Student loan repayment plan Hello all, I’m barely learning about personal finances so I would really appreciate input and feedback about my plan. Also I’m sorry if I don’t use proper terminology in my post 24 years old, living with parents Income: 50,000 annually Basic bank account: 3,000 HYSA: 11,000 @ 4.15% CD: 1 – 10,000 @ 5.2% matures in 3 months 2 – 10,000 @ 5.3% matu…

LPT Request: How to stop receiving credit card and student loan offers in the mail? I Just graduated and now every week I recieve several letters in the mail encouraging me to get a credit card to pay off my student loans for my collage. I’m not going to college, and when I get a credit card it’ll be on my terms. How do I make this stop? submitted by /u/emo_rat119

Is it better to pay off car loan or save for down payment? Hi! We have two older cars. One is paid off and if it has any major mechanical issues in the future, it will likely cost more than the car is worth. Mechanics best guess is we can get maybe another year out of it without a major repair. Currently we are paying extra on our one car payment (8k left) in anticipation we will have to get a new (use…

Should I take out a personal loan or just pay cash for a new roof? I need a new roof that cost $11,000. I have the money in cash to cover it. Would it be smarter to take out a personal loan and finance it so I can invest the $11,000? submitted by /u/acidaddic808

Pay off private student loan or chip away at high interest federal loan? So I’ve been saving money since the payment pause and I can’t decide if I should pay off the remaining balance on my private student loans or if I should throw it into some of my high interest federal loans once payment restarts. I’ve always tackled my loans with the avalanche method. I enrolled into an IDR repayment plan so minimum payment is …

Can I take a second loan on a paid off car to sell underwater car? Hello I have a car worth $100,000 paid off but also have a car financed for $80,000 but only worth $45,000. My income before was $98,000 a year before I had my bachelors, but after getting it, and following the industry I majored in my starting pay has been $60000. With this income can i take out a loan with my $100,000 car as collateral, to pay…

Deciding which student loan repayment plan to choose Hello all, I graduated from Grad school in 2020 and didn’t know better so took out a bunch of student loans. My total current balance right now is ~$98,000. I am making about $90k and will get married next year plus we want to buy a house. I’ve used the loan simulator and I have some questions about which repayment plan to choose. Standard month…

Question regarding how to handle the new student loan repayment plan (SAVE) So I don’t know if this is necessarily the right place to post this but it’s my best guess. So currently I’m at a job making $65k and have $62k in student loans ranging from 4-7% interest, around $50K of it in the 6-7% range, am 30 years old and have only had this job for less than a year, prior had made a lot less. Per my understanding of the n…

Need advice on a loan I want to buy a new used car that cost about 11k and i would need about a 2-2.5k loan to cover, is there any loan i could take our besides a car loan that will be little interest? I have money to show in bank and a 720 credit score but not much history on it submitted by /u/jayfly0625

What is my best option? Refinance car loan I have a 33,000 car loan and recently sold my old car so I have 6,000 i want to put into the loan. I want to refinance to get a lower interest rate and a shorter loan. With the 6,000 should I put that towards the loan before or after I refinance? Also should I go to a local credit union to try and refinance? I’m new to most of this stuff. su…

New student loan repayment option – Saving on a Valuable Education (SAVE Plan) -Excludes spousal income for borrowers who are married and file separately -loan balance will not grow due to unpaid interest -increase the income exemption from 150% to 225% of the poverty line -Replacing the REPAYE Plan ​ https://studentaid.gov/announcements-events/save-plan submitted by /u/TheHogEmpire

Would a loan be a bad idea for me? I am currently in law school, soon to be starting my second year. I have been fairly lucky so far, leaving college with around 20k in debt and got a very generous scholarship for my first year of law school. However, I didn’t factor in the summer when I took out student loans, and money is pretty tight now. The issue is that before I can get any…

Private Student Loan Debt, can I stop making payments? This is specifically a question about private student loan debt, not federal. I’ve had a friend mention to me in the past that you can stop repaying private student loan debt and it acts like any other debt – falls off your credit after 7 years. Is there any truth to this? With federal student loan payments kicking back in this fall, I’m trying…

How do I take advantage of student loan grace period? I have a balance of $19,000, all in federal direct subsidized loans. My grace period ends in November, so I won’t have to make payments nor accrue interest until then. I start my job this month with salary of 85k. Should I start making payments as soon as I receive my first paycheck, or is there a strategy for me to just save and invest, then st…

Loan payoff estimation Excel sheet? Sorry if this isn’t the right place for this! Anyone know of an already formatted Excel sheet or advice for making one to help estimate the eventual payoff date for my student loans? I have 16 individual loan groups with varying principles and interest rates. All federal loans and the total is almost 175k (I know, I was stupid but too late now…

Pay down car loan or invest? I have a 6 month emergency fund built up and have an extra $300 a month I can put towards either paying down my car loan or investing in HYSA or something else. What would be best use of that $300? Car loan has $15,668 leg and payments are $301.80 a month at 3.99%. 57 payments remain. Thank you. submitted by /u/Glimglam

Should I take out a Federal Subsidized Student Loan next semester to pay off an Unsubsidized loan I took out last semester? Because of variety of factors, I am thinking of taking out a federal student loan this upcoming semester to pay off a $1,000 unsubsidized loan I took out last semester. I figured out that because interest is going to begin accrue I benefit way better by turning it into a subsidized loan. Any advice or tips I should know, I have thought about it …

Ever taken a relatively small loan from your 401K and regretted it? I know it is generally advised to not touch any 401K funds, which is exactly what I have done for the past six years. This has lead me to accumulating roughly 70K in my 401K. I would consider my financial state to be OK, despite the increasing prices for literally everything, and incoming recession. Here’s my current financial situation: Asset…

Just received a bonus, should I pay off my car loan? Hi, I have a car loan of $7.5and the interest rate is 8.24% through bank of america. It was originally $9k and I started it since February of this year paying $400 a month. I just got my bonus of $54k, should I pay it off? submitted by /u/frigdety

DTI for Mortgage loan & Student Loan IDR repayment policy changing from 10% to 5% of monthly income Hi I’m trying to figure out how to approach this change in student loan policy for some home lending/financing and my DTI in the next few months. (See title of post – Student Loan IDR repayment changing from 10% to 5% of monthly income https://studentaid.gov/announcements-events/save-plan ) I know I need to apply to the IDR program through my st…