I graduated in 1995 with an MBA from a private university. My student loans total over $75k and I am burdoned daily with the ability to pay them off. I can't seem to save for retirement because I put $1000/mo. into paying my loans off but they never seem to get paid down. It's a huge stress on me since I am single and do not have any other financial help.
2007-02-20 13:22:15 · 7 answers · asked by rfhdest 1 in Business & Finance ➔ Other - Business & Finance
Welcome to my world, dear.
Considering most student loans are scheduled to take 10 to 20 years to pay off, I'd say you might want to pick up a higher paying job or a part-time gig.
Or consider re-evaluating how you spend money.
Or accept that it's going to take a while. Frustrating, I know.
2007-02-20 13:26:42 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You do not want to pay them off. First of all any other loan would be at higher interest, and would thus cost you even more. Second your student loan interest is tax deductable so you are getting some of this money back at the end of the year.
If you are having cash flow problems, change your deduction ststus at your job. Adding another deduction or two can put a lot of money back on your check.
2007-02-20 21:30:11 · answer #2 · answered by Ron B 3 · 0⤊ 0⤋
In health care, many employers have loan repayment (like 3000 year for a private employer, or up to 20,000 for a government agency that needs us). Maybe something similar exists for business grads. Otherwise, they're assuming you'll do something entrepreneureal to pay it off.
2007-02-20 21:27:24 · answer #3 · answered by sarcastro1976 5 · 0⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-02-20 21:29:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Try refinancing to lower your payments, I did it twice, I also got a forebearance which allows me to post-pone payments for a few months through sallie mae. I will eventually refinance or get a second on my home to pay them off. Good Luck!
2007-02-20 21:30:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
1000$/mo. ? What is the rate ?
Maybe you can refinance - consolidate - your loans ? http://students-loans-consolidations.com/
2007-02-21 13:19:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Go for any any part time jobs
2007-02-20 21:24:24 · answer #7 · answered by gayathiri g 2 · 0⤊ 0⤋