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How long does it roughly take to pay off student loans? I have about 11,000 amassed right now and that's only undergrad. Law school will take a hefty toll as well. Do you guys have any student loan experiences and if so please share.
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Achkerov kute. -
I got about 15 grand left.
Is it a good idea to pay it off right away, or should I just do my 10 years worth of monthly payment. -
Well, the long term is always the accumulation of interest. It's always better to pay it off and be clean as soon as possible. But if you can't then I suggest sticking with the monthly and eventually paying it off. But do not have gaps in your payments be consistent.Achkerov kute.Comment
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It entirely depends on how fast you pay it off. If you are only paying the minimum payments, it will take a loooooooooong time. The most important thing is to lock them in at a low rate ...
But with 11K, at 4% APR:
at $111 a month, will take you 10 years to pay it off.
at $202 a month, it'll take you 5 years.
As far as my experiences, I had about 20K overall from my undergrad days which were all subsidized. This means I didn't have to pay the interest while at school (which was great since I went on and on and on in grad school
). I did not take any loans in grad school as my advisor would pay my tuition, I didn't have any rent to worry about, and I had a couple of jobs on the side to pay for the rest (car, insurance, food, etc). Thankfully, CS majors don't need too many books either 
I consolidated and locked in all that at about 3% 2 years ago ... all through Sallie Mae. Now the minimum payments are something like $138 or something. I have other high interest loans (car, mortgage, etc) so I'm trying to get rid of those first ... so I only make the minimum payments on the student loans for now.Last edited by Sip; 08-04-2005, 07:59 PM.this post = teh win.Comment
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Life is about acquiring debt. The people with the most debt are better than you.
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Achkerov kute.Comment
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I had 50 grand when I finished school. I have been making payments of at least 1 grand a month for the past 2 years. Now I'm locked in with Sallie Mae at 2.7% interest and will have this loan paid off plus 10 grand extra in 20 years if I only make payments of $175 a month. However, since there is no prepayment penalty, I will keep making payments above what is minimum so I can finish without paying more than 2 grand extra.
Loans suck.The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function. -- F. Scott FitzgeraldComment
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CK, that's excellent. By the way, I think with Sallie Mae you can make multiple payments a month so if you can, do 500-500 every 2 weeks heck or even better, 250 every week ... of course that depends on how you get paid. If you get paid monthly, then what I said doesn't make much sense
this post = teh win.Comment
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Holy xxxx!Originally posted by ckBejugComment
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We are choosing a loan for me right now, besides the ones I get from my school. Its such a stress factor, but I guess we should be greatful for loans.
11 isnt a big debt, its actually pretty good even for undergrad alone. We saw loans that you dont have to start paying off until after graduation. Thats probably what you want for law school.Comment
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I get paid every 2 weeks. So if I split the payments what would be the benefit?Originally posted by SipCK, that's excellent. By the way, I think with Sallie Mae you can make multiple payments a month so if you can, do 500-500 every 2 weeks heck or even better, 250 every week ... of course that depends on how you get paid. If you get paid monthly, then what I said doesn't make much senseThe test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function. -- F. Scott FitzgeraldComment
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