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Personally, I think you should put everything on hold until you can get those paid off. You mention rent and car payments will be too much of a burden if you maintain $1000/mo. The answer you really need to hear is "Don't rent as expensive of a place and only buy the car you can afford to purchase with cash". You will save yourself literally thousands and thousands of dollars in the long run.
I, myself have decided to pay off my remaining balance of $35K by the end of this year by laying out an aggressive budget and sticking to it. Debt is something you can actually live without.
How old are you? Where do you live and what do you do?
Your life sounds shitty.
Why live in poverty for some of the prime years of your life when you don't have to?
25, MI, Engineer
When I'm debt free this time next year, it won't be shitty. You probably have credit card debit, an upside down mortgage, student loan debt and wondering why you live paycheck to paycheck.
Even to live in poverty and put 35k away in a single year is fucking impressive. I knew engineers made cash but fuck 2-3 years out of school that's damn fucking good.
That's an unfair and sweeping generalization, even for this place.
Yeah, even if he made 60k, which I doubt, I don't see how can can support himself and pay 35k in debt off in one year.
This is the proper answer.
Since you are interested in my personal finances, I make much more than 60k and I am married so I have dual income. I'm not going to be living in poverty, don't worry guys.
This post was edited by hengebr 14 months ago
I once fought a duel with my income...no one really wins those battles...
Take the tax deduction bro.
I haven't read every response in this thread, but my advice would be to consolidate them and lock in an interest rate now. Rates are SUPER low.
Assuming you can get something in the neighborhood of 4-5% interest, I would not be in a big hurry to pay them off. Just pay the minimum and throw some extra money at them when you have it. You are better off funding a retirement or mutual fund account with the excess cash if you can lock in a low interest rate. Then in 5 years or so you can probably pay off a good chunk of them with a few large lump sum payments.
I know... everyone wants to get rid of debt as soon as they can, but having student loans doesn't affect your credit like having big credit card bills or a car payment. As long as you are making regular payments, it'll be fine and the interest is so low that it won't cost you a ton to carry that debt for a while.
If you make less than $150k (w/wife) you can deduct the interest on your student loans.
35,600 posts and counting since 09-09-2002. tRCMB Dead Pool Commissioner.
Right on, however my loan interest rates range from 6.5% (Federal) to 8.75% (private) so it makes more sense to me to pay them off asap
It may but depending on what your taxes look like you might be able to bump down a tax bracket once you add in 401K contributions, Insurance and any other exemptions and deductions. Could get you a couple K refund, I usually get a bigger refund than what I paid in loans each year total.
But I make the minimum payments because I don't give a shit how long it takes me, the debt doesn't really bother me and it doesn't really affect my life in a negative way.
Debt sucks but if you're reasonably consumption smoothing it's not the end of the world.
This post was edited by JMCSpartan08 14 months ago
not sure if it has changed but you can only consolidate federal loans one time. I did this to make things easier for me when i first started paying them back. At the time my rate was good 6%, not good now. I tried to refi it and was told I couldn't do it since I already consolidated once, all of my loans were federal unsubs
"Sorry guys , can't go out and watch the national championship tonight and kick back a few despite having the means. I have a self imposed budget that runs my life."
I admire your dedication and wish I could do it.
I consolidated all my federal loans but all my other loans were with Great Lakes. They had a deal where if you didn't consolidate those, let the interest float, and made 36 on time payments (3 years) the interest rate dropped to 0%. I did that and am now grateful because I will have paid them off in 7 years total versus 10 with the same monthly payment. So to the OP, not sure if they still have that deal going but it's something to consider. Rates are probably going to stay low for the next few years so you can let the rate float and then have it drop to zero.
Let me get this down, $100 million. Oh wait, I have a better idea. Instead of $100 million, how about I send you a hobo's dick cheese?
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