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The government loves to allow people to build up copius amounts of debt.
This has probably been covered, but if you have a car, a house, or a credit card you owe on, this was a bad choice.
"As far as the downvotes. It's a gnat biting an lion"
-- A member of tRCMB Justice League, taking the internet WAY WAY too seriously.
That's the other part, the wife has now been at it almost 10 years, and it seems you don't get credit for time served.
Thanks for the link though, I was just searching, as I've now given up on her doing this, and details were sketchy.
Car is a lease. So is my house. No credit card debt to speak of. So I got that going for me. Which is nice.
Well..... You should have bought a house 8 months ago or so................................
Yeah, cuz that is exactly what I need, more debt.
Payments only count from 2008 and forward (or whenever it was the bill was signed into law).
I feel like I'm having deja vu... Doesnt a thread similar to this get posted every few months?
i had something similar ... wife and i went back to school for our masters (in her case another undergrad too) and came out with a ton of debt ... roughly 100k but that was 15 years ago.
Just think ... when you start actually earning, your taxes will go up (way up) and you'll get to watch people on tv complain about you ... because you and wife will be part of the "top" 5%. (($150K+). You are so damn lucky!
We paid off over 50k last summer to kill our variable private loans. The fed fixed rate loans are left and under 2% for 30 yrs. It sucked setting up that debit online.
my used car loan is less than my direct loans (now acs) loan payment.
At least that debt goes to an asset. Where do your lease and rent payments go? FWIW, my mortgage, taxes and insurance only amounts to $650/month. Not many 3 bedroom 1500 square foot rentals go that cheap.
And when I'm done making payments, the car and house are mine. Don't need to reup a lease or get a new car.
As for putting the extra money toward debt, that's great if you're already financially secure and are doing it as part of a thought out plan. Paying it just for the sake of paying it doesn't do much other than make you feel better. If you don't have an emergency fund set up, for instance, that payment could come back to bite you if you lose your job or something else comes up. This is because the loan servicer isn't going to give you future credit for that. "Oh you made a large payment last month? That's nice. The monthly payment is due on the 1st still, thank you."
"People don't care how much you know until they know how much you care." - Mark Dantonio.
I am fortunate enough to where I still have a emergency fund in my savings. The 7K that I paid today was my 2011 year end bonus which I just received Friday, so it is like the money was not even mine. As far as the house goes, I work for a huge company and am in a Leadership Development program, so they could very well ask me to move another area of the country for a promotion and I have to be ready to do that. Does not seem to make sense to buy a home when I will likely be moving out of state in two years. These payments are part of a plan. The plan is to knock out my student loan debt before I impregnate a woman and then must marry said woman. I am not sure there will be as much cash on hand to do this when that happens.
I wonder what the delinquency rate is nationally on student loans? Must be pretty high based on the stinking job market. I co-signed student loans for a close relative and she has missed a couple of payments. The lender is now looking to me to either pay the delinquency amount or pay the balance off of $30,000. Being a co-signer puts me in the shoes of the debtor and it's like putting blood in the water with sharks around.
Got to State right as the relatively easy money at 2.5% was starting to dry up. Law school loans at 6.8%.
Loan during bar exam to cover expenses: 12.8%. Yeah, a third of my paycheck's going to this sucker. Can't believe some classmates took out the full $15,000 available to them.
This post was edited by Negotiator 2 years ago
"SpartanTailgate.com - Ransacking the Freep since 1812!" - Mike Valenti
My god you win. Did you do undergrad, Law School, Med School, and then evil Med School as well? That's quite a hefty sum.
These are my principles. If you don't like them, I have others.
I graduated in December after five years of out-of-state. I literally owe so much it's mind boggling.
It keeps me up at night, honestly.
That's where I was as well, and I'm still pretty bad. I've been paying on my loans for 3 years, dropped an $85k inheritance on them, and I still have 150k left with interests varying between 3% and 8%. Fortunately, I work for the state government so some of them will be forgiven in 10 years. My monthly payments (around 1200$, double the "minimum" and more than I can really afford) only touches about 30-50$ of principal.
I'm betting that you're hoping Obama forgives all student loan debt!!
Are you sure? A 7k lump sum payment would be less than 5% of mine...
Damn why is college so expensive? Bull shit I say!
Good for you. I just wrote an $80k check and am only 1/2 done. I try not to think about it too much.
I just paid off one of my many loans. Sallie Mae is a bitch. They wouldn't let me extended it to the usual 10 year payment period, its five years for them. And the interest rate is >9%, so I'm paying that 15k off first. The rest are much more manageable, sorta...
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