Student loan payments: get advice and actual numbers here

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LazyLASA
Posts: 29
Joined: Fri May 08, 2015 1:11 pm

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

Postby LazyLASA » Sat Feb 03, 2018 11:39 am

You can still see the rates...Click on the "2" after 1.95%. They went up for everything that wasn't the 5 year loan.

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

Postby Anonymous User » Mon Feb 12, 2018 7:08 pm

I posted in this thread two years ago - near the beginning of my repayment journey. May 2015 graduate with $83k total. I just finished paying them off. I never refinanced because I didn’t feel the rate reduction was worth the risk of losing the federal loan protections. Best of luck to all of you in your repayment journey - you can do it!

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

Postby Anonymous User » Tue Feb 13, 2018 4:30 am

Anonymous User wrote:I posted in this thread two years ago - near the beginning of my repayment journey. May 2015 graduate with $83k total. I just finished paying them off. I never refinanced because I didn’t feel the rate reduction was worth the risk of losing the federal loan protections. Best of luck to all of you in your repayment journey - you can do it!


+1. Almost the same situation except I graduated with 101k.

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

Postby Johann » Tue Feb 13, 2018 9:31 am

while im sure it feels good to be done paying loans, you missed out on about 40-50k of stock market gains (each). something to always keep in mind in being smart about diversification.

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

Postby Anonymous User » Tue Feb 13, 2018 10:16 am

Class of 2016

CommonBond Hybrid - first 5 years is a fixed 3.83% and then its variable after that
Debt: about $235,000
Payments: payment plan is $2,350 (I pay 3k -3.5k a month
Income: 190k
Plan: Standard
I plan to throw all bonuses at this and anticipate having it paid off in five years (six years from graduation). I still manage to max out 401k, HSA, and put a little in my brokerage account and savings account every month. Still, it hurts seeing so much of my take home pay going to the loan monster every month... Once bitcoin goes to 25k, I'll be a millionaire though so who cares anyways, amirite!?

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

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

Postby Anonymous User » Tue Feb 13, 2018 11:48 am

So I have been unable to (quickly) find this info online so I am hoping y'all can help. I recently received a biglaw offer to begin following my clerkship. I just recertified by IBR last month and it was based on my clerk salary. Do I have an obligation to update my salary info when I start the gig or do I wait until I recertify next year?

ETA: this Q&A at pp. 13-14 seems to suggest no.
https://studentaid.ed.gov/sa/sites/default/files/income-driven-repayment-q-and-a.pdf

ETA (again): further reading the above Q&A leads me to:
46.What happens if my income changes significantly before the annual date when I’m
required to recertify my income?
If your income has significantly decreased or increased, you may (but are not required to) ask your
servicer to recalculate your current monthly payment amount at any time. You can do this by submitting a
new Income-Driven Repayment Plan Request and checking the box to indicate that you are requesting a
recalculation due to a change in your circumstances. You will be required to provide documentation of
your current income.




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