School Loans

[DUNCANownsKOBE]

I find it funny people are talking 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 ing you (and all of us) over

[Spur|n|Austin]

I find it funny people are talking 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 with my earlier responses. Actually, I found myself in similar cir stances 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 ac ulated. I lived quite frugally for 5 or 6 years and just paid that 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 , 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. mother ers have used up their kids and grand kids' money :

[Spur|n|Austin]

I wasn't really giving advice , 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 ed America up big time. Dubya is a baby boomer. Obama is one too.

[DUNCANownsKOBE]

Baby boomers ed 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 . 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 ed 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 while I was in high school. It would have been nice to know that sometimes 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 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 ed 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 while I was in high school. It would have been nice to know that sometimes 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 me over again. If that makes me a pussy, then so be it.

sounds like your life can't be more ed 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 ed 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 ed 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 while I was in high school. It would have been nice to know that sometimes 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 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 . 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 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.

Notice how it is always the dumb s 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]

Notice how it is always the dumb s 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.

[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


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


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 ), then going into Private Equity.