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Started By
Message
Need advice on student loan.
Posted on 2/13/19 at 5:37 pm
Posted on 2/13/19 at 5:37 pm
Friend of mine is stuck in an old loan. Only paying off the interest ( $200 a month) and nothing on the principal. Going on close to 15 years. Financed at 7.5 percent. Supposedly cant be refinanced.
Is this legit? Any options ? I paid mine off in 10 years at $160 month. We graduated around the same time too.
Thx
Is this legit? Any options ? I paid mine off in 10 years at $160 month. We graduated around the same time too.
Thx
10
Posted on 2/13/19 at 7:22 pm to HeadedToTheWoods
I don't understand to be honest.
Why don't they pay $225 or SOMETHING more than the interest only and get the balance moving south?
15 years of interest only? Good lord. I'd say your friend should go back to school but the first time didn't seem to help
Why don't they pay $225 or SOMETHING more than the interest only and get the balance moving south?
15 years of interest only? Good lord. I'd say your friend should go back to school but the first time didn't seem to help
Posted on 2/13/19 at 7:31 pm to HeadedToTheWoods
Detils are sparse on this one. Loan value...what income streams your friend has...anything they can refinance to pay this loan off and get more manageable terms.
There are options, but your friend almost seems not to care.
There are options, but your friend almost seems not to care.
Posted on 2/13/19 at 7:35 pm to TDFreak
Is there government assistance to make this a more favorable payoff ?
PS he was married to an idiot spending cheater. Brought him down across the board
PS he was married to an idiot spending cheater. Brought him down across the board
This post was edited on 2/13/19 at 7:48 pm
Posted on 2/13/19 at 8:06 pm to HeadedToTheWoods
If ALL your friend can afford paying after 15 years is $200. They need to go back to school to get a real degree.
Posted on 2/13/19 at 8:36 pm to HeadedToTheWoods
If your friend can’t/won’t do the research himself, what’s it to you? He can get a side hustle, part time job, sell some stuff, etc and put it toward principal. It’s not rocket science.
Posted on 2/13/19 at 11:11 pm to HeadedToTheWoods
Is it an Income Based Repayment plan that has a “forgiveness” after 20 or 25 years?
Posted on 2/14/19 at 7:24 am to HeadedToTheWoods
The only end game here is death. Pay interest only until you die is generally not a sound financial plan for a debt you incur in your teens and 20s.
Posted on 2/14/19 at 7:54 am to HeadedToTheWoods
Posted on 2/14/19 at 8:11 am to HeadedToTheWoods
A friend this stupid doesn’t deserve help. I’d move on and let him figure this out on his own.
Posted on 2/14/19 at 9:30 am to HeadedToTheWoods
So this guy has spent 36,000 in interest on a 32,000 loan over 15 years?
Posted on 2/14/19 at 1:52 pm to notsince98
Is SOFI legit?
Posted on 2/14/19 at 2:06 pm to HeadedToTheWoods
Posted on 2/14/19 at 3:47 pm to Tdot_RiverDawg
I used SoFi to refinance my wife’s loans. No problems so far
Posted on 2/14/19 at 9:29 pm to Special K
Thanks for the advice. I’ll check into it all
Posted on 2/15/19 at 7:11 am to HeadedToTheWoods
quote:
I’ll check into it all
you mean "you're friend" will check into it all
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