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How are you all paying off your College loans?


georgym

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My monthly bill was for $265. Saved up some money and paid a chunck of it off, becuase I lowered the balnce the interest was less. I would send chunks of money whenever I could, B-day, Christmas, Yearly bonus from work. After that I consolodated and now my monthly bill is $130. I still send in more I usually send about $175 just to keep from paying so much interest.

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It's just an interest game, pay the loans that have the lowest interest rate then get a loan from the bank which usually has a much lower interest rate than the student loan after it's grace period and just keep repeating till you are able to pay it off. But you still do need a job to pay the principle.

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Originally posted by streetraver

It's just an interest game, pay the loans that have the lowest interest rate then get a loan from the bank which usually has a much lower interest rate than the student loan after it's grace period and just keep repeating till you are able to pay it off. But you still do need a job to pay the principle.

student loans have the lowest rate... dont bother flipping it, because anything else will be more...

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Originally posted by streetraver

The stafford loan has an interest rate of like 9% after the grace period, a bank loan can be as low as 4.75% these days.

Dude you have your facts wrong. The Stafford loan does NOT have a 9% interest rate. It's indexed to the 90 day T-Bill, which is still at historical lows. So what you're saying is just wrong. I just consolidated my federal loans including Stafford loans and my interest rate is 4.57%.

By the way, I pay 800 a month, and I know others that pay over a thousand a month. So quit your bitchin folks. It could be worse. ;)

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Originally posted by luvthosfnkybts

OMG loans fuckin suck.......especially when you STILL have no JOB...I have no idea HOW I am going to pay them off.....no one will hire meeeee aahhhh!!!!! :mad:

ok I just really needed to get that out...

I am soo frustrated about the job situation and having NO MONEY, it sux :blown:

If you aren't working you can get a hardship deferral after your grace period is over. However, interest will accrue in the meantime. Just a thought.

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I payed my college bill cash.. i don;t like loans.. Then again I stayed close to school.

Mostly i just cashed my stocks and bonds which had already matured.

Thank God for smart parents and a wealthy great uncle who i had cared for that left me a nice stash :tongue:

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