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Those of you who have student loans:

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Special K

Diamond Member
Jun 18, 2000
7,098
0
76
Originally posted by: Demon-Xanth
Originally posted by: Aikouka
I have about 35k in loans and pay around $300 in a month.

You know what I hate? How we're told to go to college (student loans) and then get a good job but then we kinda have to pay those loans, save up in retirement accounts and also pay a ton of taxes because we actually went to college to get a good job that pays well.

Yeah... you can tell I just did my taxes :(.
You know that the interest on those loans is a tax deduction, right?
It depends on your AGI. The student loan interest deduction begins to phase out at $50k, and is eliminated at $65k.
 

hanoverphist

Diamond Member
Dec 7, 2006
9,928
23
76
Originally posted by: randomlinh
Originally posted by: Demon-Xanth
Originally posted by: Aikouka
I have about 35k in loans and pay around $300 in a month.

You know what I hate? How we're told to go to college (student loans) and then get a good job but then we kinda have to pay those loans, save up in retirement accounts and also pay a ton of taxes because we actually went to college to get a good job that pays well.

Yeah... you can tell I just did my taxes :(.
You know that the interest on those loans is a tax deduction, right?
and what citibank didn't tell me the first year i was paying out... if i didn't submit a mailed in request (no online request) for a 1098E, I could not legally claim the interest paid... fvckers. Nelnet sent one to me w/o asking. It wasn't until I went searching that they said the deadline for submission was 12/31 for the year you were trying to claim.
i just go to the dept of ed website and print mine from there. i can see it at any point, with real data. pretty cool. i still owe like 32k for my degree, and instead of making the 550 a month they want me to pay i give em 300. i think ill be paying for a while at this rate. % isnt too bad tho, so its working for now. single and 3 young kids isnt a good time to push a ton of cash into a student loan imo. last time i looked it was due to be paid by 2018 or something like that.
 

sactoking

Diamond Member
Sep 24, 2007
7,006
1,858
136
20k in undergrad loans for state school. Interest locked in at <2%. I pay less than $100/month.
 

purbeast0

No Lifer
Sep 13, 2001
51,129
3,802
126
Originally posted by: sactoking
20k in undergrad loans for state school. Interest locked in at <2%. I pay less than $100/month.
woah this is just like me.

i have 19.5K i owe locked at like 1.9% i think. I pay $60/mo right now but i think it goes up soon. they give you 20 years to pay it off which is why it's so cheap, however i dont plan on having it open for 20 years.
 

oiprocs

Diamond Member
Jun 20, 2001
3,781
2
0
Why doesn't everyone just dump like, as much of their paycheck as they can onto the loans? Cut out food, rent/utilities, gas, insurance, phone, all the necessities, and whatever is left send it all to the loans?

I plan on doing this with my 60K once I graduate, but I'm single. I figure if you're not single, this is a lot more challenging.
 

Special K

Diamond Member
Jun 18, 2000
7,098
0
76
Originally posted by: oiprocs
Why doesn't everyone just dump like, as much of their paycheck as they can onto the loans? Cut out food, rent/utilities, gas, insurance, phone, all the necessities, and whatever is left send it all to the loans?

I plan on doing this with my 60K once I graduate, but I'm single. I figure if you're not single, this is a lot more challenging.
It depends on the interest rate. If you have loans locked in a low rate, then it makes more sense to save the money instead.

But for a high interest rate, what you describe makes sense.
 

Rumpltzer

Diamond Member
Jun 7, 2003
4,815
33
91
Originally posted by: Special K
Originally posted by: Demon-Xanth
Originally posted by: Aikouka
I have about 35k in loans and pay around $300 in a month.

You know what I hate? How we're told to go to college (student loans) and then get a good job but then we kinda have to pay those loans, save up in retirement accounts and also pay a ton of taxes because we actually went to college to get a good job that pays well.

Yeah... you can tell I just did my taxes :(.
You know that the interest on those loans is a tax deduction, right?
It depends on your AGI. The student loan interest deduction begins to phase out at $50k, and is eliminated at $65k.
Sucks, doesn't it?

I was able to consolidate at 3.0%, so it's not terrible...
 

alkemyst

No Lifer
Feb 13, 2001
83,967
16
81
Not sure exact total, but around 25-27k now. 4.5% or so...I pay like $150 right now so the payoff is long, but once my other school debt goes down (credit cards) I transfer those payments (about $800/month) to my school loans.
 

randomlinh

Lifer
Oct 9, 1999
20,853
2
0
linh.wordpress.com
Originally posted by: lizardth
Originally posted by: Fullmetal Chocobo
My wife graduated from Texas State University - San Marcos (where I'm going now), and she has about $12k in debt, and I pay about $150 a month.
We have 10-15 years to repay and my interest rate is 5.25% on one loan and about 3% on the other. Now these are Federal and State sponsered loans--I have no idea about any other types of student loans.
private loans are unfortunately... quite a bit more. mine is hitting me hard at just over 8% :( It's worse than my car loan sadly.
 

Wreckem

Diamond Member
Sep 23, 2006
9,330
789
126
I plan to be in school until 2012. Simly because of law school. However, it'll be good because in 2012 Federal Stafford loans interest rates will be at 3.8%(for one year, then they'll shoot back up to 6.8%). I'll consolidate all my little stafford loans into on big loan at 3.8%.

Ill have less than ~$20,000 for undergrad, and less about ~$60,000 for law.
 

markgm

Diamond Member
Aug 23, 2001
3,290
1
81
I think I have around 15k I owe at 6.2%. I pay around $300 a month on them. I keep thinking about paying more but it makes more sense to invest the money instead.
 

Casawi

Platinum Member
Oct 31, 2004
2,366
1
0
One of my professors once told me that going to grad school on student loans is not a good idea. Find some funding. Do absolutely have to get M.S ... I mean you can wait and work for a while then go back to school or do both.
I sure as hell wasn't ganna add to my students loans or ask my parent for more money.

My loan is set to about $200 too and I owe like 18k with higher interest than most loans tho.
 

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