angel345 said:

missfee said:

Well I think if you default on your loan that they go to the lengths of taking your tax refund from you. I've had a couple of friends that has been in that situation. I haven't defaulted, I have it set up that they take the payment each month out of my account its just that after my other bills are paid, I'm left with little to nothing for other neccessities, like groceries and gas...but as I said, a part time job can take care of that as well as doubling up to pay the debt down if I can. I'm going to do what I have to do at the end of the day to get the monkey off my back.

I hope that all goes well in your journey. May your end be more prosperous.

It will be. She's the bomb, she won't be able to keep the prosperity away!

SupaFunkyOrgangrinderSexy said:

angel345 said:

I hope that all goes well in your journey. May your end be more prosperous.

It will be. She's the bomb, she won't be able to keep the prosperity away!

Aww thanks

SupaFunkyOrgangrinderSexy said:

Nothing worse than being in a deep hole before you even start out. Good Luck to all who are in this predicament.

Genesia said:

There is only one thing that will make your life worse than paying student loans: not paying what you owe.

Just trust me on this one.

So true! My sister defaulted on a student loan years ago. She paid it off several years ago but they hounded her for years. It also included adding on excessive interest and taking her tax refund one year. Before her oldest daughter started college two years ago. she told her this story and what it did to her. My niece has never taken out a student loan because of this. She goes to school full time and works a regular part-time job to cover what financial aid doesn't cover. She also works a lot of miscellaneous jobs as well.

[Edited 9/13/11 19:01pm]

imago said:

My advice (and I should have done it myself way way sooner): Live like you're poor to free yourself of debt. Work that part time job, and cancel cable, and all other unesseary expenditures and just pay that shit down as quickly as you can.

The strategy that is supposed to work (and I actually followed it), is concentrate on the debt that is easiest to payoff first (credit cards with the least amount, then moving to more difficult ones). The object of the game is to remove easy debt earliest as possible, then transfer the money you would ahve owed on it to the second easiet, then move on from there.

Although I do splurge a bit from time-to-time, my credit card debt has never been so low, and I'm starting to accumulate money in savings I didn't really have before. All because I stripped down my excesses and I'm working excessive hours to do it---is it tiring? yeah. Is it impossible? nope.

As my debt goes down, my dreams become more real. I'm actually thinking of starting a consulting firm soon--I never would have considered it 2 years ago.

Don't give up. Work your ass off. It pays off in the end.

Very good advice! After I got divorced ten years ago, I was thousands of dollars in debt. My own stupid fault through my marriage. I worked two sometimes three jobs but I paid it off. I was able to find a rent control apartment because of my income that included utilities and cable. It wasn't the greatest but it was decent. Once I got out of debt, I never did it again. If I charge something, I pay it off the next month. Like so many others, I was laid off last year. I lost a good chunk of income but do get unemployment. I also received some free schooling. We've been able to manage fine and not go into the debt cycle. Sure, we made the proper adjustments but I'm okay with that.

[Edited 9/13/11 19:03pm]

paisleypark4 said:

SupaFunkyOrgangrinderSexy said:

I never thought I could do what I did, paying $22K in the 2 years but I buckled down and made it work. One of the best choices I have ever made. I took out one loan for $3,800.00 but my school offered it at zero interest and zero fees. You won't get that from mom and dad.

Man u must have been on a Ramen budget to do it boy. I used to pay only 120...but with my deferments it just kept going up. Tried to get a car loan for about that much and its the only thing holding me back. Forget a house..almost 30 next year. O well. Best thing to do is just make those payments and know it will be over one day. Obama did set up the School Loan Payoff plan...10 years and they will wipe it off. Sounds good. Gives us some hope. I hope these Burbon Street Johns would increase their payments though, a bitch trying to pay the Gubmint off.

Could you elaborate on this?

missfee said:

paisleypark4 said:

SupaFunkyOrgangrinderSexy said: Man u must have been on a Ramen budget to do it boy. I used to pay only 120...but with my deferments it just kept going up. Tried to get a car loan for about that much and its the only thing holding me back. Forget a house..almost 30 next year. O well. Best thing to do is just make those payments and know it will be over one day. Obama did set up the School Loan Payoff plan...10 years and they will wipe it off. Sounds good. Gives us some hope. I hope these Burbon Street Johns would increase their payments though, a bitch trying to pay the Gubmint off.

Could you elaborate on this?

Q: How else will students benefit?

A: Students who have low incomes or meet certain other eligibility requirements and who take out loans after July 1, 2014, will see their payments limited to 10% of their discretionary income after graduation. Current law caps payments at 15% of income.

For students who make their loan payments on time, the government will forgive the balance after 20 years, instead of 25. Public service workers — teachers, nurses, police officers and those in the military — will see any remaining debt forgiven after just 10 years of repayment.

It's calle dthe Student Loan Overhaul plan. Now I'm looking at it again next year it is only applicable for people who apply in 2014, and for those who work in Public Service.

I'm of the mindset that unless mandated by the government (in other words, everyone MUST have a college degree, much like everyone must go to school up until the age of 16), then getting a higher education is a personal choice with personal responsibilities.

Is it unfair that some people are born rich and need not go in to debt to attend a prestgious school? Sure it is, but it's unfair I wasn't born Brad Pitt too. It's a personal choice, and you lie in the bed you make.

Forgo the expensive dinners, the cable t.v., the fancy macbook pro, and pay your debts as fast as you can. It's not fun...it feels unfair....but, you went into this knowing how much it was going to cost. I we're willing to blame our leaders for not having an 'exit plan' then why not blame ourselves? It's about personal responsibility, so take some even if it hurts.

I remember one of my coworkers lived REALLY miserly, and I was appauled by his used car , and meager lifestyle, especially since he only made a few grand less than me. But, he actually was only 10 grand away from paying his house off (it only took him 7 years to do it), and he was set to retire at age 45.

Looking back, I should have seen him as an example of what to do, instead of being so horrified by his lifestyle choices. Sure, I would never go to Supercuts to get my hair done, but I certainly could have done without the cable t.v. and daily late's.

imago said:

I'm of the mindset that unless mandated by the government (in other words, everyone MUST have a college degree, much like everyone must go to school up until the age of 16), then getting a higher education is a personal choice with personal responsibilities.

Is it unfair that some people are born rich and need not go in to debt to attend a prestgious school? Sure it is, but it's unfair I wasn't born Brad Pitt too. It's a personal choice, and you lie in the bed you make.

Forgo the expensive dinners, the cable t.v., the fancy macbook pro, and pay your debts as fast as you can. It's not fun...it feels unfair....but, you went into this knowing how much it was going to cost. I we're willing to blame our leaders for not having an 'exit plan' then why not blame ourselves? It's about personal responsibility, so take some even if it hurts.

I remember one of my coworkers lived REALLY miserly, and I was appauled by his used car , and meager lifestyle, especially since he only made a few grand less than me. But, he actually was only 10 grand away from paying his house off (it only took him 7 years to do it), and he was set to retire at age 45.

Looking back, I should have seen him as an example of what to do, instead of being so horrified by his lifestyle choices. Sure, I would never go to Supercuts to get my hair done, but I certainly could have done without the cable t.v. and daily late's.

to alladat.

Genesia said:

imago said:

I'm of the mindset that unless mandated by the government (in other words, everyone MUST have a college degree, much like everyone must go to school up until the age of 16), then getting a higher education is a personal choice with personal responsibilities.

Is it unfair that some people are born rich and need not go in to debt to attend a prestgious school? Sure it is, but it's unfair I wasn't born Brad Pitt too. It's a personal choice, and you lie in the bed you make.

Forgo the expensive dinners, the cable t.v., the fancy macbook pro, and pay your debts as fast as you can. It's not fun...it feels unfair....but, you went into this knowing how much it was going to cost. I we're willing to blame our leaders for not having an 'exit plan' then why not blame ourselves? It's about personal responsibility, so take some even if it hurts.

I remember one of my coworkers lived REALLY miserly, and I was appauled by his used car , and meager lifestyle, especially since he only made a few grand less than me. But, he actually was only 10 grand away from paying his house off (it only took him 7 years to do it), and he was set to retire at age 45.

Looking back, I should have seen him as an example of what to do, instead of being so horrified by his lifestyle choices. Sure, I would never go to Supercuts to get my hair done, but I certainly could have done without the cable t.v. and daily late's.

to alladat.

You'd be proud of me. I've started to move right on several of my stances, especially with regards to the government's role in our lives.

Though I'm pro-abortion, pro-gay marriage, pro-secularism, etc. etc., I've stopped believing that government should be responsible for my education, health, etc....

I do still believe we should dock your own pay, Genesia, to help other women with daycare, though. Not because it's the right thing to do or anything, but considering your appauling maternal instincts, this may be the only way to redeem yourself.

GROUP.... HUG

imago said:

Genesia said:

to alladat.

You'd be proud of me. I've started to move right on several of my stances, especially with regards to the government's role in our lives.

Though I'm pro-abortion, pro-gay marriage, pro-secularism, etc. etc., I've stopped believing that government should be responsible for my education, health, etc....

I do still believe we should dock your own pay, Genesia, to help other women with daycare, though. Not because it's the right thing to do or anything, but considering your appauling maternal instincts, this may be the only way to redeem yourself.

GROUP.... HUG

I am so happy the Constitution protects my right to say, "Fuck you."

Genesia said:

imago said:

You'd be proud of me. I've started to move right on several of my stances, especially with regards to the government's role in our lives.

Though I'm pro-abortion, pro-gay marriage, pro-secularism, etc. etc., I've stopped believing that government should be responsible for my education, health, etc....

I do still believe we should dock your own pay, Genesia, to help other women with daycare, though. Not because it's the right thing to do or anything, but considering your appauling maternal instincts, this may be the only way to redeem yourself.

GROUP.... HUG

I am so happy the Constitution protects my right to say, "Fuck you."

I owed $50k in student loans.......paid back every damn penny.

Those lil monthly check writing episodes is what damn near drove me crazy.

I'll glad that is behind me.

[Edited 9/14/11 7:40am]

Graycap23 said:

I owed $50k in student loans.......paid back every damn penny.

Those lil monthly check writing episodes is what damn near drove me crazy.

I'll gald that is behind me.

When I paid them off, they'd been so mean (they even yelled at my mom) that I wanted to take in a bag with $8000 singles and ask for a receipt (so they'd have to count it).

imago said:

I'm of the mindset that unless mandated by the government (in other words, everyone MUST have a college degree, much like everyone must go to school up until the age of 16), then getting a higher education is a personal choice with personal responsibilities.

Is it unfair that some people are born rich and need not go in to debt to attend a prestgious school? Sure it is, but it's unfair I wasn't born Brad Pitt too. It's a personal choice, and you lie in the bed you make.

Forgo the expensive dinners, the cable t.v., the fancy macbook pro, and pay your debts as fast as you can. It's not fun...it feels unfair....but, you went into this knowing how much it was going to cost. I we're willing to blame our leaders for not having an 'exit plan' then why not blame ourselves? It's about personal responsibility, so take some even if it hurts.

I remember one of my coworkers lived REALLY miserly, and I was appauled by his used car , and meager lifestyle, especially since he only made a few grand less than me. But, he actually was only 10 grand away from paying his house off (it only took him 7 years to do it), and he was set to retire at age 45.

Looking back, I should have seen him as an example of what to do, instead of being so horrified by his lifestyle choices. Sure, I would never go to Supercuts to get my hair done, but I certainly could have done without the cable t.v. and daily late's.

Ya know, I was 18 years old....very naive about what I was getting myself into. I knew I had to pay it off...it was how long and how much I would have to pay I didnt know ANYTHING about. I went to college before even having a job. Going to college was the only reason I got a job...my parents were not financially supporting my schooling. Even though my dad told me he would when it was over, he never even asked if I needed it.

My parents NEVER talked about us owning anything in the future....at the time they didnt. Didnt teach me and my brother about credit at ALL.

I left home about 19 and didnt know what it meant to have a bill 'go into collections'...I had to learn this all by myself. Indeed it made me stronger and wiser to have to go through the trials and tribulations...so I can tell others no not go the route I did...

Living cheaply and moderatley is actually the way you are supposed to live, so much of us get caught up on wanting MORE when there is no need for it. I just dont want to live like that for 10 years straight, and miss out on life in my 30's.

Genesia said:

Graycap23 said:

I owed $50k in student loans.......paid back every damn penny.

Those lil monthly check writing episodes is what damn near drove me crazy.

I'll gald that is behind me.

When I paid them off, they'd been so mean (they even yelled at my mom) that I wanted to take in a bag with $8000 singles and ask for a receipt (so they'd have to count it).

I wanted 2 send a nasty gram.............but I changed my mind.

paisleypark4 said:

SupaFunkyOrgangrinderSexy said:

I never thought I could do what I did, paying $22K in the 2 years but I buckled down and made it work. One of the best choices I have ever made. I took out one loan for $3,800.00 but my school offered it at zero interest and zero fees. You won't get that from mom and dad.

Man u must have been on a Ramen budget to do it boy. I used to pay only 120...but with my deferments it just kept going up. Tried to get a car loan for about that much and its the only thing holding me back. Forget a house..almost 30 next year. O well. Best thing to do is just make those payments and know it will be over one day. Obama did set up the School Loan Payoff plan...10 years and they will wipe it off. Sounds good. Gives us some hope. I hope these Burbon Street Johns would increase their payments though, a bitch trying to pay the Gubmint off.

I started paying $600 a month and then $900 a month in the second year. Lab in first year was $1800 and Practicum in second year was $3600.

IT

WAS

NOT

EASY

And yes, somedays I ate noodles But I paid $22,000 and have $2,000 left. No interest on 22K is allowing me to move on with my life with INCREDIBLE FREEDOM. Looking back, the suffering I went through to make it work was ALL WORTH IT

SupaFunkyOrgangrinderSexy said:

angel345 said:

I hope that all goes well in your journey. May your end be more prosperous.

It will be. She's the bomb, she won't be able to keep the prosperity away!

missfee said:

Now I have to get a part time job because of this shit. I guess going to grad school and getting my MBA has swamped me and cursed me for now. It's either find a full time job paying me at least 10% more than what I'm getting paid now or I work a part time job in addition to the full time job I already work now. Life fucking sucks.

Just had to vent.

You could always try and find a job where your employer would assist with education expenses.

My wife earned her MBA at NYU Stern School of Business. While we were still on the hook for the undergrad loans, her company paid 100% for grad school (18K/ per year).

Was a really nice perk. She still works there and the expertise gained from earning the MBA allows the company who invested in her to continue to profit as a result. Win win for everybody

Best wishes in pursuing your goal.

[Edited 9/14/11 11:32am]

I found out thru Susie Orman that student loans CAN NOT be discharged thru bankruptcy! I was suprised to find that out. She advised that you pay off student loans before you pay off your credit cards because, unlike with credit cards, banks don't write off student loans. The bank may not hound you for a while and you think everything is cool, but those fees and interest rates are building up and eventually they will come after you.

kitbradley said:

I found out thru Susie Orman that student loans CAN NOT be discharged thru bankruptcy! I was suprised to find that out. She advised that you pay off student loans before you pay off your credit cards because, unlike with credit cards, banks don't write off student loans. The bank may not hound you for a while and you think everything is cool, but those fees and interest rates are building up and eventually they will come after you.

and I graduate in December...

why? oh why?

imago said:

My advice (and I should have done it myself way way sooner): Live like you're poor to free yourself of debt. Work that part time job, and cancel cable, and all other unesseary expenditures and just pay that shit down as quickly as you can.

The strategy that is supposed to work (and I actually followed it), is concentrate on the debt that is easiest to payoff first (credit cards with the least amount, then moving to more difficult ones). The object of the game is to remove easy debt earliest as possible, then transfer the money you would ahve owed on it to the second easiet, then move on from there.

Although I do splurge a bit from time-to-time, my credit card debt has never been so low, and I'm starting to accumulate money in savings I didn't really have before. All because I stripped down my excesses and I'm working excessive hours to do it---is it tiring? yeah. Is it impossible? nope.

As my debt goes down, my dreams become more real. I'm actually thinking of starting a consulting firm soon--I never would have considered it 2 years ago.

Don't give up. Work your ass off. It pays off in the end.

good advice

paisleypark4 said:

Question to anyone who has been in the Navy / Military field...does joining the Navy help you get student loans paid off faster? I considered doing this a couple of times....

THE best people/person to answer THIS is waiting to talk to you at a recruit office ~ or a VERY small # here on the org

Also research the official miltary branch web site

I still have over $71,000 in student loans. (Do I win?) I was a bit delusional back in the day, borrowing all that money. I turned over a leaf and began paying it down $500+/mo. However, at 3% interest and with a hefty tax writeoff, it became clear that I would be better off investing in a retirement account instead and just paying the minimum to my student loan. Though I am not paying it down very quickly, I have peace of mind that I am making the best choices financially. I was so earnest about turning over a new leaf, that I now make a living financial consulting and tending to other people's finances. !!!

heartbeatocean said:

I still have over $71,000 in student loans. (Do I win?) I was a bit delusional back in the day, borrowing all that money. I turned over a leaf and began paying it down $500+/mo. However, at 3% interest and with a hefty tax writeoff, it became clear that I would be better off investing in a retirement account instead and just paying the minimum to my student loan. Though I am not paying it down very quickly, I have peace of mind that I am making the best choices financially. I was so earnest about turning over a new leaf, that I now make a living financial consulting and tending to other people's finances. !!!

Machaela said:

paisleypark4 said:

Question to anyone who has been in the Navy / Military field...does joining the Navy help you get student loans paid off faster? I considered doing this a couple of times....

THE best people/person to answer THIS is waiting to talk to you at a recruit office ~ or a VERY small # here on the org

Also research the official miltary branch web site

Go to the source for the source

paisleypark4 said: