Student loan payments: Actual numbers

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Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Tue Apr 14, 2015 12:06 pm

I thought it might be a good idea to update some of my student loan payment info a year and a half later (even though I had trouble locating my original post, since anon):

2013 Grad
Starting Debt: about $151,000
Current Debt: about $140,000 + car loan of $18,000
Payments: about 1300/month, soon to be more
Income: ~$70k
Plan: About a year ago I refinance my grad plus loans and made a critical error.
I always knew I wanted to be in gov't, but assumed I would never get it. But I was always applying and finally did a couple of months ago. However, in regards to loans, I didn't research enough and realized now, that I am in a PSLF job, that the loan I refinanced does not count towards IBR. So I don't qualify for IBR which basically makes the ten year forgiveness out of the picture. So now I am refinancing both for better rates and have a 6 year goal, and about to throw everything into them.
Bonus: I live with my SO, and he currently is paying the rent and intends to take over my car payment when his is done so that I can throw everything towards these loans.

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Tue Apr 14, 2015 12:34 pm

Anonymous User wrote:I thought it might be a good idea to update some of my student loan payment info a year and a half later (even though I had trouble locating my original post, since anon):

2013 Grad
Starting Debt: about $151,000
Current Debt: about $140,000 + car loan of $18,000
Payments: about 1300/month, soon to be more
Income: ~$70k
Plan: About a year ago I refinance my grad plus loans and made a critical error.
I always knew I wanted to be in gov't, but assumed I would never get it. But I was always applying and finally did a couple of months ago. However, in regards to loans, I didn't research enough and realized now, that I am in a PSLF job, that the loan I refinanced does not count towards IBR. So I don't qualify for IBR which basically makes the ten year forgiveness out of the picture. So now I am refinancing both for better rates and have a 6 year goal, and about to throw everything into them.
Bonus: I live with my SO, and he currently is paying the rent and intends to take over my car payment when his is done so that I can throw everything towards these loans.

Ouch, I'm sorry to hear that. That's definitely my big fear with refinancing. While I have no particular goal to work for the feds, people move around a lot between private practice and fed work in my practice area, so it seems like a realistic possibility and I don't want to lose the PSLF option.

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Tue Apr 14, 2015 12:41 pm

Anonymous User wrote:
Anonymous User wrote:I thought it might be a good idea to update some of my student loan payment info a year and a half later (even though I had trouble locating my original post, since anon):

2013 Grad
Starting Debt: about $151,000
Current Debt: about $140,000 + car loan of $18,000
Payments: about 1300/month, soon to be more
Income: ~$70k
Plan: About a year ago I refinance my grad plus loans and made a critical error.
I always knew I wanted to be in gov't, but assumed I would never get it. But I was always applying and finally did a couple of months ago. However, in regards to loans, I didn't research enough and realized now, that I am in a PSLF job, that the loan I refinanced does not count towards IBR. So I don't qualify for IBR which basically makes the ten year forgiveness out of the picture. So now I am refinancing both for better rates and have a 6 year goal, and about to throw everything into them.
Bonus: I live with my SO, and he currently is paying the rent and intends to take over my car payment when his is done so that I can throw everything towards these loans.

Ouch, I'm sorry to hear that. That's definitely my big fear with refinancing. While I have no particular goal to work for the feds, people move around a lot between private practice and fed work in my practice area, so it seems like a realistic possibility and I don't want to lose the PSLF option.



This is exactly why I wanted to post this. I got impatient with my interest payments every month so I quickly refinanced. Cannot really regret the decision since it is long done, I just wanted to shed some light on the risks of refinancing/not believing in yourself.

Its a difficult market but I eventually landed the job I wanted, but as a result my impatience is going to cost me some serious money.

Stevoman
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Re: Student loan payments: Actual numbers

Postby Stevoman » Tue Apr 14, 2015 12:46 pm

JenDarby wrote:LOL at us for living in a place where a $1500 1 br with a 2 hour daily commute is a good deal.


And to think I was griping to myself about $1500 for a 2br that's 25 minutes from work...

Texas master race reporting in.

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abogadesq
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Re: Student loan payments: Actual numbers

Postby abogadesq » Wed Apr 15, 2015 12:39 am

Is anyone anticipating to use Public Service Loan Forgiveness and, if so, which payment option is best?

bjohnsobf
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Re: Student loan payments: Actual numbers

Postby bjohnsobf » Wed Apr 15, 2015 9:12 am

Yes, Pay As You Earn is the best repayment option.

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Apr 15, 2015 9:52 am

Does anyone know when those of us who had loans prior to the current cut off date for PAYE be able to use it? I read somewhere that even we will be PAYE eligible at some point this year or next but I can't remember the exact details.

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Stringer6
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Re: Student loan payments: Actual numbers

Postby Stringer6 » Wed Apr 15, 2015 12:34 pm

Stevoman wrote:
JenDarby wrote:LOL at us for living in a place where a $1500 1 br with a 2 hour daily commute is a good deal.


And to think I was griping to myself about $1500 for a 2br that's 25 minutes from work...

Texas master race reporting in.


and Texas is big enough for everyone who hates NY and/or thinks it's not worth it to live there

JAYINSD
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Re: Student loan payments: Actual numbers

Postby JAYINSD » Wed Apr 15, 2015 1:51 pm

Stringer6 wrote:
Stevoman wrote:
JenDarby wrote:LOL at us for living in a place where a $1500 1 br with a 2 hour daily commute is a good deal.


And to think I was griping to myself about $1500 for a 2br that's 25 minutes from work...

Texas master race reporting in.


and Texas is big enough for everyone who hates NY and/or thinks it's not worth it to live there


Nah, Houston market is already starting to tumble, we will see how it goes in the next few years

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Wed Apr 15, 2015 2:10 pm

Recently closed my DRB refi.

Pros

  • I love that they gave me a rate under 2.5% variable with a ~750 credit score and nearly six figures of loans.
  • I love that my loans are consolidated
  • Customer support has been good -- every time I call, I get a human very fast.

Cons

  • Both the online application and the online accounts are really unwieldy. This isn't a huge con but it does take more time and hassle to figure out the site's layout.
  • They only message you through this weird email inbox you have to create an account for... somehow my account wound up in Spanish, and I never bothered to fix that. Again, not a big deal, but it's a hassle having to sign in to this crappy Windows 98-esque inbox just to communicate about my application.
  • No support system of SoFi or CommonBond.

Overall, I'd definitely recommend it, but most of all, I'd recommend rate shopping between SoFi, CommonBond and DRB -- they each have their own underwriting formulas. I think DRB was able to offer me the lowest rate because they don't use your monthly rent as part of the equation, which helps me as someone paying NYC COL. But YMMV. You can also call up each of the three to tell them that another lender has beaten their rate, although I didn't have much luck with this (still worth a shot).

Stevoman
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Re: Student loan payments: Actual numbers

Postby Stevoman » Wed Apr 15, 2015 4:39 pm

JAYINSD wrote:
Stringer6 wrote:
Stevoman wrote:
JenDarby wrote:LOL at us for living in a place where a $1500 1 br with a 2 hour daily commute is a good deal.


And to think I was griping to myself about $1500 for a 2br that's 25 minutes from work...

Texas master race reporting in.


and Texas is big enough for everyone who hates NY and/or thinks it's not worth it to live there


Nah, Houston market is already starting to tumble, we will see how it goes in the next few years


Houston is not booming as crazy as it was in previous years, mostly thanks to depressed oil markets, but it is hardly in a "tumble." Still head and shoulders above many other markets in the nation. And Dallas is also still very strong, but good luck breaking in there if you didn't go to SMU/UT/Baylor.

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IrwinM.Fletcher
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Re: Student loan payments: Actual numbers

Postby IrwinM.Fletcher » Thu Apr 16, 2015 10:26 am

I refi'd my student loans with SOFI about a year ago and had a great experience.

This week, I closed my first home purchase and used SOFI as the lender (they recently received approval for mortgages in my state). 30 year fixed, 10% down, no PMI, no origination fees, ~4.3% rate with no points. Very easy to work with and overall an excellent experience.

I am a satisfied customer.

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Old Gregg
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Re: Student loan payments: Actual numbers

Postby Old Gregg » Thu Apr 16, 2015 10:32 am

IrwinM.Fletcher wrote:I refi'd my student loans with SOFI about a year ago and had a great experience.

This week, I closed my first home purchase and used SOFI as the lender (they recently received approval for mortgages in my state). 30 year fixed, 10% down, no PMI, no origination fees, ~4.3% rate with no points. Very easy to work with and overall an excellent experience.

I am a satisfied customer.


yeah i was very close to using SoFi for my home but they had weird rules about new construction (as most lenders do). Congrats on the new home (and 10%, which is super hard to find IMO).

i used citi private bank and got 15% down, 3.2% interest and they didn't pull my credit.

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Fri Apr 17, 2015 11:48 am

2015 grad.

Debt: 70k
Salary: 145k
Other info: Will have around 15k in savings before I start work. About to be engaged. S/O salary is 53k with around 50k of debt.
Plan of action: Try and refinance. I want to pay off my loan ASAP. Low cost of living, won't have car payments until probably Oct. No other serious debt obligations.

How realistic is it to try and pay off in one year? I want to at least make a major dent.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Fri Apr 17, 2015 12:00 pm

I think it's somewhat reasonable considering I make substantially less and will pay around 26k on my loans this year (potentially more depending on bonus situation). You should in the very least be able to make a huge dent.

Definitely refinance ASAP. There's bo reason to let any more interest accrue at those higher rates.

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Fri Apr 17, 2015 12:09 pm

Anonymous User wrote:2015 grad.

Debt: 70k
Salary: 145k
Other info: Will have around 15k in savings before I start work. About to be engaged. S/O salary is 53k with around 50k of debt.
Plan of action: Try and refinance. I want to pay off my loan ASAP. Low cost of living, won't have car payments until probably Oct. No other serious debt obligations.

How realistic is it to try and pay off in one year? I want to at least make a major dent.


Yeah that's pretty reasonable. I've saved like 60k+ in less than a year of biglaw. I'd throw the 15k at the loan. Refinancing really may not be worth it if you are paying off aggressively on the loan. I think you'll prolly save a couple hundred bucks but you should look at the fees for sure. I'm not very debt averse so I would not do this, but if you really want to clear that debt, you should throw your 15k at the balance right now sign up for a 0% APR credit card intro rate and carry a balance on your credit card for the first year of all your living expenses and pay down your debt with that.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Fri Apr 17, 2015 12:13 pm

Which companies have fees to refinance? CommonBond certainly didn't have any fees.

My debt is higher but I save somewhere north of $400 a month in interest having refinanced.

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Fri Apr 17, 2015 12:23 pm

if there are no fees then rifinance. i dont know anything about that. i just assumed there were fees for refinancing.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Fri Apr 17, 2015 12:24 pm

JohannDeMann wrote:if there are no fees then rifinance. i dont know anything about that. i just assumed there were fees for refinancing.

Yea I don't think any of the main companies have fees. Sofi and CommonBond even send you occassionally presents.

Anonymous User
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Re: Student loan payments: Actual numbers

Postby Anonymous User » Fri Apr 17, 2015 12:48 pm

Anonymous User wrote:Does anyone know when those of us who had loans prior to the current cut off date for PAYE be able to use it? I read somewhere that even we will be PAYE eligible at some point this year or next but I can't remember the exact details.



Just bumping this in case no one noticed. Being able to use PAYE as opposed to IBR is a big deal. 10 vs. 15 percent of your AGI in student loan payments.

FloridaCoastalorbust
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Re: Student loan payments: Actual numbers

Postby FloridaCoastalorbust » Fri Apr 17, 2015 12:56 pm

New thread up about whether you took the full ride at a lower T14 or went for the higher-ranked choice at sticker. Your stories will be appreciated: viewtopic.php?f=4&t=246683

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Fri Apr 17, 2015 1:18 pm

Anonymous User wrote:
Anonymous User wrote:Does anyone know when those of us who had loans prior to the current cut off date for PAYE be able to use it? I read somewhere that even we will be PAYE eligible at some point this year or next but I can't remember the exact details.



Just bumping this in case no one noticed. Being able to use PAYE as opposed to IBR is a big deal. 10 vs. 15 percent of your AGI in student loan payments.


By the end of 2015 is all I really heard. Not sure a more set in stone date is out yet.

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Big Shrimpin
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Re: Student loan payments: Actual numbers

Postby Big Shrimpin » Fri Apr 17, 2015 4:39 pm

2012 grad still 100k left of 200k

feels like it's never going away

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Fri Apr 17, 2015 4:46 pm

Big Shrimpin wrote:2012 grad still 100k left of 200k

feels like it's never going away


it may only feel like you're halfway there, but based on increased salary and diminishing interest you're probably closer to 3/4 of the way there. keep at it. You should be done by 2016 bonus season if you want to be.

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Dafaq
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Re: Student loan payments: Actual numbers

Postby Dafaq » Fri Apr 17, 2015 5:00 pm

I saw on the news last night that our generation was putting 5% into retirement funds. We start saving around 22 (the previous generation started at 27… they said boomers started at 35). The associates I know who have with no tuition debt are plowing +10% into their retirement (be it 401k, stocks or something else). I have some debt (and I am not particularly frugal) so I am at 7.5%.

After tuition and everything else called life, are most folks here at 5% (or more/less)?




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