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Started By
Message
re: Student Loan payback
Posted on 10/25/23 at 8:10 am to ruzil
Posted on 10/25/23 at 8:10 am to ruzil
quote:
They are, but they bake the interest in so there is no advantage for paying them off early.
Is that new? I know for a fact that up until 5 years ago you could pay earlier to lower the interest impact. You might want to take another look at that.
1
Posted on 10/25/23 at 8:11 am to Tigerpaw123
quote:
Now tell me how to survive a shot economy I didn’t sign up for?
I assume you have a regular 8-5 job. I don’t know about your personal life or what you do, but maybe find a 2nd part time job on weekends. Go bartend on Friday and Saturday nights or something, make extra cash to cover the increase of your bills.
When i was out of college I worked my regular job and served court summons on the side. I would serve 8-10 a week and get 30 dollars for each one and could do it on my own time as long as it was served a certain amount of time prior to court date, it helped make ends meet until I got a better higher paying job
Posted on 10/25/23 at 8:14 am to mattchewbocca
I busted my arse and paid mine back and I didn't bitch about it. You should own your life choices and do the same.
Posted on 10/25/23 at 8:17 am to mattchewbocca
quote:
Now that life continues to get harder with rates going up in every aspect of our lives then they finally decide “It’s time to start paying back student loans!” No drop in interest there btw. My bills are now borderline above my income monthly! frick this crooked government sideways! I should literally just say duck the federal government and not pay cuz I feel like I’ve already paid them back honestly
Sir or Madam,
Please pay back what you owe. This is not to punish you or treat you any differently than anyone before you. You cannot see it now but in the long run you will feel better and be better off having paid that debt off yourself.
Thank You
Posted on 10/25/23 at 8:17 am to deltaland
quote:
Student loans are predatory in nature
How? How are they different than any other loan?
quote:
We need a mandatory financial class for all high schools to teach students basic finances
While that wouldn't hurt, maybe the parents should take the time to explain basic life lessons to their kids.
Posted on 10/25/23 at 8:20 am to Free888
quote:
Guess reading comprehension isn’t a strong suit?
That's why he went to college to get good at it.
Posted on 10/25/23 at 8:20 am to mattchewbocca
quote:
how many college kids you you think really understands what they are signing up for?
If you are an adult, you are responsible for understanding adult things. Do they understand their car loan? There are other 18 year olds entering the workforce or signing up for the military. They are managing adult obligations. Why coddle college students? A lot of high school kids understand the need to get as many scholarships as possible or choose less expensive universities so they don't have to take out loans. Again, why coddle those that didn't worry about college until they got there?
Posted on 10/25/23 at 8:21 am to mattchewbocca
quote:
I’ve paid it back but the interest rates make me a prisoner. That’s my only complaint
Were you paying at all when interest was paused for three years or...?
Posted on 10/25/23 at 8:21 am to TigerDeacon
There seems to be a fundamental misunderstanding by many how loans (including student loans) work. People really need to educate themselves. I’m not even sure some parents are equipped to teach their kids.
Posted on 10/25/23 at 8:22 am to mattchewbocca
You had three years of no payments to save for this day
This post was edited on 10/25/23 at 9:05 am
Posted on 10/25/23 at 8:25 am to mattchewbocca
quote:
frick you! I’ve been Payign my shite back! Now tell me how to survive a shot economy I didn’t sign up for?
Has to be a troll.
Zero sympathy for you because it sounds like you didn’t have to pay shite back for the last 2-3 years. Rather than saving money or continuing to pay your debt down, you did nothing.
Don’t like the interest rate? Refinance.
I refinanced my student loans 2 or 3 times to keep lowering the rate. Because of that, my loans were no longer FedLoan and I didn’t get the benefit of the freeze on student loan repayment. In the long run it was a good thing because I paid all of my loans off (six figures) in less than six years.
Sorry the consequences of your actions finally surfaced.
Posted on 10/25/23 at 8:30 am to Free888
quote:
There seems to be a fundamental misunderstanding by many how loans (including student loans) work. People really need to educate themselves. I’m not even sure some parents are equipped to teach their kids
I hope the OP learned enough about loans to pass the knowledge on to his kids.
Posted on 10/25/23 at 8:36 am to mattchewbocca
To paraphrase Ray Liotta in Goodfellas...Frick you. Pay me.
Posted on 10/25/23 at 8:41 am to mattchewbocca
Posted on 10/25/23 at 8:48 am to deltaland
If I lived in an area I could do it, I would be a shopper for Instacart. Not great money, but pretty flexible and easy to do. I depend on these guys for my groceries and the ones that are good at interacting and finding substitutes get tipped very well.
Posted on 10/25/23 at 8:58 am to Free888
quote:
They are, but they bake the interest in so there is no advantage for paying them off early.
Is that new? I know for a fact that up until 5 years ago you could pay earlier to lower the interest impact. You might want to take another look at that.
Since most student loans are based on Simple Interest this is absolutely incorrect. As you pay down the principal, the interest is recalculated based on the current loan balance.
Posted on 10/25/23 at 9:14 am to mattchewbocca
quote:
I should literally just say duck the federal government and not pay cuz I feel like I’ve already paid them back honestly
Move to another country
Posted on 10/25/23 at 9:25 am to TDTOM
Understand. I don’t disagree they need to be paid back. It’s just frustrating bc the gov literally hands out money. Not just for tuition. But to rent apartments, etc. It should be tuition only, with the kid / parents paying the fees, dorms, food, etc. There has to be a better way. I know. The kids need to read and they attend financial counseling. But it’s really bad counseling. And when one is 18 and starry-eyed about college and earning a degree and making a successful life, none of that matters. They see money and the chance to go. My frustration is the billions wasted on foreigners and other stupid things and their pet projects.
Posted on 10/25/23 at 9:30 am to TigerDeacon
quote:
How? How are they different than any other loan?
There aren't many loans that target the 18-22 year old demographic with absolutely no criteria for approval and essentially a blank check. I'm not saying that it's "predatory" per se, but the loan absolutely sets up borrowers to take on as much as they can at a time in their life that they haven't lived long enough to fully understand the ramifications of their actions.
In no way am I trying to absolve borrowers here, but the lending criteria, and government backing need to 100% change. It would solve the escalating nature of tuition, and make borrowers understand how debt works in the real world.
Posted on 10/25/23 at 9:31 am to CarpeDiem
quote:
You took advantage of three years with no interest by making payments to bring your balance down, right?
I either paid the loans, invested the extra cash, or saved it.
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