Student Loan Payment Help?!

[Liberi Fatali]

My wife has been paying her student loans back for at least 2 years now, and mine are about to finally begin.

My wife has $55,000 in loans out currently. Her payments are about $350 a month, which is ball-busting as it is. How is one supposed to pay these off?! She originally took out around $50,000. She's accrued about $5,000 in interest already. Is there any tactic to paying this Mickey Mouse bull squash off?

It seems the interest is more than what I pay, so I'm never going to get ahead!

I can't imagine what my payments are going to be monthly. I have over $150,000 in loans out.

Any advice out there? Without hitting the jackpot and paying it all off at once, how do you manage with extensive loans like these?!

[Keller]

I have a similar amount of student debt.

I pay about $2350/month.

Do you have a job? Does your wife?

[Khariz]

I say this with a tad of jest, but I'm sure the Obama administration will do something to help you (us).

I'm about to have 75-80k of student loans come due on my ass as well. That's more than I have left on my damn mortgage. I'm going to have to consolidate and turn it into a 30 year loan just to afford the payments for now.

I've thought about being a dick and exploiting the system. Purposely not paying my mortgage for two months while making the un-consolidated full payments to the student loans, and then using recently passed laws to force my mortgage company to re-finance me at 2%, after which I would suddenly be able to magically afford my mortgage again.

Of course...the reason I don't want to do this...is because I don't believe in screwing over private companies...though my mortgage company is Citi, and they've certainly taken their share of handouts.

Hmm...

[Keller]

I say this with a tad of jest, but I'm sure the Obama administration will do something to help you (us).

http://abovethelaw.com/2009/03/student_loan_bailout_just_do_i.php

[Khariz]

http://abovethelaw.com/2009/03/student_loan_bailout_just_do_i.php

Yeah, there's a lot of buzz about it.

I'll admit that I will be a hypocrite and accept him bailing out my loans. I'll pay it back in spades with my taxes later.

[Sean of the Thread]

I consolidated mine on a income based payment plan.

http://www.ed.gov/programs/wdffdl/index.html

[Khariz]

I consolidated mine on a income based payment plan.

http://www.ed.gov/programs/wdffdl/index.html

Sounds interesting. Is that what you linked though? Maybe I'm just blind. That looks like a regular student loan.

[Sean of the Thread]

Not sure if I linked correctly but I had to qualify for that program to get my loans out of default and consolidate.

Also gave me back my title4 shit etc.

[Khariz]

Not sure if I linked correctly but I had to qualify for that program to get my loans out of default and consolidate.

Also gave me back my title4 shit etc.

OH, I see it's one of the TYPES of loans they list. I'm blind.

So I have this thing going on that makes me ponder though:

Almost all my loans, okay well all of them, were originally loaned to me through EdFinancial. Recently (as in the past 2 months), the U.S. Dept of Education has been buying some of the loans from EdFinancial. So now UsEdDep owns like 30% of my loans and Edfinancial owns the rest.

I hope I can still consolidate everything into one single other organization. I mean...I guess that's the whole point of consolidation, right? haha.

[Keller]

Yeah, there's a lot of buzz about it.

I'll admit that I will be a hypocrite and accept him bailing out my loans. I'll pay it back in spades with my taxes later.

If I didn't have student loans -- I would be working for the government right now. It would be like him subsidizing my employment!

[ElvenFury]

I'll pay it back in spades with my taxes later.

You'll pay just as much taxes as people who went to a school that they could actually afford.

[Khariz]

You'll pay just as much taxes as people who went to a school that they could actually afford.

Nope. I'll pay a hell of a lot more because I just finished my J.D. and will get taxed out of my ass on my huge lawyers salary.

Point me to a non-trust-fund-baby that can afford to go to law school?

STFU.

[Sean of the Thread]

Well I had no idea why my student loans that I defaulted on grew so high until I found out that every time they sell the debt to another debt collector it adds something like 10% to the total?

Fuck that shit.

[The Ponzzz]

My uncle, who is a lawyer and paid a lot back when he went to college, finished paying off his student loans when he turned 52. My uncle also makes about 155k a year... The issue really comes down to the fact that having a college degree doesn't pay what it did back in the 70s-80s.

My girlfriend had 162k in loans from RIT and her payments were only $190 which wasn't even the interest. We called them and asked WTF and they were like LAWLZ sry. Because she works for the state, we have them deferred for now...

At the career center at my college, they said that you should make 2x the amount of what it cost for one year of your tuition. I lol'd at that. What economy do they live in?

[Warriorbird]

It can vary quite a lot. My cousin paid her Georgetown law loans back in five unpleasant years, Mario.

[Sean of the Thread]

I doubt on ever paying them back at this point in time.

[StrayRogue]

Didn't you study in Ireland? Was this as part of some exchange program or what? Over here we only pay off the loan only once we begin to earn over so much money (I think £15k) and even then it comes out of the pay-check each month so is pretty much unnoticable.

[The Ponzzz]

It can vary quite a lot. My cousin paid her Georgetown law loans back in five unpleasant years, Mario.

Oh totally. I paid all my loans back once already and I owed about 30k after a fat ass grant. Granted, I didn't go to a good college and I only had a 2 year degree at the time. I'm still in the process of finishing for my bach, but I work and do it slowly. Whatever though, economy is crap, so hopefully it will get better by the time I'm done. I save money and pay bills off fast rather than put everything on credit.

Just depends on what you make and what you payout in other bills to what you can handle. Look for grants, there are a lot of programs that look to help people with enormous student loans. And most loan companies will work to help you out as much as you can. I have never run into a dick on the phone when dealing with student loans.

[Apotheosis]

couple options -

You can defer payments for awhile (depending on your loan holder), your unsubsidized will accrue interest, but you won't have to make payments..

You can also try to get a second (Weekend job) and pay extra on all that, or revisit your budget and cut more out...

Finally, you can go to a community college, for like 9 credits/semester and all your payments will cease due to being considered "back in school" "full-time"...., it might be less to pay out the classes than to make the payments on the loans..

Another example: I pay about 4.21% interest, normally, however, after setting up an auto-payment, my interest is cut another .25%, so now it's like 3.96% APR..


Do not expect to see Obama include debt forgiveness... it's not going to be part of our lifetimes... no one really cares about those issues (politicians that is)..

I'll be done paying mine off within a year, but I have a super lean budget...

[Apotheosis]

also, gratuitous plug for dave ramsey

http://www.daveramsey.com/

[AnticorRifling]

Serve your country and pay for you college.

[Jorddyn]

I really don't get how you and your wife didn't realize this was going to be an issue when you were taking out the loans


Is there any tactic to paying this Mickey Mouse bull squash off?

Send them the money you owe them? Seriously, what other "tactic" is there for debt?

[Parkbandit]

Serve your country and pay for you college.

There is something quite ironic about this post.. something that I can't put my finger on...

[Stretch]

Live like a pauper. Apply the rest against student loans. There's not much else you can do, aside from paying off the highest interest rate loans first.

Seriously. That's it. Consolidation might lower your overall rate, and it might not.

[Sean of the Thread]

Consolidation was the key for me BUT it's now a third party loan. They basically paid the debt from the feds taking it out of default etc.

You can't pull a bankruptcy on student loans but now that they're private?? Hmmmm good question.

[Xaerve]

I often have 0 sympathy for individuals in tons of student loan debt.

I paid 100% of my $200,000 tuition/fees during my four years (and one additional year after graduation). I busted my ass through college to earn money, spent almost no money and graduated with a great GPA.

Instead of crying and bitching about the cost of my education, I got creative and did what it took: taught myself to design websites, worked two jobs, aggressively went after summer internships, etc.

I could have taken an easier path and gone to a great school for a lot less, but I made the choice and knew what I would have to do to complete it.

So many of my friends are in debt now, the same friends who used to blow money left and right (and continue to do so) on random bullshit.

I've been out of undergrad for several years now and have enough saved up to cover 100% of my PhD program.

Edit: And please no offense Tabor, but why on earth would you have a kid knowing you're going into that kind of combined debt?

[Warriorbird]

Undergrad is a bit different than anything after. Med school and law school have much higher tags than a PHD.

Mind you, this doesn't mean that the two can't consolidate, go income based, or get more education.

[Xaerve]

Undergrad is a bit different than anything after.

I made a choice to go work for several years and save to cover my education before I started having kids, got married, etc.

Additionally, I know a lot of friends in medical school, law school and other professional schools who have worked a ton while in school to cover their costs. I know its hard, but if you're not up for it maybe select a school that is more affordable? I just don't understand being almost 200,000$ in debt on day #1.

[Khariz]

I often have 0 sympathy for individuals in tons of student loan debt.

I paid 100% of my $200,000 tuition/fees during my four years (and one additional year after graduation). I busted my ass through college to earn money, spent almost no money and graduated with a great GPA.

Instead of crying and bitching about the cost of my education, I got creative and did what it took: taught myself to design websites, worked two jobs, aggressively went after summer internships, etc.

I could have taken an easier path and gone to a great school for a lot less, but I made the choice and knew what I would have to do to complete it.

So many of my friends are in debt now, the same friends who used to blow money left and right (and continue to do so) on random bullshit.

I've been out of undergrad for several years now and have enough saved up to cover 100% of my PhD program.

Edit: And please no offense Tabor, but why on earth would you have a kid knowing you're going into that kind of combined debt?


WTF?

Seriously though, do you know WHY average middle class folks *can't* afford to pay for education? It's the same thing that occurred with housing prices:

Homes used to cost about what the average person make in one year. Then we got into the whole mortgage deal. Suddenly, when people could borrow metric fucktons more than they made, houses started to magically cost more even though nothing else had changed (housing costs suddenly exceeded normal inflation in an almost mindblowing way).

Same thing with student loans. When people actually had to pay out of pocket for their collegiate experience, schools had to charge what people could actually pay. My father put himself through college in the late 60's early 70's while working at Arby's in Ohio. He made enough money working a fast food job to pay his tuition in full with zero assistance.

Fast forward today. That same school costs 50 times what it for him per credit hour. Why? Because money is freely available, and people will pay whatever is charged, via pell grants and loans. And why not? I mean...it's something you have to worry about "later", and not "now" while actually obtaining the degree!

So don't blame me for having to use Student Loans to pay for Law School. I'm really sorry that I couldn't afford to pay 1/5 of the cost of my house each year to go to school. I can't magically change the "system" and make the school charge me an affordable middle class rate though, it's beyond my sphere of influence.

There's nobody at my income level who could have afforded to obtain my degree that I'm going to be squared up against. Both of us would have to take student loans out. I took em out, and I intend to pay them back, but if this fucknut in office is going to pay them for me, when then ROFLCOPTER to him. I'm already going to have the majority of my income confiscated from me from here on out anyway, I might as well take advantage of whatever program I can while the getting is good.

[The Ponzzz]

I often have 0 sympathy for individuals in tons of student loan debt.

I paid 100% of my $200,000 tuition/fees during my four years (and one additional year after graduation). I busted my ass through college to earn money, spent almost no money and graduated with a great GPA.

Instead of crying and bitching about the cost of my education, I got creative and did what it took: taught myself to design websites, worked two jobs, aggressively went after summer internships, etc.

I could have taken an easier path and gone to a great school for a lot less, but I made the choice and knew what I would have to do to complete it.

So many of my friends are in debt now, the same friends who used to blow money left and right (and continue to do so) on random bullshit.

I've been out of undergrad for several years now and have enough saved up to cover 100% of my PhD program.

Edit: And please no offense Tabor, but why on earth would you have a kid knowing you're going into that kind of combined debt?

Wow. Making $200k in 4 years while attending school full time is something else. I applaud anyone that can do that...

You figure $200k is more like $65k a year. I just don't know many 18-22 year olds that can do that AND go to school without doing something illegal.

The only people I know that have their tuition paid off at my age (27) that are $100k are trust fund babies and parents who paid their ride.

[Khariz]

Wow. Making $200k in 4 years while attending school full time is something else. I applaud anyone that can do that...

You figure $200k is more like $65k a year. I just don't know many 18-22 year olds that can do that AND go to school without doing something illegal.

The only people I know that have their tuition paid off at my age (27) that are $100k are trust fund babies and parents who paid their ride.

Yeah, that. Exactly what I was saying at the beginning of this thread and above.

[Xaerve]

Khariz: I said often -- situations obviously vary.

And I agree that I was extreme; I sold several large websites that helped off-set the costs. I see so many people come out with nearly 100% of their total balance in loans when they graduate, which just seems crazy to me.

[Khariz]

Khariz: I said often -- situations obviously vary.

And I agree that I was extreme; I sold several large websites that helped off-set the costs. I see so many people come out with nearly 100% of their total balance in loans when they graduate, which just seems crazy to me.

Ahh, okay, I see. Sorry for the tone. I just lost my mind for a sec.

[Warriorbird]

I made a choice to go work for several years and save to cover my education before I started having kids, got married, etc.

Additionally, I know a lot of friends in medical school, law school and other professional schools who have worked a ton while in school to cover their costs. I know its hard, but if you're not up for it maybe select a school that is more affordable? I just don't understand being almost 200,000$ in debt on day #1.

My undergrad is paid off, I'm going to an inexpensive school, and I have some scholarship money. My situation doesn't work for everybody though. You can't expect everybody to have your skillset and opportunities either.

[Jorddyn]

The only people I know that have their tuition paid off at my age (27) that are $100k are trust fund babies and parents who paid their ride.

I graduated without a penny in loans, and without my parents paying. They did, however, let me live in their basement, and I made a choice to go to the nearby state school and work my butt off during college so I could graduate debt free.

[The Ponzzz]

How much was your tuition including everything though? I paid off what I owed once already as well, but I didn't break 100k

[Jorddyn]

How much was your tuition including everything though? I paid off what I owed once already as well, but I didn't break 100k

I sure didn't break 100k. But that was a conscious decision. My first two choices were smaller liberal arts schools that would have been ~$20k/year. I decided that it wasn't worth it for me. So my point is it's not about having rich parents and/or a trust fund. It's about choices, and I have a hard time feeling sorry for people who know what they're getting themselves into with $100k+ in loans.

[Xaerve]

I sure didn't break 100k. But that was a conscious decision. My first two choices were smaller liberal arts schools that would have been ~$20k/year. I decided that it wasn't worth it for me. So my point is it's not about having rich parents and/or a trust fund. It's about choices, and I have a hard time feeling sorry for people who know what they're getting themselves into with $100k+ in loans.

Agreed.

[The Ponzzz]

So you just think people shouldn't go to colleges like Notre Dame or RIT?

[Jorddyn]

So you just think people shouldn't go to colleges like Notre Dame or RIT?

Not at all what I said.

I do not feel sorry for them if they make the decision to go there, take out $100k in loans, and then whine that they have $100k in loans.

[Apotheosis]

One thing that helps is going to a community college or something like that to offset total cost of tuition.. it just takes some planning..

[Stanley Burrell]

Count cards.

[Parkbandit]

Live like a pauper. Apply the rest against student loans. There's not much else you can do, aside from paying off the highest interest rate loans first.

Seriously. That's it. Consolidation might lower your overall rate, and it might not.

BINGO. We have a winner.

Here's the secret to financial well being: Live within your means.

[The Ponzzz]

BINGO. We have a winner.

Here's the secret to financial well being: Live within your means.

Yeah, by not doing so you create our current economy. Fuck.

[radamanthys]

BINGO. We have a winner.

Here's the secret to financial well being: Live within your means.

I'm walking out of college debt free with a car. Does that count?

[Sean of the Thread]

SUNY oswego I'm guessing...

Your car is probably a 1985 chevette with a rusted bottom and doors.

[phantasm]

I just finished consolidating ours. I'm going to be delivering pizza's and mowing lawns this summer to make extra payments.

http://i41.tinypic.com/xfxnhv.jpg
http://i43.tinypic.com/11jyhc9.jpg


This is the website for consolidating through the department of education.

https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp

[The Ponzzz]

SUNY oswego I'm guessing...

Your car is probably a 1985 chevette with a rusted bottom and doors.

I think he's down in SUNY Binghamton. Least I remember him being south... But LOL@Oswego comment regardless. QFT.