100K of student loan debt.. advice for paying this off? (pay, $50k)

[texdav]

Originally Posted by killer2021

Also if the interest rate is low enough (4-5% maybe?) it would be better off to just pay as little as possible. The fact of the matter is that interest rates are still at very very low levels so you would want to use this to your advantage. The reason for this is by the fact that every day the USD looses more value and as a result you will want to pay off the debt with dollars that are worth as little as possible. Inflation is a lot higher than the government reports (this is why gold,oil,food are skyrocketting in price).

Are you sure you have been looking at the dollar values and the price of oil in this market. Seems rather backwards to me.

[emilybh]

Originally Posted by mommabear2

Live in a cheap studio (better yet, get a roommate), eat ramen noodles, ditch your car, live without cable, no cell phone either, shop at 2nd hand stores for clothes, cut coupons, no Starbucks, beg for money... I don't think there is an easy way to pay off your debt as quickly as you'd like unless you go hardcore into cutting expenses and maximizing your income. If I were you, I'd get a second job on top of the engineering job - at least for a few years to get the debt to a reasonable level.

If you follow this advice, between two jobs, there shouldn't be any reason you couldn't gross between $40k or more per year even if you get really bad entry level pay--- and even then you should be able to pay it off in three to 5 years.

Unless you are still growing, you don't need to buy new clothes. You can split a residential phone with room-mates.

[Huckleberry3911948]

yes lots of partial and total forgiveness plans. most i know about are in teaching field.
check with your school counseler.

[Pilgrim21784]

Respectfully suggest you look at employment with multi-national organizations (World Bank, UN, etc.). Many of them had (I'm not current on their policies today) excellent education payoff policies.

[brightdoglover]

If you join the military and choose a "critical specialty," the military will pay off significant amount of loans for each year served.
I was in the Army Reserve Medical for four years. Each year, they paid off $3,000 of loan money, since I was a critical specialty- surgical nurse- although it was Reserves, not full-time. I was an officer as an RN, as is a college graduate. It's worth looking into (once you find out who would be your commander in chief...)

[bassholic]

I suggest you create a budget and stick to it. I am not in your situation and am afforded to spend money, but we all like to have 'more' to spend. Analyze your finances and do everything in your best interest.

[Nepenthe]

Warning: this post contributes nothing to the thread.

Originally Posted by Mathguy

I thought house flipping for easy money died out like day trading...

I have a friend who used to be a colleague at my company, he has made absolutely ridiculous amounts of money the last two months trading the volatility. He was up hugely on the 936 up day, the 890 up day, the 777 down day and several other big down days.

I know he made $13,000 IN ONE DAY when the DOW was up 936 points, and that was with a beginning balance for the day of $30,000. He eats, breathes, and sleeps the market and has an incredible computer setup (I haven't seen it but he's told me about it). It's monumentally risky, especially with the margin positions he takes and on Ultra ETFs that move 2X the market (he turned me on to the Ultras although I trade them pretty modestly).

Day trading is very much alive and well.

[mrgrape]

wait for the inflation to inflate, thus ur 100k in loans will be a mere 50grand =]

[sheepla]

My student loans are locked in at 3.25% so I'm taking as long as possible to pay them off!

[drjones96]

Damn. $100k in debt for an engineering degree. Where did you go to school?????

Don't get me wrong. It's a great profession but the odds you'll ever make millions at it are slim to none.