- 7 years ago
- Wedding: March 2012
Hey everyone.. This might be long, so bear with me please..
I’m writing this in hopes that some of you have been there, done that, and can give me some advice. Also to vent about the fact that college is so freakin expensive. Grrr. So here goes —
I graduated with my Bachelor’s degree in September, and I have quite a few loans with different companies (Chase, Discover, Fedloans, etc). My grace period has ended and I’ll be getting my bills in at the end of the month. I’m not sure exactly how much debt I have, I know it’s somewhere in the $30,000 range.
Discover called me yesterday to confirm some information, and told me that my payment would be $120/mo, for 15 years. That doesn’t seem too bad, except that’s only ONE LOAN. I have at least 2 more that are equal in value to this one, and then a bunch of smaller ones. That’s the only one I’ve gotten a definite payment from, but If I had to estimate I’m probably looking at about $500 per month total.
I got a full time job right out of school, but the pay is extremely bad. FI has a full time job as well, but he only makes a couple dollars more per hour than I do. Right now we’re still each living with our parents, so we have no rent or utility bills and are saving all we have for the wedding. We’re looking to move out towards the end of the year.
If I keep the payments as is, there is no way we will be able to afford to move out of our parents houses. I’ve calculated my monthly bills, and between my car payment, insurance and an estimated $500 per month for loans, I’m only left with about $500 for living expenses. We live in the Northeast, so it’s a pretty high cost of living out here.
If I consolidate these loans into one payment and stretch from 15 year loans to 30 year loans, I can probably cut my payments down quite a bit. The downside of that is it doubles the amount of interest I’m paying on the loan, so in the end I’d end up paying way more.
So I guess my question is — Has anyone ever been in a similar situation? What did you do? I think the obvious answer is to consolidate and get my payments as low as possible. I’d love to hear your opinions.
Thanks for reading!