Student loan payments: Actual numbers

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j0x0c0
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Re: Student loan payments: Actual numbers

Postby j0x0c0 » Thu Feb 12, 2015 10:29 pm

zweitbester wrote:Borrowing money for a house isn't the same sort of "debt." If you lost your job, at the very least you could probably rent the place out to cover your payments. Not so with student loan debt...



But thats actually why I feel like taking my parents up on their offer makes more sense. Sure I would put them at risk, but if I really did lose my job or got into serious financial trouble they'd probably take out the heloc anyways to help me out.

My parents aren't loaded and they probably are relying on the equity in the houses for at least part of their retirement. But if we put aside the worst case scenario, does it still make sense to not take out a loan from them?

Vertigo1980
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Re: Student loan payments: Actual numbers

Postby Vertigo1980 » Fri Feb 13, 2015 2:00 pm

My parents aren't loaded and they probably are relying on the equity in the houses for at least part of their retirement. But if we put aside the worst case scenario, does it still make sense to not take out a loan from them?


Only YOU can answer this. I would not borrow from family but that is a personal choice I think in some instances it may actually be mutually beneficial.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Tue Feb 17, 2015 6:39 pm

CommonBond sent me a questionnaire that asked random questions (they not at all subtely hinted that I would receive presents related to my answers) such as:

"what is your favorite book or movie you read/watched in the last year?"
"name one of your guilty pleasures?"
"what is a topic you are interested in or would like to learng more about?"

Having no idea how far I cuold push the limits here, it was really difficult to craft practical answers.

They also asked if I would like to be invited to their annual summer charity gala, etc etc. Seem like legit friendly people lol.

ShitLawOrBust
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Re: Student loan payments: Actual numbers

Postby ShitLawOrBust » Wed Feb 18, 2015 2:20 pm

Graduated: 2014
Original Debt: $150k / several different interest rates, majority 6% plus
Current Debt: $135k
Current Income: $160k
Current Payments: $4k /mo

Should I look into refinancing ? Don't feel like reading this whole thread to figure it out. Any helpful articles I should read?

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Doritos
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Re: Student loan payments: Actual numbers

Postby Doritos » Wed Feb 18, 2015 3:09 pm

ShitLawOrBust wrote:Graduated: 2014
Original Debt: $150k / several different interest rates, majority 6% plus
Current Debt: $135k
Current Income: $160k
Current Payments: $4k /mo

Should I look into refinancing ? Don't feel like reading this whole thread to figure it out. Any helpful articles I should read?


Yes you should.

ShitLawOrBust
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Re: Student loan payments: Actual numbers

Postby ShitLawOrBust » Wed Feb 18, 2015 4:03 pm

Doritos wrote:
ShitLawOrBust wrote:Graduated: 2014
Original Debt: $150k / several different interest rates, majority 6% plus
Current Debt: $135k
Current Income: $160k
Current Payments: $4k /mo

Should I look into refinancing ? Don't feel like reading this whole thread to figure it out. Any helpful articles I should read?


Yes you should.


care to elaborate? thx

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Wed Feb 18, 2015 4:09 pm

you could get an interest rate half of what you pay now. so you will pay half of the money you are paying in interest a year. which means your principal will go down a lot faster. Save you at least $5k in the first year alone.

ShitLawOrBust
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Re: Student loan payments: Actual numbers

Postby ShitLawOrBust » Wed Feb 18, 2015 4:11 pm

JohannDeMann wrote:you could get an interest rate half of what you pay now. so you will pay half of the money you are paying in interest a year. which means your principal will go down a lot faster. Save you at least $5k in the first year alone.


link to how I go about doing this?
also, what's the catch? is there a catch?

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Tiago Splitter
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Re: Student loan payments: Actual numbers

Postby Tiago Splitter » Wed Feb 18, 2015 6:14 pm

ShitLawOrBust wrote:
JohannDeMann wrote:you could get an interest rate half of what you pay now. so you will pay half of the money you are paying in interest a year. which means your principal will go down a lot faster. Save you at least $5k in the first year alone.


link to how I go about doing this?
also, what's the catch? is there a catch?

The only catch is that you lose the government forbearance options like Pay As You Earn. But given that you're already paying 4k a month it sounds like your goal is to pay it off as fast as possible, and with that goal you should definitely refinance. Or at the very least apply with a few different refinancing companies like SoFi, Darien Rowayton Bank, and Common Bond and see what they offer.

ShitLawOrBust
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Re: Student loan payments: Actual numbers

Postby ShitLawOrBust » Wed Feb 18, 2015 6:56 pm

Tiago Splitter wrote:
ShitLawOrBust wrote:
JohannDeMann wrote:you could get an interest rate half of what you pay now. so you will pay half of the money you are paying in interest a year. which means your principal will go down a lot faster. Save you at least $5k in the first year alone.


link to how I go about doing this?
also, what's the catch? is there a catch?

The only catch is that you lose the government forbearance options like Pay As You Earn. But given that you're already paying 4k a month it sounds like your goal is to pay it off as fast as possible, and with that goal you should definitely refinance. Or at the very least apply with a few different refinancing companies like SoFi, Darien Rowayton Bank, and Common Bond and see what they offer.


ok thx

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Wed Feb 18, 2015 7:57 pm

Maybe we should get Void (or have OP changed to someone else) to update the OP with a tl;dr guide of the thread.

(Even though I find it ridiculous people can't put any efforts into a pretty short thread when it comes to fucking hundreds of thousands of dollars of debt)

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hous
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Re: Student loan payments: Actual numbers

Postby hous » Wed Feb 18, 2015 10:40 pm

I refinanced my 6.8% loans down to 3.8%. It lowered my monthly payments from $580 to $450.

If anyone else is considering it, you can use my referral link. You will get an extra $100 from Sofi if you refinance (as will I): https://www.sofi.com/refer/5/11233

Vertigo1980
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Re: Student loan payments: Actual numbers

Postby Vertigo1980 » Thu Feb 19, 2015 12:34 am

You should try CharterOne. I refinanced with them and my rate on a 20 year variable is 2.57%. I was at 7.625% fixed with the Feds before.

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Dafaq
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Re: Student loan payments: Actual numbers

Postby Dafaq » Sat Feb 21, 2015 3:32 pm

I keep seeing a TON of Citizen Bank TV ads hyping big savings if you refinance your student loan with them. Has anyone here looked into this or better yet refinanced with them? If so, what’s the story and is there any downside?

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Sat Feb 21, 2015 3:47 pm

^ charter one and citizen bank are one in the same. The below article discusses.

JenDarby wrote:I randomly came across this article that has some other refi bank recs as well:

https://studentloanhero.com/featured/5- ... ent-loans/

1) SoFi
2) Darien Rowayton Bank (DRB)
3) Charter One Bank (aka Citizen’s Bank)
4) CommonBond
5) Education Success Loans

Charter One looks pretty competitive, and I haven't heard much (if any) about them in here.

Additionally, Common Bond has definitely added schools since Fordham (for one) is now an option when it wasn't towards the end of last year.

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XxSpyKEx
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Re: Student loan payments: Actual numbers

Postby XxSpyKEx » Sat Feb 21, 2015 4:58 pm

j0x0c0 wrote:
zweitbester wrote:Borrowing money for a house isn't the same sort of "debt." If you lost your job, at the very least you could probably rent the place out to cover your payments. Not so with student loan debt...



But thats actually why I feel like taking my parents up on their offer makes more sense. Sure I would put them at risk, but if I really did lose my job or got into serious financial trouble they'd probably take out the heloc anyways to help me out.

My parents aren't loaded and they probably are relying on the equity in the houses for at least part of their retirement. But if we put aside the worst case scenario, does it still make sense to not take out a loan from them?


Essentially, you're borrowing money from your parents to repay your student loans. If you aren't able to repay the loan, you're screwing your parents out of part of their retirement (unlike with the federal student loans, which you can just defer forever based on unemployment). I wouldn't do this, unless you're very certain that you'll be able to repay the money. It'd be different if you're parents were loaded and could just give you the money without any repercussions on their lives.

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Dafaq
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Re: Student loan payments: Actual numbers

Postby Dafaq » Sat Feb 21, 2015 6:07 pm

JenDarby wrote:^ charter one and citizen bank are one in the same. The below article discusses.

JenDarby wrote:I randomly came across this article that has some other refi bank recs as well:

https://studentloanhero.com/featured/5- ... ent-loans/

1) SoFi
2) Darien Rowayton Bank (DRB)
3) Charter One Bank (aka Citizen’s Bank)
4) CommonBond
5) Education Success Loans

Charter One looks pretty competitive, and I haven't heard much (if any) about them in here.

Additionally, Common Bond has definitely added schools since Fordham (for one) is now an option when it wasn't towards the end of last year.

I am paying my student loans via my job. I am just wondering if these TV ads claiming to reduce payments are legit and if there is a downside (if so, what is it)?

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Sat Feb 21, 2015 6:16 pm

Dafaq wrote:
JenDarby wrote:^ charter one and citizen bank are one in the same. The below article discusses.

JenDarby wrote:I randomly came across this article that has some other refi bank recs as well:

https://studentloanhero.com/featured/5- ... ent-loans/

1) SoFi
2) Darien Rowayton Bank (DRB)
3) Charter One Bank (aka Citizen’s Bank)
4) CommonBond
5) Education Success Loans

Charter One looks pretty competitive, and I haven't heard much (if any) about them in here.

Additionally, Common Bond has definitely added schools since Fordham (for one) is now an option when it wasn't towards the end of last year.

I am paying my student loans via my job. I am just wondering if these TV ads claiming to reduce payments are legit and if there is a downside (if so, what is it)?

They are legit. Many (most of us who post ITT regularly have refinanced). Read this PAGE and your questions will be answered.

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Dafaq
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Re: Student loan payments: Actual numbers

Postby Dafaq » Sat Feb 21, 2015 6:44 pm

Many thanks. Definitely looks good! Downside??

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Sat Feb 21, 2015 6:54 pm

Dafaq wrote:Many thanks. Definitely looks good! Downside??

If you read this ONE page, the downside is explained.

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Dafaq
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Re: Student loan payments: Actual numbers

Postby Dafaq » Sat Feb 21, 2015 7:50 pm

JenDarby wrote:
Dafaq wrote:Many thanks. Definitely looks good! Downside??

If you read this ONE page, the downside is explained.

All looks good at this point. Just wondering if I am missing the fine print somewhere. If not, will check into it next week. Thanks.

(So far no one ITT has jumped in with anything negative)

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XxSpyKEx
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Re: Student loan payments: Actual numbers

Postby XxSpyKEx » Sat Feb 21, 2015 9:40 pm

Dafaq wrote:
JenDarby wrote:
Dafaq wrote:Many thanks. Definitely looks good! Downside??

If you read this ONE page, the downside is explained.

All looks good at this point. Just wondering if I am missing the fine print somewhere. If not, will check into it next week. Thanks.

(So far no one ITT has jumped in with anything negative)


Image

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Mon Feb 23, 2015 12:40 pm

Lol with my refi they didn't quite payoff the entire balance

Image

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romothesavior
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Re: Student loan payments: Actual numbers

Postby romothesavior » Mon Feb 23, 2015 1:35 pm

JenDarby wrote:Lol with my refi they didn't quite payoff the entire balance

Image

Ditto. I don't owe a payment for like twenty years or something. Did you try to get this resolved? I called and they said they're going to see what can be done but I haven't heard back.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Mon Feb 23, 2015 1:36 pm

romothesavior wrote:
JenDarby wrote:Lol with my refi they didn't quite payoff the entire balance

Image

Ditto. I don't owe a payment for like twenty years or something. Did you try to get this resolved? I called and they said they're going to see what can be done but I haven't heard back.

The remaning balance that wasn't refianced pretty small so I just paid off.




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