Search found 14 matches

Return to advanced search

Re: Student Loans and the Correct Course of Action

I did a little budget analysis and came up with a possible plan of action. I don't think it is the most financially sound, but it would give me some breathing room. Forego putting money into Roth for one year. Put $850 month into car loan. This would pay it off in 11 months. Quickly freeing up an ex...
by GoDeacs
Mon Jul 29, 2013 3:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

My father is giving me $185/month to apply to any of these loans. Do any of you have advice? I'll answer any questions! Can your dad give you a low interest loan to wipe out the higher interest loans? I find that the only way to chip away at a loan is to pay part of the principal along with the sch...
by GoDeacs
Mon Jul 29, 2013 12:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

First off, you seem to be doing fine with a decent salary and focus on debt reduction and savings. It may take a while, but you'll get there and doesn't seem you need to do anything drastic. However, it does seem like there's a leak somewhere else in your budget. With a 55,000 salary, let's guestim...
by GoDeacs
Mon Jul 29, 2013 12:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

*Cable/Power:~$150 but varies Cancel your Cable TV and buy a set of bunny ear antennas. Supplement this with Hulu Plus or Netflix streaming ($8/mo). I'm saving nearly $100 a month this way, and watching better stuff to boot. This will not fly with the girlfriend. It is a necessary evil, sadly. Then...
by GoDeacs
Mon Jul 29, 2013 12:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

BrandonBogle wrote:BTW, Wake Forest Football games were always very fun. Good crowd for tailgaiting!

Go Deacs :)
by GoDeacs
Fri Jul 26, 2013 8:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

1. How much, if anything, does your girlfriend owe for her college loans? 2. Is she a college graduate and does she work? 3. What is her income? Thanks She has about $11k in student loans. Has a steady job and makes 40k. Also is a college grad. I've thought about asking her to help, but that obviou...
by GoDeacs
Fri Jul 26, 2013 8:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

The others have such low interest rates, especially after considering the tax adjustments There are no tax adjustments that impact payoff strategy. Currently, the OP is eligible for the student loan interest deduction, but since it maxes out at $2,500 (single or married), his interest at the margin...
by GoDeacs
Fri Jul 26, 2013 6:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

Kosmo wrote:You put 30k miles on a 2012 car? That can really kill the value.

I bought it used in 2011 with 8k on it.
by GoDeacs
Fri Jul 26, 2013 6:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

Is the car worth enough that you can refi it with cash out, then apply the extra balance to Loan #3? I did that with my truck a year ago. It was paid off and I got a 1.49% $20k loan on it to wipe out my 6.8% Stafford loans. This is a really good idea. I still owe about 9300 but it should be worth m...
by GoDeacs
Fri Jul 26, 2013 3:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

Is it truly $600/mo for a mortgage, or for rent? If the latter, it might be time to move to a cheaper place. If not, it still might be time to move to a cheaper place and rent out the house! We just moved into this new house after renting for a few years. We got it for a steal and will be here for ...
by GoDeacs
Fri Jul 26, 2013 3:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

WendyW wrote:
GoDeacs wrote:*Cable/Power:~$150 but varies

Cancel your Cable TV and buy a set of bunny ear antennas. Supplement this with Hulu Plus or Netflix streaming ($8/mo).

I'm saving nearly $100 a month this way, and watching better stuff to boot.


This will not fly with the girlfriend. It is a necessary evil, sadly.
by GoDeacs
Fri Jul 26, 2013 3:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

Loan 1: $56,000 @ 6% -$400 Loan 2: $35,000 @ 2.75% -$175 Loan 3: $23,000 @ 6% -$200 Loan 4(car): $9,400 @ 2.5% -$290 These are all private loans. Unfortunately, loan 2 does not allow a 30 year repayment plan. I have enrolled in the two year program to halve my payment in the first year and pay only...
by GoDeacs
Fri Jul 26, 2013 3:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Re: Student Loans and the Correct Course of Action

Cellphone: $85 *Cable/Power:~$150 but varies Why is cable lumped in with "power"? How much is cable? Basic cable is $17 for me. $85 for cellphone is too much. I'd get one of the cheaper unlimited prepaid plans. My girlfriend and I split them so I grouped them together. Most of the cable c...
by GoDeacs
Fri Jul 26, 2013 3:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Student Loans and the Correct Course of Action

First time poster here. I'm a big fan of the forum! A little about my situation.. I went to an expensive private school for college. My entire education was financed by student loans. In hindsight, a cheaper college would have been a better option but I can't change that now and I am proud to be an ...
by GoDeacs
Fri Jul 26, 2013 12:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student Loans and the Correct Course of Action
Replies: 44
Views: 2814

Return to advanced search