NTers paying back loans: How do you afford the finer things in life?

[RustyShackleford]

All you brahs with federal student loan debt need to look into income based repayment.

 

[pdino]

Got to look at it half full:

-You can add the interest you paid your loans toward taxes.

- paying your loans on time builds your credit score

- girls like guys with loans 

 

[ballahb]

All you brahs with federal student loan debt need to look into income based repayment.

did that, it's working out for me at the moment anyway

 

[a55a5in11]

nothing dumber than kids who have no problem "borrowing" money, but when it comes time to pay it back, your no where to be found

 

[Shanegerous]

To the dude who isn't paying his loans, you know your credit is about to be screwed right?

 

[superb]

Just be careful playing with the fed gov. They can hit you with that lien and seize your assets if you're not compliant.


Worrying about the finer things in life and they'll come through and just put all those fine things you've been enjoying up for auction.


pay your bills, namely your FEDERAL student loans. dummies, you're playing with fire.

I put my house under a corporation,not really to intentionally stop them to take it but other reasons as well. Car will be the same soon..

I'm going back to school to take 6 credits to get that forberrance

 

[superb]

private student loans are even worse...most of the time have adjustable rates and they are relatively unregulated and its damn near impossible to discharge them in court...

Now private loans are easy to discharge. Feds you can't really

 

[superb]

This plan of yours isn't fully thought out. SMH at whoever repped this man for this post....

Most, if not all loans, with particular emphasis on Student Loans, come with a side of "interest."

If your plan is to pay $50 to $100 per month for 40 years, odds are that the money/your payments are going towards the accrued interest (and barely, if I may add), and not the principle. You'd honestly never pay down your debt.

So, simply stated, your approach and tactic is meaningless. Might as well not pay anything--and face the consequences like a man.

Now I aint about to sit here and defend these ridiculous scumbag educational loan companies, but folks like you are equally as ridiculous, if not more so. No one asked you to go to an expensive school, and finance your education with burrowed money. You did all of that of your own volition; own up to yo' responsibilities like a man.





...

I didn't say I was making that payment I said it should be that way with set interest..

And how do yaw afford $300-400 a month? What type of jobs yaw got

 

[Coromanti]

I've always thought this a simple process.

1. Set aside money for life expenses. Ex. rent, bills, child support

2. Set aside money for debts. Ex. credit card, college

3. Set aside money for a particular purchase. Ex. a new appliance

4. Save the rest.

 

[superb]

To the dude who isn't paying his loans, you know your credit is about to be screwed right?

I don't care about my credit. Who needs credit? I have my house and car I'm go's. If I need credit I'll have my wife or parents cosign.

Plus my.loans are consolidated now and.in.forbearance. when it's getting close to paying again you'll see me right back in school 6 credits to qualify for another 5 year forbearance

 

[superb]

I've always thought this a simple process.
1. Set aside money for life expenses. Ex. rent, bills, child support
2. Set aside money for debts. Ex. credit card, college
3. Set aside money for a particular purchase. Ex. a new appliance
4. Save the rest.

Man most people I know are not making no more then 32k a year.. that's like $500 or less take home a week. They don't have money to be doing that. Most live paycheck to paycheck..

What type of jobs yaw got? Yaw talking like yaw got $100k a year jobs

 

[Warmachine85]

I dont pay back my loans . They will probably never get the money until Hit the lottery.

I pay myself first before others.Suprised people pay them back in this economy

If they can work something out $50 or even $100 per month for 40 years then i will start paying

They need top change the laws so people who owe student loans pay like $50 -$100 a month for like 45 years so people wont be stressed and broke over loans. I mean all our life we our pushed and taught to go to school to better ourselves but are we really if we are stressed out over the school loans, and less money we have


Average loan is what 40k maybe. Gov/loans should say screw it and just make people pay back $50 or even $100 a month for 40 years. or even for the rest of their life until the loan is paid/ i would be more then willing to do that and I'm sure others would be too Then everyone will pay, the GOV will collect more money, less people worried and stressed, less money sending accounts to collections

and they will take ur taxes as soon as you file.

 

[superb]

and they will take ur taxes as soon as you file.

Wrong. . I don't get refunds anymore. I'm self employed. Plus as I stated my loans are in for forbearance. .

When I did anyways I would claim max exemption so I got less back close to none. Myrefundvwoud be like $200.. All ny refund went to my paychecks. Less tax taken out equals no refund

I don't give interest from loans to the irs

 

[flyny]

Now private loans are easy to discharge. Feds you can't really

Explain please?

 

[mackmittenzz]

Glad this post came up.. Ok so I went to school for HVAC in 09', now I was in and out of programs and stuff so I kept doing forbearance eventually the DOE s gave my case to a debt collecter, GC services... Now I got it so I pay 10$ a month ( subject to change after 9 months) but I starred out owning 20 gs but every month I pay ten my total debt goes up like 170 a month...how am I ever gonna be able to pay it off? They also have my debit card info I just wanted to make sure I started making payments before they garnished 15% of my wages....any tips?

 

[youngdoc]

I'm in forbearance until I finish residency. Then I plan to live relatively frugal for a couple years to pay them off quickly - moderately priced apt, entry level luxury etc

 

[hennessy]

superb 's attitude towards paying back his loans might seem really bad at first but he seems to understand the consequences and how they affect him, which seems to be minimally RIGHT NOW. While I don't advocate or recommend what he is doing, there are examples where people can just say **** it and not pay back their loans. You could be doing yourself a huge disservice in the future if your circumstances change though.

I work for the government and also want to have my home and car in my own name so I have much more at stake. I live on my own and I'm not married. Defaulting on my student loans is not an option because I don't have anyone to back me up. But if you are self-employed, have a house, have a car, have co-signers for things in the future, forbearance, etc... then not too much can happen. You won't be put in jail or anything. You'll probably get tons of calls from debt collectors because they try to instill fear by constantly calling you and saying they need to talk about important matters and stuff but if you can live with the consequences then that's your decision.

Living with no credit actually means you have to become much better in terms of making a budget. You cannot screw up because you don’t really have a margin for error. Emergency purchases, renting a car (if you have to), etc... If you guys are neglecting your student loan payments you really need to consider how this will affect your life later on and if you can sustain a lifestyle bearing the consequences.

 

[antidope]

I dont have "finer things". It is what it is. Paying back my loans is the most important thing in my life.

 

[miniojw]

I decided late last year that this will be the last year I'll be in debt. So I'm living as minimal as I can for one year and get everything paid off. I have under 8K to go. That's all student loans. The only reason I have student loans is that I got greedy during college as I had a full ride and was taking trips all over the place.

 

[clarkchaz1988]

This plan of yours isn't fully thought out. SMH at whoever repped this man for this post...

.

Most, if not all loans, with particular emphasis on Student Loans, come with a side of "interest."

If your plan is to pay $50 to $100 per month for 40 years, odds are that the money/your payments are going towards the accrued interest (and barely, if I may add), and not the principle. You'd honestly never pay down your debt.

So, simply stated, your approach and tactic is meaningless. Might as well not pay anything--and face the consequences like a man.

Now I aint about to sit here and defend these ridiculous scumbag educational loan companies, but folks like you are equally as ridiculous, if not more so. No one asked you to go to an expensive school, and finance your education with burrowed money. You did all of that of your own volition; own up to yo' responsibilities like a man.





...

I thought he was joking when he made that post.

 

[jjs07]

When you file your taxes, don't they see that you're not paying back your loans? Something ain't adding up here....

 

[hennessy]

When you file your taxes, don't they see that you're not paying back your loans? Something ain't adding up here....

If you have defaulted on a federal student loan, up to 100% of your tax refunds can be seized. However, you may be able to avoid having your tax refund seized if you set up a satisfactory repayment arrangement and begin making payments. In superb 's case, his loans are in forbearance which is preventing him from defaulting so he is avoiding having his tax return seized, I believe. Dude seems to know what he's doing honestly. Hope it works out for him in the future though if anything changes with his life.

 

[Chiron]

I'm goin to graduate with 25 - 30k

Bachelors in Public Administration (psychology minor)

I'm hoping the payments are right around 300 but if I can land a job making 40-70k a year I'm just going to live meager and pay the whole thing off in 2 years. I think 50k is reasonable if you hustle putting in those applications. If you have 80k+ in student loans you should have majored in Engineering, Medicine, Engineering, Law (Maybe), Computer Science, or Engineering. Any other major is unacceptable. I would've thrown business in there but the people who are smart enough to become wealthy in business are smart enough to manage their debt. I really don't want to bash anyone. I learned all this while in school and I changed majors 3 times. They don't give us the info until we're knee deep in it. It's like they're freemasons the way they lead you in blind.

OP: I can't give any advice on managing your loans except to say make more money. And I don't know your major so I don't know what careers you can look for

 

[krazy88s]

Took out a private student loan. The hell was I thinking?

Ol Sallie is knee deep up my butt the 1st of every month.

EDIT: Enough with that you gotta major in this, that or the 3rd talk. Who the hell cares? Just make enough money.

 

[hennessy]

I'm goin to graduate with 25 - 30k
Bachelors in Public Administration (psychology minor)

I'm hoping the payments are right around 300 but if I can land a job making 40-70k a year I'm just going to live meager and pay the whole thing off in 2 years. I think 50k is reasonable if you hustle putting in those applications. If you have 80k+ in student loans you should have majored in Engineering, Medicine, Engineering, Law (Maybe), Computer Science, or Engineering. Any other major is unacceptable. I would've thrown business in there but the people who are smart enough to become wealthy in business are smart enough to manage their debt. I really don't want to bash anyone. I learned all this while in school and I changed majors 3 times. They don't give us the info until we're knee deep in it. It's like they're freemasons the way they lead you in blind.

OP: I can't give any advice on managing your loans except to say make more money. And I don't know your major so I don't know what careers you can look for

Chiron ,

You are in good shape man. If you get a job in your desired salary range and live meager you might be able to pay them off in two years but you have to take account your other expenses and the type of lifestyle/amount of fun you want to have and ask yourself is it worth it to pay them all off in two years. You may be financially crippled for those two years and really unhappy.

The balance on my loans right now is ~$23,400. I pay ~$300 each month. I will break down my loans for you since it may help you decide how you want to repay them. I have three Stafford loans with the U.S. Department of Education. They have varying interest rates but I grouped them all together for the sake of simplicity.

I'm paying off my loans in 10 years. I'm accruing a fair amount of interest but with my other bills, paying off lump sums isn't feasible for me right now. I graduated in May 2012 (Bachelors in Finance/Entrepreneurship). So starting on 12/18/2012, I was required to make 119 monthly payments of ~$300. On 11/18/2022, I'm required to make my final payment of ~$300.

Here's a break down of what I owed when I graduated and what I will eventually repay (with interest):

• Total Estimated Unpaid Principal Balance on Repayment Start Date 11/10/2012: $25,000
• Total Estimated Unpaid Interest to Be Capitalized: $1,212

• Estimated Amount to Be Repaid as of 11/10/2012: $26,212
• Estimated Interest Payable During Repayment Period: $8,310

• Estimated Total Amount to Be Repaid: $34,523

flyny ,

As far as how to afford finer things, you get a job and WORK. Meet new people and create opportunities for yourself. Try to find an employer that will pay for MORE EDUCATION for you (my MBA is being paid for right now). Don't be complacent. Get off social media so you stop comparing your everyday life to everyone elses highlight real. I see you in the jewelry thread asking the difference between 10k chains and 14k and if the declining price of gold will help you get a $5,000 chain for cheaper. These aren't things you need to concern yourself with right now. They will come later down the road as you develop your career and EARN more money. You can't have it all at once man. But you can avoid getting caught up in that BS right now and be far ahead of your peers in a few years.

Take it from me, I had the chain, all the kicks, clothes, money, and that lifestyle in college. It's nothing special man. I sold all that stuff that doesn't matter. It may seem important to you right now but trust me, it's not. If you are really thinking about "moving" RIGHT when you're about to graduate from college you have your priorities all mixed up, and you already missed the perfect opportunity to do that and get away with it in undergrad.