Hey everyone,
I'm currently a junior for mechanical engineering in my university, upon transferring from a community college, and I'm set to graduate by July 2021. I currently have $44,065 balance in student loans from Nelnet, with $41,500 as the principal balance and $2,465 in accrued interest. The following table shows each student loan in detail, specifically the principal balances, interest rates, and interest itself (I should mention that all loans except Loan 11 are from the previous university I transferred out from):
Loan | Loan Type | Status | Original Loan Amount | Principal Balance | Interest Rate | Accrued Interest |
1 | DIRECT SUB | IN SCHOOL | $3,500.00 | $3,500.00 | 3.86% | $192.33 |
2 | DIRECT UNSUB | IN SCHOOL | $2,000.00 | $2,000.00 | 3.86% | $480.49 |
3 | DIRECT SUB | IN SCHOOL | $2,000.00 | $2,000.00 | 4.66% | $132.68 |
4 | DIRECT SUB | IN SCHOOL | $5,500.00 | $5,500.00 | 4.66% | $364.88 |
5 | DIRECT UNSUB | IN SCHOOL | $800.00 | $800.00 | 4.29% | $159.07 |
6 | DIRECT UNSUB | IN SCHOOL | $1,200.00 | $1,200.00 | 4.66% | $291.90 |
7 | DIRECT SUB | IN SCHOOL | $5,500.00 | $5,500.00 | 3.76% | $294.41 |
8 | DIRECT UNSUB | IN SCHOOL | $1,000.00 | $1,000.00 | 3.76% | $102.21 |
9 | DIRECT SUB | IN SCHOOL | $5,500.00 | $5,500.00 | 4.45% | $348.44 |
10 | DIRECT UNSUB | IN SCHOOL | $2,000.00 | $2,000.00 | 4.45% | $197.37 |
11 | DIRECT UNSUB | IN SCHOOL | $12,500.00 | $12,500.00 | 4.53% | $1.55 |
Despite the growing interest, my FICO 8 score has surprisingly remained stagnant at 696 for EX and a 702 for TU FICO 8. Based on what I've observed, the incoming due date is 06/2022, but what's interesting is that the CARES Act auto-set a forbearance on my account (opt-in) until 09/30/2020, wherein interest won't rise. I don't have any other loans on my credit file as of now, but unfortunately the pandemic has set bad luck on me on not obtaining a full-time job, so I'm not sure how soon or when I'll achieve one. At this time, I'm not sure how soon or what method may seem best to focus on, but seeing that I'll soon have other loans & payments to worry about (auto loan for a car, health insurance, etc.), I am more apt to at least have a plan in order. Since I'm keen on developing a plan to tackle these student loans, I'm curious to ask what you guys think might be the best way for me to do this, or if there's other viable options that will help as well? I'd be most grateful for any suggestions or advice!
James
