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Me too. I had to pay capital gains on a home I sold, then the govt changed the rules and if I'd waited 2 years, I would have been able to keep that money.
It's called life. Deal with it.
So I'm paying way more and getting less, so don't complain that I'm in debt.
Just imagine if every student loan borrower had 7% debt.
Credit is irrelevant, can't refi my existing student loan.
You've ignored multiple posts telling you that if you can find someone willing to offer you a lower rate, you can refinance. No one has to offer you that rate though.
Apparently I had first mover disadvantage; the borrowers with the low interest rates borrowed after I did, hence changing the rules in the middle of the game.
And you could have reset the rate had you chosen to, probably.
Each of the loans my 3 oldest kids are carrying gave them the option to reset and consolidate separate ones at some point.
Reading these forums I see a lot of people with student loans in the neighborhood of 2-4 percent interest.
Mine are at 7 percent.
What's up with that?
Do something about it. When my wife finished undergrad in 2004, she had $6K in subsidized student loans at 6.8%. In 2008, she finished law school and an LL.M degree and amassed a total of $230K of student loan debt at a weighted average interest of 7.26%. She had a mix of subsidized, unsubsidized, FFELP, PLUS, private, and Perkins loans through a variety of loan services including the DOE, Sallie Mae, Access Group, and the University of Southern California.
At a monthly obligation of $2,200, we knew we had to do something. We switched her lowest fixed-interest loans to interest only, because it was so cheap to borrow and repay the loan at 2.50%. Next, we switched all her 10-year repayment loans to a 25-year repayment schedule. We took advantage of all interest rate reductions by enrolling in auto-pay and making 6 on-time payments. Then we consolidated loans which didn't offer interest rate reductions into loan services who did, thereby cutting another .5% off those loans. This brought our monthly payments to $1,300 down from $2,200.
The $900 we "saved" each month was used to pay down the principal of her highest interest rate loans, which were 9.5%. We also sent any extra money we had from financial gifts, bonuses, and etc to pay down the principal of the highest interest rate loans. 4 years, later we whittled her debt down to $160K at an average interest rate of 4.56%. We are currently 7 years out and we owe $32K at 3% with a monthly payment of $200.
There are now banks and institutions such as Social Financial (SoFi), DR Bank, Lendkey, Citizens Bank, and etc, who will refinance your loans according to your credit score and professional outlook that really seem interesting. There's a little controversy since these institutions are essentially cherry-picking low risk loan holders and leaving the less desirable loan holders for the federal government and other institutions. One thing you should consider is your ability and desire to repay your loans as cheap and quickly as possible, versus the flexibility that federal loans provide (such as flexible repayment options).
Why can't you get paid what I get paid? It's not fair
Why don't I look like Jennifer Aniston? It's not fair.
06-11-2015, 11:49 AM
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n/a posts
Quote:
Originally Posted by kwong7
Do something about it. When my wife finished undergrad in 2004, she had $6K in subsidized student loans at 6.8%. In 2008, she finished law school and an LL.M degree and amassed a total of $230K of student loan debt at a weighted average interest of 7.26%. She had a mix of subsidized, unsubsidized, FFELP, PLUS, private, and Perkins loans through a variety of loan services including the DOE, Sallie Mae, Access Group, and the University of Southern California.
At a monthly obligation of $2,200, we knew we had to do something. We switched her lowest fixed-interest loans to interest only, because it was so cheap to borrow and repay the loan at 2.50%. Next, we switched all her 10-year repayment loans to a 25-year repayment schedule. We took advantage of all interest rate reductions by enrolling in auto-pay and making 6 on-time payments. Then we consolidated loans which didn't offer interest rate reductions into loan services who did, thereby cutting another .5% off those loans. This brought our monthly payments to $1,300 down from $2,200.
The $900 we "saved" each month was used to pay down the principal of her highest interest rate loans, which were 9.5%. We also sent any extra money we had from financial gifts, bonuses, and etc to pay down the principal of the highest interest rate loans. 4 years, later we whittled her debt down to $160K at an average interest rate of 4.56%. We are currently 7 years out and we owe $32K at 3% with a monthly payment of $200.
There are now banks and institutions such as Social Financial (SoFi), DR Bank, Lendkey, Citizens Bank, and etc, who will refinance your loans according to your credit score and professional outlook that really seem interesting. There's a little controversy since these institutions are essentially cherry-picking low risk loan holders and leaving the less desirable loan holders for the federal government and other institutions. One thing you should consider is your ability and desire to repay your loans as cheap and quickly as possible, versus the flexibility that federal loans provide (such as flexible repayment options).
Good luck and I wish you the best.
The trouble for freemkt is that he's highly unlikely to qualify for a better deal.
From what we've gathered from his posting history, these loans are decades old and he hasn't bothered to repay them. He also refuses to gain a marketable skill and is seemingly content to work at a gas station or convenience store. No bank in their right mind is going to touch that.
The trouble for freemkt is that he's highly unlikely to qualify for a better deal.
From what we've gathered from his posting history, these loans are decades old and he hasn't bothered to repay them. He also refuses to gain a marketable skill and is seemingly content to work at a gas station or convenience store. No bank in their right mind is going to touch that.
I LOVE IT when peeps 'do their homework' on City-Data and find out the REAL STORY!
In debt, BooooHOoooo, pooooor me! It's so not fair! When peeps cry and whine through more than 1 page of C/D it's time to check out their other posts ETC....LOL
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