Hey y’all, I’m brand new to this subreddit and this is my first post. I am in a position currently where I am having to consider pulling out private student loans, at least to cover my tuition for the rest of this semester, as paying out of pocket would require me to double my income, something I cannot do for academic and health reasons. I have exhausted my options to get more federal aid, and currently have something in process to have my aid re-evaluated after my parent lost a job last year after we’d already filed the FAFSA (long story). How quickly are private student loans granted, is it right away or is there a processing time? What criteria is used to determine how much you are eligible for? How often do you receive aid from private loans? What are the best lenders? Pros and cons? I’ve seen a couple posts in one other subreddit about how private loans are being forgiven through the end of this year also, what does that mean if I pull out a loan this year, will it be forgiven instantly? (I didnt think this would be true but I wanted to ask). Trust me when I say I wouldn’t do this if I didnt absolutely have to. I never wanted to pull out student loans in the first place, but was in a position where I had no choice. I’m looking for vendors that offer no payment until post-grad with the best interest rates and an easy payment schedule/program. Thank you all so much, wishing you all the best!

*Deleted Previous Post because title was not really accurate*

I am currently under an educational deferment for my student loans until 1/31. I will not have a job at the end of this deferment, but MOHELA has created a bill based on previous income that is out of range of what I can pay. I have submitted a new IBR application based on my projected income for this year, on 1/6 but MOHELA still lists my payment as being due on 2/11. Incidentally FSA lists the due date as 3/1.

I assume the Feb due date is more accurate, but how long does it take for them to put a processing hold on my account for the new IBR application? Sorry to ask, but I have 0 trust in this process and every time I try to call them they put me on a 2 hour hold...

I was the fortunate beneficiary of a retirement plan and I took out about 70k. My actual job pays about 24k

Do I need to report my true 1040 when applying for income-driven repayment? If so, it would inflate the amount per month A LOT and I wouldn't be able to do it!

I have a question regarding my student loan. I recently graduated from chiropractic school and got my license with around $160,000 in loans. My loan servicer is Edfinancial—does anyone have experience with them? Is it a reliable service, or would you recommend looking elsewhere? I’ve also gone through some Reddit conversations about student loans, and it seems that servicers are really messy right now. A lot of borrowers are reporting terrible customer service, being stuck in endless loops of waiting, and still not getting their inquiries answered. It seems like total chaos right now. With the current political transition, everything feels up in the air, especially for those of us whose grace period is about to end. Right now, it seems like there’s no SAVE or IDR plan available. The lowest repayment option would still require about $1,000 per month. I’m wondering what others recommend—should I start making payments now, or hold off to see what might happen with future policy changes (e.g., if the Trump administration’s policies impact repayment options)? Also, has anyone gone through refinancing? Is that worth considering in my situation?

Okay so I completely messed up by not updating my address (plus I figured the family member would’ve let me know I had any mail when I asked…)

I got on overpayment from last spring semester of a little over 1k. Today I woke up with -133 credit points from the us dept of education and started realizing what had happened, tons of letters warning me I never got… I wish they had called!! Anywho…

Looking for advice, I can’t pay it outright but I will be able to within the next ~30 days. It’s such a small amount for such a big ding to my credit. Obviously, it’s my fault in the end but dang this sucks! I was planning to call tomorrow and talk to them / make the minimum payment for now, but wondering if anyone has some top-secret Reddit advice on what to do specifically from here to fix my credit 😭.

Should I keep Save my plan or try to change it before it is canceled?

Hi all, I'll try to make this short and sweet. I did a 2 year program at a private university to graduate with my bachelor's degree 8 years ago. This school has since closed. While applying for a job last year I was disqualified from the role since upon HR reviewing my credentials they said NO, I did NOT hold a bachelor's degree. Upon reaching out to find my grades and information, correct it shows I failed a class which meant I did not graduate. This was a shock to me as I received all As and 2 bs in the 2 years, I have my name in the graduation manual, I walked and graduation, had professional pictures taken and even have my degree displayed on the wall!

Now every school will only take a few of my credits and it'll take me another year to get my "degree" back. Wild i know, I am so angry! Any one out there know if this would qualify for school closer Loan discharge? I spent a ton for this private school and now I have nothing. Thanks in advance!

Hi everyone! So I am one of the many who are in forbearance due to the SAVE Plan. I am very early on in the PSLF journey (only 7 qualifying payments for 4 loans and 3 qualifying payments for 3 loans). I wanted to get other peoples advice on whether or not it’s a good idea to stay in forbearance as long as possible, or jump ship to another plan (probably IBR). I’m scared about my application not being processed in 10 days and being put in a 60 day processing hold that accrues interest (when right now, I’m in forbearance without interest). If anyone has any advice, suggestions, etc, i would greatly appreciate it!

Hey guys, recently I got admitted in a public university in germany for studying masters in communication and information technology. There is no tuition fees but for blocked account I have taken non collateral loan for about 17 lakhs, out of which I will most probably take only 12 or 13 lakhs to the maximum.

I got two sanctions right now, one from ICICI Bank and another from IDFC yes bank. For ICICI the roi is 12.5 and for IDFC it's 12. For icici we don't have to pay an insurance amount of about 60k but for idfc we have to pay the insurance amount and it will be taken into account while calculating interest.

I applied through wemakescholars and I am confused which bank I should choose. Wemakescholars are saying the icici is the better choice as they don't charge insurance amount eventhough roi is higher.

So please share your insights on this and which one should I choose and which will be a better option overall considering less interest to be paid.

(For both, I have to pay the simple interest for the course duration plus 6 months monthly)

Question on behalf of my Reddit-averse girlfriend.

If someone is planning on pursuing PLSF or income driven repayment loans, are there any potential downsides to consolidating your student loans that are important to consider?

I was on hold over 4 hours and still did not speak with a representative! Really #Mohela this is unacceptable! The department of education really needs to look into this.

I popped on studentaid.gov to check on the status of my decades-old defaulted student loans. It shows an update on 12/1/24 and the balance dropped to almost zero. I owed $58,500 at Thanksgiving and now it shows a total balance of $578.

In PSLF payment progress it has the following messages:

We are working to process PSLF forms as we continue the transition to an upgraded borrower experience. You'll receive an email notification once your form has been processed. Thanks for your patience.

Updates in Progress We continue to work on updating your PSLF payment counts and during this time period, your payment counts may shift or appear incomplete. Check back for updates periodically.

Stranger still - on the radically reduced loan balances, it states that my loans are not eligible for PSLF forgiveness.

I am open to anyone speculating on my scenario. I am worried an admin mistake was made on the side of studentaid.gov and that I may log on tomorrow to find I still owe $58,500.

Thanks in advance to anyone kind enough to offer up an educated guess on this matter.

Hey guys, I’m hoping to refinance my college ave loans. I have a total of 4 loans totally $35,000. Does anyone have a suggested platform? One issue I’ve run into is that I can’t use plaid to link my loans to sofi.

Thanks!

I currently teach math and am getting my masters in math. I've taught math in a low income school for 5 consecutive years on 2 different occasions. My school is wanting to place me as a PE teacher if I take a head coaching job. Would I still be eligible for the $17.5 in loan forgiveness if I'm no longer teaching a math course when I apply for the forgiveness program when I'm finished with my master's at the end of next year? The school wants to place me in the college level courses after I receive the masters. I know this is a unique issue but was just wondering if I should request to stay in the math class just in case or will I still be able to get the full 17.5 since I met the "requirements"

Hi,

I just finished 8 classes this past year at a community college to fulfill prerequisites for physical therapy school. (coming from an unrelated bachelors degree)

Credit card debt has racked up to ~$10,000 with a high APR.

I would like to get a loan to pay this off with a much lower interest. I am doing freelance work on the side but it’s difficult with shadowing requirements, GRE study, and classes.

This would be the first loan i’ve ever applied for. Does anyone have experience with a situation like this? Where should i go for a loan like this? And what should I know?

I’ve gotten straight A’s in these classes too, would that play in my benefit?

I have a semester of chem + physics, and a summer session left before applying in the fall.

I just received this email today.

Well I think it's a scam. Thank the lord I didn't fell for it.

I honestly never went to college, nor have financial aid or federal student aid.

I was kicked out of high school in Brooklyn, NYC on April 2001 for no reason. In order to finish my so called "education," I went to college for continuing education, and that's it. I had to take GED tests for the next 5 years until I receive a GED diploma. There was no forgiveness in my part.

Now I am 42 years old with one job and that is being a poll worker. So what sudent loan that I had..... NOTHING!

https://preview.redd.it/tpvnrqz3n7de1.jpg?width=1193&format=pjpg&auto=webp&s=cc34332c6631bac222bfb76ba5e75fd158ef93a3

Ok so my people stop paying my tuition and I need a way to get money or make any no jobs are hiring and I’m running outta food so what should I do I might get into selling edibles but idk depends on if I can find some money my Fasfa don’t work bc my ssn won’t verify so I’m forced to pay outta pocket🙇🏽‍♂️HELP ASAP

What are your thoughts?

Now that Biden seems to be above the law due to the Supreme Court’s decision on immunity, do you think he might cancel the remaining student loans before leaving office?

Just curious to hear your perspective on this.

Are there any companies that offer programs to help employees pay off their student loan debt after graduation? Specifically, companies where you can earn a salary while also receiving assistance to manage or repay your college tuition loans?

How come we have to load our paystubs to the website? It seems impossible to do. Last year when I applied to SAVE they got the information from the IRS. Why don't they keep doing that? I don't want to do more work than I have to

Hi everyone. I have been on the SAVE program since 2023. I was placed on the administrative forbearance and received a letter about this in August. In December I received a letter saying I have interest accruing. However when I looked at the letter, it said my interest rate was still 0%, so I stupidly ignored it.

Long story short when I checked my account today, my balance had gone up by more than $1000.

When I go to my account, there are no payments to be made. Even if I wanted to make a payment, it would go towards a future payment (whatever that even means).

Has anyone successfully fought this? If so, what did you do? Thanks.

This is what I found Studentaid.gov site

Here is my situation. I make about 120k-125k a year pre tax. I owe about 165k in student loans. I was on PSLF but changed jobs. I have 79 more months or 6 years and 7 months to get my loans forgiven. I was quoted $1252 a month on the cheapest monthly loan payment plan. I would end up paying around 99k and then get the loans forgiven.

If i keep my 120-125k job which is a for profit, it will take me about 11 years to pay off the entire 165 k I owe. Working at my non profit I earned about 108-110 k in a manager position. Which is tough to come by in a non profit setting as an occupational therapist.

So if i went back to non profit without being a Manager, i could be going to 90k a year. So pre tax that could be a loss of 30k potentially.

My question is, do I pursue the higher paying job and pay off my loan in 11 years or take the pay cut and pay off the loans in 6 years 5 months? I am 35 years old, will be 36 next July.

I think it makes sense to stick with the higher paying job as i should make more than 66k I would be saving in loan payments. But that also means I'm paying more for a longer time.

Hello would really help if you all please took 2 mins out of your busy schedules to help me analyse my research topic would mean a lot Thankyou

https://docs.google.com/forms/d/1wfIp6bL_7tHaICPcvPHLujs4QHG39t_Jv8C5keXJWcA/edit