(Closed) Student Loans Suck

posted 6 years ago in College
Post # 3
Member
216 posts
Helper bee
  • Wedding: April 2013

I had a small loan with sallie mae, $2600. It took me foreverrrrr to pay that baby off. Kind of happy the rest of my loans are through the govt.

Post # 4
Member
6124 posts
Bee Keeper
  • Wedding: August 2012

What is your current interest rate?

Does your plan offer APR reduction with automatic withdrawals?

Post # 5
Member
2419 posts
Buzzing bee
  • Wedding: August 2015

Ugh. I hear you. I’ve only been paying back my student loans for almost two years. I’ve paid almost $3,000 on my $20,000 loan and currently have paid almost $2,000 in interest. I hate it so much. At least I can see my car loan slowly going down. Why is school so stinking expensive??

Post # 6
Member
97 posts
Worker bee
  • Wedding: September 2014

I hear you. I hate that I owe more on some of my loans than when I took them out. I feel like I’ll never be able to actually save any of the money I earn becuase the loan balances aren’t going down fast enough Yell

Post # 7
Member
2065 posts
Buzzing bee
  • Wedding: December 2011

Ugh, yes. I’ve been paying for 2 years on my $32K in loans from grad school and I just last month finally managed to hit the $1K of principal paid off mark. Stupid stafford interest rate being 6.8% for grad students. Since I borrowed over $30K, my standard repayment plan is 20 years. Sigh.

Post # 8
Member
748 posts
Busy bee
  • Wedding: June 2012

I feel your pain, OP! I’m currently working on trying to pay off a pretty substantial loan through Sallie Mae and it definitely sucks! I regret getting loans through them as well and wish I had known more when I was fresh out of high school. I likely would have gone to a less expensive school (I chose a small, private college) or would have looked for alternative loan options. Lesson learned, I suppose.

Post # 9
Member
11234 posts
Sugar Beekeeper
  • Wedding: August 2013

I hear you. I’m at about $40k, all through Sallie Mae because I did the special government consolidation, which went through…and then was transferred BACK to SM. The only problem I’ve had is that when something was redone on my account, I had to redo the paperwork for income-based repayment (can’t afford to pay on my loans when I only make $10/hr :() and had to scrape up the money to make a payment because of it.

Post # 11
Member
3766 posts
Honey bee
  • Wedding: February 2013

I feel ya, and now I’m in Grad School adding more on.

It’ll be worth it, right?

Right??

Post # 12
Member
9649 posts
Buzzing Beekeeper
  • Wedding: April 2019

My student loan is currently at around $27000, and that is just for subjects, here we don’t get given a certain amount into our accounts for use on housing, subjects etc, it is just a payment of the fees directly to the university through the government, not through us. And my postgraduate degree will be about that per year, luckily my postgrad is only 1.5 years

Post # 13
Member
925 posts
Busy bee
  • Wedding: September 2011

All I can say is F*** YOU SALLIE MAE!!!!!!!!!!!!!!!!!!!!!! They suck and I feel the same way as OP, I always overpay and it feels like I’m barely chipping away at my loans. I have hardly any extra money for anything and I just feel like I’ll have them forever. The interest is absolutely ridiculous–if the government should regulate anything, it’s THAT!!!!!!

Post # 14
Member
2188 posts
Buzzing bee
  • Wedding: March 2024

Is everyone with Sallie Mae? I have Nelnet, anyone else? I know my APR goes/went (geez I should check) down b/c I’ve had like 2 years of ontime automatic deducation payments. I get physically ill to my stomach whenever I think about the $30k+ loans and the job I have ugh. I currently pay about $250/month but only $92 goes on the principal…everything else is interest. Yep gonna throw up now.

Post # 16
Member
6743 posts
Bee Keeper
  • Wedding: June 2014

I don’t have Sally Mae.  I took out $135,000 for law school.  I graduated with about $150-155k in debt.  I’ve been paying IBR payments for 3 years.  My loans are now at $170k. 

I feel suffocated by the loans. 

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