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Just Made an 7k Lump Sum payment towards my Student Loan.

  • 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... fingergun

    manofthewild07

  • Done with school. Debt load: $208,000

    RaptorCaptor

  • torq214 said...

    Damn why is college so expensive? Bull shit I say!

    gubmint used to do a lot more for education. then the neo-cons came to power in the 80s...

    wells

    Turf

  • Turf said...

    gubmint used to do a lot more for education. then the neo-cons came to power in the 80s...

    wells

    the reason college tuition is increasing is basic economics. more high school grads are going to college than ever before. students have access to more funding (loans, scholarships) than ever before. it's basic economics...more students going to college with better funding resources available means that colleges can raise tuition.

    tVargMan Prime

  • I just made my last payment, a tad under $60 that covered whatever random interest and principle was left from 3 loans. How much of a jump will my credit score get for closing out 3 loans on the same day? lol

    35,600 posts and counting since 09-09-2002. tRCMB Dead Pool Commissioner.

    pulling69 ●

  • pulling69 said...

    I just made my last payment, a tad under $60 that covered whatever random interest and principle was left from 3 loans. How much of a jump will my credit score get for closing out 3 loans on the same day? lol

    It will probably go down

    PortlandSpartan

  • PortlandSpartan said...

    It will probably go down

    Oh God, that's all I need....

    signed

    attachment

    35,600 posts and counting since 09-09-2002. tRCMB Dead Pool Commissioner.

    pulling69 ●

  • I just made a 5k lump sum and paid off one of my student loans today. Bitter pill to swallow that's for sure.

    Spicoli

  • Rocket_Play said...

    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.
    .

    Not really. You can't discharge student loan debt in bankruptcy unless you are totally disabled. The other debts you mentioned can be wiped.

    MSUx2 ●

  • Why? Those minimum payments are tits at low interest rates.

    35,600 posts and counting since 09-09-2002. tRCMB Dead Pool Commissioner.

    pulling69 ●

  • You guys are great. Good job.

    signature image

    TheBlitzIsOn ●

  • Get your money back, you made "A" payment, not an payment.

    signature image

    DnvrSprtnhd

  • Debt is dumb, cash is king!

    Coach_McGuirk

  • Stils said...

    I don't want to get in a pissing match but I think i might take you up on that offer. I'm at $250K and the wife is at $250K edit: and at least half of it is in the 7-8.5% interest range. My lowest is 4.7% and that's only about 1/4 of it.

    That's close to what the hubby has. I'm at $16k

    Dendrobates

  • Where is that one poster who "forgot" to pay his loans?

    signature image

    A man's gotta eat!

    Stan Sitwell ●

  • SpartanBoiler said...

    I'm assuming it is a public interest job (non-profit or government work), he is on income-based repayment or income-contingent repayment, and his loans are serviced by Federal Direct. After 120 monthly payments, the government will forgive the remaining principal.

    Here's more info: http://www.equaljusticeworks.org/ed-debt

    Also, it does not require a 10-year loan.

    the thing is with that is its 10years from the loan but also at least 10 years since it was passed in like 2010. I'd be eligible to get it all waved soon if they included the years you paid prior to 2010. Mine is so low it makes no sense to wait it out and I'll probably pay it off this year.

    Bannedmyself

  • I only took out student loans in my last semester of school to build credit. I've got them on autopay at double the required amount. I could easily pay them off tomorrow, but I figure they're on a 2 year amortization at this rate, and I don't even notice them being withdrawn each month.

    Huneds

  • Coach_McGuirk said...

    Debt is dumb, cash is king!

    Agreed. I'm gradually turning into an all cash guy. It feels good walking around with a stack of $20s at all times.

    Huneds

  • Jor El said...

    F*CK YOU, Student debt!!

    I thought I would feel better. All I can do is think about all of the cool things I could have done with that 7K and the 11K I paid back in December.

    There should be a bittersweet smiley.

    PS

    Cool Story Brah

    I sympathize, brah.

    Took out a Sallie Mae loan for my bar exam review course plus living expenses - 12.8% interest. Took over 20% gross income this year, but I got the sucker paid off as a Christmas gift to myself. You do what you gotta do.

    "SpartanTailgate.com - Ransacking the Freep since 1812!" - Mike Valenti

    Negotiator ●

  • Negotiator said...

    I sympathize, brah.

    Took out a Sallie Mae loan for my bar exam review course plus living expenses - 12.8% interest. Took over 20% gross income this year, but I got the sucker paid off as a Christmas gift to myself. You do what you gotta do.

    12.8% ? What the hell...I was pissed at my wife's 8% loan. How long ago was this ?

    ZCavaricci21757

  • now i have the wyff's debt of $14k... fun times. what shall i do with the hoped-for bonus.

    I bought some batteries, but they weren't included... so I had to buy them again. What do batteries run on?

    Steven Wright

  • Stan Sitwell said...

    Where is that one poster who "forgot" to pay his loans?

    I dont know, but my grandpa is a self made millionaire libertarian. He's also a genius (too smart for his own good). Obviously he has all his money hidden offshore and plays the stock market and what not.

    But he keeps telling me to just stop paying them because eventually the liberals will forgive all student debt as a one time economic boost or something... confused

    manofthewild07

  • manofthewild07 said...

    I dont know, but my grandpa is a self made millionaire libertarian. He's also a genius (too smart for his own good). Obviously he has all his money hidden offshore and plays the stock market and what not.

    But he keeps telling me to just stop paying them because eventually the liberals will forgive all student debt as a one time economic boost or something... confused

    your Grandpa is a millionaire yet does not help you out with interest free loans? That blows---always said if I can pay for my kids education or grandkids (long-term), that i would do it on the basis that they pay it back---so they do not have to pay interest.

    As for this thread, I am 25, and according to my current payments I shall have my loans paid off in 3 years. (Started with 45k)

    SPARKYRULES

  • SPARKYRULES said...

    your Grandpa is a millionaire yet does not help you out with interest free loans? That blows---always said if I can pay for my kids education or grandkids (long-term), that i would do it on the basis that they pay it back---so they do not have to pay interest.

    As for this thread, I am 25, and according to my current payments I shall have my loans paid off in 3 years. (Started with 45k)

    Maybe you missed the libertarian? What does he get out of giving out the 0% interest loan to his grandson? Certainly not an ROI. Hardly enlightened self-interest.

    Beardy

  • manofthewild07 said...

    I dont know, but my grandpa is a self made millionaire libertarian. He's also a genius (too smart for his own good). Obviously he has all his money hidden offshore and plays the stock market and what not.

    But he keeps telling me to just stop paying them because eventually the liberals will forgive all student debt as a one time economic boost or something... confused

    I get a kick out of people using the word "millionaire" and "playing the stock market"
    as if it's some grand feat in the year 2012.....

    In fact, if a person has only a million dollars and has to keep it in offshore accounts for any reason, I would certainly not consider them a "genius".

    This post has been edited 2 times, most recently by Huneds on 2/16/2013 at 6:26 AM

    Huneds

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