Tweet
Re: Question on Student Loans
Wow what a bunch of amazing information posted in here. I owe like 60k through Sallie Mae who screwed me with high intrest rates when they stated at the signing that it would only have an "x" amount for the APR and that figured almost doubled when I graduated ... and all I got was a lousy Associates!! lol
Ahhhh it's really a crazy system, and unless you have more than 10k to pay back you should seriously not be concerned about if you pay monthly minimums or try to pay it off as quickly as possible. Actually even if you owe 100k+ there is no major need to worry ... I'll explain in a minute.
When I graduated I thought the world was ending for me looking at the impending monthly payments that were right around $500, or a nice Mercades
Anyway I paid them for a year at that rate and then good ol' Sallie Mae sent me a official letter of interest paid that I was to show to whoever was to work on my taxes for that year. I didn't really understand at that moment what was so great about this but I soon found out what the dealie was.
It turns out that whatever intrest you paid that year is a complete tax write off! I was like
Dollar for dollar up to a certain point ... I guess the way the government sees it if you are trying to gain higher education then you'll eventually become more of a benefit to the system than if you had not so they take on the burden. Sort of that becoming a more productive member of society stuff. So to me it's like the title of Kubrik's Dr. Strangelove, Or How I Stopped Worrying About the Bomb, but in this case it was Sallie Mae, Or How I stopped Worrying About my Student Loans!! lol
The really suckie thing is while you're making these payments your standard of living is going to be x - minimum payments which = sucks, but this is a choice we make in an attempt to better our lives or become a part of an industry we actually care about.
For me I'll be like 50 before this chapter is closed on the minimum payment schedule so I have many years of the suck yet to deal with. Now with all of the tax deductions you'll receive you can always send your juicy refund in to Sallie in order to pay it off early which is my plan of attack. Probably will widdle it down in less time as long as I do not have to defer my loans again due to unemployment.
This is actually one of the main reasons behind my move out to LA. I need to stack the odds in my favor to get a job in the industry that I took this financial burden on for. If Hollywood had developed in Little Rock instaed of LA then I'd be moving there!! hehehe As it is LA is just filled to the brim with jobs in the entertainment industry which no other city except perhaps New York, and to a lesser extent Chicago and Boston, has the ability to say.
Anyway don't worry about it Anon ... sorry if this advice is hella late but better late than never!
Oh and for 100k at say 5-8% APR you can plan on paying that back for multiple decades.
No biggie as long as, like myself, you've decided to hold off on a family, marriage and a house for a good while! LMAO!! Life is a balance between all the things we would like to have in our lives and which things we prioritize ahead of others. Not all goals or ambitions are realistic with each other unless you're so finacially solvent that you pay for everything with cash.
One last thing ... before you try and get your loans make sure you have already paid off any debt you already had. The APR you get is largely based on your debt to credit ratio. Wish I knew that before I signed! So if you owe credit cards like 4k then pay it off first then apply for loans. Or if you have a car loan pay THAT off brfore you apply ... it'll help with your monthly payments big time but as I already discussed the more you pay in interest the more you'll get back at the end of the year.
If you're married and make together over 100k the tax deduction is not available OR as a single person if you make over 50k then the same applies. If you make that much and don't have kids, or a family, or a house, then you shouldn't have any trouble paying your loans off as fast as you want any how.
Oh and Sip Sallie Mae caculates interest daily if you read the fine print so split payments do not help in case that's what you were refferring to in your earlier post. They do that specifically to counteract ppl who think they're smarter than they are ... you're gonna pay and they make sure of that. That's how it is these days with most lending institutions ...
Wow what a bunch of amazing information posted in here. I owe like 60k through Sallie Mae who screwed me with high intrest rates when they stated at the signing that it would only have an "x" amount for the APR and that figured almost doubled when I graduated ... and all I got was a lousy Associates!! lol
Ahhhh it's really a crazy system, and unless you have more than 10k to pay back you should seriously not be concerned about if you pay monthly minimums or try to pay it off as quickly as possible. Actually even if you owe 100k+ there is no major need to worry ... I'll explain in a minute.
When I graduated I thought the world was ending for me looking at the impending monthly payments that were right around $500, or a nice Mercades
Anyway I paid them for a year at that rate and then good ol' Sallie Mae sent me a official letter of interest paid that I was to show to whoever was to work on my taxes for that year. I didn't really understand at that moment what was so great about this but I soon found out what the dealie was.It turns out that whatever intrest you paid that year is a complete tax write off! I was like
Dollar for dollar up to a certain point ... I guess the way the government sees it if you are trying to gain higher education then you'll eventually become more of a benefit to the system than if you had not so they take on the burden. Sort of that becoming a more productive member of society stuff. So to me it's like the title of Kubrik's Dr. Strangelove, Or How I Stopped Worrying About the Bomb, but in this case it was Sallie Mae, Or How I stopped Worrying About my Student Loans!! lol
The really suckie thing is while you're making these payments your standard of living is going to be x - minimum payments which = sucks, but this is a choice we make in an attempt to better our lives or become a part of an industry we actually care about.
For me I'll be like 50 before this chapter is closed on the minimum payment schedule so I have many years of the suck yet to deal with. Now with all of the tax deductions you'll receive you can always send your juicy refund in to Sallie in order to pay it off early which is my plan of attack. Probably will widdle it down in less time as long as I do not have to defer my loans again due to unemployment.
This is actually one of the main reasons behind my move out to LA. I need to stack the odds in my favor to get a job in the industry that I took this financial burden on for. If Hollywood had developed in Little Rock instaed of LA then I'd be moving there!! hehehe As it is LA is just filled to the brim with jobs in the entertainment industry which no other city except perhaps New York, and to a lesser extent Chicago and Boston, has the ability to say.
Anyway don't worry about it Anon ... sorry if this advice is hella late but better late than never!
Oh and for 100k at say 5-8% APR you can plan on paying that back for multiple decades.
No biggie as long as, like myself, you've decided to hold off on a family, marriage and a house for a good while! LMAO!! Life is a balance between all the things we would like to have in our lives and which things we prioritize ahead of others. Not all goals or ambitions are realistic with each other unless you're so finacially solvent that you pay for everything with cash.
One last thing ... before you try and get your loans make sure you have already paid off any debt you already had. The APR you get is largely based on your debt to credit ratio. Wish I knew that before I signed! So if you owe credit cards like 4k then pay it off first then apply for loans. Or if you have a car loan pay THAT off brfore you apply ... it'll help with your monthly payments big time but as I already discussed the more you pay in interest the more you'll get back at the end of the year.
If you're married and make together over 100k the tax deduction is not available OR as a single person if you make over 50k then the same applies. If you make that much and don't have kids, or a family, or a house, then you shouldn't have any trouble paying your loans off as fast as you want any how.
Oh and Sip Sallie Mae caculates interest daily if you read the fine print so split payments do not help in case that's what you were refferring to in your earlier post. They do that specifically to counteract ppl who think they're smarter than they are ... you're gonna pay and they make sure of that. That's how it is these days with most lending institutions ...
Comment