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re: Making lump sum payments on student loan debt- wise or unwise?
Posted on 1/7/13 at 12:16 pm to boosiebadazz
Posted on 1/7/13 at 12:16 pm to boosiebadazz
quote:
but part of me says frick it, spend what you want and pay the minimum and enjoy your life. but that is only if you aren't thinking of public office down the road
Ya, a big part of me has said the same thing for quite a while. I only get one shot on Earth and already made one big mistake, but frick if I'm gonna sit in my house for 30 years. Life is a flash in the pan until you're dead.
I'll never make it to public office. I'm too crass.
quote:
Nothing would grind my gears worse than living like a poorie for 5 years crushing out this debt only to have the gov enact some ridiculous legislation forgiving it after 10
The moral hazard, etc. I'd be furious once I went in full bore. So would a lot of people. I scoff at 30K-50K in student loans. That wouldn't even stir me in my slumber to pay that off.
This post was edited on 1/7/13 at 12:18 pm
0
Posted on 1/7/13 at 12:39 pm to Jwodie
(no message)
This post was edited on 1/12/13 at 8:33 pm
Posted on 1/7/13 at 1:00 pm to Teddy Ruxpin
quote:
Say you have a consolidated student loan of about 200K with an interest rate of 7.1%.
I feel fortunate to just have had $17K total. The balance is down near $10.5K. It should be paid off within the next 14-18 months. I agree with not living like a poor for 25 years. You only live once.
Posted on 1/7/13 at 1:46 pm to Jwodie
quote:
I have a term life policy that will supplement my retirement income down the line.
Agree with the other poster that you need to clarify this. Sounds like a whole life policy, which I wouldn't buy with that much debt on board. I wouldn't even carry life insurance until you get married (assuming no one cosigned your loans).
I would knock out the 8% or above loans if you can swing it easily. Maybe take 3 months of your emergency fund to knock it down, and use 3 months for a home down payment savings.
Posted on 1/7/13 at 2:02 pm to Maniac979
quote:
I'd take the route of most young lawyers and spend the emergency money on a 911CS.
what the hell kind of young lawyers do you know?
Posted on 1/7/13 at 2:04 pm to Ric Flair
quote:
Agree with the other poster that you need to clarify this. Sounds like a whole life policy, which I wouldn't buy with that much debt on board.
You may be right in that it's a whole life policy. Regardless, it's only $100/mo. and carries a cash value that I can withdraw at any time so it's fairly liquid.
quote:
I wouldn't even carry life insurance until you get married (assuming no one cosigned your loans).
Again, the only reason I even bought the policy was because it "turns into" a supplemental source of retirement income that I can withdraw from like a savings account once I get to a certain age. It merely doubles as life insurance policy (I have a young nephew with a POS baby daddy so he's the beneficiary).
quote:
I would knock out the 8% or above loans if you can swing it easily. Maybe take 3 months of your emergency fund to knock it down, and use 3 months for a home down payment savings.
I'm going to start chipping away at these 8% loans per everyone's advice. Seems like a wise decision despite not wanting to part with my liquid savings...
This post was edited on 1/7/13 at 2:07 pm
Posted on 1/7/13 at 2:12 pm to theOG
(no message)
This post was edited on 1/12/13 at 8:32 pm
Posted on 1/8/13 at 8:48 am to Maniac979
While that is how the pay works, that sounds incredibly stupid.
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