I'm about to empty my bank acct and drop $20k to slay my student loans

[Sad Bunny]

You can negotiate if you default or if you have a private loan (certain companies will do it).

Yeah but that's gor broke boys.

We ain't defaulting on loans out here

 

[Super Ramon Jr]

Brother don't do it

 

[concise]

I dropped 10k instead. I'll pay off the rest next month for my birthday.

Thanks for the advice yall

Bro, do not empty out your bank account for this.

Just pay double whatever the regular payment amount is if you're so anxious to get rid of it.

And you'll still have flexibility to do things with your money in case something unexpected comes up, because you'll really wish you had something more on hand than a note that says your loan has been repaid. If you should lose your job and can't find another for a few months, you could still pay all your bills, including your loans.

 

[Silver Surfer]

There is a reason nikkas have credit and payments on things.....flexibility

 

[hashmander]

i'd do pay as you earn and keep building that $20k towards the purchase of a home. making consistent monthly payments (even PAYE) on a $20k debt will not hurt your credit, it will help.

 

[Scholar]

We don’t have enough info on your situation to give you solid advice. Other expenses etc.

 

[PrnzHakeem]

What was the interest rate on the loan?

 

[ball15life]

Each day breh doesn't pay it off, more interest is accumulated.

If I had more than 20k and I knew I could refill my bank account quickly enough, I would negotiate and pull the trigger. Not giving them one more cent than I have to.

Props for dropping the 10k on them though! That's impressive!

 

[CouldntBeMeTho]

Yeah u might wanna wait til the next election at least. Donald Trump won't do loan forgiveness but Bernie would

 

[newworldafro]

I’d pay half and invest half

I like that idea.

Yeah OP. If you gone go hard right now.
Pay 15K off loans, other 5K invest in diverse things.

 

[UberEatsDriver]

My mouse is hovering over the button rn

Someone anyone give me a good reason not to click

Debt free life vs payment plans. I could save this for a down payment on a home tho...

its debt. Not a good debt. So wipe out and you’ll save on interest and make a plan to recoup that money back overtime

 

[UberEatsDriver]

You can tell fasfa to go fukk themselves for a year and start making payments again if something happens

You cant tell bill collectors that unless you wanna lose your service or be on the street

If you do tho, dont go for broke, give them 15k and at least have something still in the bank

The only one fukking themselves over is the OP and his credit if he listens to you. If he can’t pay for them he should apply for forbearance or deferment where his payments will be on hold while not disrupting his credit score.

 

[UberEatsDriver]

Idk why you won’t wait until they possibly forgive student loans. Also like others said at least negotiate.

this is silly advice. You don’t know if this is actually going to happen and you don’t know when it’s going to happen.

don’t assume things. Homeboy should manage his loans as if they will never be forgiven.

 

[UberEatsDriver]

Thats enough money to start a business. Think it over. Look at your rates and total interest you’ll be paying. You might be getting a better deal on the loan than you think.

silly advice again. Does the OP have interest or plans to start a business.

even if he did want to start a business why would he start one while having debt?

 

[UberEatsDriver]

I had the opposite mentality yearsss ago and regretted it. Had a $20k debt and shoulda paid it off at the time and they say invest it blah blah.......then life comes in the way and your like

you will ALWAYS be able to get money, if you don't look at it as a scarce resource. Debt = Slavery

exactly! Wipe off debt as fast as possible so you can be debt free and save up for emergencies