Comments on: Pay Off Student Loans

By: Angelwing529

Angelwing529 — Wed, 20 Jul 2011 20:07:00 +0000

I did not know how this student loans work, all I was told by the school financial consultant was to apply for them since I was a single mom with 3 kids to feed going to school full time and working part time to support them, well I graduated and got hurt in my hands and I couldnt pay them so now they are taking my taxes ever yr. I have gotten low paying jobs just to get by but no money to payment for 3 loans of $ 2,500.00 they have accumulated to 22,542.97 I am in my late fiftys and would like to buye a home for me, how can i get the interest down any advise, thank u
adriana

By: Angela

Angela — Tue, 31 May 2011 06:23:00 +0000

To Jim Hendrickson,

Hi, I just saw your post about deferring the loan payments while serving as an officer in the army. I’m also considering the army officer path, and wanted to find out how to defer while in the army, thanks, my email is andra79@hotmail.com

By: Angela

Angela — Tue, 31 May 2011 06:23:00 +0000

To Jim Hendrickson,

By: J. McMahon

J. McMahon — Wed, 03 Dec 2008 04:07:10 +0000

Never, EVER, place your student loans in forbearance!!! Start paying what you can while you are in school or your loans could double by the time you graduate, mine did. Borrowed 60K ended up owing 120K, take my advise seriously.

By: Kayla

Kayla — Tue, 23 Sep 2008 03:04:58 +0000

i just spent the last half hour reading these comments. i am about to graduate this may with $56,000 in debt. i am in tears reading all of your comments…will i get a good enough job to pay this? even if i do, i’ll spend 20 years paying it off. i will only have a business degree (undergrad) so chances are i’ll make about 50k…that won’t be enough!! i’m so upset and so very scared. i thought the education would be worth it but i don’t think it is. now i doubt the last 3 years of my life. i should have been a real estate agent and not gone to school…i want to kill myself :(

By: Michael Eagal

Michael Eagal — Sat, 06 Sep 2008 01:09:25 +0000

I graduated medical school with now $250,000 in student loans. The bad thing is that I decided not to pursue a residency given some family situations and sick parents. I am working full time, but only make about $53K per year. I have consolidated my loans, but what options do I have? I can’t just live my life paying this off, but I just feel helpless now. Any advice? email me if you have options or something to say about this.

By: Kevin

Kevin — Mon, 10 Mar 2008 03:00:47 +0000

I graduated almost 10 years ago with about $32,000 in Student Loans. I moved to NYC and was earning a whopping $10.50/hr. You can imagine how far that went. Don’t bother trying to file for Economic Hardship – it’s a bunch of crap because they don’t factor in the cost of living in the area that you live in. Making $23,000 a year in Tucson would be fine, but NYC is 3x more expensive. So interested added up, I defaulted, and penalties added up, until I was giving “no choice” by the credit agency but to consolidate the loan with the William D Ford. DON’T EVER DO THIS – you always have a choice. I you consolidate, all the interest and penalties are locked in a new loan and you can not EVER negotiate them out. By January of 2005 I found my loan in the hands of the Dept of Education and a nice new loan total of $98,000.00 – THAT’S RIGHT!!! Go USA!! (funny, the guy from DOE said that consolidating my loan was the worst thing I did as well… I say the worst thing was taking the damn loans out to go to college)

Over the past three years I worked my rear off and got better jobs and started making better money. Anyway, they can s*ck my b*lls now because as of 03/04/08 I completely paid it off! Here’s a finger to you DOE and every bank that held my loans!

My suggestions:
Don’t ever listen to your lender when they say you have “no choice” – they just want their money and will do anything to get it.
Like Paul said – just deal with it and pay it off.

I hate the fact that money is gone and I spent the better part of 9 years trying to come up with enough every month to pay the stupid payment. but now I am completely debt free with a credit rating of 720…. and my life can finally begin!

By: Michael

Michael — Fri, 28 Dec 2007 03:14:50 +0000

I was told student loans are a good debt and that you’ll have low monthly payment…..and that the more education the better. So i took the advise and went to undergrad and grad school by taking out student loans. With no one ever telling me to be cautious on the amount. So i graduated with a masters degree and currently have about 150,000 in debt! (I found a good private grad school to go to that cost me 35,000/yr) So i feel i’m making good money and make above average for my field, about 78,000/yr, however im living paycheck to paycheck and am overdrawn about once every two paychecks. I see no end! If i could do it again, i would never gone down the path i did……but now i’m stuck. I like the field im in, but dont love it. And i cannot change into the field i love because than i wouldnt make enough to pay my loan payments and live. Student Loans = death to freedom in this country!

By: Paul

Paul — Tue, 16 Oct 2007 04:05:23 +0000

I graduated with about $62,000 in student loan debt. For three years I lived in an expensive city with an expensive girlfriend. I lived outside my means. 14 months ago I moved to an inexpensive city, with a kind landlord who charges me very minimal rent. I put every single spare CENT towards my loan. I pay about $2500 per month, and have decreased the loan, in 14 months, to about $35,000. I plan to be debt free by the end of 2008. I live more frugally than I did as a student, and I have declared personal WAR on my student debt. It consumes me, which I’m more than okay with, so long as I kill this monkey on my back.

My advice: Don’t brood over your mistakes. Instead, devise a seek-and-destroy strategy, and stick to it, and don’t back down until you have killed the debt. Then keep saving to avoid EVER being in the same vulnerable position again.

By: moneymakers

moneymakers — Mon, 16 Jul 2007 00:29:55 +0000

Pay your student loans off slowly, esp if you have a low interest rate and invest the rest!! don’t pay it off fast, that’s the biggest mistake people make.

By: Wealth - Achieving Without Being Boring » financial zen

Wealth - Achieving Without Being Boring » financial zen — Wed, 11 Jul 2007 10:14:06 +0000

[...] (Read more stories of how other people paid off debt at Chris Pirillo’s blog) [...]

By: anita

anita — Fri, 29 Jun 2007 00:19:15 +0000

my student loan is from 1978, in the amount of 4,200. Over the years, I have paid some, and then my wages were garnished, tax returns taken. I have paid them twice over that way, but the interest is 150 percent, and now, 2007, my amount owed is 14,448.00 I am about to retire and cannot repay it. I offered 1000.00 cash, close the account. They said no. Well, I am too old to care. Thake 15 percent of my Social Security check when I get it. My 85 year old mother wont eat. She lives with me , and I help her. What to do?

By: Shica

Shica — Tue, 12 Jun 2007 19:45:05 +0000

Well I have over $50,000 in student loans and I want to continue my eduaction. Even if I pay month to month with a little extra I would never pay this amount off unless I pay it off in a lump sums every month are all at once.

By: The Chris Pirillo Show

The Chris Pirillo Show — Wed, 30 Nov -0001 00:00:00 +0000

Sonic / Roxio / Video Editing Software Coupons Is Debt Consolidation Dumb? Free Software vs Free Trial Video Guide Links Personal Money Management Make Your Intel Mac a Fast Mac with Less Fat? Help with Bad Credit Loans Pay Off Student Loans

By: Financial Aid Directory

Financial Aid Directory — Wed, 30 Nov -0001 00:00:00 +0000

and admissions practices Forum: Parents Forum Posted By: kenyon_10 Post Time: 06-01-2007 at 08:06 PM. Student Loans Forum: Financial Aid & Scholarships Posted By: burgler09 Post Time: 06-01-2007 at 03:01 PM. Pay Off Student Loans I had about $15000 in student loans when I graduated in 1985. I deferred for four years while I served as an Army Officer. I did a Sallie Mae consolidation loan at about 6%. The term was fifteen years and if memory serves it was around