Financial Advising: Student Loans - vol. This cant be life

[loseyasole]

Student loans are the most secure debt you have can. The rates hardly fluctuate (private loans are another matter) and you are locked in to relatively low interest rate. Once your debt reflects good academic standing which allow for decent job prospects paying down debt should be the least of your worries. High revolving credit loans like cards and cars are what kill your pocket. Good fiscal management dictates paying off high interest rates before large balances. If you choose to consolidate you can pay over a 25 year period which will lower your monthly encumbrance and free up money month to month. Paying down your student loans before taking care of your high interest principal balances is poor money management.

 

[loseyasole]

Student loans are the most secure debt you have can. The rates hardly fluctuate (private loans are another matter) and you are locked in to relatively low interest rate. Once your debt reflects good academic standing which allow for decent job prospects paying down debt should be the least of your worries. High revolving credit loans like cards and cars are what kill your pocket. Good fiscal management dictates paying off high interest rates before large balances. If you choose to consolidate you can pay over a 25 year period which will lower your monthly encumbrance and free up money month to month. Paying down your student loans before taking care of your high interest principal balances is poor money management.

 

[capricdragon]

Originally Posted by StillIn729

Money87 wrote:

---

Pay as much as you possibly can afford my payments are 300 per month I pay 1000

only advice you need
I recall having about 80k after law school.  Graduated a few years ago.  Now I'm down to about 40k-50k.  So I should be 'done' in a few more years.  I personally use extra money to pay down my credit card balances because those interest rates are much higher than my loan APRs.  My loan APRs are like 2-6% so they're pretty manageable.  My lowest credit card APR is 9% so I'm trying to get those down first.

  

 

[capricdragon]

Originally Posted by StillIn729

Money87 wrote:

---

Pay as much as you possibly can afford my payments are 300 per month I pay 1000

only advice you need
I recall having about 80k after law school.  Graduated a few years ago.  Now I'm down to about 40k-50k.  So I should be 'done' in a few more years.  I personally use extra money to pay down my credit card balances because those interest rates are much higher than my loan APRs.  My loan APRs are like 2-6% so they're pretty manageable.  My lowest credit card APR is 9% so I'm trying to get those down first.

  

 

[wawaweewa]

Originally Posted by loseyasole

Student loans are the most secure debt you have can. The rates hardly fluctuate (private loans are another matter) and you are locked in to relatively low interest rate. Once your debt reflects good academic standing which allow for decent job prospects paying down debt should be the least of your worries. High revolving credit loans like cards and cars are what kill your pocket. Good fiscal management dictates paying off high interest rates before large balances. If you choose to consolidate you can pay over a 25 year period which will lower your monthly encumbrance and free up money month to month. Paying down your student loans before taking care of your high interest principal balances is poor money management.

You got it all wrong my friend.
dischargeable v non-dischargeable. 

Which one is more dangerous? 

With one you can get *!$%+# for 7 years (not even that screwed really) and with the other you are *!$%+# for life. 

If IBR wasn't around we'd have riots by now. 

 

[wawaweewa]

Originally Posted by loseyasole

Student loans are the most secure debt you have can. The rates hardly fluctuate (private loans are another matter) and you are locked in to relatively low interest rate. Once your debt reflects good academic standing which allow for decent job prospects paying down debt should be the least of your worries. High revolving credit loans like cards and cars are what kill your pocket. Good fiscal management dictates paying off high interest rates before large balances. If you choose to consolidate you can pay over a 25 year period which will lower your monthly encumbrance and free up money month to month. Paying down your student loans before taking care of your high interest principal balances is poor money management.

You got it all wrong my friend.
dischargeable v non-dischargeable. 

Which one is more dangerous? 

With one you can get *!$%+# for 7 years (not even that screwed really) and with the other you are *!$%+# for life. 

If IBR wasn't around we'd have riots by now. 

 

[oneforall]

No student loan because education in here is free ftw. Seems weird to me that you need to get a loan to get through school and get you a good job to pay your student loan.

 

[oneforall]

No student loan because education in here is free ftw. Seems weird to me that you need to get a loan to get through school and get you a good job to pay your student loan.

 

[bballah3]

If you owe 100k....... I dont even know what to tell you.....Someone should of told you not to do that.

 

[bballah3]

If you owe 100k....... I dont even know what to tell you.....Someone should of told you not to do that.

 

[grizzlyboy]

Just don't ignore them. They are credit score killas

 

[grizzlyboy]

Just don't ignore them. They are credit score killas

 

[dbailey86]

you have two choices either go ahead and attack them or you can realize that you will be paying for a while and just pay what you can and live life my man. I pay 400/mo which is more than the min but when i wanna do something i will live life and not let it cripple me. A loan was a good investment my man

 

[dbailey86]

you have two choices either go ahead and attack them or you can realize that you will be paying for a while and just pay what you can and live life my man. I pay 400/mo which is more than the min but when i wanna do something i will live life and not let it cripple me. A loan was a good investment my man

 

[loseyasole]

Wow, discharging debt is really the answer. I do not want to stereotype, but your financial advice is what makes the market crash. Borrow as much as you can with out responibility is the reason fiscally responsible citizens clean up after you. Practice responsible money management which in terms you can understand, debt clearing/bankruptcy is not a safety net. Someone has to absorb those costs, unless your Trump and bankruptcy is second nature. Never heard of Warren Buffet declaring bankruptcy. 

 

[loseyasole]

Wow, discharging debt is really the answer. I do not want to stereotype, but your financial advice is what makes the market crash. Borrow as much as you can with out responibility is the reason fiscally responsible citizens clean up after you. Practice responsible money management which in terms you can understand, debt clearing/bankruptcy is not a safety net. Someone has to absorb those costs, unless your Trump and bankruptcy is second nature. Never heard of Warren Buffet declaring bankruptcy. 

 

[joegolfdad]

But seriously, how do you end up with 150k+ in student loans?

 

[joegolfdad]

But seriously, how do you end up with 150k+ in student loans?

 

[ohyeah10]

holy shhhhhhh! how is it even possible to collect 190k in loans? that must have been a prestigious school or something. i only have about 7k and im pissed about that

 

[ohyeah10]

holy shhhhhhh! how is it even possible to collect 190k in loans? that must have been a prestigious school or something. i only have about 7k and im pissed about that

 

[fungusfoot85]

I owe about 18k but for UG only

 

[fungusfoot85]

I owe about 18k but for UG only

 

[Thats My Word]

The interest rates for a mortgage loan are pretty low at the moment, but students are getting raped by their student loan interest rates.

 

[Thats My Word]

The interest rates for a mortgage loan are pretty low at the moment, but students are getting raped by their student loan interest rates.

 

[solewoman]

Originally Posted by ExtRaOrDinaRy SwAg

Damn and I'm sitting here complaining bout my 30K worth of loans, 110K JESUS!

my sentiments exactly. hu ftmfl