward.

I am studying civil engineering and am supposed to graduate this December. I have one semester remaining, along with summer courses I am currently taking.

I recently found out that my parent may no longer be eligible to borrow additional Parent PLUS funds because of new federal borrowing limits.

My current school balance is roughly:

• Summer balance: about $15,000
• Fall balance after estimated aid: about $17,500
• Total current gap: about $32,500

The bigger issue is that we already have approximately:

• $150,731.47 in Parent PLUS loans in my mother’s name
• $22,272.66 in federal student loans in my name
• $173,004.13 in total student-loan debt

I understand that the Parent PLUS loans are legally my mother’s responsibility. However, she borrowed them to help me attend school, and I fully intend to work toward paying them off myself after graduation rather than leaving that burden entirely on her.

I am a hard worker, currently employed and completing an internship. I have also had multiple employers express interest in hiring me after graduation, including my current internship and my other part time employer. These are not formal written offers yet, so I understand they are not guaranteed, but employment will not be an issue in that regard.

The issue is that I was informed about this funding problem very close to the school’s payment deadline, and I am still waiting for a clear explanation of whether I qualify for any exception, additional federal loans, institutional assistance, or another arrangement.

My main concern is whether borrowing another $20,000–$32,000 privately would be that financially reckless given that we already have about $173,000 in student-loan debt.

At the same time, stopping one semester before graduation could delay full-time employment and my ability to begin repaying the debt that already exists.

What would you do in this situation?

Would you borrow privately to finish?

I would especially appreciate advice. Whether you’re a financial-aid professionals, or anyone who has dealt with Parent PLUS limits or a final-semester funding crisis.

I already understand that the original college decision was financially imperfect. I am not looking to be told that private school was expensive. I am trying to figure out the least damaging move from where I am now

Has anyone experienced this? I was on SAVE for a few months. I requested to be removed so I could finish making my payments. I now see the bars and 120 qualifying of 120. Is it possible that some of the forced SAVE forbearance periods could be counted toward qualifying periods?

Just like everyone else on SAVE, I’m currently dreading my 90 day notice and evaluating options. From what I can find, RAP is going to be at least $100 more per month than SAVE. IBR even more. But the more affordable option seems to be enrolling half time at an in state tech college which would work out to about half the monthly cost of RAP.

Best I can tell, I have around 184 months of payment credit if I stick to IBR. To be seen if that transfers to RAP. Since my current balance is about double what I borrowed initially the tax bomb is going to screw me even harder than repayment purgatory. It honestly seems to me that the most sensible option at this point may be continuous enrollment in tech programs until retirement, then re-evaluate based on current status of tax policy.

Anyone have any good reasons why this is a stupid plan?

If you’re wondering wtf I’m talking about the tldr is:

About 12k in subsidized loans for undergrad. Went to Med School, had health issues, repeated third year, ended up withdrawing. Total of 230k or so grad plus+perkins loans. Consolidated and started repayment after withdrawal. Have paid around 90k back on the various IBR/ICR/RePaye plans. Balance is now about 470k. RAP calculator says 2056 payoff with 450k tax bomb. IBR is 2035 or 36 with 700k+ tax bomb.

I want to know it for someone.........koi education loan scheme ke baare mein pta ho to pls pls let me know I talked with ** Bank they said parents job mein hone chahiye wrna nahi eligible........to koi aur scheme jisme collateral ke basis pe loan mil rha ho .....pls pls tell me asap