Reddit isn’t just a place for cute animal videos and memes. If you venture into the student loans subreddit, you’ll find some helpful advice on managing student debt.
According to the community’s moderators, the Reddit student loans community is a “forum of discussion, information, and assistance related to the topic of student loan debt.” You can ask questions, talk to other borrowers, or discuss the latest news.
Just as you would with any advice you find on the internet, fact check commenters’ guidance before acting on it. Even if users have good intentions, they don’t know your full financial picture and can’t say what would be best in your situation.
So, what can you learn from the Reddit student loans community? Here are four of the best discussions in this subreddit.
1. PSA – You shouldn’t pay anyone to help with your student loans
Reddit users showed their love for this public service announcement by upvoting it over 100 times. Here’s the useful PSA that all borrowers should heed:
“There is almost never a reason to pay anyone for help with your student loans. There isn’t a person or entity on the planet that can get you a lower payment or forgiveness that you can’t get for yourself — for free — by working with your loan holder or the various free resources.”
This PSA reminds you to never pay a third party to manage your student loans. If you want to get on an income-driven repayment plan or refinance your student loans, you can do so on your own for free.
If you check out some responses to this PSA, you’ll find additional tips for securing your personal information. Plus, you can learn about common student loan scams and how to avoid them.
This thread is just one example of a Reddit student loans discussion with useful information for borrowers. It makes an important public service announcement while opening up a forum for people to exchange stories. You can use a thread like this to stay up to date on important student loan information, as well as to learn from other people’s experiences.
2. Public Service Loan Forgiveness (PSLF), Perkins loans, and subsidized loans are on the chopping block in Trump’s first education budget proposal
Beyond seeking advice, you can also check out the Reddit loans community for student loan news. This discussion, for instance, focuses on President Trump’s education budget proposal and what it means for student loans.
This post discusses some of the proposed changes, such as the elimination of Public Service Loan Forgiveness and a 50 percent reduction in funding for the federal work-study program. It also links to a detailed Washington Post article, so you can easily fact check these claims.
In this discussion, you can share your thoughts on the proposed education plan with other Reddit users. The comments don’t offer much in the way of additional news, but you will find a sense of camaraderie with fellow student loan borrowers who share your concerns.
If you’re worried about this budget proposal, head to Reddit for a community discussion. You may feel better by connecting with other borrowers in your shoes.
3. What’s the best way to pay off student loans?
The Reddit student loans community is also a helpful place to ask about your specific student loan situation. In this post, a user asks about the best way to pay off their loans in order to minimize interest. They’ve received some bad advice — their parents suggested making small payments to strengthen their credit score.
Fortunately, many commenters encouraged this user to ignore this advice. They suggested the user pay off the loans as fast as possible instead.
“As for your parents’ comment about making smaller payments, please don’t listen to them if you don’t have to (meaning, if you can actually afford to pay more than the minimum, DO IT),” says one commenter.
This is solid advice, as the longer you have student loans, the more you’ll pay in interest. Plus, on-time payments only do so much to improve your credit score. Reducing your debt-to-income ratio can also help build it up.
Of course, this user should still look to official sources to figure out the best way to pay off their loans. But by posting in a Reddit loans thread, they got some decent advice right off the bat.
If you also have questions about your loans, try posting in a Reddit student loans discussion. You may get helpful suggestions customized to your specific situation. At the very least, you could start a conversation with fellow borrowers. Just remember to think critically about any tips you get, no matter how confident users sound.
4. Why did you choose to go into so much student debt and what would you do differently?
Student loans are an emotional topic for a lot of people. High payments are a burden for many, especially if you’re struggling to find a job after graduation.
This discussion isn’t geared toward advice or news. Rather, it’s a place where people get together to share their stories — and their regrets — about taking on student debt.
One user says, “I really felt like I was doing what I was supposed to be doing, pursuing the career goals I wanted. Did it put me $117,000 in debt? Yes. And I totally regret the manner in which I racked up that debt.”
Another says, “If I could go back and change things, I would go to a community college for two years … and save tons of money. And I’d get a part-time job to start paying it off early.”
Beyond advice and resources, the student loans subreddit offers a place to share experiences and connect with a community. You can discuss the lessons you learned and help future borrowers avoid the same mistakes.
Fact check Reddit student loans advice
Any posts in the student loans subreddit must follow the community’s guidelines. You can’t ask people to crowdfund your debt, for instance, nor can you advertise contact information for loan servicer employees.
Moderators maintain the community to remove harmful comments or spam, but they can’t catch every piece of bad information. Plus, some advice is subjective and won’t necessarily apply to your situation.
So if you’re going to ask a question on Reddit about loans, make sure to take comments with a grain of salt. Before acting on any advice, fact check it with a reputable, official source, such as Federal Student Aid.
You can find a number of legitimate student loan resources for free online. While Reddit loans offers an active, engaged community and can offer some tips to point you in the right direction, it should be just one of many means you use to manage your student debt.
For more on paying off student loans, check out 14 ways to get out of student debt fast.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.30% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.30%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.69% – 7.21%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|