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

[NotAnFBIagent]

Emptying your savings is always a terrible idea

 

[Originalman]

it’s more about the options. Federal loans give you numbers of options.

Private loans not really.

Yeah the options are like deferment or forbearance or a payment plan based on income or a consolidated plan or a low payment plan but the paymemts increase over time.

But usually there is no way to negotiate where the loan debt goes from 20k to 10k.

If you borrowed 20k they gonna want you to pay back the 20k.

One thing though is if say OP dropped the whole 20k down. He probably saves 20k in interest if its a consolidated loan repayment for 20 years.

The student loans folks make hell of money off interest rates. Thats why they are so happy to put folks on deferment or forbearance plans. Cause the interest is still accumulating. Then once the deferment or forbearance ends they take that interest and place it into your principle.

So its one big ass hustle.

 

[BaltimoreTwilightMarauder]

Try negotiating first.

How do you negotiate a loan

 

[J.E.T.S]

Yeah the options are like deferment or forbearance or a payment plan based on income or a consolidated plan or a low payment plan but the paymemts increase over time.

But usually there is no way to negotiate where the loan debt goes from 20k to 10k.

If you borrowed 20k they gonna want you to pay back the 20k.

One thing though is if say OP dropped the whole 20k down. He probably saves 20k in interest if its a consolidated loan repayment for 20 years.

The student loans folks make hell of money off interest rates. Thats why they are so happy to put folks on deferment or forbearance plans. Cause the interest is still accumulating. Then once the deferment or forbearance ends they take that interest and place it into your principle.

So its one big ass hustle.

Dirty b*stards.

 

[CinnaSlim]

Have you paid off all consumer debt and still have some left over for an emergency fund (3-6 months of expenses)?

Long as you do that first... knock it out. Be debt free.

 

[Astroslik]

Pay off the loan OP.

Step 1: Get on the public service repayment plan
(Pay 10 years and remaining balance is paid off)
Step 2: Get on income repayment plan
Step 3: Go work overseas. (I wonder if this works for online overseas jobs)
Step 4: up to $100,000 is untaxed income when u work overseas
Step 5: Your student loan payment will be based off your income. But ur taxable income is like $0 or very minimal b/c u make ur money overseas so ur student loan payment will be piff.
Step 6: Pay ur low ass student loan payment for 120 months...just calculate the amount it will cost to pay off and put it in a bank account and set it up on auto pay.


I’ve heard of people with $20 student loan payments who owe like 120k. A lot of teachers working in Dubai are apparently doing this.

Don’t know if this shyt will work but ummmmm....it’s worth a shot. They got tenure track positions in Abu Dhabi I’ve applied to.

Whatever you do OP, don’t listen to this advice.. you’ll be in debt hell.

 

[old pig]

You technically do not have any savings if you are riddled in debt. Once you get rid of debt you can easily and quickly get those savings back starting in 1 month since that heavy load will be off your back.

don’t be “cute”...that $$$ would absolutely be there saved in the bank in the event of an emergency...plain and fukking simple

but it won’t be if he’s overzealous to pay it all off @ once

anyway he’s made his decision...it’s his $$$

 

[I Really Mean It]

Smart dumb financing. There are many programs that will negotiate a nominal monthly payment that will keep you current and not affect your credit score. You will miss that 20k sooner than you think.

 

[old pig]

Need more info.

But I wouldn't part with a whole 20k and leave myself with no cash. I'd probably just make higher loan payments to get that A1 credit until I had more cash than the loan...maybe when I had an additional $5000...then I'd pay if off.

ya I 1000% understand the urge not to feel in debt and owe $$$ but not @ the expense of leaving myself w/ nothing in the bank...shyt happens

 

[UberEatsDriver]

Yeah the options are like deferment or forbearance or a payment plan based on income or a consolidated plan or a low payment plan but the paymemts increase over time.

But usually there is no way to negotiate where the loan debt goes from 20k to 10k.

If you borrowed 20k they gonna want you to pay back the 20k.

One thing though is if say OP dropped the whole 20k down. He probably saves 20k in interest if its a consolidated loan repayment for 20 years.

The student loans folks make hell of money off interest rates. Thats why they are so happy to put folks on deferment or forbearance plans. Cause the interest is still accumulating. Then once the deferment or forbearance ends they take that interest and place it into your principle.

So its one big ass hustle.

your interest doesn’t accrue with deferent. It only accrues with forbearance.

the only thing is forbearance is easier to get than deferment when you are out of school so yes you are technically right.


It’s insane to me which is why I support the risk of wiping it all off.

 

[UberEatsDriver]

don’t be “cute”...that $$$ would absolutely be there saved in the bank in the event of an emergency...plain and fukking simple

but it won’t be if he’s overzealous to pay it all off @ once

anyway he’s made his decision...it’s his $$$

obviously!

it doesn’t matter actually it’s still debt. If he went to go buy a house his student loan debt would be used against him getting a good loan for a home!

 

[NoGutsNoGLory]

When will they be forgiving student loans?

Thats what im waiting for. Luckily i have government backed loans not private loans so mh interest is like 400 a year. And i can keep deferring.

 

[Tommy Lee Jones]

Step 1: Get on the public service repayment plan
(Pay 10 years and remaining balance is paid off)
Step 2: Get on income repayment plan
Step 3: Go work overseas. (I wonder if this works for online overseas jobs)
Step 4: up to $100,000 is untaxed income when u work overseas
Step 5: Your student loan payment will be based off your income. But ur taxable income is like $0 or very minimal b/c u make ur money overseas so ur student loan payment will be piff.
Step 6: Pay ur low ass student loan payment for 120 months...just calculate the amount it will cost to pay off and put it in a bank account and set it up on auto pay.


I’ve heard of people with $20 student loan payments who owe like 120k. A lot of teachers working in Dubai are apparently doing this.

Don’t know if this shyt will work but ummmmm....it’s worth a shot. They got tenure track positions in Abu Dhabi I’ve applied to.

why did you even write this dumb shyt. Sure op just pick up your shyt and go work overseas.

 

[old pig]

obviously!

it doesn’t matter actually it’s still debt. If he went to go buy a house his student loan debt would be used against him getting a good loan for a home!

buying a house is not considered an “emergency” to me...god forbid but a lot of other shyt could pop up where he may need some of that $$$

idk what job he has/how much he makes or how long it’ll take for him to replenish those savings...you can debate the semantics of the word “savings” by “yourself”...fact is if he held on to that $$$ he would’ve had it to use in most situations where he would’ve needed it...point blank period

 

[Astroslik]

it’s more about the options. Federal loans give you numbers of options.

Private loans not really.

He’s got the money to pay it off the so options the federal loans gives don’t really help him.