(Closed) Dave Ramsey

posted 5 years ago in The Lounge
Post # 4
Member
1556 posts
Bumble bee
  • Wedding: September 2012

I don’t know too much about student loans, but isn’t there some kind of loan forgiveness program for teachers? I’ve heard people talk about it a little bit on the college boards here. I don’t have any yet, but that’s one of my biggest concerns with going to college.

Post # 6
Member
1556 posts
Bumble bee
  • Wedding: September 2012

@peachacid:  Yikes. 🙁 It seems like there’s something more they would/should do, especially for teachers.

Post # 8
Member
1556 posts
Bumble bee
  • Wedding: September 2012

@peachacid:  I would go to the bookstore or library and look for books on finance/student loans. I’m sure there’s something that can help you out!

Post # 9
Bee
1902 posts
Buzzing bee
  • Wedding: June 2012 - Franklin Plaza

I am under the ICR payment plan… My loans are about what you have, just a little less and I also pay $700 a month. I work for a non-profit and have been here for 2 years so just another 8 years til PSLF kicks in!! (HAHA!) I am just confused why it is only saving you $2k? I have a bit less in loans than you and the PSLF program will save me SO much money by relieving me of the balance due on my loans.

Post # 10
Member
2840 posts
Sugar bee
  • Wedding: October 2012

I think Dave Ramsey’s Financial Peace University is intended to teach people a new way to handle their money.  If you’re already doing what he said to do, then I guess it isn’t very helpful…  But I know a ton of people who were helped by changing their money habits according to his FPU system.  It just depends on how you handle your money to begin with, I suppose.

Post # 12
Bee
1902 posts
Buzzing bee
  • Wedding: June 2012 - Franklin Plaza

@peachacid:  Sorry! ICR = income contigent repayment plan. The amount due on my loan is based on my wages. PSLF = Public service loan forgiveness. After 10 yrs in the public service the balance due on your loans is forgiven.

Post # 13
Bee
1902 posts
Buzzing bee
  • Wedding: June 2012 - Franklin Plaza

Just an example: If your loan is for $100K with an interest rate of 5% (mine is higher, this is just for an easy example) and you pay $700 a month for the next 10 years you will have approximately $55k forgiven when you qualify for PSLF!

Post # 15
Member
50 posts
Worker bee

I started doing dr plan about 6 months ago. he just treats student loans as a normal debt. list them smallest to largest disregard the interest rate and pay your snowball to the smallest and move up. if you’re feeling like its impossible i suggest checking out his forums. alot of people are in your shoes!  I pay 800+ a month.. and that’s just mins. I don’t make much more than a school teacher. I made a budget and I stick to it. at this rate all my loans will be paid off in 3 years (i have about 60k left) instead of 9 more years.. it will be 3 years of living frugally (no major vacations or going out all the time) but to me it’s sooo worth it. stick to it! there is an end in sight I promise!

Post # 16
Bee
1902 posts
Buzzing bee
  • Wedding: June 2012 - Franklin Plaza

@peachacid:  Ah, I understand now… ALL of my loans are public so they will all be eligible for forgiveness in 10 years.

The topic ‘Dave Ramsey’ is closed to new replies.

Find Amazing Vendors