School Loans

[Spur|n|Austin]

Well it's that time for me; my lenders are ready for me to start paying back my loans. At this point I have over 40K in loans :wow and they are wanting close to $500.00 a month. Not only is that ridiculous, it's impossible for me at the moment. Doing that would have me living paycheck to paycheck and even using some of my savings each month.

I know most posters here went to, graduated from, or are still in college. For those like me, who were not fortunate to have their parents pay for them, what did you do in regards to repayment? Defer until you made more money? Go into Forbearance and solely pay the interest? Not pay and run to Mexico? I'm just curious and wanted to get others input before making any big decisions.

EDIT - I'm at a good company now, and have lots of opportunity to advance in the future, but at the same time, this is my first job after college, and they are paying me accordingly.

[JoeTait75]

Not pay and run to Mexico?

You won't have to run to Mexico. In my case they simply started garnishing my tax returns. Still doing that, actually.

[jeebus]

never had this problem tbh thanks to the GI bill. good luck though :(

[Spur|n|Austin]

You won't have to run to Mexico. In my case they simply started garnishing my tax returns. Still doing that, actually.

I was under the impression that not paying tarnishes ones credit?



never had this problem tbh thanks to the GI bill. good luck though :(

Thanks man.

[coyotes_geek]

I didn't have loans but my wife did (does). She was in the same boat as you're in. She was able to refinance all her loans and stretch out the term to 30 years which dropped her payment considerably. Granted this was in the late 90's before all the financial BS, so banks/SallieMae/whomever might not be as eager to do loans like that now as they were back then. Still, I'd look in to that before doing anything else. Definitely a better way to go than forebearance.

[Spur|n|Austin]

I didn't have loans but my wife did (does). She was in the same boat as you're in. She was able to refinance all her loans and stretch out the term to 30 years which dropped her payment considerably. Granted this was in the late 90's before all the financial BS, so banks/SallieMae/whomever might not be as eager to do loans like that now as they were back then. Still, I'd look in to that before doing anything else. Definitely a better way to go than forebearance.

Good advice, I'll look into that. Thanks :tu

[spursfan09]

Good advice, I'll look into that. Thanks :tu

I think you can call and let them know what you are making. They may be able to help bring the payments down.

Also, If I were you, as soon as I started making more money make these loans your priority to pay off. Don't buy a house, don't buy a new car, don't get a credit card, just pay them off as fast as you can.

[Jacob1983]

Good luck. Student loans are a scam. College is a scam. I borrowed about 40k and it's gotten to about 50k to 53k because of interest. Haven't been able to pay for hardly any of it. I recently was able to do something where I can temporarily pay a small monthly payment like 25 or 30 dollars a month. These college loan collectors have no soul. Honestly, I would love to just go to some foreign country that didn't have extradition and just say fuck you to my college loans. Why the fuck should I pay for them if my college degree hasn't rewarded me with anything but debt?

[Drachen]

Well it's that time for me; my lenders are ready for me to start paying back my loans. At this point I have over 40K in loans :wow and they are wanting close to $500.00 a month. Not only is that ridiculous, it's impossible for me at the moment. Doing that would have me living paycheck to paycheck and even using some of my savings each month.

I know most posters here went to, graduated from, or are still in college. For those like me, who were not fortunate to have their parents pay for them, what did you do in regards to repayment? Defer until you made more money? Go into Forbearance and solely pay the interest? Not pay and run to Mexico? I'm just curious and wanted to get others input before making any big decisions.

EDIT - I'm at a good company now, and have lots of opportunity to advance in the future, but at the same time, this is my first job after college, and they are paying me accordingly.

They have income based repayment. Call and ask about that. It should significantly lower your payments. (depending on how much you make).

[Drachen]

Good luck. Student loans are a scam. College is a scam. I borrowed about 40k and it's gotten to about 50k to 53k because of interest. Haven't been able to pay for hardly any of it. I recently was able to do something where I can temporarily pay a small monthly payment like 25 or 30 dollars a month. These college loan collectors have no soul. Honestly, I would love to just go to some foreign country that didn't have extradition and just say fuck you to my college loans. Why the fuck should I pay for them if my college degree hasn't rewarded me with anything but debt?

wow, really?

[David Duke]

Good luck. Student loans are a scam. College is a scam. I borrowed about 40k and it's gotten to about 50k to 53k because of interest. Haven't been able to pay for hardly any of it. I recently was able to do something where I can temporarily pay a small monthly payment like 25 or 30 dollars a month. These college loan collectors have no soul. Honestly, I would love to just go to some foreign country that didn't have extradition and just say fuck you to my college loans. Why the fuck should I pay for them if my college degree hasn't rewarded me with anything but debt?

Your a scam

[Jacob1983]

I have this crazy idea of saying "fuck it" and leaving America for a while maybe a year or two and go be a bum in some foreign country.

[Drachen]

I have this crazy idea of saying "fuck it" and leaving America for a while maybe a year or two and go be a bum in some foreign country.

That doesn't really have anything to do with student loans.

[Jacob1983]

Yes it does because while I'm gone, I will say "fuck it" to my college loans.

[Spur|n|Austin]

They have income based repayment. Call and ask about that. It should significantly lower your payments. (depending on how much you make).

Yeah I'll give them a call tomorrow, I don't break the bank yet, but I'm also an associate project manager and am not in a position to fully pay. It'd be nice if they can lower the payments until I move up with the company. Thanks for the advice.

How severely do student loans effect ones credit score? Mine's fairly solid now and don't wanna change that.



Yes it does because while I'm gone, I will say "fuck it" to my college loans.

That would be imprudent, as the loans will be here when you return. Nice and higher.

[Jacob1983]

They can gradually fuck up your credit score.

Do you think I honestly give a shit about student loans?

I have this fantasy of selling 95 percent of my possessions, cashing out my 401K from the Umbrella Corporation(I don't give a shit if I only get like a few hundred dollars I will take it), selling/junking my POS car that doesn't work, and taking out a payday loan of 1000 or 2000 and saying fuck it to my neck of the woods and leaving for good. I figure if I can head to a country that doesn't have extradition then I should be okay with the legal aspect of it.

[Latarian Milton]

guy you're real lucky you're employed at a decent company where you can see a future, while 50% of college graduates who graduated from 06 or later are either unemployed or underemployed. it sucks to have such a huge debt early on in your career but maybe you can learn something from US government on how to deal with debts imho. you can possibly borrow some $ from your company (little or none interest hopefully) and pay back 20k something to the banks so it'll save you a lot of $ in the long run. at a "good" company you can certainly find some affluent colleagues who have spare money to lend you imho

and don't ever consider getting married in your 20s that's my honest advice, unless you can get a bitch who has rich parents but is stupid enough to marry a poor guy who has little savings. a man can sustain a frugal life with just a few hundred dollars a month but the cost would be multiplied if you're in relationship with a bitch imho, even if you don't live with her.

[Latarian Milton]

They can gradually fuck up your credit score.

Do you think I honestly give a shit about student loans?

I have this fantasy of selling 95 percent of my possessions, cashing out my 401K from the Umbrella Corporation(I don't give a shit if I only get like a few hundred dollars I will take it), selling/junking my POS car that doesn't work, and taking out a payday loan of 1000 or 2000 and saying fuck it to my neck of the woods and leaving for good. I figure if I can head to a country that doesn't have extradition then I should be okay with the legal aspect of it.
true, US ain't the best country to live in anymore, shit's so fucked up since the clinton administration due mainly to the heavy influx of immigrants in recent 2 decades. some tiny european countries are the finest places to live in but the living costs there may be even higher than US. you can still afford to move to some 3rd world countries (like the one you immigranted from?) but if you feel upset living in the US, you'd have probably committed suicide already if still living over there tbh

[Latarian Milton]

Good luck. Student loans are a scam. College is a scam. I borrowed about 40k and it's gotten to about 50k to 53k because of interest. Haven't been able to pay for hardly any of it. I recently was able to do something where I can temporarily pay a small monthly payment like 25 or 30 dollars a month. These college loan collectors have no soul. Honestly, I would love to just go to some foreign country that didn't have extradition and just say fuck you to my college loans. Why the fuck should I pay for them if my college degree hasn't rewarded me with anything but debt?
truth bomb, college is probably the biggest scam in this nation (and probably other countries as well) and often the last one to be addressed. college teachers are the laziest workers in the world who make above-average salary while doing basically nothing but playing & fucking with teenagers all day everyday. just because you get a doctorate degree shit it doesn't mean you're privileged to live like a lazyass parasite IMHO

colleges are the biggest frauds but you still have to buy their shits as long as employers acknowledge the pieces of papers you receive from a college more than your skills and intelligence.

[silverblk mystix]

I want to know where all the fucktards that filled 187 pages the last time someone started a thread and asked, "what is your major" and "which degrees pay the highest?"

8 million douches ran in here and bragged about their "credentials"

Are they all in debt now?


:lmao

[ashbeeigh]

Look into income based repayment and income contingent payment plans. That's what I will be doing after I finish Grad school in August. Those cause your payments to be no more than 30% of your income. All lenders should have that option.

When I was set up with the IBR plan before Grad School I didn't have to pay my loans for a year, but it went up from $278 to $372 a month. But in that year I threw an extra $100 in savings every paycheck to pay that extra hundred. So when the year came around I was just making the $278ish payment.

[Jacob1983]

If there were Targets in New Zealand or in some country in Europe, I would definitely consider transferring if it was possible. I think my mood and attitude would definitely be a little better if I was living by a beach or at least close to a beach or some big city in a foreign country. Getting up every day and going to the beach and seeing the sun come up would be a nice thing to do before going to work in retail. That's one thing I've always wanted to do. Go to a beach and watch the sun come up.

[TDMVPDPOY]

marry some girl and transfer ur student loan to her and divorce, u 50/50 on the student loan

[The Reckoning]

If there were Targets in New Zealand or in some country in Europe, I would definitely consider transferring if it was possible. I think my mood and attitude would definitely be a little better if I was living by a beach or at least close to a beach or some big city in a foreign country. Getting up every day and going to the beach and seeing the sun come up would be a nice thing to do before going to work in retail. That's one thing I've always wanted to do. Go to a beach and watch the sun come up.


we have target in australia.

[The Reckoning]

and yeah ill end up borrowing 60k but im working off federal loans and not private, though it's operated through a private lender.

i was two years too late when Obama stopped subsidizing grad loans....man did i get fucked over....

[Thebesteva]

OP, I rarely talk about my personal life on any board but I am in a worst position than you. I go to medical school and have racked up $250 k in debt. I will be having to pay off my student loans forever ever...forever ever? Forever ever :'(

I should of slanged crack instead

[FkLA]

Well it's that time for me; my lenders are ready for me to start paying back my loans. At this point I have over 40K in loans :wow and they are wanting close to $500.00 a month. Not only is that ridiculous, it's impossible for me at the moment. Doing that would have me living paycheck to paycheck and even using some of my savings each month.

I know most posters here went to, graduated from, or are still in college. For those like me, who were not fortunate to have their parents pay for them, what did you do in regards to repayment? Defer until you made more money? Go into Forbearance and solely pay the interest? Not pay and run to Mexico? I'm just curious and wanted to get others input before making any big decisions.

EDIT - I'm at a good company now, and have lots of opportunity to advance in the future, but at the same time, this is my first job after college, and they are paying me accordingly.

Damn, brah how do you build up so much debt...grad school? Ive taken like two loans out during my time in school, the first one only cause I was a dumbass that wanted to pocket the extra money after my tuition was covered. Under 5k still though which isng bad.


Good luck. Student loans are a scam. College is a scam. I borrowed about 40k and it's gotten to about 50k to 53k because of interest. Haven't been able to pay for hardly any of it. I recently was able to do something where I can temporarily pay a small monthly payment like 25 or 30 dollars a month. These college loan collectors have no soul. Honestly, I would love to just go to some foreign country that didn't have extradition and just say fuck you to my college loans. Why the fuck should I pay for them if my college degree hasn't rewarded me with anything but debt?

Whats your degree in, Jake the Snake ?

[Jacob1983]

Forever young, I want to be forever young.

I have a wonderful degree in psychology from Texas A&M at Commerce.

[FkLA]

Forever young, I want to be forever young.

I have a wonderful degree in psychology from Texas A&M at Commerce.

Just a bachelors? If so thats on you not America, bro. Its unrealistic to expect to get a good job in that field without doing graduate school.

[Wild Cobra]

Come to an arrangement with them else expect a garnishment that will be the maximum the law allows.

[Spur|n|Austin]

marry some girl and transfer ur student loan to her and divorce, u 50/50 on the student loan

:lol I'll consider that, though I kinda like my fiance.


Look into income based repayment and income contingent payment plans. That's what I will be doing after I finish Grad school in August. Those cause your payments to be no more than 30% of your income. All lenders should have that option.

When I was set up with the IBR plan before Grad School I didn't have to pay my loans for a year, but it went up from $278 to $372 a month. But in that year I threw an extra $100 in savings every paycheck to pay that extra hundred. So when the year came around I was just making the $278ish payment.

That's been the general consensus on this board and when talking to friends, so I'm most likely going to go that route. I'll be calling them this afternoon to see what I can setup and what I need to submit (pay stubs, 1040, etc.)


OP, I rarely talk about my personal life on any board but I am in a worst position than you. I go to medical school and have racked up $250 k in debt. I will be having to pay off my student loans forever ever...forever ever? Forever ever :'(

I should of slanged crack instead

Ouch brotha, you are in the same boat as my sister who went to Brown, then UT Law. I think I recall her saying she was in the 200K range as well. It's all good, you'll be a doctor right? That's solid pay, and if you wanna slang dummy rocks on the side for fun, who's to stop you??


Damn, brah how do you build up so much debt...grad school? Ive taken like two loans out during my time in school, the first one only cause I was a dumbass that wanted to pocket the extra money after my tuition was covered. Under 5k still though which isng bad.

That's how much college costs holmes, I'm actually lucky it's not more. I paid for everything, room, board, fun, drugs, etc.

Have you graduated? If not, how are you paying for classes since you've only taken two loans out?

[JudynTX]

Wait? You got engaged? I didn't know. :( (I've been asking you for years when you're gonna do it) :p

[Spur|n|Austin]

Wait? You got engaged? I didn't know. :( (I've been asking you for years when you're gonna do it) :p

Nobody besides her family and my family knows, we're going to tell everyone at my HS reunion in a couple months and make it more public then (if she can hold it in :lol) You'll know Judy!

[JudynTX]

Nobody besides her family and my family knows, we're going to tell everyone at my HS reunion in a couple months and make it more public then (if she can hold it in :lol) You'll know Judy!

That's so sweet. Wishing you two nothing but the best. But as far as your loans, can you move in with your parents? :lol :D

[Spur|n|Austin]

That's so sweet. Wishing you two nothing but the best. But as far as your loans, can you move in with your parents? :lol :D




http://www.youtube.com/watch?v=WDgq-K2oYLo

[JudynTX]

:lmao

[DarrinS]

$500 on $40k? That's either really low interest or a long amortization schedule.

My advice: live on the cheap and repay your debt

You weren't forced at gunpoint to take out the loans

[The Reckoning]

:vomit: marriage

[Spur|n|Austin]

$500 on $40k? That's either really low interest or a long amortization schedule.

My advice: live on the cheap and repay your debt

You weren't forced at gunpoint to take out the loans

We'll I'm obviously going to repay my loans, I was asking for advice on what repayment options were best for others here in The Club.

And forced at gunpoint? Wtf are you talking about? No shit I wasn't forced to take out the loans, but after my father's death, my single mom didn't have the means to send 3 kids through college on her own. So in order to get the education I wanted I had to use loans. Any more solid advice?

[DarrinS]

Don't bite off more than you can chew?

[The Reckoning]

take out more loans to pay your loans. tell the banks youre a keynesian believer and that if it works for the US, it'll work for you.

[GoodOdor]

We'll I'm obviously going to repay my loans, I was asking for advice on what repayment options were best for others here in The Club.

And forced at gunpoint? Wtf are you talking about? No shit I wasn't forced to take out the loans, but after my father's death, my single mom didn't have the means to send 3 kids through college on her own. So in order to get the education I wanted I had to use loans. Any more solid advice?

If it makes you feel better, you could be A LOT worse - there are people out there with 100k+ loans with art/philosophy/latino studies degrees.

You have a job with growth opportunities. You're probably just upset become the time has finally come to start paying off that loan - it's hard to do the mental switch from not paying anything
to suddenly having to shell out $500 out of your disposable income every month.

I'm not sure about the % of income option - my understanding was that you basically lock yourself into 20 years where you have to make payments based on a % of your income - this might work if you have 200k debt
and a useless degree, but in your case I'm pretty sure you are much better off just aggressively paying it off.


P.S this is coming from someone who's parents paid for his 4 year degree. Thanks mom and dad!

[leemajors]

Don't have a kid and get divorced, you could be shelling out 1k or more per month in debt and support!

[Spur|n|Austin]

Don't have a kid and get divorced, you could be shelling out 1k or more per month in debt and support!

Touche! I won't be having kids for a few years, but I have friends who pay monthly child support and all they do is complain about it. I don't see me and my girl getting a divorce, though I'm sure everyone says that.

[TDMVPDPOY]

Don't bite off more than you can chew?

he couldve been whoring his ass and mouth out during his time at uni.....there are girls who own multiple properties during their college days by whoring out their orifixes....what do you think international students are doing besides on their scholarships earning money on the side more then first year grads

[DarrinS]

Sorry for being a dick with my earlier responses. Actually, I found myself in similar circumstances after graduation. I didn't have your level of student debt, but I got divorced shortly after graduation and my ex left me with credit card debt SHE had accumulated. I lived quite frugally for 5 or 6 years and just paid that shit off. It sucked, but its a distant memory for me now. You'll get through it.

[FkLA]

That's how much college costs holmes, I'm actually lucky it's not more. I paid for everything, room, board, fun, drugs, etc.

Have you graduated? If not, how are you paying for classes since you've only taken two loans out?

Grants normally covered atleast 3/4ths of my tuition, did you not qualify for financial aid? I worked while in school and paid off the rest out of pocket every semester except those two. Didnt live on campus though tbh.

[Jacob1983]

Win the lottery, build some type of device that can you let time travel safely, build a machine that can accurate predict the probabilities of outcomes ie the lottery and sporting events, or rob a bank.

[Trill Clinton]

i have some friends who went the deferred route but i hear they tack on more interest each time you request to have it deferred. after i graduated i had about 10 grand in loans but i had a college fund set aside to take care of that. good luck, fam.

[Spur|n|Austin]

i have some friends who went the deferred route but i hear they tack on more interest each time you request to have it deferred. after i graduated i had about 10 grand in loans but i had a college fund set aside to take care of that. good luck, fam.

They do, that's how they get ya. Thanks b

[DUNCANownsKOBE]

I find it funny people are talking shit to someone with 40k of student debt because the job he got right out of school (because those always pay well!) doesn't enable him to drop an extra $500 every month. I'm sure he would have been SOOOOOOOOOOO much better off skipping college and joining the pool of Americans with a high school diploma and no skill hoping for $25,000 a year ecstasy.

Before anyone decides to accuse me of defending people who take out a bunch of student loans because I'm one of them, my school was financed via a partial scholarship/mommeh/daddeh/working during school and I'll be graduating with a well paying job and no debt.

[TDMVPDPOY]

cant u just offer them to pay one lump sum if they give u a discount?

[jeebus]

son don't forget to thank the baby boomers for fucking you (and all of us) over

[Spur|n|Austin]

I find it funny people are talking shit to someone with 40k of student debt because the job he got right out of school (because those always pay well!) doesn't enable him to drop an extra $500 every month. I'm sure he would have been SOOOOOOOOOOO much better off skipping college and joining the pool of Americans with a high school diploma and no skill hoping for $25,000 a year ecstasy.

Before anyone decides to accuse me of defending people who take out a bunch of student loans because I'm one of them, my school was financed via a partial scholarship/mommeh/daddeh/working during school and I'll be graduating with a well paying job and no debt.

Best advice; I'll make more money?


Sorry for being a dick with my earlier responses. Actually, I found myself in similar circumstances after graduation. I didn't have your level of student debt, but I got divorced shortly after graduation and my ex left me with credit card debt SHE had accumulated. I lived quite frugally for 5 or 6 years and just paid that shit off. It sucked, but its a distant memory for me now. You'll get through it.

Thanks and no worries.

[DUNCANownsKOBE]

Best advice; I'll make more money?

I wasn't really giving advice :lol, just expressing my annoyance at people who pretend getting an education is a bad idea if you need debt to do it.

Will refinancing help you at all? Now that you can show proof of income maybe you can refinance at a lower rate with a more drawn out loan amortization schedule. Do you mind saying what your current APR on the loans is?

[Latarian Milton]

boomers are the sinful generation who turned the world's best country into one hopeless land with an astronomical amount of debt that can never be paid off. motherfuckers have used up their kids and grand kids' money :ihit:

[Spur|n|Austin]

I wasn't really giving advice :lol, just expressing my annoyance at people who pretend getting an education is a bad idea if you need debt to do it.

Will refinancing help you at all? Now that you can show proof of income maybe you can refinance at a lower rate with a more drawn out loan amortization schedule. Do you mind saying what your current APR on the loans is?

Oh, it was a question to you actually: Your best advice is, I should continue making more money?

No APR yet, all just got consolidated.

[Jacob1983]

Baby boomers fucked America up big time. Dubya is a baby boomer. Obama is one too.

[DUNCANownsKOBE]

Baby boomers fucked America up big time. Dubya is a baby boomer. Obama is one too.

The generation in between us and baby boomers gets absolved of blame for no reason (I'm guilty of this up until recently). Generation Xers voted for Reagan in droves in 1984 while they're the primary reason Bush won in 2000 and 2004 while boomers voted slightly against Bush both times.

[DUNCANownsKOBE]

Oh, it was a question to you actually: Your best advice is, I should continue making more money?

No APR yet, all just got consolidated.
At the very least there's an implied APR based off your monthly payment, the amount of monthly payments required, and the principal on the loan.

But of course one piece of advice is make more money :lol. If the APR on those loans turns out to only be around 3% then I'd set it up such that your only paying off the accrued interest every month since the cost of the debt is so low it'd be stupid to make significant lifestyle changes in order to start paying off principal right now. If the APR is in the 5-6% range like I've heard some loans are it might be worth it to cut back and start paying the principal down since the cost if the loan is higher.

That's the loan-related advice I have tbh.

[Jacob1983]

People that are in their 50s, 60s, and 70s destroyed the once great economy and U.S. dollar in America. They destroyed yet they aren't the ones that are going to get fucked over by it since they will be dead when the real effects of their actions start to appear. I think college is a scam. I think that American society brainwashes young people particularly high school kids into this fantasy world where you get good grades in high school, go to college, and get a good paying job after college. That way of thinking is not realistic or healthy for a person. I would have liked to know this shit while I was in high school. It would have been nice to know that sometimes shit doesn't work out the way you think it will. I just listened to bad advice and have been paying the price ever since. Ever since graduating from college, I basically take no risks because I'm afraid of that any type of major decision may fuck me over again. If that makes me a pussy, then so be it.

[Latarian Milton]

The generation in between us and baby boomers gets absolved of blame for no reason (I'm guilty of this up until recently). Generation Xers currently in their late 30s and early 40s voted for Reagan in droves in 1984 while they're the primary reason Bush won in 2000 and 2004 while boomers voted slightly against Bush both times.
people born in the 70s were just influenced by the inertia of boomers' stupidity imho. when they realized that the boombers were the wrong models to follow, it was already too late.

the holy mission of retrieving this nation is right upon us imho.

[Latarian Milton]

People that are in their 50s, 60s, and 70s destroyed the once great economy and U.S. dollar in America. They destroyed yet they aren't the ones that are going to get fucked over by it since they will be dead when the real effects of their actions start to appear. I think college is a scam. I think that American society brainwashes young people particularly high school kids into this fantasy world where you get good grades in high school, go to college, and get a good paying job after college. That way of thinking is not realistic or healthy for a person. I would have liked to know this shit while I was in high school. It would have been nice to know that sometimes shit doesn't work out the way you think it will. I just listened to bad advice and have been paying the price ever since. Ever since graduating from college, I basically take no risks because I'm afraid of that any type of major decision may fuck me over again. If that makes me a pussy, then so be it.
sounds like your life can't be more fucked so why not try some innovative changes bro? some changes ain't gonna guarantee any significant improvements but wouldn't hurt your life either, when it's already so fucked up.

[Wild Cobra]

What is your loan rate?

At 4% APR, it would take almost 8 years to pay off $40K, at $500/month. Make that $300/month, and it takes almost 15 years.

Someone check my math please. I'm prone to mistakes at times.

[FkLA]

People that are in their 50s, 60s, and 70s destroyed the once great economy and U.S. dollar in America. They destroyed yet they aren't the ones that are going to get fucked over by it since they will be dead when the real effects of their actions start to appear. I think college is a scam. I think that American society brainwashes young people particularly high school kids into this fantasy world where you get good grades in high school, go to college, and get a good paying job after college. That way of thinking is not realistic or healthy for a person. I would have liked to know this shit while I was in high school. It would have been nice to know that sometimes shit doesn't work out the way you think it will. I just listened to bad advice and have been paying the price ever since. Ever since graduating from college, I basically take no risks because I'm afraid of that any type of major decision may fuck me over again. If that makes me a pussy, then so be it.

You should not have chosen psychology, Jake the Snake. Or you couldve done your own research on what jobs were in high demand/paid well instead of taking peoples word for it. College isnt a scam just because some degrees are worthless tbh. Even now its not too late, if you completed grad school Im sure some opportunities would pop up for you...not a lucrative salary but Im sure definitely much better than the situation youre in right now brah.

[blkroadrunners]

Good luck w/ your loans SnA. I paid off mine not to long ago last year (granted it was about 5K), and it's never any fun.

[DarrinS]

How did this thread devolve into blaming all previous generations for all the worlds problems?

[Spur|n|Austin]

At the very least there's an implied APR based off your monthly payment, the amount of monthly payments required, and the principal on the loan.

But of course one piece of advice is make more money :lol. If the APR on those loans turns out to only be around 3% then I'd set it up such that your only paying off the accrued interest every month since the cost of the debt is so low it'd be stupid to make significant lifestyle changes in order to start paying off principal right now. If the APR is in the 5-6% range like I've heard some loans are it might be worth it to cut back and start paying the principal down since the cost if the loan is higher.

That's the loan-related advice I have tbh.


What is your loan rate?

At 4% APR, it would take almost 8 years to pay off $40K, at $500/month. Make that $300/month, and it takes almost 15 years.

Someone check my math please. I'm prone to mistakes at times.


OK, so my APR is 5%.. I really liked the idea of solely paying the accrued interest, especially since I think that I can deduct that (or some) at tax time. Unfortunately it seems prudent to begin paying on the principle :(

[Darth_Pelican]

I find it funny people are talking shit to someone with 40k of student debt because the job he got right out of school (because those always pay well!) doesn't enable him to drop an extra $500 every month. I'm sure he would have been SOOOOOOOOOOO much better off skipping college and joining the pool of Americans with a high school diploma and no skill hoping for $25,000 a year ecstasy.

Before anyone decides to accuse me of defending people who take out a bunch of student loans because I'm one of them, my school was financed via a partial scholarship/mommeh/daddeh/working during school and I'll be graduating with a well paying job and no debt.

:lol Notice how it is always the dumb fucks with no college education who call college a scam. They will justify that by not going to college means avoidance of a whole $40k in student loans, but totally ignore the fact that college educated students will make around $500,000 - 1,000,000 more over the course of their lives.

[DUNCANownsKOBE]

OK, so my APR is 5%.. I really liked the idea of solely paying the accrued interest, especially since I think that I can deduct that (or some) at tax time. Unfortunately it seems prudent to begin paying on the principle :(
You can deduct all the interest payments at tax time, just not the principal repayment part.

[Spur|n|Austin]

:lol Notice how it is always the dumb fucks with no college education who call college a scam. They will justify that by not going to college means avoidance of a whole $40k in student loans, but totally ignore the fact that college educated students will make around $500,000 - 1,000,000 more over the course of their lives.

:lol :tu

[TheRealCB]

You can deduct all the interest payments at tax time, just not the principal repayment part.

DoK I remember you study economics,right?

[DUNCANownsKOBE]

DoK I remember you study economics,right?

accounting and finance, tbh.

[TheRealCB]

accounting and finance, tbh.

What route do you want to follow? I'm almost over with my bachelor and I have no idea yet :lol


As for SnA,as a Greek that know what loans mean,pay off as much as you can,even if you have to live paycheck to paycheck and spend on some of your savings. Being in debt is crippling,I see it everywhere in here.

[DUNCANownsKOBE]

What route do you want to follow? I'm almost over with my bachelor and I have no idea yet :lol


As for SnA,as a Greek that know what loans mean,pay off as much as you can,even if you have to live paycheck to paycheck and spend on some of your savings. Being in debt is crippling,I see it everywhere in here.
What are you studying, tbh?

My ideal route is working for 2-3 years, getting an MBA from an elite program like Wharton, Harvard, Stanford, MIT, etc. (and for that I'll need to take out loans for sure :lol), then going into Private Equity.

[Spur|n|Austin]

What are you studying, tbh?

My ideal route is working for 2-3 years, getting an MBA from an elite program like Wharton, Harvard, Stanford, MIT, etc., then going into Private Equity.

No don't! It's a scam! :rolleyes

Good luck, sounds like a solid plan.

[TheRealCB]

What are you studying, tbh?

My ideal route is working for 2-3 years, getting an MBA from an elite program like Wharton, Harvard, Stanford, MIT, etc. (and for that I'll need to take out loans for sure :lol), then going into Private Equity.

It's called economic sciences,but I've chosen the accounting sub-section. (it's either that,economic theory or management economics) so I'm thinking getting an MBA in accounting while working at an accounting firm as an assistant or something,then try to get into the state's economic crime task force (I guess it's something like your IRS).

Private Equity seems like the most profitable option if you're good,but I find accounting more exciting..I still have some time to think about it.

[DUNCANownsKOBE]

It's called economic sciences,but I've chosen the accounting sub-section. (it's either that,economic theory or management economics) so I'm thinking getting an MBA in accounting while working at an accounting firm as an assistant or something,then try to get into the state's economic crime task force (I guess it's something like your IRS).

Private Equity seems like the most profitable option if you're good,but I find accounting more exciting..I still have some time to think about it.
Before deciding on an MBA in accounting, take at least one finance class that focuses on valuation. People who start off as econ majors (like me when I was pre-business), then get drawn to accounting and find it exciting (like me), usually take a finance class that touches on valuation and find it 10x as exciting as their accounting or econ classes. That's what got me into private equity/I-banking (and the fact it makes tons of money :lol), valuation and financial modeling are by far my favorite parts of business from what I've studied.

[TheRealCB]

Before deciding on an MBA in accounting, take at least one finance class that focuses on valuation. People who start off as econ majors (like me when I was pre-business), then get drawn to accounting and find it exciting (like me), usually take a finance class that touches on valuation and find it 10x as exciting as their accounting or econ classes. That's what got me into private equity/I-banking (and the fact it makes tons of money :lol), valuation and financial modeling are by far my favorite parts of business from what I've studied.

Thnx for the advice bro,I will look into it.Also,don't be afraid to get school loans for your MBA,if the program's worth it's salt (i.e Harvard),you'll be able to clear the debt in less than 5-6 years tbh.

[Jacob1983]

My main problem is I have no idea what I want to do. I hate not knowing that shit. I cannot stand not knowing what to do or what I am supposed to do. I want answers, damn it.

[The Reckoning]

do a ton of shit. if you dont like what youre doing after a year, opt out. when you're in your 20s, the only thing chaining you down is yourself. once you get into family responsibilities and whatnot, you don't have as much room to maneuver.

[DarrinS]

My main problem is I have no idea what I want to do. I hate not knowing that shit. I cannot stand not knowing what to do or what I am supposed to do. I want answers, damn it.

This is quite normal.

[CubanMustGo]

Here's another idea: if your current position allows it, get some sort of part-time job and apply that income totally to your student debt. You're young, you probably aren't tied down with family or other extracurricular activities taking a lot of your time away from work. Even if you only clear $5K a year (which isn't hard to do, really) you'll pay off that loan a lot faster and get it the hell out of the way. Yes, two jobs is a drag, being in debt to the man is even more of a drag.

Good luck.

[CosmicCowboy]

Here's another idea: if your current position allows it, get some sort of part-time job and apply that income totally to your student debt. You're young, you probably aren't tied down with family or other extracurricular activities taking a lot of your time away from work. Even if you only clear $5K a year (which isn't hard to do, really) you'll pay off that loan a lot faster and get it the hell out of the way. Yes, two jobs is a drag, being in debt to the man is even more of a drag.

Good luck.

LOL...Jacob freaks out over working the part time job at Target he has now. He would crack up over the oppression of having to work a second job.

[CubanMustGo]

Which would be cool if I was talking to him, but the OP was the one that was directed to.

[DUNCANownsKOBE]

I'd also approach this extremely carefully and only do it if you know your boss likes you and is a big fan of the work you do, but you could look into your employer helping out with loans.

[leemajors]

I'm assuming your fiancee's family is paying for the wedding? If not, JOP and save a bundle.

[TDMVPDPOY]

u can always defer it, or ask for a discount if u pay a lump sum repayment

[Spur|n|Austin]

Here's another idea: if your current position allows it, get some sort of part-time job and apply that income totally to your student debt. You're young, you probably aren't tied down with family or other extracurricular activities taking a lot of your time away from work. Even if you only clear $5K a year (which isn't hard to do, really) you'll pay off that loan a lot faster and get it the hell out of the way. Yes, two jobs is a drag, being in debt to the man is even more of a drag.

Good luck.

Thanks for the advice, I actually considered this but I don't think it would fly with my management as I'm an associate project manager and have to work from home a lot, or randomly come in on Saturday's. They of course don't have to know about it, but at the moment I feel very close to a big promotion which would solve this issue to an extent.


I'm assuming your fiancee's family is paying for the wedding? If not, JOP and save a bundle.

Yeah, fortunately they are funding the wedding, but we're not going too extravagant with it. If I had it my way, we would run off to the beach or to Vegas with the parentals and get hitched, saving thousands of dollars.

[Jacob1983]

I just wish life could be like the island on Lost and I could just drink some shitty water from a stream and know what the fuck I'm supposed to do. That would be nice. I've been tempted to go the second job route. I just don't know if I could handle it mentally and physically.

[TDMVPDPOY]

hey class clown op

have u ever thought about doing student assignments for others to earn a few bucks?

[Spur|n|Austin]

hey class clown op

have u ever thought about doing student assignments for others to earn a few bucks?

If by that, you mean do other people's homework then no, fuck no. I've got enough shit to do at work, last thing I need to do is travel 6 hours to Lubbock and see who needs help with their fucking homework and get paid in beer and a few measly bucks.

[leemajors]

If by that, you mean do other people's homework then no, fuck no. I've got enough shit to do at work, last thing I need to do is travel 6 hours to Lubbock and see who needs help with their fucking homework and get paid in beer and a few measly bucks.

he's an Aussie mope, I would pretty much ignore him

[Spur|n|Austin]

he's an Aussie mope, I would pretty much ignore him

:lol I usually do, but every once in a while he'll ask a somewhat reasonable question (this was not one of them.) Had to let him know his question was one that a jabronie would ask.

[RandomGuy]

Well it's that time for me; my lenders are ready for me to start paying back my loans. At this point I have over 40K in loans :wow and they are wanting close to $500.00 a month. Not only is that ridiculous, it's impossible for me at the moment. Doing that would have me living paycheck to paycheck and even using some of my savings each month.

I know most posters here went to, graduated from, or are still in college. For those like me, who were not fortunate to have their parents pay for them, what did you do in regards to repayment? Defer until you made more money? Go into Forbearance and solely pay the interest? Not pay and run to Mexico? I'm just curious and wanted to get others input before making any big decisions.

EDIT - I'm at a good company now, and have lots of opportunity to advance in the future, but at the same time, this is my first job after college, and they are paying me accordingly.

Income based repayment.

http://studentaid.ed.gov/repay-loans/understand/plans/income-based

You're welcome.

[The Reckoning]

aussies get 0% interest school loans with deferred payment :lol from their government, so they can effectively be lifelong students. ignore them.

[mavs>spurs]

a couple of random thoughts after actually reading all 4 pages because this thread is actually interesting for a change:

1) damn, i feel really lucky now after seeing how some people got it. i felt shitty having 20k in debt (only like half of that 7 months into working tho) but i see now that i'm pretty lucky, being able to land a job at a fortune 1000 company with room for future growth and having no kids/marriage

2) "college is a scam" is a blanket statement, and totally depends on the situation. some degrees like liberal arts are a scam, others like science/math/technology/medicine are always a winner, and others fall into a grey area of case by case basis. for example, finance and accounting are good degrees but only if you make good grades and are driven. finance requires a lot of networking due to the nature of the business which i didnt do and sort of screwed me, luckily i had my grades to sort of save me. although with my grades/talent i should be ahead of where i'm at. also degrees like psychology are a winner only if you get a masters, my cousin is a neuropsychologist for a major hospital and makes a lot of money. but she only succeeded in that field because she was very driven and into it, your average person ends up working at target like jacob

3) spurstalk isn't the best place to go for advice bro, too many trolls and assholes and just people who downright think theyr'e a lot smarter than they are and that their opinions have any sort of value, careful with some of the advice you get here

4) my advice: you got a good job at a good company, the obvious and really only solution is to explore options to lower your payments until you move up in the company in the next couple of years.

[mavs>spurs]

more thoughts:

1) debt isn't necessarily a bad thing, but keep it proportionate to what you can realistically expect to make when you graduate. an average person studying in a field with average job prospects which pays an average salary shouldn't really take on a lot of debt. that's a recipe for disaster.

2) jacob - quit the fuckin target job and go get a marketable skill. you need to start your life over at this point and do something that can earn you at least twice minimum wage without having to go to shcool for another 4 years in order to do it, something you can start making a little money NOW. IE, learn a trade, teach yourself a skill, learn to program on your own time, go work for a medical office doing admin work and while you take classes to become a medical assistant then continue schooling for your RN as you progress along, but you need a plan bro. just chilling at target with no direction is some lame ass pussy shit. put together a plan (office admin > medical asst > nurse is just an example) but hte point is you need to be able to start earning NOW while you build your prospects for future growth. chilling wasting time at target has no point. target doesn't have any future growth especially when management hates you and you've burned bridges there as you've said, so quit the job right now. it doesn't even have to be the most glorious plan in the world, but at this point you need to fucking do something.

[mavs>spurs]

and when i say quit right "now" i mean that figuratively, don't quit until you find another one but you need to start hustling and busting ass looking right now.

[DUNCANownsKOBE]

Yeah idk why Jacob whines about how shitty his life is but does absolutely nothing about it.

[Latarian Milton]

guess it is not THAT easy for my nigga jacob to find a new job that he desireswhile the current shitty job occupies all his time imho. dude's been working there for years now and i don't think such working experience will be helpful for him to get a decent job. dude needs to quit that shit as soon as he can, AND come back to school for an advanced degree which will not guarantee anything but will significantly increase his odd of getting a desirable job. economy will be in better shape in one or two years, and it'll be rather easy for my nigga to land a well-paid job in a blooming economy with a master/doctorate degree imho

dude ain't in a bad position to kick start rebuilding his life imho. he's not married and probably not in any relationship either, pretty much like a celibate proudly :smokin, so i don't see no reason why he should continue to waste his life at such a dead-end shitty job for what? 11k dollars a year, which's downright derisory. some of my friends who don't have no legit college degrees can garner more than $11k a year in CHINA, while someone who has a college degree only makes 11k in the united fucking states of america?

im sure you can turn to some friends or rich relatives for financial help tbh. don't be too shy to ask for help, but you have to make all decisions yourself tbh. not having a family makes it possible for you to live a frugal life, while investing every penny & minute in education to get yourself better prepared for the future. life will be tough for the next a few years with limited $ to use and too much knowledge to learn, but your efforts will eventually pay off someday imho. college is a scam but your KNOWLEDGE ain't

[The Reckoning]

point being, fuck as many bitches as you can now and live it up then focus on your debts later.

get out and travel the world. be a young gun. work at hostels and resorts. do shit that you won't ever be proud of talking about. maybe youll meet some fine ass mamasita whose papi is a big time drug baron, and theyll set you up for life.

[Jacob1983]

It's true. I am never going to be nothing more than a minion at Target. I guarandamntee you that I will never move up at that sweat shop. And you're right. I have burned a lot of bridges. One of my new year's resolutions was to not make it worse for me at Target this year so I've basically been a bitch and yes man to the bosses and co-workers. I'm basically a walking door mat. Yes, I know it's pathetic but I can't deal with confrontation right now. And you are 100 percent about me wasting my life at Target. I feel terrible, ashamed, guilty, and embarassed for wasting 5 years of my life at Target. I need to get a plan. I have currently been in the process of moving the last 2 months and I am just now finally settled. I was suckered/guilt tripped into moving in with my siblings so I honestly have not had fuckin' time to job hunt. And before I do any hunting for jobs, I got to get my mental health in order. I'm pretty sure I'm borderline bipolar and paranoid as hell. I am counting some of you to bash the shit out of me after I submit this post so have at it.

[Wild Cobra]

I understand debt too. At one time, I was paying $1,801.70 per month.

[Jacob1983]

I would have to sell my soul to pay that amount a month. That's way too damn much.

[Latarian Milton]

don't know why you feel so maudlin and depressed. when a man feels deep depressed, 99% times it's because of a bitch imho but most guys just don't wanna admit it. don't know if that's your case or not

i've been a celibate and misogynist since elementary school, but there was one period of time when my views towards women seemed to have changed, which happened during my hs years. i started to sniff at female classmates and some of them smelt real good. none of them was anywhere close to scarlett johanson caliber but some of them were still fine enough, at least finer than 90% of what was out there. furthermore, they were also smarter than 99% bitches outside of our school since the school i attended was THE best in our city, and our class was elite too. i thought to myself that life wouldn't be too bad for me if i could get one of them bitches as my wife and spend the rest of my life with her, but at the same time, i didn't wanna betray my faith. i mulled over my options and decided to snub them all bitches because i had a dream to pursue. i studied in a local uni and lived with my parents through my college years so my financial state could be extremely healthy. i lived pretty frugally at school (sometimes even skipping lunches, canteens were shitty and food was rather disgusting tbqh, but i could have dinner at home everyday so it was fine), and i knew the living costs would be 10x higher if i were in relationship with a bitch. i couldn't afford to have any bitch so i just let it go tbh

it's not easy to overcome your natural instincts and depression still sometimes hovers around my mind up to this day, as you might see, sometimes i may have troubles falling asleep. but i just look at the bright side of everything, and i can always pursuade myself to look forward to the future. i have had a job (which might be just as shitty as yours) but i already quit it because i know that money is the last thing that matters to me at this point of time. i can continue to depend on my parents financially until after i get a well-paying job with a master/docterate degree a few years from now. im sure you can find a way outta your current hardship too tbh, and the best psycologist to treat your mental issues is just yourself

[FkLA]

Jake, your view of yourself is way too negative brah. Its like youve just accepted getting shit on at work and even here on ST as a normal thing. You need to start by improving your self-image...you earned a college degree so its not like you are worthless.

[Jacob1983]

My college degree is probably the only accomplishment I have in my entire life even though it was in a shitty degree. I was the first and only child and grandchild to get one from a 4 year university. I know that I need to be less negative and more positive. I just have this fear that if I'm ever positive or happy that I will let my guard down and something really bad will happen and won't be prepared for it. I expect bad shit to happen 24/7.

[Spur|n|Austin]

a couple of random thoughts after actually reading all 4 pages because this thread is actually interesting for a change:

1) damn, i feel really lucky now after seeing how some people got it. i felt shitty having 20k in debt (only like half of that 7 months into working tho) but i see now that i'm pretty lucky, being able to land a job at a fortune 1000 company with room for future growth and having no kids/marriage

2) "college is a scam" is a blanket statement, and totally depends on the situation. some degrees like liberal arts are a scam, others like science/math/technology/medicine are always a winner, and others fall into a grey area of case by case basis. for example, finance and accounting are good degrees but only if you make good grades and are driven. finance requires a lot of networking due to the nature of the business which i didnt do and sort of screwed me, luckily i had my grades to sort of save me. although with my grades/talent i should be ahead of where i'm at. also degrees like psychology are a winner only if you get a masters, my cousin is a neuropsychologist for a major hospital and makes a lot of money. but she only succeeded in that field because she was very driven and into it, your average person ends up working at target like jacob

3) spurstalk isn't the best place to go for advice bro, too many trolls and assholes and just people who downright think theyr'e a lot smarter than they are and that their opinions have any sort of value, careful with some of the advice you get here

4) my advice: you got a good job at a good company, the obvious and really only solution is to explore options to lower your payments until you move up in the company in the next couple of years.

Good points bro, thanks.


I understand debt too. At one time, I was paying $1,801.70 per month.

:wow

Wow, that's pretty insane. It won't get that high for me; hope you're all paid off, or at least down to much lower payments.

[spursfan09]

Part being successful is possibly failing a few times.

Go for what you want, if something comes up that you are unprepared for, well thats life.

Deal with it and move on.

[DPG21920]

It's true. I am never going to be nothing more than a minion at Target. I guarandamntee you that I will never move up at that sweat shop. And you're right. I have burned a lot of bridges. One of my new year's resolutions was to not make it worse for me at Target this year so I've basically been a bitch and yes man to the bosses and co-workers. I'm basically a walking door mat. Yes, I know it's pathetic but I can't deal with confrontation right now. And you are 100 percent about me wasting my life at Target. I feel terrible, ashamed, guilty, and embarassed for wasting 5 years of my life at Target. I need to get a plan. I have currently been in the process of moving the last 2 months and I am just now finally settled. I was suckered/guilt tripped into moving in with my siblings so I honestly have not had fuckin' time to job hunt. And before I do any hunting for jobs, I got to get my mental health in order. I'm pretty sure I'm borderline bipolar and paranoid as hell. I am counting some of you to bash the shit out of me after I submit this post so have at it.

Jacob - you have a better opportunity perhaps than you know. Screw Fortune 1000, you have a job with a Fortune top 50 company in the world. Plenty of opportunity, but you need to understand that everything is not going to be a dream. Move around the company as much as you can, work hard and build relationships. There will be something you like.

[Jacob1983]

Well, I'm pretty much done with Target. I am never going to move up with them. It doesn't matter what I do there. That shit ain't happening. I just have to find something better and take it and give a big fuck you to Target.

And yes, I probably dream a little too much about life.

[Spur|n|Austin]

Well, I'm pretty much done with Target. I am never going to move up with them. It doesn't matter what I do there. That shit ain't happening. I just have to find something better and take it and give a big fuck you to Target.

And yes, I probably dream a little too much about life.

Not with that attitude dude.

[TDMVPDPOY]

try and get into sales with a fix salary and +bonuses commission...

[Jacob1983]

I was being serious about Target. There's no way I will ever move up there. Too many bridges have been burned. The only thing that I have done recently is try to not burn anymore bridges and basically be quiet. I was actually told by a boss that I will never move up at Target because I'm just not the type of person. That's what I was told. I am basically just working there for survival. It's sad but true. And in order to move up at that sweat shop, you either have to kiss ass or work the system. It's too late for me to kiss ass because everyone would know I would just be bullshitting anyways.

[CosmicCowboy]

Would you like to make $80,000 a year?

[Jacob1983]

Fuck yes. I'd be happy with 50K a year.

[CosmicCowboy]

Go get your CDL.

http://www.schneiderjobs.com/company-drivers/driving-school-programs/program-details/tx/?

You could go to work in two months making good money. They are begging for drivers down south. Some companies will even reimburse your school and or give cash signing bonuses.