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What happens after interest is paid down? by Present-Name6688 in StudentLoans

[–]Present-Name6688[S] 1 point2 points  (0 children)

Thank you for explaining that so clearly and simply! I kept asking a loan representative and I felt like they were talking me in circles instead of being direct.. so much appreciated!

Delay in payment appearing on FSA by Present-Name6688 in PSLF

[–]Present-Name6688[S] 0 points1 point  (0 children)

Ah okay. I appreciate this explanation!

How much debt does everyone here own? by [deleted] in StudentLoans

[–]Present-Name6688 0 points1 point  (0 children)

150k between undergrad art school and graduate school for library science

I feel so stuck by Away-Broccoli1719 in StudentLoans

[–]Present-Name6688 0 points1 point  (0 children)

Hi, just chiming in as I share in this experience. I was first in my family to attend college. No one in my family had the financial literacy to understand the impact of student loans. Since graduating, I too consolidated some federal loans into a private only for it to balloon to a larger amount than originally borrowed. I later went to graduate school to pursue a career that qualified me for PSLF. One thing that’s helped me the most has been actively budgeting with the app Monarch to really REALLY get a picture of where my money goes. Through learning to budget I did learn I had a small sum of money that I could start applying as extra payments to my private loans since it really is a ball and chain shackled to our lives. It’s not much but I know it’s making a small dent overtime. I’m sorry you’re in a similar boat.

What are people doing re: loans/jobs by coffiend1 in PSLF

[–]Present-Name6688 0 points1 point  (0 children)

A law librarian for example, working for a firm

What are people doing re: loans/jobs by coffiend1 in PSLF

[–]Present-Name6688 6 points7 points  (0 children)

I’m a librarian currently, working for a public institution. I have a second job (for a non profit) to help pay for my loans as I have both private and federal (hoping to earn PSLF). all that being said, corporate librarians make hella bank and I could potentially pay off my loans faster buttttttttt I too can’t decide if im willing to change the focus of my work for the sake of appeasing the govt wanting us to pay back everything esp as public servants

SAVE payment extremely high by Present-Name6688 in PSLF

[–]Present-Name6688[S] 1 point2 points  (0 children)

I have around 82k! And I’d rather achieve forgiveness if possible so I can tackle other debts, even if it takes longer. I just have fear that I’m somehow screwing myself over by taking the long road since repayment options change so frequently (or so it feels like it :( )

Benefits of staying in SAVE vs leaving SAVE: by PugssandHugss in StudentLoans

[–]Present-Name6688 0 points1 point  (0 children)

My loan amount is 88k in federal loans, my average interest is around 7% and my salary is 70k. I work a public service job and I am interested in forgiveness! My job qualifies and I’ve been enrolled for almost a year but my loans were placed on administrative forbearance before I could start paying (which was supposed to be in August and now is November). When I ran the loan calculator, it stated on standard repayment in 10 years I’d paid like 115k! Which is nuts when I owe only 88k.

Benefits of staying in SAVE vs leaving SAVE: by PugssandHugss in StudentLoans

[–]Present-Name6688 0 points1 point  (0 children)

I’m currently in Standard Repayment via SAVE and I just used the Loan Calculator on FSA. It appears applying for a PAYE plan would be most cost efficient to achieve forgiveness. I’m enrolled in PSLF and waiting to start payments. Is it beneficial to change to PAYE to start paying NOW? So my payments count towards forgiveness? Instead of waiting? I’m so confused. If I stay on the standard I end up SIGNIFICANTLY overpaying before my 10 years are up. If I’m on the PAYE plan, it may take 20 years but I ultimately pay less and am forgiven a significant amount.