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OfflineEnkidu
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Student Loan Debt
    #27076970 - 12/07/20 11:16 AM (3 years, 1 month ago)

I have 30k in student loans

14k is in unsubsidized loans

Obviously I understand that I need to pay off the unsubsidized loans first to avoid interest.

I plan to return to school soon to finish my degree. 5 credits left.

I guess my question is what the fuck is the best course of action for me?

My subsidized loans will not gain interest if I am in school but that might not even apply if I take 1 course a semester or so which is my current plan.

I live pay check to pay check I am broke as FUCK.

Barely get by. No savings.

Is my best bet to wait and enroll in a payment plan based on income or should I try and chomp these loans away and stay broke or should I wait and hope for some sort of mercy loan forgiveness?

What do you guys think?


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OfflineTight Lunchbox
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Re: Student Loan Debt [Re: Enkidu]
    #27077096 - 12/07/20 12:39 PM (3 years, 1 month ago)

If you go into the public sector or work for a non profit you can likely qualify for public service loan forgiveness. After 120 payments your loans are forgiven. You can also stack it with income based repayment to keep your payments low.


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OfflineEnkidu
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Re: Student Loan Debt [Re: Tight Lunchbox]
    #27077100 - 12/07/20 12:42 PM (3 years, 1 month ago)

Yeah i saw that as well.

I dont think i will be working in that sector for a while, but might be worth trying in the future.

Currently work construction


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InvisiblebodhisattaMDiscordReddit
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Re: Student Loan Debt [Re: Enkidu]
    #27077479 - 12/07/20 05:52 PM (3 years, 1 month ago)

I ignored mine it's been over a decade. No clue what I owe


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OfflineEnkidu
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Re: Student Loan Debt [Re: bodhisatta]
    #27077519 - 12/07/20 06:13 PM (3 years, 1 month ago)

Lmfao, thats hilarious.

Being so poor its hard to justify throwing the money down the drain.

You dont make payments at all?


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InvisiblebodhisattaMDiscordReddit
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Re: Student Loan Debt [Re: Enkidu]
    #27077543 - 12/07/20 06:27 PM (3 years, 1 month ago)

None


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OfflineNarrator
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Re: Student Loan Debt [Re: Enkidu]
    #27077839 - 12/07/20 08:55 PM (3 years, 1 month ago)

Quote:

You dont make payments at all?




Skeptical this is a reliable tek but am eager to be shown wrong. LOL!


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OfflineNarrator
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Re: Student Loan Debt [Re: Enkidu]
    #27077844 - 12/07/20 09:02 PM (3 years, 1 month ago)

Quote:

Enkidu said:
What do you guys think?




That I'm thankful tuition at the school I went to was just like $600-700 a semester when I started. Already, books for the semester typically cost $300-500 and I was able to sell them at the end of the semester and get enough to buy a quarter of weed, a sandwich and case of beer.

I think college in some nations is tuition-free like K-12 in the US. Curious to see a study that has tried to objectively measure results of the strategies.


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InvisibleLophosaurus
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Re: Student Loan Debt [Re: Narrator]
    #27078015 - 12/08/20 12:00 AM (3 years, 1 month ago)

I had to get a 2nd job to pay mine off. Like +$85,000 for an engineering degree. I almost always have a 2nd job or source of income for non-bills stuff like video games and dirt bikes. Some people go work out at the gym or do Yoga. I always figure that if I'm going to exert some force then instead of paying someone for lifting weights in a gym then I might as well dig a trench or help someone move for extra money.

While my wife was in school she always worked 2 to 3 jobs too.


Free time and partying is more fun for sure, but not owing money to people is great and a great way to get ahead. Work now and play later. While I was younger and working my friends were calling me to come party and it sucked to say no, but now I own my own business and they are mostly broke and struggling to get by while I have free time and money to do cool stuff.


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OfflineSynKyd
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Re: Student Loan Debt [Re: Lophosaurus]
    #27079472 - 12/08/20 08:46 PM (3 years, 1 month ago)

Finish that degree, 5 hours FFS? What are you waiting for?  Then work your ass off until the debt is gone.......


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InvisibleSleepingstar
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Re: Student Loan Debt [Re: Tight Lunchbox]
    #27079578 - 12/08/20 09:46 PM (3 years, 1 month ago)

I would like to learn more about this.


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OnlineIce9
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Re: Student Loan Debt [Re: Sleepingstar] * 1
    #27083306 - 12/11/20 12:37 AM (3 years, 1 month ago)

Schools with billion dollar endowments charging people to go to school... ludicrous what we think is worth money these days. 

Also, I think is pretty funny "As of March 2019, 99% of Public Service Loan Forgiveness requests have been rejected, and applicants remain deeply confused about the program's rules"

Do what I did, 2 years at community college and bust you ass better graduate top 10 and Summa Cum Laude.  Apply for tons of scholarships. go to your 4 year school for free on grants/scholarships. Then go into the sciences for grad school were they pay you (slaves wages but still) and work the whole time paying of the CC loans and walla, no student loan debt.


--------------------
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw


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InvisibleAhab McBathsalts
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Re: Student Loan Debt [Re: Ice9]
    #27083412 - 12/11/20 04:09 AM (3 years, 1 month ago)

Quote:

Ice9 said:
walla, no student loan debt.




voilà

You skipped french class there bud.


--------------------
"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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Invisiblech0ppie
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Re: Student Loan Debt [Re: Lophosaurus]
    #27083426 - 12/11/20 04:35 AM (3 years, 1 month ago)

Quote:

Lophosaurus said:
I had to get a 2nd job to pay mine off. Like +$85,000 for an engineering degree. I almost always have a 2nd job or source of income for non-bills stuff like video games and dirt bikes. Some people go work out at the gym or do Yoga. I always figure that if I'm going to exert some force then instead of paying someone for lifting weights in a gym then I might as well dig a trench or help someone move for extra money.

While my wife was in school she always worked 2 to 3 jobs too.


Free time and partying is more fun for sure, but not owing money to people is great and a great way to get ahead. Work now and play later. While I was younger and working my friends were calling me to come party and it sucked to say no, but now I own my own business and they are mostly broke and struggling to get by while I have free time and money to do cool stuff.




Inspiring. Well done. Makes me think twice about spending a lot of time in the gym, instead of doing some actual work which could fill the pockets whilst still filling out those muscles too.


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OnlineIce9
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Re: Student Loan Debt [Re: Ahab McBathsalts] * 1
    #27084828 - 12/11/20 11:14 PM (3 years, 1 month ago)

Quote:

Ahab McBathsalts said:
Quote:

Ice9 said:
walla, no student loan debt.




voilà

You skipped french class there bud.




or took too much benzos :rofl2:


--------------------
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw


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OfflineEnkidu
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Re: Student Loan Debt [Re: Ice9]
    #27085048 - 12/12/20 05:16 AM (3 years, 1 month ago)

I mean sure ill keep that in mind when i hop in my time machine...?


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InvisiblebodhisattaMDiscordReddit
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Re: Student Loan Debt [Re: Enkidu] * 1
    #27085053 - 12/12/20 05:19 AM (3 years, 1 month ago)

I saved hundreds a month by switching to I ain't paying you


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OfflineEnkidu
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Re: Student Loan Debt [Re: bodhisatta]
    #27085059 - 12/12/20 05:25 AM (3 years, 1 month ago)

Yeah thats where im currently st mainly because i dont have money to pay even if i wanted to.

I would be insane not ti save that money for when my car breaks down etc and throw it to the school.

My only issue eventually is if it will impact me buying a house

When i talked to a lender it didnt seem it would right now.

Not sure that will change in the future.

I think I wont pay it off until im sitting somewhere secure with an emergency fund and everything taken care of

Even then. I rather set money aside for my kids future before paying a school. Maybe one day ill be in a better financial position so it wont be as bad


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OfflineBrian Jones
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Re: Student Loan Debt [Re: bodhisatta]
    #27087699 - 12/13/20 06:06 PM (3 years, 1 month ago)

Quote:

bodhisatta said:
I saved hundreds a month by switching to I ain't paying you




Don't they take your tax refunds?


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Invisiblesh4d0ws
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Re: Student Loan Debt [Re: Brian Jones]
    #27087717 - 12/13/20 06:14 PM (3 years, 1 month ago)

Wouldn't they be able to garnish your wages or some shit? Aren't student debts one of those forever things?


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OfflineEnkidu
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Re: Student Loan Debt [Re: sh4d0ws]
    #27087736 - 12/13/20 06:28 PM (3 years, 1 month ago)

Yeah i thought all of the above

Thought you get fucked

Unless you just do the payment based on income which ill probably do and then im so poor they might not make me pay anything but ill still continue to occur interest


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InvisibleSleepingstar
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Re: Student Loan Debt [Re: bodhisatta]
    #27087777 - 12/13/20 06:52 PM (3 years, 1 month ago)

Quote:

bodhisatta said:
I saved hundreds a month by switching to I ain't paying you




I like that but I know someone else who did that and it didn’t work out well for them unfortunately.


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OnlineIce9
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Re: Student Loan Debt [Re: Sleepingstar]
    #27088107 - 12/14/20 12:21 AM (3 years, 1 month ago)

Only way to get a student loan debt currently discharged in US is to prove you are too disabled to ever pay it back, and it would be a burden on your life.  One temp program that I believe closed shop 10 days after doors opened was for people who went to for profit schools that closed before they could a degree (think Trunp U.) but I believe the ship has sailed on that on.  Then their is public loan service debt forgiveness, which currently rejects 99% of applicants.


--------------------
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw


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InvisiblebodhisattaMDiscordReddit
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Re: Student Loan Debt [Re: Brian Jones]
    #27088259 - 12/14/20 04:57 AM (3 years, 1 month ago)

Quote:

Brian Jones said:
Quote:

bodhisatta said:
I saved hundreds a month by switching to I ain't paying you




Don't they take your tax refunds?



Yes but i have my withholding so balanced my return or dues are in the hundreds only


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OfflineEnkidu
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Re: Student Loan Debt [Re: bodhisatta]
    #27088528 - 12/14/20 10:15 AM (3 years, 1 month ago)

Lmao thats top notch right there


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InvisibleSleepingstar
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Re: Student Loan Debt [Re: Ice9]
    #27093154 - 12/16/20 10:05 PM (3 years, 1 month ago)

I am not disabled, fortunately.  The school I went to shut down after I already paid the private loans off.
I wish I would have looked into different schools rather than going with the first one I looked at.
It was the most expensive one anywhere near me.


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InvisibleAhab McBathsalts
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Re: Student Loan Debt [Re: Enkidu]
    #27561566 - 11/29/21 05:21 AM (2 years, 1 month ago)

Loan forgiveness is a taxable event though. If they wipe out 20,000 of student debt, you owe the tax for 20,000 in income for that event. So like 5k or something.



A loan on yourside is a liability, but for the government it is an asset. Giving away assets is not way most organizations work. The government is not a charity.


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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OfflineNossninja
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Re: Student Loan Debt [Re: Ahab McBathsalts]
    #27562161 - 11/29/21 04:48 PM (2 years, 1 month ago)

Logic says, get a few PC's and just pump out mush for a few years.


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OfflineEnkidu
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Re: Student Loan Debt [Re: Nossninja]
    #27562276 - 11/29/21 06:49 PM (2 years, 1 month ago)

This thread is like a year old

I haven't paid any student loans

Basically been postponed for a long time during the continued covid pandemic


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OfflineMegaCrouton
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Re: Student Loan Debt [Re: Enkidu]
    #27580322 - 12/13/21 06:23 PM (2 years, 1 month ago)

When you finish your degree will it greatly increase your earnings?  It may be very difficult to pay them down now, but if its a STEM field or something in high demand and it doubles your earnings potential, then it will be easier to claw out of them. 

I've been paying the minimums on all of the loans (subsidized and subsidized) and then paying extra on whichever loan has the highest interest rate until it is squashed and moving on to the next one.


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OfflineEnkidu
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Re: Student Loan Debt [Re: MegaCrouton]
    #27580400 - 12/13/21 07:09 PM (2 years, 1 month ago)

I have been working construction for like 2 years now.

Not even looking likely I'll get my degree any time soon here

No intention to pay anything on student loans if I can avoid it


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InvisibleRhizomorph
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Re: Student Loan Debt [Re: Enkidu] * 1
    #27599901 - 12/30/21 01:33 PM (2 years, 28 days ago)

If it means anything to you, there's been research that shows people who hold a bachelors degree make an average of $25/hr compared to $18 an hour for non-degree holders; irregardless of whether they are working in their field or not. (which equates to an extra $13,000 or so per year)

It may be worth spending the time to finish those 5 credits if you have the time/money for it so you at least get some return on the money you put into your schooling, whether to pay your debt (If you just pocketed the extra $ from the salaray difference due to the degree it would only take roughly 2.5 years to pay 30k) or just to pocket the extra cash for yourself if ya really don't want to pay your loans. But there's no wrong choice obviously; I'm not you and I don't know your life situation. Covid obviously doesn't help (or maybe does since some courses are taught online now) :shrug:

Not that I like or support credentialism...


Edited by Rhizomorph (12/30/21 02:15 PM)


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