Anyone paying off their student loans right now?

[LuckyTaxi]

Just graduated and I called up AES and they told me I owe $19000+. Not bad compared to other ppl, but I was
asking about my monthly payment, which will start this July. She said she estimated it @ $400/month!!!
I asked her how that could be since every loan calculator I used estimated payments lower than $250/month!

Then again she said it was an estimate, but it bring chills down my spine just to think about it.
$400/month I could get me a car!!!

Interest rates are 3.56% and the loan is for 10 years. Did she make any sense? I doubt it cuz what she did was took
each of my loan amount and calculated it that way. I asked her why she didnt take the $19k and then do it that way.
She didnt sound like she knows what she was doing.

 

[m2kewl]

:Q

i owe $16k and my monthly is just $60/month.

 

[flot]

That doesn't make sense. My student loans are about $20,000 and yes my payment is right around $250 a month for 10 years.

However, if you have "individual" loans with different companies (or different types of loans?) it may be possible that each one has a seperate monthly payment, and each one may have some kind of minimum payment? That's the only way I could see it adding up to more. (but then you would effectively pay them off faster than 10 yrs??) Anyway, that seems pretty unlikely, but even if it is the case - you can always consolidate into one loan.

 

[vi edit]

I've got $14k and I pay $189 a month.

 

[LuckyTaxi]

She said I have multiple loans with them. What she meant by multiple is that I took out 8 loans in my four year of college.
Two loans per year for each semester. The interest rates are the same for all loans. I think I will call back and speak to someone
different.

Called back and got a different lady, who still didnt sound any better. I told her what the previous rep told me and she said that sounded
about right. I also told her about a letter sent from my school stating how much I should be expecting to pay per month once I graduate.
The school quoted $240-$250. I also asked the rep how they calculate the payments. By individuals loans or the principal balance. She stated the latter, which made mroe sense. She kept saying for $19k the payments should be around $300/month.

I'm totally losing it. I dont know who to believe. She said to call back in June when it gets closer to my first payment and they will for sure how much I should be paying.

 

[tkdkid]

300/month for 10 years is $36,000. You're not going to pay back $36,000 on a $19,000 loan.

It should be $188.42 / month according to this site:
http://www.finaid.org/calculators/loanpayments.phtml

 

[LuckyTaxi]

they both didnt make any sense. You figure if I had to pay $300/month for a $19k loan, then medical school wouldn't even be
an option!

And you're right, $36k to pay off a $19k loan?!

 

[vi edit]

What's scary is what my wife's $40k in loans is going to be a month :Q

Hopefully she nails a good residency program and we can hammer out a good chunk of them in very short order.

 

[LuckyTaxi]

Would consalidating be an option? I've heard some good and bad things about it.

Good - lower monthly payments
Bad - creditors don't like seeing this on your credit report (not sure if it's true?!)

 

[FoBoT]

if it is multiple loans, maybe there is a minimum monthly payment on each that is jacking up the total monthly payment
you might need to consolidate them to get the lowest monthly payment, check the sallie mae website

 

[Hoober]

Originally posted by: lilcam
Would consalidating be an option? I've heard some good and bad things about it.

Good - lower monthly payments
Bad - creditors don't like seeing this on your credit report (not sure if it's true?!)

My wife and I purchased a house and then consolidated our student loans into a second mortgage. We're saving a large amount on interest every year, and most of it is tax deductible because of the current tax code.

I'm not sure if you can afford a house, or are even interested. But it might be something to think about.

 

[LuckyTaxi]

I'm not sure if you can afford a house, or are even interested. But it might be something to think about.

Fiance wants one badly, but I dont wanna get into the house thing. My mom doesnt want me to get a house yet
becuz we aren't married yet.

It would prob be cheaper than what we are paying monthly for rent, but a house is a long term thing and an apt
is a yearly thing. Not sure if I wanna get into all that just yet.

 

[LuckyTaxi]

Originally posted by: FoBoT
if it is multiple loans, maybe there is a minimum monthly payment on each that is jacking up the total monthly payment you might need to consolidate them to get the lowest monthly payment, check the sallie mae website

Multiple loans yes, but it's through the same lender. Thats how she came up with the $400 figure. 8 loans $50/month each.
Why not take the principal balance of $19k for the TOTAL loan.

 

[LuckyTaxi]

Those paying udner $300/month - did u consolidate your loans?

im starting to realize i took out 8 loans (2 per year for fall/spring semester) and they calculated it individually and added up
the monthly payments. I was talking with my friend and he said AES might be right. If they are, then I will consolidate

 

[sohcrates]

yeah, you should def. consolidate

i have about $16K in loans @ 4 percent and it's $200 / month for 10 years

 

[LuckyTaxi]

Originally posted by: sohcrates
yeah, you should def. consolidate

i have about $16K in loans @ 4 percent and it's $200 / month for 10 years

who should i consolidate with? AES has someone they deal with. I dont wanna go online
and just pick some place out.

 

[DBL]

Just consolidate the loans over 30 years. At your interest rate, you are looking at about an $80 per month payment. You may also be able to drop the interest rate further by paying on time for a year and agreeing to automatic withdrawal. You can always pay extra, so there is no downside to this approach that I am aware of. Good luck.

 

[randomlinh]

man, i get to look forward to 40k of loans... and i don't even know what i'm doing in college :/

 

[Stark]

$300 per month, baby!!

gotta love paying for that edumacation!

 

[KC5AV]

I can't say for sure who you should consolidate with, but if you do a little research it should be pretty easy to find a good lender. Consolidation is a good idea. I am supposed to start paying back next month, and my pre-consolidation payment is $263. After consolidation, it should be closer to $150-$175. Nelnet is handling my loan.

 

[shopbruin]

Loan Balance: $11,000.00
Loan Interest Rate: 8.25%
Loan Term: 10 years
Minimum Payment: $100.00


Monthly Loan Payment: $134.92


Number of Payments: 120


Cumulative Payments: $16,190.01
Total Interest Paid: $5,190.01


i dunno how correct that is though. it won't calculate the interest i owe because it is an unsubsidized loan and i deferred ALL payments.

 

[sohcrates]

i consolidated with AES