Student loan taking forever to pay off...
- 9Apr 20, '12 by brian, ADN AdminHow many are currently paying on their student loans? Do you feel like it's taking forever to pay off?
Please feel free share any tips on how to pay student loans quickly.
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- 0Apr 20, '12 by holli_80_73I have been paying mine for 7 years now. I borrowed a total of 25,000 for my bachelors and masters..so that was not a huge amount...BUT...I can tell you that after 7 years of 400 a month..I still owe 23,000
so I have paid in 25,000 and still owe 23,000
Student loans are no fun and if you can't double/triple the payment...you will take their estimated 15-30 years to pay it off...see when I called in to find out why my balance wasn't going anywhere despite thousands sent in..about 3 years ago..they said you must first pay the interest on 15 years then you can start on the principle--so...sigh....
- 5Apr 20, '12 by whichone'spinkStudent loans are far worse than mortgages. No wonder young people in the Occupy movement are angry. They're in chains for the rest of their lives. Even knocking down the principle with a big payment saved up will not do much.
- 1Apr 20, '12 by holli_80_73Quote from whichone'spinkStudent loans are far worse than mortgages. No wonder young people in the Occupy movement are angry. They're in chains for the rest of their lives. Even knocking down the principle with a big payment saved up will not do much.
Add to this the difficulty in finding work and the penalties of having no credit and it is a nightmare---I feel that student loans are a bit unfair in the way they do the interest up front thing...I mean I had no help from parents that were more than capable of paying my tuition but didn't. I didn't qualify for any help because of how much my father made (I was on his taxes and my sister on my mothers as they were divorced) I was even denied work study! I had to borrow it because I couldn't work and pay for all of it. Our school didn't have payment plans like they do now. You either paid every dollar or didn't go. People made it seem like it would be nothing to pay back a loan..they said that you will make a lot of money and it will be like a car payment ..you can finish in 5 years...max
hahahahaha ... I only borrowed what I had to and nothing extra for clothes or anything ..I worked part time with as many hours as I could handle to pay for that. I only borrowed tuition --when I came out I did try to pay double..but when you make 2,000 a month and your rent is 800, loan 400 ..car 300...other expenses etc...it is very hard to make double payments on anything!
This is a losing battle without reform. What is worse..I taught 5 years in a Title 1 (very low income school) and applied for the 5,000 credit to my student loans as I taught a critical need subject in a critical need location---and they denied my application for it because I didn't send in my transcript and it was no where on the check list that included your certificate, a notarized document from the superintendent of education stating you worked 5 years..what you did..and a statement of highly qualified status from the dept of education. I sent in the transcript immediately and never heard back. I tried 4 times to contact someone and they never called me, never returned certified mail request to review my application--I was told to get a lawyer but I couldn't afford one! I started talking to other teachers and the same had happened to them..they said it was a scam..they just find ways not to pay because there is no way in the world they would allow a teacher to teach or give them certification without a degree. geezLast edit by Blanca R on Apr 20, '12 : Reason: spacing
- 8Apr 20, '12 by VivaLasViejas, ASN, RN GuideStudent loan payments are the plague of my life. I wish I'd been more aggressive about pursuing scholarships and grants. The PITA factor is such that if I won $50K in a lottery, I'd use it to pay off the loans and then my medical bills first, and then I'd buy a five-dollar bottle of nail polish with the rest and call it good.
- 2Apr 20, '12 by nursekara513I just started paying on mine. owed around 16000. payments are 181 for 10 years. Ever since I started to pay, I have always rounded the total up to 200 and paid 200 every month. So hopefully if i get into a real tight space for money, I can just skip a month!
- 1Apr 20, '12 by PrayToTheUnicornQuote from nursekara513Don't ever skip a payment. No matter how much you pay, whether it's the minimum or double or whatever, you still owe a payment each month when it comes due. You can get them deferred under some circumstances though.I just started paying on mine. owed around 16000. payments are 181 for 10 years. Ever since I started to pay, I have always rounded the total up to 200 and paid 200 every month. So hopefully if i get into a real tight space for money, I can just skip a month!