Comments on: No Rush To Pay Off My Student Loans http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/ Personal Finance Beyond Credit Cards and Balance Transfers Sun, 08 Nov 2009 03:56:44 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: jake http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/comment-page-1/#comment-75730 jake Wed, 03 Jun 2009 05:59:35 +0000 http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/#comment-75730 I agree that it's important to have savings while paying off debt, but don't get me wrong, 30k in debt makes me a little uneasy. And unless you have (roughly) more than $10k in the bank earning 4%+ interest, you're not really saving any money. 2% interest on 30k will cost you more money long term than you're earning on an account with 10k earning 4% interest. It's been 5 years since this post so hopefully this person has learned this by now!!! I agree that it’s important to have savings while paying off debt, but don’t get me wrong, 30k in debt makes me a little uneasy. And unless you have (roughly) more than $10k in the bank earning 4%+ interest, you’re not really saving any money. 2% interest on 30k will cost you more money long term than you’re earning on an account with 10k earning 4% interest. It’s been 5 years since this post so hopefully this person has learned this by now!!!

]]> By: Matthew http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/comment-page-1/#comment-74938 Matthew Sun, 31 May 2009 14:23:32 +0000 http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/#comment-74938 I graduated in 1999 with my masters after finishing my undergrad degree in 1997. I had 42,000 in loans. I am teacher and the first couple of years I could not pay my loans and survive at the same time and went into deferment. Now I have had my wages garnished and all tax returns sent toward my student loan which has not touched the 42,000 I owe. They penalized me and now I owe over 70,000 dollars. How can I stop this viscious cycle? I cannot afford to pay over $400 a month and hate the fact that no matter how much money they bleed me, I am not loosing this debt. Is there anyone who knows any method to stop this bleeding of me and my family? SOS! I graduated in 1999 with my masters after finishing my undergrad degree in 1997. I had 42,000 in loans. I am teacher and the first couple of years I could not pay my loans and survive at the same time and went into deferment. Now I have had my wages garnished and all tax returns sent toward my student loan which has not touched the 42,000 I owe. They penalized me and now I owe over 70,000 dollars. How can I stop this viscious cycle? I cannot afford to pay over $400 a month and hate the fact that no matter how much money they bleed me, I am not loosing this debt. Is there anyone who knows any method to stop this bleeding of me and my family? SOS!

]]> By: Jim555 http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/comment-page-1/#comment-62109 Jim555 Sat, 28 Mar 2009 20:47:05 +0000 http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/#comment-62109 I graduated in 2004 and immediately consolidated my $45,000 in debt to a low 2.85% interest rate. I paid it for years until my company went bankrupt last September (Yes September 2008, nearly 7 months ago.) I STILL have not been able to find another job even close to what I was earning... I'm currently in deferment and not making any payments due to my unemployment situation. Interest on student loans is Tax Deductible so the more interest you pay the more you get back at tax time. I love your point about how it's better to have $30K in the bank and OWE $30K than to owe nothing and have nothing... I wish someone would give me a $30K loan at like 4% and I would sign the papers tomorrow and use the $30K to make the payments till I found a new job!! This is what Obama should do... Give everyone in America a Federal Credit Card with a 4% APR and a $30K line of credit... EVERYONE would go out and spend $$$ if they did this. You could use it to go to school, buy a car, etc. Whatever you need but you would HAVE to pay it back as a FEDERAL LOAN. I graduated in 2004 and immediately consolidated my $45,000 in debt to a low 2.85% interest rate. I paid it for years until my company went bankrupt last September (Yes September 2008, nearly 7 months ago.) I STILL have not been able to find another job even close to what I was earning… I’m currently in deferment and not making any payments due to my unemployment situation.

Interest on student loans is Tax Deductible so the more interest you pay the more you get back at tax time.

I love your point about how it’s better to have $30K in the bank and OWE $30K than to owe nothing and have nothing… I wish someone would give me a $30K loan at like 4% and I would sign the papers tomorrow and use the $30K to make the payments till I found a new job!!

This is what Obama should do… Give everyone in America a Federal Credit Card with a 4% APR and a $30K line of credit… EVERYONE would go out and spend $$$ if they did this. You could use it to go to school, buy a car, etc. Whatever you need but you would HAVE to pay it back as a FEDERAL LOAN.

]]> By: KBoosh http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/comment-page-1/#comment-56620 KBoosh Sat, 21 Feb 2009 15:05:55 +0000 http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/#comment-56620 Does anyone know how to consolidate student loans for a lower interest at Sallie Mae now... my interest rate is $8.5%!!! Does anyone know how to consolidate student loans for a lower interest at Sallie Mae now… my interest rate is $8.5%!!!

]]> By: L http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/comment-page-1/#comment-25805 L Wed, 27 Aug 2008 03:53:10 +0000 http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/#comment-25805 unfortunately, some of us do have that high debt... in that case, this was not necessarily an encouraging article. but all of us can only do the best we can. unfortunately, some of us do have that high debt… in that case, this was not necessarily an encouraging article. but all of us can only do the best we can.

]]> By: Patrick http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/comment-page-1/#comment-148 Patrick Tue, 09 Oct 2007 10:06:03 +0000 http://www.moneybluebook.com/no-rush-to-pay-off-my-student-loans/#comment-148 In your situation I would leave the debt as long as possible. At least, as long as interest for savings accounts remains at least 1-1.5% higher than your loans. After that, it won't make too much difference. I also agree that having the extra money in the bank not only feels good, it is smart. It gives you an emergency fund and flexibility. In your situation I would leave the debt as long as possible. At least, as long as interest for savings accounts remains at least 1-1.5% higher than your loans. After that, it won’t make too much difference. I also agree that having the extra money in the bank not only feels good, it is smart. It gives you an emergency fund and flexibility.

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