Those of you who have student loans:

[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.

 

[hanoverphist]

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]

20k in undergrad loans for state school. Interest locked in at <2%. I pay less than $100/month.

 

[purbeast0]

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]

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]

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]

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]

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]

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]

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]

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]

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.