Post # 1
Ok so other then the fact that i was a moron the first 2 years of college and got myself into WAY more debt then I can handle… I don’t know how to handle it.
Lets put it this way I have 3 different loans… one in my name, one in my dads and one in my moms. (all of which i have to repay) Totalling by now 100k dollars…. It was 90 when i graduated. I am paying about 350 each month for mine and my dads…. interest only. My moms the bill interest only would be another 400 which i just plain don’t have.
To save for this wedding I am literally trying to save every extra penny I can. Knowing full well that if i go shopping or out to eat, thats coming out of savings so i avoid it at ALL costs. We are home bodies anyway. So i can in theory save 300 a month for a year to give me 3600.
Well i did the math and figured out that by saving for my wedding instead of trying to pay back student loans, I am actually costing myself another 6k dollars in just interest thats going to accumulate on my loans.
I can’t just not pay for the wedding, I already have a 5k dollar budget. But basically the wedding that I thought would cost me 5k is going to cost me 11k. Awesome! I mine as well finance my wedding, it wouldn’t make a difference!
Post # 4
this sucks. I’m sorry that its tough. We’re in a rough spot with student loan repayment now too. DH’s loan is almost 70K and mine is another 13. Thankfully, i’ve been paying on mine for a few years (it used to be 22). Is there any way that you can apply for releif?
I know its hard, but is there any way you could cut your wedding budget a little more, and put something on the principle of one of your loans? even a little bit each month would be something, so that you’re making some progress, rather than just paying off the interest that keeps accumulating?
Post # 5
Thats all i can think but only second job i could get is like retail nights and weekends paying minimum wage.
Post # 6
Uh I hate student loan debt! My father was my co-signer and declared bankruptsy. Even though i have paid while in school and never missed a payment it went into default. It totally sucks. Because of his dumbass financial planning he has put a burden on me and my credit score/report. Be grateful you don’t have that to deal with on top of having many loans.
Post # 7
Can it wait unitl all the loans are paid off? And maybe skip a few non-essential things for the wedding, like skip the favors or have fake flowers instead of real, or bake your own cake instead of getting it from a bakery? $11,000 is a lot of money for a wedding when you have such a big debt already!
Post # 8
I definitely think at this point it’s time to seriously consider a second job and/or a very small, intimate wedding (maybe even JOP) and a bigger party down the road for a vow renewal. It only costs about $50 to get legally married – save some money, pay down your debt, and have a reception/party later on. This debt is large and will only continue to grow. It really needs to be addressed!
Post # 9
@happyface: It’s 100k in debt, if she waited until the loans were paid off it would be many many years.
@OP- I’m seconding Kristen’s post that says it only costs 50 dollars to get married- it’s not ideal but maybe it is what is best for you right now.
Post # 10
The interest sucks, I know. It’s pretty unavoidable, though. Just keep paying dilligently, you can do it!
Post # 11
@KristenGotMarried: I’m going to second this. Spending money on a wedding (beyond just the marriage certificate) is not a wise choice right now. You need to address that debt.
Post # 12
and no only relief options they have are interest only payments… which i’m doing or a temporary forbearance (which still earns interest) which i’m also doing. I can’t get anything else because its in 3 different names so they all say i can afford the payments. They wont combine my parents even tho they’ve been married for 30 years. Apparently marriage means squat to loan companies.
Post # 13
Ugh, I hate to say it but I agree that now may not be the most responsible time to be having any wedding beyond a very basic intimate ceremony.
That said, have you tried calling your loan providers and negoatiating the interest, or perhaps consolidating? Sometimes a quick phone call can shave a % or two off which is big over $100,000. It sounds like you’re not even meeting minimum payments (in Canada, you at least have to pay the interest every month on student loans, so I could be based off the wrong principle) but make sure that you’re contributing as much as possible to the one with the highest interest, and work from there. Also, if they’re government loans, sometimes you can get retroactive forgiveness/deferrals so that not paying doesn’t hurt your credit score.
Post # 14
have you talked to a bank about consolodating the loans? I know people do that here (in canada). Funny that marriage means squat in that persepctive, because here it means the opposite.
IE. hubby’s student loan is 70, mine is 13. If I loose my job, since hubby and I are married, his income is mine, and I won’t get relief cause he makes “too much”
EDIT: can you extend the term of your loan? that would reduce monthly payments and then you might be able to put alittle on the balance. Here, our terms are 10 years, but if we increase the term to 20, I believe the monthly payment goes down.
Post # 15
I would definitely try to consolodate all of the debt. It may hopefully lower your interest rates. I had all of my loans through Sallie Mae, and when I consolodated I used Wells Fargo. I am so happy that I did. My interest rate was 3 points lower with Wells Fargo!!
If that still doesn’t work, then I have to agree with other bees. Maybe a marriage license and a JOP would be best.
Post # 16
are your student loans federal or private? There are some programs out there (in florida) teachers get student loan forgiveness (or something close to it!) when they work in a public school in certain areas for a certain amount of time. I dont know what your degree is in, but our school systems could always use some good new people!