I have 4 student loans 3 through sallie mae and a personal one. all totaling about 63 thousand dollars. I am curently living with my boyfriend who has his own house which he stillpays on and we want to get married in the next two years, and start having a family and we also want to build our own house with the money we will get from selling our house now. but my question is how do I handle my debt and still be able to have a wedding and and be able to still do things i.e. vacations and normal stuff start a family and such. I want us to be able to pay off our debts and be able to save money as well. we want to be financially set but I fell my student loans are going to be a problem. we are doing fine now and he is doing well, good job and has his bills situated. I wan to get those loans paid off as soon as I can but with different loand and interests what should I do. I heard it will look bad on your credit if you consolidate? How do we become financially independent.
2006-10-04 11:42:18 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Also I might add that I am only working part time now and I am going to be getting a degree as a radiographer. I have changd my major about 3 times and this is it! But I have teo more years left and one year of internship which I dont get paid for. So I want to be smart now and get my self set up.
2006-10-04 11:44:37 · update #1
63 thousand is a lot of debt. It took me 15 years to pay off twice as much, so perhaps you can pay this off in five years. One way to do this is to work a 2nd part-time job such as waitressing. You would need a job that has hours other than your normal job. Obviously, it would be important that your boyfriend be on the same page in terms of payoff debt and having less social time.
Another option is to put 20% down on the next house and use his profits from his house to pay your debts. This is a bit trickier since his money is paying your debts. It seems somewhat unfair.
Accumulating educational debt requires sacrifice. Weddings, children and vacations all get delayed, compromised or cancelled. Delaying these things will give you something to look forward to.
2006-10-04 11:52:04 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There's no magic trick to paying off loans... Perhaps your fiancee could get an equity loan for your student loans and then you could pay as much on that as you could until they were gone - which will still be a while...don't worry about paying it off - just worry about paying on time and staying in good standing with your finances. If you're still in school those loans shouldn't be due yet. Pay what you can and do what you can not to incur new debt.
2006-10-04 18:53:25 · answer #2 · answered by applebetty34 4 · 0⤊ 0⤋
Sense you do not have the total $63k. If you have not already did it. You need to consolidate you loans. Because they should up as they are paid off!
2006-10-04 18:49:19 · answer #3 · answered by maurice r 1 · 0⤊ 0⤋
There's a trick we used to use years ago, stop hiding in school, come out into the real world and get a job, and don't spend money you haven't got, like on vacations and such...........
2006-10-04 18:52:07 · answer #4 · answered by capollar 4 · 2⤊ 2⤋
once you figure it out, let me know. i'm in the hole about $100k from undergrad and grad school.
2006-10-04 18:49:43 · answer #5 · answered by loveholio 5 · 0⤊ 0⤋
i need to payoff my student loans as well!
2006-10-04 18:44:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋