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Thread: Student Loan Repayment

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    #1

    Student Loan Repayment

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    I waffled on where to put this, but I am going here since if you are/were in repayment you probably aren't in school anymore.

    How are you (or did you) go about repaying your student loans?

    Full 10 years? Did you pay more? Use one of the programs for 20 years repayment or public service forgiveness? Did you consolidate? How long did it take? How did you keep your sanity cause mine are annoying the heck out of me?
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    #2
    Um, i think mine have always been a 20 year repayment plan. I did consolidate my undergrad loans with my grad loans, made for a lower interest and lower payment.

    I don't even know what public service forgiveness is, so I assume I don't qualify for that.

    I am currently at about 7 or 8 years in of my 20 year loan (my 20 years started over when i consolidated, had to do it that way to lower the payments). I am hoping to have them paid off long before 20, but I always just knew student loans was a way of life, has to be paid, doesn't negatively afffect me, except in the amount of payment, doesn't affect credit as long as I pay them.

    They are average in payment, but still less that other payments I have had for other loans or credit cards.

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    #3
    Quote Originally Posted by TrishAFSpouse View Post
    Um, i think mine have always been a 20 year repayment plan. I did consolidate my undergrad loans with my grad loans, made for a lower interest and lower payment.

    I don't even know what public service forgiveness is, so I assume I don't qualify for that.

    I am currently at about 7 or 8 years in of my 20 year loan (my 20 years started over when i consolidated, had to do it that way to lower the payments). I am hoping to have them paid off long before 20, but I always just knew student loans was a way of life, has to be paid, doesn't negatively afffect me, except in the amount of payment, doesn't affect credit as long as I pay them.

    They are average in payment, but still less that other payments I have had for other loans or credit cards.
    Public Service Loan Forgiveness | Federal Student Aid


    DH and I have looked into trying to figure out which payment option would be the best for us seeing how I will be (finally) graduating soon. We have decided yet though.
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    #4
    I consolidated my federal together, and I consolidated half my private. The other half of my private loans were at a way lower interest rate than the consolidation, so I just left them. I am paying extra each month towards my highest interest federal loan, since they are in deferment while I go back to graduate school. Each month, any extra money we have after bills and funding our emergency fund goes towards my student loans. I had one paid off in 3 years, the federal one will be in 4 years, and I plan to have the rest done by year 12.

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    #5
    DH and I are not even having to pay my school loans back yet legally (I just graduated in December) because we are still in the grace period, but we are throwing any and all extra money over our budget at them because our goal is to get them gone in less than 10 years (we really want them gone in less than 5 years as a dream goal). So, I guess we are on the 10-year repayment plan? I don't know how that works, because we haven't 'picked' out a plan yet. I think we do that in June when the grace period is over?

    We did a repayment calculator last year to figure out how quickly or how slow we could afford to pay back the school loans, but it wasn't an official calculator. School loan repayment is a budgeted item for us. My own opinion toward MY school loans is that I signed on the bottom line to take out this debt, and I/we want to pay off all this debt ourselves without the forgiveness.

    In answer to your question: Yes, the loans drive me crazy. I want them paid off and I hate having this debt following me around.

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    #6
    I consolidated my loans (all federal) and took extended repayment. When I first graduated I was barely making any money and I needed the lowest payment possible. I've paid off a 1/4 of what I borrowed and have gotten a substantial bump in income so I'm hoping to take a lot less time to pay off the other 75%. I'm paying a little extra every month and when we finish paying off DH's car in a few months I will be throwing that $250 at my loans as well. I just did a calculator and that plus my minimum payment would have them done in 6 more years. Any other extra money we get (tax refunds, gifts etc) will also be going to the loan. I can't wait to have them done.
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    #7
    it took me 4.5 yrs to pay them off but i would pay big chunks when i had some savings. it was important for me to pay it off asap. pay a lil higher than your minimal payment if you can bc any little bit will help

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    #8
    Quote Originally Posted by TattooBot! View Post

    DH and I have looked into trying to figure out which payment option would be the best for us seeing how I will be (finally) graduating soon. We have decided yet though.
    Same here. I gradate in December so we want a game-plan for how we are attacking those!
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    #9
    I paid off all my private loans as soon as possible (they had like a 9.5% interest rate on them). My federal loans are allowing me to have an extended interest-free grace period as incentive for working in an underrepresented area. As soon as that grace period is over, I hope to have enough saved to take care of a large chunk of them, and then DH and I plan to just live off his salary with my income going towards my loans until they are completely taken care of.

    Depending on what your interest rates are (again, mine were too high to do this), some friends I know were able to invest the money that they would otherwise have put toward early repayment of their loans and have gotten enough return on their investments to to exceed what they're paying out with the longer loan repayment options.

    Your school or bank should have a financial consultant whom you can make a free appointment with to discuss various strategies (at least mine did). Good luck!
    Last edited by eclipse; 04-02-2013 at 05:48 PM.
  10. In vino veritas
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    #10
    I will be in approx 160k worth of debt, give or take 20k, and MF and I plan to pay it off in 7 years. We will use my entire paycheck for 5 years towards it (minus, 20% which we will put into retirement savings and a bit of emergency savings) to severely lower it and then pay off the rest over the remaining 1-2 years.
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