(Closed) Student Loans Suck

posted 8 years ago in College
Post # 3
Member
1392 posts
Bumble bee
  • Wedding: September 2010 - Heron Hill Winery

I hate student loans!! I pay out over $300 each month and it’s supposed to keep going for another 10 years….boo!!! I would love to have it all paid off that would be fantastic…but, like you I have a car payment to worry about for 3 years so not much I can do to pay more now…I just bite the bullet and sign each check away each month.

Post # 4
Member
3098 posts
Sugar bee
  • Wedding: November 2009

I’m so dreading this… I’m still in school with a year to go, and I know I’ll be in the same boat, just paying what’s due for the most part. Ugh, why couldn’t I have had rich (or even mindful!) parents?!

Post # 5
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

Aw! That really sucks that he keeps bringing it up!! I get down about my debt too (about 80K), but I try not to let it bother me. It was necessary to get my degree and my job, and without it I would make a fraction of how much I make now. Yes, it sucks that I will be paying it off for the next 25 years… but there isn’t really anything I can do about it, so I just don’t worry about it. 

Post # 6
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

I think we all hate student loans. I have over 100k on loans. At first when I started paying it off all I did was cry and feel overwhelmed. But I realized I couldn’t look at in as such a hovering debt every time I paid it. Unfortunately you just have to accept that it is one of your monthly bills and see if there are any areas you can cut.

I am paying my loans over 30 years. You may have this option since your debt value is over 25k. While you might see this option as though you will never have control of your school loans, you might be better off doing this to lower your monthly payment and as you become more finacially stable you can pay more each month.

If you have a federal loan, they can usually be refinanced. A private school loan is considered unsecured debt and another company will not refinance you debt, however your current loan company may have other options. Try to see if you can change your payment plan or the number of years.

Also, stop feeling guilty. You got this loan so you could better yourself and make more money. Therefore you did nothing wrong. Your Fiance is marrying you so your debt does become his but you have to try to look at things as a team effort. I felt guilty for so long but then I realized that it wasn’t going to go away so we figured out what we would need to cut from a household budget until our financial situation changed.

Post # 8
Member
925 posts
Busy bee
  • Wedding: May 2010

Oh yeah, they suck big time!  I’ve been paying since 2006, it’s finally starting to go down but I know I’ll have it forever.

Post # 9
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

I don’t know what the interest rate on the loans are but is it less than you could get on a regular credit card?  If not, you could transfer some to a credit card or a personal loan.  Other than that, I don’t really have a lot of ideas on how to make the rate lower, except maybe trying to talk to the lender, but I wouldn’t extend the loan out any further or it will take even longer to pay down.

Post # 10
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

Ugh, I hear ya, I hate them too. All together, I pay almost $500 a month just for student loans. Before moving in with FH, my rent for my apartment was only $25 more a month than my student loan payment lol

I remember I got a statement once, from one of them, and it detailed out my payment and how much went to the principal and it was .38!!!! Thirty-eight cents!!! It felt like a huge slap in the face.

I try not to get bummed about it because everyone has student loan debt, and it is what it is. If you didn’t have the debt, you wouldn’t have the education that came from it.

If you have multiple loans, have you tried consolidating them yet?

Post # 11
Member
204 posts
Helper bee
  • Wedding: July 2010 - Catholic Ceremony, Cultural Hall Reception

Thankfully, school in Canada is much, much cheaper, and I didn’t have quite as much debt as some of you (around 25k).  I spent two years (Mr. Pudding and I were in an LDR) living with my parents and paying it off.  I have finished paying it off, but I get down on the fact that I spent two years working my butt off, and have nothing to show for it! I literally do not own a single thing of value – I did have a car, but I sold it when I came to the USA.

Sigh.  Student loans suck. You can live your life and spend an eternity paying them off, or put your life on hold to get rid of them and than have little to show for it.  Either way, they suck!

Post # 12
Member
3098 posts
Sugar bee
  • Wedding: November 2009

@soon2be – I wish I could! 🙁 I actually use them to suppliment my income (horrible, I know), because after my industry failed (home building) and I lost my job, the only job I could find came with a $20k pay cut. I have given up what I can, but the student loans definitely help make up the difference (like buying new tires for my car, paying the medical deductible, etc.). Add to that, I’m trying to pay off debt I had when I made excellent money with far less money now, and it all just generally sucks. 🙁

Post # 14
Member
2280 posts
Buzzing bee
  • Wedding: April 2011

Ugh, student loans are the devil too. X.X I have a semester left and then I don’t even know how much I’ll have to pay back…which is scary. Is there any way you could contribute more to your payments each month and cut down on the accumulated interest? I’d want to get that load off my back as soon as possible!

Post # 16
Member
3564 posts
Sugar bee
  • Wedding: August 2010

Loans are awful, and it TOTALLY sucks that the principal balance takes sooo long to show any changes, since most money goes to paying off the interest. Booo interest!! just hang in there, and definitely try and consolidate them. Also, I don’t know what kind of field you work in, but as someone else mentioned, if you work in public service, your loans are forgiven after 25 years or something like that. Seems like a long time, but then you could get by paying the bare minumum and then have them be forgiven!

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