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Do I just accept that I'll never pay off my student loan?
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Im 23m. Currently earning £40,000 per year before tax. I'm hopeful that my salary keeps increasing, I've been fortunate to land fairly high up in the tech industry and manage my own team of developers and have gained invaluable experience already.
I dropped out of Uni for various reasons and so dont even have a degree but I do have the £53,000 student loan following me around. Going to university was a mistake and something that I would've been better off avoiding. But that's hindsight, and not anything I can change.
I'm on a plan 2, and have been paying since April this year. My interest rate is set at 7.5%. At current rates, I don't know if I'll ever pay off my student loan.
Is this a mistake I'm going to have to live with for the next 28 years?
Top Comment: You’re 23 and making £40k a year, which suggests you’ll pay it off eventually if you continue on that salary track. It’s almost never worth overpaying it or trying to pay it off in a lump sum. Ignore it. It’s not a real loan anyway, it’s basically a tax.
Third Part Handling my loans, what are the odds they'll settle with me?
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My Sallie Mae loans went into default and are now being handled by National Enterprise Systems (NES of Ohio). Has anyone worked with them, and what are the odds they'll settle or work with me on a payment plan?
EDIT TO ADD*** My loans are totaling $22k currently, so not as much as other's I've seen. Because of the low amount, are they less likely to settle?
Top Comment:
Are they actually private student loans? If so read over https://www.reddit.com/r/personalfinance/wiki/collections to make sure you understand your rights and responsibilities there and get debt validation first
I’ll admit I used an AER loan…
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To purchase a $1200 paintball gun I’ll have a double double hold the bun
Top Comment: Is this it? Is this the 40 year announcement?
While in graduate school who’ll undergrad loans be in grace again?
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Hello all,
First time posting here.This fall I will be pursuing my masters degree and I am wondering if my undergrad loans will go back into the grace period. They are federal subsidized Stafford loans adding up to about ~25k. I will be taking out a little bit more through federal direct unsubsidized to cover cost of living if that factors in. Thank you all!
Edit: I graduated last December and have a payment due in early August
Top Comment:
They will automatically go into deferment a few months after you start grad school.
How do business loans work when you'll be many months from revenue
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Hello!
As part of my business, I need to rent and build out a larger manufacturing space, including over a hundred thousand for equipment. Conservatively, I'll need about 6 months to get everything ready to go. But I have a rather dumb question about the business loan I'll need to take out to pay for everything. How exactly do I start paying off the loan when I will be minimum 6 months from earning revenue? Is it simply just taking out more than you expect everything to cost and using some of the loan to just pay off the monthly payments?
Top Comment: This is a friendly reminder that r/smallbusiness is a question and answer subreddit. You ask a question about starting, owning, and growing a small business and the community answers. Posts that violate the rules listed in the sidebar will be removed. A permanent or temporary ban may also be issued if you do not remove the offending post. Seeing this message does not mean your post was automatically removed. I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
Should I go to College knowing that I’ll be taking out $160,000 in student loans?
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I’m 18 and I’m trying to become an airline pilot and I’m taking the college route to become an airline pilot. But the tuition and training will cost $40,000 a year for 4 years. I don’t have the money to pay for it so I would have to take out student loans for it. That’s $160,000 in student loans without scholarships or financial aid. I already have a plan out of college and that would be becoming a flight instructor for 25 weeks to build my hours in order to become an airline pilot and then get my Restricted Air Transport Pilot Certificate at 1,000 hours and work for a regional airline making potentially $100 an hour for 75 hours a month in my first year and working for that airline for 5 years and then become a pilot for a major airline making possibly $120,000 in my first year and $200,000 in my 5th since that’s what a couple of American major airlines are paying like Delta and American Airlines. But again even though I have everything planned out, I’m still nervous about the student loan debt. So my question is should I go to college knowing that I’ll accumulate a lot of debt when I graduate or am I overthinking it? Like is there like a payment plan I can go on?
Top Comment:
That’s a ridiculous amount of debt, is there no other path to being a pilot? I have some airline pilots in my family and I’m 100% sure at least one of them has no degree in that specifically (they have a degree but it’s unrelated). You can’t get training and hours without a $160,000 degree?
And what school? I’m sure there are cheaper schools?
I’ll never understand the argument of paying off loans that will be forgiven.
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EDIT: turns out a lot of people straight up don’t know about PSLF 😂
People jumping down my throat for loan forgiveness that fricken George Bush started. Get educated before you start coming after me, y’all are goofy.
When you get a student loan, you are presented with PSLF. It’s a deal where, if you work in the public sector, part of your compensation is loan forgiveness after a certain amount of time and minimum payments.
On this plan, it is agreed from the start. This isn’t a handout. It’s doing things like working as a public attorney, working in a low income public school, or working as a doctor in a needy area.
This isn’t some “LIB HANDOUT” it’s something I’ve worked towards for nearly a decade. In fact, when you get a job in public service, you get a big ole notification online that shows “warning, you may be paying too much and you will miss out on forgiveness”
PSLF was put in place by a Republican President. It’s not new.
Dear lord, y’all will do anything other than look something up.
Short story, I graduated with $40k in student loans.
I paid about $25k total (interest and principal), and the rest were forgiven due to me teaching a core subject at a title 1 public school.
According to Dave (and the episode today), I’m a lazy government shill who waited on Washington to start living.
Heck yes I am, buddy.
For someone that talks about stupid decisions 24/7, I feel like paying that extra ~$15k would have been the stupidest mistake of my life.
I grew up poor. I didn’t have daddy paying for my college. I went into teaching with this loan forgiveness route in mind. I worked at rough schools to get it forgiven.
It was all intentional.
Edit again: alright I’m done replying to things. This turned into a “YOU SHOULD BE ASHAMED” party.
Ok. I’ll go cry about it. Teachers are constantly picked on by everyone, and here it is again. Cant even use a government program established years ago that was put in place to help underserved kids.
GI bill users must be just as lazy huh?
Top Comment:
In theory, by waiting around for forgiveness in a public sector job, you’re potentially giving up higher income that could be used to pay off the loans sooner and then have higher earnings. So if the difference in earnings over that 10 years is more than your loan balance then it would make sense to pay off with a higher-paying job.
In practice, just finding a job that pays your bills can be hard. If you’re drawn to public service, ignore the noise and put in your time. Public sector tends to have better job security and benefits so it may be a wash anyway.
I can't find student loans that'll approve me.
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Hello. I apologize before hand if I'm on the wrong subreddit. I'm going into my second year of college this fall. I currently can't find a student loan I can be approved for. My parents can't cosign for me anymore as they have bad credit, I also can't find anyone else to cosign for me. And I have no credit for due to not having a credit card before. I'm nervous as I can't find any student loans that will take me individually. Is there a student loan service that will take me that I can't find? Thank you for your time.
Top Comment: did you already fill out your FAFSA? It's worth noting that the annual/aggregate limits for federal loans are far lower than people expect. If you're considered a Dependent Undergrad it's $5,500-$7,500 per year up to an aggregate max of $31,000 and if you're an Independent Undergrad it's $9,500-$12,500 per year up to an aggregate max of $57,500 If your parents cannot get approved for a Parent PLUS loan due to having specific adverse credit history items, you can take that denial to the financial aid office at your school and be bumped up to the Independent Undergrad limit How much are you trying to borrow?
will my hesaa loans go away if i k*ll myself?
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- single 27F still living with parents
- original co-signer (grandma) died last year
- no dependents or assets
serious answers only please
edit: unless there is a helpline that will pay off my loans please don’t bother posting it
Top Comment:
No. Also don't do it.
What rates are you'll getting for jumbo loans (over 1m) for sfh?
Main Post: What rates are you'll getting for jumbo loans (over 1m) for sfh?
Top Comment: 6.2 30 yr w/ Navy Federal... 10% down and no PMI... $2.5mil