Damn Student Loans

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So I have a LOT of (undergrad) student loans as you probably know because I tend to complain about them.

Should I consolidate them?

My first thought would be NO NO NO!!! because I would end up spending much much more in the end due to all the interest. I am able to pay them now even though that means I have very little fun money left over. That part doesn't bother me too much. But I know that if I consolidate them, my monthly payment will be much smaller. Why would I do this?

I want to buy a house next year (if I can save up enough for a downpayment) and I think that if I had a lower monthly student loan payment I could be approved for something better. What do you think?

Have you consolidated your loans? If so, why? If not, why not?

Sarah McLusky (coco), Monday, 3 March 2003 17:25 (fifteen years ago) Permalink

what's the interest on them. Over here they are pegged to the rate of inflation so it would be madness to consolidate them. But guess that's not the case.

Ed (dali), Monday, 3 March 2003 17:30 (fifteen years ago) Permalink

who will you be consolidating them with? that's a big consideration -- i know people who consolidated their loans with companies that later went for-profit and jacked up the interest rates to near-usorious levels.

maura (maura), Monday, 3 March 2003 17:32 (fifteen years ago) Permalink

I dunno, maura. I get junk mail constantly from all these different lenders offering to consolidate my loans. If I did this, I would def shop it around a bit.

Sarah McLusky (coco), Monday, 3 March 2003 17:36 (fifteen years ago) Permalink

Just make sure the interest on the consolidation loan is lower or equivalent to the rate you have now. For loans like that the rate rarely is better. As Ed said, if the rate is prime + whatever, be careful. If it's fixed and it's low, go for it. If you have a huge amount to pay off, seeing an accountant (I would do it but I'm 1,700 miles away from you!) or someone like that might pay off.

Bryan (Bryan), Monday, 3 March 2003 17:41 (fifteen years ago) Permalink

i'm lucky in that my student debts are smaller than anyone else i know, and i should be able to defer repayment for at least another year - the interest is between £10 and £20 a month though.

stevem (blueski), Monday, 3 March 2003 17:44 (fifteen years ago) Permalink

Interest on student loans (in US) is tax-deductable. You are probably not deducting it now, but once you buy a house you probably will be. Once you consolidate your loans, you will lose the deductability of the loans (disclaimer: see your tax professional for advice).

i know people who consolidated their loans with companies that later went for-profit and jacked up the interest rates to near-usorious levels.

I’ve seen the same thing happen. I had a college buddy who ended up filing bankruptcy over it. As a rule, I’m adverse to consumer credit.

We took our tax return money for a couple of years and paid ours off several years ahead of schedule. Not being able to spend that cash sucked at the time, but it felt really good paying that final payment.

In buying your first house, the loan underwriter will be looking at your total debt in addition to your monthly debt obligations. Student loans will look better than having a massive consumer debt, which will look like credit card debt and make you look like someone who can’t control her spending in the eyes of the underwriter.

No One (SiggyBaby), Monday, 3 March 2003 17:53 (fifteen years ago) Permalink

The chances are pretty good your monthly payment will go way down. Mine is something like 3X less than when my loans weren't consolidated. Just as long as you pay something..Either you pay'em off or you die.
Ready to take out another $25 K for grad school.....

brg30 (brg30), Monday, 3 March 2003 18:59 (fifteen years ago) Permalink

That's the thing that you have to worry about, though: your monthly payment may go way down but at what expense? How much longer will it take to pay the loans off? No One there has great advice. If it's over $10K, go see someone, even if you feel pretty comfortable about handling your money/debt. They will be able to look at your whole situation, take your comfort levels into account, and come up with a strategy for you, and would probably know of tricks that you wouldn't have thought of.

Bryan (Bryan), Monday, 3 March 2003 19:03 (fifteen years ago) Permalink

Interest on student loans (in US) is tax-deductable.

I believe in Canada they are as well. Though Im about to find out how deductable.

Mr Noodles (Mr Noodles), Monday, 3 March 2003 19:47 (fifteen years ago) Permalink

I still owe $21,000.

:(

mark p (Mark P), Monday, 3 March 2003 19:52 (fifteen years ago) Permalink

Line 319 of Schedule 1, Noodles.

Bryan (Bryan), Monday, 3 March 2003 19:52 (fifteen years ago) Permalink

Yeah for me and Mark in the 20K + club.

Mr Noodles (Mr Noodles), Monday, 3 March 2003 20:07 (fifteen years ago) Permalink

I started at 29k!

Failing a lottery win, I won't be free until the age of 30. Fucking hell.

mark p (Mark P), Monday, 3 March 2003 20:12 (fifteen years ago) Permalink

Oh, in the US, I belive you can only take a deduction for the first few years (5 maybe?)— I forget for how many as it was only added to US Tax Code after we paid our loans.

I won't be free until the age of 30.

I was 32 when I got free— and that was ahead of schedule.

No One (SiggyBaby), Monday, 3 March 2003 20:14 (fifteen years ago) Permalink

We have $500 left! And don't have to pay that for another year and a half!

Dan Perry (Dan Perry), Monday, 3 March 2003 20:18 (fifteen years ago) Permalink

The interest payable on student loans in the UK is very low (currently about 1.3%). Where as you can get about 4% untaxed interest on any money sitting in an ISA account.

So I'd say pay off the bare minimum required for your loans and put some money into savings instead. But I'm not sure how this would effect being approved for a mortgage.

bert, Monday, 3 March 2003 20:19 (fifteen years ago) Permalink

i have $70,000 - but that NZD... and i don't really care. Will pay it off when my parents die, i suppose.

Clare (not entirely unhappy), Monday, 3 March 2003 22:02 (fifteen years ago) Permalink

I consolidated a few years ago when the interest rate was very low. The thinking is to do it when the interest rate is low then when it goes back up again you still have it low. That said, when I did it everyone said it couldn't get any lower, but it did get a bit lower, but whatever. I did it through the US govt. I would suggest that.

Mary (Mary), Monday, 3 March 2003 22:12 (fifteen years ago) Permalink

The United States Armed Forces have great student loan payment programs. Hence my advice to you is ENLIST IN THE MARINES.

Millar (Millar), Monday, 3 March 2003 23:34 (fifteen years ago) Permalink

The Navy, you mean to say. ;-)

Ned Raggett (Ned), Tuesday, 4 March 2003 00:12 (fifteen years ago) Permalink

No way, dude, those pants look terrible on girls

Millar (Millar), Tuesday, 4 March 2003 00:32 (fifteen years ago) Permalink

Millar's secret life = military porn fetishes.

Ned Raggett (Ned), Tuesday, 4 March 2003 01:40 (fifteen years ago) Permalink

i'll swap yer puny $10K student loan for my nice big $100K student loan ...

Tad (llamasfur), Tuesday, 4 March 2003 01:45 (fifteen years ago) Permalink

i consolidated my loans through the federal directloan program. Its good. the monthly payments are based on my salary and if I dont pay it off in 20 years they just cancel the rest ( I think)

Mike Hanle y (mike), Tuesday, 4 March 2003 05:50 (fifteen years ago) Permalink

yeah that's the one i did -- missed that 20 yr clause though!

Mary (Mary), Tuesday, 4 March 2003 07:44 (fifteen years ago) Permalink

Thanks for all the advice.

I have been deducting the student loan interest every year. What's this talk about a 5 year limit on that???

I'll research all my figures and try to get a better idea of what I'm dealing with first. I think for now though that I'll probably not consolidate.

Sarah McLusky (coco), Tuesday, 4 March 2003 14:15 (fifteen years ago) Permalink

5 year limit was recently eliminated (I hate having to thank George Bush for anything).

Anyway, I think you should try to consolidate with the William D. Ford Federal Direct Loan program -- all of my astronomical law school loans are now consolidated into a low fixed subprime rate, on a note held by the Federal Government rather than a private lender. You can mess with your repayment terms as well, but that's independent of your loan consolidation. Check out http://www.dlssonline.com. It's worth it.

J (Jay), Tuesday, 4 March 2003 14:52 (fifteen years ago) Permalink

I've only got $400 left on mine! Yippee. But the wife has approx $60000 worth left. She just got a forebearance letter saying that her $207 a month payment is now $35 for the next year. She couldn't afford to pay the full amount.

Chris V. (Chris V), Tuesday, 4 March 2003 15:24 (fifteen years ago) Permalink

one month passes...
spectacular timing, what with the other shit going on and that, but my parents got a call from some debt people looking for me, and giving an address in finchley that i lived at 3 years ago. student loans people had passed my debt onto a collection agency, as i am apparently 25(!) months late with payments!

why it took them 25 months to find me, when all they had to do was call my phone number and say "you g, where the money at?" i'll never know! i mean, it was all deferred and that, so no payments, or at least that is what i thought. sending correspondence to an address i dont live at any more isnt great, especially as i gave them a correct address, like wtf?

anyway, they want 25 payments of £44 or something before they take legal action, so i paid them £1100 today:(

that leaves £1400 to pay, but they'll take that out at £40 a month, i'll probably bump that up though and try and pay the fucker off asap. i mean, its not terrible, i knew i had this much to pay off, but its annoying for it to get all final-noticey and that

guess i should try and do some more overtime:/

gareth (gareth), Wednesday, 30 April 2003 13:17 (fifteen years ago) Permalink

Gareth, you used to live in Finchley?? That's not too far from me.

Can I ask a stupid question about the comments upthread? What is "consolidating" exactly. Looks like I'll be getting US student loans next year, and I'm absolutley clueless on the subject.

Nordicskillz (Nordicskillz), Wednesday, 30 April 2003 13:31 (fifteen years ago) Permalink

So sorry, Gareth! That's horrible!

I hate my stupid student loans so much. Then one day I'm complaining to a friend of mine about them and he said, "Oh, I just didn't pay mine." Apparently, he simply never gets a tax return, but he doesn't mind just because he doesn't have to deal with mailing checks every month.

Sarah McLusky (coco), Wednesday, 30 April 2003 13:40 (fifteen years ago) Permalink

When is the US going to get to grips with direct debit?

Ed (dali), Wednesday, 30 April 2003 13:41 (fifteen years ago) Permalink

nordic, for some reason in the US when you get federal student loans, you have to pick a lender (I picked mine solely because I liked its name--it had nice letters!--they give you no actual information on the lenders at all, much less information on why to pick one or another). anyhow, if you have federal loans for more than a year, chances are you have a different lender for each year. because of that, you have to make payments on each loan, each month.

consolidation just means you're consolidating all the loans into one single debt, where you send in one check to one place, instead of one check to each lender.. sometimes you can also fix a lower interest rate with it, or lower your monthly payments (but ultimately pay more in interest, etc)..

the scary thing about consolidating is that you can only do it once. it's not like credit card debt, where you can bounce it around to different cards if one card's interest rates change. once you consolidate, you're stuck with that company, as far as I know.. did any of that make sense?

miriam (serrano), Wednesday, 30 April 2003 14:12 (fifteen years ago) Permalink

Absolutely. Thanks!

Nordicskillz (Nordicskillz), Wednesday, 30 April 2003 14:18 (fifteen years ago) Permalink

we have direct debit

Mary (Mary), Wednesday, 30 April 2003 18:32 (fifteen years ago) Permalink

Why does nobody seem to use it then. If I had to remember to mail cheques off every month, I'd be in deep shit.

Ed (dali), Wednesday, 30 April 2003 18:37 (fifteen years ago) Permalink

I don't use it that much, because I need to know exactly how much is in my account at any moment. If I don't have enough money in my account, I wait to pay the bill the next time I get paid instead of risking hitting Zero. So, sometimes I get late payments, but at least nothing bounces.

Sarah McLUsky (coco), Wednesday, 30 April 2003 18:41 (fifteen years ago) Permalink

what sarah said

Mary (Mary), Wednesday, 30 April 2003 18:41 (fifteen years ago) Permalink

how manageable are student loans? have the payments prevented anyone from getting jobs they wanted?

Maria (Maria), Wednesday, 30 April 2003 19:16 (fifteen years ago) Permalink

Mine -- I haven't started paying them yet, cause I'm still in grad school -- are pretty manageable. I can set up whatever plan I want as far as the amount of the payment -- the less I pay per month, the longer it takes to pay off, and the more interest accrues, obviously -- so I can't see it interfering with my jobability.

Tep (ktepi), Wednesday, 30 April 2003 19:18 (fifteen years ago) Permalink

they are manageable -- they go over a long period -- so you pay a certain amount every month--

i can't imagine payments preventing anyone from getting jobs they wanted, unless you wanted to do something relatively low paying but felt that you couldn't afford to do with large loans to pay off--

Mary (Mary), Wednesday, 30 April 2003 19:21 (fifteen years ago) Permalink

in new zealand, you only get the student allowance for 200 weeks. if you get it at all. my 200th week was last week. so this week i was waiting for a student loan payment (which WINZ told me would arrive) to arrive to cover my living costs, and what do you know it IS NOT IN MY ACCOUNT. i have no money.

di smith (lucylurex), Wednesday, 30 April 2003 21:40 (fifteen years ago) Permalink

This thread has made me feel immensely better about borrowing $18,500 for school next year.

Mandee, Wednesday, 30 April 2003 21:50 (fifteen years ago) Permalink

yeah, my loans just came off deferment and i have no idea how i'm going to pay even the $75 first payment.

jess (dubplatestyle), Wednesday, 30 April 2003 21:53 (fifteen years ago) Permalink

My student loan has gone AWOL, does anyone know how these things work? Don't they send them directly to the school? I'm so confused. Mandee how did you borrow so much money?

Ally (mlescaut), Wednesday, 30 April 2003 22:07 (fifteen years ago) Permalink

ally i have learned that in these instances it is best not to ask.

jess (dubplatestyle), Wednesday, 30 April 2003 22:08 (fifteen years ago) Permalink

But I can't afford otherwise :(

Ally (mlescaut), Wednesday, 30 April 2003 22:09 (fifteen years ago) Permalink

oh wait you're still IN school! okay, never mind scratch that.

jess (dubplatestyle), Wednesday, 30 April 2003 22:09 (fifteen years ago) Permalink

which is why the bailout is prob gonna be 'letting people go bankrupt'

iatee, Wednesday, 4 April 2012 18:07 (six years ago) Permalink

Yeah on some level I am, well, okay I will do my best to pay these within reason. I def. see it as my responsibility and I did sign up for it after all.

I just don't quite think student loans should even HAVE interest, or significant interest I should say.

og (admrl), Wednesday, 4 April 2012 18:09 (six years ago) Permalink

(xp)

og (admrl), Wednesday, 4 April 2012 18:09 (six years ago) Permalink

well that's just another subsidy. 'no interest' is no different from 'here here's $500'

the bigger problem is that even after people in the worst situations can go bankrupt, higher ed isn't getting any cheaper

iatee, Wednesday, 4 April 2012 18:13 (six years ago) Permalink

I got a severance payment last year that was taxed at close to 40% but also bumped my income up enough that I think I'm going to be dq'd from my ibr plan, despite the fact that I don't currently earn as much as last year's return would indicate. Those paymens are going to make my life much more difficult :(

tehresa, Thursday, 5 April 2012 11:10 (six years ago) Permalink

tehresa, Do you have to file for IBR from your tax returns? I did mine using an "alternative documentation of income" that reflects my current income:

http://www.usafunds.org/lenders/Lender%20Forms/IBRAltIncomeDocumentation.pdf

og (admrl), Thursday, 5 April 2012 16:56 (six years ago) Permalink

ooh thanks. they had asked for my most recent return but i think i can use that form.

tehresa, Friday, 6 April 2012 00:46 (six years ago) Permalink

Guys I need to reconsolidate (under my Federal Direct loan) but I don't know which repayment plan to choose. Anyone have pros/cons w/ the Income-Based Repayment and/or Income Contingent Repayment? They seem more appealing than the standard fixed-rate plan but I'm worried there's some aspect of this that I'm not considering.

Time, a group with Jam and Lewis (Stevie D(eux)), Thursday, 19 April 2012 01:16 (six years ago) Permalink

it's insane. my first bill came and said that in 6 days "$583" was due - my min payment!!!!! I called and told them in NO WAY could I pay that much a month let alone in 6 days. I logged onto myedu and did a income based payment and it said I could afford over $900 a month - who designed this freaking algorithm? As it is, living alone in So Cal is paycheck to paycheck - how is it they think I'm sitting on $900 each month?!! I had no choice
but to go with the increase every 2 years plan for 25 years. I'll pay TWICE as I borrowed and the best part? I'll be paying $675/month ages 63-65! let's hope my social security can cover it!!! For the next two years I'm at $192/month.

it's terrible. I couldn't afford to go to graduate even if I wanted to :( So much for a new(er) car any time soon. let's hope work is always just 7 miles away. such a flippin' bummer :(

Jen Echo, Thursday, 19 April 2012 01:54 (six years ago) Permalink

Between the ages of 18 and 22, Jodi Romine took out $74,000 in student loans to help finance her business-management degree at Kent State University in Ohio.

jesus christ

yologram (J0rdan S.), Thursday, 19 April 2012 03:05 (six years ago) Permalink

I didn't think you could borrow that much for a BA

Jen Echo, Thursday, 19 April 2012 04:35 (six years ago) Permalink

For Stevie:

http://askheatherjarvis.com/forums/viewthread/215/

But I can summarize - you pretty much want IBR

Grime Scene Investigation Unit (admrl), Thursday, 19 April 2012 04:55 (six years ago) Permalink

Jen IBR is supposed to be 10-15% of your income. That's the point of INCOME-based repayment. Are you using the calculator right?

Grime Scene Investigation Unit (admrl), Thursday, 19 April 2012 04:58 (six years ago) Permalink

I'm using the calculator at the myedaccount they ask my for my adjusted gross income monthly, gross monthly, martial status and family size. I'm single, never married, no kids, and decently above the median income for the US. It can be "up to 25%" and that's what I get socked with. I can't seem to find what "middle class" income is. According to Wiki I'm above "lower middle class". So with no mortgage, no family, they think it's more like 25% of my take-home that is available for paying this off. We SINKs really get the shaft. tax wise, too! Sadly, my rent is 1/2 of my take-home. Not rent and utilities, just rent where I think the rest of the country goes for like 1/3 of take home for rent and utilities. and i have low rent for where I live! still HALF of what I make.

anyways. I'm on the pay double over 25 years plan. and $192 for the next 2 years. I borrowed the max allowed 48k (maybe it was 46K) for a BA. so nope. can't even think about graduate school unless an employer is picking up that tab.

Jen Echo, Thursday, 19 April 2012 05:33 (six years ago) Permalink

apparently I could get a $10/month plan for my $6000 loan

Kiarostami bag (milo z), Thursday, 19 April 2012 05:37 (six years ago) Permalink

Haha my monthly payments are almost a quarter of your entire loan

Memorial Highway (admrl), Thursday, 19 April 2012 05:43 (six years ago) Permalink

Jen it sounds like you make too much money

Memorial Highway (admrl), Thursday, 19 April 2012 05:44 (six years ago) Permalink

and pay too much rent

Memorial Highway (admrl), Thursday, 19 April 2012 05:45 (six years ago) Permalink

I recommend you actually call the Fed and speak to them, they are surprisingly helpful. Although so few people-accountants included-seem to properly understand this shit. I guess there's a niche for someone there.

Memorial Highway (admrl), Thursday, 19 April 2012 05:46 (six years ago) Permalink

I did call them and this was the only way to get my payments to what I could afford now: $200 month (I pay another $75 for an non-fed student loan so $275/month total). With this plan I will pay 110K for 60K borrowed over 25 years. I'm very lucky to earn enough to pay this. It seems INSANE that I will end up paying double for my BA. Pretty insane a BA costs so much but I'm not trying to buck the system. Just like a family of 4 can't live on 25k. The assumption even 10-25% of your take home is available for one single debt is just nuts!

Jen Echo, Thursday, 19 April 2012 14:45 (six years ago) Permalink

Not anymore, lol =/ I think that assumption has actually become kind of normal now that student loans are starting to look a bit more like mortgages

Memorial Highway (admrl), Thursday, 19 April 2012 16:41 (six years ago) Permalink

six months pass...
nine months pass...

ATTN student loan experts:

I am repaying abt $12,000 of consolidated federal student loans under the Income Based Repayment plan, which I was eligible for when I was experiencing "partial financial hardship"

however due to new job I am no longer financially challenged. It's time for me to renew my IBR paperwork, and idk whether or not to keep IBRing it or go back to the standard repayment plan. Is IBR like this super special club that you never want to leave once yr in it? Are there any distinct advantages or disadvantages of going back to standard repayment?

wooden treeshjips (Stevie D(eux)), Sunday, 8 September 2013 22:00 (four years ago) Permalink

When is the US going to get to grips with direct debit?
― Ed (dali), Wednesday, April 30, 2003 9:41 AM (10 years ago) Bookmark Flag Post Permalink

lol

caek, Sunday, 8 September 2013 22:17 (four years ago) Permalink

one year passes...

The ILX-shamefully-ignored INTERCEPT continuing to kick all kinds of varied news type ass, right down to the fab lead photo - check out those t shirts ILM-ers:

https://firstlook.org/theintercept/2015/05/04/bankruptcy-filing-shows-corinthian-colleges-secretly-funded-d-c-think-tanks-dark-money-election-efforts/

Vic Perry, Monday, 4 May 2015 22:53 (three years ago) Permalink

two years pass...

sounds good - monopolies laways work out well

Violet Jax (Violet Jynx), Tuesday, 30 May 2017 13:27 (eleven months ago) Permalink

Acting like there was accountability among the servicing companies because of competition seems sorta silly. These firms are basically like defense contractors or municipal waste companies or charter school operators. Replacing a cartel with a monopoly may not make much of a difference at all

El Tomboto, Tuesday, 30 May 2017 14:02 (eleven months ago) Permalink

I hope they will service me well

Violet Jax (Violet Jynx), Tuesday, 30 May 2017 14:07 (eleven months ago) Permalink

three months pass...
five months pass...

yes, finally -- there is way too much opportunity in america

https://www.cnbc.com/2018/02/12/trumps-budget-would-end-student-loan-forgiveness-program.html

reggie (qualmsley), Tuesday, 13 February 2018 16:38 (three months ago) Permalink

Why is that not a bigger story?

Mr. Snrub, Tuesday, 13 February 2018 19:19 (three months ago) Permalink

possibly because few people have successfully completed the PSLF program. it requires 10 years of qualifying monthly payments, and it wasn't a program until 2007, so only the very first wave of people who qualified for the program at the very beginning and then didn't miss a single payment in 10 years have made it through. speaking of...

i am also on the IBR plan, about 2.5 years down, 7.5 more to go. after all these months of payments, i still haven't even cut into the principle, so if i don't follow through to 10 years i'm screwed.

/indentured public servant

― 1986 tallest hair contest (Z S), Wednesday, April 4, 2012 1:38 PM (five years ago)

i'm sure i told my pathetic PSLF story on another thread, but i got completely screwed/screwed myself. Department of Education didn't come up with a process for PSLF participants to monitor their progress until around 2014 or so. when they did, i submitted my work history, expecting to be told that i had successfully completed about 5 of the 10 years worth of monthly payments, since i was in a qualifying job and a qualifying repayment program (IBR), and i had paid my student loans on time every month for the 5 years i'd been with the govt at the time. instead, after several months i received a response stating that i had only successfully completed around 2.5 of the 5 years. for almost a year straight, it turns out, i was autopaying a tiny amount less than the full monthly payment (for example, if i should have paid $500 in a month, my autopay would pay about $490). i have no idea why that happened. i signed up for autopay and to pay the full amount every month, and somehow that happened. as a result, NONE of those payments counted toward my 10 years. in addition to that, some early payments that i made were apparently not in a qualifying payment plan, so those didn't count either. anyway, long story short, after 5 years in PSLF and a huge portion of each paycheck going to the monthly payment, only half of them counted, meaning i would need to work 12.5 years instead of 10 years to get my loans forgiven.

Karl Malone, Tuesday, 13 February 2018 19:35 (three months ago) Permalink

HEY USA YOUR SYSTEM FUCKIN SUX

illegal economic migration (Tracer Hand), Tuesday, 13 February 2018 19:45 (three months ago) Permalink

Hey, I'm in the PSLF - thanks Trump!

I had heard actually they were going to stop new enrollee's into it but if you were already in it they would let you continue. The whole thig has been poorly run - why not just reimburse the laons after each year or something nto such a long period

Dean of the University (Latham Green), Tuesday, 13 February 2018 20:56 (three months ago) Permalink

My wife was in income-based repayment and was making PSLF-qualied payments every month, and then we got married. Apparently I make too much money and we don’t qualify for income-driven repayments now, so she can no longer participate in PSLF. So now we’re on a thirty-year “graduated repayment” plan and we’ll still be paying these when we’re sixty. Yargh. Student loans suck!

Mr. Snrub, Wednesday, 14 February 2018 07:16 (three months ago) Permalink

hm i just realized i will be finished paying mine up at the end of trump's first term

the late great, Wednesday, 14 February 2018 07:36 (three months ago) Permalink

am i missing something though or does the loan forgiveness thing get it exactly backwards i.e. requires payments during the least lucrative stage of your career, and then lets you stop paying once you're most likely poised to make more money

illegal economic migration (Tracer Hand), Wednesday, 14 February 2018 10:13 (three months ago) Permalink

that s why the pslf should just pay you a payout at the end of each year not the whole term - its a stupid program but I hope it works out for me

Dean of the University (Latham Green), Wednesday, 14 February 2018 13:17 (three months ago) Permalink

Reviewing my posts over the years in this thread, I’m in a lot better position now. Mine are paid off and my wife’s are down to 112K. The best thing we did was consolidate with Sofi. Previously we had part private, part fed loans with varying interest rates. With Sofi we locked into 4.615% on a 10 year plan. This will end up saving us over 30K in interest. Current pay off date is July 2026, which seems like it is right around the corner.

I was playing around with a loan calculator the other day to see how quickly we could pay it off if we paid a little extra each month. $100 extra would pay it off 8 months earlier and save 2K in interest. $200 extra a month would pay it off 15 months early and save $4k in interest. I feel like we are in control now instead of just barely chipping away at an obscene amount of debt.

Jeff, Wednesday, 14 February 2018 14:25 (three months ago) Permalink

I wonder how many people refinance their mortgage, pay off student loans in the refinance with cash out and then later go bankrupt and discharge the debt which was once non-dischargeable student loan debt

Dean of the University (Latham Green), Wednesday, 14 February 2018 17:24 (three months ago) Permalink

jeepers it's as if America wants to punish people who pursue higher education...

omar little, Wednesday, 14 February 2018 17:26 (three months ago) Permalink

Its gotten way out of hand

Dean of the University (Latham Green), Wednesday, 14 February 2018 17:33 (three months ago) Permalink

ask not what your country / community can do for you

reggie (qualmsley), Wednesday, 14 February 2018 18:00 (three months ago) Permalink

at least we can own guns!

Dean of the University (Latham Green), Thursday, 15 February 2018 18:45 (three months ago) Permalink

two months pass...

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