student loans
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- OSFA0
both?
- madirish0
pay off private totally- w/o question.
pay NOTHING more than bare min. for the public. by law, you can die with those and they are nulled.
seriously, get rid of the private and you will be MUCH happier man.
- Jaline0
I think I will save as much money as I can during the grace period (while hopefully having a job somewhere) and then start paying soon. I really want to get it paid off asap. Then again, since I live at home I don't have as much money owing as many others do.
This is all if I don't continue school.
- JackRyan0
My loans are killing me. When I graduated my payments were over $1000/month. I've gotten them down to around $500 when I consolidated and stretched the loan term out to 30 years.
- Dancer0
Dunno what it's like in the us but UK student loans ae the cheapest loan you will ever receive. When getting a mortgage the advisor does not even look at them. Also if you put the monthly installments you were gonna pay off the loan with into a high interest account you will make more money. Only crazy people try and pay it off early.
- StratusGD0
Dancer,
They're the same in the U.S., generally. Of course, if your school costs you $30k/year, your bill is going to hurt no matter what.
To the original question... have you actually talked with your loan provider? There are things that can be done to delay payment or lower payments besides consolidation.
- alkanenine0
I think I will save as much money as I can during the grace period (while hopefully having a job somewhere) and then start paying soon. I really want to get it paid off asap. Then again, since I live at home I don't have as much money owing as many others do.
This is all if I don't continue school.
Jaline
(Nov 15 07, 06:25)thats exactly what i plan to do as well next month since i am graduating. i will put the saving money into a high yield savings like ING direct or something, and keep on saving for the 6 months and then i'll start to pay it off once my grace period is over. it may not be a huge help, but it still is something for my money to grow.
- woodyBatts0
Whoa Jack that's crazy!!!!!!!!!
With Student loans you can always call them up directly and saay "Hey I can only pay x amount a month" , however...it behooves them to take as little as possible b/c you will pay them back forever!
i have very strong opinions on student loans, b/c I personally feel they take advantage of the ignorance and naivete of young people not realizing they won'
t be finished paying for their education as they enter retirement.So on that note, I chose to pay an accelerated amount. i get a huge tax break, and after 6 years I have 25% left to pay off.
I was very worried when I started paying this debt, but it has truely taught me how to make a lot out of a little.
Hope it helps!
- StratusGD0
That's the problem Woody - no one will tell you "If you spend a ton of loan money and pay the minimum, you'll be paying for life". They tend to assume you're able to figure that out for yourself.
- StratusGD0
Oops, hit 'broadcast' too early.
--but they tend to forget you've got a ton of other things going on, and thinking '30 years in the future' when you're graduating from high school and trying to get into college is next to impossible.
There's only so much handholding they can/should do, but if they'd just come out and say it...
- woodyBatts0
Yeah, it's actually legalized criminality. It's suprising how it is pushed off on students, and when your 18, taking 4k out on a Macbook seems reasonable b/c you "need it for school" however it's really a $16,000 macbook.
Recently the head of financial aid for columbia was fired for taking kickbacks from citibank student loans...I wonder when congress will get in the middle of all of this.