Announcement

Collapse

Forum Rules (Everyone Must Read!!!)

1] What you CAN NOT post.

You agree, through your use of this service, that you will not use this forum to post any material which is:
- abusive
- vulgar
- hateful
- harassing
- personal attacks
- obscene

You also may not:
- post images that are too large (max is 500*500px)
- post any copyrighted material unless the copyright is owned by you or cited properly.
- post in UPPER CASE, which is considered yelling
- post messages which insult the Armenians, Armenian culture, traditions, etc
- post racist or other intentionally insensitive material that insults or attacks another culture (including Turks)

The Ankap thread is excluded from the strict rules because that place is more relaxed and you can vent and engage in light insults and humor. Notice it's not a blank ticket, but just a place to vent. If you go into the Ankap thread, you enter at your own risk of being clowned on.
What you PROBABLY SHOULD NOT post...
Do not post information that you will regret putting out in public. This site comes up on Google, is cached, and all of that, so be aware of that as you post. Do not ask the staff to go through and delete things that you regret making available on the web for all to see because we will not do it. Think before you post!


2] Use descriptive subject lines & research your post. This means use the SEARCH.

This reduces the chances of double-posting and it also makes it easier for people to see what they do/don't want to read. Using the search function will identify existing threads on the topic so we do not have multiple threads on the same topic.

3] Keep the focus.

Each forum has a focus on a certain topic. Questions outside the scope of a certain forum will either be moved to the appropriate forum, closed, or simply be deleted. Please post your topic in the most appropriate forum. Users that keep doing this will be warned, then banned.

4] Behave as you would in a public location.

This forum is no different than a public place. Behave yourself and act like a decent human being (i.e. be respectful). If you're unable to do so, you're not welcome here and will be made to leave.

5] Respect the authority of moderators/admins.

Public discussions of moderator/admin actions are not allowed on the forum. It is also prohibited to protest moderator actions in titles, avatars, and signatures. If you don't like something that a moderator did, PM or email the moderator and try your best to resolve the problem or difference in private.

6] Promotion of sites or products is not permitted.

Advertisements are not allowed in this venue. No blatant advertising or solicitations of or for business is prohibited.
This includes, but not limited to, personal resumes and links to products or
services with which the poster is affiliated, whether or not a fee is charged
for the product or service. Spamming, in which a user posts the same message repeatedly, is also prohibited.

7] We retain the right to remove any posts and/or Members for any reason, without prior notice.


- PLEASE READ -

Members are welcome to read posts and though we encourage your active participation in the forum, it is not required. If you do participate by posting, however, we expect that on the whole you contribute something to the forum. This means that the bulk of your posts should not be in "fun" threads (e.g. Ankap, Keep & Kill, This or That, etc.). Further, while occasionally it is appropriate to simply voice your agreement or approval, not all of your posts should be of this variety: "LOL Member213!" "I agree."
If it is evident that a member is simply posting for the sake of posting, they will be removed.


8] These Rules & Guidelines may be amended at any time. (last update September 17, 2009)

If you believe an individual is repeatedly breaking the rules, please report to admin/moderator.
See more
See less

Question on Student Loans

Collapse
X
Collapse
 
  • Page of 4
  • Filter
  • Time
  • Show
Clear All
new posts
Previous 1 2 3 4 template Next
  • #11
    It's always beneficial to pay as soon as you can. So here's an example:

    $50,000 loan, $1,000 a month, 2.7% APR

    With regular monthly payments, you'll pay:

    $3,102.53 interest
    54 payments (~54 months) to pay off the loan.

    With making a $500 payment every 2 weeks, you'll pay:

    $2706.45 interest
    106 payments (~48 months) to pay off the loan.

    The difference doesn't seem that big but if you can, by just making payments every 2 weeks instead of every month, you'll pay off the loan 6 months sooner!!!! Of course this is all assuming there is no prepayment pentalty. Also note that there are 54 weeks in a year so making a payment every 2 weeks is like making 26 payments a year (as opposed to 2x12 = 24).

    Edit: now I just hope I did all that right
    this post = teh win.

    Comment

    • #12
      If I have $100,000 in loans how long would it be before I pay it off? I know it depends on how much I pay monthly, but what is a rough estimate?
      Achkerov kute.

      Comment

      • #13
        Originally posted by Sip
        It's always beneficial to pay as soon as you can. So here's an example:

        $50,000 loan, $1,000 a month, 2.7% APR

        With regular monthly payments, you'll pay:

        $3,102.53 interest
        54 payments (~54 months) to pay off the loan.

        With making a $500 payment every 2 weeks, you'll pay:

        $2706.45 interest
        106 payments (~48 months) to pay off the loan.

        The difference doesn't seem that big but if you can, by just making payments every 2 weeks instead of every month, you'll pay off the loan 6 months sooner!!!! Of course this is all assuming there is no prepayment pentalty. Also note that there are 54 weeks in a year so making a payment every 2 weeks is like making 26 payments a year (as opposed to 2x12 = 24).

        Edit: now I just hope I did all that right
        There's no prepaymen penalty. This sounds like a good plan. =)
        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 Fitzgerald

        Comment

        • #14
          Anon, try this. Enter 100,000, then the interest, then the monthly you think you can pay and see how long it'll take... but most likely you'll hit the 100k posts mark before it's paid off
          this post = teh win.

          Comment

          • #15
            Originally posted by ckBejug
            There's no prepaymen penalty. This sounds like a good plan. =)
            What you gonna do with the $400 you'll save?
            this post = teh win.

            Comment

            • #16
              Originally posted by Sip
              What you gonna do with the $400 you'll save?
              Buy a $400 pair of shoes?
              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 Fitzgerald

              Comment

              • #17
                Because I don't have a 100000 loan yet, I don't know how much interest it will be. What do you think will be the interest roughly?
                Achkerov kute.

                Comment

                • #18
                  Worry not. I am sure people will have no interest in you.

                  Comment

                  • #19
                    That's a very tough question ... the best case would be if you can get some sort of subsidized stafford loan through the school where you don't pay the interest while in school. this site says:

                    Stafford Loans have variable interest rates (based on 91-day T-bill rate + 1.7% during school with an additional .6% increase upon graduation) capped at 8.25% or less, depending on yearly adjustments. All lenders offer the same rate for the Stafford Loan, although some give discounts for on-time and electronic payment.
                    But as far as other loans, they can really vary ... a couple of years ago the interests hit some very low numbers but they've been going up. I suspect something like 6% would be common these days but that's mostly a guess on my part.

                    Don't worry though ... since this is a long term loan, the interest will eventually come down and you'll be able to lock them in. It's just that initially the loans may cost a lot due to current rising initial interest rates. Now of course I would be the last person to try to predict the future.
                    Last edited by Sip; 08-08-2005, 10:49 AM.
                    this post = teh win.

                    Comment

                    • #20
                      Can you transfer loans onto credit cards?

                      Comment

                      Previous 1 2 3 4 template Next
                      Working...
                      X