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Any student loan gurus here?

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Old 03-12-17, 09:43 PM
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EJ123
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Any student loan gurus here?

Or those with expertise paying off student loans?
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Old 03-13-17, 05:57 AM
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Don't give the government any more money than you have to every month. That was my dad's advice to me. When I went back to school still owing ~12k, those loans went into deferment- but I pay the monthly interest that accrues plus some of the principal, completely ignoring the man's advice . And I made sure to be in a position to not have to borrow any more from Uncle Sam.
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Old 03-13-17, 08:18 AM
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Uh....What expertise does it take to figure out how to pay off debt (or whether it makes financial sense to pay it off ahead of schedule)? When I had about $23K in debt back in the day, my interest rate was locked in at 9%. I accelerated payments since investing what I was putting towards additional principal would not likely have earned my 9%. Plus, I wanted to be out of debt in case I lost my job or wanted to take time off from the working world, which I ended up doing 8 years after I started paying off the loans. So keep in mind that's it's not always a matter of dollars and sense. Getting out of debt ASAP can provide you with additional freedom.
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Old 03-13-17, 10:06 AM
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Does anyone have some good advice on which is the best way to finance college today? I have two daughters in school and will have to look at financing their educations. Luckily, they get a lot of help from grants and scholarships, but still have to pay for the balance, books, rent and food.

Serious and sincere advice and help only please. After reading that last comment, I realized that I may have asked for too much from our members, haha
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Old 03-13-17, 01:35 PM
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Originally Posted by NYMXer View Post
After reading that last comment, I realized that I may have asked for too much from our members, haha

How so, especially considering the vague question? Fact is that I got out from under student loan debt early. That, in turn, allowed me to "downsize" my employment situation. That change in position then ended up allowing me to take two years off from the working world, during which time I logged some 10,000 loaded touring miles in the U.S. and Europe. I started paying a mortgage in June of 2005 and paid it off way early--in only 11 years. Being dent free gives me peace of mind. I would rather have that than the extra money I may have earned from investing the extra principal I paid towards the mortgage every month.
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Old 03-13-17, 01:53 PM
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Originally Posted by indyfabz View Post
How so, especially considering the vague question?
What vague question? The question posed was quite clear, "Does anyone have some good advice on which is the best way to finance college today?"

Your reply was of no value to the question, but it probably made you feel good to repeat the same post (almost word for word) twice.... geez.

Never mind, I am already sorry that I asked.
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Old 03-13-17, 02:01 PM
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Originally Posted by NYMXer View Post
What vague question? The question posed was quite clear, "Does anyone have some good advice on which is the best way to finance college today?"

Your reply was of no value to the question, but it probably made you feel good to repeat the same post (almost word for word) twice.... geez.

Never mind, I am already sorry that I asked.


You wrote:


"After reading that last comment, I realized that I may have asked for too much from our members, haha"


I now think I have misinterpreted that as a comment on my original comment. Sorry if I did. I wasn't trying to repeat myself. Good luck funding college.
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Old 03-13-17, 02:15 PM
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Originally Posted by indyfabz View Post
You wrote:


"After reading that last comment, I realized that I may have asked for too much from our members, haha"


I now think I have misinterpreted that as a comment on my original comment. Sorry if I did. I wasn't trying to repeat myself. Good luck funding college.
Thanks for clearing that up, because I had no idea where your post was coming from. I certainly was not referring to anything you had posted.
Glad we got it sorted out, I thought I was going to have to get Susan to get involved, haha!
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Old 03-15-17, 08:54 AM
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to OP: I am the resident FA guru (over 30 years). First, review your loans at www.nslds.gov (sign on with your FSA ID & password). Check the interest rates. Speak to someone in the Loan Consolidation area at your loan servicer of record (or call SallieMae, AES, or SOFI) to find out what the loan consolidation interest rate would be for your loans. If the consolidation interest rate is lower - or the same - consolidate. This will give you ONE monthly payment. You can also investigate the Income Based Repayment Plans available. Whether to PRE-Pay or not? Pre-payment is a great idea if you do it WHILE you are in school, or during your grace period - NO INTEREST. Once you actually start repayment in the interest-charge area it's a toss up. Pre-pay to get rid of the loans and reduce interest paid, or pay the minimum amount due and deduct the interest payment when you do your taxes - it's a matter of preference and future plans.
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Old 03-15-17, 09:08 AM
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to MYMRr:


There are many creative ways to pay the difference in cost between college charges and gift aid - it depends on your finances, school location & cost. If your bank offers an equity line of credit AND you qualify for one, you could pay for those miscellaneous expenses with that - totally tax deductible interest & might have a lower interest rate than a PLUS loan & won't saddle your kids with debt. Sometimes it makes sense to actually purchase a dwelling for them to live in & rent out a portion - if the rental portion covers the property expenses & leaves income left over. You could have your kids get small student loans - you can pay them back while the kids are in school - no interest. Of course, having the kids work & save to cover those costs is an oft ignored option, LOL.


There are also plenty of "outside" scholarships not offered through the school - most of these are either location or career oriented, so a scholarship search is in order. Depending upon what they plan to study, there are also various government sponsored programs (like, Public Health Service). Perhaps the National Guard? While it varies from state to state, most National Guard agreements cover tuition & fees, provide a living allowance, and offer loan cancellation provisions.
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Old 03-19-17, 02:24 PM
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I went To US Schools as a Viet Nam War Era Veteran on the GI Bill.



A local I know, Being Certifiably Insane or permanently unable to work, And on Disability, may get it forgiven..




In Michael Moore's Film 'Where Do We Bomb Next', they visited Slovenia, where even for Foreign students, They don't Charge Tuition....


If I did that My GI Bill money may have Gone further, and had money left over. ..




....

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Old 03-20-17, 08:44 AM
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Make sure you get one of the government backed student loans and not one of the private student loans as the interest rate on the private tend to be higher, if not considerably so. It is fairly easy to mistake one of the private student loans from a government loan and many have mistaken the private over the government and lived to regret it.
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Old 03-20-17, 09:27 AM
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Put student costs on a credit card and you can declare bankruptcy..

Government Guaranteed loans will follow you to the grave, they attach people's Estates to get the money.
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Old 03-20-17, 09:33 AM
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Originally Posted by fietsbob View Post
Put student costs on a credit card and you can declare bankruptcy..

Government Guaranteed loans will follow you to the grave, they attach people's Estates to get the money.
You are joking, right?
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Old 03-20-17, 09:38 AM
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Originally Posted by fietsbob View Post
Put student costs on a credit card and you can declare bankruptcy..
(donald) chump leads by example
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Old 03-20-17, 09:41 AM
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Originally Posted by NYMXer View Post
Does anyone have some good advice on which is the best way to finance college today? I have two daughters in school and will have to look at financing their educations. Luckily, they get a lot of help from grants and scholarships, but still have to pay for the balance, books, rent and food
re: best way to finance college ... they are already in college? if not, I would suggest commuting to community college (to keep the cost down). that's what my kids would have done if Wifey & her Mother didn't tell them they could go anywhere. now everyone is waiting for Grandma to pass away to pay off all their loans. they didn't figure she'd live so long. not my plan, theirs!
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Old 03-20-17, 09:46 AM
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Originally Posted by rumrunn6 View Post
re: best way to finance college ... they are already in college? if not, I would suggest commuting to community college (to keep the cost down). that's what my kids would have done if Wifey & her Mother didn't tell them they could go anywhere. now everyone is waiting for Grandma to pass away to pay off all their loans. they didn't figure she'd live so long. not my plan, theirs!
The youngest 2 are still in college, one to be a Psychiatrist and the other a Veterinarian. So, local or community colleges were not an option.
So far, they are both getting all the grants and financial aid they can and saving a lot on housing too. The youngest (Vet) is also on an athletic scholarship and co-captain of the schools soccer team. She might go pro and has been scouted a few times.
I can see that for many kids, getting the money is the hardest part of getting the degree.
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Old 03-20-17, 10:07 AM
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It has Happened ,,
Government Guaranteed loans will follow you to the grave, they attach people's Estates to get the money.
Tax Refunds intercepted too ..
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Old 03-20-17, 10:54 AM
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Originally Posted by NYMXer View Post
for many kids, getting the money is the hardest part of getting the degree.
another really big thing to do is have your kids AGGRESSIVELY advocate to become an RA (Resident Assistant) which can wave most, if not, all room & board expenses, which can be 1/2 the total cost of attendance. in my opinion it's so stupid not to. even if you expect some money at some point to clear your debt, that money could go toward a retirement account, a car purchase, a house down payment or rent during job searches
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Old 03-20-17, 11:18 AM
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Originally Posted by fietsbob View Post
I went To US Schools as a Viet Nam War Era Veteran on the GI Bill.



A local I know, Being Certifiably Insane or permanently unable to work, And on Disability, may get it forgiven..




In Michael Moore's Film 'Where Do We Bomb Next', they visited Slovenia, where even for Foreign students, They don't Charge Tuition....


If I did that My GI Bill money may have Gone further, and had money left over. ..




....
Vietnam era vet here too... Reagan singed my GI bill into OBLIVION. I was two years into my college study, when he signed the new law that brought in the new GI bill and killed the old one. I actually had two years left on the program when it was killed.

Ronald Reagan: Statement on Signing the New GI Bill Continuation Act

Thank you Ronny Raygun.

I worked full time and went to school part time and finished my degree on my own.

I just saw something on VEGIB... still looking into that... but I may be too old to qualify now.
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Old 03-20-17, 09:29 PM
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Originally Posted by EJ123 View Post
Or those with expertise paying off student loans?
Yeah ... don't get a student loan in the first place.

I've taken heaps of education and have a list of degrees, diplomas and certificates ... and didn't pay for a single solitary bit of it with a student loan.

I worked.

I'm still working as I slowly plod my way toward a Master's degree.

I'd love to take a year off work and just get the degree already, but I refuse to get a student loan for it. So I work.

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Old 03-20-17, 10:57 PM
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Pell grants.
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Old 03-20-17, 10:59 PM
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Originally Posted by NYMXer View Post
The youngest 2 are still in college, one to be a Psychiatrist and the other a Veterinarian. So, local or community colleges were not an option.
So far, they are both getting all the grants and financial aid they can and saving a lot on housing too. The youngest (Vet) is also on an athletic scholarship and co-captain of the schools soccer team. She might go pro and has been scouted a few times.
I can see that for many kids, getting the money is the hardest part of getting the degree.

I have advice for them: dual practice, DVM and animal psychiatry.
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Old 03-20-17, 11:00 PM
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Originally Posted by bobwysiwyg View Post
You are joking, right?

Nope!
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Old 03-20-17, 11:02 PM
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Originally Posted by Jadesfire View Post
Don't give the government any more money than you have to every month. That was my dad's advice to me. When I went back to school still owing ~12k, those loans went into deferment- but I pay the monthly interest that accrues plus some of the principal, completely ignoring the man's advice . And I made sure to be in a position to not have to borrow any more from Uncle Sam.

Or, you could just PAY them off quickly and get on with all the rest of your life before you do and then it makes buying a home, car, etcetera, Peter Cetera a wee bit easier.
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