2006-08-01 00:44:04 · 25 answers · asked by crazy c 2 in Business & Finance ➔ Personal Finance
Earn money and repay it slowly. If you can, keep repayments to a minimum rather than repay student debt and take out normal credit, as students get cheaper rates.
Don't worry too much about the size of the debt - you should see my mortgage!!
2006-08-01 00:48:39 · answer #1 · answered by izzieere 5 · 0⤊ 0⤋
Alot of people fall into the trap of going to school but getting a loan to do it. I hate to break it to you but you may never pay the full debt off any time soon. it is not just 16 k, you have to remember the interest, which will be tremendous. As you go through the next several months you will probably want to require (for work, if you can even find a job in your chosen field) a car, so you will be going further into debt, you may have to live in mom and dads basement for a long time (not cool if you expect to get a girlfriend, ummm...wanna come to my place my parents are not home) so getting your own apt will gobble up much of your income, so after rent, car payment, you aint got much left over cuz you still gottas eat and buy clothes, and everyone no matter how broke you are wants abit of spending money. All i can say is, financially, your screwed.
2006-08-01 07:51:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I have £15000 to pay off and it's tough! You should automatically be making payments through your work if you earn more that ~£15000. You can also make additional payments if you find out the sort code and account number of the loans company. At the end of the month after all my bills have been paid i look at my account and even if there's only £15 in there i still transfer it to the loan. Also, if you get a christmas bonus, or tips or any additional money outside of your salary try to put it against the loan. i know its only a little but it soon adds up and most important reduces the interest due. Good luck!
2006-08-01 07:54:23 · answer #3 · answered by strawberrymoon 1 · 0⤊ 0⤋
Do you want to pay it all off in one hit? Get in touch with The Student Loan Company.
Once you earn over a certain amount they take the repayments off your wages via the tax man automatically. It is such a low rate of interest you would be better off paying other debts off first.
Sorry this is very general but I don't have much info to go on.
2006-08-01 07:48:23 · answer #4 · answered by Storm Rider 4 · 0⤊ 0⤋
I don't know but when you find out let me know!! I have the same amount that I owe...
The only thing I came up with is to open acct like hsbc @ 5% interest deposit as much as you can each month and by 2-3yrs from now you should be able to pay it off in full.
If you get any better info let me know!!
2006-08-01 07:50:53 · answer #5 · answered by Pahoua 2 · 0⤊ 0⤋
a little at a time. $16,000 isn't much. Pay $10-$15.00 extra (on top of the amount due) each month and it will be paid off quicker. Good Luck
2006-08-01 07:49:33 · answer #6 · answered by JBWPLGCSE 5 · 0⤊ 0⤋
Acquire a good loan today from (diana.lohan_finance@yahoo.com) this company will make your dream comes through.
I am luislomina and i from Uk
2014-09-03 16:19:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You lucky, my friend, as I know someone whom had 30 to 40K worth of debt! Hopefully in time with good management, you should get your debt under control. Good Lucky and don't worry too much about it!
2006-08-01 07:54:42 · answer #8 · answered by Radio Ga Ga 73 4 · 0⤊ 0⤋
Get the lowest rate possible, get a loan on it, get a job, and pay it off as it comes in. Or get really luck and win the Lotto.
2006-08-01 07:48:28 · answer #9 · answered by redhotboxsoxfan 6 · 0⤊ 0⤋
Slowly
2006-08-01 07:47:33 · answer #10 · answered by grumpyoldman 4 · 0⤊ 0⤋