- 8,837
- 4,738
- Joined
- Jul 18, 2012
maybe compounded interest? a loan i took for my sophomore accrued something like $6k between the time i took it out and made my first payment on it...
NTers paying back loans: How do you afford the finer things in life?
superb
Banned
- 5,042
- 935
- Joined
- Jun 2, 2013
That is why I was saying something have to been done they are screwing us over loans
$50-$100 a month payment ad forfeit taxes every 5 years. Loans would get paid and in full within 20 years
Last edited:
- 9,092
- 7,285
- Joined
- Aug 30, 2008
Isn't that just with federal loans though? My issue is with private loans
Yup
just called em and they broke it down to me. Built 12k in interest from the day I got em to the day I started repaying. And from now on out it accrues interest at $16 a day (if i remember correctly)So I pay my bill today. And interest continues to accrue until my next billing date. Usually a month away so 30days x $16 = $480 in interest a month. I don't see how they expect this to get paid off at that rate
Woman had the nerve to suggest that I set up automatic payments so I can save 0.25% in interest. She broke it down and explained that in the long run, I would end up making 178 payments instead of 180. Big ******* whoop
Last edited:
- 17,697
- 2,714
- Joined
- Mar 14, 2006
U lucky that half is going to the principle. They always hit u w/ more going to interest than the principle. It's sad because at that moment all you worried about is gettin unenrolled for a class u need so they pullin the wool over your eyes
- 8,131
- 618
- Joined
- Sep 1, 2007
This be the realest **** I ever read-AntBank$81
I feel the exact same way. I just keep putting them in forbearance and deferment . They no stress me
- 76
- 67
- Joined
- Oct 10, 2013
Can you get income-based repayment? There's a few factors they base it on, but it'd give you a chance to lower your payments per month and push it out to 25 years (I think). That way you could still pay off $1000 per month if you have it (and work towards getting it done as soon as possible), but if you're short during some month, it wouldn't be the end of the world and you could still make the payment. I think after 25 years, you'd have to pay taxes on the balance if there was one.
Not 100%, I don't know much about it myself, but I have friends with $180k+ in loans but jobs that are like $35k-$55k per year and they'd never have the chance to move out at the standard payment schedule. It's worth checking out?
To answer your question, with house, heating this winter, loans, groceries, etc. there's not much left over for fun or material things...and I tried to take the cheapest 4-year route possible for school. The student loans in this country can't be sustainable, but hopefully someone more in-the-know could touch on some of these things?
We have $1 trillion plus in student loans, with more than 10% 90-days+ late. That's with record #s of people in their early 30's living at home. They give out these loans like crazy. I know girls that I'm pretty sure would take out a $million per semester at 25% interest just to go to school if they offered it. They'd all have designer bags and go on 3 exotic vacations per year too though
. And their parents would say "great job, you'll get an awesome job and pay that off in no time!"
In most cases, it just seems like they're forcing people to start behind the 8-ball. There's basically a $40k fee to even be considered for a job interview, let alone a guaranteed spot. In my high school, even just 15 years ago, 25% went to school, 50% worked in factories, and 25% did a trade or retail. When I graduated, basically my entire class went to college, and 4 years post-graduation most of them work retail or are underemployed.....no more factories either. It's pretty rough and I think more should be talking about it, but most just say TL;DR LOL.
Not 100%, I don't know much about it myself, but I have friends with $180k+ in loans but jobs that are like $35k-$55k per year and they'd never have the chance to move out at the standard payment schedule. It's worth checking out?
To answer your question, with house, heating this winter, loans, groceries, etc. there's not much left over for fun or material things...and I tried to take the cheapest 4-year route possible for school. The student loans in this country can't be sustainable, but hopefully someone more in-the-know could touch on some of these things?
We have $1 trillion plus in student loans, with more than 10% 90-days+ late. That's with record #s of people in their early 30's living at home. They give out these loans like crazy. I know girls that I'm pretty sure would take out a $million per semester at 25% interest just to go to school if they offered it. They'd all have designer bags and go on 3 exotic vacations per year too though
In most cases, it just seems like they're forcing people to start behind the 8-ball. There's basically a $40k fee to even be considered for a job interview, let alone a guaranteed spot. In my high school, even just 15 years ago, 25% went to school, 50% worked in factories, and 25% did a trade or retail. When I graduated, basically my entire class went to college, and 4 years post-graduation most of them work retail or are underemployed.....no more factories either. It's pretty rough and I think more should be talking about it, but most just say TL;DR LOL.
- 9,092
- 7,285
- Joined
- Aug 30, 2008
Can you get income-based repayment? There's a few factors they base it on, but it'd give you a chance to lower your payments per month and push it out to 25 years (I think). That way you could still pay off $1000 per month if you have it (and work towards getting it done as soon as possible), but if you're short during some month, it wouldn't be the end of the world and you could still make the payment. I think after 25 years, you'd have to pay taxes on the balance if there was one.
Not 100%, I don't know much about it myself, but I have friends with $180k+ in loans but jobs that are like $35k-$55k per year and they'd never have the chance to move out at the standard payment schedule. It's worth checking out?
To answer your question, with house, heating this winter, loans, groceries, etc. there's not much left over for fun or material things...and I tried to take the cheapest 4-year route possible for school. The student loans in this country can't be sustainable, but hopefully someone more in-the-know could touch on some of these things?
We have $1 trillion plus in student loans, with more than 10% 90-days+ late. That's with record #s of people in their early 30's living at home. They give out these loans like crazy. I know girls that I'm pretty sure would take out a $million per semester at 25% interest just to go to school if they offered it. They'd all have designer bags and go on 3 exotic vacations per year too though. And their parents would say "great job, you'll get an awesome job and pay that off in no time!"
In most cases, it just seems like they're forcing people to start behind the 8-ball. There's basically a $40k fee to even be considered for a job interview, let alone a guaranteed spot. In my high school, even just 15 years ago, 25% went to school, 50% worked in factories, and 25% did a trade or retail. When I graduated, basically my entire class went to college, and 4 years post-graduation most of them work retail or are underemployed.....no more factories either. It's pretty rough and I think more should be talking about it, but most just say TL;DR LOL.
There is the income based repayment plan. But that's only for govt loans. My private loans don't offer that repayment plan. Only plan they offer is the standard 180 month payment. Regardless whether you have 10k or 200k. Your gonna be on that 180 month plan
God I wish I read the fine print
Oh well. You live and you learn.
- 25,571
- 18,456
- Joined
- Aug 10, 2003
since i got paid today and feel great about my bank account i will make my payment to my parents tomorrow to pay off my student loans... like i said they agreed to pay half so i will take them on their offer... so i owe them 17gs but im not even mad because my student loans will be paid off, still got mad money in my bank account and thanks to my parents for agreeing to pay half
- 911
- 359
- Joined
- Jan 4, 2013
Enjoy
- 412
- 57
- Joined
- Jan 12, 2007
Hey you guys stay out of this thread!
- 2,773
- 634
- Joined
- Feb 22, 2001
Smart man. This is the way to do it. Hoping to get through med school debt this way within 3 years.
For the people saying you're not going to pay the loans back I mean really? You had no problem taking the money but when it's time to give it back you want to act tough.
- 17,769
- 6,397
- Joined
- Aug 9, 2012
Some of you all should join the military and get Uncle Sam to payback your student loans.
- 1,346
- 426
- Joined
- Oct 10, 2012
If you work for a Non-Profit full time, that's registered, apparently you can get a student loan forgiven. Nice to know. Some of you may consider that if you like that type of stuff
- 8,837
- 4,738
- Joined
- Jul 18, 2012
this only applies to peoples with government backed loans
- 5,053
- 2,569
- Joined
- Sep 20, 2008
Their kids or wife will inherit that debt
- 43,402
- 42,952
- Joined
- Oct 10, 2013
You can actually be turned down by the military for a certain amount of debt
- 2,682
- 5,571
- Joined
- Oct 18, 2017
Never knew this, do they tell you how much is too much?
- 43,402
- 42,952
- Joined
- Oct 10, 2013
That I'm not 100% about. All I know off the top of my head is that they look for the type of debt, amount of loans taken out or sources of credit, and the time in which accumulated.
Basically seeing if you're looking for a free ride to pay it off pretty much
Last edited:
- 2,682
- 5,571
- Joined
- Oct 18, 2017
Interesting.
fontaine
Banned
- 8,053
- 6,535
- Joined
- Jul 5, 2013
LA da dah da dah da dahhhh...I can take 10 G's, and make 20 more 10 G's with that
- 10,748
- 14,738
- Joined
- Aug 12, 2013
Beat always makes me hungry for Mexican food though
Last edited:
fontaine
Banned
- 8,053
- 6,535
- Joined
- Jul 5, 2013
This ridiculous student loan stuff needs to be refined because it's eventually going to strain the economy.
I blame schools and their skyrocketing tuition rates.
Combined with the way NCAA treats their athletes, and I think collegiate adminstration is the way to go of you want to make a ton of money.
Props to anyone that made it to a very successful profession without gobs of debt.
I blame schools and their skyrocketing tuition rates.
Combined with the way NCAA treats their athletes, and I think collegiate adminstration is the way to go of you want to make a ton of money.
Props to anyone that made it to a very successful profession without gobs of debt.
- 697
- 56
- Joined
- Sep 6, 2010
Got to look at it half full:
-You can add the interest you paid your loans toward taxes.
- paying your loans on time builds your credit score
- girls like guys with loans
IMO it depends on your APR %
My loans are barely 2% so the monthly minimums are 'low'. I pay minimum monthly automatic. Shows good credit history.
Most financial speakers/experts/radio hosts suggest paying off any revolving debt first (credit cards) because those APRs typically push 7-18%
That usually boosts you FICO score up faster than paying off school loans. (THEY say)
Good point ~~ Interest paid towards loans can be deducted off your taxes in April ~~~ UNLESS your annual income bracket is in the higher levels ~~~ Then the interest you paid will not be credited to your 1040EZ
Turbo Tax says "If you're earning income is in the higher % brackets then you should be able to pay off your loans faster; so you're not allowed to deduct the interest"
I could pay more monthly to my student loans, but I want to pay off car loans, credit cards first.
Current FICO is in mid-700s... Hope to get it up to high 700s by the end of the year.
- 2,682
- 5,571
- Joined
- Oct 18, 2017
It's already putting a strain, but it'll get worse before it'll get better.