PleaseBlitz Posted March 6, 2019 Share Posted March 6, 2019 Update! After 5 1/2 years of repayment student loan is now below $100,000. 2 1 Link to comment Share on other sites More sharing options...
TheGoodBits Posted March 6, 2019 Share Posted March 6, 2019 6 minutes ago, PleaseBlitz said: Update! After 5 1/2 years of repayment student loan is now below $100,000. My wife and I recently paid off $140k+ in student loan debt. She’d gotten into a pay based on what you earn program immediately after law school which was nice but also had about a 25 year payoff period... we’d paid it for 4 years and eaten into only about $2k of principle. Got really fortunate that we ended up being able to lump sum it like that, avoided about $80k worth of interest in the next decade. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 6, 2019 Share Posted March 6, 2019 20 minutes ago, skinsfan_1215 said: My wife and I recently paid off $140k+ in student loan debt. She’d gotten into a pay based on what you earn program immediately after law school which was nice but also had about a 25 year payoff period... we’d paid it for 4 years and eaten into only about $2k of principle. Got really fortunate that we ended up being able to lump sum it like that, avoided about $80k worth of interest in the next decade. Yea, the pay-based-on-what-you-earn stuff is a scam. They just want you to pay the interest, and never pay down the principal, so you end up paying interest on the debt FOR FOREVER. I am in the process of doing the opposite. I refinanced my 10 year loan into a 5 year (which doubled the monthly payments) and am making monthly payments that are even higher than the required payments. Once I figure out how much I am getting ****ed by the Trump #TaxScam, I'll put whatever is left over from my Xmas bonus towards it too. 3 Link to comment Share on other sites More sharing options...
TheDoyler23 Posted March 6, 2019 Share Posted March 6, 2019 1 hour ago, PleaseBlitz said: Yea, the pay-based-on-what-you-earn stuff is a scam. They just want you to pay the interest, and never pay down the principal, so you end up paying interest on the debt FOR FOREVER. I'm biting the bullet and just paying off my wife's reminder - because the deduction every damn month is so irritating. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 6, 2019 Share Posted March 6, 2019 Where the **** are you guys getting these lump sum payments from???? Link to comment Share on other sites More sharing options...
TheDoyler23 Posted March 7, 2019 Share Posted March 7, 2019 (edited) 5 hours ago, PleaseBlitz said: Where the **** are you guys getting these lump sum payments from???? My wife’s isn’t too bad as she’d been paying on it forever and she borrowed for one year of her Master’s plus some extras. Thanos-snaping it away. And it’s one less claw out of the account every month. Edited March 7, 2019 by TheDoyler23 1 Link to comment Share on other sites More sharing options...
tshile Posted March 7, 2019 Share Posted March 7, 2019 On 3/6/2019 at 12:54 PM, PleaseBlitz said: Once I figure out how much I am getting ****ed by the Trump #TaxScam, I'll put whatever is left over from my Xmas bonus towards it too. There will be nothing left. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 7, 2019 Share Posted March 7, 2019 8 minutes ago, tshile said: There will be nothing left. Probably not. 1 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted December 18, 2019 Share Posted December 18, 2019 Just refinanced my student loan (for the 3rd time). My rate is now down to 2.31%. 1 Link to comment Share on other sites More sharing options...
EmirOfShmo Posted December 18, 2019 Share Posted December 18, 2019 23 minutes ago, PleaseBlitz said: Just refinanced my student loan (for the 3rd time). My rate is now down to 2.31%. With who? Is there a cost to do this? Thanks Link to comment Share on other sites More sharing options...
PleaseBlitz Posted December 18, 2019 Share Posted December 18, 2019 Just now, EmirOfShmo said: With who? Is there a cost to do this? Thanks Sofi. No cost (which is why I've refinanced 3 times now, twice with Sofi). If you are interested, let me know and I can send you the "referral a friend" link where we'll both get some free money. https://www.sofi.com/referral-program/ Link to comment Share on other sites More sharing options...
PleaseBlitz Posted December 31, 2019 Share Posted December 31, 2019 End of year update. After I just put a good chunk to my after-tax annual bonus towards my loan, it is now down to $55,000 (from $240k originally in 2014). As noted above, I just recently refinanced it again and got the rate down to 2.3%, so it was hard to justify putting my entire bonus towards it, as I have done for the previous few years. Instead, I paid off all of my other debts except for my house. After another year of payments, I’ll pay this off with a small chunk of my 2020 annual bonus. One more year to go until I get this shackle off. 5 Link to comment Share on other sites More sharing options...
Springfield Posted December 31, 2019 Share Posted December 31, 2019 **** man, that’s a sweet end of year bonus. 1 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted December 31, 2019 Share Posted December 31, 2019 14 minutes ago, Springfield said: **** man, that’s a sweet end of year bonus. Yes. Yes it is. Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted December 31, 2019 Share Posted December 31, 2019 27 minutes ago, PleaseBlitz said: End of year update. After I just put a good chunk to my after-tax annual bonus towards my loan, it is now down to $55,000 (from $240k originally in 2014). As noted above, I just recently refinanced it again and got the rate down to 2.3%, so it was hard to justify putting my entire bonus towards it, as I have done for the previous few years. Instead, I paid off all of my other debts except for my house. After another year of payments, I’ll pay this off with a small chunk of my 2020 annual bonus. One more year to go until I get this shackle off. Congrats! This was the year I finally retired my student loan payments from undergrad and grad school. It never was a huge burden (all in it was $36k for both) but it felt so good to get rid of it 3 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted December 31, 2019 Share Posted December 31, 2019 (edited) 15 minutes ago, SkinsHokieFan said: Congrats! This was the year I finally retired my student loan payments from undergrad and grad school. It never was a huge burden (all in it was $36k for both) but it felt so good to get rid of it Congrats for finishing up. Edited December 31, 2019 by PleaseBlitz Link to comment Share on other sites More sharing options...
PleaseBlitz Posted January 9, 2020 Share Posted January 9, 2020 Consumer Financial Protection Bureau Announces Action Against Monster Loans, Lend Tech Loans, and Associated Student Loan Debt-Relief Companies https://www.consumerfinance.gov/about-us/newsroom/cfpb-announces-action-against-monster-loans-lend-tech-loans-and-student-loan-debt-relief-companies/ Quote WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) filed suit against several companies and individuals involved in offering student loan debt-relief services for allegedly obtaining consumer reports illegally, charging unlawful advance fees, and engaging in deceptive conduct. The Bureau’s action is against a mortgage lender called Chou Team Realty, LLC, which does business as Monster Loans (Monster Loans); an allegedly sham mortgage brokerage called Lend Tech Loans, Inc.; and several student loan debt-relief companies, including Docu Prep Center, Inc., which does business as DocuPrep Center and Certified Document Center; Certified Doc Prep Services, LP; Assure Direct Services, Inc.; Direct Document Solutions, Inc.; Secure Preparation Services, Inc.; and Docs Done Right, Inc. The Bureau is also taking action against several individuals, including Bilal Abdelfattah, who is also known as Belal Abdelfattah and Bill Abdel; Thomas “Tom” Chou; Sean Cowell; Robert Hoose; Eduardo “Ed” Martinez; Jawad Nesheiwat; Frank Anthony Sebreros; and David Sklar. As described in the complaint, the Bureau alleges that between 2015 and 2017, Monster Loans violated the Fair Credit Reporting Act (FCRA) by obtaining consumer-report information for millions of consumers with student loan debt from a major credit bureau on the pretense that the company planned to use the information to offer mortgage loans to consumers when, in fact, Monster Loans provided the reports to the student loan debt-relief companies to use in marketing their services. The Bureau also alleges that, between 2017 and at least early 2019, Lend Tech Loans similarly violated the FCRA by obtaining consumer report information for millions of consumers for use in marketing student loan debt-relief services. The Bureau further alleges that, while offering and providing student loan debt-relief services, certain defendants violated the Consumer Financial Protection Act of 2010 (CFPA) and the Telemarketing Sales Rule (TSR) by making deceptive representations about the companies’ services. Specifically, the Bureau alleges that certain defendants misrepresented to consumers that they would have their interest rates reduced, have their credit scores improved, and that the U.S. Department of Education would become their servicer. The Bureau also alleges that certain defendants unlawfully charged and collected at least $15 million in fees before consumers received any adjustment to their student loans and made any payments toward their adjusted loans. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted February 5, 2020 Share Posted February 5, 2020 https://www.housingwire.com/articles/loan-marketplace-lendedu-accused-of-selling-its-lender-rankings-to-the-highest-bidder/ Loan marketplace LendEDU accused of selling its lender rankings to the highest bidder Quote LendEDU, a website that purportedly offers unbiased reviews, ratings and rankings of lenders and other financial services providers, was actually selling its ranking to the “highest bidder” and concocting fake reviews of the site itself, according to the Federal Trade Commission. The FTC announced Monday that it is filing charges against LendEDU, a loan marketplace, claiming that the site “misled consumers to believe their website provided objective product information, when in fact they offered higher rankings and ratings to companies that paid for placement.” According to the FTC, LendEDU “falsely claimed” that its website provided “objective,” “accurate” and “unbiased” information about financial products, including student loans, personal loans, credit cards and mortgages. More specifically, the FTC claims that LendEDU “misrepresented that the information on its website was not affected by compensation from advertisers.” Beyond that, the FTC also claims that the company “touted positive consumer reviews about their company and website that, in fact, were written by LendEDU employees or their friends, family members, and associates.” According to the FTC, LendEDU’s website made it appear that the company was providing vetted, independent rankings and ratings of the “best” lenders in various categories, but the pages in question were allegedly bought and paid for by the company’s lender advertisers. The FTC alleges that in spite of LendEDU’s claims that its reviews and rankings are “objective,” “honest,” “accurate,” “unbiased,” and not based on compensation and the site’s lengthy explanations of the company’s supposed ratings methodology, the company’s executives regularly requested that advertisers pay more to increase their rankings on the site. According to the FTC, Nathaniel Matherson, the company’s co-founder and CEO; Matthew Lenhard, the company’s co-founder and chief technology officer; and Alexander Coleman, the company’s vice president of product, “either directly requested additional compensation from financial services companies in exchange for better placements” on the company’s website, or were aware that such requests were taking place. In one instance, the FTC claims that Matherson “asked one student loan refinance company to pay $9.50 per click to retake the number one ranking after falling to number three.” Link to comment Share on other sites More sharing options...
The Sisko Posted February 6, 2020 Share Posted February 6, 2020 On 12/31/2019 at 12:54 PM, SkinsHokieFan said: Congrats! This was the year I finally retired my student loan payments from undergrad and grad school. It never was a huge burden (all in it was $36k for both) but it felt so good to get rid of it Good for both you guys. I was about in the same boat as you. I finally paid mine off about a year and a half ago. It wasn’t a whole lot of money so it was more of a nuisance than a hardship and by the time I had enough cash to pay a lump sum payment to retire it, the interest was so little that it wasn’t worth giving them the dough all at once. @PleaseBlitz you’re damn lucky. The only end of year bonus I got last year was this. 2 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 4, 2020 Share Posted March 4, 2020 Mortgage interest rates are absurdly low this week and literally everyone with a mortgage should look into refinancing right now. 1 Link to comment Share on other sites More sharing options...
EmirOfShmo Posted March 5, 2020 Share Posted March 5, 2020 20 hours ago, PleaseBlitz said: Mortgage interest rates are absurdly low this week and literally everyone with a mortgage should look into refinancing right now. I've been watching rates at https://www.capcenter.com/ for the past 2-3 weeks. They haven't moved since the rate cut the other day. They charge a bit more but have $0.00 closing costs. I think they're typically ~.125 points higher. What rates are you seeing for 10/15/20/30 year mtg? Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 5, 2020 Share Posted March 5, 2020 (edited) 27 minutes ago, EmirOfShmo said: I've been watching rates at https://www.capcenter.com/ for the past 2-3 weeks. They haven't moved since the rate cut the other day. They charge a bit more but have $0.00 closing costs. I think they're typically ~.125 points higher. What rates are you seeing for 10/15/20/30 year mtg? I closed on a refi last Friday, I got what I considered to be a fantastic rate (3.5% with no origination fees and a $2000 lender credit towards closing costs). I could have gotten 1/2 lower if I locked it 2 days ago. 3.0% on a 30 year, 2.5% on a 15 year. Try here: www.Lenderfi.com Edited March 5, 2020 by PleaseBlitz 2 Link to comment Share on other sites More sharing options...
tshile Posted March 5, 2020 Share Posted March 5, 2020 21 hours ago, PleaseBlitz said: Mortgage interest rates are absurdly low this week and literally everyone with a mortgage should look into refinancing right now. I refinanced last month... I usually don’t fret when I lose out on marketing timing but it is a little frustrating when 28 days after closing they slash rates... Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 5, 2020 Share Posted March 5, 2020 Just now, tshile said: I refinanced last month... I usually don’t fret when I lose out on marketing timing but it is a little frustrating when 28 days after closing they slash rates... Me too bud. Link to comment Share on other sites More sharing options...
Springfield Posted March 5, 2020 Share Posted March 5, 2020 15 minutes ago, tshile said: I refinanced last month... I usually don’t fret when I lose out on marketing timing but it is a little frustrating when 28 days after closing they slash rates... I just refinanced my home at the end of February. ****ing bull****. Link to comment Share on other sites More sharing options...
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