This video is very helpful! I got lucky and was granted enough grant money to afford my tuition for my BA. Now I'm applying for grad school, and I see that there aren't any grant options. Just loans and scholarships. Seeing videos like yours is helping me prepare for paying off my loans throughout grad school!
Im in my final semester before graduation and I’m terrified of loans but for the first time I will have to take the subsidized loan of over 2k. Thanks for sharing I was really confused with what subsidized and unsubsidized was.
You provide such great info, thank you! Going into my last year at my university and might have to take up the $5500 subsidized loan offered for seniors. I’d want to pay it off in 2-3 years at most after graduation but I’m scared that it can grow to like 8k :0 I would hope that is not the case. What do you think?
Thank you Daisy! And luckily subsidized loans don't accrue interest while you are in school + 6 months after. So depending on the interest rate you'll probably pay only a few hundred in interest if you pay it off in 2 to 3 years!
@@PersonalFinancewithLeila Thank you for responding! I will actually try to pay it off as soon as I graduate next May! I want to pay it off immediately and not worry about it:/ Does that mean I should most likely only owe $5500? Doing my research but your feedback def helps!
Hello Leila, I am about to accept my first student loans and your videos helped relieve my stress. I am considering only taking out subsidized loans and I plan on paying them off before I graduate. Does this mean I only have to pay back the amount I borrowed? If I borrow $1000, I only owe $1000? Is there a fee or fees for paying it off early? Thank you!
I'm glad they helped!! And yes that is correct. If you pay them off before you graduate, it will only be $1K. Interest won't accrue on subsidized loans until 6 months after you graduate. There shouldn't be a penalty fee, but it may depend on the lender. Usually there is no fee to pay them off early. Your credit score may drop a tiny bit since it closes an account, but not by much!
I am going to go back to get my EdS and then EdD right after, hopefully. It’s the only way to increase my salary as a teacher. Even with unsubsidized loans, it’ll pay for itself in just a few years. I’m going on the PAYE plan hopefully once zero percent is up. I don’t owe much in loans right now, but I have another debt obligation with a higher rate I want to try to take care of first. Then I’ll focus on student loans or my car whichever one I can knock out first. I’ll try to buy a house after I get them taken care of or let Public Service Forgiveness get the rest. I’ll almost have 10 years done by graduation then to qualify for it.
Adding: I got the teacher loan forgiveness, and was able to navigate that mess. I’m going to try for public loan service but will avalanche to get it down if needed.
Thank you so much Leila! At what point in the loan process do we get to pick our repayment plan? Does that happen after school or before when we're accepting the loan?
After school! However, you should be able to choose if you login to your account (on your lenders website). Most people just don't access it until after school
Hi Leila, is there a way to make payment towards the principle rather than interest? I heard that you have to specify if you want to do this or else it will be used for interest. I'm just thinking if you have $100 extra dollar to put in it every month that reducing the principle would be very beneficial in the long run.
Yes! I used to make my minimum monthly payment due and then an additional payment the same day or the day after so that there was no time for interest to accrue. You can also specify which loan you want to pay extra to. Right now since loans are in forbearance and 0% interest, any payments to federal student loans would all go to principal, assuming you've already paid down the accrued interest before the forbearance!
How did you get up to $50K in loans? Did you have to have your parents cosign your loans? Or did you get private loans? I thought for federal.loans, we're only allowed to borrow like $5500 for the first year?
Undergrads can borrow $12,500 per year ($6,250 per semester)! I also went to grad school and you can borrow a lot more then. I have no private loans and no co-signers
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This video is very helpful! I got lucky and was granted enough grant money to afford my tuition for my BA. Now I'm applying for grad school, and I see that there aren't any grant options. Just loans and scholarships. Seeing videos like yours is helping me prepare for paying off my loans throughout grad school!
We definitely have the same upload schedule! Shout out to paying these loans down!
Im in my final semester before graduation and I’m terrified of loans but for the first time I will have to take the subsidized loan of over 2k. Thanks for sharing I was really confused with what subsidized and unsubsidized was.
Hey at least you're educating yourself about what the loans even mean!! You'll be OK 😊
... I love your channel !!! I hope students find this helpful
You can get them to put money towards the principle rather than the interest
🙏
Thank you the information is really good.
You provide such great info, thank you! Going into my last year at my university and might have to take up the $5500 subsidized loan offered for seniors. I’d want to pay it off in 2-3 years at most after graduation but I’m scared that it can grow to like 8k :0 I would hope that is not the case. What do you think?
Thank you Daisy! And luckily subsidized loans don't accrue interest while you are in school + 6 months after. So depending on the interest rate you'll probably pay only a few hundred in interest if you pay it off in 2 to 3 years!
@@PersonalFinancewithLeila Thank you for responding! I will actually try to pay it off as soon as I graduate next May! I want to pay it off immediately and not worry about it:/ Does that mean I should most likely only owe $5500? Doing my research but your feedback def helps!
Hello Leila, I am about to accept my first student loans and your videos helped relieve my stress. I am considering only taking out subsidized loans and I plan on paying them off before I graduate. Does this mean I only have to pay back the amount I borrowed? If I borrow $1000, I only owe $1000? Is there a fee or fees for paying it off early? Thank you!
I'm glad they helped!!
And yes that is correct. If you pay them off before you graduate, it will only be $1K. Interest won't accrue on subsidized loans until 6 months after you graduate.
There shouldn't be a penalty fee, but it may depend on the lender. Usually there is no fee to pay them off early. Your credit score may drop a tiny bit since it closes an account, but not by much!
I am going to go back to get my EdS and then EdD right after, hopefully. It’s the only way to increase my salary as a teacher. Even with unsubsidized loans, it’ll pay for itself in just a few years.
I’m going on the PAYE plan hopefully once zero percent is up. I don’t owe much in loans right now, but I have another debt obligation with a higher rate I want to try to take care of first. Then I’ll focus on student loans or my car whichever one I can knock out first.
I’ll try to buy a house after I get them taken care of or let Public Service Forgiveness get the rest. I’ll almost have 10 years done by graduation then to qualify for it.
Adding: I got the teacher loan forgiveness, and was able to navigate that mess. I’m going to try for public loan service but will avalanche to get it down if needed.
It sounds like you've planned it all out! That's great news that additional education will pay off for you 👏 Keep us updated!
Thank you so much Leila! At what point in the loan process do we get to pick our repayment plan? Does that happen after school or before when we're accepting the loan?
After school! However, you should be able to choose if you login to your account (on your lenders website). Most people just don't access it until after school
Hi Leila, is there a way to make payment towards the principle rather than interest? I heard that you have to specify if you want to do this or else it will be used for interest. I'm just thinking if you have $100 extra dollar to put in it every month that reducing the principle would be very beneficial in the long run.
Yes! I used to make my minimum monthly payment due and then an additional payment the same day or the day after so that there was no time for interest to accrue. You can also specify which loan you want to pay extra to.
Right now since loans are in forbearance and 0% interest, any payments to federal student loans would all go to principal, assuming you've already paid down the accrued interest before the forbearance!
How did you get up to $50K in loans? Did you have to have your parents cosign your loans? Or did you get private loans? I thought for federal.loans, we're only allowed to borrow like $5500 for the first year?
Undergrads can borrow $12,500 per year ($6,250 per semester)!
I also went to grad school and you can borrow a lot more then. I have no private loans and no co-signers