Student loan payments: get advice and actual numbers here

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Anonymous User
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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Wed Oct 04, 2017 6:25 pm

SmokeytheBear wrote:
Nebby wrote:
Anonymous User wrote:Not in a FRB area but I have an uncle that is. Is it still possible to sign up using his address?

Yes, it's possible. It's also fraud.


And they also ask for a good amount of infomration. so if they see you working for a law firm in denver but your "address" is in newport beach, ca, they're going to ask wtf.


I actually work in the city but apparently live to far from a branch to qualify. Uncle lives near one and my offices are well within range, and my drivers licence is my university address, which is also in range. I would move closer but it would be much more expensive and I'm in the same metro area so the whole thing seems completely arbitrary to me.

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Nebby
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Re: Student loan payments: get advice and actual numbers here

Postby Nebby » Wed Oct 04, 2017 6:30 pm

Call them unless you're fine committing fraud. Can't believe it's difficult for an attorney to understand this

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Wed Oct 04, 2017 6:32 pm

Anonymous User wrote:
SmokeytheBear wrote:
Nebby wrote:
Anonymous User wrote:Not in a FRB area but I have an uncle that is. Is it still possible to sign up using his address?

Yes, it's possible. It's also fraud.


And they also ask for a good amount of infomration. so if they see you working for a law firm in denver but your "address" is in newport beach, ca, they're going to ask wtf.


I actually work in the city but apparently live to far from a branch to qualify. Uncle lives near one and my offices are well within range, and my drivers licence is my university address, which is also in range. I would move closer but it would be much more expensive and I'm in the same metro area so the whole thing seems completely arbitrary to me.


Still seems a bit iffy to me. I can put you in touch with my banker there to see if he can help massage the issue, if you'd like. We have a decent friendship going. PM me.

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JenDarby
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Re: Student loan payments: get advice and actual numbers here

Postby JenDarby » Wed Oct 04, 2017 6:41 pm

Anonymous User wrote:
SmokeytheBear wrote:
Nebby wrote:
Anonymous User wrote:Not in a FRB area but I have an uncle that is. Is it still possible to sign up using his address?

Yes, it's possible. It's also fraud.


And they also ask for a good amount of infomration. so if they see you working for a law firm in denver but your "address" is in newport beach, ca, they're going to ask wtf.


I actually work in the city but apparently live to far from a branch to qualify. Uncle lives near one and my offices are well within range, and my drivers licence is my university address, which is also in range. I would move closer but it would be much more expensive and I'm in the same metro area so the whole thing seems completely arbitrary to me.

this will likely be fine. I had a similar issue and it ended up being fine

also, if it's Florida then it's a little more complicated than distance. because of the stamp tax for some reason it will come online as unavailable in your area, but they'll still do it for you once you talk to them and understand the cost of the stamp tax (though FYI if you get the docs executed and notarized outside of FL then you can technically avoid it)

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Wed Oct 04, 2017 6:42 pm

SmokeytheBear wrote:
Anonymous User wrote:
SmokeytheBear wrote:
Nebby wrote:
Anonymous User wrote:Not in a FRB area but I have an uncle that is. Is it still possible to sign up using his address?

Yes, it's possible. It's also fraud.


And they also ask for a good amount of infomration. so if they see you working for a law firm in denver but your "address" is in newport beach, ca, they're going to ask wtf.


I actually work in the city but apparently live to far from a branch to qualify. Uncle lives near one and my offices are well within range, and my drivers licence is my university address, which is also in range. I would move closer but it would be much more expensive and I'm in the same metro area so the whole thing seems completely arbitrary to me.


Still seems a bit iffy to me. I can put you in touch with my banker there to see if he can help massage the issue, if you'd like. We have a decent friendship going. PM me.


Appreciate it but I've spoken to them about it already and it was pretty rigid. Current plan is just to move in with my uncle or sublet within range for a few months when my lease is up early next year, but just seems like a silly and arbitrary standard. I haven't been to my bank branch since high school and would bank with them in any case for an interest rate that low...just seems a bit absurd to literally move for a few months to refinance. Yes, FL

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JenDarby
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Re: Student loan payments: get advice and actual numbers here

Postby JenDarby » Wed Oct 04, 2017 6:45 pm

I'm a little surprised you've had that issue. I'm in FL, feel free to PM me if you want to discuss specific locations etc. maybe it's a weird issue with your banker unless you truly are far away

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Thu Oct 05, 2017 9:55 am

Does anyone know if refinancing part of your student loans has any effect on your or your spouse's PAYE payment? Not as worried about my PAYE payment since I am overpaying, but my wife is on public service loan forgiveness (not a lawyer) so I don't want to unnecessarily increase her monthly payment by refinancing some of my loans.

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Thu Oct 05, 2017 1:28 pm

Total Student Debt: $83,500.
Total Cost of Repayment over 10 years on standard plan: $108,000.
Monthly Payment: $923

Salary: $105,000. (Wife also works and has no debt, but since the point of this thread was partially about giving honest numbers and advice, I won't include her).

Rent: $1,250/month (I live and work in a small to mid-market).

On the whole, I can't really complain. Probably took out about $15,000 more in loans than I wanted to over the course of my education, but still kept it to a very manageable number.

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Danger Zone
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Re: Student loan payments: get advice and actual numbers here

Postby Danger Zone » Thu Oct 05, 2017 2:11 pm

Sorry to evangelize but you could get that monthly payment down a couple hundred bucks by refi-ing to FRB

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Mon Oct 09, 2017 11:00 am

Danger Zone wrote:Sorry to evangelize but you could get that monthly payment down a couple hundred bucks by refi-ing to FRB


Above Anon here that I assume you're replying to. I'm not in an FRB area, unfortunately.

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Oct 10, 2017 2:09 pm

Real Numbers here

Debt: 296k
Payments:$630/month
Income:$70k
Plan: 25 year IBR
Note: live in a duplex w/ fiance(we rent out the other side @$1250/month) that makes $55k. Goal is to rent out both sides and use money towards principal of my loan and mortgage of new home.

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Oct 10, 2017 2:26 pm

Just refi'd with First Republic $60k, 2.6% interest, $600 monthly payment.

Standard first year NY salary. I plan to use my 8k net bonus to pay down the loan. I think that once my principal is down to 35k I will feel much better about it (would just be like paying for a car loan). Its purely a pyscologic benefit that I feel is worth more than the decrease in liquidity.

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Oct 10, 2017 4:40 pm

Looks like I'm gonna shoot for refinancing with FRB within the next year or two. Can someone help me complete a list of the requirements that I should fulfill before I speak with one of their agents?

So far I've got:

-live in an eligible city
-750+ credit score (is there any leeway on this? i'm at 746 currently, but will hopefully improve within the next 12-24 months by paying off some CC debt)
-2+ years out of school
-$60k+ of loans to refinance
-$3.5k+ in checking account
-some other liquidity requirements i'm unclear about?

are there any others? thanks to anyone who can clarify

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Tue Oct 10, 2017 4:43 pm

Anonymous User wrote:Looks like I'm gonna shoot for refinancing with FRB within the next year or two. Can someone help me complete a list of the requirements that I should fulfill before I speak with one of their agents?

So far I've got:

-live in an eligible city
-750+ credit score (is there any leeway on this? i'm at 746 currently, but will hopefully improve within the next 12-24 months by paying off some CC debt)
-2+ years out of school
-$60k+ of loans to refinance
-$3.5k+ in checking account

-some other liquidity requirements i'm unclear about?

are there any others? thanks to anyone who can clarify


So far I have only heard of the three I bolded as being required (and having income/big law, I guess). All of the others I know have been massaged (I didn't have anywhere near the liquidity requirement, I know a guy in my office who re-fied just after his stub year ended).

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Danger Zone
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Re: Student loan payments: get advice and actual numbers here

Postby Danger Zone » Tue Oct 10, 2017 4:46 pm

Liquidity is a soft requirement (like the others as mentioned above). I've seen some people in here say 20% is the number but I refi-d with less than that so YMMV. Additionally your loans need to be paid automatically from your FRB checking account and you need to set up a direct deposit. Otherwise it seems like you got them all. Don't forget to use someone here as a referral!

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Oct 10, 2017 5:07 pm

FRB Anon from above. I have closer to 700 credit score but was required to have 10k in my cheking acc.

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Oct 10, 2017 5:09 pm

Thanks fellas.

What should I be prepared for when I speak to the bank agent? I'm not in big law, but am at a (*knock on wood*) stable six figure job with room for promotion, have no dependents, have parents that can help financially, and don't have a lot of expenses (outside of rent). I have some CC debt but hope to have it paid off in the next few months. Assuming I can articulate this and support it with some evidence, does it sound like I have a shot at getting approved?

Obviously this is pure speculation, I'm just trying to get an idea of how to expect this process to go and what I can do ahead of time to get there.

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JenDarby
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Re: Student loan payments: get advice and actual numbers here

Postby JenDarby » Tue Oct 10, 2017 5:12 pm

Absolutely sounds like you have a shot. It's not really that grueling of a process and everyone I have spoken with there is very nice.

They won't really care about familial financial help unless you have a co-signer and if you have any recent large deposits in your account they will source the funds.

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Danger Zone
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Re: Student loan payments: get advice and actual numbers here

Postby Danger Zone » Tue Oct 10, 2017 5:29 pm

Anonymous User wrote:Thanks fellas.

What should I be prepared for when I speak to the bank agent? I'm not in big law, but am at a (*knock on wood*) stable six figure job with room for promotion, have no dependents, have parents that can help financially, and don't have a lot of expenses (outside of rent). I have some CC debt but hope to have it paid off in the next few months. Assuming I can articulate this and support it with some evidence, does it sound like I have a shot at getting approved?

Obviously this is pure speculation, I'm just trying to get an idea of how to expect this process to go and what I can do ahead of time to get there.

The phone call part is fairly painless and should all be stuff you know off the top of your head. You'll go in later and fill out an online application that you'll need all that documentation for. Happy to answer any specific questions you have about the process as FRB just notified me today they sent out the checks to my previous lenders.

Anonymous User
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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Oct 10, 2017 5:35 pm

Danger Zone wrote:
Anonymous User wrote:Thanks fellas.

What should I be prepared for when I speak to the bank agent? I'm not in big law, but am at a (*knock on wood*) stable six figure job with room for promotion, have no dependents, have parents that can help financially, and don't have a lot of expenses (outside of rent). I have some CC debt but hope to have it paid off in the next few months. Assuming I can articulate this and support it with some evidence, does it sound like I have a shot at getting approved?

Obviously this is pure speculation, I'm just trying to get an idea of how to expect this process to go and what I can do ahead of time to get there.

The phone call part is fairly painless and should all be stuff you know off the top of your head. You'll go in later and fill out an online application that you'll need all that documentation for. Happy to answer any specific questions you have about the process as FRB just notified me today they sent out the checks to my previous lenders.


Anon from above. Mind if I pm you to ask a few questions? Probably tomorrow/a bit later in the week (so as not to clutter up the thread)

Thanks man

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Danger Zone
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Re: Student loan payments: get advice and actual numbers here

Postby Danger Zone » Tue Oct 10, 2017 6:00 pm

Do it up

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Tue Oct 10, 2017 6:20 pm

SmokeytheBear wrote:
Anonymous User wrote:Looks like I'm gonna shoot for refinancing with FRB within the next year or two. Can someone help me complete a list of the requirements that I should fulfill before I speak with one of their agents?

So far I've got:

-live in an eligible city
-750+ credit score (is there any leeway on this? i'm at 746 currently, but will hopefully improve within the next 12-24 months by paying off some CC debt)
-2+ years out of school
-$60k+ of loans to refinance
-$3.5k+ in checking account

-some other liquidity requirements i'm unclear about?

are there any others? thanks to anyone who can clarify


So far I have only heard of the three I bolded as being required (and having income/big law, I guess). All of the others I know have been massaged (I didn't have anywhere near the liquidity requirement, I know a guy in my office who re-fied just after his stub year ended).

Wait a sec so the 60k is a hard limit? First-world problems, but are there other options to get a similarly low refi if you're gonna be somewhere below that? There's such a dramatic difference relative to other providers that it seems like a bummer, though obviously much better to not have the debt at all!

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SmokeytheBear
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Re: Student loan payments: get advice and actual numbers here

Postby SmokeytheBear » Tue Oct 10, 2017 6:21 pm

Anonymous User wrote:
SmokeytheBear wrote:
Anonymous User wrote:Looks like I'm gonna shoot for refinancing with FRB within the next year or two. Can someone help me complete a list of the requirements that I should fulfill before I speak with one of their agents?

So far I've got:

-live in an eligible city
-750+ credit score (is there any leeway on this? i'm at 746 currently, but will hopefully improve within the next 12-24 months by paying off some CC debt)
-2+ years out of school
-$60k+ of loans to refinance
-$3.5k+ in checking account

-some other liquidity requirements i'm unclear about?

are there any others? thanks to anyone who can clarify


So far I have only heard of the three I bolded as being required (and having income/big law, I guess). All of the others I know have been massaged (I didn't have anywhere near the liquidity requirement, I know a guy in my office who re-fied just after his stub year ended).

Wait a sec so the 60k is a hard limit? First-world problems, but are there other options to get a similarly low refi if you're gonna be somewhere below that? There's such a dramatic difference relative to other providers that it seems like a bummer, though obviously much better to not have the debt at all!


I dont know anyone who has tried to re-fi less, but it may be possible?

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Re: Student loan payments: get advice and actual numbers here

Postby Anonymous User » Thu Oct 12, 2017 10:51 am

Has anyone's FRB modification been finalized? I imagine they are inundated with requests, but I haven't heard much of anything since applying weeks ago.

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bk1
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Re: Student loan payments: get advice and actual numbers here

Postby bk1 » Thu Oct 12, 2017 11:26 am

Anonymous User wrote:Has anyone's FRB modification been finalized? I imagine they are inundated with requests, but I haven't heard much of anything since applying weeks ago.

I was told it would take about a month to process.




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