How to pay back your student loans

shannarini71 · Jun 11, 2013

I was not able to get student loans because I had too many credit hours for my ADN program so had to get a private loan. My plan is to pay this loan off FIRST before going into the bachelor's program--and to wait until I am employed somewhere for whatever time is required in order to qualify for tuition reimbursement. There's no way I'm going to accrue more debt when my monthly payment is so high now!

Melanin · Jun 12, 2013

This is going to sound like an ad, and I apologize for that - but I use Ting as my cellphone provider, and I only pay $21 a month. It's a GREAT deal! Also, I hear that while I'm in school, I can pay off the interest that is accumulating on my loans (they start charging interest right away). I'm going to ask that my payments be based on my income when I graduate - that should help.

I'm 45 now. The big decision is, should I pay off the loans as quickly as I possibly can & scrimp and save for 10 years, or should I pay the minimum, knowing that I'll probably be dead before I pay it all off? My payments will be around $800 a month, or they would be, if I didn't base my payments on my future income (which, I don't think $800 a month will leave me much of a paycheck - that's higher than my monthly rent payment.)

RN1023 · Jun 12, 2013

Buy a lottery ticket

Editorial Team / Admin · Jun 12, 2013

Buy a lottery ticket

Yeah, because the odds of winning are sooooo much greater than reducing your principle faster by paying a little extra.

antania31 · Jun 13, 2013

Very Helpful Tips... Thanks for sharing!

antania31 · Jun 13, 2013

Great Tips,, Thanks for sharing!

amygarside · Jun 14, 2013

Buy a lottery ticket

im not sure this is a good solution;)