Damn Student Loans

i am in debt up to my ears, but i am too one of the fortunate to have parents that are willing to help me out with some of my loan payments. if it wasnt for them, with my other bills i wouldnt be able to do it.

 

I thought about consolidating but the payments increase every two years until the loans are paid off. When I looked about 10 years down the line, I almost crapped myself! I'm better off paying the same amount the next 20 years

 

Crap! I was writing with such fury because I hate loans. "Paid"

 

Yeah, my brother just asked me last week what he should do, his payments start in Dec @ about $400. I told him he can pay $400/month that you can't afford for 10 years, or consolidate them and pay $200/month for 30 years that you can afford a little better but still can't afford.

If you consolidate, try your best to still pay off as much as possible, like a short term loan and only when it gets really bad, pay just the amount required for the consolidation.

 

There are different types of consolidating, you can have one steady payment for the term rather than the "graduated" payments. Its more up front, but less in the long run, and it is consistent.

 

I would say I'm blessed in that most of my college education was paid for by a trust fund. My parents did help a little the last year.

And no, I wasn't a rich kid.. It was a settlement trust from a very bad accident (spent 3 1/2 months i the hospital as a 2/3 year old). The trust thankfully paid all those medical bills and my most of my schooling. But I will feel the affect of the accident the rest of my life, so I would trade that trust for not having to deal with it in a heartbeat.

 

x2 but have 1 more left. Only debt I have is my car and that damn credit card.... but thats my own fault.... however, the bastards just jacked my interest rate up 17%.... and yes I make the payments on time and often double, sometimes triple the payment.... I have stayed at the same balance for a long time. shitty part is, because I just bought my car, I cant take another loan out with another credit car with less interest to pay the balance off.

 

In the hole here too! It sucks, but it's definitely worth it if you can make it through.

I can't help but look at my degree and think "that's the coolest looking receipt I've ever gotten!"

 

Thats the feeling that keeps me going!

 

Mine are paid off and 3 years ago we wrote the last check on my wife's. She is a Vet and had over $90,000 in Student Loan debt when we got married 10 years ago. We paid off over $50,000 of hers in 6 years and sold a rental house we owned and wrote one check for the $40,000 balance. Boy did that feel good. We were paying over $1200 a month.

 

2 loans been paying on for about 8 years. The Wells Fargo payment plan had me pay the interest up front for 5 years, then principle and some interest, then principle only. Payments are $240/month.

I still think it's one of the best investments I've ever made.

When my brother graduates he'll have loan payments of about 2K/mth...

 

Student loans do suck, BUT we are the ones who took them out to pay for our education. It's a loan like any other, I currently owe about 15. i really gotta start paying more each month to get it paid off quicker but with a 500/mo truck payment and a 200/mo student loan payment i'd rather pay off my truck first, even if it is lower interest.

 

Plus the interest on the student loan is a tax deduction. Mine will eventually get paid off...

 

got em...and i still have like 2 years left till i can graduate...

 

Here's worse for yas...........pay for someone else's loans because they aren't and it will eventually affect your credit if you don't pay them. Don't be one of those people if your parents went out on a limb for you to help benefit your future........and finish the schooling, get the degree and don't leave them holding the bag on something that was basically a waste of your time and their money. Thank you...........

 

really, good to know

 

I'm frustrated about them but glad to have my degrees. The thing is, I'm thinking about finishing with the PhD. Might as well. I love what I do, I love learning, and strive to be the best. But, damn! Education should be more affordable. The reality is once you graduate, it's hard to find a job that actually pays what you think you'll be worth with your titles

 

I cannot thank my parents enough for covering ALL of my tutuition costs. They made sure I had a fresh start in life, and didn't spend years in debt. Now I bought my truck...so I am in debt anyway but hopefully that will be paid of in 3 years or so.

 

I remember when my grandparents were still alive, and they seen how much my tuition costs. they couldnt believe it, they said its going back to the times when only the privileged and wealthy can afford college education.

 

Student loans? Oh how I love my GI Bill.