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 » Thu Oct 19, 2017 11:38 pm

not sure this has been mentioned but FRB also offers full refund of interest paid if loan is paid in full within 4 years.

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

Postby LazyLASA » Fri Oct 20, 2017 3:35 am

For people who don't yet have the liquidity required for FRB, I recently found Education Loan Finance/ELFI, which has pretty incredible variable rates and which I haven't seen mentioned here. I just refinanced with the plan of using it as a bridge until I build the liquidity required for FRB.

Of course, if you can do FRB, their rates are definitely better (and fixed).

I'm happy to provide a referral code via PM if you want to help out.
Last edited by LazyLASA on Fri Oct 20, 2017 11:37 pm, edited 1 time in total.

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

Postby JenDarby » Fri Oct 20, 2017 9:30 am

Anonymous User wrote:not sure this has been mentioned but FRB also offers full refund of interest paid if loan is paid in full within 4 years.

The interest refunded is actually up to 2% of your original loan balance. So if your initial refinanced loan was 145k then you would get a 2,900 refund if you repaid everything in 48 months.

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

Postby El Pollito » Fri Oct 20, 2017 9:32 am

FRB only requires liquidity for one moment in time so i don't really see what's wrong w asking your parents.

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

Postby boredtodeath » Fri Oct 20, 2017 2:21 pm

El Pollito wrote:FRB only requires liquidity for one moment in time so i don't really see what's wrong w asking your parents.


My banker told me they will be able to see if you have a one-time infusion of cash like that, and they won't "count" it, although now that I think about it I don't see how they can track the goings on of my Chase checking account...

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

Postby bk1 » Fri Oct 20, 2017 2:42 pm

boredtodeath wrote:
El Pollito wrote:FRB only requires liquidity for one moment in time so i don't really see what's wrong w asking your parents.


My banker told me they will be able to see if you have a one-time infusion of cash like that, and they won't "count" it, although now that I think about it I don't see how they can track the goings on of my Chase checking account...

They ask for your recent bank statements, though of course that doesn't give them perfect information since even most recent statements are usually outdated.

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

Postby SmokeytheBear » Fri Oct 20, 2017 2:50 pm

El Pollito wrote:FRB only requires liquidity for one moment in time so i don't really see what's wrong w asking your parents.


We previously discussed how this is fraud.

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

Postby beepboopbeep » Sat Oct 21, 2017 12:49 am

I'd be really surprised if they took the "one time cash infusion" thing too seriously given that i bet bonus season gets like half of FRB refinancers from biglaw over the 15% threshold.

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

Postby SmokeytheBear » Sat Oct 21, 2017 12:52 am

beepboopbeep wrote:I'd be really surprised if they took the "one time cash infusion" thing too seriously given that i bet bonus season gets like half of FRB refinancers from biglaw over the 15% threshold.



When I refinanced that's what did it for me.

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

Postby El Pollito » Sat Oct 21, 2017 9:32 am

boredtodeath wrote:
El Pollito wrote:FRB only requires liquidity for one moment in time so i don't really see what's wrong w asking your parents.


My banker told me they will be able to see if you have a one-time infusion of cash like that, and they won't "count" it, although now that I think about it I don't see how they can track the goings on of my Chase checking account...

your banker is wrong. they look once and that's it. although my infusion was my bonus, and not from my parents, so that may have been a critical factor.

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

Postby El Pollito » Sat Oct 21, 2017 9:34 am

bk1 wrote:
boredtodeath wrote:
El Pollito wrote:FRB only requires liquidity for one moment in time so i don't really see what's wrong w asking your parents.


My banker told me they will be able to see if you have a one-time infusion of cash like that, and they won't "count" it, although now that I think about it I don't see how they can track the goings on of my Chase checking account...

They ask for your recent bank statements, though of course that doesn't give them perfect information since even most recent statements are usually outdated.

they don't look at in and out flows like they would for a mortgage. i asked them when i handed over my statement bc i was like oh well you are gonna realize i never have 20gs in the bank, but they don't care.

Love With The Coco
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Re: Student loan payments: get advice and actual numbers here

Postby Love With The Coco » Sat Oct 21, 2017 9:41 am

FRB liquidity requirement is generally 15% of the amount of loans you wish to refinance? Or is it lower for big law income levels?

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

Postby JenDarby » Sat Oct 21, 2017 10:28 am

Love With The Coco wrote:FRB liquidity requirement is generally 15% of the amount of loans you wish to refinance? Or is it lower for big law income levels?

It's generally 15% but can be lower on a case by case basis.

HollyGo2
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Re: Student loan payments: get advice and actual numbers here

Postby HollyGo2 » Wed Oct 25, 2017 2:26 pm

Hi all. I'd love any advice ppl might have re my situation.

I just graduated with about $200k in loans. I'm starting at a typical biglaw job shortly with a $180k starting salary. I'll be there for 2 years, then I'm clerking (hopefully for 2 years), at which point I'll likely try to get a govt or public service job (maybe with another year in biglaw first?). In short - I will likely NOT be in biglaw for the long haul.

My thought process right now is to pay the minimum on my loans (which I think ends up being the PAYE plan right now) for 2 years, save as much as possible, and then after the clerkship(s) either 1) do govt/public service and PSLF or 2) if I go back into biglaw long-term, refi and throw all my income at my loans in some sort of really aggressive payment plan.

I'm aware that I'll be accruing a lot of interest on my loans in the short-term, but I'm paranoid about not having a good chunk of savings (currently I have basically none), and it seems silly to be too aggressive if I'm hoping to do PSLF and eventual loan forgiveness a few years from now. Am I missing something that makes this a horrible idea?

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

Postby Danger Zone » Wed Oct 25, 2017 2:36 pm

Nope, that's the best and safest path forward.

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

Postby Anonymous User » Thu Oct 26, 2017 4:07 pm

Original debt w/ capitalized interest: $131,000
Current debt: $122,000
Average interest rate: 6%
Monthly payments: $1,500
Salary: $110,000 ($9,166 / month pretax)
Rent: $1,350
Car payments: $250
Been working since August 2016

On 10 year standard plan. Not in FRB city. Looking for federal job to get PSLF, but not sure if that's worth it.

Thoughts/advice? Thanks!

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

Postby LawSchoolAlum » Sat Oct 28, 2017 4:16 pm

Debt: 150K (includes undergrad and an overpriced study abroad)
Payments: $400/month
Income: 65k
Plan: 25 year IBR, 20 years left.
Note: I'm self-employed- have over 6 figures in receivables that could come in all at once. My plan is to invest income in a tax deductible way that keeps my net income low so that the IBR payment stays low.

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

Postby uvheylaw » Sun Oct 29, 2017 12:57 pm

For those not in First Republic’s service area, Common Bond will beat any competitor offer. Refi’d with them at 3.3% fixed. Pm me if you need a referral link.

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

Postby Anonymous User » Mon Oct 30, 2017 1:18 pm

OLs, don't forget about capitalization when planning your loan obligations. I've been making payments for almost two years and here's what my balance looks like:

Original Loan Amount (Disbursed): $76,750.00
Total Amount Paid: $23,433.93
Remaining Balance: $70,983.30

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

Postby almondjoy » Mon Oct 30, 2017 2:55 pm

What’s the best approach if it’ll take me about a year to reach frb’s liquidity threshold? Should I just refi with sofi/commonbond/whoever else for a 15 year term low monthly payment plan until I save enough?

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

Postby SmokeytheBear » Mon Oct 30, 2017 2:59 pm

almondjoy wrote:What’s the best approach if it’ll take me about a year to reach frb’s liquidity threshold? Should I just refi with sofi/commonbond/whoever else for a 15 year term low monthly payment plan until I save enough?


That's not a bad option. I don't think SoFi did a hard pull for me and I dont think there were any origination fees. So the transaction costs would be minimal. But with bonus season coming, you should be able to get the liquidity easily. As has been discussed, it's not a hard requirement.

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

Postby umichman » Mon Oct 30, 2017 4:16 pm

Anonymous User wrote:OLs, don't forget about capitalization when planning your loan obligations. I've been making payments for almost two years and here's what my balance looks like:

Original Loan Amount (Disbursed): $76,750.00
Total Amount Paid: $23,433.93
Remaining Balance: $70,983.30


How is this possible. Even at 6 percent interest rate you are looking at around growth to 85k. If you had paid 23k off that you would be sitting closer to 62k remaining. I'm not saying you are wrong or lying. I'm just interested in the math.

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

Postby Danger Zone » Mon Oct 30, 2017 4:57 pm

umichman wrote:
Anonymous User wrote:OLs, don't forget about capitalization when planning your loan obligations. I've been making payments for almost two years and here's what my balance looks like:

Original Loan Amount (Disbursed): $76,750.00
Total Amount Paid: $23,433.93
Remaining Balance: $70,983.30


How is this possible. Even at 6 percent interest rate you are looking at around growth to 85k. If you had paid 23k off that you would be sitting closer to 62k remaining. I'm not saying you are wrong or lying. I'm just interested in the math.

Because he said DISBURSED. That means it collected interest during law school which then capitalized as principal, then the capitalized amount plus disbursed amount has been accruing interest since then.

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

Postby Anonymous User » Mon Oct 30, 2017 5:09 pm

$193,971 loan balance
average rate of 6.4%
Car/Consumer Debt payment ~500/month
Biglaw 180k

help please?

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

Postby SmokeytheBear » Mon Oct 30, 2017 5:11 pm

Anonymous User wrote:$193,971 loan balance
average rate of 6.4%
Car/Consumer Debt payment ~500/month
Biglaw 180k

help please?


Does consumer debt = credit card?




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