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Ask a Question / Re: Navigating the Best Repayment Plan

« Last post by brefern20 on Today at 10:19:33 AM »

Thanks for the quick reply it really helps!

1. I'm not really sure if I have a chance at PSLF? I went to law school for one semester and left, proceeded to get a Masters and now work in advertising as a writer.

2. I'm a woman haha, my husband doesn't have US income this year because he is foreign, but luckily, has no loans nor debt.

3. Kid free, dog friendly.

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Ask a Question / Re: Navigating the Best Repayment Plan

« Last post by TheCollegeInvestor on Today at 09:48:26 AM »

The absolute best thing is to pay what you can afford and never miss a payment. I definitely wouldn't consolidate. If you told me you were on the standard 10 year plan and were paying more than the minimum comfortably, I'd say refinance and keep doing what you're doing. Especially since you're looking to be debt free in 12 years anyway.

However, as it stands with your income at $80k, you're not even projected to get loan forgiveness, as the loan will be totally paid off before 25 years (you can use this tool to play with yourself: https://studentloans.gov/myDirectLoan/repaymentEstimator.action#view-repayment-plans).

So, anyway, back to it - there's no magic bullet. Just pay as much as you possibility can as extra principal payments on your loans. That's how you'll do it. Honestly, you could probably do it in 5 years or less if you really tried. Pay until it hurts.

Do you have any shot at PSLF? Does your wife have income? Does she have loans too? Do you have kids?

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Ask a Question / Navigating the Best Repayment Plan

« Last post by brefern20 on Today at 08:47:37 AM »

Hey there 

I'm looking for the best repayment strategy to pay off my student loans in a stress-free manner over a period of time. I'm not the type to lose sleep over paying off my student debt in the quickest amount of time. I would say I'd like to focus on a strategy that allows me to live comfortably, and gives me a plan of attack I can stick to. Thus far, I have paid my IBR payments on time, but would like to make sure this is the best course of action. I'm well aware that I can be forgiven after 25 years if I pay consistently, but I'd like to cut this time in half.

Here are the specifics: I am 27 years old/Married/ 130k in debt/all federal loans (12 in total)/highest interest is 7.21% at 27k/lowest interest 3.4% at 4k/if were to consolidate all loans the interest would be 6.25%/My IBR payment is 179$ based on my previous 55k income/My new income is 80k and plan to make 120k within 3 years/I have 25k in assets (401k/investments/savings).

WWYD, factoring in refinancing/IBR/consolidation/snowball method/avalanche method and all that jazz.

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Student Loan Forgiveness / Re: Start Here: Student Loan Forgiveness

« Last post by TheCollegeInvestor on February 18, 2019, 06:57:57 AM »

These loan forgiveness programs only apply to American Federal student loans.

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Student Loan Scams / Re: Clarity Solutions Center...Scam or legit?

« Last post by Stephbaker on February 17, 2019, 11:04:18 PM »

How isn't this company getting raided by the government? There are so many legit experiences on this forum but hasn't anyone taken action on this company? They are such experts that they make scamming look legit! This is really sad that people are getting scammed at such a high rate. Can we do something?

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Student Loan Forgiveness / Re: Start Here: Student Loan Forgiveness

« Last post by Stephbaker on February 17, 2019, 10:54:25 PM »

Student loan forgiveness is one of the most popular topics on The College Investor. But we know it's confusing - so feel free to ask any questions you may have!

If you don't know where to start, make sure you check out these key articles on student loan forgiveness:

Top Student Loan Forgiveness Programs: This is the list of the top Federal student loan forgiveness programs. These are the best ones out there, so make sure you check if you qualify.

Secret Student Loan Forgiveness Programs: This is the list of student loan forgiveness programs that are part of the income-based repayment plans IBR and PAYE.

Student Loan Forgiveness Programs by State: This is a list of student loan repayment and assistance programs that are offered by individual states and organizations.

Are these loan forgiveness only available for Americans?

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Ask a Question / Re: My Significant Other's Secret

« Last post by elsegundo on February 16, 2019, 01:00:54 PM »

Okay that gives me some much-needed perspective. Budgeting could work wonders.

We've been better about cutting corners and finding little ways to save over the last month or so. So definitely want to do more of that.

I haven't heard about Mr. Money Mustache, but I will check out the link. Advice from someone who's been through a situation like this is what I need.

Thanks for posting!

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Ask a Question / Re: My Significant Other's Secret

« Last post by TheCollegeInvestor on February 16, 2019, 09:04:33 AM »

Two things - it's not about calling Navient, it's about what she can afford. It's budgeting and income.

If she's making the minimums and not missing payments, she's already doing things right. If she can pay more, cool, but don't hate on her if she can't. But this is where you can maybe come in and help with the budget (i.e. suggest you stay home and eat frugally vs. fancy dinners out).

Second, be aware of her mindset and your mindset. I don't know how familiar you are with Mr. Money Mustache, but he recently divorced and wrote about it here: https://www.mrmoneymustache.com/2018/12/31/divorce/

Basically, his frugality and drive for FIRE was a big issue.

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Ask a Question / My Significant Other's Secret

« Last post by elsegundo on February 16, 2019, 08:35:32 AM »

I’m almost 10 months into one of the best relationships I’ve ever been in and my girlfriend recently revealed a dark secret. She has about $60k in student loans.

What’s even more shocking is that she’s just paying the minimum monthly payment. While she takes full responsibility for her debt and isn’t asking me to help, I’ve suggested to her that she should be attacking them more aggressively and saving on interest.

I see a bright future for us long-term and I really don’t want this cloud hanging over us. I don't have any student loans, but this situation stresses me out and I want to help. I am virtually debt-free (outside of about $1,500 in credit card debt). My uncle is a financial advisor, but I definitely don’t feel like it’s my place to share her financial situation with him and it would be awkward if I referred her.

She definitely needs a plan. Should she just call Navient and get some advice?

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Student Loan Scams / Re: National Student Loans

« Last post by Stephbaker on February 15, 2019, 01:32:32 AM »

There are so many of these questions where various kinds of companies that are taking advantage of the vulnerable by trying to scam them with such offers to repay debt. It is really sad how this industry has grown in size to scam people.