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who services your student loans? sallie mae? citi? aes?
I'm not sure who services the loans under my name, but it appears they are eligible for some savings on consolidation. They are classified as subsidized direct loans with an interest rate of 6.550% (higher than I thought).
Perhaps I could consolidate the loans under my Mom's name such that they stay in her name, thereby avoiding taking on too much debt myself while still offering me a bit of savings in the first few years. I'm not optimistic about her consolidation approval though, as she had the loans in forbearance until I graduated because she was not paying them.
I'm not sure that the interest that I pay on my Mom's loan is tax-deductible for me. I did not deduct it on this year's taxes because the payments for her loans started in December of last year so I only made one payment. I DID deduct my interest-paid though which helped me pay less taxes (I did not get a refund, I still owed somehow).
I'm not sure who services the loans under my name, but it appears they are eligible for some savings on consolidation. They are classified as subsidized direct loans with an interest rate of 6.550% (higher than I thought).
Perhaps I could consolidate the loans under my Mom's name such that they stay in her name, thereby avoiding taking on too much debt myself while still offering me a bit of savings in the first few years. I'm not optimistic about her consolidation approval though, as she had the loans in forbearance until I graduated because she was not paying them.
I'm not sure that the interest that I pay on my Mom's loan is tax-deductible for me. I did not deduct it on this year's taxes because the payments for her loans started in December of last year so I only made one payment. I DID deduct my interest-paid though which helped me pay less taxes (I did not get a refund, I still owed somehow).
ok....are you logged into a website to view your loan information, or are you looking at something you received in the mail? Who do you mail your payment to each month?
you cannot deduct the interest on the loans in your mom's name, because they are not in your name. she should be deducting it from hers though.
ok....are you logged into a website to view your loan information, or are you looking at something you received in the mail? Who do you mail your payment to each month?
you cannot deduct the interest on the loans in your mom's name, because they are not in your name. she should be deducting it from hers though.
One of my payments (the one that's eligible for consolidation) and my Mom's loans are handled through Direct Loans: https://www.dl.ed.gov. That's sort of a rip off that I pay the loans and won't get to deduct the interest. At the same time I don't think that it's worth taking on a massive debt just for the tax benefits .
One of my payments (the one that's eligible for consolidation) and my Mom's loans are handled through Direct Loans: https://www.dl.ed.gov. That's sort of a rip off that I pay the loans and won't get to deduct the interest. At the same time I don't think that it's worth taking on a massive debt just for the tax benefits .
Interesting, One of my husband's was through Direct Loans also. It was a variable rate loan, and I think it stayed between 3% and 4% for the duration we were paying on it. Interest rates must be up a lot. That is the one he got deferred, but I don't know if you have to have had an income curtailment (like a layoff) in order to get that, or if you can get it just by explaining your circumstances. Doesn't hurt to try.
Interesting, One of my husband's was through Direct Loans also. It was a variable rate loan, and I think it stayed between 3% and 4% for the duration we were paying on it. Interest rates must be up a lot. That is the one he got deferred, but I don't know if you have to have had an income curtailment (like a layoff) in order to get that, or if you can get it just by explaining your circumstances. Doesn't hurt to try.
variable rate has to do with what prime was when you took out the loan. my variable rate private student loans are 3%, except for the one i took out in 2003 which is 3.5%. my federal loans are all consolidated in 2004 @ 1.625%.
only problem i see with this is income contingent you have to pay based on your income right? it sounds like the OP is fine on income...so it's possible he doesn't qualify for this. but good idea if he does!
Well, put it this way. My income has grown by 50% over the past 3 years and my payment changed by like $20. So I have no clue how they actually calculate. Because safely, they could increase mine by a few hundred dollars. Even when my income was above the median US income, my payment changed by a negligible amount. I was less than $200 after I consolidated my loans. So it could work out.
variable rate has to do with what prime was when you took out the loan. my variable rate private student loans are 3%, except for the one i took out in 2003 which is 3.5%. my federal loans are all consolidated in 2004 @ 1.625%.
Wow that's an amazing interest rate! I tried the online consolidation calculator and they proposed an interest rate of 5.550% which would save me money over my current interest rate but it's still sky-high compared to that 1.625%! The loan I took freshman year was 2.200% variable but the rest of my federal loans were fixed at 6.5%. It's amazing how much more expensive this all is compared to just a few years ago.
Well, put it this way. My income has grown by 50% over the past 3 years and my payment changed by like $20. So I have no clue how they actually calculate. Because safely, they could increase mine by a few hundred dollars. Even when my income was above the median US income, my payment changed by a negligible amount. I was less than $200 after I consolidated my loans. So it could work out.
Sounds like IBR would be really nice. The 15y graduated repayment would get me under 200 for all 15 years on my federal loans. The bulk of course comes from my Mom's loans and I'm not sure I can afford to be that optimistic with her balance.
Well, put it this way. My income has grown by 50% over the past 3 years and my payment changed by like $20. So I have no clue how they actually calculate. Because safely, they could increase mine by a few hundred dollars. Even when my income was above the median US income, my payment changed by a negligible amount. I was less than $200 after I consolidated my loans. So it could work out.
true, i have no idea how the income-based payment plans work. i just imagine you have to meet some requirements to start it. that's all i was pointing out.
true, i have no idea how the income-based payment plans work. i just imagine you have to meet some requirements to start it. that's all i was pointing out.
It was really easy. I basically had a checkbox on my online account management. There wasn't even a form. I don't recall making a phone call, but if there was it wasn't any longer than "I want to change my payment type."
Honestly it was really easy, as long as you are current on the loan. It wouldn't hurt to call your servicer.
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So I have no clue how they actually calculate. Because safely, they could increase mine by a few hundred dollars. Even when my income was above the median US income, my payment changed by a negligible amount. I was less than $200 after I consolidated my loans. So it could work out.
